Matas A/S: Matas Group - Interim report 9M 2025/26

Company announcement no. 51 2025/26
Allerød, 5 February 2026

(1 April - 31 December 2025)

Record Q3 in Matas but KICKS challenged as consumers traded down
Revenue performance in Q3 2025/26 was mixed for Matas Group. Matas delivered yet another record quarter during the most important trading period, growing 4.8% excluding subsidiaries, supported by Black Friday and Christmas, while KICKS reported a decline of 3.8% as consumer behaviour shifted.
Across the Nordics, consumers increasingly traded down from High-end Beauty towards Mass Beauty. While this trend also impacted Matas, it was most pronounced in KICKS due to its higher exposure to High-end Beauty, resulting in a decline in the quarter.
Despite the pressured topline, cost discipline was maintained, particularly through staff cost management in stores and higher efficiency in logistics operations, while investments in pricing and marketing initiatives were increased to protect competitiveness. The strategy and focus to Win the Nordics remain unchanged. In response to the market development, the strategy is being accelerated to broaden KICKS' online and in store offer, strengthening value for money and reinforcing category leadership.
The EBITDA margin before special items was 16.7% in Q3 (17.2% adjusted for currency effects).
The KICKS integration continues, following the full delivery of the initial synergy targets, the next phase remains on track to further drive acquisition value.
The share buy-back programme announced in June 2025 continued during the quarter and reflects confidence in the Group's long-term outlook. As per end of Q3, approximately DKK 109 million or 78% of the programme had been completed.
As announced in December 2025, the Board of Directors has appointed Mette Uglebjerg as new Group CEO, effective 1 May 2026. Until then, Per Johannesen Madsen continues as Interim Group CEO, providing stability and momentum through the transition.
"Matas delivered another record quarter in our most important trading period, while KICKS was more challenged as consumers traded down from High-end Beauty, particularly in Sweden. We are not satisfied with the quarter and are accelerating our plans for KICKS to strengthen value for money and relevance for consumers. At the same time, in-house brands strengthened performance across the Group, and the automated logistics centers delivered higher efficiency." Per Johannesen Madsen, Interim Group CEO and Group CFO.

Financial guidance
Due to the more challenging market conditions Matas Group's revenue guidance was adjusted downwards on 9 January 2026. Revenue is expected to grow in the range of 3% to 4%, currency neutral[1].
The EBITDA margin before special items was also revised and is expected to be between 14.0% and 14.5%. This adjustment reflects lower revenue expectations and continued margin pressure from the strengthening of the SEK.
Investments, excluding M&A, are still expected to be around 3% to 4% of revenue, corresponding to DKK ~330 million, including approximately DKK 30 million for Matas' Logistics Center.
Matas Group maintains the guidance for the financial year 2025/26 as announced on 9 January 2026.

Key figures and ratios

	Q3 2025/26	Q3 2024/25	Growth currency neutral (%)	9M 2025/26	9M 2024/25	Growth currency neutral (%)
Key figures (DKKm)
Revenue	2,776	2,694	1.8%	6,795	6,501	3.4%
Gross profit	1,243	1,245	(1.3)%	3,087	3,000	1.8%
EBITDA before special items	465	474	(2.7)%	1,008	1,000	0.2%
Profit after tax	186	201	(7.3)%	274	285	(2.8)%
Free cash flow	367	377		576	304
Ratios
Revenue growth (reported)	3.1%	7.4%		4.5%	31.5%
Gross margin	44.8%	46.2%		45.4%	46.1%
EBITDA margin before special items	16.7%	17.6%		14.8%	15.4%
Net interest-bearing debt/ LTM EBITDA before special items	2.9	2.7

Q3 2025/26 highlights

• Matas Group delivered revenue growth of 3.1% in Q3 2025/26 equal to 1.8% currency neutral and 2.1% currency neutral excluding Skincity.
• Matas stand-alone growth in Q3 was 4.8%, online was 10.2% and Matas stores grew 2.3% (2.3% like-for-like). KICKS stand-alone declined 3.8% currency neutral. KICKS excluding Skincity declined 3.2% currency neutral, with online declining 2.5% and stores declining 3.5% (6.4% decline like-for-like). Other segment (Firtal, Grænn and Web Sundhed) grew 12.4% with online growth at 5.8%.
• The number of transactions decreased by 2.4% to 11.3 million compared to 11.6 million in Q3 2024/25, while the average basket size increased by 3.9% to DKK 242 per transaction compared to Q3 last year currency neutral.
• Gross profit for Q3 2025/26 amounted to DKK 1,243 million, down from DKK 1,245 million in Q3 2024/25 (DKK 1,260 million currency neutral). The gross margin was 44.8% in the quarter, compared to 46.2% last year (46.2% currency neutral). The gross margin in Matas and KICKS was impacted by price initiatives, and product mix as consumers traded down. Further, the gross margin continued to be impacted by higher cost of goods sold in KICKS, as the SEK continued to strengthen against NOK and EUR in Q3, decreasing the gross margin in Norway and Finland. Adjusted for the currency effect on cost of goods, the gross margin was 45.3% in Q3.
• Other external costs amounted to DKK 347 million in Q3 2025/26, up from DKK 325 million in Q3 2024/25 (DKK 331 million currency neutral) driven by higher marketing cost to support customer traffic, and variable costs related to online growth.
• Q3 2025/26 staff costs amounted to DKK 439 million, down from DKK 451 million in Q3 2024/25 (DKK 456 million currency neutral) driven by relative staff cost savings from the automated logistics centers, as well as strong staff cost management for the stores.
• Special items amounted to DKK 22 million net expense in Q3 2025/26 related to the announced further synergies and Finance consolidation in Allerød, compared to DKK 1 million net expense in Q3 2024/25.
• EBITDA before special items came to DKK 465 million in Q3 2025/26 compared to DKK 474 million last year (currency neutral DKK 477 million), and the EBITDA margin before special items was 16.7% in the quarter against 17.6% last year (17.5% currency neutral). Adjusted for the currency effect on cost of goods, EBITDA margin before special items was 17.2% in Q3.
• The total depreciation, amortisation and impairment charges amounted to DKK 166 million in Q3 2025/26, up by DKK 10 million compared to last year.
• Profit for the period amounted to DKK 186 million after tax compared to DKK 201 million last year (currency neutral DKK 201 million).
• Free cash flow was an inflow of DKK 367 million in Q3 2025/26 compared with an inflow of DKK 377 million in Q3 2024/25. The decrease in inflow was mainly driven by changes in working capital, mainly decrease in payables.

9M 2025/26 highlights

• Revenue grew 4.5% in 9M 2025/26 equal to 3.4% currency neutral and 4.5% currency neutral excluding Skincity.
• Matas stand-alone growth in 9M was 5.5%. Growth online was 13.7% and stores grew 2.2% (2.1% like-for-like). KICKS stand-alone declined 1.4% currency neutral in 9M. KICKS excluding Skincity grew 1.3% currency neutral, with KICKS online growing 6.1% and stores declining 0.7% (2.6% decline like-for-like). Other segment (Firtal, Grænn and Web Sundhed) grew 14.2% in 9M with online growth at 9.3%.
• For 9M 2025/26, the number of transactions increased by 0.6%, while the average basket size grew 3.5% (2.4% currency neutral) to DKK 228 per transaction compared to 9M last year. The number of transactions came to 29.3 million for 9M compared to 29.1 million for 9M 2024/25.
• Gross profit for 9M 2025/26 amounted to DKK 3,087 million, up from DKK 3,000 million in 9M 2024/25 (DKK 3,032 million currency neutral). The gross margin was 45.4%, down from 46.1% in 9M 2024/25 (46.1% currency neutral). The negative gross margin development in Q3 has impacted all of 9M 2025/26 due to the significant size of the quarter. The primary driver of the lower gross margin in 9M came from pricing pressure and product mix due to downtrading in Q3. Gross margin was also negatively impacted by the strengthening of SEK toward NOK and EUR over the financial year, which had an impact on cost of goods. Adjusted for the currency effect on cost of goods, gross margin was 45.8% in 9M.
• Other external costs amounted to DKK 833 million in 9M 2025/26, up from DKK 776 million in 9M 2024/25 (DKK 787 million currency neutral), driven by incremental marketing to drive growth initiatives and IT cost.
• 9M 2025/26 staff costs amounted to DKK 1,265 million, up from DKK 1,239 million (DKK 1,255 million currency neutral) in 9M 2024/25 driven by volume growth and wage inflation, though offset by relative staff cost savings from the automated logistics centers during Q3, as well as strong staff cost management for the stores.
• Special items amounted to DKK 38 million in 9M 2025/26, compared to DKK 13 million in 9M 2024/25, which mainly relates to announced further synergies and the KICKS integration.
• EBITDA before special items came to DKK 1,008 million in 9M 2025/26 compared to DKK 1,000 million last year (currency neutral DKK 1,005 million), and the EBITDA margin before special items was 14.8% in 9M against 15.4% last year (15.3% currency neutral). EBITDA margin before special items, adjusted for the currency effect on cost of goods, was 15.2%.
• The total depreciation, amortisation and impairment charges were DKK 487 million in 9M 2025/26, up by DKK 16 million compared to last year.
• Profit for the period amounted to DKK 274 million after tax compared to DKK 285 million last year (DKK 282 million currency neutral).
• Free cash flow was an inflow of DKK 576 million in 9M 2025/26, reflecting a more normalised investment level in 9M 2025/26, compared to an inflow of DKK 304 million in 9M 2024/25 which included construction of Matas' Logistics Center.

Video conference

Matas Group will host a video conference regarding Q3 2025/26 results for investors and analysts on Thursday, 5 February at 10:00 a.m. CET. The video conference and the presentation can be accessed from Matas Groups' investor website:

https://matas.nexahub.io/events/q3-202526

Video conference access numbers for investors and analysts:

DK: [phone]

SE: [phone]

NO: [phone]

UK: [phone]

US: [phone]

PIN for all countries: 915912

Contacts

John Bäckman
VP Investor Relations & Treasury, phone [phone]

Sille Beck Høyer
VP Communication & Public Affairs, phone [phone]

Forward-looking statements

The interim 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.

[1] Corresponding to ~4.1% to 5.1% growth assuming exchange rates as per 8 January 2026 for Q4. Currency neutral revenue guidance for 2025/26 is based on average rates for 2024/25: SEK/DKK of 0.652 and NOK/DKK of 0.638.

About Matas Group
Matas Group is the Nordic leader in beauty and wellbeing, consisting of the banners Matas and KICKS. With around 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.