Beauty Tech Group Plc · LSE:TBTG
Beauty Tech — The Beauty Tech Group — H1 2026 Earnings Presentation
31 slides from Beauty Tech's earnings presentation, Sep 17, 2026
Slide 1: Interim Results: Six months ended 30 June 2026
I N T E R I M R E S U LT S Six months ended 30 June 2026 Revenue up 44.3% and Adjusted EBITDA up 53.0%, with £52.0m of net cash and no debt. Entering our strongest period of trading with real momentum and a significant launch pipeline. 17 September 2026
Slide 2: Overview
SECTION 01 Overview Six months ended 30 June 2026
Slide 3: The story so far
INTRODUCTION The story so far We design, make and sell our own beauty technology devices under three brands, direct to the consumer in every major market. 2009 Jun 2026 CurrentBody founded as an 2022 Oct 2025 First full half as a PLC: online retailer of beauty Acquisition of ZIIP Beauty IPO on Londo
Slide 4: Operational highlights
OVERVIEW Operational highlights Five things we worked on in the half that you cannot see in the profit and loss account. 01 02 03 04 05 Third-generation LED Clinical evidence Our own laboratory, ZIIP Beauty European warehousing range completed widened launching early 2027 manufacturing and coming in
Slide 5: Financial review
SECTION 02 Financial review Six months ended 30 June 2026
Slide 6: Revenue up 44.3%, Adjusted EBITDA up 53.0%
OVERVIEW Revenue up 44.3%, Adjusted EBITDA up 53.0% Every region and every brand grew, and margin expanded at both gross and EBITDA level while the Group carried its first full six months of public company costs. £79.7m £21.3m 64.4% £52.0m Revenue Adjusted EBITDA Gross margin Net cash +44.3% · H1 FY
Slide 7: Two years on: own-brand revenue ×2.2, gross profit ×2.2, Adjusted EBITDA ×2.8
REVENUE Two years on: own-brand revenue ×2.2, gross profit ×2.2, Adjusted EBITDA ×2.8 Quality, sustainable revenue growth and improving margins. Revenue, H1 Gross profit, H1 Adjusted EBITDA, H1 £79.7m £51.3m £21.3m £55.2m £33.6m £13.9m £35.9m £22.9m £7.5m H1 FY24 H1 FY25 H1 FY26 H1 FY24 H1 FY25 H1 F
Slide 8: Growth in every region
REVENUE Growth in every region Every region grew again. No single market is a concentration of risk, and awareness of the category outside the UK is still a long way behind. Revenue by region Region, £m H1 FY2025 H1 FY2026 Change US & Canada 24.1 33.0 +37.2% £33.0m Rest of Europe 11.8 17.5 +48.4% US
Slide 9: Three brands, at different stages of their journey
REVENUE Three brands, at different stages of their journey Each has its own product pipeline and is invested in on its own terms. Revenue by brand — each brand to its own scale Brand, £m H1 FY2025 H1 FY2026 Change CurrentBody Skin 49.1 71.1 +44.9% ZIIP Beauty 5.5 7.0 +25.7% Tria Laser 0.6 1.6 +179.0
Slide 10: Gross margin of 64.4%, up 3.6 points
MARGIN Gross margin of 64.4%, up 3.6 points Gross margin was 64.4% against 60.8% last year, and CurrentBody improved by four and a half points. Brand comparatives are re-presented on the revised cost attribution basis. Gross margin by brand 64.4% 66.1% Group gross margin CurrentBody Skin 71.1% +3.6p
Slide 11: Growth and margin, half by half
MARGIN Growth and margin, half by half H1 FY2026 grew 44% against a first half that itself grew 27%; the second half of FY2025 grew 49%. Margins have stepped up in every first half. Margins by half, % Growth on the same half a year earlier H1 FY25 H2 FY25 H1 FY26 Revenue +26.9% +48.8% +44.3% Own-bra
Slide 12: From gross margin to Adjusted EBITDA margin
MARGIN From gross margin to Adjusted EBITDA margin Gross margin was up 3.6 points and Adjusted EBITDA margin up 1.5, so this slide explains the gap. % of revenue H1 FY2025 H1 FY2026 Effect on margin Why marketing went up Gross margin 60.8% 64.4% +3.6pp Direct marketing improved to 15.6% of that chan
Slide 13: Key items below EBITDA
ADJUSTED MEASURES Key items below EBITDA Adjusted EBITDA is operating profit before depreciation, amortisation, share-based payment charges and exceptional items. Operating profit to Adjusted EBITDA, £m The one adjusting item this half H1 FY2025 H1 FY2026 £2.2m of refunds of US import tariffs paid o
Slide 14: Free cash flow of £11.5m
CASH Free cash flow of £11.5m This year’s stock build for peak comes later than last year’s, so stock released cash in the period rather than absorbing it. During July we paid £11.6m of supplier deposits for the launch stock. £11.6m Adjusted EBITDA to free cash flow, £m H1 FY2025 H1 FY2026 Cash gene
Slide 15: Debt free, with a high return on capital employed
BALANCE SHEET Debt free, with a high return on capital employed Returns are measured over the last twelve months against capital employed at the period end, consistent with FY2025. £52.0m £106.4m 65.2% £42.5m Net cash Net assets Operating ROCE Distributable reserves No debt of any kind 31 Dec 2025:
Slide 16: Capital allocation framework
CAPITAL Capital allocation framework As set out in its Prospectus dated 24 September 2025, 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 genera
Slide 17: Adjusted EBITDA guidance raised to no less than £48.5m
OUTLOOK Adjusted EBITDA guidance raised to no less than £48.5m Revenue guidance is unchanged. The margin improvement we delivered in the first half is structural, so we are passing it through. REVENUE ADJUSTED EBITDA No less than £170.0m No less than £48.5m Unchanged from 7 July 2026 Raised from £45
Slide 18: Market & Product
SECTION 03 Market & Product Six months ended 30 June 2026
Slide 19: Awareness runs around ten times ahead of ownership
STRATEGIC PROGRESS Awareness runs around ten times ahead of ownership Between 22% and 49% of women in our largest markets have heard of these technologies, and between 2% and 5% have bought one. Penetration against the size of the market Awareness against ownership The outer ring is everyone who cou
Slide 20: Five priorities for the product effort
PRODUCT Five priorities for the product effort This slide is how we have pointed the product effort to enable future growth. 01 02 03 04 05 Stay ahead in Build hair health Bring ZIIP Beauty and Take the technology Keep improving LED anti-ageing into a category Tria Laser through we own into what we
Slide 21: Three generations of LED in seven years
PRODUCT Three generations of LED in seven years Each generation answered a problem the one before it exposed, and we are now applying the same approach across the portfolio. WHERE WE STARTED PROBLEM 1 & 2 PROBLEM 3 WHAT’S NEXT Over 7,000 clinical studies prove LLLT works. Every mask claims the clini
Slide 22: 85.4% of revenue comes from customers who search for our brands by name
THE MOAT 85.4% of revenue comes from customers who search for our brands by name That is up from 55.2% in 2020, and it runs consistently ahead of our share of sessions. Brand share of revenue and of sessions % 85.4% Share of revenue 2020: 55.2% 100 90 68.9% 80 Share of sessions 2020: 39.9% 70 60 50
Slide 23: Summary
SECTION 04 Summary Six months ended 30 June 2026
Slide 24: Why invest in The Beauty Tech Group
T H E EQ U I T Y STO RY Why invest in The Beauty Tech Group A segment growing faster than beauty Three brands, every core technology At-home beauty technology has grown at two to four times the rate of the wider LED, radio frequency, microcurrent and laser — each brand at a different stage, sector,
Slide 25: Appendix
SECTION 05 Appendix Six months ended 30 June 2026
Slide 26: A portfolio of brands with the infrastructure to scale
APPENDIX A portfolio of brands with the infrastructure to scale CurrentBody Skin ZIIP Beauty Tria Laser LED, radio frequency, hair health Microcurrent Laser CurrentBody Skin ZIIP Beauty Tria Laser De-risked, dual-source supply chain ✓ ✓ ✕ Patent and IP ✓ ✓ ✓ Clinical studies ✓ ✓ ✓ Three-year product
Slide 27: Tapping into the skincare customer
APPENDIX Tapping into the skincare customer At-home device customers mirror the topical skincare audience — for better results, at lower cost, over two years. Demographics by age — USA, UK and Germany (%) Demographics by affluence — USA, UK and Germany (%) 9 65+ 16 21 24 High 11 55–64 28 27 affluenc
Slide 28: The dual moat of brand and technology
APPENDIX The dual moat of brand and technology Two things that are each hard to build, and in combination create a position we believe is unique. BRAND IN BEAUTY TECHNOLOGY AND INFRASTRUCTURE Large corporates ✕ Almost never build from scratch — they acquire ✓ Have the capital and scale to build infr
Slide 29: H1 FY26 statutory: revenue to statutory operating profit
APPENDIX H1 FY26 statutory: revenue to statutory operating profit £m and % of revenue 90 80 100.0% 35.6% 70 (28.4) 60 64.4% 4.1% (3.3) 18.6% 50 79.7 (14.8) £m 40 8.6% 0.4% (6.9) (0.4) 5.8% 51.3 1.4% 30 (4.7) 26.7% 2.8% (2.2) (1.1) 22.5% 4.3% 2.7% 21.0% (3.4) +2.2 20 21.3 18.0 16.8 10 Revenue Cost of
Slide 30: Alternative performance measures
APPENDIX Alternative performance measures Not defined under IFRS and unaudited. Reconciliations are set out in Note 6 of the interim financial statements. Adjusted EBITDA Operating profit before depreciation and amortisation, excluding exceptional items and share-based payment charges Adjusted opera
Slide 31: Disclaimer
IMPORTANT Disclaimer This presentation has been prepared by The Beauty Tech Group plc (the “Company”) for information purposes only. It does not constitute or form part of any offer or invitation to purchase, subscribe for or otherwise acquire any securities in the Company, nor any solicitation of a
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