THG plc

Caccini joins from Nike, where he was general manager for global football clubs, federations, leagues, and partnerships.

Moving to health and beauty, where THG reported revenue growth of just over 7% to around £829 million in the half-year to 30 June.

Adjusted EBITDA increased to over £42 million from £24 million.

THG beauty revenue rose almost 6%, while THG nutrition increased just over 9%.

Full-year free cash flow guidance remains between £25 million and £35 million.

Meanwhile, Bath & Body Works will open a standalone store at Maryhill Shopping Centre, expanding its existing presence through a next concession.

So I'll decode that introductory statement a bit later in this content.

But THG, aka the company formerly known as the Hut Group, recently updated the public markets by releasing its results for the first half of 2026.

And I'll be utilizing those financial statements along with notes I took while listening to the earnings conference call And any relevant publicly disclosed information to obviously update you on the recent performance of the THG nutrition segment, but also utilize everything as the contextual backdrop for my expanded strategic commentary around global nutrition market dynamics and trends.

And just some quick financial mumbo jumbo housekeeping for the bulk of my audience that's located within the United States.

Since THG is not an American corporation and has different reporting standards for their public markets, any financial metrics you'll hear throughout this content will be for six months of commercial results.

Also, I did the currency conversion on all of these financial metrics.

So numbers will be presented in us dollars, not British pounds.

Moreover, I'll be using the continuing constant currency percentages, which means not only are the currency fluctuations of this multinational company stripped out for the ease of comparisons, but also discontinued categories and Claremont ingredients, which was sold in September, 2025.

Ask my guest today what took Social Chain from a Manchester meme page to the boardrooms of Berlin and New York, and he won't say it was the strategy.

And if you ask him what he learned inside THG, the giant behind MyProtein, in the year before its 5.4 billion IPO, and he won't say it's the tech or the money, he'll tell you businesses that end up number one end up obsessing over a very specific set of details.

The stuff business school calls trivial and many organizations simply ignore.

He calls it the critical non-essentials.

And so that will be in that 25% bucket is where I try predominantly have one, one to three.

And

is this all a conversation structure you were able to bring on in THG? Or is this post that? I mean, it's just hard to change a company when it's preparing for an idea, right? Yeah,

exactly.

Yeah.

Which means that when the markets go down, and when they go public, which I'm sure they'll go public, when that stock price dips, as you've s- we've seen from Matt Moulding at The Hut Group, Matt Moulding said to me, again, not a famous, not a Drake, right? So he's the CEO of The Hut Group.

He said, on stage actually at the, um, an event we did at Soho Farmhouse, he says, "Sometimes at night I just lie on that cold kitchen floor at 3:00 AM because it's just cold and it's cooling me down." Like, the, the, the chaos of what's going on in that company means that he's lying at 3:00 AM on the kitchen floor 'cause it's just the coldest surface he can feel to cool his body.

That, that level of like...