Warpaint’s AGM update points to in line trading and we leave our forecasts unchanged. While the group flagged a challenging start at the time of the FY25 results, conditions have improved through 2Q and there appears to be better momentum in the business. FY26 was flagged to be 2H-weighted as it expands key customers, including a pilot in 2,200 Dirk Rossman (Germany) stores and a ‘significantly improved’ Walmart Christmas order. Positively, Warpaint has opened the Ulta Beauty account, the larges ....
