THG has boosted its first half profits by “at least” 95%, as a strong end to 2025 has continued into early 2026.
First-half revenue growth is expected to hit 6.5% as the Myprotein owner’s nutrition division took higher volumes and outpaced its B2B whey competitors in the half, measured to the end of June.
The growth has followed an even stronger end to 2025, which recorded 9.2% growth in the second half of 2025 as it recovered from a shaky first half.
And despite soaring whey costs, THG has pushed a higher-margin product mix to consumers to protect its profits. Profits are expected to be in line with consensus, with first-half adjusted EBITDA expected to surpass £40m, up roughly 95%.
Figures for the first five months of the year showed a 60% bump in unit sales for the nutrition division, as it benefited from a “rapid retail expansion and category diversification”, according to CEO Matthew Moulding, ahead of the group’s AGM today.
The company said it had outpaced the sports nutrition market by 50% in B2B channels, taking 84% of clear whey sales in the three months to 16 May.
Licensed product sell-in is likewise expected to grow 40% in the year to over 60 million units, led by the RTD category in UK retail. The group has planned launches for the energy, protein water and breakfast categories during the second half of the year.
“We are on track with our growth and margin expansion strategy across the group,” said Moulding.
By prioritising home markets and trending areas in beauty – such as skincare where sales were up 9.2% in the year to 31 May 2026 – the company has driven “high-quality growth”, he said.
“The group continues to deliver strong year-on-year adjusted EBITDA growth, notwithstanding the broader macroeconomic backdrop, including unprecedented whey commodity inflation levels.”
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