In its latest financial report, THG (formerly known as The Hut Group), which owns MyProtein and other subsidiaries such as LookFantastic and Cult Beauty, announced that overall revenue for its nutrition division grew by 6.4% after adjusting for constant currency.
Overall, THG reported an operating profit of £8.1 million in 2025, a significant improvement from the prior year’s loss of £147.9 million—driven by a number of factors including inflation, raw material costs, high investment and acquisitions. Matthew Moulding, CEO of THG, said the results reflect the strength of the company’s business models, with MyProtein remaining a valuable contributor.
“MyProtein as the world’s largest online sports nutrition brand, remains one of our greatest assets,” he said in a press statement. “Even in an unprecedented commodity cost environment, the brand’s momentum is clear as it enters its fifth consecutive quarter of growth.
“Our expansion into offline retail has seen exceptional results, and our licencing model is seeing unparalleled momentum, with over 43 million licensed products sold out in the year. Our diversification beyond whey protein is taking shape, especially in activewear which delivered rapid growth in both revenues and margins throughout the year.”
Why was MyProtein in decline?
In August 2023, MyProtein rebranded to target a wider audience and position the brand as a one-stop-shop for health and wellness. This caused a disruption in sales, as it was forced to heavily discount products which used the old branding, impacting revenue growth.
The company has also come up against rising whey costs. Once a largely unused by-product of the dairy industry, whey is now a highly sought-after commodity which currently costs around $11 a pound, up from less than $4 a pound in 2023, according to Ever.Ag Insight.
This has impacted the company’s gross margins, with adjusted EBITDA margin (Earnings Before Interest, Taxes, Depreciation and Amortization) for THG Nutrition down from 5.9% in 2024 to 4.7% in 2025.
“In THG Nutrition, the market continued to be challenged by well-documented commodity headwinds,” Damian Sanders, THG’s chief financial officer, told analysts and investors on a conference call. “The modest year-on year reduction [in EBITDA] was principally driven by challenges within THG Nutrition, which faced sustained record high whey commodity prices.”
Sanders noted that global supply for high value proteins is struggling to keep pace with growing demand—a situation exacerbated by strong U.S. market growth and the emerging impact of GLP-1 drugs.
In addition, the company has been battling significant foreign exchange pressures, primarily from the sustained weakness of the Japanese Yen. Japan is one of MyProtein’s largest historical markets, and this prolonged weakness has forced the company to move away from its D2C model in Asia.
To combat these financial pressures, MyProtein has diversified its product offering, selling a wide variety of products beyond whey protein, including vitamins and minerals, snacks, chilled and frozen food, and active wear, with creatine and hydration solutions performing particularly well.
“We are proactively managing our product mix,” Sanders said. “We have successfully driven category diversification with strong growth across non-whey categories such as creatine, active wear and hydration. Protein innovation is also well underway as we leverage a wider range of sources to deliver high-quality, trend-led products while building a more resilient product portfolio to navigate market fluctuations.”
This diversification aligns with MyProtein’s ambitions to integrate the brand into every part of its customers’ daily lives. This has been accelerated through collaborations and partnerships with confectionary giants such as Mars, Vimto, Chupa Chups, Müller, Hotel Chocolat and Jimmy’s Iced Coffee, with the brand recently launching a Mars-flavored protein powder following the success of its Snickers-flavored whey product.
Other innovations include the company’s vegan protein alternatives (such as pea and soy) as well as collagen protein powders and gummies.
Looking ahead
In the conference call with analysts and investors, Neil Mistry, THG’s CEO of Nutrition, said that MyProtein is now in a ‘solid position’ to capitalize on market trends, notably the increased attention to daily protein consumption.
He noted the brand’s strong omni-channel presence, with growth nearly doubling via TikTok shop and sales via Amazon delivering a 100% uplift. MyProtein products are now available in more than 40,000 retailers around the world, with plans for future expansion.
The company now has its sights set on further innovation and brand partnerships, as it looks to incorporate more Mars flavor collaborations, in addition to launching Vimto-flavored ready-to-drink products and Müller mixes.
“We’re on target to sell over 60 million licensed products in 2026—a step-change from where we were, and we’re doing it in a way that is capital efficient and highly brand accretive,” Mistry said. “The focus will now be to replicate this model into the wider regions, particularly in Korea and Japan.”
