Cimpress PLC Ordinary Shares (Ireland) CMD 2026

Hello, and welcome to Cimpress' 2026 Investor Day. My name is Meredith Burns, Vice President of Investor Relations and Sustainability. I am very happy that you are here with us to learn about the progress that we are making across Cimpress. Today, we will hear from executives representing Cimpress, Vistaprint, Upload & Print, National Pen, and BuildASign. It is a great lineup. There are management bios available in the speaker bio tab of the webcast viewer. All right. Now, let us talk about how we are going to spend the next roughly three hours together. Robert will start with some perspective on our advantages and progress against our strategic and financial goals. Next, Maarten Wensveen will discuss creating value through shared technology and AI. Then Florian will demonstrate the progress we are making in Vistaprint. Sean will review our financial results and outlook, along with a deeper look into recent tech and M&A.

Now, at that point, we are going to take a short break and then come back for two panel discussions, one on manufacturing and supply chain excellence as a driver of growth and efficiency, and the other on AI as a driver of growth and efficiency. Then finally, we will finish with a Q&A session to cover any other questions beyond those panel discussion topics. Now, in terms of what to expect today, we are going to cover both pre-submitted and live questions during the event. You can submit questions any time using the Q&A chat button, and we will take as many questions as we can in the Q&A session at the end of the event. A replay and supporting content will be available on our website after the event. Some of the numbers that we will show or discuss today are non-GAAP.

You can find reconciliations to GAAP measures posted on ir.cimpress.com or in the Download section of the live webcast viewer. Finally, you can expect that we will be sharing our thoughts about the future. So this is a great time to note that our actual results may differ materially from these statements about the future due to risk factors that are outlined in detail in our SEC filings and also here on this slide. We invite you to read them. With that, let us get started with Robert Keane.

Hey, thank you, Meredith. Welcome, everyone. I really want to thank you for your interest in Cimpress. My goal this morning is really to share my perspective on our company, why our competitive moat in manufacturing and supply chain is widening and becoming even more valuable in an AI-driven world, and how our strategy and execution is underpinning our fiscal 2028 financial targets. Cimpress helps millions of businesses build brands, stand out, and grow. The customized physical marketing products and the branded merchandising which we produce bring our customers' business identity to life in tangible, physical form. The value that we deliver to our customers has made us the global leader in web-to-print mass customization, delivering high quality, affordable, customized physical products quickly and conveniently, even in low quantities.

Thanks to our disruptive business model, our deep bench of talented team members, and our scale advantages, Cimpress has delivered a long history of growth and profitability. Importantly, we have a clear growth strategy and very specific operational initiatives to extend that track record. That is why, more than a year ago, we set out public targets for fiscal 2028 adjusted EBITDA and why we recently raised that target. The trajectory is straightforward. In fiscal 2023, we generated $3.7 billion of revenue and $458 million of adjusted EBITDA. Our fiscal 2028 targets takes adjusted EBITDA to at least $615 million. Just as importantly, that profit growth converts to a meaningfully higher free cash flow and significantly reduces our leverage. In his session, Sean is going to take you through the specific drivers and the financial path for each of these years. Note that our uppermost objective is not actually EBITDA.

It is intrinsic value per share. But as I wrote in the annual letter we published in July, we are using EBITDA as a measurable milestone by which investors can judge our progress on the path to significantly higher intrinsic value per share. Our market, the web-to-print market, is an evolving one, and we are leaning into that and capitalizing on the market forces and trends that are driving that evolution. First, generative AI is lowering the barrier to create attractive visual assets. That is a tailwind for Cimpress because design so often needs a physical manifestation. Second, our manufacturing and supply chain capabilities are world-class and unmatched. AI is democratizing design creation, and as that happens, Cimpress benefits from our hard-to-build defensible capabilities in the physical realm. Who can manufacture a bespoke physical product, even in small quantities, deliver it quickly, and do so profitably at unbeatable prices?

That is Cimpress. We are the lowest cost producer with the broadest product offering, the greatest market share, and the largest geographic footprint in the web-to-print world. Third, we are growing strongly with products that we refer to as elevated products, and we are evolving into new channels via partnerships and expanded advertising opportunities. The addressable market for small and mid-sized business physical marketing and branded merchandising across North America, Europe, and Australia exceeds $100 billion. But most of that volume is still offline, and web-to-print penetration varies significantly by product category. For our legacy products, like business cards, holiday cards, flyers, and photo mugs, online penetration is high and our market share is very strong. But growth is slow given the market's maturity. Average per customer value is also low because the use cases for these products are relatively limited.

In contrast, large categories, and several of these create a very large market which remains offline. Web-to-print penetration is happening, it is early, and Cimpress is leading the migration online. These categories largely consist of what we call elevated products, and I am going to discuss those in detail shortly. Because they make up the majority of the wallet that businesses spend on physical marketing branded merchandise, they are also essential to attract, to serve, and to retain high-value customers. That is what our strategy is built to do. Our strategy places high-value customers at the center. Everything else is in service of them. When we serve high-value customers well, we win more of their wallet share, which increases their lifetime value, and we get better for all of our customers. Around high-value customers, we have three strategic objectives, rapid growth of elevated products, design enablement, and manufacturing and supply chain excellence.

We also have three ways of working. Those are velocity, continuous improvement and efficiency, and shared strategic capabilities. For example, our mass customization platform and our procurement expertise. Wrapped around all of that is AI, and we are using AI to deliver customer value faster, to remove friction, to boost productivity, and we are doing that across every business and in every function. This strategic framework is a key part of how we align our team members to our priorities, and you will find more details and examples of this in my annual letter. We translate our strategic framework into action via growth levers and efficiency levers. Our growth levers are wallet share expansion, elevated products, new channels, and tuck-in acquisitions or equity investments. Our efficiency levers are manufacturing supply chain excellence, standardizing and sharing technology platforms, increasing the collaboration between various Cimpress businesses, and AI-driven simplification and automation.

We staff operational initiatives at Cimpress with talented team members whose job is to execute on these two types of operational levers. That ensures operational execution. It also makes us confident that we are going to significantly expand our adjusted EBITDA and free cash flow over the next 2 years, while simultaneously funding investments that will support revenue and profit growth well beyond fiscal 2028. In the next few slides, I will give you some examples of progress in each of these drivers. Let us start with wallet share and the gains we have been making there, and I will use our largest business as an example. The chart on the left shows Vistaprint's annual variable gross profit as an average amount per customer. This is a metric that we share with earnings each quarter, and it allows you as investors to track our progress.

Vistaprint grew that metric 10% in fiscal 2026, which was an acceleration over the multi-year CAGR since 2021, which has been about 7%. High-value customers are the primary driver of the expansion which you see on this slide. Historically, Vistaprint's customer base was characterized by high-churn, price-sensitive, low LTV customers ordering deeply discounted business cards and other legacy products. That actually was a very strong foundation that served us very well in our early history. But we have fundamentally evolved our offering, and we are growing our wallet share in the same type of businesses who had previously only purchased our legacy discount products. As Vistaprint satisfies more of a small business's brand-building needs, retention increases, lifetime gross profit per customer expands, and customer acquisitions are amortized more effectively, thanks to that higher LTV. You will hear much more about this in Florian's presentation on Vistaprint.

Let me turn to elevated products, and as I mentioned a few moments ago, these are fundamentally important to attract, serve, and retain high-value customers. The images on this slide show examples of these types of products. Customers place a higher value on these items because they really are primary touchpoints for their brand identity. Being great at these types of products allows Cimpress to earn a much larger portion of their overall marketing budgets. In some cases, like packaging, we become an integral component of the products which they sell, and that actually leads to even stronger revenue retention rates due to our customers' ongoing replenishment needs. In fiscal 2026, promotional products, apparel, and gifts, something we group together under the term PPAG, represented $825 million in revenue across Cimpress. That accounted for about 22% of our revenues.

Within Vistaprint, constant currency PPAG revenue growth was 11%, reaching over $355 million, with variable gross profit from this category growing 16%. In custom packaging and labels, we have these specialized brands, for example, BoxUp in North America and Packstyle in Europe. Together, those two firms or companies achieved constant currency growth of 33% in fiscal 2026. Elevated products require sophisticated mass customization capabilities and manufacturing capabilities. So we are investing in these operations in order to deliver highly competitive quality, highly competitive fulfillment speed, and highly competitive price. Here are examples of products that are launching in fiscal 2026, that either did launch in 2026 or will be launching in 2027. In custom food and beverage packaging, we're launching assortments that restaurants truly value for conveying their brands like tray liners, paper bags, snack trays, paper cups.

Our pricing, like all of our products, is competitive at any order size, and most of these packaging products are sustainable by design. For example, home compostable paper products replacing unbranded plastic takeout containers. In corrugated boxes, our production lines are setting new industry standards for time to customer, with zero setup fees and very low minimums. Our vision is custom branded boxes in the quantities that every business needs, no matter how low, no matter how high, at unit prices previously reserved for generic unprinted craft cartons. We also rapidly are expanding our products for events like trade shows, markets, and fairs, and building supply chain and decoration capabilities to vastly expand our customized apparel range. We'll show you more examples in the Vistaprint presentation, and in the manufacturing panel, we can discuss this in more detail.