The Beauty Tech Group (TBTG) H2 2025 earnings summary

Executive summary

• Achieved record FY 2025 revenue of GBP 141 million, with growth driven by own-brand sales and international expansion.

• Adjusted EBITDA rose over 60% to GBP 37.5 million, with margin expansion to 26.6%.

• IPO in October 2025 raised global profile, enabled a debt-free balance sheet, and completed transition to LSE listing.

• Three core brands now cover all major beauty tech categories: LED, radiofrequency, microcurrent, and laser.

• Significant margin expansion and cash generation position the group for continued profitable growth in FY 2026.

Financial highlights

• Revenue grew to GBP 141 million in FY 2025, up from GBP 88 million in FY 2024, with own-brand revenue at GBP 140.9 million.

• Adjusted EBITDA reached GBP 37.5 million, up 64% year-over-year, with margin up 400bps to 26.6%.

• Net cash position of GBP 40.8 million at year-end, reversing from net debt in FY 2024.

• Gross profit margin improved by 6 percentage points to 62.7%, driven by discontinuation of third-party distribution, price increases, and supply chain improvements.

• Adjusted net income nearly doubled to GBP 22.1 million; adjusted free cash flow conversion reached 92%.

Outlook and guidance

• FY 2026 revenue expected at GBP 160 million, with profit anticipated ahead of market expectations due to stronger margins.

• Gross profit margin improvements from FY 2025 expected to be sustained, guiding to improved profitability.

• No anticipated material impact from geopolitical disruption in the Middle East.

• Continued investment in product pipeline and brand building, with ongoing recruitment expenses planned.