THG

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

THG owns online retail brands, mainly LOOKFANTASTIC and Cult Beauty in beauty and Myprotein in sports nutrition. It sells direct to consumers and, increasingly, through licensed products in shops.

Target	Promise	Said	Status
2024
30 Sep 2024	About 80% of Myprotein products by online revenue under new branding by end Q3 2024	24 Jun 2024	… In progress
	“c.80% of products by online revenue planned to be under new branding by the end of Q3 2024” Result Not yet due.
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 guided to fall to about £20m a year for RemainCo, replacing this target. “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 deliver revenue 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 to £580m from £658m in FY 2024; Group revenue was flat to slightly down. “THG Nutrition \| 579.8 \| 657.9 \| -11.9% \| -8.7%”29 Apr 2025 · FY 2024 results and Q1 trading statement “Post-demerger revenue \| 1,688.3 \| 1,731.2 \| -2.5% \| -0.4%”29 Apr 2025 · FY 2024 results and Q1 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.
Q2 2024	Holland & Barrett fulfilment partnership starts in Q2 2024	16 Jan 2024	… In progress
	“from Q2 2024, H&B will utilise THG's automated facilities in the UK” Status so far Not yet due.
H2 2024	H1 2024 revenue growth of 2-5% CCY, rising 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 grew 2.2%, inside the range, but Q3 was -0.6%, not high single digits. “Momentum in Nutrition is especially pleasing, with an expected return to revenue growth in September, providing a strong platform for both peak trading and the year ahead.”17 Sep 2024 · Half-year Results “Continuing Q3 revenue of £433.1m (-0.6% CCY)”10 Oct 2024 · Q3 2024 Trading Statement
Q3 2024	Nutrition returns to revenue growth exiting Q3 2024	17 Sep 2024	✗ Missed
	“we expect to exit Q3 in revenue growth” Result Q3 2024 Nutrition revenue fell 10.5% in 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
FY 2024	Beauty and Ingenuity improve EBITDA margin in FY 2024	17 Sep 2024	… In progress
	“Beauty and Ingenuity delivering YoY adjusted EBITDA margin progression for the full year” Status so far Not yet due.
31 Dec 2024	Year-end 2024 net debt broadly unchanged	17 Sep 2024	✓ Kept
	“Year-end net debt is expected to be broadly unchanged YoY” Result Net debt was £215m against £218m the prior year. 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
FY 2025	Nutrition 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 and gain FTSE index inclusion by March 2025	17 Sep 2024	✓ Kept
	“The Group is targeting to effect the ESCC transfer for index inclusion no later than March 2025.” Also stated 28 Nov 2024 Result Transfer was effective 6 January 2025 and 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 “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 constant-currency growth was 2.3%, short of mid-single digit, though H2 grew 6.7%. 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; H2 was about 9.7%, just below the range. “THG Nutrition \| 147.0 \| +9.3% \| +10.0% \| 450.6 \| +3.6% \| +5.3%”14 Oct 2025 · Q3 2025 Trading Statement “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 of £24.0m gives about £52.6m for H2. “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 “Group adjusted EBITDA was lower YoY (-8.1%) reflecting strategic investments. In marketing, brand development and growth initiatives (such as THG Nutrition B2B retail) and the impact of well documented external headwinds.”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
31 Dec 2025	Myprotein: 45m 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, slightly below 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 “The Greencore partnership forms part of Myprotein's wider strategic ambition to grow its offline and licensing footprint to 100,000 doors”12 Feb 2026 · Myprotein licensing partnership with Greencore
Today · 10 Oct 2026
2026
FY 2026	Sell over 60m licensed products in 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 in September 2026 from £25m-£50m to £25m-£35m, cutting 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.
FY 2026	FY 2026 revenue, adjusted EBITDA and cash in line with consensus	21 Apr 2026	… In progress
	“the Group maintains its guidance for FY 2026, underpinned by continued market share gains in key territories” Also stated 24 Jun 2026 Status so far Not yet due.
H2 2026	Myprotein enters 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	Myprotein sells over 130m 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 transition 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.