THG PLC reported first-half revenue of £828.7 million, up 7.2%, and a 109% increase in adjusted EBITDA to £42.8 million after adjusting for the Claremont Ingredients disposal, as the group's shares fell 6.85% to $29.53 in trading on September 10, 2026.
The company said its last-twelve-months adjusted EBITDA stood at £95.4 million, while operating losses narrowed to £10.6 million from £30.0 million a year earlier. Cash and available facilities totaled £239 million against net debt of £329.7 million.
THG raised its full-year 2026 free cash-flow expectation to a positive £25 million to £35 million and announced a term loan refinancing that reduced borrowing from €600 million to €445 million, part of a targeted deleveraging path toward net debt leverage of around 1× excluding leases.
THG Nutrition delivered revenue of £328.5 million, up 9.2% on a constant-currency basis, with growth reaching 12.1% if Asian markets were excluded. The division sold 58.5 million Myprotein branded units, up 57% from 37.2 million a year earlier, and moved through approximately 50,000 retail doors compared with 34,000 previously. Licensing partners spanned more than 16 markets and generated retail sales of £75 million versus £41 million last year, with licensed units increasing 146%. Adjusted EBITDA margin rose 400 basis points to 7.9% and gross profit margin improved by 120 basis points to 44.6%, while the activewear category approached a £100 million annual run-rate.
THG Beauty generated revenue of £500.2 million, up 5.9% on a constant-currency basis. Lookfantastic became the top multi-brand beauty retailer on UK TikTok Shop, where TikTok Shop revenue grew 26%, and engaged over 3,500 influencers. The business added more than 50 new premium brands including Clarins, reached 7.5 million active customers over the past 12 months with a 90% returning-customer revenue rate, and saw loyalty membership grow to 3.5 million from 3.2 million. K-Beauty surged 158% and fragrance revenue rose 10%, with returning-customer fragrance sales up 25.9%. Beauty's adjusted EBITDA margin improved by 80 basis points to 5.0%, though gross margin declined 90 basis points to 38.8%.
Both divisions highlighted AI tool performance: THG Nutrition's Fuel Coach produced an eightfold higher conversion rate versus site average and a 15% higher average order value versus search-bar users, while THG Beauty's AI advisor drove a 7.5× conversion uplift.
Looking ahead, THG projected third-quarter revenue growth of roughly 2% overall, rising to about 6–7% in the fourth quarter, with mid-to-high single-digit revenue growth expected long term. The company set a THG Beauty EBITDA margin target above 6% and a Nutrition target recovering sequentially toward approximately 12%. An HMRC VAT claim update was expected by end-October 2026, alongside a Google pilot programme planned over the next six months. Capital expenditure is guided at £20 million to £25 million.
Chief executive Matt Moulding said the group had "fundamentally reshaped" the business while growing top-line revenue, calling THG a "much simpler business." He described Myprotein as the world's number-one sports nutrition brand by unit volume, noting it sold at least twice the volume of its nearest global competitor.
