THG revenues rise as new brands and K-beauty attract customers

THG delivered a 7.2% increase in revenue to £828.7 million for the six months to 30 June, ahead of its guidance of 6.5%, as the company continued to grow across its beauty and nutrition divisions.

The owner of Cult Beauty and Lookfantatic saw adjusted EBITDA rise 109% to £42.8 million, exceeding its guidance of at least £40 million.

Beauty revenue increased 5.9% on a continuing constant-currency basis to £500.2 million, while adjusted EBITDA rose 23.8% to £25 million.

Lookfantastic continued to outperform the UK prestige beauty market, while THG said it remained the number one multi-brand beauty retailer on UK TikTok Shop throughout 2026. TikTok Shop revenue increased 26% year-on-year.

The division also launched more than 50 new brands during the half, including Clarins on Lookfantastic, while K-beauty attracted more than 64,000 new customers.

Elsewhere, THG continued to invest in AI-led shopping tools, with its partnership with Google including an AI on-site assistant and other pilots. The company said customers using these tools were 7.5 times more likely to make a purchase, while its AI Assistant is due to launch in the third quarter.

THG expects group revenue growth to slow to around 2% in the third quarter, following the European heatwave and the introduction of EU duties affecting THG Beauty from 1 July. The group said some own-brand beauty revenue is also expected to move into the fourth quarter and financial year 2027.

However, revenue growth is expected to return to 6-7% in the fourth quarter, with THG maintaining its full-year revenue, adjusted EBITDA and free cash flow expectations in line with consensus.

THG nutrition remained the faster-growing division, with revenue up 9.2% to £328.5 million and adjusted EBITDA rising to £26 million. The number of Myprotein-branded products sold increased 57% to 58.5 million during the half.

Matthew Moulding, CEO of THG, said: “THG delivered a strong first half, reflecting our successful transition from a capex-intensive technology and consumer brands group into a highly profitable global leader in Nutrition and Beauty, focused on delivering sustainable growth in free cash flow.”

He added: “As a business, we delivered strong revenue growth and our adjusted EBITDA more than doubled, driven by a stellar performance from the Myprotein brand.”