THG (THG) Q4 2025 TU earnings summary

Executive summary

• Achieved record H2 and strongest quarter of the year, with results 14% above top-end guidance and Q4 group revenue growth of 7% year-over-year, entering 2026 with strong momentum.

• Full-year growth delivered for the first time since 2021, attributed to strategic focus on core categories and territories, reversing a decline in H1.

• Both Beauty and Nutrition segments outperformed, with strong trading momentum expected to continue into Q1 2026.

Financial highlights

• Q4 group revenue reached £527.4m, up 7% constant currency year-over-year, with November and December revenues up 8%.

• FY 2025 group revenue was £1,716.0m, up 2.3% constant currency year-over-year.

• THG Beauty Q4 revenue: £370.2m (+6.4% constant currency); THG Nutrition Q4 revenue: £157.2m (+8.5% constant currency).

• Lookfantastic in UK and Ireland grew 16.2% in Q4.

• Disposals and discontinued activities reduced Q4 revenue growth by 330bps and 290bps, respectively.

Outlook and guidance

• High confidence in trading momentum for 2026, with continued focus on digital leadership and AI in beauty.

• Nutrition segment to expand offline in the US with new listings at GNC and Kroger in H1 2026.

• Free cash flow for FY26 expected in the £20–25 million range, with EBITDA consensus around £100 million.

• FY 2025 adjusted EBITDA expectations remain unchanged and in line with consensus.