Articore Group (ATG) investor relations material

Business model and competitive position

• Two established marketplaces, Redbubble and TeePublic, operate alongside high-growth Dashery and Frankly Wearing, all using print-on-demand without inventory or in-house manufacturing.

• Since listing in 2016, marketplace revenue exceeded AUD 3 billion and shipments topped 250 million products.

• The marketplace flywheel links creator designs, on-demand third-party fulfillment and service fees; higher volume can lower unit costs and support margin reinvestment in customer acquisition.

• Scale includes 75 million designs, 10,000+ added daily, 3 million+ creators and 20 million+ units shipped in FY26; global print-on-demand market projected to grow from $11 billion in 2025 to $58 billion by 2033.

FY26 financial performance

• FY26 EBIT was AUD 10.3 million, slightly above guidance and a AUD 21.1 million YoY turnaround; FY26 was the first positive EBIT year outside the pandemic-driven FY21 spike.

• Gross profit margin reached a record 49.6%, up 400 bps; GPAPA margin rose 210 bps to 28.6%, supported by supply-chain efficiencies, pricing, paid marketing effectiveness and artist account fees.

• Positive cash flow was AUD 12.1 million and closing cash was AUD 40.5 million.

• OpEx declined 34% from its AUD 129 million peak to AUD 85 million in FY26, while investment continued in Dashery and Frankly Wearing.

Established marketplaces

• TeePublic FY26 marketplace revenue grew 2.8% in constant currency and gross profit rose 10.9%, driven by pricing and promotion optimization, supply-chain efficiencies and fulfillment changes.

• Redbubble unit economics improved, partly offset by softer marketplace revenue; it recorded a quarterly gross margin record in Q4.

• Long-term FY26 gross margin levels are expected to be sustainable, with quarter-to-quarter seasonal fluctuation; shipping cost inflation remains a pressure.

• Artist account fee optimization contributed ~100 bps of FY26 gross margin improvement; further work will focus on aligning artist incentives to support marketplace revenue growth.