Redbubble : Trading Update

Trading Update

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• ● 3Q performance in line with expectations

• ● Reiterates previous FY2022 full year outlook statements

• ● Committed to medium term strategy of investing for sustainable growth

Melbourne, Australia; 21 April 2022: Redbubble Limited (ASX: RBL; ADR: RDBBY) today provided a trading update relating to the third quarter (3Q) and nine months (YTD) ended 31 March 2022. The financial results are on a delivered basis (unless otherwise noted) and both these and any accompanying operating metrics are from internal management reports and have not been audited.

YTD FY2022 Financial Performance

Redbubble's YTD financial metrics (with YoY growth rates, where applicable) are:

• ● Marketplace Revenue1 of $384 million, down 16% (17% on a constant currency basis2)

• ● Underlying Marketplace Revenue3 of $376m, down 4% (5% on a constant currency basis)

• ● Gross profit of $144 million, down 22% (22% on a constant currency basis)

• ● Operating EBITDA of $4.5 million4

• ● EBITDA loss of $2.3 million, impacted by $1.9 million of unrealised net foreign exchange losses

• ● Closing cash balance at 31 March 2022 of $94 million

Redbubble's 3Q performance was largely in line with its expectations. Viewed across the longer term, YTD Marketplace Revenue has grown at 56% since YTD FY20 (65% on a constant currency basis), and at a 5-year CAGR of 28% since YTD FY18.

Loyalty Metrics Update

Redbubble Group has continued to see strong overall customer retention across both marketplaces with 47% of Marketplace Revenue from repeat purchases5 in 3Q, an all time high for the Group.

• 1 Marketplace Revenue is total revenue less artist revenue (ie artist margin).

• 2 "Constant currency basis" reflects the underlying growth before translation to Australian dollars for reporting purposes. Redbubble sources about 91% of its Marketplace Revenue in currencies other than Australian dollars. TeePublic sources about 88% of its Marketplace Revenue in US dollars.

3 YTD FY21 Marketplace Revenue included $52 million and YTD FY22 Marketplace Revenue included $10 million of mask sales. YTD FY21 also included an $11 million delivery date adjustment and YTD FY22 included a $2 million delivery date adjustment.

• 4 Includes other income/expenses relating to non-cash share-based payments and currency gains/losses.

• 5 Based on Marketplace Revenue earned from purchases made by repeat customers who have previously purchased, regardless of the date of their initial purchase.

Level 3, 271 Collins Street, Melbourne VIC 3000

PO Box 274, Flinders Lane VIC 8009

Ph: [phone]

Redbubble Limited

ABN 11 119 200 592

Cohort analysis for new Redbubble customers added during 2H CY19 and CY20 demonstrates:

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• ● The "COVID cohort" (customers who made their first purchase on the Redbubble marketplace in 2H CY20) was 64% larger than the prior comparable period cohort (customers who made their first purchase on the Redbubble marketplace in 2H CY19)

• ● Repeat purchase rate within 12-months for the "COVID cohort" was strong at 20.3%, and similar to the repeat purchase rate of 21.7% for the prior comparable period cohort

• ● Given the COVID cohort was significantly larger this is an encouraging indication of the business' ability to retain the "COVID cohort" customers and build loyalty at scale

Outlook

Regarding the recent share price movements experienced across the broader technology sector, including Redbubble, the Board does not believe that the current share price reflects the fundamentals and prospects of the business. Redbubble continues to actively investigate value enhancing options on behalf of all stakeholders. These include both organic and inorganic opportunities that could assist in the acceleration of shareholder value, as part of usual considerations for the Board and company.

Redbubble reiterates previous guidance: FY22 Marketplace Revenue is expected to be slightly below FY21 underlying Marketplace Revenue6. FY22 EBITDA margin as a percent (%) of Marketplace Revenue is expected to be negative low single digits.

The business remains committed to its medium term aspirations to grow GTV to more than $1.5 billion, to grow Artist Revenue to $250 million, and to produce Marketplace Revenue of $1.25 billion per annum. EBITDA margin is also expected to expand significantly over the medium-term with top-line growth.

This announcement was authorised for lodgment by Redbubble Limited's Disclosure Committee.

Michael Ilczynski (CEO) and Emma Clark (CFO) will host an investor update conference call this morning at 10.00am (AEST) Thursday 21 April 2022 || 5.00pm (PDT) and 8.00pm (EDT) on Wednesday 20 April 2022.

Participants will need to PRE-REGISTER for the call via the link below:https://s1.c-conf.com/diamondpass/10021478-hj95s.html

They will then receive a calendar invite and a unique code which is to be quoted when dialling into the call. To ask a question, participants will need to dial "*1" (star, 1) on their telephone keypad.

A full transcript and recording of the call will subsequently be made available on the Redbubble Group Investor Centre website:shareholders.redbubble.com. The recording will also be available onopenbriefing.com.

6 Mask sales contributed $57 million to FY21 Marketplace Revenue, resulting in FY21 underlying Marketplace Revenue of $497 million.

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For further information, please contact: Louise Lambeth - Head of Investor [e-mail]

About Redbubble Group

Founded in 2006, the Redbubble Group incorporates Redbubble Limited and its subsidiaries, including TP Apparel LLC (TeePublic). The Redbubble Group owns and operates the leading global online marketplaces, Redbubble.com and TeePublic.com. The Redbubble Group's community of passionate creatives sell uncommon designs on high-quality, everyday products such as apparel, stationery, housewares, bags, wall art and so on. Through the Redbubble and TeePublic marketplaces, independent artists are able to profit from their creativity and reach a new universe of adoring fans. For customers, it's the ultimate in self-expression. A simple but meaningful way to show the world who they are and what they care about.

Forward-looking Statements

This announcement includes certain forward-looking statements that are based on information and assumptions known to date and are subject to various risks and uncertainties. Actual results, performance or achievements could be significantly different from those expressed in, or implied by, these forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Redbubble Group. These factors may cause actual results to differ materially from those expressed in the statements contained in this announcement.

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FY2022 Q3 Trading Update

21 April 2022

Redbubble Group owns and operates the leading global online marketplaces, Redbubble.com and TeePublic.com, bringing more creativity into the world.

The financial results are on a delivered basis (unless otherwise noted) and both these and any accompanying operating metrics are from internal management reports and have not been audited.

1

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YTD Results

Gross Transaction Value

Marketplace Revenue

$504m

$384m

↓ 13% floating ↑59% 2-yr floating ↓ 14% cc1

↓ 16% floating ↑56% 2-yr floating ↓ 17% cc1

Artist Revenue

Gross Profit

$72m

$144m

↓ 16% floating ↑56% 2-yr floating ↓ 16% cc1

↓ 22% floating ↑57% 2-yr floating ↓ 22% cc1

EBITDA

Cash Balance

($2m)

$94m

↓ $53m ↓0.4m since YTD FY20

↓ $8m ↑62m since YTD FY20

Source: RB internal data.

All numbers, except for GTV, are on a delivered basis. GTV is a non-IFRS metric and is measured on a paid basis. Growth rates are YoY, comparing to YTD FY21. Cash balance change shown is from 31 March in the prior year.

1. Constant currency basis.