Strategic licensing has been a major growth unlock for MyProtein, but hints of an upcoming partnership could take “the world’s largest online sports nutrition brand” to a whole other level! THG (aka the company formerly known as The Hut Group) recently updated the public markets by releasing its 2025 H1 interim results. I’ll be utilizing that financial information, along with notes I took listening to the earnings conference call, and any relevant publicly disclosed information to obviously update you on the recent performance of THG Nutrition division, which includes the world's largest online sports nutrition brand MyProtein, but also utilize everything as the contextual backdrop for my expanded strategic commentary around global sports nutrition market dynamics and trends. Additionally, for those unfamiliar with the up-to-date THG portfolio configuration…due to the THG Ingenuity demerger action occurring at the end of 2024, it now would be described as a global, cash generative, health and wellness consumer brands group. During the first half of 2025, THG Nutrition revenue was approximately $409 million, which increased 3.1% YoY. And while those aren’t necessarily blowout caliber results…THG leadership noted the second quarter had the strongest growth since the first quarter of 2022. Moreover, momentum was said to be broad-based across categories outside of the core protein range, especially in activewear, vitamins, bars, and snacks. But I'll dive into several strategic decisions impacting MyProtein including its global digital sales channel strategy, offline retail expansion efforts, product licensing strategy, and let’s just say A LOT is riding on the success of the MyProtein global rebrand. But basically two years after the start of its initial staggered market rollout, the transitionary impacts from the rebrand are now behind Myprotein. THG leadership reaffirmed that customer feedback continues to be promising, with unaided brand recognition for MyProtein now at its highest level to date. More importantly though…THG Nutrition leadership needs to continue paying close attention to key commercial metrics, as it seeks to continue moving upstream in positioning, thus unlocking sales channel diversification opportunities. THG must ensure the rebrand decision is well received by (and generates) brand affinity with those less price-sensitive customers. Additionally, THG leadership hinted at a two-way product partnership with a currently unnamed global confectionery leader launching in the fourth quarter (holiday period). Could it be Ferrero Group or even Mondelez International (after the licensing breakup with GHOST Lifestyle)? But I honestly think the biggest potential win-win partnership would be with Mars, Incorporated. Finally, after the first half of 2025 period ended, THG announced the sale of Claremont Ingredients to Nactarome Group. The flavor company has been a long-standing supplier to Europe’s leading nutrition brands, and the deal represents a significant ROI for THG…selling Claremont Ingredients for more than double its initial acquisition price (less than five years later).