Lookfantastic drives beauty sales at THG
THG has reported a 2.3% increase in adjusted revenue, reaching £1.7 billion for the full year ending 31 December 2025, driven by both its beauty and nutrition divisions.
The Manchester-based company highlighted strong momentum in beauty, finishing the year with "robust" performance in both the UK and US markets and achieving its "strongest Q4 growth since Q4 2021".
For the full year, THG Beauty delivered revenue growth of 0.2%, driven by a second-half recovery (+5.4% H2 versus -5.9% H1).
Growth was bolstered by Lookfantastic, which rose 16.2% in the UK and Ireland, alongside a record number of new brand launches.
THG Nutrition posted growth in every quarter, supported by a rebound in online sales and significant expansion into over 40,000 retail outlets.
Full-year revenue growth of 6.4% reflected the successful shift to an omnichannel strategy and heightened global awareness of Myprotein following its rebrand. The brand’s activewear category continues to expand, now accounting for roughly 12% of direct-to-consumer sales.
Looking ahead, THG expects its full-year revenue and adjusted EBITDA to align with company consensus, at £1.78 billion and £101.4 million, respectively.
THG Beauty is projected to sustain growth, particularly in the US market, while THG Nutrition anticipates mid-to-high single-digit growth, supported by further offline expansion, licensing initiatives and multi-category product launches.
Net debt is projected to reduce to approximately £110-£130 million.
Matthew Moulding, CEO of THG, said: "Today’s results reflect the strength of our business models and the exceptional execution by the team.
"I am pleased with how we have continued to transform THG during 2025, returning to consistent growth against a challenging macroeconomic backdrop through disciplined investment in our brands and an unwavering focus on our customers worldwide.
"The refinancing of the group’s balance sheet in the year was especially pleasing, resulting in significant deleveraging, ahead of any settlement of our £78 million claim with HMRC. We enter 2026 on the front foot with strong trading momentum and a focus on material free cash flow delivery."
