Slides
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Warpaint London 2026 Interim Results 23 September 2026
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2 2026 Interim Results Disclaimer The information contained in these slides (the "Presentation") is being provided to you for general information purposes and does not purport to contain all information that may be required to evaluate Warpaint London plc (the "Company"). The information in the Presentation is subject to updating, completion, revision and verification. You are not to construe the content of the Presentation as investment, legal or tax advice and you should make your own evaluation of the Company and the market. The presentation has been prepared in relation to the financial results for the full year ended 31 December 2025 and H1 2026 update. The financial information referenced in the Presentation does not contain sufficient detail to allow a full understanding of the results of the Company. For more information, the entire text of the RNS announcement containing the financial results for the full year ended 31 December 2025 and H1 2026 update can be found on the Investor Relations section of the Company’swebsite. The information in this Presentation has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 (as amended) ("FSMA"). Reliance upon the Presentation for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested. If any person is in any doubt as to the contents of the Presentation, they should seek independent advice from a person who is authorised for the purposes of FSMA and who specialises in advising on investments of this kind (or if you are a person outside the United Kingdom, otherwise duly qualified in your jurisdiction). The Presentation does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company nor shall it or any part of it, or the fact of its distribution, form the basis of, or be relied upon in connection with, or act as any inducement to engage in investment activity under section 21 of FSMA. Any investment in shares in the Company should only be made by you on the basis of your own judgment as to the merits of the suitability of the shares for your purposes, having taken all such professional advice as you consider necessary or appropriate in the circumstances. 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These statements relate to the future prospects developments and business strategies of the Company. Forward-looking statements are identified by the use of such terms as "believe", "could", "envisage", "estimate", "potential", "intend", "may", "plan", "will" or the negative of those, variations or comparable expressions, including references to assumptions. The forward-looking statements contained in the Presentation are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. If one or more of these risks or uncertainties materialises, or if underlying assumptions prove incorrect, the Company’sactual results may vary materially from those expected, estimated or projected. Given these risks and uncertainties, potential investors should not place any reliance on forward-looking statements. These forward-looking statements speak only as at the date of the Presentation. The Company is under no obligation to, and expressly disclaims any intention to, update or revise such forward-looking statements, estimates, projections or any other information contained in the Presentation or to correct any inaccuracies in the information or opinions contained within the Presentation. No undertaking, representation, warranty or other assurance, expressed or implied, is made or given by or on behalf of the Company or any of its directors, officers, employees, shareholders or advisers or any other person as to the accuracy or the completeness of the information or opinions contained herein and to the extent permitted by law no responsibility or liability is accepted by any of them for any such information or opinions.
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3 2026 Interim Results Presenters Eoin Macleod Managing Director Neil Rodol Chief Financial Officer Sam Bazini Chief Executive Officer 3 2026 Interim Results
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4 2026 Interim Results About Warpaint Warpaint sells high quality, branded, affordable cosmetics, health/beauty and personal care products mostly through large retailers in Europe, UK, US and globally Efficiently managed, with a team of c.200 based in UK, US, China, Hong Kong and India Outsource manufacturing to c.30 factories in several countries to ensure quality, competitive pricing, scalability, rapid production and an asset-light structure Warpaint is a growing, profitable, cash-generating business, with a strong balance sheet, and is debt-free and dividend paying 1 2 3 4
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5 2026 Interim Results £40.5m 47.3% £6.8m £20.7m Revenue Gross profit margin1 Adj EBITDA2 Cash (no debt) 1 Includes a on-off contribution of approximately 150bps from selling through Barry M inventory acquired at a discount to actualcost 2 Adjusted for fxmovements, exceptional items, amortisation and share-based payments. The figure for 30 June 2025 has been restated to reflect the final net assets acquired in respect of the Group’s acquisition of Brand Architekts Group Plc on 12 February 2025, which was determined post 30 June 2025. Interim dividend 4.25p (H1 2025: 4.0p) 2026 H1 financial highlights
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6 2026 Interim Results • Successfully purchased and integrated the Barry M brand and IP from administration • W7 capsule range successfully launched into 2,200 Rossmann’s stores (Germany) with discussions now underway regarding a further rollout • Continued development of the Group’s relationship with Superdrug • Refreshed cabinets across Tesco estate, rolled out impulse into another 220 stores, and an additional 200 Express stores expansion of the number of stores taking W7 products for Halloween • Significantly increased Christmas gifting orders secured for H2 2026 including Walmart and an initial order for Ulta Beauty online (US) • Technic introduced into Tigotà (Italy), generating a number of encouraging initial orders, including for Christmas gifting • Direct online sales were £3.6m, up 6% (H1 2025: £3.4m), now accounting for 8.9% of Group sales (H1 2025: 6.8%) H1 Operational highlights
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Financial Review
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8 2026 Interim Results8 £m H1 2026 H1 2025 ∆ (%) Warpaint 40.5 49.3 (17.8)% W7 23.9 29.8 (19.8)% Technic brands 8.7 10.4 (16.3)% Bodycare - 1.6 - BAR brands 4.4 4.6 (4.3)% Divested brands - 1.2 - Barry M 2.5 - - White label 0.0 0.3 - Close out 1.1 1.1 - Other income - 0.3 - A resilient financial performance in a challenging environment across our core markets
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9 2026 Interim Results9 Long term increase in gross margin demonstrates quality of execution and brand strength 25 30 35 40 45 50 H1 FY H1 FY H1 FY H1 FY H1 FY H1 2021 2022 2023 2024 2025 2026 H1 2026 gross margin of 47.3% includes 150bps from selling through Barry M inventory acquired at a discount to actual cost %
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10 2026 Interim Results Cash Flow bridge 16.0 6.5 2.0 20.7 (0.5) (1.4) (1.1) (0.8) 0 5 10 15 20 25 30 Net cash 31 Dec 2025 Adj. Profit Working capital Acquisition of in tangibles Tax and interest Capex IFRS 16 lease payment Net cash 30 Jun 2026 £m
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Strategy
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12 2026 Interim Results VV V VVV W7 branded products vs premium products Socialite Eye Palette £10.50 Absolute Lashes Mascara £5.50 Huda Beauty Nude Eye Palette £62 Benefit They’re Real Mascara £28 Benefit HoolaMatte Bronzer £34 Laneige Lip Sleeping Mask £21 BENEFIT, CHARLOTTE TILBURY, DRUNK ELEPHANT, HUDA BEAUTY, LANEIGE are cosmetic brands owned by third parties and the productsshown are for illustrative purposes only. Prices correct as of 7 July 2026. Honolulu Matte Bronzing Powder £5.50 Sweet Dreams Overnight lip mask £4.50 Lip Culture Satin Lipstick £4.50 Drunk Elephant D-BronziSunshine Drops £35 Golden Glow Drops Radiant Bronzing Drops £5.50 Charlotte Tilbury Matte Revolution £29.50 Offering a strong value proposition
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13 2026 Interim Results Strategic growth model Existing Customers New Customers D2C Increase distribution and shelf space New geographies New customers and channels Online Well positioned for consumer recovery
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14 2026 Interim Results DEVELOP AND BUILD THE GROUP’S BRANDS AND ENSURE NPD REFLECTS TRENDS AND CONSUMER NEEDS DEVELOP AND NURTURE CURRENT BUSINESS GROW MARKET SHARE IN THE UK DEVELOP BRANDS ONLINE AND PROFITABLE SALES REDUCE THE GROUP’S IMPACT ON THE ENVIRONMENT A winning strategy to deliver growth GROW MARKET SHARE IN THE US AND ROW
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15 2026 Interim Results Develop and build the Group’s brands; ensure NPD reflects trends and consumer needs 61% Percentages shown are of Group H1 2026 own brand revenue, which represented 97% of total revenue. Technic includes its sub-brands: Body Collection, Chit Chat and Man’sTuff. 15 2026 Interim Results 17%22%
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16 2026 Interim Results Develop and nurture current business
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17 2026 Interim Results UK cosmetic sales by channel Discounters 25% Full price 75% Grow market share in the UK Refreshed entire Tesco estate in H1, expect to benefit from brand refresh in 2027
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18 2026 Interim Results Grow market share in the US and ROW Chemist Warehouse Priceline The Warehouse AS Watson Four markets in South America launching in 2026
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19 2026 Interim Results £m Develop brands online and profitable sales H1 direct online sales 0 0.5 1 1.5 2 2.5 3 3.5 4 20 19 20 20 20 21 20 22 20 23 20 24 20 25 20 26 CAGR 72%
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20 2026 Interim Results PLANET Climate change is one of the greatest challenges of our time, and we will play our part to halt the climate crisis as we move toward net-zero. PRODUCTS Our suppliers provide “Good Manufacturing Practice Certificates” for the factories used to make the Group’s goods, and are encouraged to share their BSCI and Sedex audits. PEOPLE We have a diverse and loyal workforce with equality of pay and opportunity. Employees are encouraged and nurtured and we promote from within wherever possible. PERFORMANCE Our progress against defined goals and targets will be measured and reported on for the 2025 fiscal year. GOVERNANACE Warpaint is dedicated to having robust governance policies, protocols, procedures and appropriate high standards of conduct, to protect and grow the business for the benefit of all stakeholders. - Working with Planet Mark since 2022 - No products tested on animals regardless of regulatory requirements - Joined PETA Beauty without Bunnies in 2023 Initiatives - Increased EV chargers for UK HQ staff - All new products Paraben free/vegan friendly since 2023 - Retro fitted solar panels on the Iver HO roof - Reduce physical waste, increase onsite recycling - Reduce carbon footprint in shipping and transportation - Reduce environmental impact of travel - Maintain appropriate, diverse board structure - Ensure optimal skill set across board - Employ people from the local area where possible See www.warpaintlondonplc.comfor further details and and the Corporate Governance Update slide in the appendix - All employees incentivized to align with investors Reduce the Group’s impact on the environment - Adopt robust and ethical policies across the business - Inclusivity at the heart of our products and team
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21 2026 Interim Results Barry M • Purchased in H1 2026 for £1.4m • Wide UK distribution – in more than 1,300 doors, primarily Superdrug, Boots, Sainsbury’s and Tesco; and also in Australia • Have become a strategic partner for Superdrug – supplying branded product and their own Studio London brand • Barry M/W7 are targeted at different consumers – aim to optimise space to grow both brands • Opportunity to accelerate growth in key retailers On 9 February 2026, the Group acquired the Barry M brand, including its IP, stock and order book, but excluding the manufacturing capabilities and any liabilities, for a cash consideration of £1.4 million out of administration. Superdrug store Brent Cross Shopping Centre
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Trading update and Summary
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23 2026 Interim Results Current trading and outlook 6 • YTD and Q3: Group sales for the nine months to 30 September 2026 are expected to be approximately £69m (nine months to 30 September 2025: £76m), reflecting positive trading in Q3, with sales expected to be approximately £28.5m, c.5% higher than the £27.1m recorded in Q3 2025 • H2 weighting: As previously indicated, Group performance for FY26 is expected to be significantly more second half weighted than in prior years, reflecting the timing of larger orders and planned rollouts, significantly increased Christmas gifting activity, continued growth in ecommerce and a contribution from Barry M • Financial strength: Group remains well positioned financially, with a strong balance sheet and no debt • Share buyback: Commencement of an initial programme on 27 July 2026 of up to £2.5 million, which is expected to complete before the end of September 2026 • Outlook: The Board currently expects revenue for FY26 to be towards the lower end of the range of current market expectations of, as far as we are aware, (£103.3m-£112.6m) and Adjusted EBITDA1 to be within the current range of analyst forecasts (£22.4m-£24.0m) 1 Adjusted for fxmovements, exceptional items, amortisation and share-based payments
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24 2026 Interim Results Summary 6 • Trading environment: Consumer spending remained under pressure in H1, with retailers taking a cautious approach to ordering across key markets • Financials: Despite the backdrop, the Group continued to improve gross margin and generate robust cash flows, supporting the strong balance sheet with no debt • Customers: Encouraging progress with major retailers including Rossmann’s, Superdrug, Tesco and Tigotà • E-commerce: Online sales continue to grow • Barry M integration: Brand integration has been successfully completed and is contributing to group performance. • H2 weighting: 2026 is expected to be significantly more second-half weighted than previous years, driven by: Increased Christmas gifting activity; further customer and store expansion; and a contribution from Barry M • Warpaint remains a strong, profitable business, that is dividend paying, cash generative and with no debt v12 TEXT
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Q&A
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Appendix
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27 2026 Interim Results Consolidated Income Statement Unaudited 6 months ended 31-Jun-26 £’000 Unaudited 6 months ended 31-Jun-26 (restated)* £’000 Audited Year ended 31-Dec-25 £’000 Revenue 40,516 49,298 105,082 Gross profit 19,166 22,169 44,739 Gross Margin 47.3% 45.0% 42.6% +1.5% Barry M Administrative expenses (13,991) (19,147) (29,783) FX gain vs loss in 2025 Impairment (loss)/gain on financial assets - - (995) Bad debt charge (Bodycare & Factory Shop) Gain on bargain purchase - 4,524 4,524 Negative goodwill –restated for June 2025 Profit from operations 5,175 7,546 18,485 Net finance expenses (268) (204) (383) Actual positive interest, less IFRS 16 charge Profit before tax 4,907 7,342 18,102 Tax expense (1,347) (979) (3,750) Effective tax rate @ 31/12/25 c.21% Profit for the period 3,598 6,732 14,352 Basic EPS 4.4p 7.9p 17.8p Adjusted EPS 4.5p 8.3p 16.7p * The figures for 30 June 2025 have been restated to reflect the final net assets acquired in respect of the Group’s acquisition of Brand Architekts Group Plc on 12 February 2025, which was determined post 30 June 2025.
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28 2026 Interim Results Consolidated Statement of Financial Position Unaudited As at 30 Jun-26 £’000 Unaudited 6 months ended 31-Jun-26 (restated)* £’000 Audited As at 31 Dec-25 £’000 Goodwill 7,274 7,274 7,274 Acquisition of Retra and LMS Intangibles 4,688 4,478 4,318 IP of Brand Architekts and Barry M Property, plant and equipment/Right-of-use assets 12,103 13,140 12,886 IFRS 16 Leases £8.6m Retirement benefit surplus 4,980 1,970 3,339 Brand Architekts legacy pension scheme - in surplus Inventories 28,952 35,934 31,351 H2 2026 weighted order book Trade and other receivables 22,277 21,465 19,957 Cash and cash equivalents 20,684 17,017 15,985 Derivative financial instruments 739 (2,665) (129) (Loss)/gain of forward options Trade and other payables (17,094) (17,686) (7,883) Includes accrued dividend payment at half year Lease liabilities (8,979) (10,423) (9,816) IFRS 16 lease liability £9m Corporation tax recoverable 1,563 2,321 1,850 Paid quarterly in advance Deferred tax assets 821 1,591 1,221 Net Assets 78,008 74,402 80,353 Attributable to shareholders 78,008 74,402 80,353 * The figures for 30 June 2025 have been restated to reflect the final net assets acquired in respect of the Group’s acquisition of the Brand Architekts Group Plc on 12 February 2025, which was determined post 30 June 2025.
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29 2026 Interim Results Consolidated Statement of Cash Flows Unaudited 6 months ended 30-Jun-26 £’000 Unaudited 6 months ended 30-Jun-25 (restated*) £’000 Year ended 31-Dec-25 £’000 Adjusted Profit 6,449 8,786 20,019 Decrease/(increase) in inventories 2,399 (1,631) 2,647 Decrease/(increase) in trade and other receivables (2,316) (288) 165 Decrease in trade and other payables 1,940 483 (3,053) Cash inflow generated from operations 8,472 7,350 19,778 Tax paid (1,085) (3,266) (5,431) Finance expense (net) (268) (204) (383) Acquisition of subsidiary (net of cash) - (7,362) (7,362) Purchase of property, plant and equipment (1,064) (1,067) (2,184) (Purchase)/sale of property, plant and equipment, intangible assets and subsidiary (534) 273 393 Principal elements of lease payments (837) (524) (1,393) Dividends - - (9,291) Net change in cash and cash equivalents 4,684 (4,800) (5,873) Exchange gain/(loss)on cash equivalents 15 (70) (29) Cash and cash equivalents at beginning of period 15,985 21,887** 21,887** Cash and cash equivalents at end of period 20,684 17,017 15,985 * The figures for 30 June 2025 have been restated to reflect the final net assets acquired in respect of the Group’s acquisition of Brand Architekts Group Plc on 12 February 2025, which was determined post 30 June 2025. ** Includes £14.0 million held in escrow to fund the Brand Architekts Group plc consideration paid post year-end
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30 2026 Interim Results30 History of progressive dividends 5.8p 6.0p 7.1p 9.0p 11.0p 13.0p 0 2 4 6 8 10 12 14 2020 2021 2022 2023 2024 2025 4.25p interim dividend (H1 25: 4.0p) Financial Year Dividend History Pence
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31 2026 Interim Results Women use colour cosmetics daily or a few times a week Think the price of a product is an important selection criteria Think affordable brands perform as well as prestige brands 2/3 79% 67% £18bn Colour Cosmetics Market £1.8bn Positive fundamental market dynamics 2/3 68% 74% Source: Mintel –Colour Cosmetics UK, 2018 - 2023; Mintel –ColorCosmetics US, 2018 - 2023
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32 2026 Interim Results Warpaint has grown sustainably for more than three decades with a proven ability to innovate and win new business Company history and key milestones 2002 2011 2006 1992 Business founded 2013 2014 2016 2017 2018 2019 2020 2022 2023 W7 sales reach£10m W7 sales reach£1m Acquired Retra Holdings (Technic) Launched in Tesco Launched in Superdrug. Sales of £89.6m ü Fast-to-market NPD ü Globalbrands sold worldwide ü Strong propositions across all-year-round and gifting markets W7 brand launched Export sales reach £1m Social media strategy drive Admitted to AIM Acquired Brand Architekts Started selling D2C Launched in CVS and Boots. Sales of £64.0m 2024 Launched in Walmart Sales of £102m 2025 Acquired Leeds Marketing 2026 Acquired Barry M brand