Revolution Beauty’s (REVB) FY25 trading update points to lower revenues than we had previously anticipated, owing to the delay of certain retail launches (pushed into 1H26), some softness in retail channels and destocking from some US retailers. We have lowered our revenue estimates by 7% in FY25 in line with management’s guidance, while the 8% downgrade to FY26E revenue reflects the slightly slower phasing of retail contracts. We lower our adj. EBITDA expectations by 38% in FY25 and 16% in FY26 ....
