THG PLC reported first‑half 2026 revenue of £828.7 million, a 7.2% increase year‑on‑year. Adjusted EBITDA rose to £42.8 million, more than double the comparable figure from the prior year, bringing the last‑12‑months adjusted EBITDA to £95.4 million as of June 2026.
The nutrition brand Myprotein sold about 58.5 million units in the period, up 57% from 37.2 million units a year earlier, and remains on track to reach roughly 130 million units for the full year. Lookfantastic and Cult Beauty delivered 6.7% growth in the UK, while the group’s headcount fell by roughly 25% over the previous 18 months. A 2025 disposal of Claremont Ingredients fetched £103 million.
THG’s free‑cash‑flow outlook for the full year now targets a positive range of £25 million to £35 million. The company expects constant‑currency sales growth of about 2% in Q3 2026, followed by an acceleration to 6‑7% in Q4. Net‑debt leverage is projected to fall to around 1.0 times in 2027, with the possibility of a net‑cash position if remaining non‑core assets are sold.
Divisional EBITDA margin targets were reaffirmed at over 6% for THG Beauty and over 12% for THG Nutrition. A VAT claim from HMRC is expected by the end of October 2026.
Shares opened the session down 6.85%, closing at $29.53 from $31.70, within a 52‑week range of $27.20 to $52.55. The InvestingPro health score was 3.24 out of 5, rated "GREAT".
CEO Matt Moulding said the group has been "fundamentally reshaped" while continuing to grow top‑line revenue and invest in its strongest opportunities, describing THG as a "much simpler business." He added that Myprotein is positioned as the world’s number‑one sports‑nutrition brand by unit volume, selling at least twice the volume of its nearest global competitor. Regarding asset sales, Moulding noted the company has declined all offers received to date, deeming them unfair to the assets’ value.
Lucy, a beauty‑division executive, highlighted the launch of an AI‑driven beauty assistant, noting that over 1% of customers engage with it and those users are seven times more likely to purchase. She also reported that up to half of customers now conduct research via large‑language models before visiting the site, generating a four‑fold traffic uplift from LLM referrals, albeit still a modest share of total traffic.
