Warpaint London (W7L) H2 2025 TU earnings summary

Executive summary

• Acquired Barry M brand for £1.4 million, expanding presence in value cosmetics and UK retail channels.

• FY25 revenue expected at £105 million, up from £102 million in 2024, with improved gross margin.

• Brand Architekts, acquired in February 2025, contributed £12 million revenue and £0.8 million positive Adjusted EBITDA.

Financial highlights

• FY25 Adjusted EBITDA expected at £22 million, down from £25 million in 2024, due to challenging market conditions.

• Cash balance of £18 million as of 31 January 2026, up from £9 million a year earlier.

• Barry M generated £15 million revenue in the year ended 28 February 2025.

Outlook and guidance

• Anticipates return to organic growth and further new customer rollouts in 2026.

• Focus remains on margin improvement and expanding retail presence.