Announcement PDF FY25 Results 14 August 2025 4QFY25 results signal step change in performance; Group positioned to deliver positive EBIT in FY26 FY25 guidance achieved; GPAPA towards top end of guidance range and positive underlying cash flow MPR decline slowing, alongside gross profit and GPAPA margin expansion 4QFY25 underlying cash flow1 of $2.5 million, up $6.0 million year on year - the strongest fourth quarter in five years Further margin expansion expected in FY26 and EBIT of $2 million - $8 million 1. Underlying cash flow defined as operating EBITDA plus net interest earned, less lease related expenses (excluding the impact of lease impairments), payments for capitalised development costs and property, plant and equipment (PPE). 4QFY25 FY25 Marketplace Revenue $79.2m 4QFY24: $84.6m, -6% $39.4m 4QFY24: $38.4m, +2% $24.6m 4QFY24: $22.8m, +8% $4.2m 4QFY24: -$1.3m, +$5.5m Gross profit margin 49.7% 4QFY24 45.4% GPAPA margin 31.0% Gross profit GPAPA 4QFY24: 26.9% $379.1m FY24: $423.1m, -10% Gross profit margin 45.6% $173.0m FY24: 42.9% FY24: $181.7m, -5% GPAPA margin 26.5% FY24: 25.6% Operating EBITDA Closing cash balance $100.6m FY24: $108.3m, -7% $9.3m FY24: $10.0m, -$0.7m $28.4m 30 June 2024: $36.9m Gross profit, GPAPA, operating EBITDA and underlying cash flow are non-IFRS measures. Non-IFRS and 4QFY25 measures are unaudited. The prior year numbers shown in this presentation are underlying numbers and may differ from those reported in the statutory financial statements. Please see the table on slide 21 for an explanation of the underlying adjustment. 2 Business update Two distinct marketplaces operating at scale Selling artists 542k FY24: 575k 51% Net artist earnings $30.2m FY24: $39.7m Customers 49% FY24: 43% FY24: 57% Marketplace revenue contribution Marketplace revenue contribution Net artist earnings $18.5m FY24: $19.2m Selling artists 167k FY24: 136k Customers 3.5m 2.5m FY24: 4.2m FY24: 2.4m 59% Designs sold 3.6m FY24: 64% GPAPA contribution FY24: 4.1m Sales contribution North America 41% 55% Apparel 1.4m FY24: 36% GPAPA contribution Sales contribution FY24: 56% Designs sold FY24: 1.5m Sales contribution 49% 95% FY24: 51% FY24: 94% Apparel Sales contribution 92% FY24: 93% North America Initial benefits Integration timeline Transformation of organisation structure driving significant synergies, cost reductions and improved performance FY26 Oct Jan Mar 2024 2025 2025 and beyond Restructure Supply chain Marketing Technology $12 - $14 million in annualised cost savings realised1 4QFY25 GPAPA margin up 410 basis points Unlocking further opex reductions and acceleration of growth opportunities Opex benefits GPAPA improvements 1. Annualised savings off FY24 opex. Excludes investment in Dashery. 5 FY25 improvement to gross profit margins driven by supply chain efficiencies Redbubble and TeePublic marketplaces’ gross profit margins1 (1QFY23 to 4QFY25) Key actions: 60% ● Consolidated garment blanks across marketplaces driving significant annualised savings 50% 40% ● Negotiated logistics with combined volumes resulting in carrier consolidation and reduced costs TeePublic ● Continued iteration of order allocation automation optimising for margin 30% Redbubble ● Onboarded first third-party fulfiller in Asia for non-US regions 20% FY23 FY24 FY25 1. Gross profit margin uplift also due to pricing and promotion optimisations and the introduction of artist account fees on the Redbubble marketplace in May 2023. 6 Redbubble marketplace’s new paid marketing strategy beginning to deliver results Redbubble’s paid marketing efficiency1 Key priorities (1QFY25 to 4QFY25) Prior to FY25, increase in paid spend, did not lead to a commensurate increase in MPR. 4QFY25 20% +1% Paid acquisition cost YoY increase in paid MPR 0% 4QFY25 -20% -15% reduction in paid acquisition Paid marketing MPR YoY -40% FY23 1. Management analysis of data provided by Google Analytics. FY24 Improve paid marketing efficiency Combined marketing operations accelerating cross-marketplace insights and learnings Invest in lifecycle marketing to improve customer retention Recruited expertise to bolster internal capability Consolidating technology and processes to improve speed of testing and optimisation across portfolio Unlock further opex savings Consolidate software contracts to enable volume discounts and reduce technical overhead costs Start date 3QFY25 4QFY25 3QFY26 FY25 7 Leveraging AI across the flywheel to enhance user experience and drive efficiencies Creators & Content ● Artist approval workflows powered by AI detect fraud patterns and reduce manual review ● Content moderation significantly automated, improving consistency and speed ● Implemented policies and tools to manage AI-generated art Discovery Customers Service ● AI leveraged across marketing function for asset creation, content augmentation, and campaign optimisation ● Onsite search stack combines vector search and machine-learned ranking to improve discovery relevance and conversion Fulfilment & Operations ● Across engineering and product, AI is beginning to support workflows and in development ● Customer Service is leveraging AI; 83% of customer contacts via chat and 26% of tickets are being addressed by AI 8 Leveraging our established creator base and experienced sales team to grow new revenue stream, Dashery Re-engaging high-value creators FY25 investment1: Tanner the Planter 1.8m TikTok followers 0.6m Instagram followers Adamtots 1.6m Instagram followers Old Gods of Appalachia 35k podcast followers 5k reviews Similar size investment expected in FY26 New creators who bring their own demand ItsAmbasLife 1.7m TikTok followers 1. Cash opex (opex plus capitalised development) Rigby Cat 1.2m Instagram followers Fitzcapades 1.6m TikTok followers $3.4m 400k Instagram followers 9 FY25 financial overview 4QFY25 and FY25 Group profit and loss statement P&L (A$M) 4QFY24 4QFY25 % change FY24 FY25 % change Total revenue 98.9 91.9 (7%) 493.0 438.6 (11%) MPR 84.6 79.2 (6%) 423.1 379.1 (10%) Gross profit 38.4 39.4 2% 181.7 173.0 (5%) Gross profit margin 45.4% 49.7% 4.3pp 42.9% 45.6% 2.7pp Paid acquisition (15.7) (14.8) (5%) (73.4) (72.4) (1%) GPAPA 22.8 24.6 8% 108.3 100.6 (7%) GPAPA margin 26.9% 31.0% 4.1pp 25.6% 26.5% 1.0pp Operating expenses (24.1) (20.3) (16%) (98.3) (91.3) (7%) Operating EBITDA (1.3) 4.2 417% 10.0 9.3 (7%) Other income/expenses (1.2) (1.0) (12%) (6.5) (7.4) 14% EBITDA (2.5) 3.2 229% 3.5 1.9 (46%) Depreciation & amortisation (3.4) (2.6) (25%) (13.8) (11.7) (15%) EBIT (5.9) 0.6 111% (10.3) (9.8) 5% Gross profit, Gross profit margin, GPAPA, GPAPA margin, operating EBITDA, EBITDA and EBIT are non-IFRS measures. Non-IFRS and 4QFY25 measures are unaudited. MPR revenue decline stabilised. 4QFY25 down 6% vs 10% for FY25 4QFY25 highest gross profit margin to date, up 430 basis points on pcp, driven by supply chain synergies 4QFY25 GPAPA margin up 410 basis points and GPAPA up 8% reflecting higher gross profit and improved paid marketing efficiency Reflecting ongoing cost discipline and savings identified through consolidation of marketplaces, 4QFY25 opex declined 16% The first profitable fourth quarter in 5 years 11 FY25 marketplace highlights MPR decline driven primarily by deterioration in contribution from organic sources Improvements to unit economics partially offsetting decline in MPR Operating EBITDA in line with FY24, reflecting strong gross profit and GPAPA margins and 17% reduction in opex Marketplace revenue $194.7m FY24: $241.3m, -19% $91.7m FY24: $103.3m, -11% Gross profit margin 47.1% FY24: 42.8% GPAPA margin $59.3m 30.4% FY24 : $69.0m, -14% FY24: 28.6% $14.4m FY24: $14.8m, -2% Gross profit GPAPA Operating EBITDA $184.0m FY24: $181.8m, +1% Gross profit margin 44.1% $81.2m FY24: 43.1% FY24: $78.4m, +4% GPAPA margin 22.4% $41.2m FY24: 21.6% FY24 : $39.3m, +5% $8.2m FY24: $5.6m, +47% MPR growth in tough consumer environment with margin expansion Operating EBITDA up 47%, reflecting MPR growth, margin expansion and a 2% reduction in opex 12 Sustainable improvement to margins and reduced cost base provides foundation for positive EBIT in FY26 Group gross profit and GPAPA margin Operating expenditure (1QFY23 to 4QFY25) (millions, FY23 to FY25) 50% $130 4QFY25: 49.7% 1QFY23: 39.1% 40% Gross profit average: 42% 29% reduction in opex base 129 $105 98 30% $80 91 4QFY25: 31.0% 1QFY23: 23.0% GPAPA average: 24% 20% $55 $30 10% FY23 FY24 FY25 FY23 FY24 FY25 13 Positive underlying cash flow after absorbing investment in Dashery FY25 cash balance (July 2024 to June 2025) $36.9 $3.8 $3.2 $28.4 $7.8 $1.3 Excluding investment in Dashery, Group delivered positive underlying cash flow of $3.8 million 12-month share buy back program ended June 2025 Opening cash Underlying cash flow (excl. Dashery investment1 Payables timing2 Share buy back Closing cash Group expects to generate positive underlying cash flow in FY26 Dashery) 1. Underlying cash flow impact of Dashery: revenue minus cash opex. 2. The timing of payments to the Group’s vendors can fluctuate from month to month depending on when invoices are received and transaction volumes. This has led to the cash outflows in the chart above and a corresponding decrease to the Group’s vendor payables balance at 30 June 2025. 14 Outlook After the strongest quarter in 5 years, we are focused on accelerating this momentum FY26 priorities Stabilise Drive Transform Undertake MPR decline and return the Group to growth further cost savings and efficiencies to improve margins the marketplaces’ tech stacks and operations to achieve future cost savings, starting with marketing platforms a strategic review to assess capital structure, portfolio fit, and value creation pathways 16 Addressing MPR decline primary focus in FY26 MPR year on year change New revenue streams (1QFY23 to 4QFY25) 30% TeePublic Post COVID, TeePublic has delivered MPR growth with margin expansion. Scaling high-performing content 20% 10% Enhancing monetisation opportunities (10%) (20%) (30%) - new artist account fee structure announced; to be implemented 1 September 2025 Consolidated leadership team focused on turning around Redbubble’s performance. Redbubble FY23 Expanding into new sales channels to capture untapped demand for creators FY24 FY25 17 FY26 guidance1 GPAPA margin 27% - 29% EBIT $2m - $8m Underlying cash flow $5m - $12m 1. Our ability to achieve this aim is highly dependent on various factors including consumer demand, foreign exchange rates, geographic and product mix Supplementary information Geographic diversity by sales contribution North America America North 71% 72% Europe and United Kingdom Gross transaction value 20% 40 third-party fulfiller sites Australia and New Zealand 7% May represent multiple third-party fulfiller sites. 20 4QFY25 and FY25 profit and loss statement P&L(A$M) 4QFY24 4QFY25 % change % cc change FY24 FY25 % change % cc change Total revenue 98.9 91.9 (7%) (10%) 493.0 438.6 (11%) (12%) Less: creator revenue (14.3) (12.6) (11%) (15%) (69.9) (59.6) (15%) (16%) MPR 84.6 79.2 (6%) (10%) 423.1 379.1 (10%) (12%) Underlying adjustment (1) - - (2.7) - Gross profit (1) 38.4 39.4 2% (1%) 181.7 173.0 (5%) (6%) Gross profit margin 45.4% 49.7% 4.3pp 4.2pp 42.9% 45.6% 2.7pp 2.7pp Paid acquisition (15.7) (14.8) (5%) (8%) (73.4) (72.4) (1%) (3%) GPAPA (1) 22.8 24.6 8% 4% 108.3 100.6 (7%) (9%) GPAPA margin 26.9% 31.0% 4.1pp 3.9pp 25.6% 26.5% 1.0pp 0.9pp Operating expenses (24.1) (20.3) (16%) (18%) (98.3) (91.3) (7%) (8%) 372% 10.0 9.3 (7%) (15%) Operating EBITDA (1) (1.3) 4.2 417% Other income/expenses (1.2) (1.0) (12%) (1%) (6.5) (7.4) 14% 1% EBITDA (1) (2.5) 3.2 229% 197% 3.5 1.9 (46%) (38%) Depreciation & amortisation (3.4) (2.6) (25%) (26%) (13.8) (11.7) (15%) (16%) EBIT (1) (5.9) 0.6 111% 99% (10.3) (9.8) 5% 7% Interest income/expense 0.1 0.0 (94%) (95%) 0.1 0.1 (2%) (7%) (0.4) (2.1) 429% 418% (1.4) (1.6) 16% 14% (6.2) (1.4) 77% 67% (11.6) (11.3) 2% 4% Tax benefit/expense Net profit/(loss) after tax (1) 1. The prior year numbers shown in this announcement are underlying numbers and may differ from those reported in the statutory financial statements. The FY24 statutory results include a one-off release of an accrual that has been excluded in this announcement for the purpose of assessing the Group’s performance on a like-for-like basis. Gross profit, GPAPA, EBITDA, operating EBITDA, EBIT and Net profit/(loss) are $2.7million lower in this announcement than is shown in the statutory financial statements.Gross profit, Gross profit margin, GPAPA, GPAPA margin, operating EBITDA, EBITDA and EBIT are non-IFRS measures. Non-IFRS and 4QFY25 measures are unaudited. 21 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 a product printed with their art during reporting period. Does not account for duplication across marketplaces Constant currency (cc) Reflects the underlying growth before translation to Australian dollars for reporting purposes. Redbubble sources about 88% of its marketplace revenue in currencies other than Australian dollars. TeePublic sources about 90% of its marketplace revenue in US dollars Customers Number of artists’ customers who bought an artist’s product during reporting period. Identified by unique email address; does not account for overlaps between Redbubble and TeePublic Designs sold Number of artists’ designs that have sold on at least one product during reporting period EBIT Earnings before interest and tax EBITDA Earnings before interest, tax, depreciation and amortisation. This is a non-IFRS measure and is unaudited FY Financial year GPAPA Gross profit after paid acquisition. This is a non-IFRS measure and is unaudited GTV Gross transaction value less taxes and creator revenue is equal to marketplace revenue. This is a non-IFRS measure and is unaudited MPR Marketplace revenue. Total revenue less creator revenue m Million Net artist earnings Artists’ revenue less platform fees and other amounts recovered from artists pcp Prior corresponding period Underlying cash flow Operating EBITDA plus net interest earned, less lease related expenses (excluding the impact of lease impairments), payments for capitalised development costs and property, plant and equipment (PPE) US United States of America YoY Year on year 22 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 summary form only and does not purport to be complete. It should be read in conjunction with the Group's other periodic corporate reports and continuous disclosure announcements filed with the Australian Securities Exchange (ASX), available at www.asx.com.au. 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Non-IFRS financial information should be considered in addition to, and is not intended to be a substitute for, IFRS financial information and measures. Non-IFRS financial measures are not subject to audit or review. 23 Contact us: Virginia Spring VP, Investor Relations investor.relations@articore.com