REG - THG PLC - Q4 2025 Trading Statement

THGAnnouncement

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RNS Number : 5994O  THG PLC  13 January 2026

13 January 2026

 

THG PLC

 

Fourth quarter trading statement for the period ended 31 December 2025

 

 

Record H2 revenue performance, c.14% ahead of the top end of guidance

 

THG Beauty outperformance drives Q4 Group revenue growth of +7.0%, strongest
YTD

 

High confidence in THG Beauty and THG Nutrition trading momentum into Q1 2026,
following c.8% revenue growth over November and December

 

 

 

Outlook and guidance

 * Group H2 revenue increased +6.7% YoY, c.14% ahead of the top of the +3.9% to
+5.9% guidance range:

o  THG Beauty delivered +5.5% H2 revenue growth, well ahead of +1.0% to +3.0%
guidance; and

o  THG Nutrition delivered +9.2% H2 revenue growth (+12.7% excluding Asia),
broadly in-line with the +10.0% to +12.0% guidance.

 

 * FY 2025 adjusted EBITDA expectations remain unchanged and in line with the
company consensus range
 1  (#_ftn1)
.

 

 

Q4 2025 Group trading performance

 

                       Q4 2025                                                   FY 2025
 £m             Q4     YoY      Continuing 2  (#_ftn2) CCY 3  (#_ftn3)  FY       YoY      Continuing CCY

                2025   Growth                                           2025     Growth
 THG Beauty     370.2  +2.2%    +6.4%                                   1,108.3  -5.4%    +0.3%
 THG Nutrition  157.2  +8.1%    +8.5%                                   607.7    +4.7%    +6.2%
 Total revenue  527.4  +3.9%    +7.0%                                   1,716.0  -2.0%    +2.3%

 

All comparative figures are continuing CCY unless otherwise stated, all
numbers and tables subject to rounding. FY 2024 has been restated to reflect
the demerger of THG Ingenuity.

 

 

 * Q4 was the strongest quarter of FY 2025 for Group revenue growth at +7.0%,
building on the previous quarter high of +6.3%, supported by a successful
November and December performance (c.+8%), and robust commercial discipline.

 

 * The Group delivered FY revenue growth of +2.3%, the first year of growth since
2021, and a pleasing recovery from the H1 revenue decline of -2.5%.

 

 * The impact of FX on sales reduced sequentially through the year, with Japanese
Yen and US Dollar headwinds largely offset by Euro tailwinds by Q4.

 

 * The combined impact of disposals and discontinued activities reduced Group
full year and Q4 2025 revenue growth by 330bps and 290bps respectively.

 

 * THG Beauty delivered its strongest Q4 growth performance since Q4 2021, well
ahead of revenue guidance driven by Lookfantastic (+16.2%) in the UK and
Ireland. The effect of discontinued activities and asset disposals (including
the sale of the luxury portfolio) impacted full year and Q4 2025 reported
revenue growth by 460bps and 370bps respectively.

 

 * The sale of Claremont Ingredients in Q3 2025, impacted full year and Q4 2025
revenue growth for THG Nutrition by 50bps and 110bps respectively. We continue
to diversify our territory, channel and category mix to reflect the record
global consumer demand for protein, taking intentional trading decisions to
protect margins and retain market share whilst whey commodity prices remain
elevated.

 

 * Highly liquid balance sheet with over £330m of cash and available facilities
at year end.

 

 

THG Beauty Q4 2025 highlights

 

 * THG Beauty UK outperformed the market following a strong Q3, supported by
growth in new and LTM active customers.

 

 * Revenue growth in Q4 was broad-based across categories, helping deepen
penetration in established and high-growth segments. Cosmetics and Skincare
drove the strongest performance, with both gaining UK market share
 4  (#_ftn4)
, alongside a record advent contribution.

 

 * Lookfantastic has partnered with Uber Eats, allowing London based customers
access to same day delivery for a range of curated beauty and fragrance
essentials, further supporting our focus on streamlining the product discovery
and purchase experience.

 

 * Within Own Brands, Perricone MD performance improved in the period after a
challenging H1, driven by investment in brand and formulation, alongside
expanded B2B distribution. In addition, 60 ESPA SKUs were launched in over 100
M&S stores and online, building brand visibility and aided awareness for
the luxury spa and skincare brand, leveraging access to the Sparks reward
scheme members.

 

 * The sale of the luxury portfolio and other asset disposals, alongside the
commercial decision to withdraw from certain sales activity
in Europe and Asia, accounts for the vast majority of the revenue drag
observed during FY 2025. These factors have now largely annualised.

 

 

THG Nutrition Q4 2025 highlights

 

 * THG Nutrition delivered its fourth consecutive quarter of revenue growth
(+12.2% (excluding Asia)), largely driven by pricing and strong growth in
adjacent categories notably offline retail and gross margin accretive
activewear and creatine. Growth in activewear (c.12% of online sales vs c.8%
FY 2024) further diversifies both revenue and the addressable customer base,
with over half a million women's leggings sold during the year.

 

 * Myprotein maintained its leading position as UK and Europe's no.1 sports
nutrition brand
 5  (#_ftn5)
holding a 25% share of the UK online sports nutrition market
 6  (#_ftn6)
, with customer loyalty driving YoY growth in subscriptions by more than
double.

 

 * Global confectionary brand Mars joined a growing list of international
collaborations for Myprotein, which already includes Müller, Iceland, Chupa
Chups, Vimto and Jimmy's Coffee. These partnerships have seen the brand enter
new markets alongside established category leaders, helping to bring Myprotein
products to a wider audience across multiple lifestyle and nutrition
categories.

 

 * Long-term retail partner Iceland launched 25 new Myprotein branded products
into stores during the year, with the recent launch of omelettes and 'Layered
Ice Cream Bars' incorporating Myprotein into additional meal occasions. Range
expansions for GNC and Kroger in the US are also set to launch in H1 2026.

 

 

 

Matthew Moulding, CEO of THG, commented:

 

"We finished 2025 on a high with our best quarter of the year thanks to a
strong November and December period. In THG Beauty, our strategy to focus on
core categories and territories is delivering clear results, with
Lookfantastic UK achieving exceptional growth. We continue to accelerate our
digital leadership, prioritising high-margin prestige brands and enhancing
personalisation by increased use of AI and virtual tools.

 

"THG Nutrition has delivered its fourth consecutive quarter of revenue growth,
driven by the strength of the Myprotein brand and our successful offline
global expansion strategy which has seen us exceed our distribution targets
across retail and licencing.

 

"We enter the new year with strong trading momentum and a clear focus on
continuing to deliver quality, value and newness for our customers."

 

 

 

Analyst and Institutional investor conference call

 

THG will today host a conference call and webcast for analysts and investors
at 9.00am (UK time) via the following link:

 

https://stream.brrmedia.co.uk/broadcast/695cfa5b87ddc40013b867a5
(https://stream.brrmedia.co.uk/broadcast/695cfa5b87ddc40013b867a5)

 

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 - Q4 2025 Results

 

 

For further information please contact:

 

 Investor enquiries - THG PLC
 Kate Grimoldby, Director of Investor Relations and Strategic Projects  Investor.relations@thg.com (mailto:Investor.relations@thg.com)

 Media enquiries:
 Sodali & Co - Financial PR adviser                                     Tel: +44 (0) 20 7100 6451
 Russ Lynch/Sam Austrums/Louisa Henry                                   thg@sodali.com (mailto:thg@sodali.com)

 THG PLC                                                                media-enquiries@thg.com

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

 

                Q1      Q2     Q3      Q4     FY       Q1     Q2     Q3      Q4     H1     H2     FY

                2024    2024   2024    2024    2024    2025   2025   2025    2025   2025   2025   2025
 THG Beauty     +13.6%  +3.5%  +3.2%   +0.8%  +4.6%    -9.8%  -2.1%  +4.2%   +6.4%  -5.9%  +5.5%  +0.3%
 THG Nutrition  -5.7%   -9.4%  -10.5%  -9.4%  -8.7%    +0.3%  +6.2%  +10.0%  +8.5%  +3.2%  +9.2%  +6.2%
 Total revenue  +5.5%   -1.5%  -2.0%   -2.5%  -0.4%    -6.1%  +0.9%  +6.3%   +7.0%  -2.5%  +6.7%  +2.3%

 

Quarterly reported growth rate

 

                Q1      Q2      Q3      Q4      FY      Q1      Q2     Q3     Q4     H1      H2     FY

                2024    2024    2024    2024    2024    2025    2025   2025   2025   2025    2025   2025
 THG Beauty     +3.9%   -2.5%   -3.1%   -8.0%   -3.1%   -15.3%  -9.6%  -1.2%  +2.2%  -12.4%  +0.8%  -5.4%
 THG Nutrition  -12.2%  -15.0%  -14.0%  -13.1%  -13.6%  -2.3%   +4.5%  +9.3%  +8.1%  +1.1%   +8.7%  +4.7%
 Total revenue  -2.6%   -7.3%   -7.1%   -9.5%   -6.8%   -10.6%  -4.7%  +2.4%  +3.9%  -7.6%   +3.2%  +2.0%

 

Quarterly reported revenue

 

  £m            Q1     Q2     Q3     Q4     FY       Q1     Q2     Q3     Q4     H1     H2     FY

                2024   2024   2024   2024   2024     2025   2025   2025   2025   2025   2025   2025
 THG Beauty     268.9  278.8  261.3  362.2  1,171.1  227.8  252.0  258.2  370.2  479.9  628.4  1,108.3
 THG Nutrition  151.3  149.1  134.5  145.4  580.3    147.8  155.8  147.0  157.2  303.6  304.2  607.7
 Total revenue  420.2  427.8  395.7  507.6  1,751.4  375.6  407.8  405.2  527.4  783.4  932.6  1,716.0

 

 

Ends

(#_ftnref1) ([ 1 ]) Consensus dated 05.11.25 and available at
https://www.thg.com/investor-relations/analyst-consensus.

(#_ftnref2) ([ 2 ]) Continuing excludes discontinued categories and Claremont
Ingredients, the sale of which completed on 2 September 2025.

(#_ftnref3) ([ 3 ]) CCY defined as constant currency basis.

(#_ftnref4) ([ 4 ]) Market Growth; Circana Total Market 28/9/25 Ð 27/12/25

(#_ftnref5) ([( 5 ))] Euromonitor International Limited; Consumer Health 2025
edition, retail value sales (RSP), all retail channels, 2024 data.

(#_ftnref6) ([ 6 ]) Nielsen IQ Ð Brand Online Market Share Ð Value. Sports
nutrition categories are energy gels, weight gain products, protein
powders. Time period: Q4 2025 (1/10/25 Ð 31/12/25).

 

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