• Revenue up 8.7% to $111.9 million
• Underlying EBITDA of $4.1 million, up 14.5%
• Opened 10 new retail stores across Adore Beauty and iKOU brands

Adore Beauty Group Limited has reported its financial results for the half-year ended 28 December 2025. The Group's revenue increased by 8.7% to $111.9 million, driven by highly successful promotional events, growing iKOU sales, and the benefit of retail stores. The Group's omni-channel strategy continued to gain momentum, with the opening of ten new retail stores across the Adore Beauty and iKOU brands during the period. Underlying EBITDA, which excludes the impact of AASB 16 Leases, store rollout pre-opening expenses, restructuring costs, and other non-core items, increased by 14.5% to $4.1 million. This was achieved despite a 120 basis point decline in gross margin to 35.0%, primarily due to significant sales during the Black Friday promotional period. Profit before tax was $478,000, down 10.2% on the previous corresponding period. The Group ended the half-year with a strong cash balance of $8.2 million, reflecting investment in the rapidly growing retail store network.