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What is this about a 10 year contract? Am I missing something but when have THG/Ingenuity ever disclosed any commercial detail about their contract, including.duration?

Sorry should say £25-£50m FCF for 2026

Agree with Montys comments, underlying profitability of core businesses is still opaque due to historic exceptionals and almost all ebitda in 2025 coming from the Claremont disposal. I'd take £25-£50m FCF for 2025 if at upper end of the range, but how do we get there, some favourable assumptions about whey prices moving in our favour in H2, or fudge it with another non core disposal? Macro headwinds look like they will be strong headwind to cash generation in the core businesses.

Also worth noting US and Asia activity down by 20% in 2025, UK up by 10%.

UK Beauty and Nutrition businesses look in good health, but I worry about the underlying strength of international businesses which look sub scale and i suspect are marginally profitable if at all.

Just trying to catch up on s4 as been travelling with work. Is H1 expected to be -ve top line?

Not sure Matt has learnt his lesson on underpromise. In November he said non core disposal RNS could land any day. Now its gone away because they couldn't agree price. Would have been better to downplay last year

It would be nice if the analysts asked him for an update on the non core disposal which as over november could literally be RNS'd any day....

"Adjusted EBITDA growth is underpinned by revenue growth, margin expansion in THG Nutrition, and business-specific efficiency initiatives."

VAT ruling going in our favour is probably the assumption that underpins margin expansion in THG nutrition and improved FCF generation. Whey certainly isn't going in our favour currently.

I guess as soon as VAT outcome is in our favour, not only would you get the near £80m deleveraging, plus an immediate upgrade to margins/earnings (someone said £15m per annum).

Throw in another non core disposal and things looking much more rosy.

Hints of "further disposals"....

Solid results at first glance, but will have another read to see if he has glossed over anything which he has a habit of doing!

Huel deal shows the opportunities/potential in the Nutrition sector with a clean business model.

Unfortunately market is not buying Mouldings ability to execute and unlock value.

Let’s see what the next set of results look like. Whey price movements are doing us no favours on margin, but will be interesting to see what growth looks like.

I worry that the Ingenuity contract remains major obstacle to a deal to unlock value here.

Couldn’t make the call earlier.

What was said about growth/top line outlook for this year?

Remember when people though trump 2.0 would be pro business/pro markets. Instead global tariffs and a war for good measure.

What’s the next treat for Uk investors Angela Rayner ?

I wouldn’t read too much into the generic whey futures. Higher grade whey concentrates that THG buys seem to have their own pricing dynamics, and for now at least the direction is up again.

I agree on price target si, £1 is achievable with Bentley disposal, VAT refund, and a favourable move in whey.

No comments on disposals in Q1 after moulding telling us that an RNS could drop “any day”. Also no announcement on the European food2go deal. Come on Mouldy, start delivering for shareholders.

Can anyone remember the numbers from demerger docs. From memory wasnt it Remain co £80m EBITDA dropping to £20m FCF, with about £20m ongoing capex?

On yesterday’s call, we were told £100m will lead to £20-£25m edbidta. That’s with a lower debt burden after refinancing. Looks to me like capex for 26 is far higher than £20m

Does anyone know when Mouldings JP Morgan interview is?

Assuming we should get trading update just before that? Hopefully will include more detail on new food2go partnership launching in Q1

Just need to start serving up some better numbers than the horse manure they dished out pre Xmas and investors here should have a good year!

Moulding was pretty clear that a sale wasn’t on the cards short term for Myp/Nutrition on the Peel Hunt podcast. 18 months hard work put in on offline strategy, and wants to see that growth/value come through. His number for a sale was 2x sales. Plus he wouldnt sell whilst whey prices are squeezing his EBITDA.

Could he do a deal for Beauty? Personally I think that business needs a PE backed take private so it can start acquiring d2c brands again.

Anyway let’s see what results are like. I’m expecting good growth in Beauty and Nutrition.

APN is doing well, but Moulding was clear on the strategy for Myprotein offline, and how it is very different to the distributor led model. Hes going after market share and brand building vs maximising short term EBITDA. Let’s see how that feeds through to growth.

It was a good interview, interesting to hear Moulding explain how my Myprotein’s offline model differs to those who rely on third party distributors.

Whislt it has been a painful 18 months with the

Rebrand, I do believe Moulding has set up Nutrition for long term success. Unfortunately we won’t see just how strong the business is until whey prices normalise.

Was also interesting to hear very bullish statement at the end about how wel Beauty is trading. Looking forward to the results.

Matt made comments about “having fun” with smaller disposals again to “prove a point”. Still expect Bentley or something similar to go sooner or later and clear the debt