MyProtein might be readying itself for a licensing mission “to [MARS], and beyond,” but don’t let that “mission” overshadow your appreciation for its more terrestrial growth strategies currently. THG (aka the company formerly known as The Hut Group) recently updated the public markets by releasing its trading statement for the third quarter of 2025. 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 third quarter of 2025, THG Nutrition revenue was approximately $197 million, which increased 10% YoY. And while THG leadership asserted the third quarter of 2025 had the highest organic growth rate in several years (and commercial momentum broad-based across categories outside of the core protein range, most notably continuing in activewear and vitamins), I wouldn’t necessarily be jumping for joy, as performance still lagged reported THG Nutrition revenue dollars from each of the third quarters from prior years going back to 2020. 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. THG leadership (again) mentioned “a number of soon-to-be-announced exciting new partnerships,” which we know from last quarter will include a global confectionery leader launching in the fourth quarter (holiday period). However, what we don’t know yet is if my previous Mars, Incorporated prediction is correct…even though I’ve gained further conviction over the recent few weeks. Though, I'll shine more light on a few other licensing partnerships and again recap the impacts from THG selling Claremont Ingredients to Nactarome Group.