THG has upgraded its full-year profit expectations after a stronger-than-expected third quarter, thanks to a nutrition business that continues to benefit from growing demand, and an expanding network of retail partnerships.
The group now expects FY26 adjusted EBITDA of £103m, ahead of previous guidance and market consensus, driven by the performance of THG Nutrition. Group revenue rose 1.5% on a continuing constant-currency basis in Q3, while its core brands and markets, representing around 87% of revenue, grew 6.1%.
THG said it remains on track to deliver its first year of positive free cash flow since its IPO, maintaining expectations of £25m to £35m for FY26.
Nutrition leads the way
THG Nutrition generated Q3 revenue of £152.4m, up 5.3%, while Myprotein-branded unit volumes increased by 36.2%. The business has continued to push its omnichannel strategy through a series of partnerships, including Krispy Kreme, Gold’s Gym, Pladis UK, Iceland and Caffè Nero.
As part of its latest collaboration with Caffè Nero – and capitalising on the current gym-focused high protein trend – Myprotein has launched two premium ready-to-drink products across the coffee chain’s estate: the Iced Vanilla Protein Matcha Latte and the Iced Vanilla Protein Latte. Both drinks contain fewer than 160 calories, while delivering 24g and 25g of protein respectively, making them among the highest-protein beverages currently available on the high street.
Profitability exceeds expectations
Matthew Moulding, chief executive of THG, said: “Following a particularly strong first half of 2026, I’m pleased to report that our momentum has continued through Q3, with profitability exceeding our expectations.”
He added that new partnerships with brands including Five Guys, Krispy Kreme, Gold’s Gym, Caffè Nero and Pladis UK were helping extend Myprotein’s reach beyond its traditional direct-to-consumer channels.
Looking ahead, THG expects revenue growth to accelerate in the fourth quarter, its busiest trading period of the year, supported by improving profitability and continued momentum across both its nutrition and beauty divisions.
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