Slide 1: THG PLC Preliminary results FY 2025
THG PLC Preliminary results FY 2025 26/03/2026 Privileged and confidential
Slide 2: THG PLC is a global retailer and brand owner
THG PLC is a global retailer and brand owner, operating through two leading digital-first businesses: THG Beauty operates prominent online platforms including THG Nutrition led by Myprotein, the world's largest online sports Lookfantastic, Dermstore and Cult Beauty, offering a valued route to nutrit
Slide 3: Agenda
Agenda FY 2025 in review ..4 Group financial review ..8 THG Beauty ..19 THG Nutrition ..26 Summary ..33
Slide 4: Strong operational and financial delivery in a year of strategic transition
Strong operational and financial delivery in a year of strategic transition • FTSE 250 consumer-focused group: THG Ingenuity demerger complete, transforming and simplifying the Group to unlock cash generation potential • Full year revenue +2.3%: H2 performance c.15% ahead of consensus: • The Group e
Slide 5: THG Beauty: Brand elevation on track
THG Beauty: Brand elevation on track Biggest ever new product launch: Biggest ever year for Huda Beauty Contour New Brand Launches: Lip Stains >80 Biggest ever year for Biggest ever Exclusive Product Advent Campaign Launches Biggest UK Beauty retailer on TikTok shop[1]: Biggest own-brand launch: Bio
Slide 6: THG Nutrition: Record awareness and market leadership
THG Nutrition: Record awareness and market leadership UK No.1 sports nutrition No.1 used brand by our Highest ever Unaided target demographic[1] Awareness score[1] Over 43m Myprotein Over half of our products sold into retail target demographic UK No.1 sports nutrition now recognises the Myprotein l
Slide 7: Outlook and guidance
Outlook and guidance • Group FY 2026 Revenue and Adjusted EBITDA expectations remain unchanged and in line with company £'m FY 2025 Medium term (2026 to 2028) consensus Group revenue growth 2.3% Mid-to-high single digit • THG Beauty enters 2026 with strong underlying growth ahead of H2 2025, with a
Slide 8: Group financial review
Group financial review
Slide 9: FY 2025 revenue performance
FY 2025 revenue performance Group £'m FY 2025 CCY continuing change[1] YoY change[2] • The Group delivered revenue growth and a pleasing recovery from the H1 revenue decline of -2.5% THG Beauty 1,107.9 +0.2% -5.4% • Revenue by region reflects a strategic shift towards THG Nutrition 609.1 +6.4% +5.0%
Slide 10: Management actions underpinned resilient margin performance
Management actions underpinned resilient margin performance £'m FY 2025 FY 2024 Change • Gross margin performance reflects elevated whey costs and the strategic repositioning of the own-brand beauty Adjusted gross profit[1] 698.9 727.5 -3.9% portfolio Gross margin % 40.7% 41.5% -80bps • Distribution
Slide 11: Cash flow and balance sheet health
Cash flow and balance sheet health Cashflow £'m FY 2025 FY 2024 (Post demerger) FY 2023 (Post demerger) • Working capital outflow driven by a temporary Adjusted EBITDA[1] 76.6 83.4 103.1 investment in Beauty stock to support post cyber sales Working capital movements (21.8) 17.9 75.3 momentum Tax pa
Slide 12: THG Beauty financial highlights
THG Beauty financial highlights £’m FY 2025 FY 2024 Change • Revenue growth was across categories, helping deepen Revenue 1,107.9 1,171.1 +0.2%[1] penetration in established and high-growth segments Gross profit 435.6 469.0 -7.1% • Territory participation reflects a conscious pull back in sales acti
Slide 13: THG Beauty: Deliberate shift to higher-value customers
THG Beauty: Deliberate shift to higher-value customers delivering stronger returns Adjusted • A strategic shift to higher-value, repeat customers Revenue growth Gross profit margin EBITDA margin +0.2% 39.3% 5.9% led to a slight dip in overall orders but increased returning customer sales, bolstered
Slide 14: THG Beauty revenue performance
THG Beauty revenue performance -560bps • Discontinued trading, FX, and non-recurring items drove +260bps a c.560bps revenue decline in FY 2025, with these impacts now largely annualised ↓ Discontinued ↑ UK Retail • Underlying trading grew by c.260bps, driven by a strong ↓ FX → US Retail performance
Slide 15: THG Nutrition financial highlights
THG Nutrition financial highlights £’m FY 2025 FY 2024 Change • Four consecutive quarters of revenue growth delivered in Revenue 609.1 580.3 +6.4%[1] 2025, last achieved in 2021 • Territory mix reflects the operating model changes in Gross profit 263.3 258.6 +1.8% Japan and the prioritisation of hig
Slide 16: THG Nutrition: Margin investment to support growth
THG Nutrition: Margin investment to support growth Adjusted • More consumers overall interacting with Myprotein Revenue growth Gross profit margin EBITDA margin • Revenue +6.4% YoY, driven by price led growth and expanding offline footprint • Margins reflect planned reinvestment into offline expansi
Slide 17: Mitigating whey risk
Mitigating whey risk Procurement strategy Product mix and protein innovation Pricing models and strategy • US market growth and GLP-1 use is • Category diversification, with growth • Throughout the year incremental product elevating consumer demand more broadly across higher-margin creatine, activew
Slide 18: THG Nutrition VAT update
THG Nutrition VAT update Background • A First Tier Tribunal ruled that 'Sunwarrior’ (Global By Nature Ltd) protein powder qualifies for 0% UK VAT • This enabled both a retrospective repayment and ongoing zero-rating from January 2025 Current position • THG has consistently applied prudence by paying
Slide 19: THG Beauty
THG Beauty Beauty that moves at digital speed THG Beauty operates prominent online platforms including Lookfantastic, Dermstore, and Cult Beauty, offering a valued route to market for over 1,000 third-party brands, alongside a specialist portfolio of owned brands
Slide 20: THG Beauty: Foundations for the next phase of growth
THG Beauty: Foundations for the next phase of growth Retail Performance Store expansion and brand activations • Lookfantastic outperformed the beauty e-commerce market during 2025[1] • Physical retail footprint expanded, with the opening of the Lookfantastic Bristol store, creating new opportunities
Slide 21: Using trending categories to our advantage
Using trending categories to our advantage New brand launches Fragrance • Drove 11% YoY growth in our UK fragrance category • Exclusive brand partnerships and trend-led "scent edits" supported performance • Innovative sampling ecosystem with 420k units sampled at checkout by loyalty members Beauty E
Slide 22: Building momentum in the US
Building momentum in the US Dermstore has cemented itself as an authority in the US professional skincare market, with 20% online market share[1] • Dermstore's identity as the go-to destination for high-spend beauty enthusiasts is Text an expert reflected in its brand relationships, expert-led conte
Slide 23: Changes to the market and how we're adapting
Changes to the market and how we’re adapting The beauty landscape is being redefined by shifts in how consumers discover, shop, and engage with brands. We are adapting our go to market strategy to broaden and deepen our customer ecosystem Social commerce YouTube strategy • Capturing a new generation
Slide 24: Own-brand portfolio: Future-proofing for growth
Own-brand portfolio: Future-proofing for growth During 2025 we took proactive measures focused on future-proofing our own-brand portfolio. This included refining the range and improving formulations to build a stronger more growth-oriented proposition ESPA Biossance Perricone MD Ameliorate Christoph
Slide 25: Strategic progress and looking forward
Strategic progress and looking forward Home markets prioritised Digital leadership and platform Brand partner of choice • Exited categories and territories below enhancement • Strong new brand roster with exclusive target margin • Social commerce and AI assistant integration launches • UK market out
Slide 26: THG Nutrition
THG Nutrition The world’s largest online sports nutrition brand THG Nutrition, led by Myprotein, spans multiple health and wellness categories, delivering its products both directly to consumers and through strategic offline partnerships worldwide
Slide 27: THG Nutrition: What does our business look like today?
THG Nutrition: What does our business look like today? Territory Brand • Increasing shift towards UK and Europe (highest activewear participation) • Focus on 'Taste, Quality & Educate' to create point of difference in areas that matter to consumers (Amplified by elevated influencer network) • Emergi
Slide 28: Territory development
Territory development Positioning Myprotein for sustainable growth in key markets UK Europe • Multi-channel approach across D2C, retail • Strong D2C new customer growth in North- and marketplaces - widest product range East and South-West Europe • Growth of licensing out with a product to • Thriving
Slide 29: Myprotein activewear
Myprotein activewear Building a business within THG Nutrition • Growth driven by a shift to core range, stronger brand perception, “Partnering with a brand of Champion’s heritage and and focused marketing driving demand into higher entry price point global recognition allows us to scale our apparel
Slide 30: Aisle by aisle protein occasions
Aisle by aisle protein occasions Leveraging strategic partnerships with retailers and distributors to place more products into customers hands Breakfast – 20.2bn occasions Snacks – 11.9bn occasions Lunch – 12.3bn occasions Dinner – 5.9bn occasions Time | Convenience | Satisfaction Health | Convenien
Slide 31: Capital-light licensing model
Capital-light licensing model • Extending Myprotein into new categories and consumption occasions • Brand-accretive partnerships • Ongoing success with existing partners – range and store space continuing to grow • Exciting 2026 pipeline including: - Additional Mars flavours - Further RTD expansion
Slide 32: Driving category leadership through quality, innovation and consumer insight
Driving category leadership through quality, innovation and consumer insight Customer-led growth Product innovation pipeline Forward priorities • Enhanced website with AI-driven ‘goal • Evolve pre-workout and performance • To be No.1 in quality, taste and education: selector’ and improved navigation
Slide 33: Summary
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Slide 34: FY 2025 achievements and outlook
FY 2025 achievements and outlook • First full-year revenue growth since 2021: • THG Beauty surpassed H2 2025 revenue guidance, entering FY 2026 with continued momentum in key UK and US markets • THG Nutrition reported growth in every quarter, with category diversification and offline expansion drivi
Slide 35: Quarterly growth rates and results
Quarterly growth rates and results Quarterly continuing constant currency revenue growth rate £’m Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 H1 2025 H2 2025 FY 2025 THG Beauty +13.6% +3.5% +3.2% +0.8% +4.6% -9.8% -2.1% +4.2% +6.3% -5.9% +5.4% +0.2% THG Nutrition -5.7% -9
Slide 36: FY25 reported revenue and EBITDA
FY25 reported revenue and EBITDA FY 2025 segmental summary £’m THG Beauty THG Nutrition Central Total 2025 Adjusted revenue 1,107.9 609.1 — 1,717.0 Adjusted gross profit 435.6 263.3 — 698.9 Margin 39.3% 43.2% — 40.7% Adjusted EBITDA 65.8 28.8 (18.0) 76.6 Margin 5.9% 4.7% — 4.5% FY 2024 segmental sum
Slide 37: Glossary
Glossary Terms Meaning Terms Meaning Adjusted means operating profit before depreciation, amortisation, share-based payments, other Group means the Company and its subsidiaries and subsidiary undertakings from time to time EBITDA operating expense - non-cash loss on disposal of freehold assets and a
Slide 38: Important Notice
Important Notice This presentation is not an offer or the solicitation of an offer to subscribe for or purchase any securities. This presentation may include "forward-looking statements" in respect of the operations, performance, prospects and/or financial condition of THG PLC (the "Company"). Forwa