Following today’s release of THG’s figures for the six months ending 30 June 2026; Charlotte Chilcott, retail analyst at GlobalData, a leading intelligence and productivity platform, offers her view: “Product innovation and the addition of trending brands to the portfolio have ensured a positive start to the year for THG, with group revenue rising 7.2% in H1 FY2026, 0.7 percentage points ahead of guidance. Adjusted EBITDA for the period reached £42.8m, also above guidance, representing year-on-year growth of 78.3%. Shares fell 4% in early trading though, likely in part due to warnings around the impact of European heatwaves on Q3 demand, but primarily as a result of increased EU tariffs on THG Beauty, though it did confirm that full year expectations remained in line with consensus.
“THG Nutrition has continued to perform strongly, maintaining a positive trajectory across both online and offline channels and marking its sixth consecutive quarter of growth. This was driven by product innovation and scaling of licencing partnerships with Mars and Müller, which have broadened the THG Nutrition proposition and widened the customer base. The expansion of Myprotein into energy drinks, protein water and breakfast categories during H2 2026 will help to further differentiate the brand from its competitors. Moving beyond traditional sports nutrition allows the business to participate in a wider range of consumer occasions and help it withstand fluctuations in a very trend-led sports market.
“THG’s beauty fascia performed well during the first half, with Lookfantastic driving growth in the UK and Dermstore building momentum in the US. Lookfantastic benefited from new brand launches, including Dyson, BEAME and Dr Loretta, helping drive 26% year-on-year revenue growth on TikTok Shop UK in Q2. The addition of trending brands and categories, such as suncare and K-Beauty, have strengthened the retailer’s appeal on social commerce channels by aligning with algorithm-driven discovery, supporting visibility and customer acquisition among younger consumers. A key opportunity for THG Beauty lies in its AI assistant partnership with Google, launching fully in Q3 FY2026. The pilot shows users as 7.5x more likely to purchase after engaging with the tool. If the pilot conversion gains hold at scale, the AI assistant will lift conversion and basket size from existing traffic, reducing reliance on paid performance marketing. This is particularly relevant as THG deepens its presence in prestige beauty, where purchase journeys are typically more considered and guidance led.”
