THG, the parent company of Myprotein, reported a 0.9% year-on-year revenue increase to £408.8 million for the third quarter ending September 30, 2026. The company adjusted its full-year earnings expectations upward, citing lower costs for raw materials and new brand partnerships. Following the update on Thursday, October 15, THG shares rose 16.3% to 32p, marking their highest value in a month.
The company attributed much of its performance to falling prices for whey protein, a cheese-production byproduct used to build muscle mass. While high demand and limited supply previously increased costs for the supplement industry, THG reported that prices declined through September and early October. The company also announced it has secured long-term contracts for other materials, such as creatine, collagen and vegan proteins, at what it described as historically low prices.
Total revenue growth was led by THG Nutrition, which grew 3.7% to £152.4 million. In contrast, the THG Beauty division, which includes Cult Beauty and LookFantastic, saw a 0.7% decline in revenue to £256.4 million. Despite the slight dip in beauty revenue, the company noted that its LookFantastic Fragrance advent calendar sold out in one day and that its beauty loyalty programs now exceed 3.9 million members.
The scale of the company's revised outlook is reflected in its new target for adjusted EBITDA (earnings before interest, tax, depreciation, and amortization), which has been set at £103 million for the full year. This figure represents the company's expected profitability before accounting for specific financial and accounting variables. The growth in the nutrition sector was supported by new distribution partnerships with chains including Krispy Kreme, Caffè Nero, and Iceland, which expand the physical availability of Myprotein products beyond direct-to-consumer online sales.
Looking ahead, THG management expects revenue growth to accelerate in the final quarter of 2026. This period, which includes the holiday shopping season, is traditionally the company’s most cash-generative quarter. The launch of the Myprotein Rewards scheme in the UK during the third quarter is also expected to influence repeat purchasing behavior as the year concludes. Further financial results will follow the close of the fourth quarter on December 31, 2026.