New Risk • May 25
New major risk - Revenue and earnings growth Earnings have declined by 19% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 19% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Market cap is less than US$100m (AU$31.9m market cap, or US$22.9m). Announcement • Jan 29
Adore Beauty Group Limited to Report First Half, 2026 Results on Feb 24, 2026 Adore Beauty Group Limited announced that they will report first half, 2026 results on Feb 24, 2026 Announcement • Nov 21
Adore Beauty Group Limited Approves Election of Jason Murray as Director Adore Beauty Group Limited at the Annual General Meeting held on 21 November 2025 approved election of Jason Murray as Director. Announcement • Sep 03
Adore Beauty Group Limited, Annual General Meeting, Nov 21, 2025 Adore Beauty Group Limited, Annual General Meeting, Nov 21, 2025. New Risk • Aug 28
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.4% Last year net profit margin: 1.1% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Market cap is less than US$100m (AU$97.7m market cap, or US$63.8m). Buy Or Sell Opportunity • Aug 27
Now 21% undervalued Over the last 90 days, the stock has risen 43% to AU$1.01. The fair value is estimated to be AU$1.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to grow by 204% in the next 2 years. Reported Earnings • Aug 26
Full year 2025 earnings released Full year 2025 results: Revenue: AU$198.8m (up 1.6% from FY 2024). Net income: AU$2.60m (up 20% from FY 2024). Profit margin: 1.3% (up from 1.1% in FY 2024). Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Specialty Retail industry in Australia. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to AU$1.02, the stock trades at a trailing P/E ratio of 51.9x. Average trailing P/E is 28x in the Specialty Retail industry in Australia. Total loss to shareholders of 38% over the past three years. Announcement • Aug 06
Adore Beauty Group Limited to Report Fiscal Year 2025 Results on Aug 25, 2025 Adore Beauty Group Limited announced that they will report fiscal year 2025 results on Aug 25, 2025 Announcement • Feb 04
Adore Beauty Group Limited to Report First Half, 2025 Results on Feb 17, 2025 Adore Beauty Group Limited announced that they will report first half, 2025 results on Feb 17, 2025 Announcement • Sep 27
James Height Intends to Retire as Non-Executive Director of Adore Beauty Group Limited Adore Beauty Group Limited announced that James Height has notified the Board of his intention to retire as a Non-Executive Director of the Company with effect from the Annual General Meeting of Adore Beauty, which will be held on 22 November 2024. James was most recently an Executive Director and Chief Data Officer at Adore Beauty before transitioning to be a Non-Executive Director of the Company in 2023. Announcement • Sep 09
Adore Beauty Group Limited, Annual General Meeting, Nov 22, 2024 Adore Beauty Group Limited, Annual General Meeting, Nov 22, 2024. Reported Earnings • Aug 27
Full year 2024 earnings released Full year 2024 results: Revenue: AU$195.7m (up 8.4% from FY 2023). Net income: AU$2.20m (up AU$2.76m from FY 2023). Profit margin: 1.1% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Specialty Retail industry in Australia. Announcement • Jul 29
Adore Beauty Group Limited Announces Chief Executive Officer Changes Adore Beauty Group Limited announced the appointment of highly experienced omni-channel retail executive Mr. Sacha Laing to lead the business as Chief Executive Officer, effective 1 October 2024. Mr. Laing brings more than 25 years of physical, online, and wholesale retail industry experience to Adore Beauty, including as Group CEO and Director of Alquemie Group, a premium omni- channel retail group that owns and operates retail brands. Previously, Mr. Laing was CEO of General Pants Co and CEO of Colette by Colette Hayman. He has also held executive leadership roles with several iconic Australian retail brands, including Country Road Group and David Jones. While at General Pants Co, Mr. Laing led the turnaround of the business and ultimately the successful sale of the company to Alquemie Group in 2022. Post the acquisition, he was appointed Group CEO of Alquemie Group overseeing all their businesses including Lego Certified Stores, Surfstitch, Ginger & Smart and General Pants Co. Mr. Laing's appointment follows a comprehensive executive search process. He replaces CEO Tamalin Morton, who will step down from the role on 27 September 2024. Mr. Laing holds a Bachelor of Commerce (Management), a Graduate Diploma Accounting & Finance, and is a member of the Australian Institute of Company Directors. Reported Earnings • Feb 28
First half 2024 earnings released: EPS: AU$0.011 (vs AU$0.001 loss in 1H 2023) First half 2024 results: EPS: AU$0.011 (up from AU$0.001 loss in 1H 2023). Revenue: AU$100.7m (up 6.8% from 1H 2023). Net income: AU$992.0k (up AU$1.08m from 1H 2023). Profit margin: 1.0% (up from net loss in 1H 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Specialty Retail industry in Australia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 47 percentage points per year, which is a significant difference in performance. Announcement • Nov 29
THG Plc (LSE:THG) terminated the acquisition of acquire Adore Beauty Group Limited (ASX:ABY) from Quadrant Private Equity Pty Limited and others for AUD1.3 per share. THG Plc (LSE:THG) made an proposal to acquire Adore Beauty Group Limited (ASX:ABY) from Quadrant Private Equity Pty Limited and others for AUD1.3 per share on November 27, 2023. The Proposal was subject to various conditions including due diligence.
THG Plc (LSE:THG) terminated the acquisition of acquire Adore Beauty Group Limited (ASX:ABY) from Quadrant Private Equity Pty Limited and others for AUD1.3 per share on November 27, 2023. Announcement • Oct 20
Adore Beauty Group Limited, Annual General Meeting, Nov 23, 2023 Adore Beauty Group Limited, Annual General Meeting, Nov 23, 2023, at 11:01 AUS Eastern Standard Time. Location: Grant Thornton, Collins Square, Tower 5, Level 22, 727 Collins Street Melbourne Victoria Australia Agenda: To receive and consider the Financial Report, the Directors' Report, and the Independent Auditor's Report of the Company for the financial year ended 30 June 2023; to consider Re-election of Director Marina Go; to consider Re-election of Director Kate Morris; and to consider Remuneration Report. Reported Earnings • Aug 23
Full year 2023 earnings released Full year 2023 results: Revenue: AU$180.6m (down 9.6% from FY 2022). Net loss: AU$600.0k (down 125% from profit in FY 2022). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Specialty Retail industry in Australia. Announcement • Aug 03
Adore Beauty Group Limited to Report Fiscal Year 2023 Results on Aug 23, 2023 Adore Beauty Group Limited announced that they will report fiscal year 2023 results on Aug 23, 2023 Reported Earnings • Feb 27
First half 2023 earnings released: AU$0.001 loss per share (vs AU$0.021 profit in 1H 2022) First half 2023 results: AU$0.001 loss per share (down from AU$0.021 profit in 1H 2022). Revenue: AU$93.6m (down 17% from 1H 2022). Net loss: AU$90.0k (down 105% from profit in 1H 2022). Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Online Retail industry in Australia. Announcement • Feb 09
Adore Beauty Group Limited to Report First Half, 2023 Results on Feb 27, 2023 Adore Beauty Group Limited announced that they will report first half, 2023 results on Feb 27, 2023 Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorated over the past week After last week's 20% share price decline to AU$1.01, the stock trades at a forward P/E ratio of 127x. Average forward P/E is 20x in the Online Retail industry globally. Total loss to shareholders of 75% over the past year. Simply Wall St's valuation model estimates the intrinsic value at AU$1.74 per share. Buying Opportunity • Dec 06
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be AU$1.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 6.7% per annum. Earnings is also forecast to grow by 31% per annum over the same time period. Board Change • Oct 31
High number of new directors Independent Non-Executive Director Lisa Hennessy was the last director to join the board, commencing their role in 2022. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment deteriorated over the past week After last week's 15% share price decline to AU$1.45, the stock trades at a forward P/E ratio of 150x. Average forward P/E is 17x in the Online Retail industry globally. Total loss to shareholders of 70% over the past year. Simply Wall St's valuation model estimates the intrinsic value at AU$1.97 per share. Valuation Update With 7 Day Price Move • Sep 04
Investor sentiment deteriorated over the past week After last week's 16% share price decline to AU$1.55, the stock trades at a forward P/E ratio of 133x. Average forward P/E is 17x in the Online Retail industry globally. Total loss to shareholders of 69% over the past year. Simply Wall St's valuation model estimates the intrinsic value at AU$1.98 per share. Reported Earnings • Aug 30
Full year 2022 earnings released Full year 2022 results: Revenue: AU$199.7m (up 11% from FY 2021). Net income: AU$2.40m (up 184% from FY 2021). Profit margin: 1.2% (up from 0.5% in FY 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 1.4%, compared to a 13% growth forecast for the Online Retail industry in Australia. Board Change • Aug 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Founder & Executive Director Kate Morris is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Jul 25
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Founder & Executive Director Kate Morris is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. 
