LSE:THG
FTSE 250
THG PLC
Retailers
30.28p -0.58p -1.88% (as of close on 24/6/26)
| Market cap (m) | £480.5 |
| Enterprise value (m) | £858.6 |
THG PLC is a UK-based retailer and brand owner headquartered in Manchester, operating as a digital-first, vertically integrated consumer group across two core businesses. The Group follows a UK D2C model and is expanding into high-growth international markets and selective physical retail. Its operations comprise two segments: THG Beauty, the segment generating maximum revenue, is a digital-first brand owner, retailer and manufacturer in prestige beauty, with own brands in skincare, haircare and cosmetics and platforms such as Lookfantastic, Dermstore and Cult Beauty, and THG Nutrition, which includes the online sports nutrition brand Myprotein along with Myvegan, Myvitamins, MP Activewear and MPRO, supported by production facilities. The Group generates maximum revenue from the UK.
Last Updated: 31/03/2026
THG posted a narrower pretax loss for 2025. Adjusted EBITDA declined year-on-year but topped consensus, with a lower margin. Revenue declined in line with consensus. Beauty decreased and Nutrition increased. A second-half improvement offset a softer first half. The company cited Q4 revenue growth carrying into early 2026; Beauty delivered its highest Q4 growth since 2021.
Guidance states revenue and adjusted EBITDA expectations for 2026 are unchanged. Beauty enters 2026 with revenue growth; Nutrition anticipates continued growth from offline expansion and launches. Net debt is expected to reduce, supported by free cash flow and VAT repayments, alongside proceeds from the Claremont Ingredients sale. THG has lodged a retrospective VAT claim, with an HMRC update expected by spring 2026.
