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. The third quarter of 2025. As we announced in a 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 Lookfantastic, demonstrating the strength of our online retail proposition after a weaker start to the year. Performance in the U.S. 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 +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 Clear Whey Protein into 2,500 U.S. 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 Müller 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 3.9% to 5.9% for H2. Q3's performance of 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. In summary, Q3 was a solid performance. Our focus remains on driving sustainable growth, strengthening our market positions, and deepening customer engagement and loyalty. 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 one on your telephone keypad. If you change your mind and want to withdraw your question, please press Star two. Please ensure your lines are unmuted locally as you'll be prompted when to ask a question. To join the queue for a question, please hit Star one on your keypad. The first question today comes from the line of John Stevenson from Peel Hunt. Please go ahead. Hi. Morning everyone. I've got one question on beauty and two on nutrition. Michael, start with beauty. Lookfantastic UK is now into double-digit growth and can you give a little bit of insight behind the customer KPIs behind that in terms of what you're seeing in UK engagement, actives, and anything else. Appreciate Advent has launched and gone well, but interested in the sort of drivers behind on the customer side. Then on nutrition, obviously a lot going on. Can we talk about some of the growth drivers and category performance behind that? Hydration is obviously accelerating. I think apparel is still one of your fastest growing categories. Anything else you'd like to call out? Finally, on that within subscriptions, I mean massive growth against the first half. I'm not sure if that's pricing driven, if there's any sort of sense of how sticky those subs customers are. Sure. I think on subscriptions, there are benefits. To being a subscriber, there's definitely a pricing advantage for people to do that, which generates the stickiness and gives the demand for people to sign up. We're very focused on that, and that's an initiative that Myprotein team have been building out now for the past 12 months and seen some good success. I think to call out some other things within nutrition, I think we touched on it at. Half two results as well. John, you're right that the sportswear category is seeing exceptional growth and also really strong margin progression as well. To such an extent, it's quite quickly becoming our highest gross profit category. At this rate, it's right up there pushing the likes of vitamins, which is a very high gross profit margin. It's a deliberate strategy that we're building upon where obviously Whey protein as a core category remains super important for the consumer, but it's one of the lower margin categories, especially when you consider potential for whey volatility. There are a number of ways we've been tackling that over the past couple of years, and clothing is one of those. The bitumen build out is another. The offline partnerships, the licensing as well, is really key. You recall as well, we've had some FX pressures which haven't really gone away yet either. You look at the yen, it's still around 200 level, and when we IPO'd, it was 135, and that was our second biggest territory. The devaluation of the yen has been quite painful for us to chew through. That's also led to us developing some of the model out as well around the licensing arrangements and localized manufacturing in different territories. You'll see more of that, especially around offline. I think we announced the deal that we've done with a major Korean conglomerate where they're going to be dealing with the offline channel for us and they'll do the manufacturing and they've obviously got all the relationships with all the retailers and they'll be putting that into stores. We'll then get a license fee off the back of that. At the same time, we'll still be delivering because, you know, Korea is quite a strong market for us. We'll be dealing with the online model as we already would do. We're developing the model for nutrition for different markets in different ways to suit what the right way of us trying to crack success over there. Generally, the offline's gone very well. We're obviously looking forward to a time when the whey protein prices start to fall, and that would bring us some great progress. There are some other areas where you're seeing really good commodity progress, the likes of creatine, which is a key category these days in the health and wellness space. You're seeing that commodity pricing is near record lows, and you've got an ability to lock that in for a sustained period of time into the future. You know, you took it being able to, you know, 12, 18 months, you can lock that pricing in and say, that's enough for that business model to be a great success for us. We're looking at doing that across various commodities. You obviously wouldn't want to do that in whey protein right now when it's at record highs. There's a lot of progress going on in the nutrition business. It was an eventful year last year. The rebrand, I think someone called it out as being the worst rebrand in history. It doesn't half motivate you when you hear things like that, but I think we're pretty pleased with the progress that we're making there and super proud of the rebrand and the results that it's delivering. I think that's probably the main kind of call outs that I would give. The other question you had around some of the beauty customer dynamics. Look John, I've got to be honest with you, I'd be starting to get out of my depth if I get into the real macro details of some of the data points within the beauty consumer behavior. What I can tell you is from my level, what I focus on is the number of app users we've got and that's at record highs. Obviously we've got really strong following across the app users. I also then look at the loyalty schemes that we operate as well and the loyalty schemes have been a real success and actually I was quite resistant to those loyalty schemes so that really is one for the management team where they bullied me into doing them. We are seeing real good stickiness across the consumer. It's very volatile within beauty, within which brands are successful. As you may have seen in some of the big corporates out there, where brands that have been successful for the past five years suddenly aren't anymore. That's the beauty of our model where we bring these new brands to market and put them in front of customers, helping some of that shift to happen from time to time. We're pleased with it. I think the one thing to call out in beauty as well is while Lookfantastic is doing it especially well. Last year it was lagging a little bit. Where you've still got a drag on the business right now is the brands piece has been choppy. Various initiatives we've had going on in there but that should now start to ease as well. It will be nice to get rid of our own brands. I put a post on LinkedIn this morning around one of our smaller brands, Christophe Robin. I think that one will be back in growth pretty quick given Taylor Swift is an avid user of it. Trying to get that brand business into a much stronger position so that stops to be a drag is also a priority in beauty. I think we're in reasonable success there now on the go forward. Okay, brilliant, Matt, that's helpful. Thank you again. If you'd like to join the queue for questions, please press Star one on your keypads. The next question comes from the line of Andrew Wade from Jefferies. Please go ahead. Morning. A couple from me. First one on nutrition. It sounds like most of the growth in there driven by price, but I think that sort of belies the volume growth that you're driving from the offline piece. Obviously, you only get the licensing sort of smaller revenue proportion on that. Could you just talk a bit around that, sort of how much more product is out there, given what you're doing offline and sort of how you're using that to build the customer base. That's the first one. Then second one, you touched on own brand there. How should we be thinking about the phasing of investment in that and sort of the timing of disruption and benefits in terms of your investment in the own brand? All right, in terms of answering the nutrition question on how much extra. Product is out there. How much, I— Think, look, to give you a small fact on that, the Müller as an example had the selling to retailers in Müller. Now I think we're on our third. Month of 2 million Myprotein units. Into retail in a month for three consecutive months. I know it's certainly two. I'm expecting the third month when I see the data to come through with the same as well. The sellout is a bit different, but obviously we're interested in the selling just as much. were 2 million units just in protein. Yogurts under the Müller partnership. That gives you an idea of the extent of the touch points that we have in that. If you were to look at Iceland as a retailer, we're probably doing in the region of about £70 million a year of frozen meals with Iceland across two different types of ranges that we have with them. Now the average meal is somewhere in the region of about £3.50. I think given all the average product, there are some cheaper products than that they sell. You get an idea there. There's, you know, £20 million of products probably going out the door just in frozen foods and that's pretty much limited to Iceland. There are some other distribution points, but it's very successful for them. They do control distribution of that and they do have an exclusive on that range of products in there. When you look at the other things that we're doing in EV go. As far as Japan, we've had this partnership for a long time with Itochi where they do in retail stores they will provide ready to drinks, just a small range of flavors and that's in, I think it's like 200,000 stores now over there. It's been expanded from just being in the 7-11 stores or whatever it's called. In every store they're selling one or two units a day. It's huge volumes that you would see going out on touchpoint but that won't necessarily represent itself on the revenue line. When something like Iceland is doing £70 million worth of frozen meals, we're taking a good percentage of that but obviously it's less than 10% but it's more than a few%. It's really, really good for us. We don't recognize the revenue or anything similar with your licensing deals all over the world and with Müller and the likes, we're only taking a percentage of that revenue. It is a large scale operation that's taken a few years to build out. Super pleased with the progress that we're making there. Offline by comparison though, we are largely delivering that ourselves across all the retail stores and we will be recognizing the revenue. You're right to say there's obviously some price benefit going into the whey protein side, but it is worth noting that things like creatine. Creatine was at a record high, explosive high for a period of two years and now has come back down quite significantly. That's true of quite a few commodities. It's not that all nutrition products are operating at elevated pricing at the moment. The final point to say on your volumes as well is that last year we were discontinuing the entire brand and packaging of the Myprotein range as we moved to the new branding. As a result of that, you've got a huge amount of volume that you've got to get through, and you do that through discounting. You have quite a bit of volume that you're comping versus the prior year as you go through that, which is worth taking into account. There's a lot going on, a lot of moving parts. Generally speaking, as you've touched on there, we focus on how much, where's the touch point, how's the brand health, are we doing the right things with the right retailers, and even if we're only recognizing a small part of that, it feels like it's a really key brand expansion initiative, then we're more than happy to do it. Great, thanks. You had a question. You have? You know, the effort that goes into it and the rest. Look, beauty is a really, the on-brand business is a really solid business. You know, it's like everything, right, when things are a bit choppy, everyone quite rightly questions, you know, is it worth the effort or what are you doing? You know, beauty as an entire division was put under that microscope a couple of years ago from external parties. Just a reminder of some of the brands that we have in there. We have a really good brand called ESPA, which is if you went in any of the real high-end spas across the world, it's in those spas in the palaces across the Middle East. Most of them are built by ESPA and ESPA products in there. It's a really, really solid brand. We paid, I think, about £80 million, £90 million for that brand a good few years ago. You know, we're pleased with the direction and travel of that brand. We have Perricone MD, which is the first real doctor brand in the U.S. Really high price point, lovely product. I think we paid $50 million for that during COVID, and that brand in particular is the one that's caused us a few drag points. As you know, some of the orders that have gone into its major retail channels have been a bit more volatile this year, but that's much more positive now and those orders are flowing again. We expect that drag to come to an end. Other brands that we've got in there, Christophe Robin, which is the Taylor Swift one, which is a hair care brand that we paid about £30 million for, something of that order, that kind of level. Again, you know, that's a really good French hair care brand, and they require some work, but ultimately they are high margin and last year they were working really well as a collective. This year we've had some choppiness and next year I've got no doubt that they'll be in a really strong position and will have been worth the effort across the team in some of the changes we've made. Great, thanks, that's helpful. The next question comes from the line of Lara Simpson from JP Morgan. Please go ahead. Morning all. Thank you so much for taking my question. I actually just wanted to come back to portfolio optimization. I know it was a talking point at H1C, continued with sort of business and closures. We've had the Claremont disposal, but you did talk about sort of, I think it was $300 million that was still invested in sort of standalone beauty, nutrition, manufacturing facilities. Can you just give us a bit of an update on your review across the portfolio, how you're thinking about the core assets in beauty and nutrition, and if we could expect any more disposals in the foreseeable future. Thank you. Sure. Look, as you would expect, since we've announced the sale of Claremont, there's obviously a lot of interest in the background as to some of our other manufacturing assets in particular and the performances of that. It would be fair to say we've had formal approaches on some of those assets. We're pretty clear as to how we stand on these things, which is the private market valuations, as we saw with Claremont, are robust. If we receive interest in an asset where we believe we can make a deal work for us without in any way negatively impacting the existing business models of either nutrition or beauty, then sure, we will entertain that and know and derive a fair valuation for one of those assets, especially if it's of a material value. If it's something that's like with Claremont, it was £100 million plus consideration, then sure, we would do that, especially given the valuations that are on, you know, of THG and the wider PLC market today. I think that's probably as deep as I should go into that. I think we've been pretty frank and open to say, look, we could quite readily put an RNS out at any point to say we've done a transaction. It would be something that's relatively non-core at a fair market value that delivers something that we're pretty pleased with. How long will that be before we do that? Who knows? It will depend on achieving the right price points, if those prices arrive. That's probably as much as I can say right now. No, that's very helpful. Thank you both. Thank you. There are no further questions. Handing back over to Matthew for closing remarks. All right, thank you, everybody. I think a big thanks. I did say on the LinkedIn post. This morning, a big thanks to the team involved, and we're really pleased with the quarter that's gone by. Special moment to have both of those businesses in growth. I just want to say thanks to the team. Thank you for joining today's call. You may now disconnect.