THG posts Q4 revenue growth of 7% as Beauty outperforms

THG PLC said group revenue rose 7.0% in the fourth quarter ended 31 December 2025, driven by an outperformance at THG Beauty.

The company said second-half revenue increased 6.7% year on year, around 14% ahead of the top end of its previous guidance range of 3.9% to 5.9%. Within the group, THG Beauty grew 5.5% in the second half, while THG Nutrition delivered growth of 9.2% over the same period.

THG said its expectations for full-year 2025 adjusted EBITDA remain unchanged and in line with market consensus. It added that trading momentum is expected to continue into the first quarter of 2026, supported by a liquid balance sheet with more than £330 million of cash and available facilities.

In the fourth quarter, THG Beauty generated revenue of £370.2 million and THG Nutrition delivered £157.2 million, taking total group Q4 revenue to £527.4 million. For the full year, group revenue amounted to £1,716.0 million, with THG Beauty contributing £1,108.3 million and THG Nutrition £607.7 million.

On a full-year basis, the group reported revenue growth of 2.3%, marking its first year of growth since 2021. The company noted that reported growth was affected by disposals and discontinued activities during the year.

Matthew Moulding, Chief Executive of THG, said the group ended the year strongly following a robust trading period in November and December. He highlighted continued momentum across the portfolio, including strong performance from the Lookfantastic brand, which recorded growth of 16.2% in the UK and Ireland.

THG also pointed to THG Nutrition’s fourth consecutive quarter of revenue growth, supported by expansion in offline retail channels and a greater mix of higher-margin product categories.

The Recap

• THG reported Q4 group revenue growth of seven percent.
• Group held over £330 million of cash and facilities.
• Company expects trading momentum into the first quarter of 2026.