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
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
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
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