CompetitionThere is fierce competition in hair care, restructuring of the international business, and a difficult pro channel, leading to a HOLD rating.
Cost ManagementEBITDA guidance was below consensus for 2025 due to higher marketing expenses.
Financial PerformanceEBITDA margin compression is expected to fall by ~9.5 percentage points at the mid-point as management aggressively invests in the US marketing.