The Beauty Tech Group (Beauty Tech) delivered an excellent FY25, with revenue, profit and net cash well ahead of our forecasts. We maintain revenue estimates but upgrade EBITDA (Adj.) by 6% for FY26E and 3% for FY27E. The outsized upgrades to EPS (Dil., Adj.) of 20% and 16% respectively are reflective of both the upgrade to profit and a tweak in our calculation of the adjusted figure. We remain of the view that Beauty Tech’s market-leading, premium offering in a rapidly growing market should mak ....
