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THG (THG) investor relations material
THG Q1 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strongest Q1 revenue growth since 2021, with Group revenue up 7.0% year-over-year to £393.1m.
Beauty segment revenue grew 5.8% year-over-year, driven by strong US performance and 7% order growth in the UK.
Nutrition segment revenue increased 8.8% year-over-year, or 12.1% excluding Asia, with growth across all channels and margin-accretive categories.
Full-year 2026 guidance reiterated, supported by market share gains and successful pricing/product strategies.
Financial highlights
Q1 2026 Group revenue: £393.1m (+7.0% constant currency year-over-year).
THG Beauty revenue: £233.3m (+5.8% constant currency year-over-year).
THG Nutrition revenue: £159.8m (+8.8% constant currency year-over-year).
Disposals and discontinued activities reduced Group revenue growth by 150bps.
Strongest Q1 cash flow performance in three years, underpinning free cash flow guidance of £25m–£50m for FY 2026.
Outlook and guidance
Full-year 2026 guidance maintained, with confidence in continued market share gains and pricing/product optimisation.
Monitoring Middle East developments; affected regions represent less than 1.5% of FY 2025 revenue.
Entering Q2 with a stronger base after better-than-expected Q1.
- Revenue hit GBP 1.9bn in 2024, with Beauty margin gains and Nutrition returning to growth.THG
H2 20248 Apr 2026 - Strong FY2025 growth, improved profitability, and reduced net debt driven by Beauty and Nutrition.THG
H2 202526 Mar 2026 - Revenue up 2.3% YoY, driven by Beauty, Nutrition, and digital growth, with improved outlook.THG
H2 2025 Pre Recorded26 Mar 2026 - Record Beauty and Ingenuity profits offset Nutrition headwinds; margins and cash discipline strong.THG
H1 202420 Jan 2026 - Beauty and Ingenuity growth drive outlook as demerger and equity raise progress.THG
Trading Update19 Jan 2026 - Record Q4 and H2 growth led by Beauty and Nutrition, driving strong momentum into 2026.THG
Q4 2025 TU13 Jan 2026 - Whey supply growth, brand strength, and liquidity drive margin recovery and 2025 growth targets.THG
Trading Update9 Jan 2026 - Q3 revenue up 6.3% YoY, led by 10% Nutrition growth and strong Beauty momentum.THG
Q3 2025 TU14 Oct 2025 - H1 2025 revenue fell 2.6% YoY, but both divisions returned to growth and balance sheet improved.THG
H1 202512 Sep 2025
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