Company announcement no. 2 2026/27
Allerød, 19 May 2026
(1 April 2025 - 31 March 2026)
Matas posts record year while Matas Group improves cash flow in challenging market
2025/26 marked a year where we as a Group consolidated our Nordic market position, but also a year where we clearly saw shifts in consumer behaviour, particularly impacting the KICKS markets. This has sharpened our focus. Our strategy to Win the Nordics remains unchanged. What has changed is the pace and prioritisation of how we execute - especially in KICKS, where we are accelerating initiatives to strengthen our value proposition across price points, categories and channels.
- Matas Group generated total revenue of DKK 8,776 million for the financial year 2025/26. The currency neutral revenue growth for Matas Group was 3.5%, in line with the revenue guidance for the full year, which was revised on 9 January. Revenue growth for Matas (including subsidiaries) came to 5.8%, while KICKS did not grow currency neutral (0.0%) in 2025/26 but grew 5.9% currency neutral in Q4 2025/26 excluding Skincity which was closed down last financial year.
- EBITDA before special items rose to DKK 1,234 million and EBITDA margin before special items came to 14.1% (14.4% when adjusted for currency effects), up from DKK 1,216 million in 2024/25 (EBITDA margin before special items 14.5%). Special items amounted to DKK 56 million, mainly from the KICKS integration and cost of restructuring for future synergies.
- Profit after tax came to DKK 243 million (DKK 282 million last year). The capital distribution policy is unchanged at minimum 40% of adjusted profit after tax. The Board of Directors proposes at the Annual General Meeting (AGM) that an unchanged dividend of DKK 2.00 per share, equivalent to 24.1% of Matas Group's adjusted profit after tax for 2025/26 be approved. 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 2026/27, Group revenue is expected to grow between 2% and 6% on a currency neutral basis1. The macroeconomic outlook remains uncertain, reflected in declining consumer confidence which may impact consumer spending and market growth. Our wider revenue guidance range for 2026/27 reflects this uncertainty. The EBITDA margin before special items in 2026/27 is expected to be in the range of 14.0% to 14.5%. CAPEX, excluding M&A, is expected to be around 4.5% of revenue, corresponding to DKK ~410 million at mid-point of the revenue guidance. The frontloaded incremental investments in 2026/27 cover electronic shelf labelling in all remaining stores.
- The previously communicated further cost synergies with an annual EBITDA impact of around DKK 50 million fully phased in in 2026/27 have been secured.
Mette Uglebjerg, Group CEO of Matas A/S: "I have spent my first month getting close to our business across markets. We have a strong foundation, but I see opportunities to further increase the pace of execution - particularly in the KICKS markets, where we can strengthen our relevance as consumer behaviour evolves. Our strategy remains unchanged, and my focus is on sharpening execution and driving more consistent progress across the Group."
Per Johannesen Madsen, Group CFO of Matas A/S: "In 2025/26, we delivered continued growth and significantly improved cash flow, with Matas posting another record year in Denmark. Performance in the KICKS markets was impacted by changing consumer behaviour, particularly in Sweden, and we responded with actions across assortment, pricing, marketing and cost discipline. We enter 2026/27 from a solid position, balancing continued investments in profitable growth with strong cost discipline. Our guidance reflects the continued uncertain macroeconomic outlook."
Q4 and full-year 2025/26 key financials
| DKKm | Q4 2025/26 | Q4 2024/25 | FY 2025/26 | FY 2024/25 |
| Statement of comprehensive income | ||||
| Revenue | 1,981 | 1,878 | 8,776 | 8,379 |
| Gross profit | 850 | 870 | 3,937 | 3,870 |
| EBITDA before special items | 226 | 216 | 1,234 | 1,216 |
| EBITDA | 208 | 202 | 1,178 | 1,189 |
| EBIT | 31 | 49 | 514 | 565 |
| Net financials | (31) | (38) | (162) | (181) |
| Profit before tax | 0 | 11 | 352 | 384 |
| Profit for the period after tax | (31) | (2) | 243 | 282 |
| Adjusted profit after tax | (8) | 15 | 317 | 336 |
| Statement of financial position | ||||
| Total assets | 9,831 | 9,574 | ||
| Total equity | 3,749 | 3,716 | ||
| Net working capital | 991 | 799 | ||
| Net interest-bearing debt | 4,041 | 3,825 | ||
| Statement of cash flows | ||||
| Cash flow from operating activities | 92 | (125) | 951 | 715 |
| Cash flow from investing activities | (123) | (181) | (406) | (717) |
| Free cash flow | (31) | (306) | 545 | (2) |
| Ratios | ||||
| Revenue growth | 5.5% | 6.8% | 4.7% | 25.0% |
| Proforma currency neutral revenue growth | 4.0% | 7.2% | 3.5% | 7.0% |
| Gross margin | 42.9% | 46.4% | 44.9% | 46.2% |
| EBITDA margin before special items | 11.4% | 11.5% | 14.1% | 14.5% |
| EBITDA margin | 10.5% | 10.7% | 13.4% | 14.2% |
| EBIT margin | 1.6% | 2.6% | 5.9% | 6.7% |
| Cash conversion | 53.4% | 8.9% | ||
| Adjusted earnings per share, DKK | 8.40 | 8.84 | ||
| Earnings per share, DKK | 6.44 | 7.42 | ||
| Diluted earnings per share, DKK | 6.41 | 7.37 | ||
| Share price, end of period, DKK | 105.4 | 132.0 | ||
| ROIC before tax including goodwill | 9.6% | 8.8% | ||
| ROIC before tax excluding goodwill | 21.2% | 20.4% | ||
| Net working capital as % of revenue | 11.3% | 9.5% | ||
| Investments as a percentage of revenue | 4.6% | 8.6% | ||
| Net interest-bearing debt/ EBITDA before special items | 3.3 | 3.1 | ||
| Number of transactions (millions) | 8.5 | 8.7 | 37.8 | 37.8 |
| Average basket size (DKK) | 228.3 | 211.0 | 228.2 | 218.3 |
| Number of stores | 500 | 497 | ||
| Club members Matas and KICKS (millions) | 6.0 | 6.1 | ||
| Average number of employees (FTE) | 3,374 | 3,504 |
For definitions of key financials, see page 200 of the Annual Report 2025/26.
Financial guidance 2026/27
Revenue for 2025/26 amounted to DKK 8,776 million and forms the baseline for the 2026/27 revenue guidance.
For the financial year 2026/27, Group revenue is expected to grow between 2% and 6% on a currency neutral basis.[1] Consolidated revenue growth in 2026/27 is expected to be driven by moderate market growth and our assortment expansion together with continued growth in e-commerce as well as the execution of our accelerated Win the Nordics strategy across our markets. The macroeconomic outlook remains uncertain, reflected in declining consumer confidence which may impact consumer spending and market growth. Our wider revenue guidance range for 2026/27 reflects this uncertainty.
The EBITDA margin before special items for 2025/26 was 14.1% and forms the baseline for the 2026/27 financial guidance.
The EBITDA margin before special items in 2026/27 is expected to be in the range of 14.0% to 14.5%. The consolidated EBITDA margin in 2026/27 is expected to be driven by operating leverage and synergies. The further cost synergies with an annual EBITDA impact of around DKK 50 million fully phased in in 2026/27 have been secured. 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 also in 2026/27.
CAPEX, excluding M&A, is expected to be around 4.5% of revenue, corresponding to DKK ~410 million at mid-point of guidance. The frontloaded incremental investments in 2026/27 cover the investment in electronic shelf labelling in all remaining stores.
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 2025/26 and full-year results for investors and analysts on Tuesday 19 May at 10:00 a.m. CEST. The video conference and the presentation can be accessed from Matas Groups' investor website:
https://matas.nexahub.io/events/annual-report-2025
Video conference access numbers for investors and analysts:
DK: +45 7876 8490
SE: +46 3131 15003
NO: +47 2195 6342
UK: +44 203 769 6819
US: +1 6467 870157
PIN for all countries: 915912
Annual General Meeting
The Annual General Meeting will be held on Tuesday 16 June 2026 at 15:00 CEST at Matas A/S' headquarters located Rørmosevej 1, 3450 Allerød, Denmark. Notice of the Annual General Meeting will be published on Matas Group Investor Relations website:
https://www.matasgroup.com/
Contacts
John Bäckman
VP Investor Relations & Treasury, phone +45 22 43 12 54
Sille Beck Høyer
VP Communication & Public Affairs, phone +45 40 99 10 96
1 Assuming unchanged exchange rates for NOK/DKK and SEK/DKK in 2026/27 compared to 2025/26.
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.
This information is information that Matas Group 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 2026-05-19 08:00 CEST.
