THG Reports Strong First-Half Results Amid Nutrition Growth and Operational Restructuring
THG reported stronger-than-expected first-half results in fiscal year 2026, driven by growth across its core businesses. Group revenue rose to £828.7 million, up 7.2% from the prior period, while adjusted EBITDA more than doubled to £42.8 million after adjusting for the disposal of Claremont Ingredients. The company's Nutrition division saw significant momentum with Myprotein branded unit volumes surging by 57%, reaching 58.5 million units globally in H1 2026, despite rising whey costs since 2021. THG expects improved supply and potential price reductions for whey to support its target of a Nutrition EBITDA margin above 12%. Beauty growth is being driven by social commerce expansion and AI initiatives with Google. THG reiterated its full-year free cash flow guidance of £25 million–£35 million, supported by lower capital expenditure following the demerger of THG Ingenuity in early 2025. The company has also reduced headcount by about 25% and narrowed geographic operations to improve efficiency.
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Topics: adjusted EBITDA Beauty expansion free cash flow Nutrition business revenue growth