AS MADARA Cosmetics reports a consolidated (unaudited) turnover of EUR 6.8 million for the first three months of 2026, representing a strong 18% increase compared to the same period in 2025.
Growth was broad-based across key markets: EU turnover (excluding Latvia) increased by 16%, while the Latvian home market delivered a 21% gain, primarily driven by contract manufacturing. Several markets posted outstanding results - Spain more than doubled with +115% growth, France accelerated +42% on the back of major new client acquisitions, Germany grew +10%, and Finland +8%. Turnover outside the EU increased by 40% mainly driven by revenue growth in the United Kingdom in TikTok and Amazon sales channels.
Following the continuing acceleration seen in Q4, Q1 was a consecutive high-growth quarter, further cementing that our "e-com first" strategy is working.
The quarter's standout performance came from the Micro-Keratin Healthy Hair Mist, which the team scaled into the Company's best-selling product in Q1 through a coordinated social media and channel activation strategy. After identifying early momentum signals in the United Kingdom in Q4 2025, the team moved quickly to amplify the product across other channels beyond the TikTok shop, expand distribution and roll out the campaign into additional international markets. This deliberate scaling effort translated early traction into sustained demand: Q1 2026 sales alone already represent 78% of the product's entire 2025 annual result, reflecting 6x year-on-year growth. The execution also lifted the broader hair care portfolio, with other hair products recording approximately 2x sales growth year-on-year in Q1.
MÁDARA also made a significant strategic move in Q1 with the launch of CC GO - a tone-correcting stick with ceramides and SPF30 protection in an ultra-creamy, skin-melting format. Early sales results indicate strong consumer demand.
To support continued product innovation, the Company has ordered a new pencil-format filling machine valued at EUR 600,000, financed through the Altum financial institution's programme "Loan with capital discount for the production of innovative products." Upon project completion, the Company will receive a 30% capital discount. The new equipment is expected to enable a range of product innovations in upcoming periods.
Management's 2026 guidance, wherein the Group aims for minimum turnover growth of 10%, corresponding to EUR 25.54 million, while maintaining a double-digit EBITDA margin is retained.
Management Board of AS MADARA Cosmetics
The shares of AS Madara Cosmetics are admitted to trading on Nasdaq Baltic First North Market.
The Certified Adviser for AS Madara Cosmetics is ZAB Eversheds Sutherland Bitans SIA.
About AS MADARA Cosmetics
Founded in 2006, AS MADARA Cosmetics is the largest cosmetics manufacturer in Latvia. The Company develops and produces natural skincare and decorative cosmetics, certified by ECOCERT/COSMOS, and exports to more than 35 countries. Since 2017, MADARA shares have been listed on Nasdaq Baltic's alternative market First North. The Company and the MÁDARA brand have received multiple awards for innovation, sustainability, design, and product excellence, both in Latvia and internationally.
In 2025, MADARA obtained B Corp certification, affirming its commitment to responsible, sustainable, and transparent business practices. It has also been recognised as a family-friendly workplace (2023) and a top employer in the manufacturing sector (2023, 2024), while the MÁDARA brand was named the greenest brand in the Baltics (2023).
In 2025, AS MADARA Cosmetics reported a consolidated turnover of EUR 23.22 million, marking an 12% like-for-like year-over-year increase.
Contact information:Address: 131 Zeltinu Street, Marupe district, Marupe, LV 2167, Latvia
Contact person: Tatjana Nagle, member of the Management Board
E-mail: ir@madaracosmetics.com
Phone: +371 67 470 243
Certified adviser:
ZAB Eversheds Sutherland Bitans SIA
Contact person: Karlis Jekabs Ivans
E-mail: k-j.ivans@eversheds-sutherland.lv
Phone: +371 28 665 066
