Cimpress reported Q2 FY2025 revenue of $939.2 million, up 2% year over year, but delivered a meaningful EBITDA miss driven primarily by weakness in the US Vista/Consumer-centric channels. Management attributed the shortfall to higher performance advertising costs, a tougher US market for consumer-facing products (notably business cards and holiday cards), and a shorter holiday season versus prior year. The company delivered an adjusted EBITDA of $147.1 million and net income of $61.1 million, with a net margin of ~6.5% and an EPS of $2.45 (GAAP). Management framed Q2 as turbulence within an otherwise longer-term growth path and reaffirmed a multiyear growth trajectory in revenue, EBITDA and free cash flow, including a revised H2 outlook that assumes at least 4% constant-currency revenue growth, adjusted EBITDA of at least $220 million and adjusted free cash flow of at least $50 million. The anticipated stabilization hinges on continued execution of strategic priorities (Upload & Print expansion in the US, focused production hubs, and stronger cross-Cimpress fulfillment) and ongoing pricing actions to protect profitability. Management also signaled a focus on improving the Vista value proposition (especially higher-value customers) and incrementally scaling non-Vista/Cimpress Fulfillment businesses (BuildASign, National Pen, etc.). Net leverage is guided to approximately 3.0x by year-end with an aspiration to ~2.5x over time, albeit with a slightly delayed timeline. The quarter featured notable one-time effects: roughly $12 million of favorable items in the prior-year period and about $5 million in unfavorable items in Q2, which together explain part of the EBITDA delta. The management narrative stresses that the current quarter’s headwinds are manageable and reversible through ongoing efficiency, pricing, and strategic hub-based scaling, setting the stage for a return to the previously communicated long-term path.