Core Insights - The company reported a strong Q4 performance, achieving revenue growth of 7% and marking its first full year of growth since 2021, driven by a successful trading period during Cyber with an 8% revenue increase in November and December [3] Group Performance - The company experienced a record H2 performance that exceeded guidance by 14%, indicating significant momentum entering 2026 [2] - THG Beauty showed exceptional results with Q4 revenue growth of 6.4%, significantly outperforming guidance, particularly driven by Lookfantastic in the U.K. and Ireland, which grew by 16.2% [4] Customer Engagement - The company reported an increase in loyalty members and spending per account, with customer retention rates at all-time highs, reflecting a healthy customer base and strong support for repeat purchases [4]

Core Insights - THG plans to expand its store footprint cautiously, with a focus on partnerships for capital expenditures rather than solely funding openings [1] - The Lookfantastic physical store in Altrincham has performed exceptionally well, exceeding initial expectations and positively impacting online sales [2] - THG Beauty reported a 6.4% revenue growth in Q4, driven by strong performance in the UK and Ireland, marking the company's first full-year growth since 2021 [5] Store Expansion and Performance - Management indicated that a new store in Bristol is planned but has faced delays due to fit-out issues [1] - The Lookfantastic store has generated a "halo effect" for online sales, performing better than anticipated [2] Financial Performance - THG reported a group revenue growth of 7% in Q4, with a successful Cyber trading period contributing to an 8% revenue increase in November and December [6] - The company ended 2025 with significant momentum, achieving a record second half that was 14% above the top end of guidance [7] Segment Performance - THG Nutrition experienced an 8.5% revenue growth in Q4, with Myprotein maintaining its position as the leading sports nutrition brand [8] - Excluding Asia, Nutrition growth would have been 12.2%, highlighting the impact of foreign exchange headwinds [9] Commodity Costs and Profitability - Elevated whey prices have pressured profitability, with an estimated GBP 65 million of annual profitability affected since the IPO [10] - Management expects commodity prices to normalize over time, while strong global demand for protein presents a market opportunity [10] Marketing and Cash Flow - Increased marketing investment of approximately GBP 3 million in Q4 was aimed at capitalizing on improved customer dynamics [12] - Management expects to generate GBP 20 million to GBP 25 million of free cash flow in 2026 based on current EBITDA expectations [14] VAT Dispute and Future Priorities - THG is involved in a VAT dispute with HMRC, with potential repayments increasing from GBP 30 million to GBP 55 million [16] - For 2026, THG aims to enhance digital leadership in Beauty and continue global offline expansion in Nutrition [17]

Core Insights - THG has reported a significant improvement in trading momentum, with organic growth reaching its highest rate since COVID, and overall revenue growth of 6.3% in Q3 2025 [1] THG Beauty - THG Beauty has returned to growth, driven by a successful advent calendar launch and strong performance in U.K. retail, including double-digit revenue growth for Lookfantastic [2] - The U.S. market showed improved performance with increased customer loyalty through subscriptions and growth in categories outside of core prestige skincare [2] THG Nutrition - Myprotein, a segment of THG Nutrition, achieved a revenue growth of 10%, with positive results in both online and offline channels [2] - Social commerce and marketplace channels are performing particularly well, with exclusive product launches on platforms like TikTok, including the new Myprotein and Jimmy's Iced Coffee Impact whey protein [2][3]