Warpaint London Plc · LSE:W7L
Warpaint London — FY2025 Earnings Presentation
33 slides from Warpaint London's earnings presentation, Apr 29, 2026
Slide 1: Warpaint London FY 2025 Results
Warpaint London FY 2025 Results 29 April 2026
Slide 2: Disclaimer
Disclaimer The information contained in these slides (the "Presentation") is being provided to you for States of America (or any of its territories or possessions) (together, the "US"), Canada, general information purposes and does not purport to contain all information that may be Japan, Australia,
Slide 3: Presenters
Presenters Sam Bazini Chief Executive Officer Eoin Macleod Managing Director Neil Rodol Chief Financial Officer 3 2025 Full Year Results presentation Presentation
Slide 4: About Warpaint
About Warpaint Warpaint sells high quality, branded, affordable cosmetics, 1 health/beauty and personal care products mostly through large retailers in Europe, UK, US and globally Efficiently managed by a team of c.200 based in UK, US, 2 China and Hong Kong Outsource manufacturing to c.30 factories
Slide 5: 2025 Financial highlights
2025 Financial highlights Gross profit Revenue margin £105.1m 42.6% Adj EBITDA* Cash (no debt) £21.3m £16.0m Proposed final dividend 9.0p; total for 2025: 13.0p (2024: 11.0p) * Adjusted for gain on bargain purchase, exceptional items ad share-based payments ** Excludes £14.0 million held in escrow t
Slide 6: 2025 Operational highlights
2025 Operational highlights • Completed the acquisition of Brand Architekts and successfully integrated the business into the Group, delivering a positive Adjusted EBITDA contribution • Significant H2 store rollouts into Superdrug, Tesco, CVS, Etos and Normal, gifting going into Boots for the first
Slide 7: Financial Review
Financial Review
Slide 8: Revenue
Continued improvement in margin, despite a challenging year for revenue and profit US tariffs/UK £m FY 2025 FY 2024 ∆ (%) sales/large EU customer Warpaint 105.1 101.6 3% -------Revenue------- unexpectedly flat yoy W7 63.9 65.4 (2)% Technic brands 25.3 29.7 (15)% Brand Architekts 11.8 - - Primarily,
Slide 9: 2025 Cash Flow
2025 Cash Flow £m 45 40 22.6 (0.2) 35 (5.8) 30 0.4 25 (7.4) (2.2) (1.4) 20 14.0 Escrow 15 17.3 (9.3) 16.0 10 7.9 5 0 Net cash Adj. Profit Working Tax and Acquisition, net Sale Capex IFRS 16 lease Dividends Net cash Net cash 31 Dec 2024 capital interest of cash of payment 31 Dec 2025 31 Mar 2026 bran
Slide 10: History of progressive dividends
History of progressive dividends 9.0p final dividend (FY 24: 14 7.5p) 13.0p 12 10 11.0p 8 9.0p Pence 7.1p 6 5.8p 6.0p 4 2 0 2020 2021 2022 2023 2024 2025 Financial Year Dividend History 10 2025 Full Year Results Presentation
Slide 11: Percentage of revenue
Improving gross margin; U/L leverage of administrative expenses vs revenue 45% 4 years 40% +1150 35% bps Percentage of revenue 30% 25% A. Incl. BA 21.5% (£22.5m) A 20% B C B. LFL excl. BA 20% (£18.6m) 15% C. LFL excl. BA/bad debt 19% (£17.6m) 10% 5% 0% 2020 2021 2022 2023 2024 2025 Gross margin Adj.
Slide 12: Strategy
Strategy Duy D2 oT BROW seers, BROW Dip EYEBROW TINT EYEBROW THT TNTURE POUR SOURCES comme —TNTURE PouR soUAGilS — 1)
Slide 13: Offering a strong value proposition
V V Offering a strong value proposition Lip Culture Satin Lipstick V W7 branded products vs premium products £4.50 Absolute Lashes Mascara Socialite Eye Palette £5.00 £10.50 Huda Beauty Charlotte Tilbury VV V Nude Eye Palette £62 Matte Revolution £29.50 Sweet Dreams Honolulu Matte Benefit Overnight
Slide 14: A winning strategy to continue delivering growth
A winning strategy to continue delivering growth DEVELOP AND BUILD DEVELOP AND GROW MARKET GROW MARKET DEVELOP BRANDS REDUCE THE GROUP’S THE GROUP’S BRANDS NURTURE SHARE IN THE UK SHARE IN THE US ONLINE AND IMPACT ON THE AND ENSURE NPD CURRENT BUSINESS AND ROW PROFITABLE SALES ENVIRONMENT REFLECTS T
Slide 15: Develop and build the Group's brands; ensure NPD reflects trends
Develop and build the Group’s brands; ensure NPD reflects trends and consumer needs 63% 25% 12% Percentages shown are of Group 2025 own brand revenue, which represented 96% of total revenue. Technic includes its sub-brands: Body Collection, Chit Chat and Man’sTuff. 15 2025 Full Year Results presenta
Slide 16: Develop and nurture current business
Develop and nurture current business 16 2025 Full Year Results Presentation
Slide 17: Grow market share in the UK
Grow market share in the UK UK cosmetic sales by channel Full price 75% Discounters 25% 17 2025 Full Year Results Presentation
Slide 18: Grow market share in the US and ROW
Grow market share in the US and ROW Chemist Warehouse Priceline The Warehouse AS Watson Four markets in South America launching in 2026 18 2025 Full Year Results Presentation
Slide 19: Develop brands online and profitable sales
Develop brands online and profitable sales Direct Online Sales £m 14 12 10 % 8 97 G R 6 CA 4 2 0 2019 2020 2021 2022 2023 2024 2025 19 2025 Full Year Results Presentation
Slide 20: Reduce the Group's impact on the environment
Reduce the Group’s impact on the environment PLANET PRODUCTS PEOPLE PERFORMANCE GOVERNANACE Climate change is one of Our suppliers provide We have a diverse and loyal Our progress against Warpaint is dedicated to the greatest challenges of “Good Manufacturing workforce with equality of defined goals
Slide 21: Brand Architekts successfully incorporated and making positive Adj EBITDA contribution
Brand Architekts succesfully incorporated and making positive Adj EBITDA contribution • Successfully incorporated the business into the Group • Re-sourced Super Facialist, Dirty Works, Root Perfect and Fish, and redesigned Skin & Tan with new components – will see impact in 2026 • Disposed underprod
Slide 22: Acquisition update – Barry M
Acquisition update – Barry M • Purchased post year-end for £1.4m • Well-known brand • Historically innovative • Wide UK distribution – in more than 1,300 doors, primarily Superdrug, Boots, Sainsbury’s and Tesco • Opportunity to accelerate growth in key retailers Contracted supplier of Superdrug own
Slide 23: Trading update and Summary
Trading update and Summary
Slide 24: Post-Period End Highlights and Outlook
Post-Period End Highlights and Outlook • The difficult trading conditions experienced in 2025 continued in Q1 2026 with unaudited sales for the four months to 30 April 2026 are expected to be approximately £26.1m (four months to 30 April 2025: £32.6m). However, sales in April 2026 are expected to be
Slide 25: Summary
Summary 2025 2026 Record sales with improved Focused strategy to deliver margin, despite the challenging further profitable growth environment Further major growth Continued customer expansion opportunities internationally and in the UK Profitable Ecommerce revenues Expanding efforts to grow online
Slide 26: Q&A
Q&A
Slide 27: Appendix
Appendix
Slide 28: Consolidated Income Statement
Consolidated Income Statement Year ended Year ended 31-Dec-25 31-Dec-24 £’000 £’000 Revenue 105,082 101,607 Gross profit 44,739 41,868 Gross Margin 42.6% 41.2% Administrative expenses (29,783) (17,921) Impairment (loss)/gain on financial assets (995) 39 Bad debt charge Gain on bargain purchase 4,524
Slide 29: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position 31-Dec-25 31-Dec-24 £’000 £’000 Goodwill 7,274 7,274 Acquisition of Retra and LMS Intangibles 4,318 90 Brand Architekts (brands and customer lists) Property, plant and equipment/Right-of-use assets 12,886 6,600 IFRS 16 Leases £9.5m Retirement benefit surp
Slide 30: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows Year ended Year ended 31-Dec-25 31-Dec-24 £’000 £’000 Adjusted Profit 20,019 25,167 Decrease/(increase) in inventories 2,647 (2,807) Decrease/(increase) in trade and other receivables 165 (3,190) Decrease in trade and other payables (3,053) (1,943) Cash inflow ge
Slide 31: Positive fundamental market dynamics
Positive fundamental market dynamics £1.8bn 2/3 79% 67% Women use colour Think the price of a Think affordable brands Colour Cosmetics cosmetics daily or a few product is an important perform as well as Market times a week selection criteria prestige brands £18bn 2/3 68% 74% Source: Mintel – Colour
Slide 32: Corporate Governance update
Corporate Governance update QCA Code • All directors will now retire by rotation and stand for re-election, starting with the 2026 AGM Senior Independent Director • With effect from 27 April 2026, Indira Thambiah was appointed Senior Independent Director, whose principal role is to support the chair
Slide 33: Company history and key milestones
Company history and key milestones Warpaint has grown sustainably for more than three decades with a proven ability to innovate and win new business Acquired Retra Launched in CVS Launched in W7 brand Export sales W7 sales Holdings Started and Boots. Walmart Acquired launched reach £1m reach £10m (T