THG (LSE:THG) reported continuing constant-currency revenue growth of 7.0% in Q1, its best first-quarter performance since 2021, and left FY 2026 guidance unchanged. Management said the start to the year underpins market-share gains and pricing and product optimisation plans.
THG Beauty accelerated to +5.8%, powered by a strong US showing and a 7% rise in UK orders. Lookfantastic outperformed the UK prestige beauty market, K‑Beauty revenue more than doubled year‑on‑year and Dermstore added payment flexibility via Flex, supporting average order value gains.
THG Nutrition grew 8.8% overall and 12.1% excluding Asia, where the business is transitioning to a licensing model with local partners. The division expanded into higher‑margin categories — activewear, creatine, hydration and collagen — helping to offset elevated whey costs; activewear purchasers reached c.15% of active customers and AOVs including activewear were c.31% higher.
The group said disposals and discontinued activities reduced reported growth by 150bps and Middle East disruption trimmed c.30bps, with US currency headwinds noted. THG also reported its strongest Q1 cash flow in three years and reiterated full‑year free cash flow guidance of £25m–£50m.
"It is energising for everyone at THG to see such a strong start to 2026, building on the better-than-expected momentum we delivered in H2 2025," said Matthew Moulding, CEO of THG.
