AS MADARA Cosmetics (hereinafter - the Group) achieved consolidated turnover of EUR 13.36 million in the first six months of 2026, representing a 17.5% increase compared with the corresponding period last year. The Group's EBITDA effectively doubled, reaching EUR 1.51 million, while the EBITDA margin increased from 7% to 11%.
Growth was driven mainly by the double-digit growth of the MÁDARA brand in e-commerce channels, the success of Micro-Keratin SILK Hair Mist and a 50% increase in turnover in the contract manufacturing segment.
Direct e-commerce channels, including Amazon, TikTok Shop and Zalando, accounted for 40% of the Group's total turnover in the first half of 2026. The segment's turnover grew by 24% compared with the corresponding period last year.
During the first half of the year, the team also dedicated resources to planning and preparing for the launch of TikTok Shop in European Union markets, scheduled for the second half of 2026. Previously, this was not possible for companies based in Latvia, but thanks to direct collaboration between MADARA Cosmetics and TikTok, Latvian e-commerce businesses will soon be able to sell through TikTok Shop across the EU.
A significant growth driver was Micro-Keratin SILK Hair Mist. The product's turnover grew ninefold year on year, making it the best-selling MÁDARA product by unit volume in the first half of the year. The share of the hair care category in MÁDARA brand product sales increased by 6 percentage points to 16%.
In France, the 15 most in-demand skincare products became available in 245 Bleu Libellule stores, while the full make-up range was introduced in more than 30 Monoprix stores. In Finland, a partnership with K-Citymarket was launched, while in the Netherlands, products became available in BENU pharmacies. The brand also expanded its presence in Alnatura, Dennree and Müller stores across Central Europe and launched a partnership with Alza in Czechia.
Ten new MÁDARA products were launched in the first half of 2026, including a rejuvenating serum with exosomes and peptides, a DEWY moisturising serum stick with caffeine, and a tone-correcting CC GO stick with ceramides in six shades. The newly launched products generated turnover of approximately EUR 600 thousand during the first half of the year.
MÁDARA products also received several international awards and recognitions. In the first half of 2026, MÁDARA received significant international recognition when Dutch supermodel Doutzen Kroes featured the brand's Skin Equal Soft Glow Foundation SPF20 in her beauty routine for Vogue France. Age Pro Hydra Firm Hyaluron Jelly and 5% Peel AHA Brightening Peel Mask were named winners of the prestigious Victoire de la Beauté Responsable, one of France's leading beauty awards, following extensive blind consumer testing. The recognition highlights both products' proven effectiveness and strong environmental and ethical credentials, reinforcing MÁDARA's positioning as a high-performance, sustainability-driven skincare brand.
In the first half of 2026, MÁDARA also received multiple awards in Estonia. Age Pro Intense Wrinkle Serum was named one of the beauty favourites by Anne & Stiil, Estonia's leading women's fashion magazine, while Retinol Alternative Serum and HIS Face Cream received the "Buduaar Favourite" award from Buduaar, Estonia's leading women's lifestyle and entertainment media platform.
Financial results for the first half of 2026 (unaudited)
- Consolidated turnover: EUR 13.36 million, an increase of 17.5%;
- gross profit: EUR 9.14 million, an increase of 19%;
- gross profit margin: 68%, an increase of 1 percentage point;
- EBITDA: EUR 1.51 million, compared with EUR 759 thousand in the corresponding period last year;
- EBITDA margin: 11%, an increase of 4 percentage points;
- profit before tax: EUR 1.10 million, compared with EUR 284 thousand in the corresponding period last year.
The Group's management maintains its 2026 target to achieve turnover of at least EUR 25.54 million, corresponding to growth of at least 10%, as well as a double-digit EBITDA margin.
Contact information:Address: 131 Zeltinu Street, Marupe district, Marupe, LV 2167, Latvia
Contact person: Gunta Šulte, 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
