THG PLC Q3 2025 trading: strongest organic growth since 2021, and back to YTD growth
THG has posted its best organic quarterly growth since 2021, with Q3 constant-currency revenue up 6.3% to £405.2 million. Both divisions accelerated: THG Nutrition delivered double-digit growth and THG Beauty returned to growth on a constant-currency basis.
On a reported basis, Group revenue rose 2.4% year-on-year, with the gap to constant currency reflecting FX and the clean-up of discontinued activities and disposals. Crucially, Q3 momentum nudges the Group back to year-to-date growth on a constant-currency basis.
Key numbers from the Q3 2025 trading statement
| Q3 2025 revenue | Q3 YoY reported | Q3 YoY CCY (continuing) | YTD 2025 revenue | YTD YoY reported | YTD YoY CCY (continuing) | |
|---|---|---|---|---|---|---|
| THG Beauty | £258.2m | -1.2% | +4.2% | £738.1m | -8.8% | -2.6% |
| THG Nutrition | £147.0m | +9.3% | +10.0% | £450.6m | +3.6% | +5.3% |
| Total Group | £405.2m | +2.4% | +6.3% | £1,188.7m | -4.4% | +0.3% |
Notes: CCY is constant currency. “Continuing” excludes discontinued categories and Claremont Ingredients (sold 2 September 2025). FY 2024 has been restated to reflect the demerger of THG Ingenuity.
What is driving the growth: Beauty momentum and Nutrition acceleration
THG Beauty: advent success, retail recovery, and subs growth
THG Beauty delivered +4.2% constant-currency growth, its best since Q1 2024, helped by a strong advent launch and solid UK retail. Lookfantastic posted double-digit revenue growth, while US retail improved on category growth in luxury skincare and devices.
Subscriptions are doing their job: subscription revenue rose 22% year-on-year, boosting order frequency and lifetime value. On owned brands, a refined Ameliorate range rolled out across D2C and offline, now using Prevented Ocean Plastic packaging, which aligns with the Group’s sustainability aims.
Important context: Beauty’s reported declines in 2025 mainly reflect portfolio tidying – the sale of the luxury portfolio, other asset disposals, and withdrawal from certain activities in Europe and Asia. Management says the largest drag has now annualised, which should make year-on-year comparisons cleaner from here.
THG Nutrition: +10% YoY, best in over two years
Nutrition hit +10.0% constant-currency growth, the highest rate in more than two years, with gains across online and offline. Selective pricing supported online growth, and social commerce and marketplace channels grew strongly (>91% year-on-year), used to launch exclusive products.
Subscriptions increased by 50% versus H1 2025, signalling improved loyalty. Offline keeps expanding: Myprotein launched across 2,500 CVS stores in the US, and broadened its Middle East footprint in Spinneys Supermarkets. Partnerships continue to compound reach, including Jimmy’s Iced Coffee expansion, Myprotein x Müller Protein Mousse (No.1 UK protein dessert), Myprotein x Kirsty’s lunch pots (No.1 brand for loyalty in chilled protein ready meals), and a 30+ product HYROX range for hydration and endurance.
One to watch: Myprotein’s strategic tie-up with Everlast Gyms will roll out around 60 in-gym Myprotein Kitchens across the UK and Ireland – an interesting blend of brand, retail, and community.
Reported vs constant currency: understanding the gap
Investors should separate the operational trend from the reported print. Constant currency strips out FX. “Continuing” also removes businesses and categories that THG has exited or sold. That matters because the portfolio has been reshaped.
- Group growth impact from disposals and discontinued activities: -340 bps year-to-date and -270 bps in Q3. A basis point (bp) is one hundredth of a percent.
- THG Beauty impact from asset disposals and discontinued activities: -490 bps YTD and -380 bps in Q3.
- THG Nutrition impact from the sale of Claremont Ingredients: -30 bps YTD and -40 bps in Q3.
The appendix shows a clear inflection: Group constant-currency growth moved from -6.1% in Q1 to +6.3% in Q3. Beauty improved from -9.8% to +4.2%, and Nutrition from +0.3% to +10.0%.
Outlook and guidance: Q3 puts THG ahead of the H2 growth range
The Board’s H2 2025 revenue guidance remains unchanged:
- THG Beauty: +1.0% to +3.0%
- THG Nutrition: +10.0% to +12.0%
- Implied Group: +3.9% to +5.9%
Q3 constant-currency growth of +6.3% puts the Group favourably against this range as it enters the peak trading period. Full-year performance is expected to be in line with the company consensus range (dated 03.10.25). Management also flags that the Group is entering its most profitable and cash generative stretch of the year.
Profitability, margin, net debt and cash flow metrics are not disclosed in this statement.
My take: why this update matters for investors
This is the first clean sign of operational momentum across both divisions in a while. Nutrition’s +10.0% constant-currency growth is punchy and broad based, while Beauty’s return to growth is backed by healthier retail, subs, and a strong seasonal product set. The strategic pruning of low-return activities looks to be doing its job.
Subscriptions are the quiet engine here. Beauty’s +22% subscription revenue and Nutrition’s +50% subscriptions versus H1 2025 should support repeat purchase and gross margin resilience. Offline distribution – 2,500 CVS doors, Spinneys, Everlast Gyms – diversifies away from pure D2C and adds brand credibility at the shelf edge.
Risks remain. Q4 is the make-or-break quarter in beauty and wellness, so execution needs to stick the landing. FX can still muddy reported numbers. And while the disposals drag is said to have largely annualised, reported growth in Beauty is still negative year-on-year, so investors will want to see that gap close.
Net-net, this is a constructive update. The operational trend is improving, guidance is intact, and the portfolio is tighter. For a business that has been rebuilding confidence, printing the strongest organic quarterly growth since 2021 is exactly what the market wanted to see.
What to watch into year end
- Peak season sell-through: advent calendar performance and gift-led demand in Beauty.
- Nutrition’s momentum: can +10% CCY growth be sustained while protecting margin.
- Subscription metrics: further growth in subs and retention across both divisions.
- Retail rollout quality: early read on CVS sell-through and Everlast Kitchens ramp.
- Reported vs CCY gap: with disposals annualising, the spread should narrow.
- Any colour on profitability and cash generation in upcoming results – not disclosed here.
