Question 1

How much is THG’s outstanding retrospective VAT claim submitted to HMRC?

Accepted Answer

THG has an outstanding retrospective VAT claim of £78m submitted to HMRC relating to protein powders and supplements, which was unresolved at the time of the update.

Question 2

What free cash flow guidance did THG give for the full year?

Accepted Answer

THG guided full-year free cash flow of £25m to £35m, following an AGM that previously set £25m to £50m.

Question 3

What half-year group revenue did THG report for the period ended 30 June, 2026?

Accepted Answer

THG reported half-year group revenue of £828.7m for the period ended 30 June 2026, up 7.2% year-on-year and ahead of 6.5% guidance growth.

Question 4

What unit-demand target does THG PLC set for Myprotein for the full year?

Accepted Answer

THG PLC supports a Myprotein full-year unit target of more than 130 million units, backed by 58.5 million branded units in H1.

Question 5

What catalyst is expected to influence THG PLC's Q3 revenue growth to around 2% year-on-year?

Accepted Answer

THG PLC expects EU beauty duty effects and heatwave demand effects to influence Q3 revenue growth to about 2% year-on-year, depending on the timing of demand and product/order phasing.

Question 6

What did Panmure Liberum say about THG’s cash requirements for the rest of 2026?

Accepted Answer

On 11 September 2026, Panmure Liberum’s note by Anubhav Malhotra highlighted demanding cash requirements for the remainder of 2026 to meet THG’s £25m–£35m free cash flow guidance, based on first-half EBITDA and free cash outflow.

Timeline

THG

THG revenue and earnings beat first half guidance

THG reiterates full-year guidance as first-half revenue grows 6.5% and earnings surge 36%

THG PLC's €445m term loan trades above par for first time since issuance

THG posts strongest Q1 revenue growth since 2021

THG posts profit as Myprotein and Lookfantastic drive FY 2025 recovery

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