Slide 1: 1HFY26 Results
1HFY26 Results 19 February 2026
Slide 2: Experienced leadership driving the turnaround
Experienced leadership driving the turnaround Group CEO and MD Group CFO Vivek Kumar Derek Yung
Slide 3: Turnaround delivering higher profitability and improved revenue trajectory; FY26 EBIT guidance upgraded
Turnaround delivering higher profitability and improved revenue trajectory; FY26 EBIT guidance upgraded 1HFY26 ● Marketplace revenue trend improving - decline moderated to -3.2% in 2QFY26 (from -6.6% in MARKETPLACE $220.3m 1QFY26) reflecting stronger paid marketing REVENUE -4.5% effectiveness, data-dr
Slide 4: Sustainable margin improvements and cost discipline driving a significant uplift in EBIT
Sustainable margin improvements and cost discipline driving a significant uplift in EBIT Marketplace revenue Gross profit and gross profit margin Gross profit after paid acquisition (millions) (millions) (millions) 48.8% 41.6% 43.9% 27.6% 37.5% 0% 35.0% 24.6% 24.2% -5% 22.0% -10% -11% 17.9% -18% 1HFY22
Slide 5: Disciplined execution driving sustainable momentum and strengthening foundations for growth
Disciplined execution driving sustainable momentum and strengthening foundations for growth Oct 2024 Jan 2025 Jul 2025 Jan 2026 Vivek promoted to Vivek Kumar Group CFO, Derek Group CEO and appointed Yung commenced Supply chain Robin Mendelson CEO, Marketplaces integration appointed Board Chair Scale
Slide 6: Fueling growth with the flywheel effect
Fueling growth with the flywheel effect Fulfilment network scales with demand. Geographically distributed, enabling efficient delivery and lower shipping costs. No cost to join. Creators can publish ideas instantly. Passive income model. CREATORS UPLOAD TO MARKETPLACE LOWER COSTS, HIGHER MARGINS CUSTOM
Slide 7: Built for growth: four competitive advantages that defend and scale
Built for growth: four competitive advantages that defend and scale Unique asset Scale Network Process economies effects power Powering access to one A leading global POD Improving one side Global team with deep of the largest, network, with ability to of the flywheel ecommerce constantly evolving ro
Slide 8: Strengthened marketplace health through new fee structure
Strengthened marketplace health through new fee structure 1 September 2025: New artist account fee structure introduced Artist fees (1QFY24 - 2QFY26) 4.0% New fee structure designed to strengthen marketplace and 2.8% incentivise value-adding behaviour 2.2% Account fees increased by >35% YoY since in
Slide 9: Repeat customers account for more than half of marketplace revenue
Repeat customers account for more than half of marketplace revenue TeePublic new vs repeat customers Redbubble new vs repeat customers (% of MPR) (% of MPR) New New Repeat Repeat 49% 51% 47% 53% Investments in site experience and personalisation are designed to build on our strong repeat customer ba
Slide 10: Technology consolidation underway, reducing opex and supporting growth
Technology consolidation underway, reducing opex and supporting growth MARTECH CONSOLIDATION UNDERWAY Consolidate Redbubble Onboard offshore Consolidate Redbubble and TeePublic technology engineering capability and TeePublic and product teams technology stacks ● Stronger execution through ● Build en
Slide 11: Leveraging AI across the flywheel to accelerate growth, enhance user experience and drive efficiencies
Leveraging AI across the flywheel to accelerate growth, enhance user experience and drive efficiencies Creators Marketplace Supply Chain Marketplace Fulfilment and unique Loop customers Loop network content ● 100% of artist approval workflows ● 100% customer search touched by ● Across engineering and pr
Slide 12: Dashery emerging as a scalable, high-margin growth platform in its first year
Dashery emerging as a scalable, high-margin growth platform in its first year Continued growth in Dashery, Key metrics highlighting strong product–market fit Active selling accounts 1HFY26 MPR >1200 $1.3m Majority of accounts are new since inception creators to the Group’s ecosystem 1HFY26 GPAPA margi
Slide 13: 1HFY26 financial overview
1HFY26 financial overview
Slide 14: 2QFY26 and 1HFY26 Group profit and loss statement
2QFY26 and 1HFY26 Group profit and loss statement P&L (A$M) 2QFY25 2QFY26 % change 1HFY25 1HFY26 % change Total revenue 163.9 158.4 -3.3% 266.6 253.7 -4.8% MPR 143.0 138.4 -3.2% 230.8 220.3 -4.5% MPR decline moderating, down 3.2% in 2QFY26 versus -6.6% in 1QFY26 Gross profit 62.0 66.0 6.4% 101.4 107.5
Slide 15: 1HFY26 marketplace highlights
1HFY26 marketplace highlights 1HFY25 1HFY26 % change Resilient performance in a challenging consumer environment, with MPR up 0.3% on the prior corresponding MPR 111.5 111.8 0.3% period alongside double-digit gross profit growth Gross profit 48.0 52.8 10.0% New customer acquisition moderated, offset b
Slide 16: Cash position materially improved; positive underlying cash flow forecast
Cash position materially improved; positive underlying cash flow forecast December closing cash balance January closing cash balance (millions, 1HFY22 - 1HFY26) (millions) $142.8 Vendor payables $106.4 $11 million lower at 31 December 2025, than prior year $96.3 $87.1 $70.6 $71.3 $47.8 $44.0 $41.3 $3
Slide 17: Summary & outlook
Summary & outlook
Slide 18: Strong progress against FY26 priorities, building momentum into the second half
Strong progress against FY26 priorities, building momentum into the second half Stabilise Drive Transform Undertake MPR decline and further cost savings the marketplaces’ tech a strategic review FY26 return the Group to growth and efficiencies to improve margins stacks and operations to achieve futur
Slide 19: FY26 guidance upgraded
FY26 EBIT guidance upgraded GPAPA margin1 27% - 29% EBIT1 Previously $2m - $8m $6m - $10m Underlying cash flow1 Previously $5m - $12m $8m - $12m 1. Our ability to achieve this aim is highly dependent on various factors including consumer demand, foreign exchange rates, geographic and product mix 19
Slide 20: Supplementary information
Supplementary information
Slide 21: Redbubble and TeePublic key metrics
Redbubble and TeePublic key metrics Selling artists 49% 51% Selling artists Net artist Net artist 405k earnings $13.6m 1HFY25: 52% 1HFY25: 48% earnings $10.6m 131k 1HFY25: 138k 1HFY25: 472k 1HFY25: Marketplace revenue Marketplace revenue FY25: $10.5m $18.1m contribution contribution Customers Custom
Slide 22: Geographic diversity by sales contribution
Geographic diversity by sales contribution Europe and United Kingdom North America 18% 74% 1HFY25: 20% 1HFY25: 71% 42 third-party Australia and New Zealand fulfiller sites 8% 1HFY25: 8% May represent multiple third-party fulfiller sites. 22
Slide 23: 2QFY26 and 1HFY26 profit and loss statement
2QFY26 and 1HFY26 profit and loss statement P&L(A$M) 2QFY25 2QFY26 % change % cc change 1HFY25 1HFY26 % change % cc change Total revenue 163.9 158.4 -3.3% -2.9% 266.6 253.7 -4.8% -5.6% Less: creator revenue 20.9 20.0 -4.1% -3.9% 35.8 33.4 -6.7% -7.8% MPR 143.0 138.4 -3.2% -2.7% 230.8 220.3 -4.5% -5.3
Slide 24: Glossary
Glossary Term Definition $ All references to dollar amounts or figures are in AUD unless stated otherwise 1H/2H First or second half of the financial year 1Q/2Q/3Q/4Q First, second, third or fourth quarter of the financial year AI Artificial intelligence Selling artists Number of active artists who sold
Slide 25: Important Notice and Disclaimer
IMPORTANT NOTICE AND DISCLAIMER This presentation contains summary information about Articore Group Limited (ACN 119 200 592) and its related bodies corporate (together, the Articore Group or the Group) and the Group’s activities as at the date of this presentation. It is information given in summar
Slide 26: Contact us
Contact us: Virginia Spring VP, Investor Relations investor.relations@articore.com