1HFY26 Appendix 4D and Half Year Report

• Marketplace revenue of $220.3 million, down 4.4%
• Gross profit of $107.5 million, up from $100.9 million
• Operating EBITDA profit of $15.3 million, up from $8.2 million

Articore Group Ltd has reported its financial results for the six months ended 31 December 2025, with a material improvement in profitability driven by margin expansion and cost control measures. Marketplace revenue declined 4.4% to $220.3 million, but gross profit increased to $107.5 million from $100.9 million in the prior corresponding period. Gross profit after paid acquisition (GPAPA) increased to $60.9 million from $55.4 million, with the GPAPA margin expanding to 27.6% from 24.0%. The company delivered an EBIT profit of $12.1 million, compared to an EBIT loss of $2.3 million in the prior corresponding period. This was the highest EBIT in five years for the group. The improved financial performance was driven by pricing and promotional optimisation, supply-chain efficiencies, and changes to artist fees. The company's TeePublic platform delivered a resilient performance, with MPR increasing 0.6% and double-digit margin expansion. Redbubble recorded a moderation in the rate of MPR decline during the half, with MPR decreasing 8.0% in 2QFY26 compared to 13.2% in 1QFY26. The business delivered significant margin expansion driven by supply-chain synergies and artist fee changes.

Reflecting the strong first-half performance, the Group now expects to deliver EBIT between $6 and $10 million in FY26, previously $2 to $8 million, and has tightened its underlying cash flow guidance to the top end of its previous range, now $8 to $12 million, previously $5 to $12 million. The Group continues to expect to deliver a GPAPA margin between 27% and 29%.

The Group continues to execute its turnaround strategy, delivering a material improvement in profitability while strengthening the foundations for sustainable growth. The company expects to see further improvements in its financial performance driven by ongoing operational efficiencies and strategic initiatives.