4imprint Group (FOUR) H2 2025 earnings summary

Executive summary

• Delivered resilient operational and financial performance in 2025 despite a volatile macroeconomic environment, reinforcing the strength of the long-term strategy and business model.

• Maintained market leadership in North America’s promotional products industry, leveraging scale, technology, and supplier partnerships.

• Continued focus on customer service, brand equity, and disciplined capital allocation to drive sustainable growth and shareholder value.

Financial highlights

• Revenue decreased 2% year-over-year to $1,346.8m; operating profit down 2% to $145.2m; profit before tax down 2% to $150.8m.

• Gross profit margin improved to 32.4% (2024: 31.8%) despite modest product cost increases from tariffs.

• Basic EPS declined 3% to 404.4c; total paid and proposed regular DPS maintained at 240.0c.

• Cash and bank deposits at year-end were $132.8m after $142.8m in dividends paid; no debt.

• Cash conversion was strong at 109% of operating profit, reflecting the efficiency of the drop-ship business model.

Outlook and guidance

• Trading in the first two months of 2026 is in line with expectations, with orders and revenue slightly down versus the same period in 2025.

• Tariff-related costs are being phased in and may impact revenue and margins in 2026; management remains confident in delivering solid near-term results and long-term growth.