Interim results for half-year ended 30 June 2026
10 September 2026
THG PLC
Interim results for the half-year ended 30 June 2026
Group revenue growth of +7.2%, ahead of guidance
H1 Adjusted EBITDA of £42.8m, +109%[1] YoY and ahead of guidance of at least £40m
Strongest H1 free cash flow delivery since 2021
Full year revenue, Adjusted EBITDA and free cash flow in line with consensus[2]
THG PLC ("THG" or the "Group"), announces its interim results for the half-year ended 30 June 2026 ("H1 2026").
Figures and commentary reflect continuing CCY[3] unless otherwise stated.
Key financial headlines
● Solid Group revenue growth: £828.7m, +7.2% YoY and above guidance of +6.5%[4].
○ Both THG Beauty and THG Nutrition in growth for four consecutive quarters.
○ THG Beauty delivered +5.9% revenue growth in H1, with THG Nutrition a highlight at +9.2%, +12.1% excluding Asia.
● Consistent gross margin[5]: 41.1% (H1 2025: 41.1%).
○ THG Nutrition's gross margin5 improved to 44.6% (H1 2025: 43.4%), up 120bps, as the whey mitigation strategy, channel diversification and growth in margin-accretive categories continues to build momentum.
○ THG Beauty's gross margin5 of 38.8% (H1 2025: 39.7%) reflects a 90bps reduction, primarily driven by a phasing of orders within manufacturing from H1 into H2.
● Adjusted EBITDA grew by +109% on a LFL basis1 to £42.8m (H1 2025: £24.0m, and £20.5m when excluding H1 2025 contribution from Claremont Ingredients, which was sold in August 2025).
· Strong profitability growth for THG Nutrition reflected a 210bps improvement in Group Adjusted EBITDA margin to 5.2% (H1 2025: 3.1%)
● Cash and available facilities of £238.7m, with free cash flow improving by £6.8m vs H1 2025.
Matthew Moulding, CEO of THG, commented:
"THG delivered a strong first half, reflecting our successful transition from a capex-intensive technology and consumer brands group into a highly profitable global leader in Nutrition and Beauty, focused on delivering sustainable growth in free cash flow. As a business, we delivered strong revenue growth and our Adjusted EBITDA more than doubled, driven by a stellar performance from the Myprotein brand."
"The Group is now clearly reaping the rewards of Myprotein's global rebrand delivered across 2023 and 2024, alongside the expansion of the brand into licensing, activewear and higher-margin categories. Brand recognition continues to reach record highs, supporting a 57% increase in Myprotein branded products sold worldwide in H1, to 58.5m products. The brand is on track to sell over 130m products in FY 2026, which we believe makes Myprotein not only the world's largest sports nutrition brand, but also the fastest-growing established brand by product volumes."
"THG Beauty continues to strengthen its position as a leading global digital beauty platform, underpinned by technology leadership, exciting new brand partnerships and strong brand health."
"The strength of these first-half results demonstrates the progress we've made and the quality of the Group we have today. Looking ahead, we enter H2 with real momentum, whilst also acknowledging broader market challenges around consumer discretionary spend, record high whey commodity pricing, as well as recent EU tariffs. The Group has delivered significant initiatives to mitigate these headwinds, supporting FY 2026 consensus, while positive signs around the direction of whey input costs are encouraging for the future."
H1 2026 Group trading performance
£m
H1
2026
H1
2025
YoY
Growth[6]
Continuing CCY
Change
THG Nutrition
328.5
303.6
+8.2%
+9.2%
THG Beauty
500.2
479.9
+4.2%
+5.9%
Total Revenue
828.7
783.4
+5.8%
+7.2%
THG Nutrition
146.6
131.8
+11.2%
THG Beauty
194.1
190.4
+1.9%
Gross profit[7]
340.7
322.2
+5.7%
Gross profit margin
41.1%
41.1%
+0.0%
THG Nutrition
26.0
12.0
+116.7%
THG Beauty
25.0
20.2
+23.8%
Adjusted EBITDA[8]
42.8
24.0
+78.3%
(+109% LFL1)
Adjusted EBITDA %
5.2%
3.1%
+210bps
Adjusted items - cash
4.3
1.7
+£2.6m
Adjusted items - non-cash
1.3
3.7
-£2.4m
Operating loss
(10.6)
(30.0)
+£19.4m
Net debt[9]
(329.7)
(321.4)
All numbers and tables subject to rounding.
H1 2026 highlights
THG Nutrition
● Myprotein significantly strengthened its position as the world's largest online sports nutrition brand, delivering revenue growth of +9.2%, increasing to +12.1% excluding Asia, with the retail model in that region transitioning from direct sales to a licensing model which is expected to be completed during H1 2027.
● In H1 2026, 58.5m Myprotein branded products were sold worldwide, compared to 37.2m in H1 2025 (+57% increase)[10]. The Myprotein brand is on track to sell in excess of c.130m units for FY 2026, with a significant pipeline for further expansion.
· Profit metrics substantially improved through pricing, innovation and channel diversification initiatives. A combination of solid revenue growth, adjusted gross margin improvement of +120bps to 44.6%, and rigid cost control across the business, combined with the application of zero-rating of VAT on certain products, led to H1 2026 Adjusted EBITDA more than trebling to £26.0m from £8.5m1 in H1 2025.
· Product innovation accelerated through H1 to broaden the Myprotein proposition, with several successful launches. These include Impact Whey Milkshake, which extends the flagship franchise into a thicker, milkshake-style format, and the Whey + range offering more protein options to match the needs and wants of a widening customer demographic.
· Strategic licensing-in partnerships deepened, with the Mars relationship extended through new Bounty and Twix launches building on the existing Mars and Snickers range. The range has proved successful in introducing new customers to both the Myprotein and Mars brands alike, with 1 in 5 Mars buyers having not shopped with Myprotein before.
· Licensing-out partnerships continue to scale rapidly, with royalty income increasing +64% YoY. Licensing-out delivered a retail sales value of £75m, +83% YoY. FY 2026 sell-in volumes are on track to exceed the targeted 60 million units (FY 2025: 43 million) extending the reach of the Myprotein brand well beyond D2C channels and reinforcing consumer awareness. Licensing-out partnership highlights include: Müller and Myprotein winning the Gold award at The Drum Awards for Best Partnership or Collaboration and the expansion of the Iceland partnership into Europe through the launch of high-protein products.
● A long-term focus on food to go channels is now yielding results. Myprotein's market leading quality, combined with an unrivalled global brand following, has led to deals with Five Guys as well as teaming up with Spoon Cereals with both partnerships continuing to allow Myprotein to reach new consumption occasions.
· B2B and offline expansion continued through new customer listings and deeper strategic partnerships, as evidenced by the launch of the Vimto protein water, with offline channel revenue growth +22% YoY1. The business continues to make progress expanding its presence across international territories with model shifts supporting the offline strategy.
· Categories including hydration, creatine, collagen and activewear continued to grow their contribution, supporting margin enhancement.
· Enhancements to the online customer experience, with the launch of Fuel Coach, the AI-powered shopping assistant alongside virtual try-on for activewear. Fuel Coach resulted in 5.5x increase in first time buyer conversion and +15% AOV.
THG Beauty
· THG Beauty strengthened its position as a leading global prestige beauty platform, delivering revenue growth of +5.9%, Adjusted EBITDA growth of +23.8% with +80bps EBITDA margin improvement.
· THG Beauty Retail continued to gain market share across key markets, with Lookfantastic outperforming the UK prestige beauty market[11] and Dermstore also achieving market gains in the US. Performance underpinned by relationships with premium global beauty brands, with 50+ new launches during the period, including the recent launch of Clarins on Lookfantastic, a significant addition to the site's premium beauty portfolio.
· Customer acquisition and engagement continued to strengthen through both emerging trends and new channels. K-Beauty remained a significant growth driver, attracting more than 64,000 new customers in H1.
· Dermstore continues to perform strongly as the US market leader in high-intent clinical skincare. During the period, it expanded its successful Flex offering through an exclusive partnership with HealthEquity's marketplace opening a new route to tax-advantaged healthcare spend. Separately, Dermstore launched a pilot patient referral programme connecting online skincare discovery with in-clinic aesthetic treatments. Early results validate a significant opportunity to drive demand into partner practices and further monetise the customer journey.
· Our leading partnership with Google has resulted in THG Beauty's launch of an AI on site assistant and upcoming participation in multiple category-leading pilot programmes over the next six months, keeping us at the forefront of how beauty is discovered and bought in an AI-first world. AI-powered customer tools on site (with AI Assistant launching in Q3) are driving materially higher conversion, with the pilot showing customers 7.5x more likely to purchase after use, positioning THG Beauty at the forefront of agentic commerce as we head into H2.
· THG Beauty continued to extend its leadership across emerging digital channels, with Lookfantastic maintaining the #1 multi-brand beauty retailer spot on UK TikTok Shop throughout 2026[12]. Revenue increased by +26% YoY, demonstrating the growing importance of social and creator-led commerce in acquiring and engaging beauty consumers.
Group
· Group revenue of £828.7m (H1 2025: £783.4m), +7.2% continuing CCY, with both THG Beauty and THG Nutrition in growth for the fourth consecutive quarter (+8.1% excluding THG Nutrition Asia).
· Group Adjusted EBITDA of £42.8m (H1 2025: £24.0m), a margin of 5.2% (H1 2025: 3.1%), +210bps.
· Group statutory operating loss (continuing) of £10.6m (H1 2025: £30.0m), improved due to substantially improved trading. Operating loss includes adjusted items of £5.6m (H1 2025: £5.3m), comprising £4.3m cash and £1.3m non-cash items (H1 2025: £1.7m cash, £3.7m non-cash) primarily related to restructuring costs as we continue to optimise the cost base.
· Cash flows in respect of capital expenditure were £10.0m (H1 2025: £10.5m), with net finance costs and lease repayments £14.2m (H1 2025: £16.3m) and £10.0m (H1 2025: £10.4m) respectively, leading to an improved free cash outflow of £70.9m (H1 2025: £77.7m) after the expected seasonal working capital profile. Net debt before lease liabilities of £329.7m (H1 2025: £321.4m) driven by the working capital outflow and cash adjusting items primarily related to restructuring and the final payment in respect of the demerger.
· Net debt of £329.7m includes one off payments in respect of the THG Ingenuity demerger. Without these payments, net debt before lease liabilities would total £262.8m (H1 2025: £311.6m). H1 2026 follows the usual seasonal working capital unwind. H1 2026 included a working capital investment within THG Nutrition following substantial increases in raw materials costs. This investment is expected to unwind across H2 2026 and H1 2027.
· Group statutory result for the period was a loss of £43.7m (H1 2025: profit of £76.3m); the prior year included a one-off net gain of £142.4m on discontinued operations recognised in connection with the demerger of THG Ingenuity, which did not recur in the current period.
· On 25 August 2026, Moody's revised the Group's Term Loan B rating to a B3 stable outlook from negative, in recognition of the ongoing strong trading performance and outlook for 2026 and 2027. THG's Term Loan B continues to trade strongly near par, with strong momentum in trading performance achieved since the beginning of the year.
Outlook and guidance
· Full year expectations remain in line with consensus, underpinned by delivery of H1 Group revenue growth of +7.2%, H1 2026 Adjusted EBITDA of £42.8m with LTM Adjusted EBITDA of £95.4m providing confidence.
· The Group delivered c.5% revenue growth in July and August across its core brands and markets[13]. We expect consistent growth to continue through September, underpinned by a strong start to our advent calendar sales.
· Whilst Q3 earnings and cash generation are expected to be in line and robust, Q3 revenues have been impacted by the European heatwave slowing demand in part, but primarily by EU duty for THG Beauty[14] being applied since 1 July 2026 and own-brand beauty revenues phasing into Q4 and FY 2027. These factors we expect to be one-off in nature but which drive an expectation for the Group to deliver c.2% revenue growth in Q3.
· Given the strong performance through core brands and markets in Q3 (+5%) and certain revenue phasing into Q4, we expect Q4 to deliver 6% to 7% revenue growth. H2 trading confidence is underpinned by Q3 and Q4 revenues and EBITDA annual weighting in line with historical norms, with the Group in excellent position to execute its trading strategies.
· The Group remains focused on generating significant positive free cash flow and is on target to deliver £25m to £35m positive free cash flow for FY 2026, in line with consensus, acknowledging the investment in whey input costs which are expected to begin to reduce from their elevated levels into 2027.
· FY 2027 EBITDA progression, alongside improving working capital position in a lower whey cost environment, should lead to a material growth in positive free cash flow which, alongside receipt of the VAT claim (see detail below), results in FY 2027 net debt (excluding leases) of c.1 x leverage.
· Following the successful sale of Claremont Ingredients in August 2025 for £103m, several of the Group's other non-strategic, standalone brands and assets have attracted bid interest. Should any sale occur at some point in the near future, it is expected that any proceeds would be higher than that for Claremont Ingredients, moving the Group from net debt to net cash positive for FY 2027.
· 2026 current trade and outlook re-enforce our confidence in the sustainability of the stated base line divisional EBITDA margins for THG Beauty and THG Nutrition of +6% and +12% respectively. Whilst THG Nutrition margins have yet to return to these historical and medium-term norms, the improving forward view on the whey cost coupled with the non-whey revenue diversification strategy underpins our view.
Whey commodity outlook
· There are early signs the price inflation challenges in the commodity whey market are easing. Whilst input costs significantly increased throughout H1 2026 and have done so further into Q3, key pricing indices have recently, albeit modestly, declined for the first time in more than two years with forward looking buying discussions into Q4 and FY 2027 indicating a marked improvement in the demand supply imbalance, although remaining high by historical levels.
· Through category and channel expansion, new product development and strict cost controls, THG Nutrition is well positioned to deliver a further significant uplift in profitability as whey commodity prices ease.
VAT update
· In early 2026, HMRC were refused permission to appeal the First-tier Tribunal decision on 'Sunwarrior' (Global by Nature Limited) protein powders, which ruled Sunwarrior protein powders qualified for zero-rated VAT.
· As previously communicated, the Group has submitted retrospective claims to HMRC. Successful claims would result in a cash payment of c.£60m on protein and collagen powders, with a further claim of c.£18m in respect of certain supplements.
· HMRC initially notified the Group that it would respond to its claims by late Spring 2026. HMRC has since notified the Group that it will not be in a position to provide a substantive update until the end of October 2026. The Group continues to explore options to accelerate the repayment process.
· Since January 2026, THG Nutrition has applied the VAT zero rate to certain products in accordance with the Tribunal's decision in Global by Nature and has informed HMRC of the same.
Analyst and investor conference call
THG will today host a conference call and webcast for analysts and investors at 8.30am (UK time).
To register for the webcast, please use the below link:
https://brrmedia.news/THG_HY26
To ask questions, you must dial in via conference line using the below details:
· UK-Wide: +44 (0) 33 0551 0200
· UK Toll Free: 0808 109 0700
· USA Local: +1 786 697 3501
· USA Toll Free: 866 580 3963
· Password: THG - HY Results
For further information please contact:
Investor enquiries:
Jordan Foster, Deputy Chief Financial Officer
Media enquiries:
Sodali & Co - Financial PR adviser
Tel: +44 (0) 20 7250 1446
Russ Lynch/Sam Austrums
THG PLC
ENDS
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
THG Nutrition
-5.7%
-9.4%
-10.5%
-9.4%
+0.3%
+6.2%
+10.0%
+9.5%
+8.8%
+9.5%
THG Beauty
+13.6%
+3.5%
+3.2%
+0.8%
-9.8%
-2.1%
+4.2%
+6.3%
+5.8%
+6.0%
Total Revenue
+5.5%
-1.5%
-2.0%
-2.5%
-6.1%
+0.9%
+6.3%
+7.2%
+7.0%
+7.4%
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
THG Nutrition
-12.2%
-15.0%
-14.0%
-13.1%
-2.3%
+4.5%
+9.3%
+9.0%
+8.1%
+8.3%
THG Beauty
+3.9%
-2.5%
-3.1%
-8.0%
-15.3%
-9.6%
-1.2%
+2.1%
+2.4%
+5.9%
Total Revenue
-2.6%
-7.3%
-7.1%
-9.5%
-10.6%
-4.7%
+2.4%
+4.1%
+4.6%
+6.8%
Quarterly reported revenue
£m
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Q1
2026
Q2
2026
THG Nutrition
151.3
149.1
134.5
145.4
147.8
155.8
147.0
158.6
159.8
168.7
THG Beauty
268.9
278.8
261.3
362.2
227.8
252.0
258.2
369.8
233.3
266.9
Total Revenue
420.2
427.8
395.7
507.6
375.6
407.8
405.2
528.3
393.1
435.7
Chief Financial Officer's Review
H1 2026 represents a period of structural margin improvement. Our financial performance reflects the deliberate strategic actions taken over the past 24 months to optimise our cost base and evolve our operating models. Group Adjusted EBITDA increased to £42.8m, driven by margin enhancement in THG Nutrition and robust operational discipline in THG Beauty, while our statutory operating loss was reduced by 65% to £10.6m.
Total Group overview[15]
H1 2026
THG
THG
Beauty
Total
H1 2026
£m
Nutrition
Central
Revenue
328.5
500.2
-
828.7
Adjusted gross profit
146.6
194.1
-
340.7
Margin
44.6%
38.8%
-
41.1%
Adjusted EBITDA
26.0
25.0
(8.3)
42.8
Margin
7.9%
5.0%
-
5.2%
H1 2025
THG
THG
Beauty
Total
H1 2025
£m
Nutrition
Central
Revenue
303.6
479.9
-
783.4
Adjusted gross profit
131.8
190.4
-
322.2
Margin
43.4%
39.7%
-
41.1%
Adjusted EBITDA
12.0
20.2
(8.2)
24.0
Margin
3.9%
4.2%
-
3.1%
THG Nutrition
THG Nutrition reported revenue of £328.5m (H1 2025: £303.6m), growth of +8.2% YoY, (+9.2% continuing CCY, excluding Asia +12.1%) in H1 2026 as the planned transition to a partnership-led licensing model in the region continues to progress.
Revenue growth was driven by:
· Continued growth across marketplace channels as consumers increasingly purchase health and wellness products through third-party platforms, supporting both customer acquisition and brand reach.
· Further progress in offline and licensing channels, with deeper strategic partnerships, new product launches and increasing brand awareness.
· Strategic pricing actions and product reformulations implemented during Q2 in response to sustained elevated raw material costs. Whilst pricing-led growth impacted volume as anticipated, innovation across the range and the continued expansion of higher-margin growth categories led to customer engagement remaining strong, with revenue from returning customers increasing to 83% (H1 2025: 82%) alongside increased average order values, supported by increased cross category participation and basket size, with orders including activewear delivering a 30% increase in order value.
· Manufacturing was broadly stable, whilst the adoption of zero-rating VAT for selected protein and collagen products from January 2026 also contributed.
Adjusted gross profit for the period was £146.6m (H1 2025: £131.8m), representing a gross margin of 44.6% (H1 2025: 43.4%), an improvement of 120bps.
This improvement was delivered against a continued inflationary commodity backdrop. Whey protein costs increased further during H1 2026 and remained materially above historical levels, driven by sustained global demand for protein products and the continued expansion of protein consumption beyond traditional sports nutrition consumers.
In response, THG Nutrition has continued to execute a structural strategy focused on channel and product diversification, new product innovation and pricing discipline. New product development has included new and revised formulations designed to offer more choice for different consumer wants and occasions, while investment has accelerated behind higher margin-growth categories including creatine, hydration, collagen and activewear. Together, these initiatives have begun to reduce the sensitivity of the business to whey price movements and improving the quality of earnings generated. The continued expansion of these categories is expected to provide further mitigation against a backdrop of higher whey cost inflation anticipated in H2.
Whilst H2 is forecast to see yet further whey material cost increases relative to H1, the Group has started to secure forward pricing for Q4 and are negotiating whey requirements into next year at levels notably below the current spot price which management believes indicate signs of easing prices into 2027.
As a result, THG Nutrition has reduced the gap between prevailing commodity costs and the historical profitability profile of the Myprotein business. Supported by its vertically integrated manufacturing, management believes the business is increasingly well positioned to deliver a progressive recovery in gross margin and Adjusted EBITDA margin to the medium-term guidance of c.12%. Particularly as whey commodity markets normalise, and the product and channel diversification continues to progress.
Adjusted EBITDA for the period was £26.0m (H1 2025: £12.0m), representing a margin of 7.9% (H1 2025: 3.9%), an improvement of 400bps. Excluding the disposal of Claremont Ingredients, EBITDA margin improved by 510bps YoY.
This significant improvement reflects the combined impact of pricing actions, product mix, continued growth in higher-margin categories, operational leverage and the increasing contribution from marketplaces, licensing and offline partnerships alongside a tailwind from the change to zero-rating VAT rating on certain protein products. Adjusted EBITDA margin is ahead of H1 2024 by 240bps1 despite a 50% increase in whey pricing demonstrating the progression made over the last 24 months.
THG Beauty
THG Beauty reported revenue of £500.2m (H1 2025: £479.9m), growth of +4.2% YoY. +5.9% CCY.
The primary driver of revenue growth was THG Beauty Retail, including particularly strong UK Retail performance of +6.7%. This was supported by market share gains, premium brand launches and continued momentum in key growth categories like skincare +17.4% YTD for Lookfantastic.
Customer health metrics remained robust. Active customers were maintained at 7.5 million YoY, loyalty membership increased by 9% to 3.5 million and revenue from returning customers increased to c.90% of sales (H1 2025: c.89%) demonstrating continued customer engagement and repeat purchasing behaviour. Average order values marginally increased with improved LTM D2C orders up to 16.1m (H1 2025: LTM 15.4m) reflecting a deliberate focus on customer quality and profitability.
Adjusted gross profit increased to £194.1m from £190.4m in H1 2025, representing growth +1.9%. Adjusted gross margin reduced by 90bps to 38.8% (H1 2025: 39.7%). The movement principally reflects the phasing of some orders from H1 into H2 for manufacturing. Margin performance remained within our medium-term guided range of 38% - 40%.
Adjusted EBITDA increased to £25.0m (H1 2025: £20.2m), and margin increased to 5.0% (H1 2025: 4.2%), an improvement of 80bps. Focused optimisation of the cost base (primarily payroll) has driven much of the margin improvement, as the business continues to focus on streamlining processes and leaning into AI enhancements.
Own-brand revenue and gross profit were broadly stable versus prior year, while cost-saving initiatives supported an improvement in bottom-line contribution.
Central costs
Central costs for the period were £8.3m (H1 2025: £8.2m), consistent with the prior period and representing approximately 1.0% of Group sales. These costs relate primarily to PLC Board remuneration, insurance, professional services fees, Group finance, corporate development and governance costs that are not recharged to the operating businesses as they principally relate to the operations of the PLC holding company.
Geographical review of revenue
The following table provides an analysis of revenue by region (by customer location):
H1 2026
£m
H1 2025
£m
Movement
UK
470.5
389.8
+20.7%
US
128.7
141.3
-8.9%
Europe
165.7
167.0
-0.8%
Rest of the world
63.9
85.4
-25.1%
Revenue
828.7
783.4
+5.8%
The UK continues to be the Group's largest market, growing +20.7% in the period to account for 56.8% of Group revenue (H1 2025: 49.8%), with both THG Beauty and THG Nutrition delivering strong UK performances.
The US declined -8.9% to £128.7m (H1 2025: £141.3m). Approximately a third of the decline was driven by currency translation, alongside another third coming from the US manufacturing business where the phasing of sales into H1 have further impacted. Dermstore continues to perform strongly in the US, delivering revenue growth on a CCY basis. The US remains a key strategic market for the Group; continued investment in the territory reflects a deliberate, long-term build towards scale.
Europe was broadly stable, at £165.7m a decrease of -0.8% (H1 2025: £167.0m).
Revenue in the rest of the world reduced by -25.1% to £63.9m (H1 2025: £85.4m), principally reflecting the ongoing, intentional pivot in Asia towards licensing with pre-eminent local manufacturing and distribution partners for THG Nutrition. This transition is expected to position the business for structurally higher-margin delivery as the model scales. THG Nutrition CCY revenue growth excluding Asia was +12.1% in H1 2026.
Group financial review
Statutory results
Six months ended
30 June 2026
£m
Six months ended
30 June 2025
£m
Continuing operations
Revenue
828.7
783.4
Cost of sales
(489.4)
(462.2)
Gross profit
339.3
321.2
Distribution costs
(104.3)
(104.0)
Administrative costs
(245.6)
(247.3)
Operating loss
(10.6)
(30.0)
Finance income
1.1
2.9
Finance costs
(26.8)
(39.5)
Loss before tax
(36.3)
(66.7)
Income tax (charge)/credit
(7.4)
0.6
Loss for the financial period from continuing operations
(43.7)
(66.1)
Discontinued operations
Profit from discontinued operations, net of tax
-
142.4
(Loss)/profit for the financial period
(43.7)
76.3
Adjusted profit measures with reconciliation to statutory result
Management have presented alternative performance measures to provide stakeholders with additional helpful information on the performance of the business. These are consistent with how business performance is monitored and reported to the Board. The below tables reconcile the adjusted (management) view to the statutory result.
Amortisation
and
depreciation
£m
Management
adjusted view
£m
Adjusted
items
£m
Share based
payments
£m
Statutory
£m
H1 2026
Revenue
828.7
-
-
-
828.7
Cost of sales
(487.9)
(1.0)
(0.5)
-
(489.4)
Gross profit
340.7
(1.0)
(0.5)
-
339.3
Distribution costs
(99.6)
(0.5)
(4.2)
-
(104.3)
Administrative costs
(198.4)
(4.1)
(35.4)
(7.7)
(245.6)
Operating profit/(loss)
42.8
(5.6)
(40.1)
(7.7)
(10.6)
Amortisation
and
depreciation
£m
Management
adjusted view
£m
Adjusted
items
£m
Share based
payments
£m
Statutory
£m
H1 2025
Revenue
783.4
-
-
-
783.4
Cost of sales
(461.2)
(0.7)
(0.4)
-
(462.2)
Gross profit
322.2
(0.7)
(0.4)
-
321.2
Distribution costs
(99.2)
(0.4)
(4.4)
-
(104.0)
Administrative costs
(199.1)
(4.2)
(41.1)
(2.9)
(247.3)
Operating profit/(loss)
24.0
(5.3)
(45.8)
(2.9)
(30.0)
Revenue
Group statutory continuing revenue increased by +5.8% to £828.7m (H1 2025: £783.4m), or +7.2% on a continuing CCY basis (+8.1% excluding THG Nutrition Asia). The growth drivers are set out within the business reviews earlier in this report.
Gross profit
Adjusted gross profit was £340.7m (H1 2025: £322.2m), broadly stable as a margin at 41.1% (H1 2025: 41.1%).
Gross profit on a statutory basis totalled £339.3m (H1 2025: £321.2m) and a margin of 40.9% (H1 2025: 41.0%). The difference to the above, reflecting the impact of adjusted items.
Distribution costs
Adjusted distribution costs were £99.6m (H1 2025: £99.2m), equivalent to 12.0% of revenue (H1 2025: 12.7%), an improvement of 70bps. This reflects a favourable territory mix and improving order volumetrics providing scale benefits.
Distribution costs on a statutory basis totalled £104.3m (H1 2025: £104.0m), being 12.6% (H1 2025: 13.3%) of revenue. The reduction YoY is driven by the reasons set out above.
Administration costs
Adjusted administrative costs were £198.4m (H1 2025: £199.1m), equivalent to 23.9% of revenue (H1 2025: 25.4%), an improvement of 150bps. This reflects the continued benefit of the Group's cost-saving programme, including process efficiencies, partially offset by continued investment in marketing and technology.
Administrative costs on a statutory basis totalled £245.6m (H1 2025: £247.3m), decreasing period on period as a percentage of revenue for the reasons set out above.
Adjusted EBITDA and Adjusted EBITDA margin
H1 2026
£m
H1 2025
£m
Reconciliation from operating loss to Adjusted EBITDA
Operating loss
(10.6)
(30.0)
Adjustments for:
Amortisation
7.6
8.6
Amortisation of acquired intangibles
19.4
21.7
Depreciation
13.1
15.5
Adjusted items - cash
4.3
1.7
Adjusted items - non-cash
1.3
3.7
Share-based payments
7.7
2.9
Adjusted EBITDA
42.8
24.0
Adjusted EBITDA %
5.2%
3.1%
The drivers are set out in the THG Beauty and THG Nutrition reviews earlier.
Adjusted items
Adjusted items totalled £5.6m in the period (H1 2025: £5.3m), broadly consistent with the prior year. Adjusting items in the current period primarily comprise one-off costs associated with the Group's ongoing strategic and cost programmes. For full details of each category of adjusted items, see note 3 to the financial statements.
Depreciation and amortisation
Statutory depreciation and amortisation costs were £13.1m and £27.0m respectively (H1 2025: £15.5m and £30.3m). Included within amortisation is £19.4m (H1 2025: £21.7m) of amortisation on acquired intangibles (see below) relating to historical acquisitions.
Charges have decreased year on year relating to some assets being fully written down.
Amortisation on acquired intangibles £19.4m (H1 2025: £21.7m)
When an acquisition is made, the accounting standards (IFRS 3: Business Combinations) require that an exercise is undertaken to value any brands, trade names or other intellectual property (such as customer lists). Following recognition of these assets, they are amortised over a period of 2-20 years.
Given the number of significant acquisitions made across 2017 to 2022, primarily within THG Beauty, we consider this amount should be viewed separately to other amortisation to ensure comparability to those who undertook fewer or no acquisitions. This is a non-cash cost.
The reduction in the amortisation is due to some of the assets now being fully written down.
Finance costs net of finance income
Finance costs net of finance income reduced significantly to £25.7m (H1 2025: £36.6m), reflecting a non-cash accounting charge of approximately £11m in 2025 connected to the refinancing.
Loss before tax from continuing operations and tax rate
Loss before tax from continuing operations was £36.3m (H1 2025: £66.7m), an improvement of £30.4m, reflecting the substantially improved trading performance and lower finance costs discussed above. The associated income tax charge for the period is £7.4m (H1 2025: tax credit of £0.6m), giving rise to an effective tax rate of 20.3% (H1 2025: 0.9%). The rate was principally impacted by the non-recognition of deferred tax assets on losses in certain jurisdictions.
At 30 June 2026, the Group held a net deferred tax liability of £48.6m (H1 2025: £54.0m), primarily relating to acquisition-related intangible assets. The deferred tax position moved from a credit of £1.9m in H1 2025 to a charge of £6.0m in H1 2026. The movement primarily reflects the UK deferred tax position, including the impact of current-year taxable profits and interest restrictions, together with the non-recognition of deferred tax assets where recoverability is not considered sufficiently probable.
Profit/(loss) for the financial period
The Group's loss for the financial period from continuing operations reduced to £43.7m (H1 2025: loss of £66.1m), an improvement of £22.4m.
The Group's total statutory result for the period was a loss of £43.7m (H1 2025: profit of £76.3m). The prior year result benefited from a one-off net gain of £142.4m on discontinued operations, recognised in connection with the demerger of THG Ingenuity. Excluding this one-off item, the Group's underlying continuing operations performance improved substantially year on year.
Earnings per share
Loss per share on continuing operations was a loss of £(0.03) per share (H1 2025: loss of £(0.05) per share).
Cash flow statement
H1 2026
£m
H1 2025
£m
Adjusted EBITDA
42.8
24.0
Working capital movements
(69.6)
(59.7)
Tax paid
(4.0)
(1.2)
Adjusted items
(5.9)
(3.6)
Net cash generated from operating activities
(36.7)
(40.5)
Purchase of property, plant and equipment
(2.6)
(2.5)
Purchase of intangible assets
(7.4)
(8.0)
Interest paid net of interest received
(14.2)
(16.3)
Lease repayments
(10.0)
(10.4)
Free cash flow
(70.9)
(77.7)
Disposal of discontinued categories and non-core operations
-
0.7
Net repayments of bank borrowings
(3.1)
(181.7)
Proceeds from issuance of ordinary shares net of fees
(0.2)
21.8
Proceeds from the issue of convertible loans
-
67.5
Payments on distribution
(20.2)
(9.8)
Net decrease in cash and cash equivalents
(94.4)
(179.2)
Cash and cash equivalents at the beginning of the period
183.1
308.6
Cash and cash equivalents at the end of the period
88.7
129.4
Free cash outflow for H1 2026 was £70.9m (H1 2025: £77.7m outflow), representing an improvement of £6.8m period-on-period despite a higher working capital outflow. The improvement was primarily driven by significantly stronger Adjusted EBITDA of £42.8m (H1 2025: £24.0m), reflecting the operational progress delivered across the Group during the period.
Working capital outflow totalled £69.6m (H1 2025: £59.7m outflow) up from prior period due to phasing of VAT payments. This reflects the normal seasonal profile of the business, where working capital typically unwinds during the first half of the year before rebuilding in the second half. The Group continues to see working capital rebuild from the peak cyber period unwind experienced during the first quarter, consistent with previous years.
Capital expenditure remained well controlled, and lease and net interest payments both reduced, reflecting the benefits of the Group's refinancing activities and lower average debt levels. Cash payments relating to adjusting items were £5.9m (H1 2025: £3.6m), primarily relating to payroll restructuring, vacant premises and project-related costs.
Net repayment of bank borrowings were significantly lower than the prior year. H1 2025 included the repayment of £181.7m of borrowings following the Group's refinancing and demerger-related activities, whereas H1 2026 included only £3.1m of net debt repayments. Distribution payments during the period were £20.2m (H1 2025: £9.8m) reflecting the final settlement post demerger as disclosed and recognised at 31 December 2025.
As a result, cash and cash equivalents reduced during the period, as set out in the Balance sheet section below. The Group ended the period with a healthy liquidity position with available funds of £238.7m, comprising cash balances as above alongside an undrawn revolving credit facility of £150.0m.
Balance sheet
Cash and cash equivalents and net debt before lease liabilities
30 June 2026
£m
30 June 2025
£m
Restated[16]
31 December 2025 £m
Loans and other borrowings
(428.8)
(457.9)
(430.4)
Lease liabilities
(147.0)
(127.0)
(130.8)
Cash and cash equivalents
88.7
129.4
183.1
Sub-total
(487.1)
(455.5)
(378.1)
Adjustments:
Retranslate debt balance at swap rate where hedged by foreign exchange derivatives
10.4
7.0
14.3
Net debt
(476.8)
(448.4)
(363.8)
Net debt before lease liabilities
(329.7)
(321.4)
(233.0)
At 30 June 2026, the Group held £88.7m in cash and cash equivalents (H1 2025: £129.4m, FY 2025 £183.1m).
Net debt increased to £476.8m (H1 2025: £448.4m; FY 2025: £363.8m), reflecting the seasonal unwind of working capital during the period. The increase from H1 2025 is driven through working capital investment in relation to higher whey input prices.
Net debt before lease liabilities totalled £329.7m (H1 2025: net debt before lease liabilities £321.4m, 31 December 2025: £233.0m). Excluding the one-off items for the THG Ingenuity demerger net debt before lease liabilities would total £262.8m (H1 2025: £311.6m), a decrease YoY.
Borrowings reduced to £428.8m (H1 2025: £457.9m; FY 2025: £430.4m), including a small debt repayment. Lease liabilities increased modestly to £147.0m (H1 2025: £127.0m; FY 2025: £130.8m), principally due to a new lease and a lease extension entered into during the period to support US operations.
Non-current assets
Property, plant and equipment totalled £53.0m (H1 2025: £60.9m, 31 December 2025: £55.8m). Intangible assets totalled £827.2m (H1 2025: £857.4m, 31 December 2025: £836.0m) with the reduction in intangibles driven by the amortisation charge (see earlier) partially offset by the foreign exchange rate impact for US dollar denominated assets.
Right-of-use-assets totalled £131.9m (H1 2025: £114.1m, FY 2025: £116.8m) with the new lease addition offset by depreciation in the period.
Going concern
In making their assessment of going concern, the Directors reviewed financial projections until 30 September 2027 and concluded that the Group was a going concern.
Downside scenarios were modelled including the impacts of a combination of the principal risks occurring including reducing sales and margins for the two key businesses. A reverse stress test was also separately modelled before considering any mitigating actions with the outcome being that the levels required to exhaust going concern would be considered remote. Mitigating actions available include existing cash resources, level of discretionary spend and ability to utilise the RCF.
Responsibility statement of the directors in respect of the condensed interim financial statements
We confirm that to the best of our knowledge:
· the condensed set of financial statements for the half year ended 30 June 2026 has been prepared in accordance with UK adopted IAS 34 Interim Financial Reporting;
· the interim management report includes a fair review of the information required by:
o DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the 2026 financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
o DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.
Matthew Moulding Damian Sanders
Chief Executive Officer Chief Financial Officer
9 September 2026 9 September 2026
Interim condensed consolidated statement of comprehensive income for the six months ended 30 June 2026
30 June 2026
30 June 2025
Note
£'000
£'000
Continuing operations
Revenue
2
828,733
783,425
Cost of sales
(489,477)
(462,227)
Gross profit
339,256
321,198
Distribution costs
(104,284)
(103,962)
Administrative costs
(245,560)
(247,285)
Operating loss
(10,588)
(30,049)
Finance income
1,122
2,892
Finance costs
(26,848)
(39,546)
Loss before taxation
(36,314)
(66,703)
Income tax (charge)/credit
4
(7,365)
609
Loss for the financial period from continuing operations
(43,679)
(66,094)
Discontinued operations (THG Ingenuity)
Profit for the financial period from discontinued operations, net of tax
-
142,365
(Loss)/profit for the financial period
(43,679)
76,271
Other comprehensive (expense)/income:
Items that may be subsequently reclassified to profit or loss:
Exchange differences on translating foreign operations, net of tax
10,253
(42,976)
Net loss on cash flow hedges
(3,627)
(8,184)
Total comprehensive (expense)/income for the financial period
(37,053)
25,111
Basic and diluted loss per share continuing operations (£)
(0.03)
(0.05)
Basic and diluted loss per share discontinued operations (£)
-
0.11
Basic and diluted (loss)/earnings per share (£)
(0.03)
0.06
Earnings before interest, taxation, depreciation, amortisation, adjusted items and share-based payment charges (Adjusted EBITDA)
30 June 2026
30 June 2025
Note
£'000
£'000
Operating loss
(10,588)
(30,049)
Adjustments for:
Amortisation
6
7,581
8,569
Amortisation of acquired intangibles
6
19,423
21,727
Depreciation
6
13,124
15,502
Adjusted items - cash
3
4,296
1,672
Adjusted items - non-cash
3
1,266
3,677
Share-based payments
5
7,656
2,880
Adjusted EBITDA
42,758
23,978
Interim condensed consolidated statement of financial position as at 30 June 2026
30 June 2026
30 June 2025
Restated16
31 December 2025 Audited
Note
£'000
£'000
£'000
Non-current assets
Intangible assets
6
827,175
857,378
836,034
Property, plant and equipment
6
52,997
60,881
55,841
Right-of-use assets
6
131,925
114,105
116,783
Other non-current financial assets
7
-
2,907
-
Deferred tax asset
732
-
599
1,012,829
1,035,271
1,009,257
Current assets
Assets held for sale - Claremont Ingredients
-
39,906
-
Inventories
267,813
265,056
272,839
Trade and other receivables
131,399
121,266
106,691
Other financial assets
7
2,449
16,869
26,468
Current tax asset
1,731
-
801
Cash and cash equivalents
7
88,693
129,411
183,099
492,085
572,508
589,898
Total assets
1,504,914
1,607,779
1,599,155
Equity
Ordinary shares
9,809
8,562
9,606
Share premium
2,207,304
2,138,575
2,207,500
Equity conversion option
-
68,535
-
Capital redemption reserve
523
523
523
Hedging reserve
(46,979)
(41,075)
(42,880)
Cost of hedging reserve
35,241
30,213
34,769
FX Reserve
12,249
(12,042)
1,996
Retained earnings
(1,822,315)
(1,769,168)
(1,786,292)
395,832
424,123
425,222
Non-current liabilities
Borrowings
7
365,366
412,205
360,742
Other financial liabilities
7
-
39,376
-
Lease liabilities
7
125,337
109,079
109,868
Provisions
9
15,792
12,705
15,871
Deferred tax liability
49,347
54,026
44,403
555,842
627,391
530,884
Current liabilities
Liabilities held for sale - Claremont Ingredients
-
7,575
-
Contract liability
17,407
16,288
17,279
Trade and other payables
395,753
432,820
464,832
Borrowings
7
63,444
45,677
69,618
Current tax liability
1,391
2,909
3,190
Lease liabilities
7
21,688
17,902
20,945
Other financial liabilities
7
50,463
25,297
63,793
Provisions
9
3,094
7,797
3,392
553,240
556,265
643,049
Total liabilities
1,109,082
1,183,656
1,173,933
Total equity and liabilities
1,504,914
1,607,779
1,599,155
Interim condensed consolidated statement of changes in equity for the six months ended 30 June 2026
Ordinary shares
Share premium
Merger reserve
Equity conversion option
Capital Redemption reserve
FX reserve
Hedging reserve
Cost of Hedging reserve
Retained earnings
Total equity
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Balance at 1 January 2026
9,606
2,207,500
-
-
523
1,996
(42,880)
34,769
(1,786,292)
425,222
Loss for the period
-
-
-
-
-
-
-
-
(43,679)
(43,679)
Other comprehensive expense:
Impact of foreign exchange
-
-
-
-
-
10,253
-
-
-
10,253
Movement on hedging instruments
-
-
-
-
-
-
(4,099)
472
-
(3,627)
Total comprehensive expense for the period
-
-
-
-
-
10,253
(4,099)
472
(43,679)
(37,053)
Issue of ordinary share capital
203
(196)
-
-
-
-
-
-
-
7
Share-based payments
-
-
-
-
-
-
-
-
7,656
7,656
Balance at 30 June 2026
9,809
2,207,304
-
-
523
12,249
(46,979)
35,241
(1,822,315)
395,832
Balance at 1 January 2025
8,219
2,117,148
615
-
523
27,779
(36,134)
33,456
(1,845,779)
305,827
Profit for the period
-
-
-
-
-
-
-
-
76,271
76,271
Other comprehensive income:
Impact of foreign exchange
-
-
-
-
-
(42,976)
-
-
-
(42,976)
Movement on hedging instruments
-
-
-
-
-
-
(4,941)
(3,243)
-
(8,184)
Total comprehensive income for the period
-
-
-
-
-
(42,976)
(4,941)
(3,243)
76,271
25,111
Issue of ordinary share capital
343
21,427
-
-
-
-
-
-
-
21,770
Convertible loan
-
-
-
68,535
-
-
-
-
-
68,535
Share-based payments
-
-
-
-
-
-
-
-
2,880
2,880
Reserves movement on demerged entities
-
-
(615)
-
-
3,155
-
-
(2,540)
-
Balance at 30 June 2025
8,562
2,138,575
-
68,535
523
(12,042)
(41,075)
30,213
(1,769,168)
424,123
Interim condensed consolidated statement of cash flows for the six months ended 30 June 2026
30 June 2026
30 June 2025
Note
£'000
£'000
Cash flows from operating activities before adjusted cash flows
Cash used in operations
8
(26,830)
(35,763)
Income tax paid
(3,979)
(1,194)
Net cash outflow from operating activities before adjusted cash flows
(30,809)
(36,957)
Cash flows relating to adjusted items
3
(5,902)
(3,560)
Net cash outflow from operating activities
(36,711)
(40,517)
Cash flows from investing activities
Proceeds from disposal of non-core operations
-
720
Payments on distribution
10
(20,239)
(9,830)
Purchase of property, plant and equipment
(2,612)
(2,476)
Purchase of intangible assets
(7,396)
(8,015)
Interest received
1,122
2,892
Net cash used in investing activities
(29,125)
(16,709)
Cash flows from financing activities
Proceeds from issuance of ordinary shares net of fees
(196)
21,770
Proceeds from the issue of convertible loan
-
67,535
Interest paid
(15,273)
(19,209)
Repayment of bank borrowings and fees
(328,139)
(181,727)
Proceeds from bank borrowings
325,000
-
Repayment of lease liabilities
(9,962)
(10,354)
Net cash flow used in financing activities
(28,570)
(121,985)
Net decrease in cash and cash equivalents
(94,406)
(179,211)
Cash and cash equivalents at the beginning of the period
183,099
308,622
Cash and cash equivalents at the end of the period
88,693
129,411
Notes to the interim condensed consolidated financial statements
1. Basis of preparation
a. General information
THG PLC (company number 06539496) is a public company limited by shares and incorporated in England and Wales. It has a premium listing on the London Stock Exchange and is the holding company of the Group. The address of its registered office is Icon 1, 7-9 Sunbank Lane, Ringway, Altrincham, Manchester, WA15 0AF. The Company is the parent and the ultimate parent of the Group, the financial statements comprises the results of the Company and its subsidiaries ("the Group").
The interim condensed consolidated financial statements of the Group for the six months ending 30 June 2026 were authorised for issue in accordance with a resolution of the directors on 9 September 2026.
The annual financial statements for the year ended 31 December 2026 of the Group will be prepared in accordance with UK adopted IFRSs.
b. Basis of preparation
The interim condensed consolidated financial statements for the six months ended 30 June 2026 have been prepared in accordance with UK adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority. The financial statements have been prepared on the historical cost basis, except for derivatives which are held at fair value. The Directors consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements of the Group.
The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual consolidated financial statements for the year ended 31 December 2025. As disclosed in note 1a, the annual financial statements of the Group will be prepared in accordance with UK adopted IFRSs.
The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2025.
The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. There were no new standards, interpretations or amendments that became effective in the period that had a material impact on the group.
Going concern
The Group remains in a strong cash position following the demerger with cash and cash equivalents totalling £88.7m (H1 2025: £129.4m, 31 December 2025: £183.1m).
At 30 June 2026, the Group had a total of £150m in undrawn facilities.
Net debt before lease liabilities and after FX derivatives totalled £329.7m (H1 2025: net debt before lease liabilities £321.4m, 31 December 2025: £233.0m).
In making their assessment of going concern, the Directors reviewed financial projections until 30 September 2027.
Downside scenarios were modelled including the impacts of a combination of the principal risks occurring including reducing sales and margins for the two key businesses. A reverse stress test was also separately modelled before considering any mitigating actions with the outcome being that the levels required to exhaust going concern would be considered remote. Mitigating actions available include existing cash resources, level of discretionary spend and ability to utilise the RCF.
For these reasons, the Directors continue to adopt the going concern basis in preparing these condensed interim financial statements.
c. Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group's accounting policies, management is required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. In preparing these interim financial statements, the significant judgements made by management in applying the Group's accounting policies and key sources of estimation uncertainty were the same as those applied to the Group's annual consolidated financial statements for the year ended 31 December 2025.
2. Segmental reporting and revenue
The Group's activities were divided into the following segments: THG Beauty and THG Nutrition.
The results of each business is reported to the Board of Directors and are treated as reportable operating segments. The following table describes the main activities for each reportable operating segment:
Segment
Activities
THG Nutrition
Retailer of sports nutrition supplements and health and wellness products, led by the world's largest online sports nutrition brand, Myprotein.
THG Beauty
Retailer of prestige beauty brands through online retail websites with digital leadership in key markets: the UK and the US.
Central costs relate primarily to the PLC Board remuneration, professional services fees, Group finance, M&A, risk (insurance) and governance costs that are not recharged to the businesses as they principally relate to the operations of the PLC holding company.
The Chief Operating Decision Maker (CODM) is the executive Board of directors, who make the key operating decisions for the segment. The CODM receives daily financial information at the combined Group level, along with monthly information at a business level, and uses this information to allocate resources, make operating decisions and monitor the performance of each of the segments.
The measure of the Group's profit or loss used by THG's management team is Adjusted EBITDA comprising operating loss adjusted for interest, tax, depreciation, amortisation, shared-based payments and adjusted items. This is reconciled to the nearest IFRS measure (loss before tax) in the below table.
H1 2026
THG Nutrition
£'000
THG Beauty
£'000
Central PLC
£'000
Total reportable segments
£'000
Adjusted items
£'000
Amortisation and depreciation
£'000
H1 2026
Continuing operations
Statutory
£'000
Revenue
328,498
500,235
-
828,733
-
-
828,733
Adjusted gross profit
146,622
194,107
-
340,729
(1,005)
(468)
339,256
Margin %
44.6%
38.8%
-
41.1%
-
-
40.9%
Adjusted EBITDA
26,046
24,971
(8,259)
42,758
-
-
42,758
Margin %
7.9%
5.0%
-
5.2%
-
-
5.2%
Depreciation
(13,124)
Amortisation
(27,004)
Share-based payments
(7,656)
Adjusted items
(5,562)
Operating loss
(10,588)
Finance income
1,122
Finance costs
(26,848)
Loss before taxation
(36,314)
H1 2025
THG Nutrition
£'000
THG Beauty
£'000
Central PLC
£'000
Total reportable segments
£'000
Adjusted items
£'000
Amortisation and depreciation
£'000
H1 2025
Continuing operations
Statutory
£'000
Revenue
303,573
479,852
-
783,425
-
-
783,425
Adjusted gross profit
131,804
190,447
-
322,251
(666)
(387)
321,198
Margin %
43.4%
39.7%
-
41.1%
-
-
41.0%
Adjusted EBITDA
11,968
20,221
(8,211)
23,978
-
-
23,978
Margin %
3.9%
4.2%
-
3.1%
-
-
3.1%
Depreciation
(15,502)
Amortisation
(30,296)
Share-based payments
(2,880)
Adjusted items
(5,349)
Operating loss
(30,049)
Finance income
2,892
Finance costs
(39,546)
Loss before taxation
(66,703)
Below is an analysis of revenue by region (by destination):
Six months ended
30 June 2026
Six months ended
30 June 2025
£'000
£'000
UK
470,453
389,779
USA
128,682
141,270
Europe
165,674
167,004
Rest of the world
63,924
85,372
828,733
783,425
3. Adjusted items
Six months ended 30 June 2026
Six months ended
30 June 2025
£'000
£'000
Within Cost of sales
Loss on disposal of discontinued and the exit of loss-making categories
-
666
Inventory provision following strategic review
456
-
One-off manufacturing operational costs
549
-
1,005
666
Within Distribution costs
Transportation, delivery and fulfilment costs
258
418
Commissioning - new facilities
214
-
472
418
Within Administrative costs
Other legal and professional costs
2,147
1,973
Restructuring costs
1,793
836
Impairment of assets - THG Experience
-
653
Impact of property portfolio restructure
(29)
803
One-off manufacturing operational costs
174
-
4,085
4,265
Total adjusted items before tax
5,562
5,349
Tax impact
(856)
(1,018)
Total adjusted items
4,706
4,331
Cash adjusting items before tax[17]
4,296
1,672
Loss on disposal of discontinued and the exiting of loss-making categories
Prior period costs related to the disposal of two non-core THG Beauty brands and product offerings as part of the Group's strategic review of loss-making categories and territories. No such costs were incurred in H1 FY 2026.
Inventory provision following strategic review
A final inventory provision required for discontinued inventory following the previous strategic review. We do not expect these costs to recur.
One-off manufacturing operational costs
This includes one-off costs incurred in connection with the commissioning and ramp-up of a new manufacturing production line, together with non-recurring expenditure undertaken to support manufacturing capacity and operational continuity.
Transportation, delivery and fulfilment costs
The conflict in Iran has resulted in pressures across the international network and travel routes, with increased costs being experienced as the war continues, which are not fully passed on to customers. The Group continues to insulate the customer from the full impact of these rising costs, with the residual expense therefore being over and above those incurred through the normal course of business.
Commissioning - new facilities
The Group commissioned a new US warehouse during the period. Incremental costs relating to the exit and clearance of the legacy warehouse were incurred as part of the transition to the new site. Accordingly, these costs have been classified as adjusted items.
Other legal and professional costs
The Group incurs legal and professional costs that are non-recurring, one-off in nature and not related to trading activities. These costs which may include legal costs for one-off matters and other fees associated with investor activities, are presented as adjusted items. In H1 FY 2026, costs primarily related to one-off advisory projects. The prior year amount related to an irrecoverable customer debt following liquidation. Due to the exceptional and non-recurring nature of these items, they have been classified as adjusted items.
Restructuring costs
The Group continues to explore and implement corporate restructuring and evolve its internal operations where sustainable alternatives are identified. The costs incurred are attributable to employee-related severance as part of specific operational restructuring projects as efficiencies are implemented across the business. These projects, and the costs attached, are expected to be completed within a 12-month period.
Impairment of assets - THG Experience
In the prior period, an additional one-off impairment charge of £0.7m was recognised during the period for the THG Experience assets remaining within continuing operations that were previously impaired in 2024, following a further review of its carrying value. No such costs have been recognised in the current period.
Impact of property portfolio restructure
Consistent with the prior year, the Group continues to incur unavoidable costs relating to leased properties that were vacated following a Group review of properties held within its portfolio that are no longer in use. The costs relating to these sites are incurred over the remaining life of the lease and will continue to be classified as adjusted items.
4. Income tax
The Group calculates the period income tax expense using the tax rate that would be applicable to the expected total annual earnings. The major components of income tax expense in the interim condensed consolidated statement of comprehensive income are:
Six months ended
30 June 2026
Six months ended
30 June 2025
£'000
£'000
Current tax
Tax charge for the period
1,345
1,245
Deferred tax
Origination and reversal of temporary differences
6,020
(1,854)
Total income tax charge/(credit)
7,365
(609)
5. Share-based payments
The Group operates a share-based compensation plan, under which the Group receives services from employees as consideration for equity instruments (options) of the Company. The fair value of the employee services received in exchange for the grant of the equity instruments is recognised as an expense in the Statement of Comprehensive Income with the corresponding increase to equity.
A total of 27,667,288 share options were issued in the period. The share options issued during the period are as follows:
· On 22 January 2026, 23,542,862 options were granted, followed by grants of 3,846,649 options on 1 March 2026 and 277,777 options on 8 May 2026, with all options vesting in three equal tranches; the first tranche vesting on the grant date and the second and third tranches vesting on 31 December 2026 and 31 December 2027 respectively.
Refer to the 2025 Group Annual Report and Accounts for more information regarding previous issued plans.
Six months ended
30 June 2026
Six months ended 30 June 2025
£'000
£'000
Expense arising from equity-settled share-based payment transactions
7,656
2,880
The following table shows the shares granted and outstanding at the beginning of the year and at half-year:
2026
Number of shares
As at 1 January
70,030,571
Granted during the year
27,667,288
Exercised during the year
(12,041,662)
Forfeited during the year
(797,412)
As at 30 June
84,858,785
6. Non-current assets
Intangible assets
£'000
Property, plant and equipment
£'000
Right-of-use asset
£'000
1 January 2026
836,034
55,841
116,783
Additions
7,396
2,612
7,838
Lease modifications
-
-
15,050
Depreciation/Amortisation
(27,004)
(5,376)
(7,748)
Currency translation differences
10,749
(75)
2
Disposals
-
(5)
-
30 June 2026
827,175
52,997
131,925
Intangible assets
£'000
Property, plant and equipment
£'000
Right-of-use asset
£'000
Restated[18]
1 January 2025
958,322
64,890
29,327
Additions
8,015
2,330
73,072
Lease modifications
-
-
23,012
Impairment
-
-
(918)
Depreciation/Amortisation
(30,296)
(5,870)
(9,632)
Currency translation differences
(42,572)
9
(756)
Transfer to assets held for sale
(36,091)
(478)
-
30 June 2025
857,378
60,881
114,105
IAS 36 states that an entity is required to assess at each reporting date whether there are any indications of impairment, with an impairment test itself being carried out if there are such indications. In assessing whether there are impairment triggers at the reporting date, management has taken into account economic performance including macroeconomic factors that have impacted the markets in which the Group operates. During the period, THG Nutrition delivered strong increases in margins. Consequently, management has concluded that there are no triggers or indicators of impairment. While THG Beauty reported strong revenue growth, it reported a decline in adjusted gross profit margin by 90bps. Reflecting this margin reduction, management has undertaken an impairment review for THG Beauty. A value in use assessment has been performed for the THG Beauty cash generating unit. A discounted cash flow has been prepared with the following assumptions
THG Beauty
Key assumptions
Forecasts are based on assumptions from the Board-approved budget with projections covering a five-year period. The key assumptions within the cash flow forecasts are the future revenue growth and EBITDA margin. The projections are based on the best estimate of future cash flows, taking into account externally available expectations. The discount rate and long-term growth rate are consistent with those applied in the impairment review performed at 31 December 2025, and as disclosed in note 10 of the Group's annual accounts.
Sensitivities
Management has performed sensitivity analysis across revenue growth rates, EBITDA margin, terminal growth rate and discount rates.
THG Beauty has historically acquired several businesses and therefore has a higher intangible asset position as a result of the recognition of brands, intellectual property and goodwill under IFRS 3: Business Combinations. On performing sensitivity analysis on the key assumptions, the model is not sensitive to reasonably possible changes in assumptions.
As a result of the impairment assessment performed, no impairment has been recognised in respect of THG Beauty.
7. Financial assets and liabilities
30 June 2026
30 June 2025
Restated16
31 December 2025
£'000
£'000
£'000
Assets as per balance sheet - financial assets
Trade and other receivables excluding non-financial assets
82,213
76,177
70,403
Cash and cash equivalents
88,693
129,411
183,099
Assets as per balance sheet - held at fair value through OCI
Derivative financial instruments designated as hedging instruments
2,449
19,776
26,468
173,355
225,364
279,970
Liabilities as per balance sheet - other financial liabilities at amortised cost
Bank borrowings
428,810
457,882
430,360
Lease liabilities
147,025
126,981
130,813
Trade and other payables excluding non-financial liabilities
377,917
411,289
444,952
Derivative financial instruments designated as hedging instruments
50,463
64,673
63,793
1,004,215
1,060,825
1,069,918
Derivative financial instruments designated as hedging instruments
FX forwards hedging foreign exchange risk on borrowings
(45,017)
(38,363)
(37,230)
Interest rate swaps
(4,178)
(7,059)
(843)
FX forwards hedging foreign exchange risk on highly probable future cash flows
1,181
525
748
(48,014)
(44,897)
(37,325)
Financial instruments included within current assets and liabilities, excluding borrowings, are generally short-term in nature and accordingly their fair values approximate to their book values. Bank borrowings are initially recorded at fair value net of direct issue costs. There is no material difference between the fair value and the carrying value of the bank borrowings.
The derivative financial instruments designated as hedging instruments have been recognised at fair value through Other Comprehensive Income. Hedging instruments are valued based on significant observable inputs and have been classified at Level 2 hierarchy level in line with IFRS 13: Fair Value Measurement.
VAT tribunal - protein powders (contingent asset)
The Group has raised Error Correction Notices to HMRC regarding the VAT treatment of certain protein powder products. A favourable ruling could generate an estimated benefit in excess of £60m. However, under IAS 37, contingent assets may only be recognised when the inflow of economic benefits is virtually certain. As HMRC have not provided a conclusion, we have concluded this criteria is not met at 30 June 2026. No asset has therefore been recognised yet.
Net debt consists of loans and lease liabilities, less cash and cash equivalents. For the purposes of the Group's net debt calculation, loans that are denominated in foreign currency are translated at the effective hedged rate where applicable. A reconciliation to the most directly comparable IFRS measure is included below:
30 June 2026
30 June 2025
Restated16
31 December 2025
£'000
£'000
£'000
Loans and other borrowings
(428,810)
(457,882)
(430,360)
Lease liabilities
(147,025)
(126,981)
(130,813)
Cash and cash equivalents
88,693
129,411
183,099
Sub-total
(487,142)
(455,452)
(378,074)
Adjustments:
Retranslate debt balance at swap rate where hedged by FX derivatives
10,377
7,038
14,252
Net debt
(476,765)
(448,414)
(363,822)
Net debt before lease liabilities
(329,740)
(321,433)
(233,009)
8. Cash flow generated from operations
Six months ended
30 June
2026
Six months ended
30 June
2025
Note
£'000
£'000
Loss before taxation from continuing operations
(36,314)
(66,703)
Profit before taxation from discontinued operations
-
142,365
(Loss)/profit before taxation
(36,314)
75,662
Adjustments for:
Depreciation
6
13,124
15,502
Amortisation
6
7,581
8,569
Amortisation - acquired intangibles
6
19,423
21,727
Share-based payment
5
7,656
2,880
Adjusted items
3
5,562
5,349
Gain on demerger
-
(142,365)
Net finance costs
25,726
36,654
Operating cash flow before adjusted items and before movements in working capital and provisions
42,758
23,978
Decrease/(increase) in inventories
6,420
(2,611)
(Increase)/decrease in trade and other receivables
(24,150)
19,301
Decrease in trade and other payables
(51,101)
(74,797)
Decrease in provisions
(715)
(1,614)
Foreign exchange loss
(42)
(20)
Cash used in operations before adjusted items
(26,830)
(35,763)
9. Provisions
Dilapidations
Onerous contracts
Total
£'000
£'000
£'000
At 1 January 2026
16,732
2,531
19,263
Utilisation
-
(452)
(452)
Interest
262
-
262
Created
74
-
74
Released
(101)
(132)
(233)
FX on translation
(13)
(15)
(28)
At 30 June 2026
16,954
1,932
18,886
Current
2,764
330
3,094
Non-current
14,190
1,602
15,792
Dilapidations provisions relate to leased properties. Dilapidations provisions are made based on the best estimate of the likely committed cash outflow and discounted to net present value. Future costs are expected to be incurred over the term of the existing lease arrangements at the reporting date, which is a period of up to 20 years.
Onerous contracts provision includes unavoidable costs relating to the aborted implementation of a payroll ERP system and a technology tool, which was originally intended to enhance revenue generation and customer retention. The provision is expected to be utilised over 2 years.
10. Related Party Transactions
The Moulding Capital Limited Group ("Propco") is wholly owned by the Group's CEO. The Propco Group owns property assets occupied and utilised by THG and its operating businesses.
Leases with Propco Group
The amounts recognised on the Group's balance sheet and statement of comprehensive income in relation to the leases with Propco for continuing operations in the period are as follows:
30 June 2026
£'000
30 June 2025
£'000
Restated
Right-of-use asset
9,391
10,670[19]
Lease liability
(24,942)
(26,099)
Depreciation arising on right-of-use assets
(1,028)
(2,639)
Expense recognised in financing costs
(655)
(751)
The table below gives further detail around the leases in place for continuing operations H1 2026:
Number of properties (H1 2026)
Number of properties (H1 2025)
Residual lease term
H1 2026 rent (£'000)
H1 2025 rent (£'000)
-
8
0-4 years
-
390
9
9
8-10 years
999
999
1
1
18-24 years
369
369
10
18
1,368
1,758
The number of leased properties will reduce to 9 in H2 2026 following the early exit of the Great John Street Hotel lease in July 2026.
The following table sets out amounts payable to related parties which include balances in relation to lease agreements:
Amount owed by related parties
Amount owed to related parties
£'000
£'000
Propco
-
275
Amounts owed to Aghoco 1442 Limited[20] and Allenby Square Limited (subsidiaries within the Propco Group) at 31 December 2025 have been settled in the period.
Prior to 30 October 2025, 'THG Ingenuity' was used to describe the The Hut.com Limited group. On 30 October 2025, The Hut.com Limited changed its legal name to FIC Shareco Limited, a company incorporated in the UK. From 30 October 2025, 'THG Ingenuity' describes the FIC Shareco Limited group.
Following the demerger on 2 January 2025, THG Ingenuity is no longer part of the THG PLC Group, however by virtue of the CEO's shareholding and control it is considered a related party.
THG PLC has a long-term service contract in place comprising; platform infrastructure and technology services, warehouse, fulfilment and courier services, and marketing and content creation.
Transactions with THG Ingenuity
The amounts recognised on the Group's balance sheet and in the income statement in relation to the contract with THG Ingenuity in the period are as follows:
H1 2026
H1 2025
Sale of goods/services
Purchase of goods/services
Sale of goods/services
Purchase of goods/services
£'000
£'000
£'000
£'000
THG Ingenuity
2,959
219,669
5,109
230,803
During the period, THG Ingenuity received cash for the sale of goods on behalf of the Group totalling £9.0m (2025: £41.4m), under the agreement in place this was remitted back to the Group.
Amounts included within trade and other payables at 31 December 2025 totalling £20.9m in respect of the final demerger payment were settled in the period for £20.2m (2025: £9.8m).
Subleases with THG Ingenuity
In addition, subleases were put in place following the demerger. The amounts recognised on the Group's balance sheet and in the income statement in relation to the leases with THG Ingenuity in the period are as follows:
30 June 2026
30 June 2025
£'000
£'000
Restated16
Right-of-use asset
76,936
89,148
Lease liability
77,285
90,818
Depreciation arising on right-of-use assets
3,768
3,588
Expense recognised in financing costs
2,409
2,288
The table below gives further detail around the leases in place for continuing operations H1 2026:
Number of properties (H1 2026)
Number of properties (H1 2025)
Residual lease term
H1 2026 rent (£'000)
H1 2025 rent (£'000)
3
2
0-4 years
1,983
1,397
1
1
8-10 Years
358
654
3
4
18-24 years
2,665
3,296
7
7
5,006
5,347
The following table sets out amounts outstanding excluding lease liabilities at the balance sheet date:
Amount owed by related parties
Amounts owed to related parties
£'000
£'000
THG Ingenuity
3,021
62,379
The receivables are unsecured in nature, and unless otherwise stated, bear no interest. No guarantees have been given or received, and no provisions have been made for doubtful debts in respect of the amounts owed by related parties. The payables to related parties are from purchase transactions for services due one month after the date of purchase. The payables from purchase transactions are unsecured and bear no interest.
11. Events after the reporting period
A capital reduction involving the cancellation of the Company's share premium account and capital redemption reserve was approved by shareholders at the Annual General Meeting (AGM) on 24 June 2026. Following confirmation by the High Court of Justice and subsequent registration by the Registrar of Companies, the capital reduction became effective on 7 August 2026. The effect is an increase in retained earnings of £2.2bn, and a decrease in the share premium account of £2.2bn and the capital redemption reserve of £0.5m. The capital reduction does not involve any distribution or payment of capital by the Company.
Principal risks and uncertainties
The Board considers that the principal risks and uncertainties which could impact the Group over the remaining six months of the financial year to 31 December 2026 to be unchanged from those set out in the Annual Report and Accounts for the year to 31 December 2025.
The applicable risks are summarised as follows:
· Cyber security and data privacy;
· THG Ingenuity reliance;
· Culture;
· Talent;
· Customer needs;
· Infrastructure, supply chain and critical partners;
· Climate change, environmental and social responsibility;
· Health and safety;
· Legal and regulatory compliance;
· Product safety and quality;
· Geopolitical and economic uncertainty; and
· Liquidity and funding.
These are set out in detail from page 62 in the Group's Annual Report and Accounts for the year to 31 December 2025, a copy of which is available on the Group's website, www.thg.com.
INDEPENDENT REVIEW REPORT TO THG PLC
Conclusion
We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 which comprises the Interim condensed consolidated statement of comprehensive income, the Interim condensed consolidated statement of financial position, Interim condensed consolidated statement of changes in equity, Interim condensed statement of cash flows, and the related explanatory notes. We have read the other information contained in the half yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review Engagements 2410 (UK) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" (ISRE) issued by the Financial Reporting Council. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
As disclosed in Note 1, the annual financial statements of the group are prepared in accordance with UK adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with UK adopted International Accounting Standard 34, "Interim Financial Reporting".
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for Conclusion section of this report, nothing has come to our attention to suggest that management have inappropriately adopted the going concern basis of accounting or that management have identified material uncertainties relating to going concern that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with this ISRE, however future events or conditions may cause the entity to cease to continue as a going concern.
Responsibilities of the directors
The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.
In preparing the half-yearly financial report, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.
Use of our report
This report is made solely to the company in accordance with guidance contained in International Standard on Review Engagements 2410 (UK) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Financial Reporting Council. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our work, for this report, or for the conclusions we have formed.
Ernst & Young LLP
Manchester
9 September 2026
[1] When adjusted for the August 2025 disposal of Claremont Ingredients H1 2025.
[2] 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.
[3] Continuing CCY defined as constant currency basis adjusted for the exit of loss-making territories and the sale of Claremont Ingredients.
[4] As set out in the AGM Trading statement on 24 June 2026.
[5] Gross profit margin adjusted for amortisation and depreciation and adjusted items. See CFO Report for reconciliation.
[6] YoY defined as year-on-year growth.
[7] Gross profit adjusted for amortisation and depreciation and adjusted items. See CFO Report for reconciliation.
[8] The non-GAAP measure which is defined as earnings before interest, taxes, depreciation, amortisation, share-based payment and adjusting items. See CFO Report for reconciliation.
[9] Net debt excluding lease liabilities. See CFO Report for reconciliation.
[10] Including Myprotein licensed products.
[11] Market share gains source: Circana THG Total Market Share 04.01.2026 to 27.06.2026 vs04.01.2025 to 27.06.2025.
[12] TikTok UK Seller Centre, August 2026.
[13] 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 (see more information below).
[14] On 1 July 2026, the EU removed its €150 de minimis customs duty exemption, moving to a flat rate charge of €3 per item category.
[15] The numbers in this report are subject to roundings throughout. This report includes a number of non-GAAP measures and alternative performance measures. Adjusted results are consistent with how business performance is measured internally and presented to aid comparability of performance. See more information within the reconciliations to statutory measures within this report.
[16]The H1 2025 lease liabilities and right-of-use asset have been restated following an adjustment to the incremental borrowing rates applied in the financial statements for the year ended 31 December 2025 that should also be applied in the six-month period to 30 June 2025. The restatement reduces lease liabilities by £16.5m and right-of-use assets by £16.5m. The correction has no impact on the Group's income statement, statement of comprehensive income, earnings per share, cash flows or net assets.
[17] This differs to the Cash flows relating to adjusted items within the cash flow statement which also includes accruals unwinding from previous periods.
[18] The H1 2025 lease liabilities and right-of-use asset have been restated following an adjustment to the incremental borrowing rates applied in the financial statements for the year ended 31 December 2025 that should also be applied in the six-month period to 30 June 2025. The restatement reduces lease liabilities by £16.5m and right-of-use assets by £16.5m. The correction has no impact on the Group's income statement, statement of comprehensive income, earnings per share, cash flows or net assets.
[19] The H1 2025 right-of-use asset disclosure has been restated from £28.7m to £10.7m to include, primarily, impairment charges recognised as at 30 June 2025 within the income statement but omitted from the disclosure note. This restatement has no impact on the income statement, net assets or statement of cash flow.
[20] Previously disclosed inaccurately at 31 December 2025 as Aghoco 1422 Limited.
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