MyProtein Delivered Strongest Start Since 2021 👀 | THG (The Hut Group) Q1 2026 Update

What this episode covers

Business is not a spectator sport…although shouldn’t you be curious why THG Nutrition just delivered its strongest start to a year since 2021? THG (aka the company formerly known as The Hut Group) recently updated the public markets by releasing its Q1 2026 trading statement. I’ll be utilizing all available publicly disclosed information to obviously update you on the recent performance of THG Nutrition division, which includes the world's largest online sports nutrition brand MyProtein, but also utilize everything as the contextual backdrop for my expanded strategic commentary around global sports nutrition market dynamics and trends. Additionally, due to the THG Ingenuity demerger action occurring at the end of 2024, the up-to-date THG portfolio configuration now would be described as a global, cash generative, health and wellness consumer brands group. During the first quarter of 2026, THG Nutrition revenue was approximately $217 million, which increased 8.8% YoY. THG Nutrition delivered its fifth consecutive quarter of revenue growth. Moreover, momentum was said to be broad-based across categories outside of the core protein range, especially in activewear and creatine. But I'll dive into several strategic decisions impacting MyProtein including its global digital sales channel strategy, offline retail expansion efforts, product licensing strategy, and let’s just say A LOT is riding on the success of the MyProtein global rebrand that started its initial staggered market rollout two years ago. Myprotein maintained its leading position as the largest UK sports nutrition brand. THG Nutrition still mainly deploys a global digital-first commerce strategy, with around 80% of its total revenue coming from direct-to-consumer, online marketplaces, and social commerce…but MyProtein has continued to invest in offline retail partnerships where it places a limited (or exclusive) SKU range as part of a bigger demand generation strategy. Although the most highlighted commercial strategy (utilized for offline retail expansion) continues to surround the development of MyProtein products that are sold under licensing arrangements. When done correctly, these types of retail partnerships boost customer touchpoints and broaden brand appeal. Nonetheless, this ambitious level of offline retail expansion globally will undoubtedly help drive a more diversified retail mix over the next few years. Equally, MyProtein continues to lean heavily into international product collaborations. And obviously, while that includes THG Nutrition recently expanding successful dietary supplement categorical examples (like with global confectionary giant Mars Incorporated), I’d rather mention the recent launch of the Myprotein x Champion collaboration, as MP activewear is reportedly continuing to deliver exceptional growth, with annualized run-rate sales fast approaching $140 million. Yet, it’s the margin accretive aspect of MP activewear that’s maybe most helpful right now, as THG Nutrition attempts to mitigate elevated whey protein input prices.

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