Myprotein owner says profits ‘exceeding expectations’ amid falling whey prices
Whey protein, which was originally a by-product in cheesemaking, is popular for use in food in order to help build or maintain muscle mass.
Myprotein owner THG has hailed profits “exceeding expectations” amid a fall in whey prices.
The group’s latest trading update revealed 0.9% year-on-year growth in revenue to £408.8 million in the three months to September 30.
The rise was mainly driven by a 3.7% year-on-year increase in revenue to £152.4 million for the nutrition branch of the group, THG Nutrition.
The company said it has benefited from the continued decline in whey protein prices through September and early October, after growing demand and limited supply had led to an acceleration in costs in recent years.
Whey protein, which was originally a by-product in cheesemaking, is popular for use in food in order to help build or maintain muscle mass.
The higher-than-expected growth prompted THG to adjust its full-year earnings before interest, tax, depreciation and amortisation (ebitda) to £103 million for the period.
The group said it had secured long-term contracts for key raw materials including creatine, amino acids, milk proteins, collagen and vegan proteins at “historically” low pricing in the last few months, which it said will help mitigate inflationary risk through the end of the year and into 2027.
THG further said Myprotein continued to extend its partnership portfolio both in the UK and internationally in the three months to September 30, including through deals with doughnut company and coffeehouse chain Krispy Kreme, Caffè Nero and Iceland.
The third quarter of this year also saw the launch of Myprotein Rewards in the UK, enabling customers to earn points on purchases and aimed at increasing repeat purchasing and strengthening customer engagement.
THG, which also owns the Cult Beauty and LookFantastic brands, said revenue growth is expected to accelerate in the final quarter of this year, supported by the timing of dispatches across its THG Beauty branch for advent and manufacturing.
The firm’s THG Beauty branch saw a 0.7% fall in its year-on-year revenue to £256.4 million for the quarter.
But the group said advent products have helped to contribute to revenue and products growth, with its LookFantastic Fragrance advent calendar selling out in one day.
The firm further said THG Beauty’s loyalty programmes exceeded 3.9 million members, supporting deeper customer engagement and repeat purchasing.
THG chief executive Matthew Moulding said: “Following a particularly strong first half of 2026, I’m pleased to report that our momentum has continued through Q3, with profitability exceeding our expectations.
“This has enabled us to upgrade our full-year adjusted ebitda expectation to £103 million, ahead of market consensus.”
He added the three months to September 30 had seen “significant” strategical progress with Myprotein’s several new partnerships, extending the brand’s reach both in the UK and globally.
Mr Moulding said: “Q4 is traditionally our busiest and most cash-generative quarter, and we enter this important trading period with confidence.
“With strong operational momentum, improving profitability and continued strategic progress across both divisions, we expect to deliver an acceleration in group revenue in Q4.”
THG shares jumped by 16.3% to 32p on Thursday afternoon, to their highest level for a month.