THG (THG) Q1 2026 TU earnings summary

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.