AS MADARA Cosmetics (hereinafter - the Group) achieved consolidated turnover of EUR 19.2 million in the first nine months of 2026, representing a 14% increase compared with EUR 16.8 million in the corresponding period last year. MÁDARA brand turnover grew by 12%, while contract manufacturing turnover increased by 23%.
In the third quarter of 2026, consolidated turnover reached EUR 5.8 million, an increase of 7% year on year. The MÁDARA brand maintained double-digit growth of 13%, while contract manufacturing turnover declined by 23%, moderating the Group's overall growth rate during the quarter.
In the third quarter of 2026, MÁDARA brand sales in Latvia increased by 21%, with double-digit growth across the largest sales channels. In the European Union markets, turnover grew by 5%, supported by particularly strong performances in Finland (+60%), Spain (+31%) and France (+16%). Sales in the Czech Republic and Slovakia region increased by 6%, while Germany remained stable.
Outside the European Union, MÁDARA brand turnover increased by 40%, supported by TikTok Shop in the United Kingdom and the onboarding of a new partner in Singapore.
During the third quarter, MÁDARA refreshed its SOS HYDRA skincare line, introducing an updated range of hydration-focused products.
Product innovation also continued with a focus on convenient, easy-to-use formats, including the SHOT Caffeine Eye Serum Stick and XOXO Lip Balm. The stick format reflects the brand's emphasis on practical skincare solutions designed for everyday use and application on the go. Other third quarter introductions included PDRN Algae Shot 7in1 Plump Serum, NECTAR LIPS Ceramide Lip Oil and Long Lash Peptide Serum.
The Group's management retains 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.
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
