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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.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.
- Q1 2026 delivered 7.0% revenue growth, led by strong Beauty and Nutrition performance.THG
Q1 2026 TU21 Apr 2026 - Revenue hit GBP 1.9bn in 2024, with Beauty margin gains and Nutrition returning to growth.THG
H2 20248 Apr 2026 - Strong FY2025 growth, improved profitability, and reduced net debt driven by Beauty and Nutrition.THG
H2 202526 Mar 2026 - Revenue up 2.3% YoY, driven by Beauty, Nutrition, and digital growth, with improved outlook.THG
H2 2025 Pre Recorded26 Mar 2026 - Record Beauty and Ingenuity profits offset Nutrition headwinds; margins and cash discipline strong.THG
H1 202420 Jan 2026 - Beauty and Ingenuity growth drive outlook as demerger and equity raise progress.THG
Trading Update19 Jan 2026 - Record Q4 and H2 growth led by Beauty and Nutrition, driving strong momentum into 2026.THG
Q4 2025 TU13 Jan 2026 - Whey supply growth, brand strength, and liquidity drive margin recovery and 2025 growth targets.THG
Trading Update9 Jan 2026 - Q3 revenue up 6.3% YoY, led by 10% Nutrition growth and strong Beauty momentum.THG
Q3 2025 TU14 Oct 2025
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