(1 APRIL - 30 JUNE 2025)
Company announcement no. 17 2025/26, Allerød, 13 August 2025
Interim report Q1 2025/26
Continued profitable growth
with significant free cashflow generation in Q1
Table of contents
3 Continued profitable growth with significant
free cashflow generation in Q1
4 Q1 2025/26 highlights
5 Key financials
6 Management’s review
8 Revenue Q1 2025/26
11 Costs and operating performance Q1 2025/26
13 Statement by the Board of Directors and the
Executive Committee
14 Statement of comprehensive income
15 Statement of cash flows
16 Statement of financial position
17 Statement of changes in equity
19 Notes
24 Interim financial highlights
25 Additional information
Webcast
Matas Group will host a webcast for
investors and analysts on Wednesday,
13 August at 10:00 a.m. CEST. The
webcast and the presentation can be
accessed from Matas’ investor website:
https://matasgroup.com/investors.
Webcast access numbers
for investors and analysts
DK: +45 78 76 84 90
SE: +46 31-311 50 03
NO: +47 21 95 63 42
UK: +44 20 3769 6819
US: +1 646 787 0157
PIN for all countries: 915912
Link to webcast
https://matas-events.eventcdn.net/
events/q1-report-20252026
Interim report Q1 2025/26
2
Q1
2023/24
proforma
Q1
2023/24
proforma
Q1
2023/24
proforma
Q1
2024/25
Q1
2024/25
Q1
2024/25
Q1
2025/26
Q1
2025/26
Q1
2025/26
Other* KICKS Matas Matas Group
6.0
5.8
5.9
2.8
3.0
3.0
0.3
0.3
0.3
8.9
9.2
9.3
1,038
1,113
1,172
714
757
145
129
112
691
1,956
2,074
1,841
293
302
270
* ”Other” represents Firtal, Grænn and Web Sundhed
• Matas Group generated a total revenue of DKK
2,074 million in Q1 2025/26 corresponding to a year-
on-year increase of 6.0% from DKK 1,956 million in
Q1 2024/25. Group currency neutral growth came
to 4.7%. Matas growth in Q1 was 5.3% and KICKS
2.3% currency neutral (7.8% excluding Skincity).
• Gross margin was 46.0% in the quarter, compared
to 46.2% Q1 last year currency neutral. The
underlying gross margin was positive, adjusting
for higher cost of goods sold in KICKS, as the SEK
strengthened against NOK and EUR, decreasing
the gross margin in Norway and Finland. Further,
the gross margin in KICKS was also impacted by
price initiatives and the closedown of Skincity.
Matas improved gross margin, due to assortment
expansion and product mix.
Continued profitable growth with significant
free cashflow generation in Q1
• EBITDA before special items came to DKK 302
million in Q1 2025/26 compared to DKK 293
million Q1 last year. The EBITDA margin was nega-
tively impacted by 0.4% due to higher cost of
goods sold in Norway and Finland from strength-
ening SEK, ending at 14.5% befores special
items in the quarter against 14.9% Q1 last year
currency neutral.
• Free cash flow improved significantly with
an inflow of DKK 371 million in Q1 2025/26,
reflecting improved working capital and a more
normalised investment level in Q1 2025/26,
compared to an inflow of DKK 32 million in Q1
2024/25 which included construction of Matas'
Logistics Center.
Customer transactions
Millions
Revenue
DKKm
EBITDA before special items
DKKm
“The first quarter marked continued profitable growth in line with our expectations. We served
more customers, and we opened Matas' new logistics center on time and budget. With two
automated logistics centers now fully operational, our investments have returned to a normal
long-term level and our free cash flow generation improved significantly in the quarter.
Two years after the acquisition of KICKS, we now enter a new phase of our strategy to Win the
Nordics, delivering value to our consumers, through more focus on operational excellence
and continued assortment expansion for our customers and our +six million club members.
We maintain our guidance for the financial year.”
Gregers Wedell-Wedellsborg, Group CEO
* Reported revenue growth of ~3.2-7.2% based on forward rates for NOK/DKK of 0.620 and SEK/DKK of 0.666 as of 5 August 2025.
The guidance for 2025/26 is based on underlying growth assumptions across the markets on a currency neutral basis. Average
rates for 2024/25 were SEK/DKK of 0.652 and NOK/DKK of 0.638. Actual exchange rates will impact revenues.
• On 17 June 2025, Matas launched a share
buy-back programme of up to DKK 140 million,
running to 31 March 2026 at the latest. The
programme is executed in accordance with the
Safe Harbour Regulation.
• Synergies are on plan to deliver plus DKK 100
million full run-rate for the financial year 2025/26,
through execution of organisational changes,
sourcing and growth initiatives with suppliers
as well as revenue synergies from best practice
sharing on e-commerce and loyalty. A significant
part of the synergies is reinvested in the market,
through pricing, marketing, and capabilities.
• Matas Group maintains its guidance for the
financial year 2025/26. Group revenue is
expected to grow between 3% and 7% currency
neutral*, equivalent to 3.9% to 7.9% excluding
Skincity. The EBITDA margin before special
items in 2025/26 is expected to be around 15%.
Investments, excluding M&A, are expected to
be around 3% to 4% of revenue, corresponding
to DKK ~330 million, including approximately
DKK 30 million for Matas' Logistics Center.
Interim report Q1 2025/26
3
• Matas Group's strategy to Win the Nordics
is delivering as expected with year-on-year
revenue increase of 6.0% equal to 4.7% currency
neutral in Q1 2025/26 and EBITDA before special
items growth of 2.3% currency neutral.
• Matas Group generated a total revenue of DKK
2,074 million in Q1 2025/26 corresponding to a
year-on-year increase of 6.0% from DKK 1,956
million in Q1 2024/25. Group currency neutral
growth came to 4.7%. Matas growth in Q1 was
5.3% and KICKS 2.3% currency neutral (7.8%
excluding Skincity), and KICKS online excluding
Skincity grew 22.4%. KICKS stores grew 3.0%,
while like-for-like growth in stores was 2.2%.
Other segment (Firtal, Grænn and Web
Sundhed) grew 12.4% with online growth at 9.2%.
• Customer traffic was good, and the number
of transactions came to 9.2 million in Q1
2025/26 which was 3.4% higher compared to Q1
2024/25. The average basket size increased by
1.0% to DKK 222 per transaction compared to
Q1 last year.
• Gross margin was 46.0% in the quarter,
compared to 46.2% Q1 last year currency
neutral. The underlying gross margin was
positive, adjusting for higher cost of goods
Q1 2025/26 highlights
sold in KICKS, as the SEK strengthened against
NOK and EUR, decreasing the gross margin in
Norway and Finland. Further, the gross margin
in KICKS was also impacted by price initiatives
and the closedown of Skincity. Matas improved
gross margin, due to assortment expansion and
product mix.
• Other external costs amounted to DKK 237
million in Q1 2025/26, up from DKK 216 million in
Q1 2024/25 (DKK 219 million currency neutral),
reflecting variable cost of sales from KICKS' and
Matas' continuing digital growth and execution
of the assortment expansion, as well as incre-
mental marketing to drive growth initiatives
and ramp up to full operation of Matas' Logis-
tics Center.
• Q1 2025/26 staff costs amounted to DKK 422
million, up from DKK 399 million in Q1 2024/25
(DKK 407 million currency neutral), driven by
volume growth and wage inflation offset by cost
synergies. The staff cost accounted for 20.4% of
the revenue in Q1 2025/26 compared to 20.5%
for Q1 last year currency neutral.
• Special items amounted to DKK 5 million in
Q1 2025/26, compared to DKK 17 million in Q1
2024/25 related to the KICKS integration.
• EBITDA before special items came to DKK 302
million in Q1 2025/26 compared to DKK 293
million Q1 last year. The EBITDA margin was
negatively impacted by 0.4% due to higher
cost of goods sold in Norway and Finland
from strengthening SEK, ending at 14.5% in
the quarter against 15.0% Q1 last year (14.9%
currency neutral).
• The total depreciation, amortisation and
impairment charges amounted to DKK 161
million in Q1 2025/26, up by DKK 3 million.
• Profit for the period amounted to DKK 64 million
after tax compared to DKK 59 million Q1 last
year. Earnings per share increased to DKK 1.67
in Q1 2025/26, from DKK 1.51 currency neutral in
Q1 2024/25.
• Free cash flow improved significantly with
an inflow of DKK 371 million in Q1 2025/26,
reflecting improved working capital and a more
normalised investment level in Q1 2025/26,
compared to an inflow of DKK 32 million in Q1
2024/25 which included construction of Matas'
Logistics Center.
Interim report Q1 2025/26
4
Key financials
(DKKm)
Q1
2025/26
Q1
2024/25
Growth
(%)
Currency
neutral
Q1
2024/25
Growth
currency
neutral
(%)
Statement of comprehensive income
Revenue 2,074 1,956 6.0% 1,981 4.7%
Gross profit 955 903 5.8% 915 4.4%
EBITDA 297 276 7.4% 278 6.9%
EBIT 136 118 15.4% 116 16.8%
Net financials (54) (42) 31.5% (41) 31.1%
Profit before tax 82 76 6.7% 75 8.9%
Profit for the period 64 59 7.0% 58 10.1%
Special items included in EBITDA (5) (17) (72.0)% (17) (72.0)%
EBITDA before special items 302 293 2.8% 295 2.3%
Adjusted profit after tax 74 85 (12.9)% 86 (14.6)%
Statement of financial position
Total assets 9,629 8,943
Total equity 3,685 3,462
Net working capital 645 441
Net interest-bearing debt 3,622 3,262
Statement of cash flows
Cash flow from operating activities 471 241
Cash flow from investing activities (100) (209)
Free cash flow 371 32
.
(DKKm)
Q1
2025/26
Q1
2024/25
Currency
neutral
Q1
2024/25
Ratios
Revenue growth 6.0% 70.1% 70.1%
Organic growth 6.0% 8.0% 8.0%
Gross margin 46.0% 46.1% 46.2%
EBITDA margin 14.3% 14.1% 14.0%
EBITDA margin before special items 14.5% 15.0% 14.9%
EBIT margin 6.5% 6.0% 5.9%
Cash conversion 122.5% 20.7%
Earnings per share, DKK 1.67 1.56 1.51
Diluted earnings per share, DKK 1.66 1.55 1.52
Share price, end of period, DKK 133.4 116.0
ROIC before tax including goodwill 8.9% 10.2%
ROIC before tax excluding goodwill 20.8% 31.7%
Net working capital as a percentage of
LTM revenue 7.6% 5.5%
Investments as a percentage of revenue 4.8% 9.9%
Net interest-bearing debt/LTM EBITDA before special items 3.0 2.9
Number of transactions (millions)* 9.2 8.9 8.9
Average basket size (DKK)* 222 217 219
Number of stores 495 494 494
Club members Matas and KICKS (millions) 6.0 5.8 5.8
Club Matas Plus members (thousands) 121.4 108.2 108.2
Average number of employees (FTE) 3,347 3,389 3,389
* For definitions of key financials, see page 210 of the Annual Report 2024/25.
Interim report Q1 2025/26
5
6
Win the Nordics - Strategic initiatives in Q1 2025/26
Stronger for you
05 Integrate and share to operate efficiently
• As of 1 April 2024, our new organisational structure was
implemented with focus on closeness to the markets
and with three Nordic Groupwide functions to drive
efficiency, synergies and leverage our scale.
• Our new automated distribution centers are a platform
for long-term profitable growth across the Nordics. The
two logistics centers will facilitate expanded assortment,
strengthen fast and efficient deliveries and contribute
to reducing overall logistic costs.
• Matas' Logistics Center in Lynge outside of Copenhagen
became fully operational in Q1 2025/26 and delivered as
planned.
• We have initiated a project to release further synergies
through optimising spending as well as improving our
joint purchasing power on all our costs not related to
goods for resale. Project is progressing as planned.
06 Build long-term platform and culture
• We continue to build a long-term platform and culture.
This includes a consolidated Group IT platform to foster
collaboration and scale benefits to among others drive
enhanced investments in AI and analytics, both in the
front-end and back-end as this is fundamental to main-
tain a competitive advantage.
Closer to you
03 Take e-commerce market shares
and fuel omni experience
• Group online growth was 9.7% in Q1 2025/26. Online growth in
Matas was 16.5%. KICKS online excluding Skincity grew 22.4% in
Q1 and online growth in Other segment was 9.2% in the quarter.
Group online excluding Skincity grew 17.0% in Q1.
• In total, Matas Group has more than 6 million club members,
with Matas accounting for more than 2.1 million members and
KICKS for 3.9 million members.
04 Refresh, upgrade and open stores
• With ~500 stores across Denmark, Sweden, Norway and
Finland, the stores play an important role in the omni-channel
and still account for two thirds of revenues.
• KICKS had one more store in Q1 compared to Q1 last year. KICKS
will continue to open stores in Norway, Sweden and Finland in
2025/26, including a new store in central Åbo after the summer
to accelerate the expansion in Finland.
• KICKS also announced the recruitment of a new country
manager for KICKS Norway to lead the expansion and
continued growth journey in Norway.
More for you
01 Roll out "one-stop" offering and concept
• Matas Group launched makeup brand KIKO Milano in both
KICKS and Matas.
• KICKS launched 31 new brands in Q1, including Decubal and,
Eucerin (dermatological skincare), Caudalie (skincare) and
Wonderskin (makeup).
• The new furniture 'Pick ´n Mix' with an accessible cross-sell
assortment has now been rolled out in all KICKS stores across
all three markets, and the range for Nice Price was significantly
expanded by the end of the quarter. All supporting a more
affordable KICKS offer.
• Matas launched 25 new brands in Q1, including Augustinus
Bader (skincare) and Duolac (probiotics) in the Health and
Wellbeing category.
02 Expand and improve portfolio of in-house brands
• Matas Group is fueling its in-house power brands across both
the Matas and KICKS banners.
• In Matas, the skincare category was the main growth driver
for in-house brands in Q1, driven by suncare growing 10% with
growth in all brands; Matas Striber, Matas Natur, Nilens Jord
and the new suncare range within Plaisir.
• In KICKS, the key in-house brand BeautyAct grew 3% in Q1.
BeautyAct was launched online in Matas in 2023/24.
• KICKS in-house brands grew 46% online excluding Skincity in Q1.
Interim report Q1 2025/26
7
Online
Physical stores
Wholesale
High-end Beauty
Other categories
Mass Beauty
Health and Wellbeing
48
2
31
19
2025/26
Q1
66
32
2
2025/26
Q1
Matas Group generated total revenue of DKK
2,074 million in Q1 2025/26, a year-on-year
increase of 6.0% from DKK 1,956 million in Q1
2024/25. Retail sales were up by 5.8% to DKK
2,037 million.
Total revenue grew DKK 118 million compared to
Q1 2024/25, Matas and Other grew combined DKK
75 million or 6.1%. The remaining growth of DKK 43
million derived from KICKS, and KICKS grew 2.3%
currency neutral. KICKS excluding Skincity grew
7.8% currency neutral, and KICKS online excluding
Skincity grew 22.4% in Q1 2025/26.
Matas Group delivered growth within all catego-
ries and channels in Q1 2025/26 compared to Q1
2024/25.
The number of transactions increased by 3.4% to
9.2 million compared to 8.9 million in Q1 2024/25,
while the average basket size increased by 1.0% to
DKK 222 per transaction compared to Q1 last year
currency neutral.
Revenue Q1 2025/26
Q1 revenue by categories and sales channels
(DKKm)
Q1
2025/26
Q1
2024/25
Growth
(%)
Currency
neutral
Q1
2024/25
Growth
currency
neutral
(%)
Categories
High-end Beauty 978 958 2.0% 976 0.1%
Mass Beauty 630 581 8.4% 588 7.1%
Health and Wellbeing 382 361 5.9% 361 5.9%
Other categories 47 26 81.2% 26 81.2%
Retail revenue 2,037 1,926 5.8% 1,951 4.4%
Retail revenue by category (%)
High-end Beauty 48% 50% 50%
Mass Beauty 31% 30% 30%
Health and Wellbeing 19% 19% 19%
Other categories 2% 1% 1%
100% 100% 100%
Sales channels
Physical stores 1,371 1,327 3.3% 1,345 1.9%
Online 666 599 11.1% 606 9.7%
Wholesale 37 30 23.9% 30 23.9%
Total revenue 2,074 1,956 6.0% 1,981 4.7%
Revenue by sales channel (%)
Physical stores 66% 68% 68%
Online 32% 30% 31%
Wholesale 2% 2% 1%
100% 100% 100%
Revenue by sales channel (%)
Retail revenue by category (%)
Interim report Q1 2025/26
8
Performance by category
High-end Beauty and Mass Beauty accounted for
78.9% or DKK 1,608 million of the retail revenue,
compared to 79.9% in Q1 2024/25.
Mass Beauty was one of the primary growth
drivers with DKK 49 million or 8.4% growth
compared to Q1 2024/25.
Sales of make-up and skincare recorded ongoing
significant growth during the quarter, with the
new brand e.l.f. contributing substantially to this
growth.
Health and Wellbeing grew 5.9% during the
quarter, driven by Matas where training equip-
ment grew 29% and dermatological skincare grew
25% compared to Q1 2024/25.
Revenue from Other categories almost doubled in
Q1 2025/26 compared to 2024/25, but from a low
base and driven by new categories.
For Matas and Other, the in-house brands sales,
including Striber, Nilens Jord, Flora Danica, Miild
and BeautyAct by KICKS, accounted for DKK 207
million or 15.7% of the total revenue in Q1 2025/26,
growing DKK 11 million compared to Q1 2024/25.
For KICKS the private label sales accounted for
5.6% of the KICKS total revenue for Q1 2025/26.
Overall, in-house brands sales for the Group
accounted for 12.0% of the total revenue in Q1
2025/26 compared to 10.0% in Q1 2024/25.
Categories
Matas Group is characterised by its wide assortment of beauty, personal
care, health, wellbeing and problem-solving household products. This
broad product range creates a unique one-stop retail value proposition
for the Group's customers in the shape of four categories.
High-end Beauty
Luxury beauty products, including
cosmetics, skin and haircare prod-
ucts and fragrances. High-end
Beauty is the largest category in
KICKS.
Mass Beauty
Everyday beauty products and
personal care, including cosmetics,
skin and haircare products.
Health and Wellbeing
MediCare (OTC medicine and nursing
products). Vitamins, minerals, health
supplements, specialty foods and
herbal medicinal products. Sports,
nutrition and exercise. Baby and
Parent. Sexual wellness, Personal
care products (oral, foot and intimate
care and hair removal) and special
skincare.
Other
Clothing and accessories (footwear,
hair ornaments, jewellery, toilet bags,
etc.). House and gardening (cleaning
and maintenance, electrical prod-
ucts, interior decoration and textiles)
and other.
Interim report Q1 2025/26
9
Sales channels
At 30 June 2025, Matas consisted of
265 physical stores (30 June 2024:
265) – 264 stores in Denmark and
one on the Faroe Islands. In addition,
Matas has one associated store in
Greenland. KICKS consisted of 230
physical stores at 30 June 2025 (30
June 2024: 229). 66% of Q1 2025/26
revenue was generated by the
Group’s 495 physical stores (68% in
Q1 2024/25 currency neutral).
The Group is present online through
matas.dk and kicks.se/.no/.fi as well as
nilensjord.dk and several web shops
operated by Firtal. 32% of conso–
lidated revenue was in Q1 2025/26
generated through Matas Group’s
online channels (31% in Q1 2024/25
currency neutral).
Wholesale mainly consists of whole-
sale from Web Sundhed, Grænn and
international wholesale of Matas’
house brands in Germany and UK.
Wholesale accounted for 2% of
revenue for the quarter (1% in Q1
2024/25 currency neutral).
Performance by sales channel
Physical stores grew revenue by 3.3% or DKK
44 million to DKK 1,371 million compared to Q1
2024/25. Matas grew revenues in stores by 1.2%,
with the same number of stores as Q1 2024/25.
KICKS revenues from stores grew 3.0% currency
neutral in Q1. KICKS had one additional store since
Q1 2024/25. The number of stores end of June
was 265 in Matas and 230 in KICKS.
Like-for-like, Matas stores grew 1.0% and KICKS
stores grew 2.2% in the quarter dragged by fewer
sales days due to timing of Easter.
Online sales were up by 11.1% or DKK 67 million to
DKK 666 million. Matas and Other online busi-
ness grew combined 14.7%. KICKS online business
grew 0.5% currency neutral in Q1. KICKS online
excluding Skincity grew 22.4% in Q1 currency
neutral. Group online excluding Skincity grew
17.0% in Q1 currency neutral. Overall, online sales
accounted for 32.1% of Q1 2025/26 revenue
against 30.6% in Q1 2024/25.
In Q1 2025/26, wholesale increased by DKK 7
million to DKK 37 million, mainly driven by Web
Sundhed.
Interim report Q1 2025/26
10
Gross margin
Gross profit for Q1 2025/26 amounted to DKK 955
million, up from DKK 903 million in Q1 2024/25
(DKK 915 million currency neutral).
Gross margin was 46.0% in the quarter, compared
to 46.2% Q1 last year currency neutral. The under-
lying gross margin was positive, adjusting for
higher cost of goods sold in KICKS, as the SEK
strengthened against NOK and EUR, decreasing
the gross margin in Norway and Finland. Further,
the gross margin in KICKS was also impacted by
price initiatives and the closedown of Skincity.
Matas improved gross margin, due to assortment
expansion and product mix.
Total operating expenses
Adjusted for special items, overall costs (other
external costs and staff costs) accounted for
31.8% of revenue in Q1 2025/26 against 31.6% in Q1
2024/25 currency neutral.
Other external cost
Other external costs amounted to DKK 237 million
in Q1 2025/26 or 11.4% of revenue, up from DKK
219 million in Q1 2024/25 equal to 11.1% of revenue
currency neutral.
Costs and operating performance Q1 2025/26
Other external costs increased by DKK 18 million
reflecting variable cost of sales from KICKS' and
Matas' continuing digital growth and execution of
the assortment expansion, as well as incremental
marketing to drive growth initiatives and ramp up
to full operation of Matas' Logistics Center.
Staff cost
Staff cost amounted to DKK 422 million in Q1
2025/26 against DKK 407 million in Q1 2024/25
currency neutral. The staff cost accounted
for 20.4% of the revenue in Q1 2025/26 and
compared to 20.5% for Q1 2024/25 currency
neutral, driven by volume growth and wage infla-
tion offset by cost synergies.
Other operating income
Other operating income amounted to DKK 6
million in Q1 2025/26 and on par with Q1 2024/25.
Other operation income is mainly income relating
to media income from suppliers in respect of sale
of data services.
EBITDA before special items
EBITDA before special items came to DKK 302
million in Q1 2025/26 against DKK 293 million in
Q1 2024/25. The EBITDA margin was negatively
impacted by 0.4% due to higher cost of goods
sold in Norway and Finland from strengthening
Costs
(DKKm)
Q1
2025/26
Q1
2024/25
Growth
(%)
Currency
neutral Q1
2024/25
Growth
currency
neutral (%)
Other external costs 237 216 10.0% 219 8.2%
As a percentage of revenue 11.4% 11.0% 11.1%
Staff costs 422 399 5.8% 407 3.9%
As a percentage of revenue 20.4% 20.4% 20.5%
SEK, ending at 14.5% in the quarter against 15.0%
Q1 last year (14.9% currency neutral).
Special items
Special items for the Group amounted to 5 million
in Q1 2025/26, down from DKK 17 million in Q1
2024/25. The costs relate to other external costs
and staff costs associated with the integration of
KICKS.
EBITDA
EBITDA came to DKK 297 million against DKK 276
million in Q1 2024/25.
Depreciation, amortisation
and impairment
The total depreciation, amortisation and impairment
charges amounted to DKK 161 million in Q1 2025/26
which was on par with Q1 2024/25 currency neutral.
Net financials
Net financial expenses were up by DKK 12 million
to DKK 54 million in Q1 2025/26 mainly due to
unrealised losses from currency adjustments.
Profit for the period after tax
Profit for the period amounted to DKK 64 million
after tax, against DKK 59 million in Q1 2024/25
(DKK 58 million currency neutral). Earnings per
share increased to DKK 1.67 in Q1 2025/26, from
DKK 1.51 currency neutral in Q1 2024/25.
Adjusted profit for the period after tax
Profit Adjusted profit after tax amounted to DKK
74 million in Q1 2025/26 compared to DKK 85
million in Q1 204/25 (DKK 86 million currency
neutral). The profit was higher Q1 last year due to
adjustment for higher special items.
Interim report Q1 2025/26
11
Statement of cash flows
Cash generated from operations was an inflow of
DKK 471 million in Q1 2025/26 against an inflow of
DKK 241 million in Q1 2024/25 corresponding to an
increase of DKK 230 million related to decrease
in working capital, mainly due to increase in trade
payables in Q1 2025/26.
For Q1 2025/26, cash flows from investing acti–
vities were an outflow of DKK 100 million against
an outflow of DKK 194 million in Q1 2024/25 which
included construction of Matas' Logistics Center.
The Q1 2025/26, free cash flow was an inflow of
DKK 371 million compared to an inflow of DKK 32
million in Q1 2024/25 reflecting improved working
capital and a more normalised investment level.
Statement of financial position
30 June 2025 vs. 30 June 2024
Total assets amounted to DKK 9,629 million on 30
June 2025, up from DKK 8,943 million at 30 June
2024.
Cash flows
(DKKm)
Q1
2025/26
Q1
2024/25
Growth
(%)
Cash generated from operations 471 241 95.5%
Cash flow from investing activities excl. acquisitions of
subsidiaries (100) (194) (48.2%)
Free cash flow excl. acquisitions of subsidiaries 371 47 688.8%
Acquisition of subsidiaries and operations - (15) -
Free cash flow 371 32 1,058.5%
Cash flows from financing activities (315) (10) 3,046.4%
Non-current assets increased by DKK 350 million
to DKK 6,884 million mainly due to completion of
Matas' Logistics Center. Current assets totalled
DKK 2,745 million, a year-on-year rise of DKK 336
million, driven by higher inventories.
Inventories amounted to DKK 2,316 million at 30
June 2025 which is an increase of DKK 282 million
compared to 30 June 2024. KICKS accounted
for DKK 1,040 million. Inventories accounted for
27.2% of LTM revenue at 30 June 2025 compared
to 25.4% at 30 June 2024. Excluding KICKS,
inventories accounted for 24.0% of LTM revenue
at 30 June 2025 compared to 23.1% at 30 June
2024. The inventory increase reflects assortment
expansion at Matas and transition to Matas' new
logistics center.
Trade receivables increased by DKK 10 million
to DKK 110 million. KICKS accounted for DKK 67
million. Trade payables is up by DKK 42 million
year-on-year. KICKS accounted for DKK 431 million
of total trade payables of DKK 1,295 million.
Net working capital excluding deposits amounted
to DKK 645 million at 30 June 2025 against DKK
441 million at 30 June 2024. The increase is due
to higher inventory of which more than half was
financed with supplier debt.
Cash and cash equivalents amounted to DKK 136
million, down from DKK 154 million the year before.
Equity amounted to DKK 3,685 million at 30 June
2025 compared to DKK 3,462 million at 30 June
2024.
Net interest-bearing debt amounted to DKK 3,622
million at 30 June 2025, a year-on-year increase
of DKK 360 million. The gearing ratio was 2.96
times LTM EBITDA before special items, which is in
line with our long-term target of a level between
2 and 3. In May 2025, Matas Group successfully
refinanced at competitive terms, securing funds
for future growth, and improving our financing
package with DKK 1,000 million.
Gross interest-bearing debt stood at DKK 3,758
million at 30 June 2025, including lease liabili-
ties of DKK 1,168 million. At 30 June 2024 gross
interest-bearing debt stood at DKK 3,416 million,
including lease liabilities of DKK 1,159 million.
At 30 June 2025, the Company’s share capital
consisted of 38,291,492 shares of DKK 2.50
each, corresponding to a share capital of DKK
95,728,730.
In June 2025, 64,000 own shares were purchased
under the Share buy-back programme announced
on 16 June 2025. The purpose of the programme
is to reduce the Company's share capital and
meeting opligations under long-term incen-
tive programmes. 287,672 treasury shares were
vested in the period under review in connec-
tion with the exercise of the 2022/23 incentive
programme. Matas held 93,802 treasury shares at
30 June 2025.
Return on invested capital
The LTM return on invested capital before tax was
8.9% at 30 June 2025 against 10.2% at 30 June
2024.
ROIC before tax excluding goodwill was 20.8%
at 30 June 2025 against 31.7% at 30 June 2024
which did not include full year effect of KICKS
acquisition.
Events after the date of financial position
No subsequent events have occurred that materi-
ally affect the Matas Group's financial position.
Significant risks
Matas Group is exposed to operational risks
affecting the retail industry in general as well as
in the health and beauty industry. If the current
macroeconomic environment leads to a slowing
down of the economic activity, Matas Group’s
business could suffer. In addition, Matas Group is
to some extent exposed to financial risks such as
interest rate, liquidity, currency and credit risk.
Interim report Q1 2025/26
12
Executive Committee
Board of Directors
Interim report Q1 2025/26
13
(DKKm) Note
Q1
2025/26
Q1
2024/25
Revenue 4, 5 2,074 1,956
Cost of goods sold (1,119 ) (1,053 )
Gross profit 955 903
Other external costs (237 ) (216 )
Staff costs (422 ) (399 )
Other operating income and expenses, net 6 5
EBITDA before special items 302 293
Special items (5 ) (17 )
EBITDA 297 276
Depreciation, amortisation and impairment (161 ) (158 )
EBIT 136 118
Share of profit or loss after tax of associates 0 0
Financial income 0 2
Financial expenses (54 ) (44 )
Profit before tax 82 76
Tax on profit for the period (18 ) (17 )
Profit for the period 64 59
Currency adjustment of foreign entities and loan (11 ) (8 )
Fair value adjustment of hedging instruments (4 ) -
Tax on other comprehensive income 1 2
Other comprehensive income after tax (14 ) (6 )
Total comprehensive income 50 53
Distributed as follows:
Shareholders of Matas A/S 50 53
Minority shareholders 0 0
Earnings per share
Earnings per share, DKK 1.67 1.56
Diluted earnings per share, DKK 1.66 1.55
Statement of comprehensive income
Interim report Q1 2025/26
14
Statement of cash flows
(DKKm)
Q1
2025/26
Q1
2024/25
Profit before tax 82 76
Depreciation, amortisations and impairment 161 158
Other non-cash operating items, net 6 3
Share of profit or loss after tax of associates (0 ) (0 )
Financial income (0 ) (2 )
Financial expenses 54 44
Cash generated from operations before changes in working capital 303 279
Changes in working capital 168 (38 )
Cash generated from operations 471 241
Corporate tax paid - -
Cash flow from operating activities 471 241
Acquisition of intangible assets (40 ) (45 )
Acquisition of property, plant and equipment (60 ) (149 )
Acquisition of subsidiaries and operations - (15 )
Cash flow from investing activities (100 ) (209 )
Free cash flow 371 32
(DKKm)
Q1
2025/26
Q1
2024/25
Debt raised with credit institutions 2,689 195
Debt settled with credit institutions (2,772 ) -
Interest received 0 2
Interest paid (41 ) (44 )
Repayment of lease liabilities (107 ) (97 )
Dividend paid (76 ) (76 )
Option agreement, received - 10
Acquisition of shares (8 ) -
Cash flow from financing activities (315 ) (10 )
Net cash flow from operating, investing and financing activities 56 22
Currency adjustment 4 1
Cash and cash equivalents, beginning of period 76 131
Cash and cash equivalents, end of period 136 154
The above cannot be derived directly from the statement of comprehensive income and the statement of
financial position.
Interim report Q1 2025/26
15
Statement of financial position
(DKKm) Note 30 June 2025 30 June 2024 31 March 2025
ASSETS
Non-current assets
Goodwill 4,099 4,097 4,102
Trademarks and trade names 176 183 183
Software 257 261 253
Other intangible assets 80 112 86
Intangibles in progress 136 0 117
Total intangible assets 4,748 4,653 4,741
Property, plant and equipment
Lease assets 6 1,074 1,101 1,178
Land and buildings 431 107 107
Other fixtures and fittings, tools and equipment 246 133 103
Leasehold improvements 234 212 243
Plant in progress 77 264 510
Total property, plant and equipment 2,062 1,817 1,732
Investments in associates 1 1 1
Deferred tax 25 16 33
Deposits 47 46 48
Other securities and equity investments 1 1 1
Total other non-current assets 74 64 83
Total non-current assets 6,884 6,534 6,965
Current assets
Inventories 2,316 2,034 2,269
Trade receivables 110 100 93
Corporate tax receivable 18 7 19
Other receivables 26 34 22
Prepayments 139 80 130
Cash and cash equivalents 136 154 76
Total current assets 2,745 2,409 2,609
Total assets 9,629 8,943 9,574
(DKKm) Note 30 June 2025 30 June 2024 31 March 2025
EQUITY AND LIABILITIES
Equity
Share capital 96
Translation reserve 34
Treasury share reserve (12 )
(12 )
(39 )
Hedging reserve -
Retained earnings 3,566
Dividend proposed for the financial year -
Equity, shareholders in Matas A/S 3,684
Non-controlling interests 1
Total equity 3,685
Liabilities
Deferred tax 206
Lease liabilities 6 770
Provisions 7 27
Credit institutions 2,590
Other payables 8 -
Total non-current liabilities 3,593
Credit institutions -
Lease liabilities 6 398
Provisions 7 6
Prepayments from customers 230
Dividend -
Trade payables 1,295
Corporate tax payable -
Other payables 8 422
Total current liabilities 2,351
Total liabilities 5,944
Total equity and liabilities 9,629
Interim report Q1 2025/26
16
Statement of changes in equity
(DKKm)
Share
capital
Translation
reserve
Treasury
share
reserve
Hedging
reserve
Proposed
dividend
Retained
earnings Total
Minority
interests Total equity
Equity at 1 April 2025 96 45 (39 ) 3 76 3,534 3,715 1 3,716
Other comprehensive income - (11 ) - (4 ) - - (15 ) - (15 )
Tax on currency adjustment of foreign entities and loan - - - 1 - - 1 - 1
Other comprehensive income - (11 ) - (3 ) - - (14 ) - (14 )
Profit for the period - - - - - 64 64 0 64
Total comprehensive income - (11 ) - (3 ) - 64 50 0 50
Transactions with owners
Dividend paid - - - - (76 ) - (76 ) - (76 )
Dividend on treasury shares - - - - 0 - 0 - 0
Exercise of incentive programme - - - - - 3 3 - 3
Acquisition of own shares - - (8 ) - - - (8 ) - (8 )
Share-based payment - - 35 - - (35 ) - - -
Total transactions with owners - - 27 - (76 ) (32 ) (81 ) - (81 )
Equity at 30 June 2025 96 34 (12 ) - - 3,566 3,684 1 3,685
Interim report Q1 2025/26
17
(DKKm)
Share
capital
Translation
reserve
Treasury
share
reserve
Proposed
dividend
Retained
earnings Total
Minority
interests Total equity
Equity at 1 April 2024 96 17 (43 ) 76 3,315 3,461 1 3,462
Currency adjustment of foreign entities and loan - (8 ) - - - (8 ) - (8 )
Tax on currency adjustment of foreign entities and loan - 2 - - - 2 - 2
Other comprehensive income - (6 ) - - - (6 ) - (6 )
Profit for the period - - - - 59 59 - 59
Total comprehensive income - (6 ) - - 59 53 - 53
Transactions with owners
Dividend paid - - - (76 ) - (76 ) - (76 )
Dividend on treasury shares - - - (0 ) 0 - - -
Exercise of incentive programme - - 21 - (21 ) - - -
Option agreement* - - - - 10 10 - 10
Deferred acquisition** - - 10 - - 10 - 10
Share-based payment - - - - 3 3 - 3
Total transactions with owners - - 31 (76 ) (8 ) (53 ) - (53 )
Equity at 30 June 2024 96 11 (12 ) - 3,366 3,461 1 3,462
* In april, Matas completed an option agreement with the former owners of Firtal Group ApS and received an option premium payment of DKK 10 million which is recognised in the equity. The option allows the former owners to
acquire 20% of the shares in Firtal Group ApS for a predetermined amount. The option can be exercised from 1 May 2024 and expires 31 March 2029. After the option has been exercised, Matas has a right to acquire the shares at a
consideration calculated based on a predetermined formula with a cap. There will not be any impact on the Matas Group profit and loss accounts from the option agreement nor the shareholder agreement.
** Related to Web Sundhed.
Statement of changes in equity
Interim report Q1 2025/26
18
Notes
Note 1 – Accounting policies
The unaudited condensed consolidated interim financial statements have been prepared in accordance with IAS
34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and adopted by
the EU and additional Danish disclosure requirements for interim financial reporting of listed companies.
The accounting policies applied are consistent with the accounting policies set out in the Annual Report
2024/25.
Due to rounding, numbers presented throughout this report may not add up precisely to the totals, and percent
-
ages may not precisely reflect the absolute figures. The interim financial report is presented in Danish kroner
(DKK) and all amounts are in millions unless otherwise stated.
Matas Group presents financial measures in the interim financial report that are not defined according to
IFRS Accounting Standards. Matas Group believes these non-GAAP measures provide valuable information to
investors and Matas Management when evaluating performance. Since other companies may calculate these
differently from Matas, they may not be comparable to the measures used by other companies. These financial
measures should therefore not be considered to be a replacement for measures defined under IFRS Accounting
Standards. For definitions of the performance measures used by Matas, see page 210 Defitions of key financials
in the Annual Report 2024/25.
Changes of accounting policies
Matas Group has adopted all new or amended IFRS Accounting Standards and interpretations (IFRS IC) as
adopted by the EU and which are effective for the financial year beginning on 1 April 2025. The implementation of
these new or amended standards and interpretations have had no material impact on the consolidated financial
statements for the quarter.
The new standards that are not yet effective are not expected to have any material impact on Matas Group,
except for IFRS 18 Presentation and Disclosure in Financial Statements, which was issued in April 2024 and will be
effective from 2027, impacting presentation and disclosure of the financial statements. Matas Group is currently
evaluating the potential impact of this standard.
Note 2 – Accounting estimates and judgments
In preparing the condensed consolidated interim financial statements, Management makes various judgements,
accounting estimates and assumptions that form the basis of the presentation, recognition and measurement of
Matas Group’s assets and liabilities.
Matas Group has evaluated the value of its non-current assets. Based on current market information and fore
-
casts, no indications of impairment were identified, and the most recent impairment test conducted as of 31
March 2025 is still considered to include sufficient headroom. Given the uncertain macroeconomic environment,
Matas Group will continue assessing the value of the assets. Matas Group has also consider ed the recoverability
of accounts receivable and the inventory value and has not identified any impairment writedown.
Note 3 – Seasonality
The Group’s activities in the interim period were only to a limited extent affected by seasonal fluctuations.
Interim report Q1 2025/26
19
Notes
Note 4 – Segment information
The Group's gross profit and assets are segmented in banners and on the basis of geographical regions in
accordance with the Management reporting for the current year.
Matas Group comprises of three segments; Matas, KICKS and Other (Firtal, Grænn and Web Sundhed). Manage
-
ment monitors the profitability of the operating segments separately for the purpose of making decisions about
resource allocation and performance management.
Segment results are measured at gross profit as presented in the table below. Group costs are currently not
separated from the segments below gross profit, which is the reason why Management when looking at financial
performance below gross profit is looking at the consolidated Group figures
(DKKm)
Matas
Q1 2025/26
KICKS
Q1 2025/26
Other
Q1 2025/26
Total
Q1 2025/26
Revenue 1,172 757 145 2,074
Cost of goods sold (614) (430) (75) (1,119)
Gross profit 558 327 70 955
Gross margin 47.7% 43.1% 48.1% 46.0%
Other external costs (237)
Staff costs (422)
Other operating income and expenses, net 6
EBITDA before special items 302
Special items (5)
EBITDA 297
(DKKm)
Matas
Q1 2024/25
KICKS
Q1 2024/25
Other
Q1 2024/25
Total
Q1 2024/25
Revenue 1,113 714 129 1,956
Cost of goods sold (599) (391) (63) (1,053)
Gross profit 514 323 66 903
Gross margin 46.1% 45.3% 51.1% 46.1%
Other external costs (216)
Staff costs (399)
Other operating income and expenses, net 5
EBITDA before special items 293
Special items (17)
EBITDA 276
Interim report Q1 2025/26
20
Notes
Note 5 – Revenue
(DKKm)
Matas
Q1 2025/26
KICKS
Q1 2025/26
Other
Q1 2025/26
Total
Q1 2025/26
Retail sales, physical stores 827 544 - 1,371
Retail sales, online 342 213 111 666
Wholesale 3 - 34 37
Total revenue 1,172 757 145 2,074
In Q1 2025/26, 32% of Matas Group’s revenue was generated by its online channels, compared to 30% in the
year-earlier period.
(DKKm)
Matas
Q1 2024/25
KICKS
Q1 2024/25
Other
Q1 2024/25
Total
Q1 2024/25
Retail sales, physical stores 817 510 - 1,327
Retail sales, online 294 214 101 599
Wholesale 2 - 28 30
Total revenue 1,113 714 129 1,956
Revenue break-down by product groups is as follows:
(DKKm)
Matas
Q1 2025/26
KICKS
Q1 2025/26
Other
Q1 2025/26
Total
Q1 2025/26
High-end Beauty 421 557 0 978
Mass Beauty 416 191 23 630
Health and Wellbeing 293 2 87 382
Other categories 39 7 1 47
Wholesale sales, etc. 3 - 34 37
Total revenue 1,172 757 145 2,074
Note 5 – Revenue continued
(DKKm)
Matas
Q1 2024/25
KICKS
Q1 2024/25
Other
Q1 2024/25
Total
Q1 2024/25
High-end Beauty 413 545 0 958
Mass Beauty 392 169 20 581
Health and Wellbeing 281 0 80 361
Other categories 25 0 1 26
Wholesale sales, etc. 2 - 28 30
Total revenue 1,113 714 129 1,956
Revenue from sales of products through stores is recognised when a store sells the product to the customer.
Payment is usually received when the customer receives the product, or, if the customer pays by credit card, a
few days later. Revenue from sales through web shops is recognised and payment is received when the product
is available for the customer. The Group does not have any sale of services.
A small proportion of Matas Group’s revenue is invoiced, e.g. wholesale sales, in which connection a receivable is
recognised.
Income from the sale of gift vouchers is reconised as revenue upon redemption, alternatively upon expiry of the
validity period. In estimating the redemption rate, Matas Group considers breakage which represents the portion
of gift vouchers issued that will never be redeemed.
For the customer loyalty programme at Matas and KICKS, a performance obligation is recognised at the date
of recognition of the sale triggering the allocation of loyalty points. The performance obligation is measured at
the estimated fair value of the points allocated and amounted to DKK 71 million at 30 June 2025 (30 June 2024:
DKK 69 million). The estimated fair value is inherently subject to some uncertainty with respect to actual future
redemption and considering the flexibility of the customer loyalty programme. Revenue is recognised when the
customer uses points, usually over an average period of three months.
Customers have the option of returning products, but the volume of returns at 30 June 2025 was insignificant as
was the amount of guarantee commitments, similar to last year.
Interim report Q1 2025/26
21
Notes
Note 6 – Leases
Matas Group's lease assets are as follows:
(DKKm)
30 June
2025
30 June
2024
31 March
2025
Store leases 900 934 993
Administration and warehouse buildings, etc. 167 160 179
Cars and other leases 7 7 6
Total lease assets 1,074 1,101 1,178
Matas Group’s lease liabilities are as follows:
(DKKm)
30 June
2025
30 June
2024
31 March
2025
Non-current liabilities 770 795 870
Current liabilities 398 364 404
Total lease liabilities 1,168 1,159 1,274
Most store leases in Denmark are evergreen contracts as defined in the Danish Business Lease Act and are
consequently subject to terms of notice of 3-12 months. Commercial renting of shops, etc., in the other Nordic
countries are not similar to the practice in Denmark, as extensions take place at fixed intervals and with fixed
deadlines for termination/extension. This has been accounted for in recognising the KICKS leases.
Depreciation as set out below is recognised in the statement of comprehensive income:
(DKKm)
Q1
2025/26
Q1
2024/25
Store leases, etc. 85 79
Administration and warehouse buildings, etc. 8 9
Cars and other leases 1 1
Total depreciation of lease assets 94 89
Lease payments in the amount of DKK 107 million were made in Q1 2025/26 (Q1 2024/25: DKK 97 million).
Interest in the amount of DKK 13 million was expensed in Q1 2025/26 (Q1 2024/25: DKK 13 million).
Matas Group is the lessee of a limited number of premises. For some of these leases, the rent is fully or partially
based on revenue.
Revenue-based rent is not comprised by IFRS 16 and is therefore not included in the above tables. Revenue-
based rent is, as before, recognised under other external costs and amounted to DKK 6 million in Q1 2025/26
(Q12024/25: DKK 9 million).
A total of DKK 1 million in Q1 2025/26 (Q1 2024/25: DKK zero million) was recognised in the statement of compre
-
hensive income regarding short-term, leases and leases of low-value assets. Lease liabilities relating to non-
recognised short- term leases and leases of low-value assets amounted to DKK 2 million at 30 June 2025 (30
June 2024: DKK 1 million).
Interim report Q1 2025/26
22
Notes
Note 7 – Provisions
(DKKm)
30 June
2025
30 June
2024
31 March
2025
Included in non-current liabilities
Obligation for reinstatement of tenancies 27 28 28
Total provision, non-current 27 28 28
Included in current liabilities
Restructuring provisions 6 8 2
Total provision, current 6 8 2
Note 8 – Other payables
(DKKm)
30 June
2025
30 June
2024
31 March
2025
Other non-current payables
Contingent consideration and
deferred purchase price - 5 5
Total other non-current payables - 5 5
Other current payables
VAT payable 109 83 79
Holiday pay obligations etc. 126 127 131
Pay-related liabilities 160 103 173
Contingent consideration and deferred purchase price 6 10 -
Other creditors 21 6 1
Total other current payables 422 329 384
Note 9 – Transactions with related parties
Matas Group's related parties comprise the companies' board of directors and executive boards and their
related family members. Further, related parties comprise companies in which the above-mentioned persons
have significant interest as well as associates.
Pursuant to Matas A/S’ Remuneration Policy, a total of 287,672 Performance Share Units (PSUs) related to the
Company’s long-term incentive programme (LTIP) for 2022/23 were vested at 13 June 2025.
PSUs were vested at 150% of the original grant. Based on a closing price at 12 June 2025 of DKK 137.8 per share,
the total value of vested PSUs amounted to DKK 40 million.
On 30 June 2025, a total of 162,714 PSUs have been granted to the Executive Committee and other executives
related to the long-term incentive programme for 2025/26. The value of the PSUs with the maximum achieve
-
ment of KPIs amounts to DKK 32 million at the closing price on 27 June 2025 of DKK 131.2 per share.
Related party transactions with associates recognised in the income statement and the statement of financial
position.
(DKKm)
Q1
2025/26
Q1
2024/25
Revenue 0 0
Other external costs (3) (3)
Receivables 1 1
Trade payables 0 0
Note 10 – Subsequent events
No subsequent events have occurred that materially affect the Matas Group's financial position.
Interim report Q1 2025/26
23
Interim financial highlights
(DKKm)
Q1
2025/26
Q4
2024/25
Q3
2024/25
Q2
2024/25
Q1
2024/25
Statement of
comprehensive income
Revenue 2,074 1,878 2,694 1,851 1,956
Gross profit 955 870 1,245 852 903
EBITDA 297 202 473 238 276
EBIT 136 49 317 81 118
Net financials (54) (38) (51) (50) (42)
Profit before tax 82 11 266 31 76
Profit for the period 64 (3) 201 24 59
Statement of financial position
Total assets 9,629 9,574 9,604 9,284 8,943
Total equity 3,685 3,716 3,676 3,501 3,462
Net working capital 645 799 492 656 441
Net interest-bearing debt 3,622 3,825 3,235 3,478 3,262
Statement of cash flows
Cash flow from operating activities 471 (125) 560 39 241
Investments in tangible assets (60) (94) (126) (108) (149)
Cash flow from investing activities (100) (181) (183) (144) (209)
Free cash flow 371 (306) 377 (105) 32
Acquisitions of subsidiaries and
operations - - - - (15)
Free cash flow excl. acquisitions of
subsidiaries and operations 371 (306) 377 (105) 47
Net cash flow from operating,
investing and financing activities 56 (378) 352 (54) 22
(DKKm)
Q1
2025/26
Q4
2024/25
Q3
2024/25
Q2
2024/25
Q1
2024/25
Key performance indicators
Number of transactions (millions) 9.2 8.7 11.6 8.6 8.9
Average basket size (DKK) 222 211 230 212 217
Total retail floor space
(thousands of square metres) 108.1 108.0 107.3 106.9 106.1
Avg. revenue per square metre
(DKK thousands) - LTM 79.0 78.3 77.6 76.3 74.9
Proforma revenue currency neutral
growth 6.0% 7.2% 7.5% 6.8% 6.1%
Adjusted figures
EBITDA 297 202 473 238 276
Special items included in EBITDA (5) (14) (1) 5 (17)
EBITDA before special items 302 216 474 233 293
Depreciation of property, plant and
equipment and amortisation of
software (152) (143) (147) (147) (148)
EBITA before special items 150 73 327 86 145
Adjusted profit after tax 74 15 210 26 85
Gross margin 46.0% 46.4% 46.2% 46.0% 46.1%
EBITDA margin 14.3% 10.7% 17.6% 12.8% 14.1%
EBITDA margin before special items 14.5% 11.5% 17.6% 12.6% 15.0%
EBITA margin before special items 7.2% 3.9% 12.1% 4.6% 7.4%
EBIT margin 6.5% 2.6% 11.7% 4.4% 6.0%
Interim report Q1 2025/26
24
Additional information
Contacts
Gregers Wedell-Wedellsborg
Group CEO, phone +45 48 16 55 55
Per Johannesen Madsen
Group CFO, phone +45 48 16 55 55
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
Company information
Matas A/S
Rørmosevej 1
DK-3450 Allerød,
Denmark
Phone: +45 48 16 55 55
www.matasgroup.com
Business reg. no.: 27 52 84 06
Forward-looking statements
This 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 Manage-
ment’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 commer-
cial 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.
Financial calendar 2025/26
12 November 2025 Interim Report - Q2 2025/26
9 January 2026 Trading update for Q3 2025/26
5 February 2026 Interim Report - Q3 2025/26
4 May 2026 Deadline for the Company’s share
-
holders to submit in writing requests
for specific proposals to be included
on the agenda for the Annual General
Meeting
19 May 2026 Annual Report 2025/26
16 June 2026 Annual General meeting 2025/26
Interim report Q1 2025/26
25
Design & production: Noted
Matas A/S
Phone: + 45 4 8 16 55 5 5
Business reg. no.: 27 52 84 06