Revolution Beauty (REVB) delivered a disappointing year in which revenue and adj. EBITDA came in behind our expectations. Alongside the planned rationalisation of the SKU base, REVB experienced softness in both the US and digital channels through 2H25 and this has continued into 1Q26 with revenue falling at a double-digit rate. We have therefore downgraded our FY26E and FY27E revenue estimates by 16% and 19%. Alongside additional tariff costs which impacts gross margin, this results in downgrade ....
