Following today’s release of THG’s figures for the quarter ending 31 December 2025; Charlotte Chilcott, retail analyst at GlobalData, a leading intelligence and productivity platform, offers her view: “THG has closed FY2025 on a more upbeat note, building on the momentum established in Q3, with a strong golden quarter supporting full-year growth. In Q4, total group revenue rose 7.0% (on a constant currency continuing basis) to £527.4m, the group’s strongest quarterly growth of 2025. For the financial year, ongoing revenue increased by 2.3% to £1,716.0m, marking the first return to growth for the business (on a continuing basis) since 2021. However, total reported progress was affected by discontinued operations and disposals in 2025. The update was positively received by investors, leading to a nearly 5% rise in THG shares during early trading. However, the adjusted EBITDA guidance for FY2025 remained unchanged, indicating that THG must continue to invest in improving margins as its revenue performance stabilises and its focus returns to enhancing its continuing fascias. This growth represents a clear improvement compared to the 2.6% decline in continuing operations posted in the first half. Yet, THG will need to continue prioritising core categories and geographies to build margin gains into FY2026.
“THG Nutrition remained the principal driver of the group’s progress. The division delivered growth of 8.1% in Q4 and 6.2% across FY2025, reinforcing Myprotein’s role as THG’s standout asset. Momentum has continued into the fourth consecutive quarter of growth, driven by increased pricing and an improved sales mix. Offline retail has expanded through partnerships and higher-margin adjacent categories, such as activewear and creatine, which now represent a larger share of revenue. Activewear accounts for 12% of online sales (up from 8% in FY2024), while subscriptions have more than doubled compared to Q4 2024. Nutrition’s ability to deliver consistent energy throughout the year positions it as the clearest contributor to THG’s recovery.
“THG Beauty, which was the key drag in earlier periods, showed a more encouraging trajectory in Q4. The division returned to growth, with sales rising 6.4% in the quarter, and ended the year slightly ahead at +0.3% on a continuing basis, supported by strong performance from its advent calendar sales and Lookfantastic in the UK and Ireland, which grew by 16.2% in Q4. This improvement is notable given that Beauty remained negative in Q3 and was down sharply in H1, indicating that the business is beginning to stabilise after a year of significant structural change. Crucially, the sale of the luxury portfolio and the decision to withdraw from certain activities in Europe and Asia accounted for much of the revenue drag in FY2025, and these impacts have now largely annualised, leaving Beauty better positioned to build on its late-year recovery.”
