It was a challenging day for Warpaint on Wednesday following the FY25 results, reflecting the softer start to FY26 and subsequent downward revision to consensus. We have updated our forecasts on the back of Wednesday’s results, lowering revenue by 7% to £107.5m and EPS (adj., dil.) by 8% to 19.5p for FY26E. This implies just 2.3% YoY growth, relatively conservative given the additional store rollouts and orders discussed on the results call (Dirk Rossmann, Walmart) but reflects the c20% decline ....
