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THG (THG) investor relations material

THG Q2 2026 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 TU earnings summary24 Jun, 2026

Executive summary

  • H1 2026 revenue grew approximately 6.5% year-over-year, or 7.6% excluding Nutrition Asia.

  • Adjusted EBITDA for the last twelve months to May 2026 reached £94m, up 36% year-over-year.

  • Strongest H1 free cash flow since 2021, with Term Loan B trading above par for the first time since issuance.

Financial highlights

  • H1 Adjusted EBITDA expected to be at least £40m, up about 95% year-over-year when adjusted for the sale of Claremont Ingredients.

  • Group revenue growth in H1 2026 was 6.5%, compared to a decline of 2.5% in H1 2025.

  • LTM Adjusted EBITDA to May 2026 was £94m, compared to £68.9m in the prior year.

Outlook and guidance

  • Full year revenue, Adjusted EBITDA, and cash are expected to be in line with company consensus.

  • Guidance is underpinned by strong H1 performance and ongoing cost management.

Status of the £78m retrospective VAT claim
Margin impact of the Nutrition Asia pivot
Drivers of Term Loan B trading above par
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H1 202611 Sep, 2026
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