THG

THG · Main Market · Personal Care, Drug and Grocery Stores · mcap £416m · 27.2p

THG owns online beauty retailers such as LOOKFANTASTIC and sports nutrition brand Myprotein. Until January 2025 it also ran Ingenuity, a platform that sells ecommerce services to other brands.

Target	Promise	Said	Status
2024
FY 2024	FY 2024 capex of £100m-£110m	17 Oct 2023	✗ Missed · target changed
	“we now anticipate FY 2024 capex spend will be c.£30m less than previously guided at £100m to £110m” Also stated 16 Jan 2024 · 10 Apr 2024 Result After the demerger, capex was reset to about £20m a year for RemainCo. “Specifically, capital expenditure will reduce to c. £20m pa (FY 2024 pre Demerger guidance: £100m to £110m)”23 Jan 2025 · Q4 2024 Trading Statement
FY 2024	All divisions to deliver growth in FY 2024	16 Jan 2024	✗ Missed
	“Exit momentum from 2023 underpins our confidence in all divisions delivering growth in FY 2024.” Result Nutrition revenue fell in 2024, from £658m to £580m. “THG Nutrition \| 145.2 \| -9.5% \| -12.7% \| 579.6 \| -8.7% \| -11.9%”23 Jan 2025 · Q4 2024 Trading Statement “A standout performance from THG Beauty (+4.6%), with broad and consistent gains across skin, cosmetics and fragrance categories in the UK, offsetting a transitional year for THG Nutrition where promotional activity in support of the rebrand was elevated to clear old brand stock.”23 Jan 2025 · Q4 2024 Trading Statement
H2 2024	Launch local manufacturing in Japan and India in H2 2024	16 Jan 2024	… In progress
	“After a 2-year process, local manufacturing will launch in both Japan and India in 2024” Also stated 10 Apr 2024 Status so far Not yet due.
H2 2024	H1 2024 revenue growth of 2-5%, moving to high single digits in H2	23 Apr 2024	◐ Partly kept
	“Group revenue growth in H1 is anticipated to be in the range of +2.0% to +5.0% on a continuing basis, moving towards high single digits in the second half” Status so far H1 2024 grew 2.2%, in range. Q3 fell 0.6%, so H2 did not reach high single digits. “Continuing Q3 revenue of £433.1m (-0.6% CCY)”10 Oct 2024 · Q3 2024 Trading Statement
Q3 2024	Nutrition to exit Q3 2024 in revenue growth	17 Sep 2024	✗ Missed
	“we expect to exit Q3 in revenue growth” Result Q3 2024 Nutrition revenue fell 10.5% at constant currency. “THG Nutrition \| 134.5 \| -13.1% \| -10.5%”10 Oct 2024 · Q3 2024 Trading Statement “Nutrition YoY revenue performance improved each month through the quarter.”10 Oct 2024 · Q3 2024 Trading Statement
End 2024	Year-end 2024 net debt broadly unchanged year on year	17 Sep 2024	✓ Kept
	“Year-end net debt is expected to be broadly unchanged YoY” Result Net debt was £215m versus £218m a year earlier. 29 Apr 2025 · FY 2024 results and Q1 trading statement
2025
2 Jan 2025	Demerge Ingenuity by 2 January 2025	17 Sep 2024	✓ Kept
	“The Demerger is anticipated to complete on 2 January 2025, once the Ingenuity Distribution has been made.” Also stated 17 Dec 2024 Result Demerger completed on 2 January 2025. “the Company is pleased to confirm that the Demerger has completed.”2 Jan 2025 · Completion of Demerger “the Ingenuity Distribution has today been made to holders of B Shares”2 Jan 2025 · Completion of Demerger
FY 2025	Nutrition adjusted EBITDA margin back to about 12% in FY 2025	17 Sep 2024	… In progress
	“Nutrition adjusted EBITDA margin recovery back to medium-term guidance (c.12%) in FY 2025” Status so far Not yet due.
2025-03	Transfer to ESCC listing category by March 2025, then FTSE index inclusion	17 Sep 2024	✓ Kept
	“The Group is targeting to effect the ESCC transfer for index inclusion no later than March 2025.” Also stated 10 Oct 2024 Result Transfer took effect 6 January 2025. FTSE 250 inclusion followed around 21 March 2025. “The Transfer became effective at 8.00 a.m. today, 6 January 2025.”6 Jan 2025 · Transfer to ESCC Category “Subject to confirmation from FTSE Russell, FTSE 250 index inclusion is expected to become effective on or around 21 March 2025.”6 Mar 2025 · Inclusion in FTSE 250 Index
FY 2025	Mid-single digit revenue growth in FY 2025	23 Jan 2025	◐ Partly kept
	“RemainCo is expected to deliver mid-single digit revenue growth in FY 2025” Also stated 29 Apr 2025 Status so far FY 2025 revenue grew 2.3% at constant currency, below mid-single digit, though H2 grew 6.7%. “The Group delivered adjusted revenue of £1,717.0m (+2.3% continuing CCY).”26 Mar 2026 · Preliminary FY 2025 results
FY 2025	Myprotein offline and licensed retail sales of about £170m in FY 2025	25 Jun 2025	… In progress
	“The retail sales value of offline and licensed products is expected to be around £170m for FY 2025” Status so far Not yet due.
H2 2025	Nutrition H2 2025 revenue growth of 10-12%	6 Aug 2025	◐ Partly kept
	“THG Nutrition expected to deliver H2 revenue growth of +10.0% to +12.0%” Also stated 11 Sep 2025 Status so far Nutrition grew 10.0% in Q3 and 8.5% in Q4, about 9.7% for H2, just under the range. “THG Nutrition delivered +9.2% H2 revenue growth (+12.7% excluding Asia), broadly in-line with the +10.0% to +12.0% guidance.”13 Jan 2026 · Q4 2025 Trading Statement
H2 2025	Group adjusted EBITDA of about £50m in H2 2025	6 Aug 2025	✓ Kept
	“will result in a Group adjusted EBITDA of c.£50m for H2” Result FY 2025 EBITDA of £76.6m less H1's £24m gives about £53m. “FY 2025 Adjusted EBITDA of £76.6m (FY 2024: £83.3m): ahead of guidance (c.£74m) and company consensus”26 Mar 2026 · Preliminary FY 2025 results
H2 2025	Beauty H2 2025 revenue growth of 1-3%	11 Sep 2025	✓ Kept
	“THG Beauty expected to deliver H2 revenue growth of +1.0% to +3.0%” Result Beauty grew 4.2% in Q3 and 6.4% in Q4, above the range. “THG Beauty delivered +5.5% H2 revenue growth, well ahead of +1.0% to +3.0% guidance”13 Jan 2026 · Q4 2025 Trading Statement
FY 2025	FY 2025 performance in line with consensus	14 Oct 2025	✓ Kept
	“The Board's full-year performance expectations remain unchanged and are expected to be in line with the company consensus range” Result FY 2025 adjusted EBITDA of £76.6m was ahead of guidance. “FY 2025 Adjusted EBITDA of £76.6m (FY 2024: £83.3m): ahead of guidance (c.£74m) and company consensus”26 Mar 2026 · Preliminary FY 2025 results
31 Dec 2025	Sell 45m Myprotein units through over 40,000 doors by end-2025	17 Nov 2025	◐ Partly kept
	“sell 45 million units globally through over 40,000 retail doors by the end of 2025” Result Over 43m licensed units were sold in 2025, just short of 45m. Door count not confirmed. “Licensing agreements with category leaders including Müller, Iceland and Jimmy's Coffee, led to sales of over 43 million Myprotein units into retail during 2025.”12 Feb 2026 · Myprotein licensing partnership with Greencore
Today · 10 Oct 2026
2026
FY 2026	Sell in over 60m licensed products in FY 2026	12 Feb 2026	… In progress
	“Licensed product sell-in is well on track to exceed 60m units during FY 2026 (FY 2025: 43m).” Also stated 24 Jun 2026 Status so far Not yet due.
FY 2026	Net debt of £110m-£130m by end FY 2026	26 Mar 2026	… In progress
	“Net debt is anticipated to reduce to between c.£110m - £130m before any strategic asset disposals” Status so far Not yet due.
FY 2026	FY 2026 free cash flow of £25m-£35m	26 Mar 2026	✗ Missed · target changed
	“on target to deliver £25m to £35m positive free cash flow for FY 2026, in line with consensus” Also stated 21 Apr 2026 · 10 Sep 2026 Result Range narrowed from £25m-£50m to £25m-£35m in September 2026, lowering the top end. “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”10 Sep 2026 · Half-year Results
FY 2026	Nutrition mid-to-high single digit growth in FY 2026	26 Mar 2026	… In progress
	“Mid-to-high single digit revenue growth is expected to continue in THG Nutrition” Status so far Not yet due.
H2 2026	Myprotein to enter energy, protein water and breakfast categories in H2 2026	24 Jun 2026	… In progress
	“Myprotein will enter the energy, protein water, and breakfast categories, during H2 2026.” Status so far Not yet due.
FY 2026	Sell over 130m Myprotein units in FY 2026	10 Sep 2026	… In progress
	“The Myprotein brand is on track to sell in excess of c.130m units for FY 2026” Status so far Not yet due.
2027
H1 2027	Complete Asia retail move from direct sales to licensing in H1 2027	10 Sep 2026	… In progress
	“the retail model in that region transitioning from direct sales to a licensing model which is expected to be completed during H1 2027” Status so far Not yet due.