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Item 1. Business

2026-08-07 compared with 2025-08-08 · 96 added, 95 removed, 211 unchanged (48% of the section changed)

Overview & Strategy

Cimpress is a strategically focused collection of businesses that specialize in print mass customization, through which we deliver large volumes of individually small-sized customized orders of printed materials and promotional products.

Cimpress helps millions of businesses build brands, stand out, and grow via customized physical marketing products and branded merchandise.

Founded in 1995, Cimpress is the global leader in web-to-print mass customization, delivering high-quality, affordable custom products quickly and conveniently—even in low quantities.

Cimpress brands include VistaPrint, WIRmachenDRUCK, Pixartprinting, Pens.com, BuildASign, druck.at, Drukwerkdeal, easyflyer, Exaprint, Packstyle, Printi, Tradeprint and BoxUp.

Our products and services include a broad range of marketing materials, business cards, signage, promotional products, logo apparel, packaging, books and magazines, wall decor, photo merchandise, invitations and announcements, design and digital marketing services, and other categories.

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

We discuss mass customization in more detail further below.

We discuss mass customization in further detail below.

We have grown substantially over our history, from $0 in 1995 to $0.2 billion of revenue in fiscal year 2006, the year when we became a publicly traded company, then to $3.7 billion of revenue in fiscal year 2026.

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We drive competitive advantage across Cimpress through a select few shared strategic capabilities that have the greatest potential to create Cimpress-wide value.

We limit all other central activities to only those which absolutely must be performed centrally.

We believe this decentralized structure is beneficial in many ways as it enables our businesses to be more customer focused, to make better decisions faster, to manage a holistic cross-functional value chain required to serve customers well, to be more agile, to be held more accountable for driving investment returns, and to better understand where we are successful and where we are not.

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Mass customization in print-related markets delivers a breakthrough in customer value, particularly in markets in which the worth of a physical product is inherently tied to a specific, unique use or application.

For instance, there is limited value to a sign that is the same as is used by many other companies:

For instance, there is limited value to a sign that is identical to those used by other companies:

the business owner needs to describe what is unique about their business.

Likewise, customized packaging is a way for a business to add their brand identity to what is oftentimes the first physical touchpoint with a customer for online purchases.

Before mass customization, producing a high-quality custom product required high per-order setup costs, so it simply was not economical to produce a customized product in low quantities.

Before mass customization, producing a high-quality custom product required high per-order setup costs, and therefore it was not economical to produce customized products in low quantities.

There are three ingredients to mass customization applied to print applications:

(1) web-to-print or e-commerce stores that offer a wide variety of customizable products, a replacement of more expensive and harder-to-scale physical stores with limited geographic reach;

(2) software-driven order aggregation, which enables significantly reduced costs on low-volume orders;

and (3) democratized design that combines intuitive design software, AI-assisted design capabilities and human designers that are typically located in low-cost locations to deliver high-quality, lower-cost, highly scalable alternatives to traditional graphic design services.

We believe that the business cards sold by our Vista business provide a concrete example of the potential of our mass customization business model to deliver significant customer value and to develop strong profit franchises in large markets that were previously low growth and commoditized.

Millions of very small customers (for example, home-based businesses) rely on Vista to design and procure aesthetically pleasing, high-quality, quickly delivered, and low-priced business cards.

The Vista production operations for a typical order of 250 standard business cards in Europe and North America require less than 14 seconds of labor for all of pre-press, printing, cutting and packaging, versus an hour or more for traditional printers.

(1) web-to-print or e-commerce stores that offer a wide variety of customizable products, replacing more expensive and harder-to-scale physical stores with limited geographic reach;

(2) software-driven order aggregation, which enables significantly reduced costs to produce low-volume orders;

and (3) democratized design that combines intuitive design software, AI-assisted design capabilities and human designers typically located in low-cost regions to deliver high-quality, lower-cost, and highly scalable alternatives to traditional graphic design services.

We believe that the business cards sold by our VistaPrint business provide a concrete example of the potential of our mass customization business model to deliver significant customer value and build strong profit franchises in large markets that were previously low growth and commoditized.

Millions of very small customers (for example, home-based businesses) rely on VistaPrint to design and procure aesthetically pleasing, high-quality, quickly delivered, and low-priced business cards.

The VistaPrint production operations for a typical order of 250 standard business cards in Europe and North America require less than 14 seconds of labor for all of pre-press, printing, cutting and packaging, versus an hour or more for traditional printers.

Combined with advantages of scale in graphic design support services, purchasing of materials, our self-service online ordering, pre-press automation, auto-scheduling and automated manufacturing processes, we allow customers to design, configure, and procure

business cards at a fraction of the cost of typical traditional printers with consistent quality and delivery reliability.

Customers have extensive, easily configurable, customization options such as rounded corners, different shapes, specialty papers, “spot varnish”, reflective foil, folded cards, or different paper thicknesses.

Achieving this type of product variety while also being very cost efficient took us almost two decades and requires massive volume, significant engineering investments, and significant capital.

This is a mature but strongly profitable product for us and no longer requires significant capital to maintain our leadership position.

Our businesses have a history of launching new products that have expanded our revenue and profit opportunity as we have scaled them, as we did in our more mature product categories.

The capabilities and customer trust we initially built via more mature products like business cards have proven to be extensible to newer product categories and we have been investing for more than a decade to serve customer needs in these newer growth categories.

While these newer products currently have a lower gross margin than many of our mature products, they also typically attract customers with higher lifetime value.

Each product is well along the spectrum of mass customization relative to traditional suppliers, with more production optimization opportunity ahead.

Achieving this type of product variety while remaining highly cost efficient took us almost two decades and requires massive volume, significant engineering investments, and significant capital.

This is a mature but highly profitable product for us and no longer requires significant capital to maintain our leadership position.

Our businesses have a history of launching new products that expand our revenue and profit opportunity as they scale, as we did in our more mature product categories.

The capabilities and customer trust we initially built through more mature products like business cards have proven to be extensible to newer product categories and we have been investing for more than a decade to serve customer needs in these newer growth categories.

While these newer products currently have lower gross margins than many of our mature products, they also typically attract customers with higher lifetime value.

Each product is well along the spectrum of mass customization relative to traditional suppliers, with further production optimization opportunities ahead.

Market and Industry Background

Print's Mass Customization Opportunity

Mass customization of print and promotional products is not a market itself, but rather a business model that can be applied across global geographic markets, to customers from varying businesses (micro, small, medium, and large), graphic designers, resellers, printers, teams, associations, groups, consumers, and families, to which we offer products such as the following:

Mass customization of print and promotional products is not a market itself, but rather a business model that can be applied across global geographic markets, to customers from businesses of all sizes, graphic designers, resellers, printers, teams, associations, groups, consumers, and families, to which we offer products such as the following:

Large Traditional Print and Promotional Products Markets Undergoing Disruptive Innovation

The products and customer applications listed above constitute a large market opportunity that is highly fragmented.

We believe that the vast majority of the print-related markets to which mass customization could apply are still served by traditional business models that force customers either to produce in large quantities per order or to pay a high price per unit.

We believe that these large and fragmented markets are moving away from small traditional suppliers that employ job-shop business models to fulfill a relatively small number of customer orders and toward businesses such as those owned by Cimpress that aggregate a relatively large number of orders and fulfill them via a focused supply chain and production capabilities at relatively high volumes, thereby achieving the benefits of mass customization.

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We believe that Cimpress and competitors who have built their businesses around a mass customization model are “disruptive innovators” to these large markets because we enable small-volume production of personalized, high-quality products at an affordable price.

t-shirts that VistaPrint started with) and then moves up market, eventually displacing established competitors (such as those in the markets mentioned above).

Disruptive innovation, a term coined by Harvard Business School professor Clayton Christensen, describes a process by which a product or service takes root initially in simple applications at the bottom of a market (such as the free business cards for the most price sensitive micro-businesses or basic white t-shirts that VistaPrint started with) and then moves up market, eventually displacing established competitors (such as those in the markets mentioned above).

We believe that a large opportunity exists for major markets to shift to a mass customization paradigm and, even though we are largely decentralized, the select few shared strategic capabilities into which we centrally invest provide significant scale-based competitive advantages for Cimpress.

We believe this opportunity to deliver substantially better customer value and, therefore, disrupt large traditional industries can translate into tremendous future opportunity for Cimpress.

We believe this market shift to a mass customization paradigm, and our ability to deliver substantially better customer value and disrupt large traditional industries can translate into significant long-term growth for Cimpress.

Earlier in our history, we focused primarily on a narrow set of customers (highly price-sensitive and discount-driven micro businesses and consumers) with a limited offering of relatively simple-to-produce products.

Through acquisitions and via significant investments in our Vista business, we have expanded the breadth and depth of our product offerings, extended our ability to serve our traditional customers and gained a capability to serve a vast range of customer types with ever-more-complex product formats (what we call "elevated products").

Through acquisitions and via significant investments in our VistaPrint business, we have expanded the breadth and depth of our product offerings, extended our ability to serve our traditional customers and developed capabilities to serve a vast range of customer types with ever-more-complex product formats (what we call "elevated products").

This has been a key part of our growth over the last two decades, and we expect to continue to focus on capturing growth via innovation and new product introduction in the coming decades.

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Our businesses conduct market research on an ongoing basis, and through those studies we remain confident in the overall market opportunity;

however, our estimates are only approximate.

however, our estimates are approximate.

Despite the imprecise nature of our estimates, we believe that our understanding is directionally correct and that we operate in a vast aggregate market with significant opportunity for Cimpress to grow as we continue delivering a differentiated and attractive value proposition to customers.

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This opportunity is estimated to be more than $15 billion per year.

The market for small format marketing materials is the most mature in this penetration, though there is still a significant portion served by thousands of small traditional suppliers.

The market for small format marketing materials is the most mature in terms of penetration, though there is still a significant portion served by thousands of small traditional suppliers.

The market for packaging products is the least mature in terms of penetration by mass customization models, but this transition has begun.

The estimates of annual market opportunity in each of the four product categories above are based on research conducted for Cimpress by third-party research firm Keypoint Intelligence in August 2022 to estimate the value of print shipments to small and medium businesses in Australia, France, Germany, Italy, the U.K.

The estimates of annual market opportunity in each of the four product categories above are based on research

conducted for Cimpress by third-party research firm Keypoint Intelligence in August 2022 to estimate the value of print shipments to small and medium businesses in Australia, France, Germany, Italy, the U.K.

Cimpress extrapolated the findings of the study to estimate the market size of the remaining countries in North America and Europe in which we sell products based on the relative number of small and medium businesses in those other markets.

Design Market Opportunity

Vista was an early pioneer of the concept of web-based do-it-yourself design as a fundamental part of its original customer value proposition for designs for relatively simple 2D product formats.

We believe that there is an

ongoing revolution in graphic design for small business marketing, one in which a combination of technology tools, artificial intelligence and machine learning, and convenient access via two-sided marketplace platforms to professional freelance design talent (including from low-cost countries) will continue a multi-decade democratization of design that has been central to print mass customization, and is likely to continue to be a key enabler to bringing elevated products and marketing channels into the mass customization paradigm (for example, packaging, large format signage, and catalogs).

Design as an Enabler of the Print and Promotional Products Market Opportunity

VistaPrint was an early pioneer of the concept of web-based do-it-yourself design as a fundamental part of its original customer value proposition for designs for relatively simple 2D product formats.

We believe that there is an ongoing revolution in graphic design for small business marketing, one in which a combination of technology tools, artificial intelligence ("AI") and machine learning, and convenient access via two-sided marketplace platforms to professional freelance design talent (including from low-cost countries) will continue a multi-decade democratization of design that has been central to print mass customization, and is likely to continue to be a key enabler to bringing elevated products and marketing channels into the mass customization paradigm (for example, packaging, large format signage, and catalogs).

Across Cimpress our businesses are improving their customer design experiences.

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We are advancing design capabilities via user experience improvements, workflow automation and a large pool of talented in-house and freelance designers and graphic professionals who are located in low-cost labor markets.

We have begun to adopt machine learning and generative AI capabilities for design and personalization to facilitate content creation and matching across a wide variety of products, personalized merchandising and more, showing promising uplift in key customer metrics and financial outcomes.

We have been adopting machine learning and generative AI capabilities for design and personalization to facilitate content creation and matching across a wide variety of products, personalized merchandising and more, showing promising uplift in key customer metrics and financial outcomes.

Our businesses use data insights to drive efficiency gains and resource prioritization.

Vista has continued to invest in its design capabilities, both organically and through acquisition, to be a leader in this market shift.

For example, Vista previously acquired a network of 150,000 freelance designers who work with customer-specific design projects and a business with more than 100,000 freelance contributors of photos, videos, music, and other content.

Vista is building a design system that combines graphic templates created by thousands of freelancers with algorithmically generated variations of customers' adaptation of those templates across many different print and digital products.

Our research has found that small businesses in the markets we serve that purchase design services represent the majority of the addressable market for print and digital marketing materials.

We believe that a broader complement of design services should enable Vista to retain customers longer as their needs evolve, as well as both attract new customers and serve existing customers with elevated products, and therefore access more of our total addressable market.

Digital Market Opportunity

Over time, small businesses have complemented the physical products they use to market their businesses with digital marketing channels like websites and social media marketing.

Though the digital marketing channels themselves are not areas where we believe we should allocate significant capital to develop our own offerings, design is a common component to both physical and digital marketing for small businesses, and our small business customers look for ideas and advice when it comes to ensuring cohesive brand expression and successful campaigns across these channels.

Our Vista business has an offering for do-it-yourself social media design that, combined with partnership opportunities with leading digital presence businesses like Wix, has extended our total addressable market into an adjacency where we believe we have an opportunity to deliver integrated marketing solutions to small business customers using a best-in-class partnership approach.

The total market for digital marketing applications is massive, as the amount that businesses spend annually on digital marketing solutions is roughly the same amount as is spent on design services and print products.

However, our ambition here is focused on enhancing the customer experience of millions of Vista customers.

We believe investing in digital design capabilities and offering digital solutions via partnership will enable Vista to capture a portion of this opportunity by attracting new customers and increasing the lifetime value and retention of existing customers.

We believe that the broader complement of design services that VistaPrint has invested in should enable VistaPrint to retain customers longer as their needs evolve, as well as attract new customers and serve existing customers with elevated products, and therefore access more of our total addressable market.

Our Businesses

Cimpress businesses include our organically developed Vista business, plus businesses that we have either fully acquired or in which we have a majority equity stake.

Cimpress businesses include our organically developed VistaPrint business, plus businesses that we have either fully acquired or in which we have a majority equity stake.

Prior to their acquisitions, most of our acquired companies pursued business models that already applied the principles of mass customization to print and promotional products.

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We also work extensively with hundreds of external fulfillers across the globe.

We believe that the improvements we have made and the future improvements we intend to make in software technologies that support the design, sortation, scheduling, production, and delivery processes provide us with significant competitive advantage.

We believe that the improvements we have made and the future improvements we intend to make in software and manufacturing technologies that support the design, sortation, scheduling, production, and delivery processes provide us with significant competitive advantage.

In many cases our businesses can produce and ship an order the same day they receive it.

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In certain of our company-operated manufacturing facilities, software schedules the near-simultaneous production of different customized products that have been ordered by the same customer, allowing us to produce and deliver multi-part orders quickly and efficiently.

Importantly, our businesses are increasingly connected to each other via our mass customization platform, which has opened entirely new opportunities to expand product offerings in some of our businesses and to optimize production not just within a single facility as we have historically done, but also across multiple facilities within specific regions.

Our businesses increasingly act as fulfillers to each other, driving higher volumes through focused production hubs and lowering the unit cost of production even further, benefiting our customers and our financial results.

We believe that the potential for scale-based advantages is not limited to focused, automated production lines.

Other advantages include the ability to systematically and automatically sort through the voluminous “long tail” of diverse and uncommon orders in order to group them into more homogeneous categories, and to route them to production nodes that are specialized for that category of operations and/or which are geographically proximate to the customer.

In such cases, even though the daily production volume of a given production node is small in comparison to our highest-volume production lines, the homogeneity and volume we are able to achieve is nonetheless significant relative to traditional suppliers of the long-tail product in question;

Other advantages include the ability to systematically and automatically sort through the voluminous “long tail” of diverse and uncommon orders to group them into more homogeneous categories, and to route them to production nodes that are specialized for that category of operations and/or which are geographically proximate to the customer.

In such cases, even though the daily production volume of a given production node is small in comparison to our highest-volume production lines, the homogeneity and volume we are able to achieve are nonetheless significant relative to traditional suppliers of the long-tail product in question;

thus, our relative efficiency gains remain substantial.

We acquired most of our capabilities in this area via our investments in Exaprint, Printdeal, Pixartprinting, and WIRmachenDRUCK.

For instance, the product assortment of each of these four businesses is measured in the tens of thousands, versus Vista where product assortment is dramatically smaller on a relative basis.

For instance, the product assortment of each of these four businesses is measured in the tens of thousands, versus VistaPrint where product assortment is dramatically smaller on a relative basis.

In addition to our own production of long-tail products, we rely on third-party fulfillment partnerships for a portion of our production, which allow us to offer a diverse set of products.

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Consists of the operations of our VistaPrint branded websites in North America, Western Europe, Australia, New Zealand, India, and Singapore.

This business also includes our 99designs by Vista business, which provides graphic design services, VistaCreate for do-it-yourself (DIY) design, our Vista x Wix partnership for small business websites, and our Vista Corporate Solutions business, which serves medium-sized businesses and large corporations.

Our Vista business helps about 11 million small businesses annually to create attractive, professional-quality marketing and branding products at affordable prices and low volumes.

With Vista, small businesses are able to create and customize their marketing with easy-to-use digital tools and design templates, or by receiving expert graphic design support.

Several signature services including "VistaPrint", "VistaCreate", "99designs by Vista", "Vista Corporate Solutions," and "Vista x Wix" operate within the "Vista" brand architecture.

This broadens our customers' understanding of our value proposition to allow us to serve a larger set of their needs across a wide range of products and solutions that include design, social media, and web presence as well as print and promotional products.

VistaPrint represents the vast majority of the revenue in this segment where, during fiscal year 2025, average order value (AOV) was more than $90 and customers spent, on average, a bit more than $150 for the year;

This business also includes several smaller revenue and profit streams:

our 99designs by Vista business, which provides graphic design services, VistaCreate for do-it-yourself (DIY) design, our Vista x Wix partnership for small business websites, and our VistaPrint Corporate Solutions business, which serves medium-sized businesses and large corporations.

VistaPrint helps about 11 million small businesses annually to create attractive, professional-quality marketing and branding products at affordable prices and low volumes.

With VistaPrint, small businesses can create and customize their marketing with easy-to-use digital tools and design templates, or by receiving expert graphic design support.

VistaPrint seeks to become the premier destination for small business custom print.

Over the past decade, VistaPrint has transformed its offering and value proposition to allow us to serve a significantly expanded range of small business customer needs across a wide variety of print, signage, promotional and packaging products, as well as solutions that include design, assurance and expertise, social media, and web presence.

VistaPrint represents the vast majority of the revenue in this segment where, during fiscal year 2026, average order value (AOV) was approximately $100 and customers spent, on average, a bit more than $170 for the year;

gross margins were about 55% and advertising spend as a percent of revenue was about 15%.

Vista has had strong free cash flow conversion as its e-commerce model typically leads to collections from customers prior to the production and shipment of customer orders and mass customization allows for relatively low levels of inventory relative to revenue.

VistaPrint has had strong free cash flow conversion as its e-commerce model typically leads to collections from customers prior to the production and shipment of customer orders, and mass customization allows for relatively low levels of inventory relative to revenue.

Upload & Print:

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Average order values and annual spend per customer vary by business, with AOVs, on average, of about €100 - €200 and annual spend per customer of about €300 - €1,000 in fiscal year 2026.

Gross margins vary by business but averaged about 32% in fiscal year 2025 due to wholesale-like pricing and the wide variety of products produced both in owned facilities as well as via third-party fulfillers.

Gross margins vary by business but averaged about 32% in fiscal year 2026 due to wholesale-like pricing and the wide variety of

products produced both in owned facilities and via third-party fulfillers.

Advertising spend as a percent of external revenue was about 5% in fiscal year 2026, although it also varies by business.

PrintBrothers:

Consists of our druck.at, Printdeal, and WIRmachenDRUCK businesses.

Consists of our druck.at, Printdeal, and WIRmachenDRUCK businesses amongst others.

PrintBrothers businesses serve customers throughout Europe, primarily in Austria, Belgium, Germany, the Netherlands, and Switzerland.

The Print Group:

Consists of our Easyflyer, Exaprint, Pixartprinting, and Tradeprint businesses.

The Print Group businesses serve customers throughout Europe, primarily in France, Italy, Spain, and the UK.

Consists of our Easyflyer, Exaprint, Mixam, Pixartprinting, and Tradeprint businesses.

The Print Group businesses serve customers throughout Europe, primarily in France, Italy, Spain, and the United Kingdom and to a lesser extent in the United States.

National Pen :

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All Other Businesses :

A collection of businesses combined into one reportable segment based on materiality, including BuildASign, a larger and profitable business, with strong profitability and cash flow, and Printi, a small early-stage business operating at a relatively modest operating loss.

A collection of businesses combined into one reportable segment based on materiality, including BuildASign, a larger business with strong profitability and cash flow, and Printi, a smaller business operating at a relatively modest operating loss.

This segment also includes a small, focused team working on new channels.

BuildASign is an e-commerce provider of canvas-print wall décor, signage, and other large-format printed products.

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Central Procurement

Given the scale of purchasing that happens across Cimpress’ businesses, there is significant value to coordinating our negotiations and purchasing to gain the benefit of scale.

Given the scale of purchasing that happens across Cimpress’ businesses, there is significant value in coordinating our negotiations and purchasing to gain the benefit of scale.

Our central procurement team negotiates and manages Cimpress-wide contracts for large-scale capital equipment, shipping services, and major categories of raw materials (e.g., paper, plates, ink).

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Additionally, this team partners with each of our businesses and production equipment suppliers to help drive innovation and new product introduction at advantaged costs.

Having this central procurement team that works together with the procurement teams in each of our businesses benefits us relative to the market, and we believe it has enabled us to operate more effectively, mitigating supply and cost risks relative to smaller competitors.

Our businesses typically rely on proprietary technology to attract and retain our customers, to enable customers to create graphic designs and place orders on our websites, and to sort, aggregate, and produce multiple orders in standardized, scalable processes.

Technology is core to our competitive advantage, as without it our businesses would not be able to produce custom orders in small quantities while achieving the economics that are more analogous to mass-produced items.

We are using our Mass Customization Platform (MCP), which is a cloud-based collection of software services, APIs, web applications, and related technology that can be leveraged independently or together by our businesses and third parties to perform common tasks that are important to mass customization.

Cimpress businesses, and increasingly third-party fulfillers to our various businesses, leverage different combinations of MCP services, depending on what capabilities they need to complement their business-specific technology.

The capabilities that are available in the MCP today include customer-facing technologies, such as ecommerce or those that enable customers to visualize their designs on various products, as well as manufacturing, supply chain, and logistics technologies that automate various stages of the production and delivery of a product to a customer.

benefits of the MCP include improved speed to market for new product introduction, reduction in fulfillment costs, improvement of product delivery or geographic expansion, improved site experience, automating manual tasks, and avoidance of certain redundant costs, which are especially impactful improvements when the platform is used to enable fulfillment between our Cimpress businesses.

Having this central procurement team working together with the procurement teams in each of our businesses benefits us relative to the market, and we believe it has enabled us to operate more effectively, mitigating supply and cost risks relative to smaller competitors.

Our businesses typically rely on proprietary technology to attract and retain our customers, enable customers to create graphic designs and place orders on our websites, and sort, aggregate, and produce multiple orders in standardized, scalable processes.

Technology is core to our competitive advantage, as without it our businesses would not be able to produce custom orders in small quantities while achieving economics that are more analogous to mass-produced items.

We use our Mass Customization Platform (MCP), which is a cloud-based collection of software services, APIs, web applications, and related technology that can be leveraged independently or together by our businesses and third parties to perform common tasks that are important to mass customization.

Cimpress businesses, and increasingly third-party fulfillers to our various businesses, leverage different combinations of MCP services, depending on which capabilities complement their business-specific technology.

The capabilities available in the MCP today include customer-facing technologies, such as ecommerce or those that enable customers to visualize their designs on various products, as well as manufacturing, supply chain, and logistics technologies that automate various stages of the production and delivery of a product to a customer.

The benefits of the MCP include improved speed to market for new product introduction, reduction in fulfillment costs, improvement of product delivery or geographic expansion, improved site experience, automating manual tasks, and avoidance of certain redundant costs, which are especially impactful improvements when the platform is used to enable fulfillment between our Cimpress businesses.

We believe the MCP can generate significant customer and shareholder value from increased specialization of production facilities, aggregated scale from multiple businesses, increased product offerings, and shared technology development costs.

We intend to continue developing and enhancing our MCP-based customer-facing and manufacturing, supply chain, and logistics technologies and processes.

We develop our MCP technology centrally and we also have software and production engineering capabilities in each of our businesses.

We develop our MCP technology centrally and we also

have software and production engineering capabilities in each of our businesses.

Our businesses are constantly seeking to strengthen our manufacturing and supply chain capabilities through engineering improvements in areas like automation, lean manufacturing, choice of equipment, product manufacturability, materials science, process control, and color control.

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Over the past few years, most of our businesses have modernized and modularized their business-specific technology to enable them to launch new products faster, provide a better customer experience, more easily connect to our MCP technologies, and leverage third-party technologies where we do not need to bear the cost of developing and maintaining proprietary technologies.

For example, our businesses are increasingly using third-party software for capabilities such as content management, multivariate testing tools, and data warehousing, which are areas that specialized best-in-class technologies are better than the proprietary technologies they have replaced.

For example, our businesses are increasingly using third-party software for capabilities such as content management, multivariate testing tools, and data warehousing, which are areas where specialized best-in-class technologies are better than the proprietary technologies they have replaced.

This allows our engineering and development talent to focus on artwork technologies, product information management, and marketplace technologies from which we derive competitive advantage.

In our central Cimpress Technology team and in an increasing number of our businesses, we have adopted an agile, micro-services-based approach to technology development that enables multiple businesses or use cases to leverage this API technology regardless of where it was originally developed.

We believe this development approach can help our businesses serve customers and scale operations more rapidly than could have been done as an individual business outside Cimpress.

We believe this approach can help our businesses serve customers and scale operations more rapidly than they could as an individual business outside Cimpress.

Information Privacy and Security

Each Cimpress business is responsible for working to ensure that customer, company, and team member information is secure and handled in ways that are compliant with relevant laws and regulations.

Because there are many aspects of this topic that apply to all of our businesses, Cimpress also has a central security team that defines security policies, deploys security controls, provides services, and embeds security into the development processes of our businesses.

Each Cimpress business is responsible for working to ensure that customer, company, and team member information is secure and handled in compliance with relevant laws and regulations.

Because there are many aspects of this topic that apply to all of our businesses, Cimpress also has a central security team that defines security policies, deploys security controls, and embeds security into the development processes of our businesses, among other services.

This team works in partnership with each of our businesses and the corporate center to measure security maturity and risk, and provides managed security services in a way that allows each business to address their unique challenges, lower their costs, and become more efficient in using their resources.

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and production and delivery speed.

It is our intention to offer a broad selection of high-quality products as well as related services at competitive price points and, in doing so, offer our

customers an attractive value proposition.

As described above, in Vista in recent years we expanded both our value proposition and addressable market to include design and digital marketing services.

It is our intention to offer a broad selection of high-quality products as well as related services at competitive price points and, in doing so, offer our customers an attractive value proposition.

As described above, in recent years VistaPrint expanded both its value proposition and addressable market to include design and digital marketing services.

Our current competition includes a combination of the following:

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Today’s market has evolved to be more competitive.

This evolution, which has been ongoing for over 20 years, has led to major benefits for customers in terms of lower prices, faster lead times, and easier customer experience.

This evolution, which has been ongoing for over 20 years, has led to major benefits for customers in terms of lower prices, faster lead times, and an easier customer experience.

Cimpress and its businesses have proactively driven, and benefited from, this dynamic.

The mass customization business model first took off with small format products like business cards, post cards and flyers, and consumer products like holiday cards.

As the model has become better understood and more prevalent, and online advertising approaches more common, the competition has become more intense.

The mass customization business model first took off with small format products such as business cards, post cards and flyers, and consumer products (holiday cards are an example).

As the model has become better understood and more prevalent, and online advertising approaches more common, competition has become more intense.

We continue to derive significant profits from these small format products.

Additionally, there are other product areas that have only more recently begun to benefit from mass customization, such as books, catalogs, magazines, textiles, and packaging, as well as promotional products, apparel and gifts (PPAG) and large format products such as signage.

Additionally, there are other product areas that have only recently begun to benefit from mass customization, such as books, catalogs, magazines, textiles, and packaging, as well as promotional products, apparel and gifts (PPAG), and large format products such as signage.

Social and Environmental Responsibility

During this most recent fiscal year, we conducted our first Double Materiality Assessment (DMA) in preparation for the EU’s Corporate Social Responsibility Directive (CSRD), which will be effective for our fiscal year 2028 reporting.

The DMA further informed our view of our most material sustainability issues.

Following completion of the DMA, we conducted a review of our environmental sustainability targets (several of which reached expiration at the end of fiscal year 2025), and made adjustments to sharpen our focus on our most material issues.

Following this review, our work in sustainability continues to include focus on reducing risk and improving our resilience in the following areas:

During fiscal year 2025, we conducted a preliminary Double Materiality Assessment (DMA) in preparation for the EU’s Corporate Sustainability Reporting Directive (CSRD), which will be effective for our fiscal year 2028 reporting.

Following completion of this preliminary DMA, we conducted a review of our environmental sustainability targets (several of which expired at the end of fiscal year 2025), and made adjustments to sharpen our focus on our most material issues.

Following this review, our work in sustainability continues to focus on reducing risk and improving our resilience in the following areas:

• Reducing greenhouse gas emissions:

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We have converted the vast majority of the paper we print on in our Cimpress-owned production facilities to materials certified by either the Forest Stewardship Council (FSC®) or the Programme for the Endorsement of Forest Certification (PEFC), leading certifications of responsible forestry practices.

These certifications confirm that the paper we print on comes from responsibly managed

forests that meet high environmental and social standards, and form a part of our preparations for compliance with the upcoming European Union Deforestation Regulation (EUDR) that becomes effective in January 2026.

In fiscal year 2026, we will be required to comply with the EUDR for all products produced, imported or exported in Europe, and we will continue our efforts to achieve FSC and PEFC conversion for products produced outside of Europe.

These certifications confirm that the paper we print on comes from responsibly managed forests that meet high environmental and social standards, and form a part of our preparations for compliance with the upcoming European Union Deforestation Regulation (EUDR) that becomes effective in December 2026.

In fiscal year 2027, we will be required to comply with the EUDR for a limited subset of our wood fibre-based products (primarily paper being imported into the EU).

We will continue our efforts to convert wood fibre-based materials used in our products outside of the European Union to FSC® and PEFC inputs, as well as within the European Union for wood fibre-based products outside the scope of the EUDR.

We are also continuing to engage our third-party suppliers to materially expand their use of responsibly forested paper for the products that they customize on our behalf.

• Plastics transition:

We are committed to ensuring that the plastic products most material to our financial performance are made from materials with lower environmental impacts and higher resiliency to potential regulation due to impacts on human health.

We are committed to ensuring that the plastic products most material to our financial performance are made from materials with lower environmental impacts and higher resilience to potential

regulation due to impacts on the environment and human health.

We will continue our focus on transitioning away from the use of PVC and polystyrene in our plastic product portfolio (largely banners, rigid signs and decals).

We have made important progress toward this goal, including the test and launch of multiple alternative products, and we continue to focus on implementing merchandising approaches designed to maximize customer adoption of these new materials.

We have made important progress toward this goal, including the test and launch of multiple alternative products, and we continue to focus on implementing marketing and merchandising approaches designed to maximize customer adoption of these new materials across all of our businesses.

• Packaging :

We also remain focused on reducing the risk of forestry and plastic transition-related issues in our packaging.

We have updated our targets to provide direction to our businesses on these issues, as well as ensure that we remain aligned with regulatory advancement and customer expectations.

We have updated our targets to provide direction to our businesses on these issues, as well as ensure that we remain aligned with regulatory advancements and customer expectations.

• Fair labor practices:

We require recruiting, retention, and other performance management related decisions to be made based solely on merit and organizational needs and considerations, such as an individual’s ability to do their job with excellence and in alignment with the company’s strategic and operational objectives.

We require recruiting, retention, and other performance management related decisions to be made based solely on merit and organizational needs and considerations, such as an individual’s ability to perform their role with excellence and in alignment with the company’s strategic and operational objectives.

We do not tolerate discrimination on any basis protected by human rights laws or anti-discrimination regulations, and we strive to do more in this regard than the law requires.

We are committed to a work environment where team members are treated with respect and fairness, and have invested in education and awareness programs for team members to make further improvements in this area.

We value individual differences, unique perspectives, and the distinct contributions that each one of us can make to the company.

We value individual differences, unique perspectives, and the distinct contributions that each of us can make to the company.

• Team member health and safety:

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We seek to protect our proprietary rights through a combination of patents, copyrights, trade secrets, trademarks, and contractual restrictions imposed on our employees and third parties, and control access to, and distribution of, our proprietary information.

We have registered, or applied for the registration of, a number of U.S.

We have registered, or applied for the registration of, many U.S.

and international domain names, trademarks, and copyrights.

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Our profitability has historically had seasonal fluctuations.

Our second fiscal quarter, ending December 31, includes the majority of the holiday shopping season and has been our strongest quarter for sales of our consumer-oriented products, such as holiday cards, calendars, canvas prints, photobooks, and personalized gifts.

Our second fiscal quarter, ending December 31, includes much of the holiday shopping season and has been our strongest quarter for sales of our consumer-oriented products, such as holiday cards, calendars, canvas prints, photobooks, and personalized gifts.

Human Capital

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We make available, free of charge, through our investor relations website at ir.cimpress.com, the reports, proxy statements, amendments, and other materials we file with or furnish to the SEC as soon as reasonably practicable after we electronically file or furnish such materials with or to the SEC.

We are not including the information contained on our website, or information that can be accessed by links contained on our website, as a part of, or incorporating it by reference into, this Annual Report on Form 10-K.

The SEC also maintains an

Internet website that contains reports, proxy statements and other information about issuers, like us, that

file electronically with the SEC.

The address of that website is www.sec.gov.

We are not including the information contained on our website, or information that can be accessed by links contained on our website, as part of, or incorporating it by reference into, this Annual Report on Form 10-K.

Further, the Company’s references

to the URLs for these websites are intended to be inactive textual references only.

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-K

Item 1. Business