Which divisions are supporting performance?

THG Beauty and THG Nutrition both contributed to the group's improved trading momentum during the first half of 2026.

What is being monitored beyond trading performance?

Market participants continue following the company's discussions regarding retrospective VAT claims linked to its Nutrition business.

Which market index is THG associated with?

THG is commonly associated with the [FTSE 250] segment of the UK market.

Is THG's Beauty and Nutrition Momentum Accelerating in 2026?

THG

2 min read | June 24, 2026 09:45 PM AEST | By Team Kalkine Media

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Is THG's Beauty and Nutrition Momentum Accelerating in 2026? — Image source: Shutterstock

Why Is THG's Trading Update Drawing Attention?

The company expects first-half 2026 revenue to increase by approximately 6.5%, marking a notable improvement from the decline reported during the comparable period a year earlier. Adjusted EBITDA for the first half is anticipated to reach at least £40 million, while the group's trailing twelve-month adjusted EBITDA increased to approximately £94 million by the end of May.

How Is THG Beauty Supporting Growth?

THG Beauty continued benefiting from strong demand within skincare categories. Year-to-date skincare sales advanced by more than 9%, while the Lookfantastic platform expanded its position through new brand launches and growing activity across digital commerce channels. The division remained a key contributor to the group's improving trading performance.

What Is Driving Momentum at THG Nutrition?

THG Nutrition maintained growth despite elevated raw-material costs affecting whey-based products. The MyProtein brand benefited from pricing initiatives, product expansion and retail distribution growth. The division also continued broadening its presence beyond supplements through activewear and related product categories.

What About Cash Flow and Financial Position?

Management highlighted that the stronger operating performance is expected to deliver the group's strongest first-half free cash flow outcome since 2021. THG also reiterated its guidance for full-year revenue, adjusted EBITDA and cash generation. Additionally, the company's Term Loan B traded above par during the first half of 2026, reflecting improving sentiment among lenders following a series of trading updates.

What Other Developments Are Being Watched?

Investors continue monitoring THG's ongoing discussions with HMRC regarding retrospective VAT claims linked to its Nutrition division. The claims are valued at approximately £78 million and remain under review, representing a separate area of interest alongside the company's operational progress.

Frequently Asked Questions

Why is THG attracting attention today?
THG reported a return to revenue growth alongside stronger profitability and cash generation while reaffirming full-year expectations.
Which divisions are supporting performance?
THG Beauty and THG Nutrition both contributed to the group's improved trading momentum during the first half of 2026.
What is being monitored beyond trading performance?
Market participants continue following the company's discussions regarding retrospective VAT claims linked to its Nutrition business.
Which market index is THG associated with?
THG is commonly associated with the [FTSE 250] segment of the UK market.

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