THG shares jumped more than 14% in early trading after the Manchester e-commerce group raised its full-year earnings forecast on the back of stronger-than-expected profitability at its nutrition division.
The group, which owns Myprotein and Lookfantastic, now expects adjusted EBITDA of £103m for 2026, ahead of market consensus of £101.7m.
Shares were trading at 31.42p at 9.23am on Thursday, up 14.17% from the previous close of 27.52p.
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The response contrasts with the share-price fall that greeted THG’s first-half results in September, despite a sharp improvement in earnings.
THG reported third-quarter group revenue of £408.8m, up 1.5% on a continuing constant-currency basis, with core brands and markets growing 6.1%.
Matthew Moulding, chief executive of THG, said: “Following a particularly strong first half of 2026, I’m pleased to report that our momentum has continued through Q3, with profitability exceeding our expectations. This has enabled us to upgrade our full-year Adjusted EBITDA expectation to £103m, ahead of market consensus.”
THG Nutrition delivered quarterly revenue of £152.4m, up 5.3% on a continuing constant-currency basis, while Myprotein branded unit volumes increased 36.2%.
The division has expanded its reach through new licensing partnerships with Krispy Kreme, Gold’s Gym, Caffè Nero and Pladis UK, alongside existing tie-ups with Nichols and Five Guys.
Whey protein concentrate prices have fallen around 20% since THG published its interim results in September. The group said this provided an increasingly favourable backdrop for nutrition margins in 2027.
THG Beauty posted third-quarter revenue of £256.4m, down 0.6% on a continuing constant-currency basis, although core brands and markets grew 3.4%. Its Lookfantastic Fragrance Advent Calendar sold out in one day.
The group remains on track to deliver its first year of positive free cash flow since its stock market listing, forecasting between £25m and £35m for 2026.
THG is also awaiting a substantive update from HMRC on its outstanding VAT claims, with an update expected by the end of October.
