THG PLC upgraded its FY26 Adjusted EBITDA expectation to £103m, above previous expectations and £101.7m market consensus, but Q3 Group revenue grew only 0.9% and Beauty revenue fell 0.7%. THG said delayed Beauty advent dispatches reduced Q3 revenue timing; excluding the impact, Group growth would have been 2.1%.
THG's H1 revenue rose 7.2% to £828.7m and adjusted EBITDA reached £42.8m, ahead of guidance. However, £70.9m free cash outflow and £329.7m net debt before lease liabilities leave cash delivery central to full-year expectations.
THG reiterated full-year guidance and said H1 revenue grew about 6.5%. H1 Adjusted EBITDA was at least £40m and free cash flow is expected to be the strongest since 2021.
THG PLC reported its €445m Term Loan B is trading above par at its highest price since November 2021. The loan price has increased 500bps since January 2026, outperforming the European Leveraged Loan Index by c.400bps.