THG, the owner of brands including Lookfantastic, Dermstore, Cult Beauty and Myprotein, has provided a stellar trading update for Q4 2025.
The Manchester-headquartered eCommerce retailer ended 2025 with its strongest quarter of trading with group revenue growth up 7 per cent, building on the previous quarter high of 6.3 per cent.
It meant that THG Group delivered FY revenue growth of 2.3 per cent, the first year of growth since 2021, and a significant recovery from the H1 revenue decline of 2.5 per cent.
Last January the loss-making THG Ingenuity split from the profitable THG Beauty and THG Nutrition to become a standalone business.
Best results since 2021
THG Beauty delivered its strongest Q4 growth performance since the end of 2021, well ahead of revenue guidance driven by Lookfantastic (+16.2 per cent) in the UK and Ireland.
Supported by a strong November and December performance, THG Beauty reported Q4 revenues of £370m contributing to a FY figure of £1.1bn.
THG Ingenuity split was right thing despite sleepless nights – Moulding
Meanwhile, THG Nutrition achieved Q4 revenue of £157.2m, contributing to £607.7m for the FY.
It meant that THG Beauty and THG Nutrition delivered total combined revenue in Q4 of £527.4m and £1.7bn for the FY 2025.
The figures were boosted by Lookfantastic’s partnership with Uber Eats, which allowed London-based customers access to same day delivery.
Boosted by Myprotein’s partnership with the likes of Mars and Muller, THG Nutrition delivered its fourth consecutive quarter of revenue growth and was up 12.2 per cent, excluding Asia.
Group H2 revenue increased 6.7 per cent year-on-year; THG Beauty reported 5.5 per cent revenue growth; and THG Nutrition enjoyed 9.2 per cent revenue growth.
EBITDA
FY 2025 adjusted EBITDA expectations remain unchanged and in line with the company consensus, which is £75m, growing to c.£100m next year.
THG founder and CEO Matt Moulding said: “We finished 2025 on a high with our best quarter of the year thanks to a strong November and December period.
“In THG Beauty, our strategy to focus on core categories and territories is delivering clear results, with Lookfantastic UK achieving exceptional growth.
“We continue to accelerate our digital leadership, prioritising high-margin prestige brands and enhancing personalisation by increased use of AI and virtual tools.
“THG Nutrition has delivered its fourth consecutive quarter of revenue growth, driven by the strength of the Myprotein brand and our successful offline global expansion strategy which has seen us exceed our distribution targets across retail and licencing.
“We enter the new year with strong trading momentum and a clear focus on continuing to deliver quality, value and newness for our customers.”
One analyst told BusinessCloud: “These are a really good sets of results. It’s really good to see both side of the business doing well. It feels like momentum is back with THG.”