THG has returned to profit following a loss last year, seeing a record half-year performance.

In the year to December 31, 2025, year-on-year revenue growth dipped 2% to £1.71bn, but grew 2.3% on a constant currency basis.

Profit after tax reached £54.1m, following a loss of £326.1m the year before. Adjusted EBITDA was £76.6m, down from £83.3m in 2024, but ahead of guidance.

The second half of the year grew 15% ahead of consensus to deliver that period’s best ever results, and a strong improvement on the first half.

While overall revenue growth across THG Beauty declined 5.4% year on year, it saw its strongest fourth quarter growth since 2021. This was driven by Lookfantastic, which saw revenue grow 16.2% in the UK and Ireland. 

THG Nutrition revenue grew 5% to £263.3m. Mid-to-high single digit revenue growth is expected in this category.

Expectations for the full year in 2026 are “unchanged” and in line with the company consensus range. 

THG chief executive Matthew Moulding said: “Today’s results reflect the strength of our business models and the exceptional execution by the team. I am pleased with how we have continued to transform THG during 2025, returning to consistent growth against a challenging macro-economic backdrop through disciplined investment in our brands and an unwavering focus on our customers worldwide.

“THG Beauty has been a standout performer, which was especially pleasing after a slower start to the year. Lookfantastic led the charge in the UK, delivering outstanding growth and becoming the number one UK beauty retailer on TikTok Shop. We also celebrated our biggest-ever year for new brand and exclusive product launches, keeping our proposition fresh through newness and product discovery.

“The refinancing of the Group’s balance sheet in the year was especially pleasing, resulting in significant deleveraging, ahead of any settlement of our £78m claim with HMRC. We enter 2026 on the front foot with strong trading momentum and a focus on material free cash flow delivery.”

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