• Grainger for custom printed business products.
• Vistaprint for the wholesale B2B market.
• Deluxe Corporation, but with a broader range of custom print products including apparel.

• Business Forms: Ennis produces custom and stock multi-part forms, continuous forms, and digital forms essential for business operations and record-keeping.
• Labels and Tags: They manufacture a wide variety of custom and stock labels for product identification, shipping, and branding, alongside specialized tags for various industrial and retail applications.
• Envelopes: Ennis offers custom and stock envelopes designed for mailing, document storage, and promotional communication needs.
• Commercial Print Solutions: This category includes specialized printed materials such as presentation folders, custom business checks, and other secure or bespoke documents for businesses.
• Promotional Products: Ennis provides branded merchandise, including apparel, calendars, and other items utilized for marketing, corporate identity, and client engagement.

Keith S. Walters Chairman, CEO & President

Keith S. Walters joined Ennis, Inc. in August 1997 as Vice President of Commercial Printing Operations and was appointed Chief Executive Officer in November 1997. His role expanded to include Chairman of the Board and President in July 1998. Under his leadership, Ennis has grown to become the largest wholesale printer in the nation. During his tenure as CEO, Mr. Walters has overseen 68 acquisitions, diversifying the company beyond traditional business forms. Prior to Ennis, he served as Vice President of Manufacturing at Atlas/Soundolier from 1989 to 1997 and spent 15 years with United Technologies Corporation's Automotive Division in manufacturing and operations.

Vera Burnett Chief Financial Officer; Treasurer

Vera Burnett is the Chief Financial Officer and Treasurer of Ennis, Inc. She joined the company in February 1997 and served as the company's accounting manager since June 1997. Ms. Burnett was appointed as Chief Financial Officer and Treasurer on an interim basis in September 2020 before her full appointment to those positions. She holds a Bachelor of Business Administration in Accounting from the University of Texas at Arlington and is a Certified Public Accountant (CPA) and Chartered Global Management Accountant (CGMA).

Wade Brewer Chief Operating Officer

Wade Brewer serves as the Chief Operating Officer of Ennis, Inc. He brings 38 years of print industry experience to this role. Mr. Brewer has served as Ennis' Director of Manufacturing since 2021 and, prior to that, held the title of Business Unit Director for nine years, where he helped manage the company's numerous production facilities. He began his printing career in 1984 at Transkirt as a Senior Product Manager, playing a key part in developing their pressure seal products.

Dan Gus Assistant Secretary; General Counsel

Dan Gus was appointed General Counsel and Assistant Secretary of Ennis, Inc. in 2021. He previously served as outside counsel for Ennis, Inc. for several years.

The primary clear emerging threat to Ennis (EBF) is the accelerating and increasingly comprehensive shift towards digital document management, electronic forms, and paperless business processes across industries. This trend, driven by advancements in e-signature platforms, integrated enterprise resource planning (ERP) systems, cloud-based document solutions, and AI-powered automation, significantly reduces the need for the physical printed products that constitute Ennis's core business. Companies are increasingly adopting these digital alternatives for cost savings, efficiency gains, and environmental sustainability, continuously eroding the demand for traditional business forms, labels, and other printed materials.

Ennis, Inc. (EBF) primarily operates in the North American market, with a significant focus on the United States, manufacturing and supplying a diverse range of printed business products for the wholesale trade. Their main products and services include business forms, checks, commercial printing, promotional products, envelopes, tags, labels, pressure seal, presentation products, plastic cards, and multimedia packaging. Approximately 96% of Ennis's printed business products are custom or semi-custom made.

The addressable markets for Ennis's main products and services in the U.S. are as follows:

• Labels: The United States print label market size is valued at USD 7.96 billion in 2025 and is forecast to reach USD 9.23 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.03%. Another estimate indicates the US label market size was USD 7.13 billion in 2024 and is projected to reach USD 9.12 billion by 2032, with a CAGR of 3.12% from 2025-2032. The USA labels market is also projected to grow from USD 16.1 billion in 2025 to USD 23.2 billion by 2035, at a CAGR of 3.7%.
• Commercial Printing: The U.S. commercial printing market generated a revenue of USD 126.99 billion in 2024 and is expected to reach USD 150.50 billion by 2030, with a CAGR of 3.1% from 2025 to 2030.
• Promotional Products: The U.S. promotional products market size was valued at USD 33.0 billion in 2023 and is projected to reach USD 44.5 billion by 2028, growing at a CAGR of 6.2%.
• Business Forms: The global business forms market size was USD 12.0 billion in 2022 and is projected to reach USD 17.5 billion by 2032, exhibiting a CAGR of 3.8%.

• Strategic Acquisitions: Ennis has historically utilized acquisitions to expand its market presence and revenue. Recent reports indicate that acquisitions have contributed to quarterly revenue, offsetting weaker volume demand in its existing operations. The company's management has stated a focus on pursuing acquisitions without incurring debt, suggesting this will continue to be a key growth strategy. For example, the acquisition of Northeastern Envelope in April 2025 is a recent instance of this strategy.
• Diversification into Specialized Products and Packaging: While operating in a declining traditional printing market, Ennis has been evolving into a more diversified provider of print, packaging, and software services. The company offers a range of specialized printed products, including custom presentation folders, promotional items, and specialty packaging, which cater to various industries such as healthcare, financial services, and retail. This focus on customized and value-added solutions helps mitigate the decline in demand for conventional business forms.
• Operational Efficiency and Technology Investments: Although not a direct revenue driver, improved operational efficiency and investments in digital technologies can support revenue growth by enhancing competitiveness, optimizing production, and potentially allowing for more competitive pricing or expanded service offerings. Ennis has made investments in digital technologies, supply-chain integration, and facility expansions to adapt to changing market demands, alongside a focus on operational efficiency and product innovation.
• Customer Responsiveness and E-commerce Expansion: Ennis emphasizes customer responsiveness and leverages a direct sales force and regional production sites to deliver customized solutions and just-in-time inventory management. The company's e-commerce portal further extends its reach, enabling clients to place standardized or custom orders online and access global shipping options. By catering to specific customer needs and expanding online ordering capabilities, Ennis can aim to retain and grow its customer base.

Share Repurchases

• Ennis, Inc. had $13.1 million remaining available for share repurchases under its program as of August 31, 2025.
• During the fiscal year ended February 28, 2023, the company repurchased 64,082 shares of common stock at an average price of $17.46 per share.
• In the fiscal year ended February 28, 2022, Ennis repurchased 254,679 shares of common stock at an average price of $18.81 per share.

Outbound Investments

• In April 2025, Ennis completed a $35 million acquisition of Northeastern Envelope.
• In June 2024, Ennis acquired Printing Technologies, Inc. (PTI) for approximately $4.9 million, aiming to expand existing offerings and reach new customer segments.
• In November 2022, Ennis acquired School Photo Marketing (SPM) for $8.8 million, which expanded product lines and increased geographical footprint.

Capital Expenditures

• Capital expenditure for the trailing 12 months ending May 31, 2025, was approximately -$4.75 million.
• Capital expenditure for the trailing 12 months ending May 31, 2024, was approximately -$6.91 million.
• Capital expenditure for the trailing 12 months ending May 31, 2023, was approximately -$5.40 million.