THG PLC: AGM Trading Update shows operational momentum - H1 growth and margin expansion on track

研报英文原文证据摘录

THG PLC: AGM Trading Update shows operational momentum - H1 growth and margin expansion on track

C A Z E N O V E Europe Equity Research

24 June 2026

THG PLC Neutral

THG.L, THG LN

AGM Trading Update shows operational momentum - Price (23 Jun 26):31p

H1 growth and margin expansion on track Price Target (Dec-27):48p

Our Take: Ahead of its Annual General Meeting later today, THG has released a European Internet

ACstrong Q2/H1 trading update, pointing to continued operational momentum in H1 Lara Simpson

with revenue growth of c.6.5% and adj. EBITDA of at least £40m. THG Beauty (44-20) 7134-3637

performance was led by skincare with Lookfantastic continuing to gain share, lara.simpson@jpmorgan.com

while THG Nutrition delivered continued growth across online/offline channels J.P. Morgan Securities plc

alongside ongoing progress on the Asia licensing pivot. Importantly, management Marcus Diebel

reiterated FY26 guidance, underpinned by a strong first half with H1 free cash flow (44-20) 7742-4447

marcus.diebel@jpmorgan.com

expected to be the strongest since 2021, supported by disciplined cost management J.P. Morgan Securities plc

and gross margin maintenance. Overall, we see this as a strong and reassuring start

Thyagarajan J

to the year which would be well received following the recent share price retreat. (91-22) 6157-5005

While the stock still carries execution risk (sustaining momentum, delivering the thyagarajan.j@jpmchase.com

margin reset, and converting progress into durable free cash flow), we see this as J.P. Morgan India Private Limited

broadly balanced by upside on operational delivery and continued balance sheet Carmen Graves

improvement. (44-20) 3493 0506

carmen.graves@jpmorgan.com

• Noteworthy Areas: 1) H1 growth came in at c.6.5% (c.7.6% excluding THG J.P.