Myprotein volumes up 36.2% as THG moves brand beyond direct to consumer

THG, the Manchester-based owner of Myprotein, has raised its full-year profit expectation on the strength of its nutrition business and said the brand is moving further beyond its own websites into licensing and retail partnerships. In a third quarter trading statement on 15 October 2026, the group said it now expects 2026 adjusted EBITDA of £103m, ahead of a market consensus of £101.7m and its own previous expectations.

THG Nutrition, led by Myprotein, reported revenue of £152.4m for the three months to 30 September, up 3.7% on a reported basis and 5.3% at constant currency. Excluding Asia, growth was 10.8%. Myprotein branded unit volumes rose 36.2% year on year. Group revenue was £408.8m, up 0.9% reported and 1.5% at constant currency, with the beauty division slightly lower.

From website to shelf

The statement lists a run of partnerships that put Myprotein products into other companies’ stores and ranges. Products from a global partnership with Krispy Kreme launched exclusively on Myprotein.com in the UK and Europe and are being rolled out across 730 Boots stores, with a US launch through GNC planned for the second half. A licensed high-protein coffee range is available in more than 600 Caffè Nero stores in the UK. With Pladis UK, Myprotein has launched a Jaffa Cake flavoured whey protein milkshake and is expanding its protein bar range for the convenience market. THG also cited an expanded high-protein range at Iceland and further European retail distribution in Finland and Denmark.

Partnerships with Nichols, the Vimto owner, and the cereal brand Spoon, announced earlier, are expected to add volume through the fourth quarter. Five Guys is also a partner, and a Gold’s Gym deal starts in activewear, with a nutrition range planned for 2027. THG said profitability is being supported by margin-accretive channels including licensing and activewear. Myprotein has also launched a points-based loyalty scheme, Myprotein Rewards, in the UK, which THG said is designed to increase repeat purchasing and build first-party customer data.

These partnerships further extend Myprotein’s reach beyond its traditional direct-to-consumer channels, creating exciting opportunities for future growth.

Matthew Moulding, CEO, THG

Whey costs ease

Input costs are also moving in THG’s favour. The group said prices for WPC80, a whey protein concentrate with at least 80% protein content by weight, have fallen about 20% since its interim results on 10 September 2026, which it attributed to rising supply and growing product substitution. Fourth quarter requirements have been secured at more favourable prices than in the third quarter, and cover for the first quarter of 2027 is being secured below prevailing market rates. THG said it has also secured long-term contracts covering creatine, amino acids, milk proteins, collagen and vegan proteins at what it called historically low pricing.

Grocery Gazette reported that the nutrition business had faced significant margin pressure from high whey costs and that THG had absorbed some of that inflation to limit price rises. THG said it remains on track for its first year of positive free cash flow since its IPO, expecting £25m to £35m in 2026.

The statement does not split Myprotein revenue between its own websites and partner channels. It gives no sales figures for individual partnerships, no royalty or licensing terms, and does not say who manufactures the licensed products or how many units Boots, Caffè Nero or Iceland have taken.

F&B Today’s reading

• Analysis, for brand owners: licensing a recognised nutrition name onto a partner’s doughnut, coffee or biscuit flavoured shake gets a brand onto shelves without building a sales force for each channel. Online-first brands in the UK and India can study how THG pairs its name with partners that already own distribution.
• Analysis, for manufacturers: each licensed line needs a producer. Contract manufacturers with dairy protein, bar and ready-to-drink capability stand to gain if more direct-to-consumer brands follow this route.
• Analysis, for retail buyers: branded unit volumes up 36.2% against nutrition revenue up 5.3% suggests less revenue per unit on average, whether from licensing royalties, price, pack size or regional mix. THG does not say which, so buyers should ask brand owners what is driving the gap before planning space.
• Analysis, for ingredient buyers: a 20% fall in WPC80 since September eases one of the sharpest cost pressures in high-protein food and drink. THG frames the benefit in terms of its own nutrition margins in 2027, which suggests the saving may not reach shelf prices quickly.