THG shares rise 14% after Myprotein growth lifts earnings forecast
The Manchester ecommerce group now forecasts £103m of adjusted EBITDA for 2026, beating market consensus, after stronger profitability in its nutrition division.
THG’s share price climbed more than 14% in early trading once the Manchester ecommerce group raised its full-year earnings guidance on the back of better-than-expected profits in its nutrition business.
The owner of Myprotein and Lookfantastic now forecasts adjusted EBITDA of £103m for 2026, above market consensus of £101.7m.
At 9.23am on Thursday the shares were at 31.42p, up 14.17% on the previous close of 27.52p.
The reaction is in contrast to September, when the share price fell after THG’s first-half results despite a sharp rise in earnings.
Group revenue for the third quarter was £408.8m, a 1.5% increase on a continuing constant-currency basis. Core brands and markets grew by 6.1%.
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. This has enabled us to upgrade our full-year Adjusted EBITDA expectation to £103m, ahead of market consensus.”
THG Nutrition reported quarterly revenue of £152.4m, a rise of 5.3% on a continuing constant-currency basis. Myprotein branded unit volumes were up 36.2%.
The division has added licensing deals with Caffè Nero, Krispy Kreme, Pladis UK and Gold’s Gym to its existing partnerships with Nichols and Five Guys.
Prices for whey protein concentrate have dropped by around 20% since THG’s interim results in September, which the group said gave an increasingly favourable outlook for nutrition margins in 2027.
On a continuing constant-currency basis, THG Beauty’s third-quarter revenue fell 0.6% to £256.4m, although its core brands and markets grew 3.4%. The Lookfantastic Fragrance Advent Calendar sold out within one day.
THG remains on course for positive free cash flow in 2026 for the first time since its stock market listing. It forecasts between £25m and £35m.
The group also expects HMRC to give a substantive update on its outstanding VAT claims by the end of October.
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