THG Q1 Revenue Surges 7% YoY

THG reported Q1 2026 revenue of £393.1 million, a 7% constant‑currency increase, its strongest post‑pandemic growth.
Beauty segment generated £233.3 million (5.8% CC growth) while Nutrition contributed £159.8 million (8.8% CC growth), with activewear revenue up 31%.
CEO Matthew Moulding highlighted momentum from H2 2025; the group reaffirmed FY 2026 guidance of 4.8% revenue growth, £100 m EBITDA and £38 m cash flow.
Shares surged over 7% after the release; Jefferies kept its “buy” rating and 60p target, noting 30% EBITDA growth forecast.