Overview
THG Plc recorded adjusted EBITDA of for FY25, marginally exceeding analyst expectations of .
Revenue and EBITDA trajectory
The Manchester-headquartered retailer returned to revenue growth in the second half of 2025, with continuing operations up 6.8% on a constant currency basis following a 2.5% decline in the first half. EBITDA performance mirrored that recovery: after a 35% fall in the first half, EBITDA rose by 14% in the second half, pushing the group to full-year adjusted EBITDA slightly above consensus.
Division performance and early 2026 signals
THG said its Beauty division entered 2026 with revenue growth running ahead of the 5.4% pace it delivered in the second half of 2025, and the company highlighted a marked improvement in US performance within that segment. In Nutrition, management expects continued mid-to-high single-digit revenue growth driven in part by Myprotein expansion across offline channels, licensing and multi-category offerings.
FY26 guidance and balance sheet targets
The company reiterated its FY26 guidance, backing consensus expectations for adjusted EBITDA of 101m for the year, a level that implies roughly 30% EBITDA growth versus FY25 in analysts' models.
Management also guided to free cash flow generation between to $25m and
The group flagged a potential benefit from a 0% VAT ruling on protein powders; management said a successful claim against HMRC could produce an estimated 78m cash inflow if the claim is successful.
Balance sheet and exceptional items
Net debt is forecast to fall to a range of 5m to 233m in FY25.
Following a strategic review, the group has altered its Asia Nutrition operating model, which produced a cash exceptional charge of approximately 7m.
Geopolitical assumption
The company's FY26 guidance is conditioned on the assumption that there will be no material or prolonged escalation in the Middle East that could disrupt supply chains or consumer demand. THG noted that its direct revenue exposure to the region is limited to 1.5%.
Note: this report preserves the financial and operational details disclosed by the company without additional commentary or external data.