THG has reported strong revenue growth across its Beauty and Nutrition businesses (Group +6.3%), following operating model changes and brand proposition investment.
Q3 2025 represents the highest organic quarterly growth since Q4 2021, driven by double digit growth (+10.0%) in THG Nutrition, alongside continued momentum in Beauty.
Announcing the Group’s interim results, the Board set out revenue guidance for H2 2025 as follows:
- THG Beauty +1.0% to +3.0%
- THG Nutrition +10.0% to +12.0%
- With an implied Group performance of +3.9% to +5.9%
- Q3 2025 revenue growth of +6.3% positions the Group favourably against this guidance
THG said the Board’s full-year performance expectations remain unchanged and are expected to be in line with the company consensus range, with the Group entering its most profitable and cash generative period.
THG Beauty
THG Beauty is on track for a record advent sales contribution in 2025. Solid momentum in UK retail (including double-digit revenue growth for Lookfantastic)
US retail performance continues to improve, driven by category growth in luxury skincare and devices
THG Nutrition
Q3 revenues +10% highest growth rate in 2+ years
US retail performance continues to improve, driven by category growth in luxury skincare and devices
Matthew Moulding, CEO of THG, commented: “I am pleased to report a solid Q3 performance, with a return to growth across both THG Beauty and THG Nutrition.
“In THG Beauty, our focus on commercial discipline and elevating the brand proposition has driven a return to revenue growth, supported by a strong advent launch.
“Within THG Nutrition, we remain on track with our focus on expanding Myprotein’s D2C market share, alongside accelerating our global offline presence through retail and brand partnerships. A number of exciting new partnerships are set to be announced soon, helping us to further build on this year’s positive momentum.
“Our progress is a direct result of the strategic initiatives and operational change we have implemented, and we are well positioned for the key trading period ahead.”
Eleanor Simpson- Gould, senior analyst at GlobalData, a leading data and analytics company, offers her view: “THG has achieved a robust Q3 performance as its strategic focus on price and range assortment has resonated with consumers. The group has secured its strongest sales growth since Q4 2021, with group revenues rising 6.3% on a continuing basis. The market has responded positively, with the group’s share price up almost 5% in early morning trading. As THG enters the golden quarter, it has affirmed its growth outlook in both its beauty and nutrition divisions. The health & beauty specialist expects to end the financial year in low single digits, reflecting a significant improvement for the group following a 2.6% decline in the first half.
“The main propellant of THG’s turnaround has been its Nutrition division, whereby sales rose 9.3% this quarter, albeit against a 14.0% comparative decline; this is the division’s strongest growth in two years. Strategic omnichannel growth, achieved through partnerships with international retailers and exclusive product launches on its online channels, has bolstered its growth. The group is successfully utilising its hero brand, MyProtein, to drive the success of this division. Building on the brand’s prominence in health & fitness markets, THG has launched chilled food collaborations with Müller and Kirsty’s to capture consumer demand for varied protein sources, such as desserts and ready meals. These collaborations will be essential for increasing MyProtein’s visibility to consumers, helping them incorporate more protein into their diets, where they are less familiar or hesitant to try protein shakes. MyProtein has successfully expanded its brand internationally, launching retail initiatives in 2,500 CVS stores across the US and introducing three new product categories in Spinneys Supermarkets located in the Middle East.
“THG’s beauty division has undergone a significant transformation in the last 12 months following the sale of its luxury portfolio and withdrawal from unprofitable markets in Asia and Europe. However, with sales declining 1.2% in Q3, on top of a 5.9% decline in H1, beauty remains a hindrance to the group’s financial performance. The group anticipates a significant increase in sales during the Christmas period and has set a goal for beauty growth of 1.0% to 3.0% for the year. This outlook is ambitious and will necessitate the beauty division achieving double-digit growth in the fourth quarter to meet this target. So far, the group’s advent calendar is resonating well with consumers; it must ensure that, as Christmas approaches, it utilises its strong social media presence to highlight the quality and value of its calendar and its beauty proposition as a whole.”
