Member Info for Yesimabeliever

Full and then prominant range of Myprotein on display in Holland&Barrrett today…Good to see

Yeh not “big Mike”, too small beer, not so much a whale more a of tadpole

Think you are spot on there poker.

S4 making all the right noises about its positioning for the AI revolution, but we need to start seeing some growth in the numbers, comparables in H2 should at least be more favourable.

Does feel like the worm is finally turning here and that Nutriton rebrand/offline strategy is finally translating to growth.

If we can get lower whey prices also driving D2C growth (D2c can price more competitively than offline in a declining whey market due to quicker stock turnover according to MM in q1 update), maybe market can start getting exciting about Myproteins again. It was after all the jewel in the crown as little as 2 years ago.

Doubt it, they promised to publish a Q&A pre the demerger and it never happened. They make noises about doing the right things but never deliver. Absolute disgrace that the Board don’t see the incompetence and act. Do what you say you are going to do, when you say you are going to do it Moulding, it’s a very simple but important rule in business.

AGM Questions I would like the Chairman to answer? I hope these concerns/questions are not dismissed as "flim flam"

1) Do you not have concerns that Mr Moulding has made repeated public misrepresentations about THG's performance and prospects under your watch, making him "uninvestable" for the majority if plc investors? A few examples include:

- 2023 Apollo interest rejected as "materially undervaluing" the prospects of the group, including a linkedin statement by Mr Moulding that Apollo valued Ingenuity at greater than the prevailing share price (60p+ at the time or £800m at the time). Ingenuity was subsequently demerged with a pre equity raise value of less than £20m in 2024.

- 2023 Mr Mouldings statement around imminent Ingenuity "whales" that have never materialised

- 2023 Mrs Mouldings multiple statements about divisions being "US ready" and various statements of potential divisional spin offs that have never materialised

- 2023 Mr Moulding forecasting that 2024 would be FCF neutral before embarking on a rebranding exercise for Myprotein that made that forecast impossible to deliver. Elevated whey prices can not be entirely blamed for that underperformance (circa £100m underperformance)

2) The Ingenuity demerger that you have overseen has resulted in Mr Moulding becoming a c50% shareholder of Ingenuity, with a c£800m per annum of recurring revenue contracts in place with THG. How are you comfortable with the conflict of interest of Mr Moulding remaining CEO of THG plc overseeing that relationship with Ingenuity? Regardless of any independent board oversight you may have put in place, the optics of that arrangement look appalling to both existing and potential THG shareholders. How is that in the interests of all THG shareholders for Mr Moulding to remain as CEO of THG plc?

3) How has the Board failed to address and better manage the inherent whey commodity price risk in THG Nutrition's business model, which was very evident from the last whey price spike only a couple of years ago.

Cheers 1p a much needed boost.

Worth noting Moulding highlighted that D2C model has a competitive advantage in declining whey market due to a quicker stock turnover leading to lower priced stock vs offline stock. Hopefully we’ll get some positive signs in the numbers

@redwine, couldn’t watch AGM today.

What was the response to take private question?

Start of message didn’t post. I was hoping to see marketing services flat or slightly up vs slightly down. Looks like tech clients still a drag. Hopefully it will reverse Q4.

Slightly down. I guess we have trump to that for that. Still think s4 has the right model and expertise to win business and it is very cheap and debt still declining.

A bit disappointing that revenue downgraded again. Was hoping for an upgrade later in year of new client wins rather than another miss. But I guess macro is dire

Maybe I have this all wrong, but I still think brands will require niche expertise to interface with Meta etc. S4 looks well positioned. Larger, old world media looks to have the bigger problem to me JMO. I retain confidence this will work out very well from here, of course I could be wrong

JMO opinion on Kelso's silence Ephemeral, but they seem to have been brought into the tent as "insiders" since "dog-gate". Lets not forget they teamed up with McDonald for Selkirk. Moulding didn't like all the noise they were making and the move to vote out GLA much is clear, but suspect they have been brought in closer to shut them up.

The trackers got their shares, it was all picked up at close on the rebalancing date 70m+, at market close price.

Interesting comments 1msn re billings up, net revenue down. Are you suggesting this is down to s4 pivoting to billing on outputs vs time?

Remain positive as ever here, tough market, but I like the market positioning and just can’t believe you can buy at these mutiples.

CPI, fully agree with your analysis, I see this as a great buying opportunity. Q2 comparative should look better as Q1 was the final one with the major technology services reduction. Yes macro is still choppy and market soft, but I do believe management have learnt from past misdemeanours and are presenting forecasts they can deliver even in a tough climate. I expect net debt under £100m by YE with declining interest rates and cautious forecasting.

“I think I'm right in saying that Amazon is S4's second largest client by revenue, behind Alphabet/Google in first place, and soon to be GM (new 2025 whopper) in third place”

With the client rosta of big names s4 has with sticky recurring revenues, and earnings/balance sheet having stabilised, the opportunity to buy at these multiples is just a gift IMO. GLALTHs

Like 4 likes will be much better from Q2 as technology services reduction will have worked through numbers.

Encouraged by bullishness around AI momentum.

Even with awful macro, very bullies on prospects here for h2, and hopefully trump and co will be forced to act like grown ups soon

Is this correct that THG have exited Australia?

Last year Moulding stated that Australia was one of their core territories in a slimmed down, restructured THG?

It is good critique by the FT. I hope the BoD are all very uncomfortable about what they are overseeing.