●

Q1 2026 revenue growth of +7.0% representing the Group's best Q1 growth performance since 2021, with Beauty accelerating on H2 2025 (+5.8% vs +5.4% H2 2025). Growth was modestly impacted by disruption in the Middle East (c.30bps), with underlying growth accelerating on Q4 exit trends.

●

As previously guided, the combined impact of disposals and discontinued activities reduced Group Q1 2026 revenue growth by 150bps, with the currency headwinds most pronounced in the US.

●

THG Beauty delivered continued retail momentum, with Lookfantastic outperforming the UK prestige beauty market[3], driven by growth in orders and active customers.

●

THG Nutrition grew across all channels, with expansion into higher-margin categories such as activewear, creatine, hydration and collagen, alongside pricing and product optimisation, helping to offset elevated whey costs.

●

Following a strong start to the year, the Group maintains its guidance for FY 2026[4], underpinned by continued market share gains in key territories and the successful implementation of pricing and product optimisation strategies.

●

The Group continues to monitor developments in the Middle East with affected regions representing less than 1.5% of Group revenue in FY 2025, weighted towards THG Beauty.

●

Strongest Q1 cash flow performance in three years, underpinning full year free cash flow guidance of £25m to 50m.

●

THG Beauty entered 2026 with significant momentum in UK and US retail. In the UK, orders grew by 7% alongside growth in the LTM active customer base.

●

US retail saw revenue growth and market share expansion[5], driven by a 10% increase in new customers. Dermstore became one of the first major online beauty retailers to partner with Flex, enabling customers to pay for a significantly greater amount of their skincare regime with their pre-tax earnings through Health Savings (HSA) and Flexible Spending (FSA) accounts directly at checkout, improving affordability and convenience whilst supporting AOV increases.

●

The K-Beauty category was a standout performer, with revenue more than doubling YoY, supported by the launch of six new brands YTD. Across the platform, new brand launches continued to support growth with SkinCeuticals and MAC exceeding expectations since their launch on Cult Beauty.

●

The new Lookfantastic store in Bristol is outperforming the initial flagship store launch, creating a localised halo effect supporting brand awareness and new customer acquisition.

●

The own-brand portfolio is building on the lifecycle investments made in 2025, securing new retail and spa listings for Ameliorate and ESPA. Within manufacturing, revenue growth is driven by strategic new business wins alongside continued growth from its existing customer base.

●

Revenue growth (+8.8%) was broad-based across online and offline channels, with expansion into gross margin accretive categories including activewear and creatine helping to mitigate elevated whey prices. The core powder range was also optimised through reformulation and strategic pricing, alongside the launch of MARS® Impact Whey Protein.

●

The intentional pivot in Asia to license with pre-eminent local manufacturing and distribution partners has resulted in a revenue decline in these regions as the business rebuilds on structurally higher-margin foundations. Growth in Asia will resume once the structural transition has been annualised in the comparatives. Excluding this territory, THG Nutrition delivered revenue growth of +12.1%.

●

C.15% of active customers purchased activewear in Q1 (+230bps YoY), with AOVs on orders including activewear c.31% higher. The range aims to introduce the brand to new customers through expanding beyond performance wear to lifestyle audiences, supported by the recent launch of Myprotein's collaboration with Champion and upcoming launch in high-footfall Footasylum stores.

●

Myprotein's licensed out range delivered >200% growth in units sold into retail YoY, supported by the launch of Greencore food on-the-go items and expansion of the Müller range. In addition, the partnership with Jimmy's Iced Coffee, now holds a c.20% share of the protein coffee sub-category[6], underlining the strength of the brand in adjacent categories.

●

UK and international retail expansion continued at pace with Myprotein achieving record market share value in the UK total sports nutrition category[7]. Initiatives launching towards the end of the quarter building into Q2/Q3 include;