Adore Beauty Group Ltd. · ASX:ABY
Adore Beauty — FY2025 Earnings Presentation
22 slides from Adore Beauty's earnings presentation, Aug 25, 2025
Slide 1: FY25 Results Presentation
FY25 RESULTS PRESENTATION 25 August 2025
Slide 2: Record EBIT & Profit Margins
RECORD EBIT & PROFIT MARGINS Improved quality of revenue, CODB efficiencies, and own brand driving profit growth FY25 SUMMARY1 $8.1M $198.8M 35.3% Reported EBITDA Revenue Gross profit margin +67.8% +1.6% +1.9ppts EBITDA margin 4.1% $4.0M $12.7M 1.35M Reported EBIT Cash Total contactable +74.8% at 30
Slide 3: Key FY25 Achievements
KEY FY25 ACHIEVEMENTS Delivered EBITDA of $8.1 million, up 67.8%; and EBIT of $4.0 million2, up 74.8%; margins up 160bpts and 80bpts respectively Record gross profit margin for a financial year, up 190bpts supported by owned brands, retail media, reduced promotional cadence and disciplined inventory
Slide 4: Step-up in profitability driven by record GP margin, cost management, inventory efficiencies
STEP-UP IN PROFITABILITY DRIVEN BY RECORD GP MARGIN, COST MANAGEMENT, INVENTORY EFFICIENCIES On track to exceed FY27 EBIT margin target of >5% REVENUE GROSS PROFIT MARGIN REPORTED EBITDA1 REPORTED EBIT1 ($A Million) (%) ($A Million) ($A Million) 1.6% 1.9 PPTS 67.8% 74.8% 8.1 4.0 198.8 35.3 195.7 2.3
Slide 5: Higher Quality Customer Base
HIGHER QUALITY CUSTOMER BASE Loyalty initiatives and new channels increase new customers and frequency ACTIVE CUSTOMERS1 TOTAL CONTACTABLE DATABASE2 (‘000) (‘000) 20.4% 2.6% 1353 1124 803 815 837 968 FY23 FY24 FY25 FY23 FY24 FY25 Growth driven by new customers, new loyalty program Significant opport
Slide 6: More Profitable Customer Growth in H2
MORE PROFITABLE CUSTOMER GROWTH IN H2 1 Further benefit across FY26 & FY27 as targeted acquisition unlocks additional efficiencies MARKETING SPEND CUSTOMER ACQUISITION COSTS NEW CUSTOMERS 1 (% of revenue) ($) (‘000) 20.2% 20.7% 4.9% 15.0 14.8 13.8 13.8 76.0 77.0 74.0 75.0 183.1 12.7 59.0 181.6 67.0
Slide 7: FY25 Financial Results
FY25 FINANCIAL RESULTS FY25 RESULTS PRESENTATION | 7
Slide 8: FY25 P&L
FY25 P&L A$M FY24 FY25 CHANGE Revenue 195.7 198.8 1.6% Revenue Cost of sales (130.3) (128.6) (1.3%) Gross profit 65.5 70.2 7.3% ➢ Revenue up 1.6% on prior year; continued focus on improving Gross profit margin 33.4% 35.3% 1.9 ppts quality of earnings Employee costs (20.6) (23.5) 14.0% Gross margin M
Slide 9: Balance Sheet
BALANCE SHEET A$M AS AT 31 DEC 24 30 JUN 25 Cash and cash equivalents 11.7 12.7 Inventory 22.7 20.3 Other current assets 7.2 5.3 Other assets (non-current) 37.8 45.5 Total assets 79.3 83.8 Trade and other payables 22.4 22.1 Other current liabilities 7.2 12.4 Other liabilities (non-current) 9.8 9.1 T
Slide 10: Progressing Mid-Term Strategy
PROGRESSING MID-TERM STRATEGY FY25 RESULTS PRESENTATION | 10
Slide 11: Operational Progress to Date
OPERATIONAL PROGRESS TO DATE 1 Delivering against 3-year strategic plan to unlock long-term value Opened five Adore Beauty retail stores across VIC, WA and NSW to grow market share and new customer acquisition; build brand awareness Strong retail media growth, reduced promotional cadence and discipl
Slide 12: Investing in Stores to Drive Revenue & New Customer Growth
INVESTING IN STORES TO DRIVE REVENUE & NEW CUSTOMER GROWTH 1 Stores meeting or exceeding expectations; supporting core online business REVENUE CUSTOMERS MARGINS TRAFFIC +5.2% ~30% +9pts +190k Revenue outperforming New customers tracking GM% ~9 bpts above Customers through the expectations (4 stores)
Slide 13: iKOU Acquisition Benefits Gain Momentum
IKOU ACQUISITION BENEFITS GAIN MOMENTUM Significant progress across growth and synergy benefits REVENUE ➢ Strong revenue growth across all channels in FY25 ➢ Adore Beauty now iKOU's largest wholesale customer with 100+ SKU’s on the platform ➢ Opened Melbourne CBD flagship (May-25) ➢ Opened Berry (NS
Slide 14: Investing in Core Business to Drive Continued Growth
INVESTING IN CORE BUSINESS TO DRIVE CONTINUED GROWTH Significant platform enhancements through FY25 with platform refresh launching Q2-FY26 KEY INITIATIVES ➢ Significant investment in online infrastructure in FY25 ➢ Embedded AI-driven personalisation to improve product selection, customer experience
Slide 15: Operational Efficiencies Reduce CODB
OPERATIONAL EFFICIENCIES REDUCE CODB On track to deliver 150bpts improvement by 2027 Marketing efficiency ➢ In-housed digital agency H2 FY25, delivering higher ROI and cost-savings ➢ Disciplined promotional activity to support profitable growth ➢ H2 FY25 marketing as a percentage of revenue reduced
Slide 16: Summary & Outlook
SUMMARY & OUTLOOK FY25 RESULTS PRESENTATION | 16
Slide 17: FY26 to Deliver Material Growth
FY26 TO DELIVER MATERIAL GROWTH Strong start to FY26 with first 7 weeks trading up 9.0% on prior year Targeting FY26 Group EBITDA margin of 5-6% (90-200bps increase on FY25) Targeting Group EBIT margin of 2.5-3.5% in FY26 (50-150bps increase on FY25) Owned brands expected to account for >6% of Group
Slide 18: Strong Growth in Higher-Margin Stores & iKOU
STRONG GROWTH IN HIGHER-MARGIN STORES & IKOU Core online growth complemented by high margin, high growth channels FY26 REVENUE $ GROWTH BY CHANNEL FY25 ADORE ONLINE ADORE RETAIL IKOU FY26 CORE HIGH-GROWTH / HIGH BUSINESS MARGIN CHANNELS GROWTH FY25 RESULTS PRESENTATION | 18
Slide 19: FY27 Strategic Plan – Targets
FY27 STRATEGIC PLAN – TARGETS 1 Our Vision is to make beauty a source of confidence, empowerment and wellbeing, offering personalised experiences that celebrate individuality Total Group Revenue > $260 million / +30%2 Gross margin expansion >200bpts CODB contraction/efficiencies >(150bpts) EBITDA ta
Slide 20: Appendix
APPENDIX FY25 RESULTS PRESENTATION | 20
Slide 21: Proforma Adjustments to Statutory Income Statement
PROFORMA ADJUSTMENTS TO STATUTORY INCOME STATEMENT Statutory Actual Pro-forma Actual A$M FY24 FY25 A$M FY24 FY25 FY24 FY25 Statutory profit/(loss) before tax 2.8 1.2 Revenue 195.7 198.8 195.7 198.8 Cost of sales (130.3) (128.6) (130.3) (128.6) Acquisition-related transaction cost 2.0 Gross profit 65
Slide 22: Disclaimer
DISCLAIMER Forward Looking Statements Certain statements made in this release are forward-looking statements. These forward-looking statements are not historical facts but rather are based on Adore Beauty's current expectations, estimates and projections about the industry in which Adore Beauty oper