THG Holdings PLC snapped a multi-year slump with its strongest quarterly growth since 2021. The e-commerce group’s Q4 revenue rose 7.0% constant currency, driving second-half sales up 6.7%—about 14% above the top end of its guidance. That momentum delivered full-year 2025 growth of 2.3%, the first expansion since 2021 after a 2.5% dip in H1.
Management kept full-year adjusted EBITDA forecasts in line with consensus.THG Beauty led the rebound, posting its best Q4 since 2021 as Lookfantastic surged 16.2% in the UK and Ireland. The division gained share in cosmetics and skincare by refocusing on core categories and territories. THG Nutrition grew 9.2% for H2 (12.7% ex-Asia), supported by pricing and gains in offline retail and activewear. Myprotein held its lead with a 25% slice of UK online sports nutrition. CEO Matthew Moulding credited a strong November and December.
With over £330 million in liquidity, THG enters 2026 trading with momentum.
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