Revolution Beauty Group (REVB) Trading Update summary

Portfolio transformation and product focus

• Discontinued over 6,000 unproductive SKUs, representing 75% of the original portfolio, to build a scalable and profitable base for future growth.

• Transitioning global retailers to a streamlined core product set, with ongoing expansion of retailer relationships.

Sales performance and outlook

• Certain retailer launches delayed from Q4 FY25 to H1 FY26, but Walmart US and DM Germany launches remain on track for February 2025.

• Experienced sales softness in December 2024 in digital channels and some de-stocking by US retailers.

• FY25 net sales expected to decline by approximately 25%, with high single digit millions in underlying adjusted EBITDA.

Financial position and liquidity

• Maintains compliance with banking covenants and has sufficient liquidity headroom.

• Cash balances stood at £6m at December 2024 end; net debt was £26m, including a fully drawn £32m RCF.

• One-off stock provision for discontinued inventory remains unchanged.