Q3 2026 Trading Statement

THG PLC

15 October 2026

 

15 October 2026 

THG PLC

Third quarter trading statement for the period ended 30 September 2026

Strong profitability momentum drives upgrade of FY26 Adjusted EBITDA expectations to £103m

Highlights

• FY26 Adjusted EBITDA expectations upgraded to £103m, ahead of market consensus and management’s previous expectations, reflecting stronger performance in THG Nutrition[1].

• LTM Adjusted EBITDA increased +50% YoY to £100.6m at 30 September 2026[2], up from £95.4m at 30 June 2026.

• Q3 Group revenue growth of +1.5% continuing CCY, with core brands and markets, representing c.87% of Group revenue, growing +6.1% YoY[3]. Both metrics exclude the impact of the delayed dispatch into October of beauty advent sales made in September, equivalent to Q3 revenue growth of +2.1%.

• Q4 revenue growth expected to accelerate compared with Q3, supported by the timing of dispatches across THG Beauty for advent, manufacturing and own-brands.

• On track to deliver the first year of positive free cash flow since IPO, with FY26 expectation of £25m to £35m, in line with consensus.

• Significant correction in whey commodity pricing, with WPC80[4] prices declining c.20% since the 10 September 2026 Interim Results, providing an increasingly encouraging backdrop for THG Nutrition margins in FY27.

Q3 2026 Group trading performance

£m	Q3 2026	YoY Growth	Continuing[5] CCY[6]	YTD 2026	YoY Growth	Continuing CCY
THG Nutrition	152.4	+3.7%	+5.3%	480.9	+6.7%	+7.9%
THG Beauty	256.4	-0.7%	-0.6%	756.6	+2.5%	+3.6%
Total revenue	408.8	+0.9%	+1.5%	1,237.6	+4.1%	+5.2%

All comparative figures are continuing CCY unless otherwise stated, all numbers and tables subject to rounding.

Matthew Moulding, CEO of THG, commented:

“Following a particularly strong first half of 2026, I’m pleased to report that our momentum has continued through Q3, with profitability exceeding our expectations. This has enabled us to upgrade our full-year Adjusted EBITDA expectation to £103m, ahead of market consensus.

“Alongside disciplined working capital management, we remain on track to deliver our first year of positive free cash flow since IPO, with expectations of generating £25m to £35m in FY26. This represents a significant milestone for THG and reflects the progress we have made in strengthening the Group’s financial position.

“Strategically, Q3 has been another period of significant progress. Myprotein’s omnichannel strategy has taken a major step forward, with new partnerships involving globally recognised brands including Five Guys, Krispy Kreme, Gold’s Gym, Caffè Nero and Pladis UK. These partnerships further extend Myprotein’s reach beyond its traditional direct-to-consumer channels, creating exciting opportunities for future growth.

“In THG Beauty, innovation remains central to our strategy. Initiatives including the YouTube Shopping Affiliate Programme and our AI Beauty Advisor demonstrate our commitment to remaining at the forefront of digital beauty commerce, embracing new technologies and changing consumer shopping behaviours.

“Q4 is traditionally our busiest and most cash-generative quarter, and we enter this important trading period with confidence. With strong operational momentum, improving profitability and continued strategic progress across both divisions, we expect to deliver an acceleration in Group revenue in Q4.”

THG Nutrition Q3 2026 highlights

Continued revenue growth, strong branded volume performance and significant progress in omnichannel expansion.

• THG Nutrition delivered Q3 revenue of £152.4m, +5.3% YoY, +10.8% excluding Asia against a strong growth Q3 2025 comparative: Myprotein branded unit volumes increased 36.2% YoY in Q3, with previously announced partnerships with Nichols and Spoon expected to contribute additional volume through Q4.

• Improving whey commodity pricing: WPC80 prices continue to decline through September and early October, as supply increases and growing product substitution, with the external index falling c.20% since the Group’s Interim Results. Q4 requirements have been secured at more favourable pricing than Q3, while Q1 2027 coverage is now being secured below prevailing market rates.

• Long-term contracts secured: Coverage secured for other key raw materials such as creatine, amino acids, milk proteins, collagen and vegan proteins at historically low pricing, helping to mitigate inflationary risk through Q4 2026 and into 2027.

• Continued profitability improvement: YoY profitability continues to strengthen, supported by the growth of margin-accretive channels including licensing and activewear.

• Accelerating omnichannel expansion: Building on partnerships announced during H1, including Nichols and Five Guys, Myprotein continues to extend its licensing portfolio across the UK and internationally. Recent announcements include:

• Krispy Kreme: Global partnership, with products launched exclusively on Myprotein.com in the UK and Europe, a rollout across 730 Boots stores, and a US launch through GNC planned for H2;
• Gold’s Gym: Multi-category partnership initially launching in activewear, with a nutrition range planned for 2027 across the UK, Europe and Asia[7], targeting the core weightlifting consumer;
• Caffè Nero: Licensed high-protein coffee range now available across more than 600 UK stores;
• Pladis UK: including a Jaffa Cake flavoured Whey Protein Milkshake and an expansion of the protein bar range for the convenience market, with potential to explore further collaborative innovation; and
• Iceland: Expansion of the high-protein product range, alongside further European retail distribution in Finland and Denmark.

• Launch of Myprotein Rewards: Following the success of THG Beauty’s loyalty programmes, Myprotein Rewards has launched in the UK, enabling customers to earn points on purchases. The programme is designed to increase repeat purchasing, strengthen customer engagement and build valuable first-party customer data.

• HMRC VAT claim: THG continues to await a substantive update from HMRC regarding its outstanding VAT claims. Based on the latest formal communications, an update is expected by the end of October 2026.

THG Beauty Q3 2026 highlights

Continued investment in digital innovation, loyalty and customer experience, supporting the division’s long-term competitive positioning.

• THG Beauty delivered Q3 revenue of £256.4m, -0.6% YoY, +3.4% within core brands and markets rising to +4.5% when accounting for delayed advent dispatches: Own-brand impacted by the deferred timing of a large customer contract delivered in Q3 2025 which has recently been re-ordered.

• UK Beauty Retail remains a key area of strength, whilst in the US, Dermstore continues to benefit from its most engaged customers, with loyalty members demonstrating higher spend and order frequency than non-loyalty customers. 

• EU tariff mitigation: The Group continues to progress initiatives to mitigate the impact of EU duty and tariff changes, with implementation expected to be completed by Q2 2027.

• Strong advent calendar performance: Advent continues to be an important revenue and profit contributor across Q3 and Q4. The Lookfantastic Fragrance Advent Calendar sold out in 1 day, whilst variants including the 12 Days of K-Beauty calendar, have supported product discovery across emerging and trending categories. September revenue YoY impact of c.£3m incremental timing difference for advent calendars sold but not dispatched until October due to kitting issues at a new third-party supplier.

• AI-powered customer experience: THG Beauty’s AI Beauty Advisor is now operating at a run-rate of c.250k customer conversations per month, supporting product discovery, personalisation and conversion.

• Launching new ways of purchasing via YouTube Shopping Affiliate Programme: Lookfantastic will soon be launched onto the new programme alongside a small cohort of beta participants, enabling consumers to purchase featured products directly through creator content. This provides a new, measurable sales channel and extends Lookfantastic’s presence across one of the world’s largest digital content platforms.

• Growing customer loyalty: THG Beauty’s loyalty programmes now exceed 3.9m members, supporting deeper customer engagement and repeat purchasing. This is supported by an enhanced delivery proposition with over 800k orders upgraded to next-day delivery.

For further information please contact:

Investor enquiries - THG PLC
Jordan Foster, Deputy Chief Financial Officer Danielle Hales, Group Finance Director	[e-mail]
Media enquiries:
Sodali & Co - Financial PR adviser	Tel: [phone]
Russ Lynch/Sam Austrums	[e-mail]
THG PLC	[e-mail]

Notes to Editors 

THG PLC is a global e-commerce group and brand owner headquartered in Manchester, UK, which operates through two leading consumer businesses: THG Beauty and THG Nutrition.

THG Beauty operates prominent online platforms including Lookfantastic, Dermstore and Cult Beauty, offering a valued route to market for over 1,000 third-party brands, alongside a specialist portfolio of owned brands.

THG Nutrition, led by Myprotein, the world's largest online sports nutrition brand, spans multiple health and wellness categories, delivering its products both directly to consumers and through strategic offline partnerships worldwide. 

Cautionary Statement

Certain statements included within this announcement may constitute "forward-looking statements" in respect of the group's operations, performance, prospects and/or financial condition. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words and words of similar meaning as "anticipates", "aims", "due", "could", "may", "will", "should", "expects", "believes", "intends", "plans", "potential", "targets", "goal" or "estimates". By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions and actual results or events may differ materially from those expressed or implied by those statements. Accordingly, no assurance can be given that any particular expectation will be met and reliance should not be placed on any forward-looking statement. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. No responsibility or obligation is accepted to update or revise any forward-looking statement resulting from new information, future events or otherwise. Nothing in this announcement should be construed as a profit forecast. This announcement does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase any shares or other securities in the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment or investment decisions relating thereto, nor does it constitute a recommendation regarding the shares or other securities of the Company. Past performance cannot be relied upon as a guide to future performance and persons needing advice should consult an independent financial adviser. Statements in this announcement reflect the knowledge and information available at the time of its preparation.

Appendix

Quarterly continuing constant currency revenue growth rate

£m	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
THG Nutrition	-5.7%	-9.4%	-10.5%	-9.4%	+0.3%	+6.2%	+10.0%	+9.5%	+8.8%	+9.5%	+5.3%
THG Beauty	+13.6%	+3.5%	+3.2%	+0.8%	-9.8%	-2.1%	+4.2%	+6.3%	+5.8%	+6.0%	-0.6%
Total Revenue	+5.5%	-1.5%	-2.0%	-2.5%	-6.1%	+0.9%	+6.3%	+7.2%	+7.0%	+7.4%	+1.5%

Quarterly reported growth rate

£m	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
THG Nutrition	-12.2%	-15.0%	-14.0%	-13.1%	-2.3%	+4.5%	+9.3%	+9.0%	+8.1%	+8.3%	+3.7%
THG Beauty	+3.9%	-2.5%	-3.1%	-8.0%	-15.3%	-9.6%	-1.2%	+2.1%	+2.4%	+5.9%	-0.7%
Total Revenue	-2.6%	-7.3%	-7.1%	-9.5%	-10.6%	-4.7%	+2.4%	+4.1%	+4.6%	+6.8%	+0.9%

Quarterly reported revenue

£m	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
THG Nutrition	151.3	149.1	134.5	145.4	147.8	155.8	147.0	158.6	159.8	168.7	152.4
THG Beauty	268.9	278.8	261.3	362.2	227.8	252.0	258.2	369.8	233.3	266.9	256.4
Total Revenue	420.2	427.8	395.7	507.6	375.6	407.8	405.2	528.3	393.1	435.7	408.8

Ends

---

[1] Consensus being revenue £1,802.2m, Adjusted EBITDA £101.7m https://www.thg.com/investor-relations/analyst-consensus. Cash flow consensus being £31.1m, unchanged from Q1 2026.

[2] On a like-for-like basis excluding the sale of Claremont Ingredients.

[3] Core brands and markets comprise of c.87% of Group revenue, excluding THG Nutrition Asia, own-brand beauty and retail beauty EU sales impacted by de-minimis duty charges.

[4] WPC80 refers to whey protein concentrate with a minimum protein content of 80% by weight. It is a key raw ingredient used in the manufacture of whey protein products.

[5] Continuing excludes discontinued categories and Claremont Ingredients, the sale of which completed on 2 September 2025.

[6] CCY defined as constant currency basis.

[7] Excluding Benelux and Japan.

 

END