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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
THG
THG (THG) investor relations material
THG Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 TU earnings summary15 Oct, 2026
Executive summary
FY26 Adjusted EBITDA expectation upgraded to £103m, ahead of market consensus and prior expectations, reflecting stronger Nutrition performance.
Q3 revenue grew 1.5% continuing CCY; core brands and markets, representing c.87% of revenue, grew 6.1% YoY, excluding delayed advent dispatches.
LTM Adjusted EBITDA rose 50% YoY to £100.6m at 30 September 2026, from £95.4m at 30 June.
Financial highlights
Q3 revenue was £408.8m, up 0.9% reported and 1.5% continuing CCY; YTD revenue was £1,237.6m, up 4.1% reported and 5.2% continuing CCY.
Q3 Nutrition revenue was £152.4m, up 3.7% reported and 5.3% continuing CCY; Beauty revenue was £256.4m, down 0.7% reported and 0.6% continuing CCY.
FY26 free cash flow expectation of £25m–£35m remains in line with consensus; cash flow consensus is £31.1m.
Outlook and guidance
Q4 Group revenue growth is expected to accelerate versus Q3, supported by advent, manufacturing and own-brand dispatch timing across Beauty.
FY26 Adjusted EBITDA expectation is £103m; FY26 free cash flow expectation remains £25m–£35m.
Nutrition secured Q4 whey requirements at more favourable prices than Q3 and is securing Q1 2027 coverage below prevailing market rates.
Q4 is described as the traditionally busiest and most cash-generative quarter; trading confidence reflects operational momentum and improving profitability.
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Latest events from THG
- Revenue up 7.2% YoY, Adjusted EBITDA more than doubled, with strong growth in Nutrition and Beauty.THG
H1 2026 - Revenue up 6.5% and Adjusted EBITDA up 36% YoY, with strong cash flow and segment growth.THGQ2 2026 TU
- Q1 2026 delivered 7.0% revenue growth, led by strong Beauty and Nutrition performance.THGQ1 2026 TU
- Revenue up 2.3% YoY, driven by Beauty, Nutrition, and digital growth, with improved outlook.THGH2 2025 Pre Recorded
- Strong FY2025 growth, improved profitability, and reduced net debt driven by Beauty and Nutrition.THGH2 2025
- H1 2025 revenue fell 2.6% YoY, but both Beauty and Nutrition returned to growth and outlook is positive.THGH1 2025
- Beauty and Ingenuity growth drive outlook as demerger and equity raise progress.THGTrading Update
- Record Beauty and Ingenuity profits offset Nutrition headwinds; H2 expected to be strongest.THGH1 2024
- Revenue hit GBP 1.9bn in 2024, with Beauty margin gains and Nutrition returning to growth.THGH2 2024
THG
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