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RNS Number : 2087B  THG PLC  21 April 2026

21 April 2026

 

THG PLC

 

First quarter trading statement for the period ended 31 March 2026

 

 

Strongest Group Q1 revenue growth since Covid 2021 (+7.0%)

 

THG Beauty revenue growth accelerated to +5.8%, driven by a strong US
performance and 7% order growth in the core UK market

 

THG Nutrition revenue growth of +8.8% (+12.1% ex-Asia)

 

Full year guidance reiterated

 

 

Q1 2026 Group trading performance

 

 £m             Q1     YoY      Continuing 1  (#_ftn1) CCY 2  (#_ftn2)

                2026   Growth
 THG Beauty     233.3  +2.4%    +5.8%
 THG Nutrition  159.8  +8.1%    +8.8%
 Total revenue  393.1  +4.6%    +7.0%

 

All comparative figures are continuing CCY unless otherwise stated, all
numbers and tables subject to rounding.

 

 ●    Q1 2026 revenue growth of +7.0% representing the Group's best Q1 growth
      performance since 2021, with Beauty accelerating on H2 2025 (+5.8% vs +5.4% H2
      2025). Growth was modestly impacted by disruption in the Middle East
      (c.30bps), with underlying growth accelerating on Q4 exit trends.

 ●    As previously guided, the combined impact of disposals and discontinued
      activities reduced Group Q1 2026 revenue growth by 150bps, with the currency
      headwinds most pronounced in the US.

 ●    THG Beauty delivered continued retail momentum, with Lookfantastic
      outperforming the UK prestige beauty market 3  (#_ftn3) , driven by growth in
      orders and active customers.

 ●    THG Nutrition grew across all channels, with expansion into higher-margin
      categories such as activewear, creatine, hydration and collagen, alongside
      pricing and product optimisation, helping to offset elevated whey costs.

 

Outlook and guidance

 

 ●    Following a strong start to the year, the Group maintains its guidance for FY
      2026 4  (#_ftn4) , underpinned by continued market share gains in key
      territories and the successful implementation of pricing and product
      optimisation strategies.

 ●    The Group continues to monitor developments in the Middle East with affected
      regions representing less than 1.5% of Group revenue in FY 2025, weighted
      towards THG Beauty.

 ●    Strongest Q1 cash flow performance in three years, underpinning full year free
      cash flow guidance of £25m to 50m.

 

Matthew Moulding, CEO of THG commented:

 

"It is energising for everyone at THG to see such a strong start to 2026,
building on the better-than-expected momentum we delivered in H2 2025.

 

In Beauty, Lookfantastic is once again outperforming the market following two
years of business model change, while the US continues to perform strongly.

 

In Nutrition, our diversification into margin-accretive categories is now
clearly paying dividends. Activewear continues to deliver exceptional growth,
with annualised run-rate sales fast approaching £100m. Growth across
activewear and other high-margin categories, including creatine, hydration and
collagen, is helping to offset record whey commodity pricing.

 

While the geopolitical backdrop remains uncertain, we enter Q2 with confidence
after a better-than-expected Q1, giving us a stronger base against any
unforeseen risks later in the year."

 

 

THG Beauty Q1 2026 highlights

 

 ●    THG Beauty entered 2026 with significant momentum in UK and US retail. In the
      UK, orders grew by 7% alongside growth in the LTM active customer base.

 ●    US retail saw revenue growth and market share expansion 5  (#_ftn5) , driven
      by a 10% increase in new customers. Dermstore became one of the first major
      online beauty retailers to partner with Flex, enabling customers to pay for a
      significantly greater amount of their skincare regime with their pre-tax
      earnings through Health Savings (HSA) and Flexible Spending (FSA) accounts
      directly at checkout, improving affordability and convenience whilst
      supporting AOV increases.

 ●    The K-Beauty category was a standout performer, with revenue more than
      doubling YoY, supported by the launch of six new brands YTD. Across the
      platform, new brand launches continued to support growth with SkinCeuticals
      and MAC exceeding expectations since their launch on Cult Beauty.

 ●    The new Lookfantastic store in Bristol is outperforming the initial flagship
      store launch, creating a localised halo effect supporting brand awareness and
      new customer acquisition.

 ●    The own-brand portfolio is building on the lifecycle investments made in 2025,
      securing new retail and spa listings for Ameliorate and ESPA. Within
      manufacturing, revenue growth is driven by strategic new business wins
      alongside continued growth from its existing customer base.

 

THG Nutrition Q1 2026 highlights

 

 ●    Revenue growth (+8.8%) was broad-based across online and offline channels,
      with expansion into gross margin accretive categories including activewear and
      creatine helping to mitigate elevated whey prices. The core powder range was
      also optimised through reformulation and strategic pricing, alongside the
      launch of MARS® Impact Whey Protein.

 ●    The intentional pivot in Asia to license with pre-eminent local manufacturing
      and distribution partners has resulted in a revenue decline in these regions
      as the business rebuilds on structurally higher-margin foundations. Growth in
      Asia will resume once the structural transition has been annualised in the
      comparatives. Excluding this territory, THG Nutrition delivered revenue growth
      of +12.1%.

 ●    C.15% of active customers purchased activewear in Q1 (+230bps YoY), with AOVs
      on orders including activewear c.31% higher. The range aims to introduce the
      brand to new customers through expanding beyond performance wear to lifestyle
      audiences, supported by the recent launch of Myprotein's collaboration with
      Champion and upcoming launch in high-footfall Footasylum stores.

 ●    Myprotein's licensed out range delivered >200% growth in units sold into
      retail YoY, supported by the launch of Greencore food on-the-go items and
      expansion of the Müller range. In addition, the partnership with Jimmy's Iced
      Coffee, now holds a c.20% share of the protein coffee sub-category 6  (#_ftn6)
      , underlining the strength of the brand in adjacent categories.

 ●    UK and international retail expansion continued at pace with Myprotein
      achieving record market share value in the UK total sports nutrition
      category 7  (#_ftn7) . Initiatives launching towards the end of the quarter
      building into Q2/Q3 include;

 

 ○    launching branded bays in Tesco stores nationwide, bringing several categories
      together in one location driving trial and discovery;

 ○    entering Canada and Latin America with new distribution partners alongside a
      marketplace presence;

 ○    launching in 1,200 Kroger stores in the US in June, complementing existing
      major grocer listings including Walmart and Meijer;

 ○    expanding presence with GNC (4 x Clear Whey RTD SKUs in 1,500 stores) and
      Vitamin Shoppe (first-to-market launch of Myprotein Gummies range).

 

 

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     Q1

                2024    2024   2024    2024   2024   2025   2025   2025    2025   2025   2025   2025   2026
 THG Beauty     +13.6%  +3.5%  +3.2%   +0.8%  +4.6%  -9.8%  -2.1%  +4.2%   +6.3%  -5.9%  +5.4%  +0.2%  +5.8%
 THG Nutrition  -5.7%   -9.4%  -10.5%  -9.4%  -8.7%  +0.3%  +6.2%  +10.0%  +9.5%  +3.2%  +9.7%  +6.4%  +8.8%
 Total revenue  +5.5%   -1.5%  -2.0%   -2.5%  -0.4%  -6.1%  +0.9%  +6.3%   +7.2%  -2.5%  +6.8%  +2.3%  +7.0%

 

Quarterly reported growth rate

 

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

                2024    2024    2024    2024    2024    2025    2025   2025   2025   2025    2025   2025   2026
 THG Beauty     +3.9%   -2.5%   -3.1%   -8.0%   -3.1%   -15.3%  -9.6%  -1.2%  +2.1%  -12.4%  +0.7%  -5.4%  +2.4%
 THG Nutrition  -12.2%  -15.0%  -14.0%  -13.1%  -13.6%  -2.3%   +4.5%  +9.3%  +9.0%  +1.1%   +9.2%  +5.0%  +8.1%
 Total revenue  -2.6%   -7.3%   -7.1%   -9.5%   -6.8%   -10.6%  -4.7%  +2.4%  +4.1%  -7.6%   +3.3%  -2.0%  +4.6%

 

Quarterly reported revenue

 

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

                2024   2024   2024   2024   2024     2025   2025   2025   2025   2025   2025   2025     2026
 THG Beauty     268.9  278.8  261.3  362.2  1,171.1  227.8  252.0  258.2  369.8  479.9  628.0  1,107.9  233.3
 THG Nutrition  151.3  149.1  134.5  145.4  580.3    147.8  155.8  147.0  158.6  303.6  305.6  609.1    159.8
 Total revenue  420.2  427.8  395.7  507.6  1,751.4  375.6  407.8  405.2  528.3  783.4  933.6  1,717.0  393.1

 

 

 

Ends

 

 1  (#_ftnref1) Continuing excludes discontinued categories and Claremont
Ingredients, the sale of which completed on 2 September 2025.

 2  (#_ftnref2) CCY defined as constant currency basis.

 3  (#_ftnref3) Market Growth; Circana Total Market 04/01/2026 - 28/03/2026.

 4  (#_ftnref4) Consensus dated 20/04/2026 and available at
https://www.thg.com/investor-relations/analyst-consensus.

 5  (#_ftnref5) NielsenIQ Digital Purchases, Total US, Beauty Categories
(Cosmetics & Nails, Skin Care, Fragrance, Hair Care) 01/01/2026 -
28/02/2026.

 6  (#_ftnref6) Source: NielsenIQ (NIQ), Total Coverage GB, Protein RTD
Coffee, Value Sales, 4 w/e 28/03/2026.

 7  (#_ftnref7) Nielson UK Retail Market - Total Sports Nutrition Category:
01/01/2026 - 21/02/2026.

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