The Boutique Group (LON:TBTG) Announces Earnings Results

Key Points

• Record FY2025 results: revenue £141m (+60%) and adjusted EBITDA £37.5m (+64%), closing the year with net cash £40m, no debt and a 92% adjusted EBITDA-to-cash conversion.
• The group’s three complementary brands (CurrentBody Skin, ZIIP, Tria) plus a 49-product pipeline, patent/IP protection, clinical studies and dual-source supply chain underpin a strong moat, while low at-home device penetration (~1%) and robust international/U.S. growth support long-term upside.
• Caveats: several growth initiatives are still early-stage—ZIIP’s supply-chain transformation completes H2 2026 and Tria’s manufacturing/pipeline won’t mature until ~2028—requiring ongoing investment and limiting near-term upside; FY2026 revenue guidance is in line with market expectations and management will review capital allocation for excess cash.

The Boutique Group (LON:TBTG - Get Free Report) posted its quarterly earnings data on Thursday. The company reported GBX 11 EPS for the quarter, Digital Look Earnings reports. The company had revenue of £140.96 million during the quarter.

Here are the key takeaways from The Boutique Group's conference call:

• The group delivered record FY2025 results — revenue £141m (+60%) and adjusted EBITDA £37.5m (+64%), closed the year net cash £40m with no debt and achieved a 92% adjusted EBITDA-to-cash conversion.
• Three complementary brands (CurrentBody Skin, ZIIP, Tria) cover LED, RF, microcurrent and laser and management cites a strong moat from a 49-product pipeline, patent/IP protection, clinical studies and dual-source supply chain.
• Management highlights a large addressable market and low device penetration (at-home devices ≈1% of the wider beauty market), strong international/U.S. growth, and high retention/cross-buying supporting multi-device lifetime value.
• Certain growth initiatives are early-stage — ZIIP's supply chain transformation completes in H2 2026 and Tria's pipeline/dual manufacturing won't mature until ~2028, requiring ongoing investment and limiting near-term upside.
• The group guides FY2026 revenue in line with market expectations and expects sustained margin improvement, and with a debt-free balance sheet it will review capital allocation options (buybacks/dividends) for excess cash.

The Boutique Group Price Performance

Shares of TBTG stock opened at GBX 310 on Thursday. The business has a fifty day simple moving average of GBX 283.62. The stock has a market cap of £343.17 million and a price-to-earnings ratio of 64.31. The Boutique Group has a 52-week low of GBX 213 and a 52-week high of GBX 337.92.

Analyst Upgrades and Downgrades

Separately, Berenberg Bank reissued a "buy" rating and issued a GBX 450 target price on shares of The Boutique Group in a report on Wednesday, March 25th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, The Boutique Group presently has an average rating of "Buy" and an average price target of GBX 450.

The Boutique Group Company Profile

The Boutique Group LON: TBTG is a publicly listed provider of flexible workplace solutions, primarily operating in the United Kingdom. The company focuses on the creation, management and operation of serviced offices, coworking spaces, meeting rooms and related business support services for small and mid-sized enterprises as well as corporate clients. It positions itself as a hospitality-led operator that combines property management with office services to deliver turnkey workspace solutions.

Its commercial activities include letting fully furnished private offices on flexible terms, offering membership-based coworking and hot-desking, and providing ancillary services such as reception and administrative support, IT and telephony provisions, virtual office addresses and meeting- and event-space hire.

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