The Beauty Tech Group (TBTG) H1 2026 earnings summary

Executive summary

• Revenue increased 44.3% year-over-year to £79.7m in H1 2026, with every region and brand contributing to growth and adjusted EBITDA up 53% to £21.3m, reflecting strong operational execution and market demand.

• Gross margin improved to 64.4%, up 3.6 percentage points year-on-year, and adjusted EBITDA margin rose to 26.7%.

• The business remains highly profitable and cash generative, ending the half with £52.0m net cash and no debt, supporting a newly announced up to £20m share buyback programme.

• Major product and operational milestones include the completion of the third-generation LED range, expanded clinical evidence, investment in an in-house lab, completion of ZIIP Beauty cost work, and in-house European warehousing.

• Statutory profit before tax surged 250% to £17.5m, aided by margin growth and removal of pre-IPO financing costs.

Financial highlights

• Revenue reached £79.7m (+44.3% YoY); adjusted EBITDA rose to £21.3m (+53.0% YoY); gross margin at 64.4% (record half-year).

• Adjusted profit before tax up 49% to £15.3m; adjusted EPS increased 48.6% to 10.4p.

• Free cash flow for the last 12 months was £11.5m, with underlying conversion at 69.6%; capital expenditure was 3.5% of revenue.

• Operating ROCE reached 65.2% for the last twelve months.

• Direct-to-consumer revenue share was 87.0%.

Outlook and guidance

• Adjusted EBITDA guidance raised to no less than £48.5m for FY2026; revenue guidance unchanged at no less than £170.0m.

• H2 expected to be the largest for revenue and cash, with major product launches and peak season trading.