Revolution Beauty Group (REVB) investor relations material

Executive summary

• Revenue for H1 FY26 declined 31.8% year-over-year to £49.4m, reflecting ongoing operational and strategic challenges from prior periods.

• Gross margin remained stable at 32.2%, but profitability was impacted by clearance sales and cost pressures.

• Operating loss widened to £16.7m from £9.8m in H1 FY25, with adjusted EBITDA loss at £12.5m versus £6.3m prior year.

• Founders returned post-period, leading to renewed leadership, a successful £16.5m equity raise, and refinancing.

• Early H2 trading shows a return to EBITDA profitability and retail sales growth in key markets.

Financial highlights

• Revenue: £49.4m (down 31.8% year-over-year).

• Gross profit: £15.9m (down 31.5% year-over-year).

• Gross margin: 32.2% (vs. 32.0% prior year).

• Adjusted EBITDA: loss of £12.5m (vs. £6.3m loss prior year).

• Loss before tax: £18.4m (vs. £10.9m loss prior year).

• Cash at period end: £1.8m; net debt: £30.2m.

Outlook and guidance

• H2 has seen a return to retail sales growth and EBITDA profitability.

• Full-year sales and adjusted EBITDA will not meet previous guidance due to H1 underperformance.

• Adjusted EBITDA run rate expected to reach £8-10m by end of FY26, with H2 FY26 outturn around £4m.

• Management expects a cash inflow in H2 from seasonal working capital unwind.