THG raises profit outlook on Myprotein growth

THG has upgraded its full-year profit expectations, projecting an adjusted EBITDA of approximately £103m for 2026. This upward revision follows stronger-than-expected third-quarter performance, primarily driven by the THG Nutrition division and its Myprotein brand.

Myprotein has seen significant growth, with unit volumes increasing by 36.2% during the third quarter. The division's revenue reached £152.4m, a 5.3% increase year-on-year. This recovery has been aided by rising sales volumes and an easing in whey protein commodity prices, which had previously pressured margins.

To expand beyond direct-to-consumer channels, THG is pursuing an omnichannel strategy through various retail partnerships. Recent collaborations include deals with Caffè Nero, Krispy Kreme, Gold’s Gym, Five Guys, and Pladis UK. For instance, Myprotein recently launched premium ready-to-drink protein lattes within the Caffè Nero estate.

The group also expects to deliver its first year of positive free cash flow since its IPO, with expectations set between £25m and £35m for FY26.