Beauty Tech Group Plc · LSE:TBTG
Beauty Tech — The Beauty Tech Group — FY2025 Earnings Presentation
35 slides from Beauty Tech's earnings presentation, Apr 16, 2026
Slide 1: FY25 Results Presentation
THE BEAUTY TECH GROUP FY25 Results Presentation 16th April 2026
Slide 2: Today's Agenda & Speakers
Today's Agenda & Speakers Laurence Newman Founder & CEO Agenda o1 02 Samuel Glynn CFO &COO 03 Business Introduction 04 Financial Review 05 Customer & Market Opportunity 06 Product & Efficacy Our Market Positioning Summary
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Slide 4: The Story So Far
The Story So Far From online retailer to LSE-listed, debt-free beauty technology platform - built in under 16 years. 2009 2022 Oct 2025 CurrentBody founded as an Acquisition of ZIIP Beauty IPO on London Stock online retailer of beauty (microcurrent) Exchange Main Market technology | ! ! T T T 2019 2
Slide 5: A Portfolio of Brands with the Infrastructure to Scale
A Portfolio of Brands with the Infrastructure to Scale CurrentBody ZIIP Tria Technology LED / Radio Frequency / Hair Microcurrent Laser Health De-risked & Dual Sources Supply Chain v Vv v Patent and IP Vv v v Clinical Studies v v Vv 3 Year Product Pipeline Investment v v Q1 2026 Distinct brands, tru
Slide 6: Financial Review
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Slide 7: FY25 Highlights
FY25 Highlights £140.9m 62.7% £37.5m Own-Brand Gross Margin Adj. EBITDA' Revenue +590bps (FY24: 56.8%) +63.8% YoY (FY24: £22.9m) +60.0% YoY (FY24: £88.1m) 26.6% £40.8m 20.0p Adj. EBITDA Net Cash Adj. EPS Margin FY24: (£27.1m) net debt +400bps (FY24: 22.6%) 1 Adj. EBITDA excludes IPO costs, SBP, FV m
Slide 8: Financial Summary
Financial Summary Revenue £141.0m Own-brand revenue £140.9m Gross margin 62.7% Adj. EBITDA* £37.5m Adj. EBITDA margin 26.6% Adj. PBT £29.5m Adj. Net Income? £22.1m Reported PBT £15.2m Adjusted FCF? £34.4m Net cash / (debt)? £40.8m £101.1m £88.1m 56.8% £22.9m 22.6% £14.9m £11.2m £5.1m £15.9m (£27.1m)
Slide 9: Revenue Growth: By Brand
Revenue Growth: By Brand Revenue by Brand (£m) @ CurrentBody @§ ZIIP @ Tria +1 150 100 =o . [1 CY22 CY23 FY24 FY25 Year Note: FY22 (16 months to 31 Jan 2023) and FY23 (11 months to 31 Dec 2023) are the Group's statutory periods. To enable like-for-like comparison, financial data is also presented on
Slide 10: Revenue Growth: By Geography
Revenue Growth: By Geography Own-Brand Revenue by Region (£m) Own-brand revenue (£m) cy22 cy23 FY24 FY25 FY25 YoY US & Canada 6.5 14.7 33.2 56.2 +69.2% UK & Ireland RA 8.9 18.8 28.8 +53.1% Rest of Europe 3.8 8.5 19.0 Si +64.3% Asia Toil 14.8 13.0 18.0 +38.2% Rest of World 1.8 2.4 4.0 6.7 +66.8% Own
Slide 11: Sales Participation: eCommerce vs. Wholesale (£m)
Sales Participation: eCommerce vs. Wholesale (£m) Dual Wholesale Approach Prestige Retail Partners Enhance Brand Proposition 8.8% Selective Volume Retail Partners: Expand Consumer Reach ® Wholesale - 8.8% ® eCommerce - 91.2% 91.2% Source: Management information.
Slide 12: Gross Margin Expansion
Gross Margin Expansion cross Me Wa) Gross margin of 62.7% (+590bps YoY), driven by 3 60 factors: 1 100% Own-Brand Transition Complete “6° 40 Own-brand margins typically exceed 60% vs. ~14% for 39.9 3rd party. om) 2 Higher-Margin Product Mix Increased participation of products with superior margins.
Slide 13: Adjusted EBITDA Progression
Adjusted EBITDA Progression Adj. EBITDA (£m) Margin Drivers 40 e Adjusted EBITDA up 63.8% to £37.5m in FY25 22.9 20 e Margin expanded 400bps to 26.6%, driven by own-brand mix shift, operating 115 leverage, and disciplined cost [*] 3 management cy22 cy23 FY24 FY25 e EBITDA-to-cash conversion of 91.7%
Slide 14: Gross Profit to PBT
Gross Profit to PBT FY25 P&L Bridge Underlying Adj. Bridge Non-Adj. Bridge @ increase | Decrease @B Total @ increase | Decrease @B Total 100.0 100.0 88.3 ise 296 ysorequj 288) wold Buneredo, 3 {Ay Aa BUE 83800 1840 | 3 uopestuowy pue Mo boy uonesmouy» deg a das 3| ‘909u) 0430 88.3 90.0 | 90.0 80.0 |
Slide 15: EBITDA to FCF Bridge
EBITDA to FCF Bridge @ increase |) Decrease @ Total wo os Cash Flow Highlights 40.0 — om e Adjusted FCF conversion of 91.7% in FY25 ee || oo — m— (FY24: 69.4%) 30.0 9.2 « 2026 not expected to have any exceptional 0 a i or finance costs which both related to IPO or ae Pre IPO Debt. ¢ Working capital
Slide 16: Capital Allocation
Capital Allocation The Group is committed to a disciplined capital allocation strategy that supports its long-term growth objectives while maintaining a strong financial position. Given its strong balance sheet, high cash generation and continued growth ambitions, the Group intends to allocate capit
Slide 17: Well Positioned For Continued Profitable Growth
Well Positioned For Continued Profitable Growth As the Group enters its first full financial year as a listed company and as awareness of the AHBD market continues to grow at pace, the Board remains confident in the outlook for FY26 and beyond. Q1 Trading & Revenue Growth Significant Earnings Tailwi
Slide 18: Customer & Market Opportunity
Customer & Market Opportunity
Slide 19: The Skincare Efficacy Spectrum
The Skincare Efficacy Spectrum INCREASED EFFICACY (RANK/10) ma At-home beauty devices Topical skincare Efficacy 4-7/10 ical devices Invasive procedures Efficacy 0-4/10 Efficacy gap closing with tech advancement Efficacy 7-9/10 Efficacy 9-10/10 ££ Moderate Cost £ Lowcost £££ High cost £Eee Very "Home
Slide 20: Tapping Into the Skincare Customer
Tapping Into the Skincare Customer At-home beauty device customers mirror the topical skincare audience - but they can achieve better results, for less cost, over 2 years. Demographics by Age — USA, UK & Germany (%) Demographics by Affluence — USA, UK & Germany (%) 100 100 Cee High Affluence 80 55-6
Slide 21: Why At-Home Beauty Tech Sticks
Why At-Home Beauty Tech Sticks 71% 79% 82% Say More Effective Use Devices Weekly Will Buy Another Than Topicals' or More ? Device * High efficacy — high retention > cross-category buying = strong lifetime value. 1OC&C Consumer Research, April 2025; N=1,299 AHBD buyers & users in L12M; US, UK & DE co
Slide 22: Three addressable markets, three distinct customers, significant headroom
Three addressable markets, three distinct customers, significant headroom Anti-ageing $75bn wider market ~£1ibn device market (UK/US/DE) Searches vs. purchases / year Searches —_—_—__ EE, 28 Purchases @ HERI 83% female 2.4M Hair removal $30bn wider market ~£0.5bn device market (UK/US/DE) Searches vs
Slide 23: Product & Efficacy
Product & Efficacy
Slide 24: Product Pipeline: Significant Long Term Growth Of Product Innovation
Product Pipeline: Significant Long Term Growth Of Product Innovation H2 2026 Jul-Dec H1 2027 Jan-Jun H2 2027 Jul-Dec 49 19 Produets in Iteration Pipeline Upgrades 2028 Full Year 23 Gold Tier Products 2029+ Horizon CurrentBody Skin ( } 34 Products ote) 8 ZIIP (+Y+) 15 Products Tria 7 Products Total p
Slide 25: Clinical Efficacy Across Proven Technologies
Clinical Efficacy Across Proven Technologies Partnering with leading testing facilities to conduct ongoing peer-reviewed clinical research. LED Mask Series 2 LED Neck & Décolletage Mask LED Hair Growth Helmet ZIIP Halo Tria Laser 4X 10, t) ) ) C) 57% 12.8% 72.3% 62% 100% increase in elasticity incre
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Slide 27: The Dual Moat of Brand and Technology
The Dual Moat of Brand and Technology Two things that are each extremely hard to build - and in combination, create a position we believe is unique. Large Corporates Startups & New Entrants DTC beauty brands, new device makers The Beauty Tech Group Has built both Brand in Beauty Tech & Infrastructur
Slide 28: De-Risked Manufacturing & Global Distribution
De-Risked Manufacturing & Global Distribution CurrentBody ZIIP Tria Component + Asia-wide sourcing + 4suppliers (boards, gels, components, + Component products are sourced Sourcing + JVpartner support boxes) from Asia + TBTG staff on ground + Components purchased from both China and US Manufacturing
Slide 29: Customer Trust in Brands Drives Sales
Customer Trust in Brands Drives Sales % of Revenue Attributable to 'Brand' Searches 80 78% of Revenue from Direct Brand 60 Searches The majority of Group revenue is attributable to consumers a actively searching for "ZIIP" "CurrentBody". Customers are searching for the brands by name, not generic pr
Slide 30: Diversified Marketing Approach That Grows With Time
Diversified Marketing Approach That Grows With Time Influencer marketing spend & total KOLs by year, 2022-2025 poder barucipation by (tier ctinfluencer C.4% FY22 C.7%FY23 C.9%FY24 C.12%FY25 90% | I | | | 80% 512 1,154 2,804 5,419 | | { £0 70% FY23 FY24 FY25 -£2,000,000 60% -£4,000,000 50% -£6,000,00
Slide 31: Summary
Summary
Slide 32: Summary: Our Positioning
Summary: Our Positioning P1 Market Leadership in a High-Growth Segment P2 Multi-Brand Model ‘Syr CAGR (2019-2024): AHBD vs Broader Beauty Brand Revenue in (¢m) @us © UK Germany Brand 4 CurrentBody ZIIP Beauty 0 - Bo@-o fo viata fo} AHBD Prem. Skincare Skincare Beauty & Pers... Own-brand Year P3 Geog
Slide 33: Appendices
Appendices
Slide 34: Significant Balance Sheet Strength and Flexibility post IPO
) Significant Balance Sheet Strength and Flexibility post IPO, Supported by Strong Operational Cash Generation TRANSFORMED FINANCIAL POSITION POST-IPO Metric FY25 FY24 Change 57.9% Operating ROCE Total Assets £139m £105.3m +32% 1 3-5x estimated WACC Net Cash / (Net Debt) £40.8m (£27.1m) +£68m Net Cu
Slide 35: Reported, Restated and Adjusted FCF Derivation
Reported, Restated and Adjusted FCF Derivation All figures £000 Reported Cash generated from operations 40,042 Add: IPO exceptional costs (non-recurring) Add: Pre-IPO interest paid (non-recurring) Operating cash before tax 40,042 Tax paid (% to drop to 25% going forward) (9,193) Net operating cash f