THG Plc

Good morning and welcome to THG's Q3 2025 Trading Statement. We are joined today by THG's Chief Executive Officer, Matthew Moulding, and members of the Executive Team. If you would like to ask a question during today's call, please press star 1 on your telephone keypad. I would now like to hand the call over to Matthew Moulding. Please go ahead.

Good morning, everyone, and thank you for joining us for THG's Trading Update for the third quarter of 2025. As we announced in the statement this morning, trading momentum has continued to improve, with organic growth hitting its highest rate since COVID. THG Beauty and THG Nutrition are now both in growth, with the group delivering revenue growth of 6.3% in the quarter, reflecting payback on the business model changes made throughout 2024 and earlier. Now looking at our businesses in more detail, in THG Beauty, a return to growth was supported by a strong advent calendar launch and solid momentum in UK retail, including double-digit revenue growth for Look Fantastic, demonstrating the strength of our online retail proposition. After a weaker start to the year, performance in the US was much stronger, with increasing loyalty through subscriptions and category growth outside of our core in Prestige Skincare. In THG nutrition, MyProtein achieved revenue growth of plus 10% with growth in both online and offline channels. Social commerce and marketplace channels are delivering particularly well, and we're increasingly launching exclusive products on platforms such as TikTok, including the recently launched MyProtein and Jimmy's Iced Coffee Impact Whey Protein. These exclusives drive engagement and demand for the brand, helping to capture new audiences. Within offline, our global retail footprint has expanded significantly as we launched Clearway Protein into 2,500 US CVS stores and secured our first ever retail presence in the Middle East through a multi-category partnership with Spinneys Supermarkets. Our strategy of partnering with leading brands continues to deliver market-leading results. Our Muller collaboration was the UK's number one protein dessert, despite the collaboration only launching 12 months ago. In Leisure, a new partnership with Everlast Gyms will see 60 in-gym MyProtein kitchens across the UK and Ireland, embedding our brand directly into the daily lives of the fitness community. Now let's look ahead. We're well positioned as we enter the group's busiest, most profitable and cash generative quarter. At H2 results, we gave group growth guidance of between plus 3.9% to plus 5.9% for H2. Q3's performance of plus 6.3% positions the group favorably against this guidance as we now commence our peak trading period. With both operating model changes and additional cost efficiencies proving successful, we remain confident in the outlook for both 2025 and into 2026. So in summary, Q3 was a solid performance. Our focus remains on driving sustainable growth, strengthening our market positions, and deepening customer engagement and loyalty. And with that, we will now open the lines for questions.

Thank you, sir. As a reminder, if you would like to ask a question, please press star 1 on your telephone keypad. If you change your mind and want to withdraw your question, please press star 2. And please ensure your lines are unmuted locally, as you'll be prompted when to ask a question. So again, to join the queue for questions, please hit star 1 on your keypad. The first question today comes from a line of John Stevenson from Beyond Hunt. Please go ahead.