Company announcement no. 1 2025/26
Allerød, 23 May 2025
(1 April 2024 - 31 March 2025)
Nordic strategy drives profitable growth
2024/25 was our first full year together with KICKS as Matas Group, and the first year of executing our new strategy to Win the Nordics. We are pleased to report high customer satisfaction, above-market growth, as well as underlying margin improvements. We are well on track to realise all expected synergies in 2025/26 and now see further synergies materialising in the coming years.
- Matas Group generated total revenue of DKK 8,379 million for the financial year 2024/25. The proforma currency neutral revenue growth for Matas Group was 7.0%, in line with the revenue guidance for the full year, which was upgraded on 7 January. Revenue growth for Matas (including subsidiaries) came to 8.0%, while KICKS grew 5.3% proforma currency neutral, with growth in all channels and markets.
- EBITDA before special items rose to DKK 1,216 million and EBITDA margin before special items increased to 14.5%, from DKK 1,116 million proforma in 2023/24 (proforma EBITDA margin before special items 14.3%). Special items amounted to DKK 27 million, mainly from the KICKS integration (2023/24: DKK 102 million, mainly from the KICKS acquisition). EBIT margin was 6.7% (2023/24 proforma: 4.9%).
- Profit after tax grew to DKK 282 million from DKK 158 million proforma last year. The capital distribution policy has been changed from at least 20% to at least 40% of adjusted profit after tax. The Board of Directors proposes at the Annual General Meeting (AGM) a dividend of DKK 2.00 per share, equivalent to 22.8% of Matas Group's adjusted profit after tax for 2024/25. Subject to renewed mandate to purchase own shares by the AGM, M&A activity and the financial gearing level, Matas Group will also launch an up to DKK 100 million share buyback programme.
- For the financial year 2025/26, Group revenue is expected to grow between 3% and 7% on a currency neutral basis, equivalent to 3.9 to 7.9% excluding Skincity (closed during 2024/25). The macroeconomic outlook is now more uncertain, reflected in declining consumer confidence which may impact consumer spending and market growth. Our wider revenue guidance range for 2025/26 reflects this uncertainty. The EBITDA margin before special items in 2025/26 is expected to be around 15%. CAPEX, excluding M&A, is expected to be around 3 to 4% of revenue, corresponding to DKK ~330 million at mid-point of guidance, including approximately DKK 30 million for Matas' Logistics Center.
- In addition to the DKK 140 million in synergies and stand-alone improvements announced at closing of the KICKS acquisition, we have identified further cost synergies with an annual EBITDA impact of around DKK 50 million fully phased in in 2026/27. We expect around DKK 40 million in integration cost in 2025/26 which will be booked as special items.
Gregers Wedell-Wedellsborg, Group CEO of Matas A/S:
"2024/25 was a milestone year for us. We served more customers and reached 6 million club members, grew 7% proforma currency neutral and improved our profitability. Customer satisfaction remained high as we offered better deals, expanded our assortment, added high-demand brands to our customers, and launched Matas Striber in KICKS. We now operate two state-of-the art automated logistic centres to enable long-term growth and efficiency. One year into our strategy to Win the Nordics, we are off to a great start and now see around DKK 50 million in additional synergies from our Nordic setup. Our guidance for 2025/26 reflects a more uncertain macroeconomic outlook, but with good momentum in the business, we are well on track to meet our long-term financial ambitions."
Q4 and full-year 2024/25 Key Financials
| DKKm | Q4 2024/25 | Q4 2023/24 | FY 2024/25 | FY 2023/24* | Proforma 2023/24** |
| Statement of comprehensive income | |||||
| Revenue | 1,878 | 1,758 | 8,379 | 6,701 | 7,831 |
| Gross profit | 870 | 845 | 3,870 | 3,078 | 3,592 |
| EBITDA before special items | 216 | 204 | 1,216 | 1,006 | 1,116 |
| EBITDA | 202 | 182 | 1,189 | 904 | 1,015 |
| EBIT | 49 | 16 | 565 | 379 | 383 |
| Net financials | (38) | (58) | (181) | (131) | (149) |
| Profit before tax | 11 | (42) | 384 | 248 | 234 |
| Profit for the period after tax | (3) | (45) | 282 | 169 | 158 |
| Adjusted profit after tax | 15 | (13) | 336 | 302 | 291 |
| Statement of financial position | |||||
| Total assets | 9,574 | 8,668 | |||
| Total equity | 3,716 | 3,462 | |||
| Net working capital | 799 | 378 | |||
| Net interest-bearing debt | 3,825 | 3,140 | |||
| Statement of cash flows | |||||
| Cash flow from operating activities | (125) | (235) | 715 | 645 | |
| Cash flow from investing activities | (181) | (121) | (717) | (1,021) | |
| Free cash flow | (306) | (356) | (2) | (376) | |
| Ratios | |||||
| Revenue growth | 6.8% | 67.3% | 25.0% | 49.3% | 74.4% |
| Proforma currency neutral revenue growth | 7.2% | 2.7% | 7.0% | ||
| Gross margin | 46.4% | 48.0% | 46.2% | 45.9% | 45.9% |
| EBITDA margin before special items | 11.5% | 11.6% | 14.5% | 15.0% | 14.3% |
| EBITDA margin | 10.7% | 10.3% | 14.2% | 13.5% | 13.0% |
| EBIT margin | 2.6% | 0.9% | 6.7% | 5.7% | 4.9% |
| Cash conversion | 8.9% | 42.6% | |||
| Adjusted earnings per share, DKK | 8.84 | 7.94 | 7.66 | ||
| Earnings per share, DKK | 7.42 | 4.45 | 4.16 | ||
| Diluted earnings per share, DKK | 7.37 | 4.43 | 4.14 | ||
| Share price, end of period, DKK | 132 | 117 | |||
| ROIC before tax including goodwill | 8.8% | 11.3% | |||
| ROIC before tax excluding goodwill | 20.4% | 35.4% | |||
| Net working capital as % of revenue | 9.5% | 4.8% | |||
| Investments as a percentage of revenue | 8.6% | 15.2% | |||
| Net interest-bearing debt/adjusted EBITDA | 3.1 | 2.8 | |||
| Number of transactions (millions) | 8.7 | 8.2 | 37.8 | 31.9 | 36.9 |
| Average basket size (DKK) | 211 | 210.6 | 218.3 | 206.3 | 209.1 |
| Number of stores | 497 | 491 | |||
| Club members Matas and KICKS (millions) | 6.07 | 5.68 | |||
| Average number of employees (FTE) | 3,504 | 2,931 | 3,450 |
For definitions of key financials, see page 210 of the Annual Report 2024/25.
* Financial year 2023/24 including KICKS for 7 months of ownership. ** Proforma currency neutral if owned KICKS for full financial year 2023/24
Financial guidance 2025/26
Revenue for 2024/25 amounted to DKK 8,379 million and forms the baseline for the 2025/26 revenue guidance.
For the financial year 2025/26, Group revenue is expected to grow between 3% and 7% on a currency neutral basis, equivalent to between ~3.9 to 7.9% excluding Skincity (which was closed down during 2024/25).[1] Consolidated revenue growth in 2025/26 is expected to be driven by continued market growth and our assortment expansion together with continued growth in e-commerce as well as the execution of our Win the Nordics strategy across our markets. The macroeconomic outlook is now more uncertain, reflected in declining consumer confidence which may impact consumer spending and market growth. Our wider revenue guidance range for 2025/26 reflects this uncertainty.
The EBITDA margin before special items for 2024/25 was 14.5% and forms the baseline for the 2025/26 financial guidance.
The EBITDA margin before special items in 2025/26 is expected to be around 15%. The consolidated EBITDA margin in 2025/26 is expected to be driven by operating leverage and synergies. In addition to the DKK 140 million in synergies and stand-alone improvements announced at closing of the KICKS acquisition, we have identified further cost synergies with an annual EBITDA impact of around DKK 50 million fully phased in in 2026/27. We expect around DKK 40 million in integration cost in 2025/26 which will be booked as special items. Negative margin impact is expected from continued investments in assortment expansion, channel mix and increased competition in the market. Matas' new automated Logistic Center opened in April 2025, and a positive effect on margin is expected in 2025/26, but with full impact in 2026/27.
CAPEX, excluding M&A, is expected to be around 3 to 4% of revenue, in line with the long-term ambition and corresponding to DKK ~330 million at mid-point of the revenue and CAPEX guidance, including approximately DKK 30 million for Matas' Logistic Center. The investments support Matas Group's long-term competitiveness, growth and profitability.
Forward-looking statements
The Annual Report contains statements relating to the future, including statements regarding Matas Group's future operating results, financial position, cash flows, business strategy and future targets. Such statements are based on Management's reasonable expectations and forecasts at the time of release of this report. Forward-looking statements are subject to risks and uncertainties and a number of other factors, many of which are beyond Matas Group's control. This may have the effect that actual results may differ significantly from the expectations expressed in the report. Without being exhaustive, such factors include general economic and commercial factors, including market and competitive conditions, supplier issues and financial and regulatory issues, IT failures as well as any effects of healthcare measures that are not specifically mentioned above.
Video conference
Matas Group will host a video conference regarding Q4 2024/25 and full-year results for investors and analysts on Friday 23 May at 10:00 a.m. CEST. The video conference and the presentation can be accessed from Matas Groups' investor website:
https://matas-events.eventcdn.net/events/annual-report
Video conference access numbers for investors and analysts:
DK: +45 7876 8490
SE: +46 8 1241 0952
NO: +47 2195 6342
UK: +44 203 769 6819
US: +1 646-787-0157
PIN for all countries: 915912
Annual General Meeting
The Annual General Meeting will be held on Monday 16 June 2025 at 15:00 CEST at Matas A/S' headquarters at Rørmosevej 1, 3450 Allerød, Denmark. Notice of the Annual General Meeting will be published on Matas Group Investor Relations website:
https://www.matasgroup.com/
[1] ~3.7% to 7.7% exchange rate adjusted, based on forward rates for NOK/DKK of 0.621 and SEK/DKK of 0.679 as of 7 May 2025.
Contacts
John Bäckman
Head of Investor Relations & Treasury, phone +45 22 43 12 54
Sille Beck Høyer
VP Communication & Public Affairs, phone +45 40 99 10 96
About Matas Group
Matas Group is the Nordic leader in beauty and wellbeing, consisting of the banners Matas and KICKS. With almost 500 stores and leading web shops across Denmark, Sweden, Norway, and Finland, we are the leading omnichannel player offering a curated portfolio of third-party brands, own brands and an emphasis on personal and expert advisory and service excellence. We have more than 6 million loyalty members across the Nordics. Matas Group is listed on Nasdaq OMX Copenhagen.
This information is information that Matas A/S is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-05-23 08:43 CEST.
