THG, the Manchester-based owner of ecommerce brands including Lookfantastic, Dermstore and Cult Beauty, as well as Myprotein, the UK and Europe’s No 1 sports nutrition brand, has delivered its strongest quarterly revenue growth since 2021 in Q4 2025, with sales rising around 7% overall.
The e-commerce group reported H2 revenue increased 6.7% year-over-year, about 14% ahead of the top end of its previous guidance range of 3.9% to 5.9%.
Cosmetics and Skincare drove the strongest performance, with both gaining UK market share, and Lookfantastic’s partnership with Uber Eats allowing London-based customers access to same day delivery.
THG Beauty posted 5.5% H2 revenue growth, significantly outperforming its 1.0% to 3.0% guidance. THG Nutrition achieved 9.2% H2 revenue growth, or 12.7% when excluding Asia, broadly in line with its 10.0% to 12.0% guidance.
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For the full year 2025, THG delivered 2.3% revenue growth, marking its first full year of growth since 2021 and representing a recovery from the 2.5% revenue decline seen in H1. The company maintained its full-year adjusted EBITDA expectations in line with consensus.
THG Beauty recorded its strongest Q4 growth since 2021, driven by Lookfantastic’s 16.2% growth in the UK and Ireland. The segment saw broad-based revenue growth across categories, with cosmetics and skincare gaining UK market share.
THG Nutrition delivered its fourth consecutive quarter of revenue growth at 8.5% (12.2% excluding Asia), supported by pricing and strong growth in adjacent categories including offline retail and activewear, with over half a million women’s leggings sold in FY25.
Myprotein maintained its position as the UK and Europe’s leading sports nutrition brand with a 25% share of the UK online sports nutrition market, lobal confectionary brand Mars joined a growing list of international collaborations which already includes Müller, Iceland, Chupa Chups, Vimto and Jimmy’s Coffee.
The company reported a highly liquid balance sheet with over £330 million in cash and available facilities at year end. FY 2025 adjusted EBITDA expectations remain unchanged and in line with the company consensus range.
CEO Matthew Moulding said: “We finished 2025 on a high with our best quarter of the year thanks to a strong November and December period. In THG Beauty, our strategy to focus on core categories and territories is delivering clear results, with Lookfantastic UK achieving exceptional growth. We continue to accelerate our digital leadership, prioritising high-margin prestige brands and enhancing personalisation by increased use of AI and virtual tools.
“THG Nutrition has delivered its fourth consecutive quarter of revenue growth, driven by the strength of the Myprotein brand and our successful offline global expansion strategy which has seen us exceed our distribution targets across retail and licencing.
He added: “We enter the new year with strong trading momentum and a clear focus on continuing to deliver quality, value and newness for our customers.”
