Member Info for Yesimabeliever

Re Food to go…the one you would want would want in terms of scale would be Greencore. They are. In talks to acquire Bakkover I believe.

Interestingly Greencore already manufacture “weight watchers” under liscence, so not a leap of faith to think they may do something similar to MyP. Re timing, half year results said Q1 2026, so may not hear more until trading update on that one.

Anyway, positive steps. Need a big one to get THG some momentum in the US market

Think we need to be careful about calling the confectioner deal a “strategic partner”. Details are light, we know THG are liscensing in, John Goold alluded to some collaboration on product innovation but dont think THG have said that. We are setting ourselves up for big disappointment if we are expecting a “strategic” partnership.

Not spotted any coverage in the weekend of THG Ingenuity’s collaboration with Google. FT has been very quick to put the boot in, dont think it has been covered ad all…🤔🤔

Fully agree with you OSG. Would not be suprised to see Bentley go fairly soon and move us to net cash +ve position in one go.

Some interesting comments about the potential value of nutrition/beauty to “strategic” buyers/investors.

In the short term though, I’d just be happy to see a non core asset disposal get THG to net cash position, and for the market to start thinking about the kind of cash THG can start generating from existing operations that can now hopefully grow Q on Q consistently without Ingenuity syphoning off cash.

Nutrition has show in the past it can be c£100m+ Ebitda business when normal margins are restored. Beauty’s best performance I think from memory is £80m Ebitda. Even taking out Claremont £15m Ebitda and Bentley £20m Ebitda, it is not unreasonable for us to think about THG being a debt free £150m+ ebitda business just through restoring margins that have been historically achieved.

Clear the debt via Bentley or another smaller disposal plus a VAT refund, restore historic margins, incremental Q on Q growth and THG rerates significantly without any “strategic” interest.

“Q4 2025 launch of a two-way product partnership with a global confectionery leader, licensing-in the most iconic confectionery flavours into Myprotein's products.”

From half year results

I hold the newco shares also Brewman, but I never liked the valuation at demerger for shareholders that couldn’t take the “punt” on Newco.

The valuation was too low, this transaction proves it. Moulding will see it as vindication vs the city, but it smacks of a total stitch up by insiders to me.

There’s banking profits sharefall and then there’s the emotional baggage of sitting on big losses for a long time. For lots of investors who got in too early (like me), the temptation will be to run for the hills at breakeven.

I’ve not ridden that out though to bail early. I’ll review it at £1 in light of eventualities around debt (ie disposal), VAT, partnerships, Q4 trading etc…

Good luck all

MyP was the jewel in the crown worth north of £1bill pre rebrand, albeit growth was slowing.

It has potential to generate £100m+ of cash per annum with favourable whey prices off existing customer base.

If liscencing/partnerships:/offline reignites growth, the THG comeback is on!

Jpt 😂 😂

Given Ingenuity sells and delivers 80% of THGs products it’s relevant. Anyway, reads to me like THG is effectively becoming a google cloud customer.

Https://www.googlecloudpresscorner.com/2025-10-22-THG-Ingenuity-and-Google-Cloud-Forge-New-Collaboration-to-Power-the-Future-of-Digital-Commerce

Hopefully impending partnership announcements are material/game changing, likewise Q4 numbers.

Could do with another bump up in the share price to make FTSE 250 status more secure and make active managers sit up and take notice. Now it’s part of their benchmarks, could do with the prevailing attitude being something they can’t afford to not have in their portfolio vs dont touch with a barge pole.

Thanks for sharing Hopefully a powerful case study in Monks AI enabled capabilities in the making.

Fair point Shabz.

Don’t know the supply projects well enough to know if they will keep up with this increased demand.

Similar thinking you @tungstenman, I think disposal and partnership news can get this to c70p.

Easing whey prices/improved margins and dividends next year could see £1

Strategic Equity investment/Global FMCG partnership required to get us north of £1 IMO

Unlikely directors can buy with live discussions around a Claremont style asset disposal

What’s your view on Beauty crafty?

Seem to have strong online market places/market position in the UK, but sub scale in the international/us.

Not clear to me how we scale international Beauty without acquisitions?

I expect after a few test cases (Altrincham LookF, Cheshire Oaks Espa) we will see some shop roll outs in UK as part of an offline demand generation strategy.

Less clear to me what the plan is for US and elsewhere

Myp analyst update with more Mars speculation

https://youtu.be/dXtwEFgEHIM?si=XiaBzCRZ6G11XYRw

Personally think John Goolds analysis is very interesting. Goold/Kelso has been very quiet since the demerger. Looks to me like they are quietly supporting Mouldings plans to increase value now rather than noisily critique.

THG/Myprotein have “tested” the liscencing/partnership model in the UK with Iceland/Muller with decent success. But (a) global FMCG partnership(s) has to be the next stage to facilitate international growth. Global confectioner is an interesting development when we hear more. I’m not expecting an equity stake imminently, but if THG/Myp

Is really going to maximise returns riding the protein “trend”, a partnership(s) between with global FMCG that can accelerate growth with global distribution has to be the right play.

Yes THG needs to pay debt down but Bentley sale could do that in single RNS. After 3-4 years of restructuring THG needs to accelerate growth, all eyes on partnerships for me.

Could still get an after hours D3lboy to save the day for you. Not holding my breath mind 😂 .