THG PLC (LON:THG) has provided the following update on trading ahead of its Annual General Meeting Later today.
Figures and commentary reflect continuing CCY[1] unless otherwise stated.
Outlook and guidance
· Full year revenue, Adjusted EBITDA and cash expected to be in line with company consensus[2]. Guidance underpinned by H1 Group revenue growth of c.+6.5% (H1 2025: -2.5%) and H1 Adjusted EBITDA of at least £40m (c.+95% YoY adjusting for the sale of Claremont Ingredients which was sold in September 2025).
· H1 2026 free cash flow is expected to be the strongest since 2021.
· LTM Adjusted EBITDA of c.£94m to May 2026 (LTM to May 2025: £68.9m), driven by disciplined cost management, gross margin maintenance and targeted category expansion.
Matthew Moulding, CEO of THG, commented:
“We are on track with our growth and margin expansion strategy across the Group. By prioritising home markets and trending categories in THG Beauty, we continue to drive high-quality growth across an expanding customer base.
“In THG Nutrition, Myprotein is reaching more consumers than ever. Year-to-date unit growth of +60% has been underpinned by our rapid retail expansion and category diversification, with c.18% of D2C customers purchasing activewear in May 2026.
“The Group continues to deliver strong year-on-year Adjusted EBITDA growth, notwithstanding the broader macroeconomic backdrop, including unprecedented whey commodity inflation levels.”
THG Beauty
· THG Beauty revenue growth was underpinned by a strong skincare performance (+9.2% YTD)[3]. Lookfantastic continues to outpace the UK prestige beauty market[4], supported by new brand launches including Dyson, BEAME and Dr. Loretta, alongside a growing active customer base.
· Campaign and ambassador activity remains a key engagement tool, with the Olivia Attwood launch delivering strong conversion and positive brand health momentum. Spontaneous awareness, prompted awareness and consideration are all up amongst the target audience[5], further positioning THG Beauty as the destination of choice for discovery across regime and trending brands.
· Lookfantastic continues to demonstrate social commerce leadership as the #1 multi-brand beauty retailer on TikTok Shop, delivering YoY revenue growth of c.+48% in Q2.
THG Nutrition
· THG Nutrition sales growth continued across online and offline channels with an ongoing mix shift towards gross margin accretive products and categories helping to mitigate highly elevated whey input costs alongside strategic pricing.
· A focus on innovation across the portfolio during the first half has been a key growth driver, namely within the core powder range including the launch of the Impact Milkshake, blended range, the expansion of the MARS® partnership, and influencer led activewear collaborations supporting YoY AOV growth.
· The intentional pivot in Asia to license with pre-eminent local manufacturing and distribution partners remains on track (THG Nutrition revenue growth excluding Asia H1 2026: c.+11%), positioning the business for structurally higher-margin growth as the model scales.
· Licensed product sell-in is well on track to exceed 60m units during FY 2026 (FY 2025: 43m), led by the ready to drink category in UK retail. Myprotein will enter the energy, protein water, and breakfast categories, during H2 2026, further broadening its addressable market and share of convenience spend.
· Myprotein reinforced its category leadership in B2B channels, outpacing the sports nutrition market by +50% and ranking as the number one clear whey brand with an 84% share of clear whey sales[6], whilst bars and snacks outpaced the total market by over 160bps[7].
· The customer base is growing and highly engaged, underpinned by record aided awareness, brand recognition and consideration[8], strengthening the foundation for future growth.
Term Loan B trading
· The Term Loan B is trading above par in H1 2026 for the first time since issuance in March 2025, reflecting lender confidence in the outlook following successive positive trading updates across 2025 and 2026.
THG Nutrition VAT update
As previously disclosed, THG has submitted retrospective VAT claims totalling c.£78m to HMRC in respect of certain protein powders and supplements, following the successful ruling in favour of Sun Warrior against HMRC. Earlier in the year, the Upper Tribunal dismissed HMRC’s right to appeal. The Group, along with the wider nutrition industry, awaits a substantive response from HMRC, which has indicated it will provide in late Spring 2026, but this has not yet been received.
AGM results
Results from the AGM will be published later today via RNS as soon as practicable following the conclusion of the meeting.
[1] CCY defined as constant currency basis.
[2] Consensus dated 18/06/2026 and available at https://www.thg.com/investor-relations/analyst-consensus.
[3] YTD defined as 01/01/2026 – 31/05/2026.
[4] Circana Market Growth; Circana UK Total Market 04/01/2026 – 30/05/2026.
[5] YouGov Brand Tracking April 2026 vs April 2025.
[6] Nielsen Brand Tracking Retail Sales 12-week period up to 16 May 2026.
[7] Nielsen Brand Tracking Retail Sales 12-week period up to 16 May 2026.
[8] YouGov Brand Tracking April 2026 vs January 2026.
