EarningsQ2 2026 Earnings Report
THGPF Q2 2026 EPS Results
Actual EPS-$0.04
Consensus EPS―
Beat/Miss―
One Year Ago EPS-$0.07
THGPF Q2 2026 Revenue Results
Actual Revenue$1.10B
Expected Revenue$828.70M
Beat/MissBeat by +$268.84M
YoY Revenue Growth+5.78%
Earnings Announcement Details
QuarterQ2 2026
Date09/10/2026
TimeBefore Open
Conference CallThursday, September 10, 2026
THGPF Upcoming Earnings
THG's next earnings date is estimated for April 15, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Highlights significantly outweighed the lowlights, with 7.2% revenue growth, adjusted EBITDA of £42.8 million, improved free cash flow, strong Myprotein volume growth, Beauty market-share gains, and a constructive outlook. The main challenges were whey-cost inflation, the delayed VAT claim update, U.S. manufacturing dispatch delays and some trading softness related to EU duties and sales phasing.Company Guidance
Strong First-Half Revenue and Profitability Growth
Group revenue increased by 7.2% to £829 million in H1 26. Adjusted EBITDA reached £42.8 million, more than double the prior year when adjusting for the disposal of Claremont Ingredients.
Improved Free Cash Flow and Cash Generation
The group delivered a significantly improved free cash flow position in H1 and said it expects to generate £25 million to £35 million of positive free cash flow for the full year. Management identified cash generation as a key priority.
Simplified, More Capital-Light Group Structure
Since 2022, THG has sold non-core businesses, reduced its geographic footprint and focused resources on fewer larger markets. The demerger of THG Ingenuity at the start of 2025 transformed THG from a CapEx-heavy, cash-consumptive operating model into a capital-light group focused on THG Nutrition and THG Beauty.
Significant Cost and Efficiency Progress
Group headcount has reduced by approximately 25% over the past 18 months. THG is also scrutinizing its supplier base and increasingly using AI and robotics to drive efficiency, while management stated that the changes have not come at the expense of growth.
Stronger Balance Sheet and Financing Position
Following the Ingenuity demerger, capital expenditure and lease payments have reduced substantially. THG refinanced its debt facilities through to the end of 2029, disposed of selected assets, reduced leverage and lowered cash interest costs. LTM EBITDA stood at £95.4 million.
Nutrition Omnichannel Growth
THG Nutrition grew revenue across both online and offline channels, with management stating that its omnichannel strategy is creating a broader and increasingly resilient business.
Myprotein Delivered Significant Unit-Volume Growth
Myprotein sold approximately 58.5 million branded products worldwide in H1, compared with approximately 37.2 million in the prior year, representing growth of approximately 57%. Management said this makes Myprotein the world's number 1 sports brand by unit volume and that it sells at least 2x the number of products of its nearest global competitor.
Expansion of Myprotein Categories and Licensing
Myprotein's expansion into adjacent categories is delivering strongly, with activewear producing another standout performance in H1. Licensing continues to grow rapidly, including two-way partnerships with large consumer groups, and the company has a pipeline of new products and licensing partnerships progressing through H2.
Broader Licensing and Distribution Opportunities
Management said major licensing agreements typically begin in one territory and expand after success is demonstrated. THG is targeting channels including convenience stores, coffee shops and restaurants; one cited example is a Myprotein product being included in shakes at 5 Guys, with further expansion expected across the coffee market.
Nutrition Margin Progression Despite Whey Inflation
Despite further whey inflation during H1, THG delivered solid margin progression. The company has responded by expanding into licensing, new categories and trade retail, while developing cost-focused products. New whey supply is entering the market, with evidence of stabilization and indications of forthcoming price reductions, supporting confidence in the trajectory toward a targeted 12% EBITDA margin.
Beauty Market-Share Gains and UK Brand Growth
THG Beauty continued to take market share across its core territories. In the UK, LookFantastic and Cult Beauty delivered exceptional growth of 6.7%.
Leadership in Social and Digital Beauty Commerce
LookFantastic was recognized as the number 1 multi-brand beauty retailer on TikTok Shop for 2026. Management said its presence on TikTok and other social platforms drives brand awareness, attracts new customers and generates incremental traffic to its own websites.
Google Partnership and AI-Enabled Beauty Discovery
THG Beauty is participating in three Google pilot programs over the next six months to support beauty-product discovery and purchasing in an AI-first environment. THG also launched a beauty assistant or beauty adviser across both sites; more than 1% of customers are engaging with it, and those customers are 7x more likely to go on to purchase.
Strong LLM-Driven Beauty Engagement Metrics
Management said up to half of customers now conduct significant research via LLMs before visiting the website. Traffic referred by LLMs has increased 4x, although it remains a fairly small proportion of overall traffic. The company is also testing makeup try-ons and skin diagnostics for integration into the beauty adviser.
Brand Additions and Exposure to Emerging Trends
THG Beauty added more than 50 new brands across its sites during H1, including prestige brand Clarins. Management also said K-Beauty continues to grow strongly and that GLP-1 medication is beginning to influence beauty and wellness regimes.
Strong UK Beauty Manufacturing Performance
THG's UK manufacturing operation, described as the country's largest prestige beauty manufacturer, delivered a stellar performance supported by new contract wins and continued cost discipline.
Encouraging Trading Outlook and Seasonal Demand
Approximately 5% revenue growth was achieved in July and August, September started well, and management said the gifting season had begun with a positive early customer response. THG expects to sell over 250,000 advent-calendar units this year. Q3 constant-currency sales growth is expected to be approximately 2%, with earnings and cash remaining robust, while Q4 revenue growth is expected to accelerate to approximately 6% to 7%.
Myprotein Full-Year Volume Target
Following the sale of 58.5 million branded units in H1, Myprotein remains on track to sell approximately 130 million branded units for the full year of 2026.
Leverage and Margin Targets
Management expects EBITDA growth, improving cash flow through 2026 and 2027, and conclusion and receipt of the HMRC VAT claim to reduce group net debt to approximately 1x leverage for full-year 2027. THG remains confident in baseline divisional EBITDA margins of more than 6% for THG Beauty and more than 12% for THG Nutrition.
Value Realization from Non-Core Assets
The sale of Claremont Ingredients generated £103 million last year. THG continues to receive third-party interest in a number of non-core assets and said that, if a meaningful transaction materializes over the year ahead, the group would move into a net cash positive position by the end of full-year 2027.
THGPF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed