THG (THG) Q2 2026 TU earnings summary

Executive summary

• H1 2026 revenue grew approximately 6.5% year-over-year, or 7.6% excluding Nutrition Asia.

• Adjusted EBITDA for the last twelve months to May 2026 reached £94m, up 36% year-over-year.

• Strongest H1 free cash flow since 2021, with Term Loan B trading above par for the first time since issuance.

Financial highlights

• H1 Adjusted EBITDA expected to be at least £40m, up about 95% year-over-year when adjusted for the sale of Claremont Ingredients.

• Group revenue growth in H1 2026 was 6.5%, compared to a decline of 2.5% in H1 2025.

• LTM Adjusted EBITDA to May 2026 was £94m, compared to £68.9m in the prior year.

Outlook and guidance

• Full year revenue, Adjusted EBITDA, and cash are expected to be in line with company consensus.

• Guidance is underpinned by strong H1 performance and ongoing cost management.