THG Plc (THG) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and thank you for joining us today for our full year 2025 results presentation. It's a pleasure to be here reporting on what has proved to be a landmark year. Our first as a consumer focus group packed with a large number of important initiatives. We delivered a strong full-year 2025 performance ahead of both our guidance and market consensus, with adjusted EBITDA of £76.6 million, setting a solid base for meaningful progress again in the year ahead. And on the balance sheet, we've deleveraged meaningfully. Our debt facilities are now extended out to the end of 2029, and we ended the year with over $330 million in cash and available facilities, giving us real financial flexibility going forward. At the start of the year, we completed the demerger of THG Ingenuity, and with that, THG became what it is today, a focused consumer-led group built around two leading businesses in their respective markets, THG Beauty and THG Nutrition. For the first time since COVID, both businesses delivered full-year revenue growth in 2025, with Nutrition delivering four consecutive quarters of growth in the year. The group's momentum in the second half was especially encouraging, with Q4 delivering our best performance of the year at 7% revenue growth. In THG Beauty, we had a record year for new brand launches and a standout performance in our home territories, particularly Look Fantastic UK, where we took share in established and high growth segments. In THG nutrition, our multi-model strategy is delivering meaningful market share growth, and MyProtein delivered nearly 10% revenue growth in H2, despite the model changes across Asia and India initially reducing sales in those regions. A combination of new partnerships, growing offline and licensing channels, and cat...