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Item 2. Management’s Discussion and Analysis

2026-05-01 compared with 2026-01-29 · 158 added, 150 removed, 337 unchanged (48% of the section changed)

24 unchanged sentences

Mass customization is a core element of the business model of each Cimpress business and is a competitive strategy which seeks to produce goods and services to meet individual customer needs with near mass production efficiency.

As of December 31, 2025, we have numerous operating segments under our management reporting structure that are reported in the following five reportable segments:

Vista, PrintBrothers, The Print Group, National Pen, and All Other Businesses.

As of March 31, 2026, we have numerous operating segments under our management reporting structure that are reported in the following five reportable segments:

VistaPrint, PrintBrothers, The Print Group, National Pen, and All Other Businesses.

For purposes of measuring and reporting our segment financial performance, we made updates to our previously implemented methodology for inter-segment transactions during the first quarter of fiscal 2026.

1 unchanged sentence

Under the updated methodology, a merchant business (the buyer) is cross charged the variable cost of fulfillment that includes labor, materials and shipping costs, which excludes the previously included overhead allocation.

We also updated our internal organizational structure, which included the transfer of two teams from our Vista reportable segment into our central functions.

We also updated our internal organizational structure, which included the transfer of two teams from our VistaPrint reportable segment into our central functions.

We have recast the prior periods presented for segment revenue and segment EBITDA for both changes to ensure comparability with the current fiscal year.

1 unchanged sentence

Refer to Note 11 in our accompanying consolidated financial statements for additional information relating to our reportable segments and our segment financial measures.

tariff environment continues to be fluid.

Cimpress businesses operate in the U.S., and we have fulfillment operations for U.S.

customers in multiple locations in the U.S., Canada and Mexico.

Cimpress has multiple exemptions and exclusions from paying tariffs on many of the products we fulfill for U.S.

Canada and Mexico.

The primary impact of tariffs on Cimpress continues to be for promotional products that we source from China and several other countries.

After the elimination of the de minimis exemption for shipments under $800 per day to individual U.S.

customers in May 2025 for Chinese-sourced goods and August 2025 for goods from other countries, we increased our pricing on impacted products.

To date, we have been able to minimize most, but not all, of the impact of the new tariffs through supply chain optimization and pricing changes.

We are monitoring the status of tariffs, and we will remain nimble in our sourcing and pricing responses.

Most of the computed value of the products we produce in Canada and Mexico for U.S.

customers remains covered by exemptions due to their compliance with the US-Mexico-Canada (USMCA) trade agreement and the International Emergency Economic Powers Act (IEEPA) carve out for informational materials.

Furthermore, we continue to believe that our scale-based advantages and the assets of our manufacturing, supply chain and procurement, and flexible technology infrastructure have become even clearer through this turbulence.

We remain confident that we can manage this effectively, even as facts and circumstances remain subject to change.

Financial Summary

The primary financial metric by which we set quarterly and annual budgets both for individual businesses and Cimpress wide is our adjusted free cash flow before net cash interest payments;

however, in evaluating the financial condition and operating performance of our business, management considers a number of metrics including revenue growth, constant-currency revenue growth, organic constant-currency revenue growth (which excludes the impact of acquisitions/divestitures), operating income, net income, adjusted EBITDA, cash flow from operations, and adjusted free cash flow.

however, in evaluating the financial condition and operating performance of our business, management considers a number of metrics

including revenue growth, constant-currency revenue growth, organic constant-currency revenue growth (which excludes the impact of acquisitions/divestitures), operating income, net income, adjusted EBITDA, cash flow from operations, and adjusted free cash flow.

Reconciliations of our non-GAAP financial measures are included within the "Consolidated Results of Operations" and "Additional Non-GAAP Financial Measures" sections of Management's Discussion and Analysis.

A summary of these key financial metrics for the three and six months ended December 31, 2025 as compared to the three and six months ended December 31, 2024 follows:

Second Quarter Fiscal Year 2026

A summary of these key financial metrics for the three and nine months ended March 31, 2026 as compared to the three and nine months ended March 31, 2025 follows:

Third Quarter Fiscal Year 2026

• Revenue increased by 12% to $886.2 million.

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• Operating income increased by $8.6 million to $49.2 million.

• Net income decreased by $12.1 million to $49.5 million.

• Net income increased by $22.7 million to $14.6 million.

• Adjusted EBITDA (a non-GAAP financial measure) increased by $9.8 million to $100.5 million.

• Diluted net income per share attributable to Cimpress plc decreased by $0.41 to $1.95.

• Diluted net income per share attributable to Cimpress plc increased by $0.88 to $0.55.

Year to Date Fiscal Year 2026

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• Diluted net income per share attributable to Cimpress plc increased by $1.25 to $2.81.

• Cash provided by operating activities increased by $8.8 million to $189.7 million.

• Cash provided by operating activities decreased by $17.4 million to $173.2 million.

• Adjusted free cash flow (a non-GAAP financial measure) decreased by $25.2 million to $52.0 million.

For the three and six months ended December 31, 2025, the increases in reported consolidated revenue were driven by external revenue growth across all of our reportable segments, as well as currency benefits and the addition of revenue from a recently acquired business in our PrintBrothers reportable segment.

The largest contributor of the organic constant currency revenue growth came from our Vista business and was driven by growth across all major markets.

Revenue growth continued to be strong across our assortment of elevated products, including double-digit growth in promotional products, apparel and gifts (PPAG) and packaging and labels.

The increases to operating income of $7.1 million and $16.8 million during the three and six months ended December 31, 2025, respectively, were primarily driven by incremental gross profit due to revenue growth discussed above.

Gross profit growth was dampened by the combination of increases in start-up costs associated with new manufacturing operations in North America, as well as the negative net effect from U.S.

tariffs in our National Pen business.

Across many of our businesses we continue to drive year-over-year operating expense efficiencies.

efficiencies, including from reductions in the second half of the prior fiscal year, helped offset the overall increase in operating expenses as compared to the prior year periods, in part due to higher cash compensation costs driven by the timing of our annual merit cycle.

The increases to operating income were negatively impacted by the hurricane that hit Jamaica in October 2025, a portion of which may be recoverable through insurance in future periods.

The $12.1 million net income decrease for the three months ended December 31, 2025 and $6.8 million increase for the six months ended December 31, 2025, as compared to the prior year periods, both were partly impacted by volatility from lower unrealized hedging gains, as well as the impact of the operating income increases described above, and lower interest expenses.

Adjusted EBITDA increased by $6.6 million and $17.5 million during the three and six months ended December 31, 2025, respectively, for similar reasons as the increase in operating income as described above, as well as $4.1 million and $7.0 million in year-over-year currency benefits, respectively.

Adjusted EBITDA benefitted $1.3 million in both periods from a tuck-in acquisition within the PrintBrothers segment, which was partially offset by approximately $2 million of impact from the hurricane that hit Jamaica in late October 2025.

During the six months ended December 31, 2025 , cash from operations increased $8.8 million year over year, primarily driven by the higher net income as described above, offset in part by less favorable changes in net working capital year over year of $12.6 million, primarily due to timing items, as well as higher cash taxes .

Adjusted free cash flow decreased by $1.3 million for the six months ended December 31, 2025, due to an $8.1 million increase in capitalized expenditures mainly from planned investments in new production equipment and facility expansion and a $2.1 million increase in capitalized software and website development costs, primarily driven by investments in our mass customization platform and related technology enhancements.

These increased investments were partially offset by the increase in cash from operations as described above.

For the three and nine months ended March 31, 2026, the increases in reported consolidated revenue were driven by external revenue growth across all of our reportable segments, as well as currency benefits and the addition of revenue from a recent tuck-in acquisition in our PrintBrothers reportable segment.

The largest contributor of the organic constant-currency revenue growth was our VistaPrint business, driven by growth across all regions.

Revenue growth continued to be strong across our assortment of elevated products.

The increases to operating income of $8.6 million and $25.4 million during the three and nine months ended March 31, 2026, respectively, were primarily driven by gross profit growth due to the revenue growth discussed above, cost improvements, benefits from currency, and a tuck-in acquisition.

Gross profit improved despite an increase year over year of $3.6 million and $5.0 million, respectively, of net start-up costs, including the effect of depreciation expense, associated with the expansion of our North America production network.

This gross profit growth was partially offset by increases to operating expenses during the three and nine months ended March 31, 2026.

Net income increased $22.7 million and $29.4 million during the three and nine months ended March 31, 2026, respectively, as compared to the prior-year periods.

Both periods were partly impacted by volatility from higher unrealized hedging gains, as well as the impact of the operating income increases described above, and lower interest expenses.

Adjusted EBITDA increased by $9.8 million and $27.4 million during the three and nine months ended March 31, 2026, respectively, for similar reasons as the increase in operating income as described above, as well as $2.7 million and $9.7 million in year-over-year currency benefits, respectively.

A tuck-in acquisition within the PrintBrothers reportable segment contributed an immaterial amount and $1.3 million to adjusted EBITDA for the three and nine months ended March 31, 2026, respectively.

Adjusted EBITDA improved despite an increase year over year of $3.3 million and $5.2 million, respectively, of net start-up costs, excluding the effect of depreciation expense, associated with the expansion of our North America production network.

During the nine months ended March 31, 2026 , cash from operations decreased $17.4 million year over year, driven by less favorable changes in net working capital year over year of $36.9 million, primarily due to timing items and unfavorable currency movements, as well as higher cash taxes, which were partially offset by the net income increase described above.

Adjusted free cash flow decreased by $25.2 million for the nine months ended March 31, 2026, primarily driven by the decrease in cash flow from operations as described above.

Adjusted free cash flow was also impacted by a $6.3 million increase in capital expenditures mainly driven by the expansion of our North America production network, and a $2.5 million increase in capitalized software and website development costs, primarily driven by investments in our mass customization platform and related technology enhancements.

tariff environment remains fluid.

Cimpress businesses operate in the U.S., and we maintain fulfillment operations for U.S.

customers in multiple locations across the U.S., Canada, and Mexico.

During the three months ended March 31, 2026, the legal framework for U.S.

tariffs was significantly altered by judicial and executive actions.

On February 20, 2026, the U.S.

Supreme Court invalidated using the International Emergency Economic Powers Act (IEEPA) as a basis to impose the broad tariffs that had been in place since May 2025.

Following this ruling, the IEEPA-based duties were terminated and replaced, effective February 24, 2026, with a 10% global tariff under Section 122 of the Trade Act of 1974.

By statute, this Section 122 surcharge is temporary and is currently scheduled to expire in July 2026 unless extended by Congress or replaced by other trade measures.

government is currently investigating additional avenues to implement more permanent tariffs.

The primary impact of tariffs on Cimpress continues to be for promotional products that we source from China and several other countries.

To date, we have continued to minimize most impacts through supply chain optimization and pricing changes.

Following the invalidation of the IEEPA-based tariffs, the U.S.

Court of International Trade ordered the U.S.

government to establish a process for refunding these invalidated duties.

As of April 20, 2026, the U.S.

government has opened the Phase 1 application process for refunds, leading to the potential for refunds of duties paid between May 2025 and February 2026.

As the importer of record for various impacted goods, we are pursuing all available avenues for reimbursement.

Despite the commencement of this process, we have not recognized any benefit for those potential refunds, as the administrative mechanics and final eligibility determinations remain sufficiently unclear to preclude a reliable estimate of the timing or amount of recovery.

Consolidated Results of Operations

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Our businesses generate revenue primarily from the sale and shipment of customized products.

We also generate revenue, to a much lesser extent (and primarily in our Vista business), from digital services, graphic design services, website design and hosting, and social media marketing services, as well as a small percentage of revenue from order referral fees and other third-party offerings.

We also generate revenue, to a much lesser extent (and primarily in our VistaPrint business), from digital services, graphic design services, website design and hosting, and social media marketing services, as well as a small percentage of revenue from order referral fees and other third-party offerings.

For additional discussion relating to segment revenue results, refer to the "Reportable Segment Results" section included below.

Total revenue and revenue growth by reportable segment for the three and six months ended December 31, 2025 and 2024 are shown in the following tables.

Total revenue and revenue growth by reportable segment for the three and nine months ended March 31, 2026 and 2025 are shown in the following tables.

The revenue by reportable segment includes inter-segment transactions, which is when one Cimpress business chooses to buy from or sell to another Cimpress business that is part of a different reportable segment.

These transactions are eliminated in the inter-segment elimination line in the tables below.

In thousands Three Months Ended December 31, Currency

In thousands Three Months Ended March 31, Currency

Currency Impact of Acquisitions/Divestitures:

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Total revenue $ 886,209 $ 789,468 12% (6)% 6% (2)% 4%

In thousands Six Months Ended December 31, Currency

In thousands Nine Months Ended March 31, Currency

Currency Impact of Acquisitions/Divestitures:

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These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP.

For the three and six months ended December 31, 2025, the reported revenue growth of $103.0 million and $161.4 million, respectively, was primarily driven by revenue growth in our Vista and PrintBrothers reportable segments.

For the three and nine months ended March 31, 2026, the reported revenue growth of $96.7 million and $258.1 million, respectively, was primarily driven by revenue growth in our VistaPrint and PrintBrothers reportable segments.

Revenue was positively impacted by $47.2 million and $113.3 million, respectively, from currency exchange rate fluctuations as compared to the prior-year periods.

Excluding the effect of changes in currency exchange rates and inter-segment revenue, the largest increases in revenue were from our Vista business with increases of $21.2 million and $41.0 million, respectively, for the three and six months ended December 31, 2025.

Vista revenue was higher year over year across all major markets, with the most significant growth in the PPAG and packaging and labels product categories.

Our PrintBrothers reportable segment also contributed $24.6 million and $35.7 million, respectively, of increased revenue for the three and six months ended December 31, 2025, excluding the effect of changes in currency exchange rates and inter-segment revenue, partly driven by $17.9 million from the addition of revenue from a recently acquired business, as well as new customer and order volume growth.

Excluding the effect of changes in currency exchange rates and inter-segment revenue, the largest increases in revenue were from our VistaPrint business with increases of $13.5 million and $54.5 million, respectively, for the three and nine months ended March 31, 2026.

VistaPrint revenue was higher year over year across all regions, with strong growth in elevated products.

Our PrintBrothers reportable segment also contributed $24.8 million and $60.5 million, respectively, of increased revenue for the three and nine months ended March 31, 2026, excluding the effect of changes in currency exchange rates and inter-segment revenue, partly driven by $15.1 million and $34.6 million, respectively, from the addition of revenue from a recently acquired business, as well as new customer and order volume growth.

For additional discussion relating to segment revenue results, refer to the "Reportable Segment Results" section included below.

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Cost of revenue includes materials used by our businesses to manufacture their products, payroll and related expenses for production and design services personnel, depreciation of assets used in the production process and in support of digital marketing service offerings, shipping, handling and processing costs, third-party production and design costs, costs of free products, and other related costs of products our businesses sell.

Three Months Ended December 31, Six Months Ended December 31,

Three Months Ended March 31, Nine Months Ended March 31,

2026 2025 2026 2025

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% of revenue 53.8 % 52.8 % 53.4 % 52.5 %

For the three and six months ended December 31, 2025, year-over-year cost of revenue increased by $65.2 million and $103.0 million, respectively, driven by higher internal manufacturing costs of $26.4 million and $38.4 million, respectively, and higher shipping costs of $9.2 million and $14.2 million, respectively, primarily driven by volume-related increases.

Internal manufacturing costs were also impacted by start-up costs for new manufacturing facilities in North America of $1.5 million and $1.6 million, respectively.

The increase in cost of

revenue was also influenced by higher third-party fulfillment costs of $19.1 million and $33.3 million, due in part to product mix shifts toward faster-growing product categories that leverage our third-party fulfillment network.

The cost of revenue increase was impacted by tariff-related cost increases in the U.S., which have largely been offset by price increases, as well as the impact of currency exchange rate fluctuations of $25.8 million and $39.8 million, respectively.

For the three and nine months ended March 31, 2026, year-over-year cost of revenue increased by $60.1 million and $163.0 million, respectively, driven by higher internal manufacturing costs of $18.9 million and $57.3 million, respectively, and higher shipping costs of $4.8 million and $19.0 million, respectively, primarily driven by volume-related increases.

Internal manufacturing costs were also impacted by start-up costs from the expansion of our North America production network of $4.6 million and $7.6 million, respectively, and costs from a recent tuck-

in acquisition in the PrintBrothers reportable segment of $6.7 million and $14.9 million, respectively.

The increase in cost of revenue was also influenced by higher third-party fulfillment costs of $23.0 million and $56.3 million, respectively, partly due to business and product mix shifts that leverage our third-party fulfillment network.

The cost of revenue increase was impacted by tariff-related cost increases in the U.S., which were more pronounced during the first half of the fiscal year and have largely been offset by price increases, as well as the impact of currency exchange rate fluctuations of $30.0 million and $69.8 million, respectively.

These increases were partially offset by a year-over-year benefit from the non-recurrence of a $2.6 million impairment charge, recognized in the three months ended March 31, 2025, related to the sale of a facility in our National Pen business.

Consolidated Operating Expenses

The following table summarizes our comparative operating expenses for the following periods:

Three Months Ended December 31, Six Months Ended December 31,

Three Months Ended March 31, Nine Months Ended March 31,

2026 2025 2026 vs.

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Depreciation expense for information technology equipment that directly supports the delivery of our digital marketing services products is included in cost of revenue.

For the three and six months ended December 31, 2025, year-over-year technology and development expense increased by $6.2 million and $9.2 million, respectively, primarily driven by an increase in cash compensation costs of $4.1 million and $4.5 million, respectively, from our annual merit cycle.

The increase was also impacted by higher third-party technology costs of $2.1 million and $5.2 million, respectively, most of which related to further adoption of certain products offered through our mass customization platform, as well as increased business volume, which has collectively increased consumption of those services and related infrastructure costs.

For the three and nine months ended March 31, 2026, year-over-year technology and development expense increased by $3.8 million and $13.0 million, respectively, primarily driven by higher year-over-year cash compensation costs of $2.0 million and $6.5 million, respectively, due in part by our annual merit cycle.

Amortization of capitalized software increased year over year by $1.6 million and $3.6 million, respectively, due to continued investment in technology capabilities across many of our businesses.

For the three months ended March 31,2026, third-party technology costs declined $0.7 million, which was mostly driven by the timing of certain vendor rebates, that more than offset increases due to growth in business volume.

For the nine months ended March 31, 2026, third-party technology costs increased $4.4 million, primarily driven by growth in business volume, partially offset by certain vendor rebates received in the third quarter.

Marketing and selling expense

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and third-party payment processing fees.

Our Vista, National Pen, and BuildASign businesses have higher marketing and selling costs as a percentage of revenue as compared to our PrintBrothers and The Print Group businesses due to differences in the customers that they serve.

For the three and six months ended December 31, 2025, year-over-year marketing and selling expenses increased by $22.3 million and $28.9 million, respectively, partly due to higher advertising spend of $12.8 million and $14.6 million, respectively, as compared to the prior-year periods, largely due to volume-driven increases, as well as targeted advertising investments in certain businesses.

Advertising expense as a percentage of revenue was lower year-over-year for both periods presented.

In addition, marketing and selling expense increases reflected higher cash compensation costs of $7.2 million and $11.2 million, respectively, from our annual merit cycle, as well as targeted hiring in our Vista business.

Our VistaPrint, National Pen, and BuildASign businesses have higher marketing and selling costs as a percentage of revenue as compared to our PrintBrothers and The Print Group businesses due to differences in the customers that they serve.

For the three and nine months ended March 31, 2026, year-over-year marketing and selling expenses increased by $15.2 million and $44.1 million, respectively, partly due to higher year-over-year advertising spend of $3.3 million and $17.9 million, respectively, largely due to volume-driven increases, as well as targeted advertising investments in certain businesses.

Despite those increases, advertising expense as a percentage of revenue was lower year over year for both periods presented.

In addition, the marketing and selling expense increases reflected

higher cash compensation costs of $7.9 million and $19.0 million, respectively, driven in part by our annual merit cycle.

General and administrative expense

General and administrative expense primarily consists of transaction costs, including third-party professional fees, insurance, and payroll and related expenses of employees involved in executive management, finance, legal, strategy, human resources, and procurement.

For the three and six months ended December 31, 2025, year-over-year general and administrative expenses increased by $3.3 million and $5.3 million, respectively, driven by an increase in cash compensation costs of $3.2 million and $5.9 million, respectively, primarily influenced by the timing of our annual merit cycle.

In addition, for the six months ended December 31, 2025, the increase was also impacted by $1.9 million of expense associated with a sales tax reserve.

For the three and nine months ended March 31, 2026, year-over-year general and administrative expenses increased by $8.4 million and $13.7 million, respectively, driven by higher year-over-year cash compensation costs of $4.9 million and $10.8 million, respectively, primarily from our annual merit cycle, as well as higher year-over-year share-based compensation of $1.2 million and $1.0 million, respectively.

These increases were partially offset by lower long-term incentive cash compensation costs of $0.7 million and $3.6 million, respectively, due to changes in the estimated payout for certain businesses.

There was also a year-over-year benefit from the non-recurrence of a $2.9 million charge recognized in the three and six months ended December 31, 2024 for a land duty tax that we continue to contest in Australia related to our 2019 redomiciliation to Ireland.

In addition, for the nine months ended March 31, 2026, the increase was impacted by a $1.9 million expense associated with a sales tax reserve, more than offset by a year-over-year benefit from the non-recurrence of a $2.9 million charge recognized in the nine months ended March 31, 2025 for a land duty tax that we continue to contest in Australia related to our 2019 redomiciliation to Ireland.

Other Consolidated Results

Other income, net

Other income (expense), net

Other income, net generally consists of gains and losses from currency exchange rate fluctuations on transactions or balances denominated in currencies other than the functional currency of our subsidiaries, as well as the realized and unrealized gains and losses on some of our derivative instruments.

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Based on this analysis, we execute certain currency derivative contracts that do not qualify for hedge accounting.

The following table summarizes the components of other income, net:

Three Months Ended December 31, Six Months Ended December 31,

The following table summarizes the components of other income (expense), net:

Three Months Ended March 31, Nine Months Ended March 31,

2026 2025 2026 2025

Gains on derivatives not designated as hedging instruments $ 1,428 $ 33,632 $ 4,879 $ 13,063

Gains (losses) on derivatives not designated as hedging instruments $ 13,973 $ (14,640) $ 18,852 $ (1,577)

Currency-related (losses) gains, net (10,785) 5,131 (11,325) 11,691

Other gains (608) 68 234 631

Total other income, net $ 1,728 $ 31,678 $ 5,181 $ 20,186

For the three and six months ended December 31, 2025, the year-over-year changes in other income, net were primarily due to the currency exchange rate volatility impacting our derivatives that are not designated as hedging instruments, of which our Euro and GBP contracts are the most significant exposures that we economically hedge.

Total other income (expense), net $ 2,580 $ (9,441) $ 7,761 $ 10,745

For the three and nine months ended March 31, 2026, the year-over-year changes in other income (expense), net were primarily due to the currency exchange rate volatility impacting our derivatives that are not designated as hedging instruments, of which our Euro and GBP contracts are the most significant exposures that we economically hedge.

We expect volatility to continue in future periods, as we do not apply hedge accounting for most of our derivative currency contracts.

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Interest expense, net primarily consists of interest on outstanding debt balances, amortization of debt issuance costs, debt discounts, interest related to finance lease obligations, accretion adjustments related to our mandatorily redeemable noncontrolling interests, and realized gains (losses) on effective interest rate swap contracts and certain cross-currency swap contracts.

For the three and six months ended December 31, 2025, the year-over-year interest expense, net decreased $2.2 million and $5.5 million, respectively, primarily due to a lower weighted average interest rate (net of interest rate swaps) on our senior secured Term Loan B partly from our repricing action in December 2024 that reduced the credit spread on our outstanding debt.

For the three and nine months ended March 31, 2026, the year-over-year interest expense, net decreased $1.6 million and $7.1 million, respectively, primarily due to a lower weighted-average interest rate (net of interest rate swaps) on our senior secured term loan partly from our repricing action in December 2024 that reduced the credit spread on our outstanding debt.

Income tax expense

In thousands Three Months Ended December 31, Six Months Ended December 31,

In thousands Three Months Ended March 31, Nine Months Ended March 31,

2026 2025 2026 2025

1 unchanged sentence

Effective tax rate 44.4 % 294.5 % 37.8 % 50.6 %

Income tax expense for the three months ended December 31, 2025 decreased versus the prior year primarily due to decreased income before income taxes.

In addition, we recorded a tax benefit of $3.1 million during the three months ended December 31, 2025 for the release of a valuation allowance in Australia.

Income tax expense for the six months ended December 31, 2025 was in line with the prior comparative period.

For the three and nine months ended March 31, 2026, income tax expense was in line with the prior comparative periods.

O ur effective tax rate continues to be negatively impacted by losses in certain jurisdictions where we are unable to recognize a tax benefit in the current period.

These losses with no tax benefit were excluded in calculating income tax expense for all periods presented, in accordance with GAAP.

We believe that our income tax reserves are adequately maintained by taking into consideration both the technical merits of our tax return positions and ongoing developments in our income tax audits.

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These transactions are when one Cimpress business chooses to buy from or sell to another Cimpress business in another reportable segment.

We also updated our internal organizational structure, which included the transfer of two teams from our Vista reportable segment into our central functions.

We also updated our internal organizational structure, which included the transfer of two teams from our VistaPrint reportable segment into our central functions.

We have recast the prior periods presented for segment revenue and segment EBITDA for both changes to ensure comparability with the current fiscal year.

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Refer to Note 11 in our accompanying consolidated financial statements for additional details.

Three Months Ended December 31, Six Months Ended December 31,

Three Months Ended March 31, Nine Months Ended March 31,

2026 2025 (1) 2026 vs.

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Segment Revenue

Vista's reported revenue growth for the three and six months ended December 31, 2025 was 7% for both periods, and was positively affected by currency exchange rate fluctuations of 2%, resulting in constant-currency revenue growth of 5% for both periods presented.

Revenue growth for the three and six months ended December 31, 2025 was stronger for elevated products including promotional products, apparel and gifts and packaging and labels.

Partially offsetting growth in elevated products was a 1% decline in business card and stationery products in each period.

Geographically, all regions drove revenue growth, with faster growth in North America during the second quarter.

VistaPrint's reported revenue growth for the three and nine months ended March 31, 2026 was 7% for both periods, and was positively affected by currency exchange rate fluctuations of 4% and 3%, respectively, resulting in constant-currency revenue growth of 3% and 4%, respectively.

For the three and nine months ended March 31, 2026, VistaPrint had strong growth in elevated products, partially offset by year-over-year declines of 3% and 2%, respectively, in business card and stationery products.

Geographically, all regions drove revenue growth for both comparative periods, however, during the current quarter, severe weather events in North America caused weakness in January and February, which was followed by an acceleration of growth in March.

Segment Profitability

Vista's segment EBITDA for the three and six months ended December 31, 2025, increased by $9.8 million and $18.6 million, respectively, primarily due to gross profit growth of $19.3 million and $34.7 million, respectively, which was driven by the revenue growth described above.

Partially offsetting the increase in gross profit was a $7.3 million and $8.7 million increase in advertising spend, respectively, that was primarily related to increases in performance advertising spend.

In addition, operating expenses increased by $1.1 million and $5.7 million, respectively, driven by compensation increases from our annual merit cycle and costs associated with improved customer self-service features to improve customer care efficiency.

Segment EBITDA growth was partially offset by approximately $2 million of impact from the hurricane that hit Jamaica in late October 2025, a portion of which may be recoverable through insurance in future periods.

For the three and six months ended December 31, 2025, fluctuations in currency exchange rates benefited segment EBITDA year-over-year by $3.3 million and $4.2 million, respectively.

VistaPrint's segment EBITDA for the three and nine months ended March 31, 2026, increased by $5.7 million and $24.3 million, respectively, primarily due to gross profit growth of $14.6 million and $49.3 million, respectively, which was driven by the revenue growth described above.

Partially offsetting the increases in gross profit were increases in advertising spend of $2.5 million and $11.2 million, respectively, that were primarily related to increases in performance advertising spend, which as a percentage of revenue was lower versus the prior comparative periods.

In addition, operating expenses increased by $6.8 million and $12.5 million, respectively, driven by compensation increases from our annual merit cycle and costs associated with customer self-service features to improve customer care efficiency.

Segment EBITDA growth was dampened by start-up costs for new manufacturing facilities in North America of $5.1 million for both periods, which included the transfer of $1.8 million of costs from the first half of the fiscal year from our central and corporate costs.

For the three and nine months ended March 31, 2026, fluctuations in currency exchange rates benefited segment EBITDA year over year by $2.9 million and $7.1 million, respectively.

PrintBrothers

Three Months Ended December 31, Six Months Ended December 31,

Three Months Ended March 31, Nine Months Ended March 31,

2026 2025 (1) 2026 vs.

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Segment Revenue

PrintBrothers' reported revenue growth for the three and six months ended December 31, 2025 was positively affected by currency exchange rate fluctuations of 10% and 9%, respectively, resulting in organic constant currency revenue growth, excluding the impact of a tuck-in acquisition, of 6% and 7%, respectively.

Organic constant-currency revenue growth was driven primarily by customer and order volume growth across the businesses.

The growth in customer and order volume was offset in part by a continuing shift to lower overall order values in certain product categories.

PrintBrothers' reported revenue growth for the three and nine months ended March 31, 2026 was positively affected by currency exchange rate fluctuations of 13% and 10%, respectively, and a tuck-in acquisition which positively impacted revenue growth by 9% and 7%, respectively, resulting in organic constant-currency revenue growth of 8% and 7%, respectively.

Organic constant-currency revenue growth was driven primarily by customer and order volume growth across the businesses, as well as volumes related to regional elections which benefited a portion of the current-year periods.

Segment Profitability

PrintBrothers' segment EBITDA for the three and six months ended December 31, 2025 increased $4.9 million and $10.5 million, respectively, primarily due to the revenue growth described above, as well as positive year-over-year impacts from currency exchange fluctuations of $2.3 million and $3.9 million, respectively.

Additionally, the acquisition within the PrintBrothers' segment contributed $1.3 million of segment EBITDA.

This was partially offset by increases in advertising spend of $0.6 million and $1.2 million, which as a percentage of external revenue was flat year over year, as well as increases in operating expenses of $3.9 million and $6.0 million, which were mostly driven by technology investments and compensation increases from our annual merit cycle.

PrintBrothers' segment EBITDA for the three and nine months ended March 31, 2026 increased $4.3 million and $14.8 million, respectively, primarily due to the revenue growth described above, as well as positive year-over-year impacts from currency exchange fluctuations of $2.3 million and $6.2 million, respectively.

Additionally, the acquisition contributed an immaterial amount and $1.3 million of segment EBITDA, respectively.

This was partially offset by increases in advertising spend of $0.1 million and $1.3 million, respectively, which as a percentage of external revenue were flat year over year, as well as increases in operating expenses of $3.2 million and $9.2 million, respectively, which were mostly driven by technology investments and compensation increases from our annual merit cycle.

The Print Group

Three Months Ended December 31, Six Months Ended December 31,

Three Months Ended March 31, Nine Months Ended March 31,

2026 2025 (1) 2026 vs.

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Segment Revenue

The Print Group's reported revenue growth for the three and six months ended December 31, 2025 was positively affected by currency exchange rate fluctuations of 9% and 8%, resulting in constant-currency revenue

growth of 7% and 8%, and was primarily driven by increased fulfillment for other Cimpress businesses.

External revenue growth was relatively flat year over year in both periods, as we continue to experience a shift to lower overall order values in certain product categories.

The Print Group's reported revenue growth for the three and nine months ended March 31, 2026 was positively affected by currency exchange rate fluctuations of 12% and 9%, respectively, resulting in constant-currency revenue growth of 8% in both periods, and was primarily driven by increased fulfillment for other Cimpress businesses.

External revenue growth improved during the third quarter of the current fiscal year, which was supported by election-related demand in France;

however, the segment continues to experience a shift to lower overall order values in certain product categories.

Segment Profitability

The Print Group's segment EBITDA increased $4.2 million and $4.8 million during the three and six months ended December 31, 2025 as compared to the prior-year periods, due in part to positive year-over-year impacts from currency exchange fluctuations of $1.8 million and $2.9 million, respectively.

Excluding the effect of currency, segment EBITDA was positively impacted by an increase in gross profit in both periods, driven by the revenue growth described above and improved cost efficiency.

For the six months ended December 31, 2025, these increases were partially offset by a $2.2 million increase in variable long-term incentive compensation expense, driven by changes in estimated payouts.

In thousands Three Months Ended December 31, Six Months Ended December 31,

The Print Group's segment EBITDA increased $4.5 million and $9.4 million during the three and nine months ended March 31, 2026, respectively, partly due to positive year-over-year impacts from currency exchange fluctuations of $2.0 million and $4.9 million, respectively.

Excluding the effect of currency, segment EBITDA was positively impacted by increases in gross profit in both periods, driven by the revenue growth described above and improved cost efficiency.

For the three and nine months ended March 31, 2026, these impacts were partially offset by increases of $0.3 million and $2.5 million, respectively, in variable long-term incentive compensation expense, driven by changes in estimated payouts.

In thousands Three Months Ended March 31, Nine Months Ended March 31,

2026 2025 (1) 2026 vs.

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Segment Revenue

National Pen's reported revenue growth for the three and six months ended December 31, 2025, was positively impacted by currency exchange rate fluctuations of 5% and 4%, respectively, resulting in constant-currency revenue growth of 10% and 9% as compared to the prior year periods.

National Pen revenue growth was driven by increases in fulfillment for other Cimpress businesses, as well as growth in external revenue, mostly from tariff-related pricing increases and growth within their telesales and e-commerce channels.

National Pen's reported revenue growth for the three and nine months ended March 31, 2026 was positively impacted by currency exchange rate fluctuations of 5% and 4%, respectively, resulting in constant-currency revenue growth of 5% and 8%, respectively, driven by growth in external revenue, mostly from growth within e-commerce and telesales channels, as well as increases in fulfillment for other Cimpress businesses.

Segment Profitability

National Pen's segment EBITDA increased $2.2 million and $4.4 million for the three and six months ended December 31, 2025, and for both periods benefitted from positive fluctuations in currency exchange rates of $2.2 million.

The segment EBITDA growth was also supported by an increase in gross profit, due to the revenue growth described above, as well as lower variable long-term incentive compensation expense of $1.1 million and $2.5 million, respectively, driven by changes in their estimated payouts.

Partially offsetting these items were increases in advertising spend of $2.3 million and $1.2 million, respectively.

National Pen's segment EBITDA increased $2.8 million and $7.2 million for the three and nine months ended March 31, 2026, respectively, and benefited from positive fluctuations in currency exchange rates of $0.5 million and $2.7 million, respectively.

Segment EBITDA growth was also supported by increases in gross profit, due to the revenue growth described above, as well as lower variable long-term incentive compensation expense of $1.0 million and $3.5 million, respectively, driven by changes in estimated payouts.

Segment EBITDA also benefited from decreases in advertising spend of $1.6 million and $0.4 million, respectively, from reduced spend in certain channels that have driven improved advertising spend efficiencies.

All Other Businesses

This segment includes BuildASign and Printi, a smaller business that is an online printing leader in Brazil.

Three Months Ended December 31, Six Months Ended December 31,

Three Months Ended March 31, Nine Months Ended March 31,

2026 2025 (1) 2026 vs.

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Segment Revenue

All Other Businesses' revenue growth for the three and six months ended December 31, 2025 was positively impacted by currency exchange rate fluctuations of 1% in both periods, resulting in constant-currency revenue growth of 10% and 9%, respectively.

BuildASign, the largest business in this segment, delivered strong

growth from fulfillment for other Cimpress businesses as well as growth in the packaging product category, and modest growth within home decor and signage products.

All Other Businesses' revenue growth for the three and nine months ended March 31, 2026 was positively impacted by currency exchange rate fluctuations of 2% and 1%, respectively, resulting in constant-currency revenue growth of 16% and 11%, respectively.

BuildASign, the largest business in this segment, delivered strong growth from fulfillment for other Cimpress businesses as well as growth across home decor, signage and packaging categories.

Our Printi business delivered improved constant-currency revenue growth versus the prior year.

Segment Profitability

For the three and six months ended December 31, 2025, year-over-year segment EBITDA increased $0.7 million and $2.9 million, respectively, largely driven by the cross-Cimpress revenue growth described above.

For the six months ended December 31, 2025, the increase versus the prior year was also impacted by lower variable long-term incentive compensation expense of $1.8 million, driven by changes in estimated payouts.

For the three and nine months ended March 31, 2026, year-over-year segment EBITDA was flat and increased $3.0 million, respectively, largely driven by the cross-Cimpress revenue growth described above.

For the nine months ended March 31, 2026, the increase versus the prior year was also impacted by lower variable long-term incentive compensation expense of $1.4 million, driven by changes in estimated payouts.

These increases for the three and nine months ended March 31, 2026, were partially offset by $0.7 million of start-up costs from the expansion of our North American production network.

Central and Corporate Costs

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These costs also include certain unallocated share-based compensation costs.

During the three and six months ended December 31, 2025, year-over-year central and corporate costs increased by $5.5 million and $5.3 million, respectively, primarily due to higher unallocated share-based compensation expense of $2.7 million and $1.0 million, respectively, driven by fluctuations in the attainment associated with the performance conditions of prior-year performance share units.

Central and corporate costs also included higher third-party technology costs as a result of continued adoption and usage of mass customization platform products that are developed by our central technology teams.

These items were partially offset by the non-recurrence of a $2.9 million charge recognized in the three and six months ended December 31, 2024 for a land duty tax that we continue to contest in Australia related to our 2019 redomiciliation to Ireland.

During the three months ended March 31, 2026, year-over-year central and corporate costs decreased by $0.1 million, primarily due to lower third-party technology costs of $2.6 million that were influenced by the timing of certain third-party vendor rebates.

Additionally benefiting the third quarter of 2026 was $1.8 million of start-up costs from the first half of the fiscal year which were transferred to our VistaPrint reportable segment during the current quarter.

These items were mostly offset by higher unallocated share-based compensation expense of $1.6 million, driven by fluctuations in the attainment levels year over year associated with the performance conditions of performance share units, and increased compensation of $0.5 million from our annual merit cycle.

During the nine months ended March 31, 2026, year-over-year central and corporate costs increased by $5.2 million, primarily due to compensation increases of $2.8 million from our annual merit cycle, and higher unallocated share-based compensation expense of $2.7 million, driven by fluctuations in the attainment levels year over year associated with the performance conditions of performance share units.

These items were partially offset by the non-recurrence of a $2.9 million charge recognized in the nine months ended March 31, 2025 for a land duty tax that we continue to contest in Australia related to our 2019 redomiciliation to Ireland.

Liquidity and Capital Resources

Consolidated Statements of Cash Flows Data

Six Months Ended December 31,

Nine Months Ended March 31,

Net cash provided by operating activities $ 173,198 $ 190,598

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Net cash used in financing activities (80,545) (107,413)

The cash flows during the six months ended December 31, 2025 related primarily to the following items:

The cash flows during the nine months ended March 31, 2026 related primarily to the following items:

Cash inflows:

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• Adjustments for non-cash items of $144.1 million primarily related to adjustments for depreciation and amortization of $110.6 million, share-based compensation costs of $46.3 million and deferred taxes of $3.6 million, offset in part by unrealized currency-related gains of $21.7 million.

• Net working capital inflows of $33.2 million, primarily due to typical fluctuations from seasonal trends that resulted in increases in accounts payable and accrued expenses and other liabilities.

• Proceeds from the sale of assets of $1.7 million, primarily related to the planned sale of a production facility within our National Pen business.

• Proceeds from the sale of noncontrolling interests of $24.8 million, which related to the sale of a minority 8.75% aggregate equity interest in each of the businesses within the PrintBrothers reportable segment.

Refer to Note 10 in the accompanying consolidated financial statements for additional details.

• Proceeds from the sale of assets of $3.4 million, primarily related to the recent sale of a production facility within our National Pen business, as well as the sale and replacement of smaller production equipment assets across several businesses.

• Proceeds from the exercise of options of $1.5 million.

Cash outflows:

• Capital expenditures of $51.5 million, of which the majority is related to the purchase of manufacturing and automation equipment and expansion of our production facilities.

• Capital expenditures of $74.5 million, of which the majority is related to the purchase of manufacturing and automation equipment and expansion of our North American production network.

• Internal and external costs of $50.1 million for software and website development that we have capitalized.

• Purchases of our ordinary shares for $50.1 million.

• Purchase of noncontrolling interests for $22.6 million, which related to minority equity interests in our PrintBrothers reportable segment for which the equity holders exercised a put option or a forced redemption date was reached that resulted in our purchase of their outstanding shares.

• Net working capital outflows of $41.5 million, primarily due to increases in inventory levels and prepaid expenses and other assets.

• Purchase of noncontrolling interests for $24.4 million, which related to our purchase of the remaining minority equity interests in various businesses within our PrintBrothers reportable segment.

Refer to Notes 7 and 10 in the accompanying consolidated financial statements for additional details.

• Business acquisitions, net of cash acquired of $10.4 million, which related to an immaterial acquisition in our PrintBrothers reportable segment.

• Payment of withholding taxes in connection with share awards of $10.3 million, primarily driven by the vesting of restricted and performance share unit grants.

• Net repayments of debt of $7.1 million, primarily including our Term Loan B amortization payments.

• Payment of withholding taxes in connection with share awards of $14.3 million, primarily driven by the vesting of restricted and performance share units.

• Business acquisitions, net of cash acquired of $11.7 million, which related to tuck-in acquisitions that were not material and are included in our PrintBrothers reportable segment.

• Net repayments of debt of $10.2 million, primarily including our term loan amortization payments.

• Payments for finance lease arrangements of $7.8 million.

Additional Liquidity and Capital Resources Information.

At December 31, 2025, we had $258.0 million of cash and cash equivalents and $1,607.9 million of debt, excluding debt issuance costs and debt premiums and discounts.

During the six months ended December 31, 2025, we financed our operations and strategic investments through internally generated cash flows from operations and cash on hand.

At March 31, 2026, we had $189.0 million of cash and cash equivalents and $1,604.5 million of debt, excluding debt issuance costs and debt premiums and discounts.

During the nine months ended March 31, 2026, we financed our operations and strategic investments through internally generated cash flows from operations and cash on hand.

We expect to finance our future operations through our cash, operating cash flow, and borrowings under our debt arrangements.

We have historically used excess cash and cash equivalents for organic investments, share repurchases, acquisitions and equity investments, and debt reduction.

During the six months ended December 31, 2025, we purchased and retired 414,711 of our ordinary shares for $28.2 million.

During the nine months ended March 31, 2026, we purchased and retired 702,820 of our ordinary shares for $50.1 million.

We evaluate share repurchases, as any other use of capital, relative to our view of the impact on our intrinsic value per share compared against other opportunities.

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Indefinitely Reinvested Earnings.

As of December 31, 2025, a portion of our cash and cash equivalents were held by our subsidiaries, and undistributed earnings of our subsidiaries that are considered to be indefinitely reinvested were $102.3 million.

As of March 31, 2026, a portion of our cash and cash equivalents were held by our subsidiaries, and undistributed earnings of our subsidiaries that are considered to be indefinitely reinvested were $99.1 million.

We do not intend to repatriate these funds as the cash and cash equivalent balances are generally used and available, without legal restrictions, to fund ordinary business operations and investments of the respective subsidiaries.

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Contractual Obligations

Contractual obligations at December 31, 2025 are as follows:

Contractual obligations at March 31, 2026 are as follows:

In thousands Payments Due by Period

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Our leases may also incur variable expenses which are not reflected in the contractual obligations above.

(2) Interest payments are based on the interest rate as of December 31, 2025 and assume all Term SOFR-based revolving loan amounts outstanding will not be paid until maturity but that the term loan amortization payments will be made according to our defined schedule.

(2) Interest payments are based on the interest rate as of March 31, 2026 and assume all Term SOFR-based revolving loan amounts outstanding will not be paid until maturity but that the term loan amortization payments will be made according to our defined schedule.

Senior secured credit facility and interest payments include the effects of interest rate swaps, whether they are expected to be payments or receipts of cash.

1 unchanged sentence

However, due to the uncertainty of the timing of future cash flows associated with our uncertain tax positions, we are unable to make reasonably reliable estimates of the period of cash settlement, if any, with the respective taxing authorities.

Accordingly, uncertain tax positions of $0.3 million as of December 31, 2025 have been excluded from the contractual obligations table above.

Accordingly, uncertain tax positions of $0.6 million as of March 31, 2026 have been excluded from the contractual obligations table above.

See Note 9 in our accompanying consolidated financial statements for additional information on uncertain tax positions.

1 unchanged sentence

We rent manufacturing facilities and office space under operating leases expiring on various dates through 2037.

The terms of certain lease agreements require security deposits in the form of bank guarantees and letters of credit, with $4.5 million in the aggregate outstanding as of December 31, 2025.

The terms of certain lease agreements require security deposits in the form of bank guarantees and letters of credit, with $4.4 million in the aggregate outstanding as of March 31, 2026.

Purchase Commitments.

At December 31, 2025, we had unrecorded commitments under contract of $368.7 million.

At March 31, 2026, we had unrecorded commitments under contract of $351.0 million.

Purchase commitments consisted of third-party cloud services of $225.9 million;

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insurance costs of $5.5 million;

production-related temporary labor of $5.9 million;

professional and consulting fees of $4.5 million;

production and computer equipment purchases of $4.9 million;

production-related temporary labor of $3.3 million;

advertising of $2.9 million;

production and computer equipment purchases of $2.5 million;

and other commitments of $2.1 million.

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On September 26, 2024, we entered into an amendment to our Restated Credit Agreement to extend the maturity date of our senior secured revolving credit facility to September 26, 2029 and reduced the minimum credit spread on borrowing and the minimum commitment fee on unused balances, depending on our First Lien Leverage Ratio.

Our $250.0 million senior secured revolving credit facility has $232.4 million unused as of December 31, 2025.

Our $250.0 million senior secured revolving credit facility has $232.6 million unused as of March 31, 2026.

There are no drawn amounts on the Revolving Credit Facility, but our outstanding letters of credit reduce our unused balance.

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Any amounts drawn under the Revolving Credit Facility will be due on September 26, 2029.

Interest payable included in the above table is based on the interest rate as of December 31, 2025 and assumes all Term SOFR-based revolving loan amounts outstanding will not be paid until maturity but that the term loan amortization payments will be made according to our defined schedule.

As of December 31, 2025, we have borrowings under our Restated Credit Agreement of $1,067.4 million, consisting of the Term Loan B, which amortizes over the loan period, with a final maturity date of May 17, 2028.

Interest payable included in the above table is based on the interest rate as of March 31, 2026 and assumes all Term SOFR-based revolving loan amounts outstanding will not be paid until maturity but that the term loan amortization payments will be made according to our defined schedule.

As of March 31, 2026, we have borrowings under our Restated Credit Agreement of $1,064.7 million, consisting of the term loan, which amortizes over the loan period, with a final maturity date of May 17, 2028.

2032 Senior Notes and Interest Payments.

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The Restated Credit Agreement and the indenture that governs our 2032 Notes contain covenants that restrict or limit certain activities and transactions by Cimpress and our subsidiaries.

As of December 31, 2025, we were in compliance with all covenants under our Restated Credit Agreement and the indenture governing our 2032 Notes.

As of March 31, 2026, we were in compliance with all covenants under our Restated Credit Agreement and the indenture governing our 2032 Notes.

Refer to Note 8 in the accompanying consolidated financial statements for additional information.

In addition, we have other debt which consists primarily of term loans acquired through our various acquisitions or used to fund certain capital investments.

As of December 31, 2025, we had $15.5 million outstanding for those obligations that have repayments due on various dates through September 2037.

As of March 31, 2026, we had $14.8 million outstanding for those obligations that have repayments due on various dates through September 2037.

Finance Leases.

We lease certain facilities, machinery, and plant equipment under finance lease agreements that expire at various dates through 2037.

The aggregate carrying value of the leased assets under finance leases included in property, plant and equipment, net in our consolidated balance sheet at December 31, 2025 is $40.4 million, net of accumulated depreciation of $37.8 million.

The present value of lease installments not yet due included in other current liabilities and other liabilities in our consolidated balance sheet at December 31, 2025 amounts to $42.9 million.

The aggregate carrying value of the leased assets under finance leases included in property, plant and equipment, net in our consolidated balance sheet at March 31, 2026 is $38.1 million, net of accumulated depreciation of $26.0 million.

The present value of lease installments not yet due included in other current liabilities and other liabilities in our consolidated balance sheet at March 31, 2026 amounts to $43.9 million.

Additional Non-GAAP Financial Measures

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We believe it is important to view our adjusted free cash flow measure only as a complement to our entire consolidated statement of cash flows.

The table below sets forth net income (loss) and adjusted EBITDA for the three and six months ended December 31, 2025 and 2024:

In thousands Three Months Ended December 31, Six Months Ended December 31,

The table below sets forth net income (loss) and adjusted EBITDA for the three and nine months ended March 31, 2026 and 2025:

In thousands Three Months Ended March 31, Nine Months Ended March 31,

2026 2025 2026 2025

Net income $ 49,490 $ 61,615 $ 56,010 $ 49,231

Net income (loss) $ 14,643 $ (8,020) $ 70,653 $ 41,211

Exclude expense (benefit) impact of:

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11,709 12,144 42,884 42,290

Loss on early extinguishment of debt

(Gain) loss on early extinguishment of debt — (19) — 498

Interest expense, net

25,397 26,995 80,460 87,575

Other income, net

(1,728) (31,678) (5,181) (20,186)

Other (income) expense, net (2,580) 9,441 (7,761) (10,745)

Depreciation and amortization 37,406 34,300 110,642 105,057

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Restructuring-related charges 2,813 466 4,416 728

Include certain items that are a part of other income, net:

Include certain items that are a part of other income (expense), net:

Realized (losses) gains on currency derivatives (1)

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_________________

(1) These realized (losses) gains include only the impacts of certain currency derivative contracts that are intended to hedge our adjusted EBITDA exposure to foreign currencies for which we do not apply hedge accounting.

(1) Realized (losses) gains include only the impacts of certain currency derivative contracts that are intended to hedge our adjusted EBITDA exposure to foreign currencies for which we do not apply hedge accounting.

Refer to Note 4 in our accompanying consolidated financial statements for further information.

The table below sets forth net cash provided by operating activities and adjusted free cash flow for the six months ended December 31, 2025 and 2024:

In thousands Six Months Ended December 31,

The table below sets forth net cash provided by operating activities and adjusted free cash flow for the nine months ended March 31, 2026 and 2025:

In thousands Nine Months Ended March 31,

Net cash provided by operating activities $ 173,198 $ 190,598

5 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis