Following today’s release of THG’s figures for the quarter ending 30 September 2026; Charlotte Chilcott, retail analyst at GlobalData, a leading intelligence and productivity platform, offers her view: “THG has continued to strengthen its profitability in Q3 FY2026, despite a slowdown in revenue growth, with full-year adjusted EBITDA expectations lifted to £103m. This was driven by improving profits in the group’s Nutrition division, supported by a 20% decline in whey prices since the interim results on 10 September 2026. Forecast free cash flow of £25m to £35m would be THG’s first positive year since public listing in 2020, an important step in rebuilding investor confidence. Shares rose 17% in early morning trading as the update eased concerns raised at the H1 results.
“THG Nutrition grew 5.3% in Q3, a slowdown from 9.2% in H1 but a solid result against a tough comparative of 10.0% growth in Q3 2025. New licensing partnerships with Krispy Kreme, Caffè Nero and Iceland built on existing tie-ups such as Mars and Müller, deepening Myprotein’s presence in everyday food occasions and increasing its visibility with mainstream shoppers in grocery and food-to-go channels. The UK launch of Myprotein Rewards will encourage repeat purchasing in a category where shoppers readily switch brands on price, while giving THG richer customer data that can be used to personalise offers, target promotions more efficiently and inform product development. Easing whey prices, together with long-term contracts for other key ingredients such as creatine, collagen and vegan proteins, give the division greater cost certainty into Q4 and FY2027. This should allow Myprotein to protect margins while keeping its pricing competitive, which is increasingly important as mainstream food brands move into protein with their own high-protein ranges.
“THG Beauty revenue fell 0.6% in Q3, a reversal after 5.9% growth in H1, impacted by EU duty and tariff changes and the deferred timing of a large customer contract. The contract revenue has been deferred rather than lost, so should benefit future quarters, but the tariff impact is more persistent, with initiatives for mitigation not due to be complete until Q2 2027, leaving margins under pressure for several more months. Revenue growth is expected to accelerate in Q4, supported by the Advent and gifting season, which is a key trading period for THG Beauty. The Lookfantastic Fragrance Advent Calendar selling out in a day highlights strong demand for the format, which remains an important revenue and profit contributor through Q4. Lookfantastic’s move onto the YouTube Shopping Affiliate Programme adds a new sales channel and builds on its TikTok Shop success, allowing it to reach consumers through creator-led content, which carry particular influence in beauty.”
