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RNS Number : 1919D THG PLC 14 October 2025
14 October 2025
THG PLC
Third quarter trading statement for the period ended 30 September 2025
Strongest quarter of organic sales growth since 2021, with Q3 revenue +6.3%
Accelerating growth in both THG Beauty and THG Nutrition
Q3 performance returns Group to YTD revenue growth
Q3 2025 Group trading performance
Q3 2025 YTD 2025
£m Q3 YoY Continuing 1 CCY 2 YTD YoY Continuing CCY
2025 Growth 2025 Growth
THG Beauty 258.2 -1.2% +4.2% 738.1 -8.8% -2.6%
THG Nutrition 147.0 +9.3% +10.0% 450.6 +3.6% +5.3%
Total revenue 405.2 +2.4% +6.3% 1,188.7 -4.4% +0.3%
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.
* Strong revenue growth across both businesses (Group +6.3%), following
operating model changes and brand proposition investment.
* Q3 2025 represents the highest organic quarterly growth since Q4 2021 3 ,
driven by double digit growth (+10.0%) in THG Nutrition, alongside continued
momentum in Beauty.
* The combined impact of disposals and discontinued activities reduced Group YTD
and Q3 2025 revenue growth by 340bps and 270bps respectively.
* The effect of discontinued activities and asset disposals within THG Beauty
(including the sale of the luxury portfolio) impacted YTD and Q3 2025 revenue
growth by 490bps and 380bps respectively.
* The sale of Claremont Ingredients in Q3 2025, impacted YTD and Q3 2025 revenue
growth for THG Nutrition by 30bps and 40bps respectively.
Outlook and guidance
· When announcing the Group's interim results, the Board set out
revenue guidance for H2 2025 as follows:
o THG Beauty +1.0% to +3.0%
o THG Nutrition +10.0% to +12.0%
o With an implied Group performance of +3.9% to +5.9%
· Q3 2025 revenue growth of +6.3% positions the Group favourably
against this guidance.
· The Board's full-year performance expectations remain unchanged
and are expected to be in line with the company consensus range 4 , with the
Group entering its most profitable and cash generative period.
THG Beauty Q3 2025 highlights
· Following a successful launch, THG Beauty is on track for a
record advent sales contribution in 2025. Combined with solid momentum in UK
retail (including double-digit revenue growth for Lookfantastic) and
impressive contributions from newly launched brands, overall revenue growth
was +4.2%, the highest since Q1 2024.
· US retail performance continues to improve, driven by category
growth in luxury skincare and devices, with growing customer subscriptions
supporting order frequency and lifetime value improvements (+22% YoY
subscription revenue growth).
· 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 decline seen in
2025. The largest of these factors has now annualised.
· As part of the lifecycle investment in own brands, the refined
Ameliorate product range launched in Q3 in D2C and offline channels. Aligned
to the Group's sustainability goals, the range now uses Prevented Ocean
Plastic(TM) (POP) in its product packaging.
THG Nutrition Q3 2025 highlights
· +10.0% YoY, the highest revenue growth rate in over 2 years, with
growth in online and offline channels. Selective product pricing has driven
online growth, alongside social commerce and marketplace channels (>91%
YoY) 5 , which have selectively been used to launch exclusive products.
· Customer loyalty continues to improve with customer subscriptions
+50% on H1 2025.
· Global retail expansion continued in the US, launching across
2,500 CVS stores led by Myprotein's bestselling Clear Whey range. Myprotein's
Middle East footprint also increased further with three distinct product
categories in Spinneys Supermarkets.
· Key highlights within Myprotein partnerships include:
o Expansion of Jimmy's Iced Coffee partnership into bars and powders;
o No.1 protein dessert (UK retail): Myprotein x Müller Protein Mousse 6 ;
o No.1 brand for loyalty in chilled protein ready meals: Myprotein x
Kirsty's lunch pots 7 , and;
o A co-branded portfolio of over 30 products with HYROX, targeting hydration
and endurance.
· Everlast Gyms (part of Frasers Group) and Myprotein entered a
strategic partnership to launch c.60 in-gym Myprotein Kitchens across the UK
and Ireland, providing members with exclusive product ranges and co-working
spaces, enhancing its integrated fitness and lifestyle offering.
Matthew Moulding, CEO of THG commented:
"I am pleased to report a solid Q3 performance, with a return to growth across
both THG Beauty and THG Nutrition.
"In THG Beauty, our focus on commercial discipline and elevating the brand
proposition has driven a return to revenue growth, supported by a strong
advent launch.
"Within THG Nutrition, we remain on track with our focus on expanding
Myprotein's D2C market share, alongside accelerating our global offline
presence through retail and brand partnerships. A number of exciting new
partnerships are set to be announced soon, helping us to further build on this
year's positive momentum.
"Our progress is a direct result of the strategic initiatives and operational
change we have implemented, and we are well positioned for the key trading
period ahead."
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/68e5091c217c2f001311c3d0
(https://stream.brrmedia.co.uk/broadcast/68e5091c217c2f001311c3d0)
To ask questions, you must dial in via conference line using the below
details:
· USA Local: +1 786 697 3501
· USA Toll Free: 866 580 3963
· UK-Wide: +44 (0) 33 0551 0200
· UK Toll Free: 0808 109 0700
· Password: THG - Q3 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
2024 2024 2024 2024 2024 2025 2025 2025
THG Beauty +13.6% +3.5% +3.2% +0.8% +4.6% -9.8% -2.1% +4.2%
THG Nutrition -5.7% -9.4% -10.5% -9.4% -8.7% +0.3% +6.2% +10.0%
Total revenue +5.5% -1.5% -2.0% -2.5% -0.4% -6.1% +0.9% +6.3%
Quarterly reported growth rate
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3
2024 2024 2024 2024 2024 2025 2025 2025
THG Beauty +3.9% -2.5% -3.1% -8.0% -3.1% -15.3% -9.6% -1.2%
THG Nutrition -12.2% -15.0% -14.0% -13.1% -13.6% -2.3% +4.5% +9.3%
Total revenue -2.6% -7.3% -7.1% -9.5% -6.8% -10.6% -4.7% +2.4%
Quarterly reported revenue
£m Q1 Q2 Q3 Q4 FY Q1 Q2 Q3
2024 2024 2024 2024 2024 2025 2025 2025
THG Beauty 268.9 278.8 261.3 362.2 1,171.1 227.8 252.0 258.2
THG Nutrition 151.3 149.1 134.5 145.4 580.3 147.8 155.8 147.0
Total revenue 420.2 427.8 395.7 507.6 1,751.4 375.6 407.8 405.2
Ends
([ 1 ]) Continuing excludes discontinued categories and Claremont Ingredients,
the sale of which completed on 2 September 2025.
([ 2 ]) CCY defined as constant currency basis.
([ 3 ]) Excluding all acquisitions post 2019.
([ 4 ]) Consensus dated 03.10.25 and available at
https://www.thg.com/investor-relations/analyst-consensus.
([ 5 ]) Social commerce and marketplace channels include Amazon and TikTok
Shop.
([ 6 ]) IRI data of GB average units sold per store during the 12 week period
ending 27.09.2025.
([ 7 ]) Nielsen panel data taken from total outlets, for the latest 24 week
period ending 06.09.2025 vs previous 24 week period.
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