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.

• Adjusted EBITDA rose 53.0% to £21.3m, with margin improving to 26.7%.

• Net cash position of £52.0m and no debt, supporting a share buyback programme of up to £20m.

• Major product launches, including the third-generation LED range and a full ZIIP Beauty pipeline, are scheduled for H2 2026.

• First full half as a public company, with strong operational momentum and robust product launch pipeline.

Financial highlights

• H1 2026 revenue reached £79.7m (+44.3% YoY); gross profit £51.3m (+52.8% YoY); gross margin 64.4% (record half-year).

• Adjusted EBITDA was £21.3m (+53.0% YoY); margin 26.7%.

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

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

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

Outlook and guidance

• Adjusted EBITDA guidance raised to no less than £48.5m for FY 2026; revenue guidance maintained at no less than £170m.

• H2 expected to benefit from peak seasonality, major product launches, and marketing investments.

• Tax rate expected to normalize to around 25% for the full year.

• Largest revenue and cash quarter expected in Q4.