THG, the owner of the Myprotein brand, has seen its share price tumble 90 per cent since its 2020 London listing, but the stock jumped a quarter last week after the company said it is on track for its first year of positive free cash flow and lifted its full‑year EBITDA forecast.
Analysts now expect £103mn in EBITDA for 2026, about 4 per cent above prior forecasts, and see the company’s overall EBITDA margin reaching 7 per cent in 2026, with a potential 13 per cent in more normal conditions.
The group has shed its e‑commerce platform Ingenuity, distributing it to shareholders in 2025, and now concentrates on two units: the beauty websites Lookfantastic and Cult Beauty, and a nutrition division buoyed by the trend of adding protein to everyday foods, from coffee to crisps.
While whey price spikes have squeezed margins, THG’s brand ties with Müller, Krispy Kreme and Mars give Myprotein some protection, and founder Matthew Moulding’s unconventional style adds a further risk; analysts note the firm has missed forecasts for four years but the gap is narrowing.
Source: Financial Times Companies · Summarized by HeadlinesBriefing