THG (THG) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 delivered the highest organic growth rate since COVID, with Group revenue up 6.3% year-over-year, returning to year-to-date growth and reflecting successful business model changes and operational improvements.

• Both Beauty and Nutrition divisions returned to growth, with Nutrition achieving double-digit growth and Beauty showing its highest growth since Q1 2024.

• Focus remains on sustainable growth, market position strengthening, and customer engagement, with both divisions contributing positively.

Financial highlights

• Q3 2025 Group revenue reached £405.2m, up 6.3% year-over-year on a continuing constant currency basis.

• Myprotein achieved 10% revenue growth, with strong performance in both online and offline channels.

• Lookfantastic UK delivered double-digit revenue growth, supported by a successful advent calendar launch.

• Disposals and discontinued activities reduced Group Q3 revenue growth by 270bps.

• US retail and subscription revenue in Beauty grew 22% YoY; Nutrition subscriptions rose 50% over H1 2025.

Outlook and guidance

• Entering the busiest and most profitable quarter, with H2 group growth guidance of 3.9% to 5.9%.

• Beauty H2 2025 revenue guidance: +1.0% to +3.0%; Nutrition: +10.0% to +12.0%.

• Q3's 6.3% growth positions the group favorably for the remainder of the year and into 2026, with full-year expectations unchanged and in line with consensus.

• Confidence in continued momentum due to successful operating model changes and cost efficiencies.