THG has reported its highest quarterly organic growth since Q4 2021, with Group revenue rising by 6.3% in Q3 2025, driven by double-digit gains in its Nutrition division and renewed momentum in Beauty. The performance marks a significant turnaround for the ecommerce group, which has undergone strategic operating model changes and invested heavily in brand proposition across its core businesses.
The standout performer was THG Nutrition, which posted +10% revenue growth, its strongest rate in over two years. The division’s success was underpinned by Myprotein’s expanding direct-to-consumer market share and growing global retail footprint, with CEO Matthew Moulding hinting at “exciting new partnerships” set to be announced soon.
Meanwhile, THG Beauty continued its recovery, with solid UK retail momentum – highlighted by double-digit growth at Lookfantastic – and improving US performance, particularly in luxury skincare and devices. The division is also on track for a record advent sales contribution this year, reflecting the impact of enhanced commercial discipline and brand elevation.
The Q3 results position THG ahead of its previously stated H2 2025 guidance, which forecast Group growth of +3.9% to +5.9%. With Q3 already exceeding the upper end of that range, the Board has reaffirmed its full-year expectations, which remain in line with consensus estimates of £1.695bn to £1.757bn in revenue and adjusted EBITDA of £73.7m to £76m.
Commenting on the results, CEO Matthew Moulding said: “I am pleased to report a solid Q3 performance, with a return to growth across both THG Beauty and THG Nutrition. Our progress is a direct result of the strategic initiatives and operational change we have implemented, and we are well positioned for the key trading period ahead.”
Rocky H1
The strong Q3 follows a mixed first half of the year, where Group revenue dipped 2.6% year-on-year to £783.4m, although growth resumed in Q2 (+0.9%). THG also completed the demerger of its tech and logistics arm, THG Ingenuity, and sold Claremont Ingredients for £103m, moves that significantly reduced debt and boosted liquidity to £279.4m.
Central to THG’s strategy is its portfolio of subscription-based brands, including Glossybox, Lookfantastic, and Myprotein. Glossybox alone serves over 250,000 subscribers, while Myprotein continues to expand through licensing deals and offline retail—tapping into growing consumer demand for convenience, personalisation, and value.
With Q4 traditionally THG’s most profitable and cash-generative period, the Group appears well placed to build on its Q3 momentum and deliver a strong finish to the year.
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