THG Plc

Group revenue was GBP 783 million, down 2.6% year over year. Group adjusted EBITDA was GBP 24 million, with an EBITDA margin of around 3.1%. THG Beauty revenue was GBP 480 million and THG Nutrition revenue was GBP 304 million. Nutrition delivered 3% revenue growth, while Beauty’s H1 decline was tied to planned discontinuations, disposals and pullbacks in certain geographies. Gross debt was reduced by GBP 374 million, facilities were extended to December 2029, and cash and available facilities were around GBP 270 million at half year, before Claremont disposal proceeds and before the seasonally stronger cash period. Management said full-year 2025 guidance remains unchanged and gross profit margins are expected to remain at medium-term target levels.

Matthew Moulding framed the quarter as validation of the strategic changes made last year, saying the group’s digital-first model is proving resilient and both businesses are now delivering positive growth. He emphasized that the Myprotein rebrand, offline expansion, and Beauty portfolio rationalization are now bearing fruit. His tone was confident and upbeat, especially on second-half trading, with comments that the launch of advent calendars was the strongest in company history and that momentum is building into the key trading weeks.

The financial commentary focused on the headline numbers and balance-sheet repair. He said adjusted EBITDA was GBP 24 million at around a 3.1% margin, cash and available facilities were around GBP 270 million at half year, and capital expenditure was materially reduced after the Ingenuity demerger. He also highlighted the GBP 374 million gross debt reduction, the extension of facilities to December 2029, and the Claremont sale as a high-return disposal that advances the goal of reaching net cash.

Analysts pressed on Nutrition margins, whey pricing, Walmart, VAT, Beauty order timing, own-brand investment, and whether more asset sales could happen. Management said short supply chains make THG more exposed to raw material swings, but that current pricing stability is helping D2C margins, which are now up by “hundreds of basis points” year over year; Walmart sell-through has been pleasing, and offline expansion is targeted to reach about 45,000 doors by year-end and 100,000 longer term. On VAT, management said HMRC has been refused leave to appeal and the potential asset could be closer to GBP 45 million, while on Beauty they said lower profitability in some territories drove the pullback and Perricone timing shifted into H2.