(1 APRIL - 30 SEPTEMBER 2025)
Company announcement no. 34 2025/26, Allerød, 12 November 2025
Interim report H1 2025/26
Matas Group's Nordic strategy delivers profitable growth in Q2
3 Matas Group's Nordic strategy delivers
profitable growth – guidance maintained
4 Q2 2025/26 highlights
5 H1 2025/26 highlights
6 Key financials
8 Management’s review
10 Q2 2025/26 performance, costs and
operating performance
14 H1 2025/26 performance, costs and
operating performance
19 Statement by the Board of Directors and
the Executive Committee
20 Statement of comprehensive income
21 Statement of cash flows
22 Statement of financial position
23 Statement of changes in equity
25 Notes
31 Interim financial highlights
32 Additional information
Table of contents
Webcast
Matas Group will host a webcast for
investors and analysts on Wednesday,
12 November at 10:00 a.m. CET. 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 5003
NO: +47 2195 6342
UK: +44 203 769 6819
US: +1 646 787 0157
PIN for all countries: 915912
Link to webcast
https://matas-events.eventcdn.net/
events/q2-report-202526
Interim report H1 2025/26
2
Matas Group’s strategy to Win the Nordics
continued to deliver profitable growth in Q2
2025/26 with 5.0% revenue growth (4.4% currency
neutral) and EBITDA growing faster than revenue,
delivering an EBITDA margin before special items
of 12.7% adjusted for the currency impact on cost
of goods.
Customer transactions continued to increase, and
more members joined the loyalty clubs. Matas
Group continued the assortment expansion
with the launch of in-house brand Nilens Jord,
the number one make-up brand in Denmark, in
KICKS in Sweden, Norway and Finland. Nilens Jord
followed the successful launch of Matas Striber
in KICKS one year ago. KICKS also launched the
highly sought after beauty brand Charlotte Tilbury
online in all markets. In-house brands grew 8.0%
currency neutral in the quarter, after streamlining
our offering to focus on key in-house brands.
A common e-commerce platform was launched
in Q2, ensuring all customer facing websites in
Matas and KICKS are now on the same platform,
enabling scaling of initiatives across the Group
Matas Group's Nordic strategy delivers
profitable growth – guidance maintained
going forward. The e-commerce infrastructure
transition had effect on campaign activity in
Q2 2025/26, resulting in lower revenue growth
of approximately one percentage point for the
Group.
With two automated logistic centers in operation
and well stocked stores, Matas Group is now ready
for the all-important third quarter with Black Week
and Christmas trading. A trading update for Q3
2025/26 is scheduled for 9 January 2026.
The initial synergies of DKK >100 million full
run-rate by end of 2025/26 have been delivered.
5.0%
Revenue growth in Q2
(4.4% currency neutral)
12.7%
EBITDA margin before special
items in Q2, adjusted for
currency impact on cost of
goods (12.4% reported)
“We served 500,000 more shoppers in the first half of the financial year.
We continue to execute our strategy, outgrow the market, and improve
underlying margins – despite in-quarter headwinds from the planned
launch of a common Nordic e-commerce platform, currency movements,
and a warm Swedish summer impacting traffic to shopping malls. We
maintain our financial guidance for 2025/26.”
Gregers Wedell-Wedellsborg, Group CEO
Further synergies of DKK >50 million run-rate by
end of 2026/27 are on track.
Matas Group’s share buy-back programme of up
to DKK 140 million has been ongoing since June
2025. By end of Q2 2025/26, shares with a total
value of DKK 64 million have been acquired. The
programme is executed in accordance with the
Safe Harbour Regulation.
Financial guidance
Matas Group maintains the guidance for the
financial year 2025/26. Group revenue is
expected to grow between 3% and 7% currency
neutral*. The EBITDA margin before special
items is expected at 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.
* 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.
Interim report H1 2025/26
3
5.4
953
5.6
5.7
1,025
1,095
233
241
2.7
2.7
0.4
147
0.3
124
0.3
115
2.9
702
703
659
8.6
8.8
8.6
1,851
1,945
219
1,727
Q2
2023/24
proforma
Q2
2023/24
proforma
Q2
2023/24
proforma
Q2
2024/25
Q2
2025/26
Q2
2024/25
Q2
2025/26
Q2
2024/25
Q2
2025/26
Other* KICKS Matas Matas Group
• Matas Group's strategy to Win the Nordics is
delivering as expected with revenue growth of
5.0% (4.4% currency neutral) in Q2. Excluding
Skincity, revenue growth was 5.6%. EBITDA
before special items, adjusted for the currency
effect on cost of goods, grew 5.4%.
• Matas stand-alone growth in Q2 was 6.8%,
online was 16.8% and Matas stores grew 3.0%
like-for-like. KICKS stand-alone declined 1.4%
currency neutral. KICKS excluding Skincity
grew 1.4% currency neutral, and KICKS online
excluding Skincity grew 6.2% and stores
declined 0.8% like-for-like due to a warm
Swedish summer impacting traffic to shopping
malls. Other segment (Firtal, Grænn and Web
Sundhed) grew 18.3% with online growth at
13.4%.
• The number of transactions increased by
1.8% to 8.8 million compared to 8.6 million in
Q2 2024/25, while the average basket size
increased by 2.0% to DKK 217 per transaction
compared to Q2 last year currency neutral.
• Gross profit for Q2 2025/26 amounted to DKK
889 million, up from DKK 852 million in Q2
2024/25 (DKK 858 million currency neutral).
The gross margin was 45.7% in the quarter,
Q2 2025/26 highlights
compared to 46.0% last year (46.0% currency
neutral). Drivers in the lower margin were
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 impacted by
price initiatives and closedown of Skincity.
Matas improved the gross margin due to
assortment expansion and product mix.
• Other external costs amounted to DKK 249
million in Q2 2025/26, up from DKK 235 million
in Q2 2024/25 (DKK 237 million currency
neutral) driven primarily by higher marketing
cost and variable costs related to online
growth, both supporting long-term strategy.
• Q2 2025/26 staff costs amounted to DKK 404
million, up from DKK 389 million in Q2 2024/25
(DKK 392 million currency neutral) driven by
growth in volumes and wage inflation offset by
cost synergies.
• Special items amounted to DKK 11 million
net expense in Q2 2025/26 related to the
KICKS integration, compared to DKK 5 million
net income from a reversal of an accrual for
deferred acquisition cost in Q2 2024/25.
• EBITDA before special items came to DKK 241
million in Q2 2025/26 compared to DKK 233
million last year (currency neutral DKK 234
million), and the EBITDA margin before special
items was 12.4% in the quarter against 12.6%
last year (12.5% currency neutral). Adjusted for
the currency effect on cost of goods, EBITDA
margin before special items was 12.7% in Q2.
• The total depreciation, amortisation and
impairment charges amounted to DKK 160
million in Q2 2025/26, up by DKK 3 million
compared to last year.
• Profit for the period amounted to DKK 24 million
after tax compared to DKK 24 million last year
(currency neutral DKK 24 million).
• Free cash flow was an outflow of DKK 162 million
in Q2 2025/26 compared with an outflow of
DKK 105 million in Q2 2024/25. The increase
in outflow was mainly driven by changes in
working capital, reflecting wider assortment,
better product availability and timing of inven-
tory build-up for Q3.
Customer transactions
Millions
Revenue
DKKm
EBITDA before special items
DKKm
* ”Other” represents Firtal, Grænn and Web Sundhed
Interim report H1 2025/26
4
11.4
1,991
11.4
11.6
2,138
2,267
526
543
5.5
5.7
0.7
292
0.6
253
0.6
227
5.9
1,416
1,460
1,350
17.5
18.0
17.9
3,807
4,019
489
3,568
H1
2023/24
proforma
H1
2023/24
proforma
H1
2023/24
proforma
H1
2024/25
H1
2025/26
H1
2024/25
H1
2025/26
H1
2024/25
H1
2025/26
Other* KICKS Matas Matas Group
• Revenue grew 5.6% (4.6% currency neutral) in
H1 2025/26. Excluding Skincity, revenue grew
6.1%. EBITDA before special items grew 3.1% (2.7%
currency neutral). EBITDA before special items,
adjusted for the currency effect on cost of goods,
grew in line with revenue at 5.6%.
• Matas stand-alone growth in H1 was 6.0%.
Growth online was 16.7% and stores grew 2.0%
like-for-like. KICKS stand-alone grew 0.5%
currency neutral in H1. KICKS excluding Skincity
grew 4.6% currency neutral, and KICKS online
excluding Skincity grew 13.8% and stores grew
0.7% like-for-like. Other segment (Firtal, Grænn
and Web Sundhed) grew 15.3% in H1 with online
growth at 11.3%.
• For H1 2025/26, the number of transactions
increased by 2.6%, while the average basket size
grew 2.5% (1.5% currency neutral) to DKK 220
per transaction compared to H1 last year. The
number of transactions came to 18.0 million for
H1 compared to 17.5 million for H1 2024/25.
• Gross profit for H1 2025/26 amounted to DKK
1,844 million, up from DKK 1,755 million in H1
2024/25 (DKK 1,772 million currency neutral). The
gross margin was 45.9%, down from 46.1% in H1
2024/25 (46.1% currency neutral).
H1 2025/26 highlights
• The underlying gross margin was marginally
positive, though headwinds on cost of goods
sold in Norway and Finland for strengthened
SEK towards NOK and EUR. Further, the gross
margin in KICKS was impacted by price initi-
atives and the closedown of Skincity. Matas
improved its gross margin, due to assortment
expansion and product mix.
• Other external costs amounted to DKK 486
million in H1 2025/26, up from DKK 451 million in
H1 2024/25 (DKK 456 million currency neutral),
driven by incremental marketing to drive growth
initiatives and IT cost.
• H1 2025/26 staff costs amounted to DKK 826
million, up from DKK 788 million (DKK 798
million currency neutral) in H1 2024/25 driven
by volume growth and wage inflation offset by
cost synergies.
• Special items amounted to DKK 16 million in
H1 2025/26, compared to DKK 12 million in H1
2024/25, which mainly relates to the KICKS
integration.
• EBITDA before special items came to DKK 543
million in H1 2025/26 compared to DKK 526
million last year (currency neutral DKK 528
million), and the EBITDA margin before special
items was 13.5% in H1 against 13.8% last year
(13.7% currency neutral). EBITDA margin before
special items, adjusted for the currency effect
on cost of goods, was 13.9%.
• The total depreciation, amortisation and impair-
ment charges were DKK 321 million in H1 2024/25,
up by DKK 6 million compared to last year.
• Profit for the period amounted to DKK 88 million
after tax compared to DKK 83 million last year
(DKK 81 million currency neutral). The increase
reflects the continued growth of Matas Group.
• Free cash flow was an inflow of DKK 209 million in
H1 2025/26, reflecting a more normalised invest-
ment level in H1 2025/26, compared to an outflow
of DKK 73 million in H1 2024/25 which included
construction of Matas' Logistics Center.
Customer transactions
Millions
Revenue
DKKm
EBITDA before special items
DKKm
* ”Other” represents Firtal, Grænn and Web Sundhed
Interim report H1 2025/26
5
Key financials
(DKKm)
Q2
2025/26
Q2
2024/25
Growth
(%)
Currency
neutral
Q2
2024/25
Growth
currency
neutral
(%)
H1
2025/26
H1
2024/25
Growth
(%)
Currency
neutral
H1
2024/25
Growth
currency
neutral
(%)
Statement of comprehensive income
Revenue 1,945 1,851 5.0% 1,861 4.4% 4,019 3,807 5.6% 3,843 4.6%
Gross profit 889 852 4.3% 858 3.7% 1,844 1,755 5.0% 1,772 4.0%
EBITDA 230 238 (3.2)% 239 (3.5)% 527 514 2.5% 516 2.0%
EBIT 70 81 (13.0)% 81 (12.5)% 206 199 3.8% 197 4.8%
Net financials (39) (50) (21.2)% (50) (21.1)% (93) (92) 2.6% (92) 2.5%
Profit before tax 31 31 0.4% 31 1.6% 113 107 4.9% 105 6.8%
Profit for the period 24 24 1.7% 24 4.2% 88 83 5.5% 81 8.4%
Special items included in EBITDA (11) 5 (322.5) 5 (322.5)% (16) (12) 32.5% (12) 32.5%
EBITDA before special items 241 233 3.6% 234 3.3% 543 526 3.1% 528 2.7%
Adjusted profit after tax 39 26 53.3% 27 50%% 113 111 2.6% 113 0.6%
Statement of financial position
Total assets 9,977 9,284
Total equity 3,668 3,501
Net working capital 916 656
Net interest-bearing debt 3,869 3,478
Statement of cash flows
Cash flow from operating activities (61) 39 410 280
Cash flow from investing activities (101) (144) (201) (353)
Free cash flow (162) (105) 209 (73)
.
Interim report H1 2025/26
6
Key financials – continued
(DKKm)
Q2
2025/26
Q2
2024/25
Currency
neutral
Q2
2024/25
H1
2025/26
H1
2024/25
Currency
neutral
H1
2024/25
Ratios
Revenue growth 5.0% 44.0% 44.0% 5.6% 56.3% 56.3%%
Organic growth 5.0% 7.2% 7.2% 5.6% 6.7% 6.7%
Gross margin 45.7% 46.0% 46.0% 45.9% 46.1% 46.1%
EBITDA margin 11.8% 12.8% 12.8% 13.1% 13.5% 13.4%
EBITDA margin before special items 12.4% 12.6% 12.5% 13.5% 13.8% 13.7%
EBIT margin 3.6% 4.4% 4.3% 5.1% 5.2% 5.1%
Cash conversion (68.9)% (49.2)% 37.4% (10.2)%
Earnings per share, DKK 0.64 0.64 0.61 2.31 2.20 2.13
Diluted earnings per share, DKK 0.63 0.64 0.61 2.29 2.19 2.12
Share price, end of period, DKK 130.0 124.6
ROIC before tax including goodwill 8.7% 8.4%
ROIC before tax excluding goodwill 19.3% 21.1%
Net working capital as a percentage of
LTM revenue 10.6% 8.1%
Investments as a percentage of revenue 5.2% 7.8% 5.0 8.9%
Net interest-bearing debt/LTM EBITDA before special items 3.1 3.0
Number of transactions (millions)* 8.8 8.6 8.6 18.0 17.5 17.5
Average basket size (DKK)* 217 212 213 220 214 216
Number of stores 496 496
Club members Matas and KICKS (millions) 6.1 5.8
Club Matas Plus members (thousands) 110.6 111.5
Average number of employees (FTE) 3,311 3,468 3,304 3,414
* For definitions of key financials, see page 210 of the Annual Report 2024/25.
Interim report H1 2025/26
7
On 28 May 2024, Matas Group announced its new strategy, Win
the Nordics, in connection with the Annual Report for 2023/24
and the Capital Markets Day.
Win the Nordics is a growth strategy with six customer centric
strategic priorities for the mid-term to outgrow the market while
improving margins and building the long-term platform. The
strategy continued to progress as planned.
The initial synergies of DKK >100 million full run-rate by 2025/26
have been delivered. Further synergies of DKK >50 million
run-rate by end of 2026/27 are on track. The implementation of
a new Nordic organisation was completed in April 2024. Matas
Group has two automated logistic centers and is re-investing in
growth and capabilities, as well as in IT to support future growth
and margins.
Management’s review
Matas Group strategic priorities
All for you
Potential value creating M&A
Expand and
improve
portfolio of
in-house brands
Roll out
”one-stop”
offering and
concept
Take
e-commerce
market shares
and fuel omni
experience
Refresh,
upgrade
andopen
stores
Integrate
and share
to operate
efficiently
Build
long-term
platform and
culture
More for you Closer to you Stronger for you
Interim report H1 2025/26
8
Win the Nordics - Strategic initiatives in Q2 2025/26
Stronger for you
05 Integrate and share to operate efficiently
• After realising the initial synergies of DKK >100 million within
this financial year, we are on track to deliver further synergies
in 2026/27.
• Our new automated Matas Logistics Center (MLC) became
operational in April 2025. MLC is improving month by month,
and Matas Group now has two automated logistics centers
ready for the the all-important third quarter with Black Week
and Christmas trading.
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 maintain a
competitive advantage.
• A common e-commerce platform was launched in Q2,
ensuring all customer facing websites in Matas and KICKS
are now on the same platform, enabling scaling of initiatives
across the Group going forward. The e-commerce infra-
structure transition had effect on campaign activity in Q2
2025/26, resulting in lower revenue growth.
Closer to you
03 Take e-commerce market shares
and fuel omni experience
• Group online growth excluding Skincity was 12.5% in Q2
currency neutral. Online growth in Matas was 16.8%. KICKS
online excluding Skincity grew 6.2% in Q2.
• Matas.dk is ranked the second most popular webshop in
Denmark.
• In total, Matas Group has 6.1 million club members, with Matas
accounting for 2.1 million members and KICKS for 4.0 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.
• The Matas store NPS maintained the high level from Q2 last
year.
• Connected retail (sale of online products from the stores)
grew by double digits in Matas in Q2 compared to the same
period last year.
• KICKS opened two new stores in Q2, one in Globen Shopping
in Stockholm, with more than 1,000 people queuing outside,
and one in Manglerud in Norway. KICKS also expanded one
store in the shopping center Itis, Finland, doubling the size.
More for you
01 Roll out "one-stop" offering and concept
• Matas Group assortment expansion continued. Matas
launched 21 new brands and KICKS launched 20 new brands
in Q2 2025/26.
• Matas launched make-up brands Benefit and Too Faced, as
well as the Leander brand in the Baby and Parents category.
• KICKS launched the highly sought after beauty brand
Charlotte Tilbury online in all markets in September. In
October, Charlotte Tilbury was also launced in 16 selected
stores in Sweden.
• KICKS also launched the Quai brand in the professional Hair
category.
02 Expand and improve portfolio of in-house brands
• KICKS launched Matas' in-house brand Nilens Jord, the
number one make-up brand in Denmark, in Sweden, Norway
and Finland. Nilens Jord followed the successful launch of
Matas Striber in KICKS one year ago.
• KICKS in-house brands grew 13.2% in Q2 2025/26.
• Matas in-house brands grew 6.3% in Q2 2025/26, with Skin-
care, Wellness and Health as the main drivers. Matas' key
brands Matas Striber and Nilens Jord grew 12% and 9%,
respectively.
Interim report H1 2025/26
9
Online
Physical stores
Wholesale
High-end Beauty
Other categories
Mass Beauty
Health and Wellbeing
47
2
30
21
2025/26
Q2
66
32
2
2025/26
Q2
Q2 2025/26 performance, costs and operating performance
Revenue
Matas Group generated total revenue of DKK 1,945
million in Q2 2025/26, a year-on-year increase of
5.0% from DKK 1,851 million in Q2 2024/25. Retail
sales were up by 4.5% to DKK 1,907 million, mainly
driven by the online channel.
Total revenue grew DKK 94 million compared to
Q2 2024/25, Matas grew DKK 70 million or 6.8%.
KICKS grew DKK 1 million but decreased by 1.4%
currency neutral. KICKS excluding Skincity grew
1.4% currency neutral, and KICKS online excluding
Skincity grew 6.2% in Q2 2025/26. Other segment
grew DKK 23 million or 18.3% mainly driven by Firtal
Group.
The number of transactions increased by 1.8% to
8.8 million compared to 8.6 million in Q2 2024/25,
while the average basket size increased by 2.0% to
DKK 217 per transaction compared to Q2 last year
currency neutral.
Q2 2025/26 performance
Q2 revenue by categories and sales channels
(DKKm)
Q2
2025/26
Q2
2024/25
Growth
(%)
Currency
neutral
Q2
2024/25
Growth
currency
neutral
(%)
Categories
High-end Beauty 895 906 (1.2)% 913 (2.0)%
Mass Beauty 579 536 8.2% 539 7.5%
Health and Wellbeing 390 345 12.9% 345 12.9%
Other categories 43 38 13.5% 38 13.5%
Retail revenue 1,907 1,825 4.5% 1,835 3.9%
Retail revenue by category (%)
High-end Beauty 47% 50% 49%
Mass Beauty 30% 29% 30%
Health and Wellbeing 21% 19% 18%
Other categories 2% 2% 3%
100% 100% 100%
Sales channels
Physical stores 1,275 1,247 2.3% 1,254 1.7%
Online 632 578 9.3% 581 8.7%
Wholesale 38 26 41.3% 27 41.3%
Total revenue 1,945 1,851 5.0% 1,862 4.4%
Revenue by sales channel (%)
Physical stores 66% 67% 67%
Online 32% 31% 31%
Wholesale 2% 2% 2%
100% 100% 100%
Revenue by sales channel (%)
Retail revenue by category (%)
Interim report H1 2025/26
10
Performance by category
High-end Beauty and Mass Beauty accounted for
77.3% or DKK 1,474 million of the retail revenue,
compared to 79.0% in Q2 2024/25.
Other categories grew DKK 5 million equal to
13.5% but from a low base in Q2.
Health and Wellbeing was one of the primary
growth drivers with DKK 45 million or 12.9% growth
compared to Q2 2024/25.
The in-house brands sales, including Striber,
Nilens Jord, Flora Danica, Miild and BeautyAct
by KICKS, accounted for DKK 195 million or 17.8%
of the total revenue for Matas in Q2 2025/26,
growing 6.3% compared to Q2 2024/25.
For KICKS the in-house brands sales accounted
for 5.5% of the KICKS total revenue for Q2
2025/26, growing 13.2% currency neutral
compared to Q2 2024/25.
Overall, in-house brands sales for the Group
accounted for 12.5% of the total revenue in Q2
2025/26 compared to 12.1% in Q2 2024/25.
In-house brands grew 8.0% currency neutral in the
quarter.
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. Mother and
child. 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 pro-
ducts, interior decoration and
textiles) and other.
Performance by sales channel
Physical stores grew revenue by 2.3% or DKK
28 million to DKK 1,275 million compared to Q2
2024/25. Matas grew revenues in stores by 3.1%,
with 1 store less than Q2 2024/25. KICKS revenues
from stores declined 0.4% currency neutral in Q2.
KICKS had 1 additional store since Q2 2024/25.
The number of stores end of September was 265
in Matas and 231 in KICKS.
Like-for-like, Matas stores grew 3.0% and KICKS
stores declined 0.8% in the quarter due to a warm
Swedish summer impacting traffic to shopping
malls.
Online sales were up by 9.3% or DKK 54 million
to DKK 632 million for Q2 2025/26. Matas online
business grew 16.8%. KICKS online business
declined 3.7% currency neutral in Q2. KICKS online
excluding Skincity grew 6.2% in Q2 currency
neutral. Group online excluding Skincity grew
12.5% in Q2 currency neutral. The online business
in the Other segment grew DKK 13 million or 13.4%
mainly driven by Firtal Group. Overall, online sales
accounted for 32.5% of Q2 2025/26 revenue
against 31.2% in Q2 2024/25.
In Q2 2025/26, wholesale increased by DKK 12
million to DKK 38 million, mainly driven by Web
Sundhed.
Interim report H1 2025/26
11
Gross margin
Gross profit for Q2 2025/26 amounted to DKK
889 million, up from DKK 852 million (DKK 858
million currency neutral) in Q2 2024/25.
The gross margin was 45.7% in the quarter,
compared to 46.0% last year (46.0% currency
neutral). Drivers in the lower margin were higher
cost of goods sold in KICKS, as the SEK strength-
ened against NOK and EUR decreasing the gross
margin in Norway and Finland. Further, the gross
margin in KICKS was impacted by price initiatives
and closedown of Skincity. Matas improved the
gross margin due to assortment expansion and
product mix.
Total operating expenses
Adjusted for special items, overall costs (other
external costs and staff costs) increased in
line with revenues and accounted for 33.6% of
revenue in Q2 2025/26 against 33.7% the year
before and 33.7% currency neutral Q2 2024/25.
Other external costs
Other external costs amounted to DKK 249
million in Q2 2025/26 or 12.8% of revenue, up from
DKK 235 million in Q2 2024/25 equal to 12.7% of
revenue, (currency neutral DKK 237 million or
12.7% of revenue in Q2 2024/25).
Q2 2025/26 costs and operating performance
This increase was driven primarily by higher
marketing cost and variable costs related to online
growth, both supporting long-term strategy.
Staff costs
Staff costs amounted to DKK 404 million or 20.8%
of revenue in Q2 against DKK 389 million or 21.0% of
revenue in the year-earlier period, (currency neutral
DKK 392 million or 21.0% of revenue in Q2 2024/25).
The Q2 2025/26 increase in staff costs was driven
by growth in revenue and wage inflation offset by
synergies.
In Q2 2025/26, Matas Group had 3,311 full-time
employees, against 3,468 in the year-earlier period.
Other operating income
Other operating income amounted to DKK 5 million
in Q2 2025/26 and on par with Q2 2024/25. Other
operating 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 in Q2 2025/26 came
to DKK 241 million against DKK 233 million in Q2
2024/25 (DKK 234 million currency neutral). EBITDA
margin before special items was 12.4% in Q2
2025/26, against 12.6% in the year- earlier period
Costs
(DKKm)
Q2
2025/26
Q2
2024/25
Growth
(%)
Currency
neutral Q2
2024/25
Growth
currency
neutral (%)
Other external costs 249 235 5.9% 237 5.1%
As a percentage of revenue 12.8% 12.7% 12.7%
Staff costs 404 389 3.8% 392 3.1%
As a percentage of revenue 20.8% 21.0% 21.0%
(12.5% currency neutral). Adjusted for the currency
effect on cost of goods, the EBITDA margin before
special items was 12.7% in Q2.
Special items
Special items amounted to DKK 11 million net
expense in Q2 2025/26 related to the KICKS inte-
gration, compared to DKK 5 million net income
from a reversal of an accrual for deferred acquisi-
tion cost in Q2 2024/25.
EBITDA
EBITDA came to DKK 230 million against DKK 238
million in Q2 2024/25 (DKK 239 million currency
neutral).
Depreciation, amortisation and impairment
The total amortisation, depreciation and impair-
ment charges were up by DKK 3 million to DKK 160
million in Q2 2025/26, whereof DKK 5 million can
be allocated to Matas' Logistics Center.
Net financials
Net financial expenses decreased by DKK 11 million
to a net expense of DKK 39 million in Q2 2025/26,
due to lower interest level.
Profit for the period
Profit for the period amounted to DKK 24 million
after tax, compared to DKK 24 million in Q2
2024/25 (DKK 24 million currency neutral).
Adjusted profit for the period after tax
Adjusted profit after tax amounted to DKK 39
million in Q2 2025/26 compared to DKK 26 million
in Q2 2024/25 (DKK 27 million currency neutral).
The increase compared to Q2 last year was mainly
driven by special items.
Interim report H1 2025/26
12
Statement of cash flows
Cash generated from operating activities was an
outflow of DKK 61 million in Q2 2025/26 against
an inflow of DKK 39 million in Q2 2024/25 corre-
sponding to a decrease of DKK 100 million related
to negative development in working capital,
mainly due to increase in inventory in Q2 2025/26
reflecting wider assortment, better product availa-
bility and timing of inventory build-up for Q3.
For Q2 2025/26, cash flows from investing acti–
vities were an outflow of DKK 101 million against
an outflow of DKK 144 million in Q2 2024/25 which
included construction of Matas' Logistics Center.
The Q2 2025/26, free cash flow was an outflow
of DKK 162 million compared to an outflow of DKK
105 million in Q2 2024/25 reflecting net effects of
increased working capital and a more normalised
investment level.
Cash flows
(DKKm)
Q2
2025/26
Q2
2024/25
Cash generated from operating activities (61) 39
Cash flow from investing activities (101) (144)
Free cash flow excl. acquisitions of subs. (162) (105)
Acquisition of subsidiaries and operations - -
Free cash flow (162) (105)
Cash flows from financing activities 154 51
Interim report H1 2025/26
13
Online
Physical stores
Wholesale
High-end Beauty
Other categories
Mass Beauty
Health and Wellbeing
47
2
31
20
2025/26
H1
66
32
2
2025/26
H1
H1 2025/26 performance, costs and operating performance
Revenue
Revenue for H1 2025/26 amounted to DKK 4,019
million corresponding to an increase of DKK
212 million or 5.6% from the year-earlier period
(currency neutral increase of 4.5%), while Matas
sales grew by 6.0%, KICKS grew 0.5% currency
neutral and Other segment grew 15.3%.
Matas Group delivered growth within all catego-
ries and channels in H1 2025/26 compared to H1
2024/25.
For H1 2025/26, the number of transactions
increased by 2.6%, while the average basket size
grew 2.5% (1.5% currency neutral) to DKK 220
per transaction compared to H1 last year. The
number of transactions came to 18.0 million for H1
compared to 17.5 million for H1 2024/25.
Performance by category
For H1 2025/26, the beauty categories had the
highest absolute growth of DKK 106 million.
For Matas, the in-house brands sales, including
Striber, Nilens Jord, Flora Danica, Miild and
BeautyAct by KICKS, accounted for DKK 394
million or 17.4% of the total revenue in H1 2025/26,
growing 4.0% compared to H1 2024/25.
H1 2025/26 performance
H1 revenue by categories and sales channels
(DKKm)
H1
2025/26
H1
2024/25
Growth
(%)
Currency
neutral
H1
2024/25
Growth
currency
neutral
(%)
Categories
High-end Beauty 1,873 1,865 0.4% 1,890 (0.9)%
Mass Beauty 1,209 1,111 8.9% 1,121 7.9%
Health and Wellbeing 772 699 10.5% 699 10.4%
Other categories 90 76 17.5% 77 17.5%
Retail revenue 3,944 3,751 5.2% 3,787 4.1%
Retail revenue by category (%)
High-end Beauty 47% 50% 50%
Mass Beauty 31% 29% 30%
Health and Wellbeing 20% 19% 18%
Other categories 2% 2% 2%
100% 100% 100%
Sales channels
Physical stores 2,646 2,574 2.8% 2,599 1.8%
Online 1,298 1,177 10.2% 1,189 9.2%
Wholesale 75 56 32.2% 56 32.2%
Total revenue 4,019 3,807 5.6% 3,844 4.5%
Revenue by sales channel (%)
Physical stores 66% 68% 68%
Online 32% 31% 31%
Wholesale 2% 1% 1%
100% 100% 100%
Revenue by sales channel (%)
Retail revenue by category (%)
Interim report H1 2025/26
14
For KICKS, the in-house brands sales accounted
for 5.6% of the KICKS total revenue for H1 2025/26,
growing 0.4% currency neutral compared to H1
2024/25.
Overall, in-house brands sales for the Group
accounted for 12.3% of the total revenue in
H1 2025/26 compared to 12.4% in H1 2024/25.
In-house brands grew 4.1% currency neutral in H1
2025/26 compared to H1 2024/25.
Performance by sales channel
Physical stores grew revenue by DKK 72 million
or 2.8% (1.8% currency neutral), while online sales
were up by DKK 121 million or 10.2% (9.2% currency
neutral) and 14.8% currency neutral online growth
in H1 2025/26 excluding Skincity.
Like-for-like, Matas stores grew 2.0% and KICKS
stores grew 0.7% in H1 2025/26.
Matas online business grew DKK 94 million or
16.7% and KICKS online business grew DKK 4
million but declined 1.6% currency neutral in H1
2025/26. KICKS online excluding Skincity grew
13.8% in H1 2025/26. The online business in the
Other segment grew DKK 23 million or 11.3% mainly
driven by Firtal Group.
Wholesale reported a revenue increase of DKK 19
million to DKK 75 million for H1 2025/26, mainly
driven by Web Sundhed.
Sales channels
At 30 September 2025, Matas
consisted of 265 physical stores –
264 stores in Denmark and one on
the Faroe Islands. In addition, Matas
has one associated store in Green-
land. KICKS consisted of 231 physical
stores at 30 September 2025. 66% of
H1 2025/26 revenue was generated
by the Group’s 496 physical stores
(68% in H1 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 consol-
idated revenue was in H1 2025/26
generated through Matas Group’s
online channels (31% in H1 2024/25
currency neutral).
Wholesale mainly consists of whole-
sale from Web Sundhed, Grænn and
international wholesale of Matas’
house brands in Germany. Wholesale
accounted for 2% of revenue for H1
(1% in H1 2024/25 currency neutral).
Interim report H1 2025/26
15
Gross margin
Gross profit for H1 2025/26 amounted to DKK
1,844 million, up from DKK 1,755 million (DKK 1,772
million currency neutral) in H1 2024/25.
The gross margin was 45.9% in the quarter,
compared to 46.1% last year (46.1% currency
neutral). The underlying gross margin was margin-
ally positive, though headwinds on cost of goods
sold in Norway and Finland for strengthened SEK
towards NOK and EUR. Further, the gross margin
in KICKS was impacted by price initiatives and the
closedown of Skincity. Matas improved the gross
margin due to assortment expansion and product
mix.
Total operating expenses
Adjusted for special items, overall costs (other
external costs and staff costs) increased in
line with revenues and accounted for 32.7% of
revenue in H1 2025/26 against 32.6% the year
before and 32.7% currency neutral H1 2024/25.
Other external costs
Other external costs amounted to DKK 486 million
in H1 2025/26 or 12.1% of revenue, up from DKK 451
million in H1 2024/25 equal to 11.9% of revenue,
(currency neutral DKK 456 million or 11.9% of
revenue in H1 2024/25).
This was driven by higher variable costs from
Matas' and KICKS' continuing growth, incremental
marketing to drive growth initiatives and IT cost.
Staff costs
Staff costs amounted to DKK 826 million or 20.6%
of revenue in H1 against DKK 788 million or 20.7%
of revenue in the year-earlier period, (currency
neutral DKK 798 million or 20.8% of revenue in H1
2024/25). H1 2025/26 staff costs were negatively
impacted by revenue growth and wage infla-
tion offset by synergies, staffing in stores and
ramp-up of Matas' Logistics Center.
In H1 2025/26, Matas Group had 3,304 full-time
employees, against 3,414 in the year-earlier
period.
Other operating income
Other operating income amounted to DKK 11
million in H1 2025/26 against DKK 10 million in H1
2024/25.
EBITDA before special items
EBITDA before special items in H1 2025/26 came
to DKK 543 million against DKK 526 million in
H1 2024/25 (DKK 528 million currency neutral).
EBITDA margin before special items was 13.5%
in H1 2025/26, against 13.8% in the year- earlier
H1 2025/26 costs and operating performance
Costs
(DKKm)
H1
2025/26
H1
2024/25
Growth
(%)
Currency
neutral H1
2024/25
Growth
currency
neutral (%)
Other external costs 486 451 7.9% 456 6.6%
As a percentage of revenue 12.1% 11.9% 11.9%
Staff costs 826 788 4.8% 798 3.5%
As a percentage of revenue 20.6% 20.7% 20.8%
period (13.7% currency neutral). EBITDA margin
before special items, adjusted for the currency
effect on cost of goods, was 13.9% in H1.
Special items
Special items amounted to DKK 16 million in H1
2025/26, compared to DKK 12 million in H1 2024/25,
which mainly relates to the KICKS integration.
EBITDA
EBITDA came to DKK 527 million against DKK 514
million in H1 2024/25 (DKK 516 million currency
neutral).
Depreciation, amortisation and impairment
The total amortisation, depreciation and impair-
ment charges were up by DKK 6 million to DKK 321
million in H1 2025/26, whereof DKK 10 million can be
allocated to Matas' Logistics Center.
Net financials
Net financial expenses decreased by DKK 1 million
to a net expense of DKK 93 million in H1 2025/26.
Profit for the period
Profit for the period amounted to DKK 88 million
after tax, compared to DKK 83 million in H1
2024/25 (DKK 81 million currency neutral).
Adjusted profit for the period after tax
Adjusted profit after tax amounted to DKK 113
million in H1 2025/26 compared to DKK 111 million in
H1 2024/25 (DKK 113 million currency neutral).
Interim report H1 2025/26
16
Cash flows
(DKKm)
H1
2025/26
H1
2024/25
Cash generated from operating activities 410 280
Cash flow from investing activities (201) (353)
Free cash flow excl. acquisitions of subs. 209 (58)
Acquisition of subsidiaries and operations - (15)
Free cash flow 209 (73)
Cash flows from financing activities (161) 41
Statement of cash flows
Cash generated from operating activities was an
inflow of DKK 410 million in H1 2025/26 against
an inflow of DKK 280 million in H1 2024/25 corre-
sponding to an increase of DKK 130 million related
to positive development in working capital, mainly
due to increase in trade payables in H1 2025/26.
For H1 2025/26, cash flows from investing acti–
vities were an outflow of DKK 201 million against
an outflow of DKK 353 million in H1 2024/25 which
included construction of Matas' Logistics Center.
For H1 2025/26, free cash flow was an inflow of
DKK 209 million compared to an outflow of DKK 73
million in H1 2024/25 reflecting decreased working
capital and a more normalised investment level.
Interim report H1 2025/26
17
Statement of financial position
(at 30September 2025 vs.
30 September 2024)
Total assets amounted to DKK 9,977 million on
30 September 2025, up from DKK 9,284 million
at 30 September 2024.
Non-current assets increased by DKK 271 million
to DKK 6,850 million. Current assets totalled DKK
3,127 million, a year-on-year rise of DKK 422 million.
Inventories amounted to DKK 2,733 million at 30
September 2025 which is an increase of DKK
337 million compared to the end of H1 2024/25.
KICKS accounted for DKK 1,420 million. Inven-
tories accounted for 31.7% of LTM revenue at
30 September 2025 compared to 29.7% at 30
September 2024. Matas stand-alone inventories
accounted for 25.6% of LTM revenue at 30
September 2025 compared to Matas stand-alone
24.9% at 30 September 2024. The increase is
reflecting wider assortment, better product availa-
bility and timing of inventory build-up for Q3.
Trade receivables increased by DKK 32 million
to DKK 115 million. KICKS accounted for DKK 63
million. Trade payables were up by DKK 95 million
year-on-year. KICKS accounted for DKK 740
million of total trade payables of DKK 1,566 million.
Net working capital excluding deposits amounted
to DKK 920 million at 30 September 2025 against
DKK 656 million at 30 September 2024.
Cash and cash equivalents amounted to DKK 126
million, up from DKK 102 million the year before.
Equity amounted to DKK 3,668 million at 30
September 2025 compared to DKK 3,501 million
at 30 September 2024.
Net interest-bearing debt amounted to DKK 3,869
million at 30 September 2025, a year-on-year
increase of DKK 391 million. The gearing ratio
was 3.1 times LTM EBITDA before special items.
Gearing is temporarily above 3 times. The long-
term target between 2 and 3 remains unchanged.
In May 2025, Matas Group successfully refi-
nanced at competitive terms, securing funds
for future growth, and improving our financing
package with DKK 1,000 million.
Matas Group’s credit facility is subject to cove-
nants. Matas Group has complied with these
covenants since raising the facility.
The primary covenant that Matas Group has to
comply with is ratio of net interest-bearing debt
(NIBD) to LTM EBITDA before special items. The
covenant is measured on a quarterly basis. The
bank loans covered by the covenant are as of 30
September 2025 DKK 2,891 million (30 September
2024: DKK 2,457 million).
Gross interest-bearing debt stood at DKK 3,995
million at 30 September 2025, including lease
liabilities of DKK 1,104 million. At 30 September
2024, gross interest-bearing debt stood at DKK
3,580 million, including lease liabilities of DKK 1,123
million.
At 30 September 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. 471,113 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 obligations 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 500,915 treasury shares
at 30 September 2025.
Return on invested capital
The return on LTM invested capital before tax was
8.7% at 30 September 2025 against 8.4% at 30
September 2024.
ROIC before tax excluding goodwill was 19.3%
at 30 September 2025 against 21.1% at 30
September 2024.
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 H1 2025/26
18
Executive Committee
Board of Directors
Interim report H1 2025/26
19
(DKKm) Note
Q2
2025/26
Q2
2024/25
H1
2025/26
H1
2024/25
Revenue 4, 5 1,945 1,851 4,019 3,807
Cost of goods sold (1,056 ) (999 ) (2,175 ) (2,052 )
Gross profit 889 852 1,844 1,755
Other external costs (249 ) (235 ) (486 ) (451 )
Staff costs (404 ) (389 ) (826 ) (788 )
Other operating income and expenses, net 5 5 11 10
EBITDA before special items 241 233 543 526
Special items (11 ) 5 (16 ) (12 )
EBITDA 230 238 527 514
Depreciation, amortisation and impairment (160 ) (157 ) (321 ) (315 )
EBIT 70 81 206 199
Share of profit or loss after tax of associates 0 0 0 0
Financial income 1 0 1 2
Financial expenses (40 ) (50 ) (94 ) (94 )
Profit before tax 31 31 113 107
Tax on profit for the period (7 ) (7 ) (25 ) (24 )
Profit for the period 24 24 88 83
Currency adjustment of foreign entities and loan 9 11 (2 ) 3
Fair value adjustment of hedging instruments - - (4 ) -
Tax on other comprehensive income - (2 ) 1 -
Other comprehensive income after tax 9 9 (5 ) 3
Total comprehensive income 33 33 83 86
Distributed as follows:
Shareholders of Matas A/S 33 33 83 86
Minority shareholders - - - -
Earnings per share
Earnings per share, DKK 0.64 0.64 2.31 2.20
Diluted earnings per share, DKK 0.63 0.64 2.29 2.19
Statement of comprehensive income
Interim report H1 2025/26
20
Statement of cash flows
(DKKm)
Q2
2025/26
Q2
2024/25
H1
2025/26
H1
2024/25
Profit before tax 31 31 113 107
Depreciation, amortisations and impairment 160 157 321 315
Other non-cash operating items, net 4 5 10 8
Share of profit or loss after tax of associates 0 0 0 0
Financial income (1 ) 0 (1 ) (2 )
Financial expenses 40 50 94 94
Cash generated from operations before
changes in working capital 234 243 537 522
Changes in working capital (288 ) (204 ) (120 ) (242 )
Cash generated from operations (54 ) 39 417 280
Corporation tax paid (7 ) - (7 ) -
Cash flow from operating activities (61 ) 39 410 280
Acquisition of intangible assets (18 ) (36 ) (58 ) (81 )
Acquisition of property, plant and equipment (83 ) (108 ) (143 ) (257 )
Acquisition of subsidiaries and operations - - - (15 )
Cash flow from investing activities (101 ) (144 ) (201 ) (353 )
(201
Free cash flow (162 ) (105 ) 209 (73 )
(DKKm)
Q2
2025/26
Q2
2024/25
H1
2025/26
H1
2024/25
Debt raised with credit institutions 345 200 3,034 395
Debt settled with credit institutions - - (2,772 ) -
Interest received 1 0 1 2
Interest paid (28 ) (50 ) (69 ) (94 )
Repayment of lease liabilities (108 ) (99 ) (215 ) (196 )
Dividend paid - - (76 ) (76 )
Option agreement, received - - - 10
Acquisition of own shares (56 ) (64 )
Cash flow from financing activities 154 51 (161 ) 41
Net cash flow from operating, investing
and financing activities (8 ) (54 ) 48 (32 )
Currency adjustment (2 ) 2 2 3
Cash and cash equivalents, beginning
of period 136 154 76 131
Cash and cash equivalents, end of period 126 102 126 102
The above cannot be derived directly from the statement of comprehensive income and the statement of
financial position.
Interim report H1 2025/26
21
Statement of financial position
(DKKm) Note 30 Sept. 2025 30 Sept. 2024 31 March 2025
ASSETS
Non-current assets
Goodwill 4,100 4,098 4,102
Trademarks and trade names 175 182 183
Software 237 251 253
Other intangible assets 75 138 86
Intangibles in progress 184 29 117
Total intangible assets 4,771 4,698 4,741
Property, plant and equipment
Lease assets 6 1,012 1,062 1,178
Land and buildings 433 104 107
Other fixtures and fittings, tools and equipment 260 90 103
Leasehold improvements 240 205 243
Plant in progress 62 355 510
Total property, plant and equipment 2,007 1,816 1,732
Investments in associates 1 1 1
Deferred tax 23 17 22
Deposits 47 47 48
Other securities and equity investments 1 0 1
Total other non-current assets 72 65 83
Total non-current assets 6,850 6,579 6,965
Current assets
Inventories 2,733 2,396 2,269
Trade receivables 115 83 93
Corporation tax receivable 8 6 19
Other receivables 8 21 22
Prepayments 137 97 130
Cash and cash equivalents 126 102 76
Total current assets 3,127 2,705 2,609
Total assets 9,977 9,284 9,574
(DKKm) Note 30 Sept. 2025 30 Sept. 2024 31 March 2025
EQUITY AND LIABILITIES
Equity
Share capital 96 96 96
Translation reserve 43 20 45
Treasury share reserve (68 ) (12 ) (39 )
Hedging reserve - - 3
Retained earnings 3,597 3,396 3,534
Dividend proposed for the financial year - - 76
Equity, shareholders in Matas A/S 3,668 3,500 3,715
Non-controlling interests (0 ) 1 1
Total equity 3,668 3,501 3,716
Liabilities
Deferred tax 206 226 212
Lease liabilities 6 696 767 870
Provisions 7 27 28 28
Credit institutions 2,891 2,258 1,958
Other payables 8 - 5 5
Total non-current liabilities 3,820 3,284 3,073
Credit institutions - 199 670
Lease liabilities 6 408 356 404
Provisions 7 3 3 2
Prepayments from customers 224 212 235
Trade payables 1,566 1,471 1,090
Other payables 8 288 258 384
Total current liabilities 2,489 2,499 2,785
Total liabilities 6,309 5,783 5,858
Total equity and liabilities 9,977 9,284 9,574
Interim report H1 2025/26
22
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 - (2 ) - (4 ) - - (6 ) - (6 )
Tax on other comprehensive income - - - 1 - - 1 - 1
Other comprehensive income - (2 ) - (3 ) - - (5 ) - (5 )
Profit for the period - - - - - 88 88 (1 ) 87
Total comprehensive income - (2 ) - (3 ) - 88 83 (1 ) 82
Transactions with owners
Dividend paid - - - - (76 ) - (76 ) - (76 )
Dividend on treasury shares - - - - 0 - 0 - 0
Exercise of incentive programme - - 35 - - (35 ) - - -
Acquisition of own shares - - (64 ) - - - (64 ) - (64 )
Share-based payment - - - - - 10 10 - 10
Total transactions with owners - - (29 ) - (76 ) (25 ) (130 ) - (130 )
Equity at 30 September 2025 96 43 (68 ) - - 3,597 3,668 (0 ) 3,668
Interim report H1 2025/26
23
(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
Other comprehensive income - 3 - - - 3 - 3
Tax on other comprehensive income - 0 - - - 0 - 0
Other comprehensive income - 3 - - - 3 - 3
Profit for the period - - - - 83 83 - 83
Total comprehensive income - 3 - - 83 86 - 86
Transactions with owners
Dividend paid - - - (76 ) - (76 ) - (76 )
Dividend on treasury shares - - - (0 ) - (0 ) - (0 )
Exercise of incentive programme - - 21 - (21 ) - - -
Option agreement * - - - - 10 10 - 10
Deferred acquisition ** - - 10 - - 10 - 10
Share-based payment - - - - 9 9 - 9
Total transactions with owners - - 31 (76 ) (2 ) (47 ) - (47 )
Equity at 30 September 2024 96 20 (12 ) - 3,396 3,500 1 3,501
* 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 H1 2025/26
24
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 considered 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.
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
Interim report H1 2025/26
25
Notes
Note 4 – Segment information continued
(DKKm)
Matas
Q2 2025/26
KICKS
Q2 2025/26
Other
Q2 2025/26
Total
Q2 2025/26
Revenue 1,095 703 147 1,945
Cost of goods sold (566) (404) (86) (1,056)
Gross profit 529 299 61 889
Gross margin 48.3% 42.5% 41.4% 45.7%
Other external costs (249)
Staff costs (404)
Other operating income and expenses, net 5
EBITDA before special items 241
Special items (11)
EBITDA 230
(DKKm)
Matas
Q2 2024/25
KICKS
Q2 2024/25
Other
Q2 2024/25
Total
Q2 2024/25
Revenue 1,025 702 124 1,851
Cost of goods sold (534) (387) (78) (999)
Gross profit 491 315 46 852
Gross margin 47.9% 44.7% 36.7% 46.0%
Other external costs (235)
Staff costs (389)
Other operating income and expenses, net 5
EBITDA before special items 233
Special items 5
EBITDA 238
(DKKm)
Matas
H1 2025/26
KICKS
H1 2025/26
Other
H1 2025/26
Total
H1 2025/26
Revenue 2,267 1,460 292 4,019
Cost of goods sold (1,170) (834) (171) (2,175)
Gross profit 1,097 626 121 1,844
Gross margin 48.4% 42.8% 41.5% 45.9%
Other external costs (486)
Staff costs (826)
Other operating income and expenses, net 11
EBITDA before special items 543
Special items (16)
EBITDA 527
(DKKm)
Matas
H1 2024/25
KICKS
H1 2024/25
Other
H1 2024/25
Total
H1 2024/25
Revenue 2,138 1,416 253 3,807
Cost of goods sold (1,115) (778) (159) (2,052)
Gross profit 1,023 638 94 1,755
Gross margin 47.9% 45.0% 37.3% 46.1%
Other external costs (451)
Staff costs (788)
Other operating income and expenses, net 10
EBITDA before special items 526
Special items (12)
EBITDA 514
Interim report H1 2025/26
26
Notes
(DKKm)
Matas
Q2 2024/25
KICKS
Q2 2024/25
Other
Q2 2024/25
Total
Q2 2024/25
High-end Beauty 367 539 - 906
Mass Beauty 354 162 20 536
Health and Wellbeing 268 1 76 345
Other categories 36 0 2 38
Wholesale sales, etc. 0 - 26 26
Total revenue 1,025 702 124 1,851
(DKKm)
Matas
H1 2025/26
KICKS
H1 2025/26
Other
H1 2025/26
Total
H1 2025/26
Retail sales, physical stores 1,605 1,041 - 2,646
Retail sales, online 657 419 222 1,298
Wholesale 5 - 70 75
Total revenue 2,267 1,460 292 4,019
In H1 2025/26, 32% of Matas Group’s revenue was generated by its online channels, compared to 31% in the
year-earlier period.
(DKKm)
Matas
H1 2024/25
KICKS
H1 2024/25
Other
H1 2024/25
Total
2024/25
Retail sales, physical stores 1,572 1,002 - 2,574
Retail sales, online 564 414 199 1,177
Wholesale 2 - 54 56
Total revenue 2,138 1,416 253 3,807
Note 5 – Revenue
(DKKm)
Matas
Q2 2025/26
KICKS
Q2 2025/26
Other
Q2 2025/26
Total
Q2 2025/26
Retail sales, physical stores 778 497 - 1,275
Retail sales, online 315 206 111 632
Wholesale 2 - 36 38
Total revenue 1,095 703 147 1,945
In Q2 2025/26, 32% of Matas Group’s revenue was generated by its online channels, compared to 31% in the
year-earlier period.
(DKKm)
Matas
Q2 2024/25
KICKS
Q2 2024/25
Other
Q2 2024/25
Total
Q2 2024/25
Retail sales, physical stores 755 492 - 1,247
Retail sales, online 270 210 98 578
Wholesale 0 - 26 26
Total revenue 1,025 702 124 1,851
Revenue break-down by product groups for Q2 is as follows:
(DKKm)
Matas
Q2 2025/26
KICKS
Q2 2025/26
Other
Q2 2025/26
Total
Q2 2025/26
High-end Beauty 369 526 - 895
Mass Beauty 384 175 20 579
Health and Wellbeing 298 2 90 390
Other categories 42 0 1 43
Wholesale sales, etc. 2 - 36 38
Total revenue 1,095 703 147 1,945
Interim report H1 2025/26
27
Notes
Note 5 – Revenue continued
Revenue break-down by product groups for H1 is as follows:
(DKKm)
Matas
H1 2025/26
KICKS
H1 2025/26
Other
H1 2025/26
Total
H1 2025/26
High-end Beauty 790 1,083 - 1,873
Mass Beauty 800 366 43 1,209
Health and Wellbeing 591 4 177 772
Other categories 81 7 2 90
Wholesale sales, etc. 5 - 70 75
Total revenue 2,267 1,460 292 4,019
(DKKm)
Matas
H1 2024/25
KICKS
H1 2024/25
Other
H1 2024/25
Total
H1 2024/25
High-end Beauty 781 1,084 - 1,865
Mass Beauty 740 331 40 1,111
Health and Wellbeing 542 1 156 699
Other categories 73 0 3 76
Wholesale sales, etc. 2 - 54 56
Total revenue 2,138 1,416 253 3,807
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 82 million at 30 September 2025 (30
September 2024: DKK 70 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 September 2025 was insignifi
-
cant as was the amount of guarantee commitments, similar to last year.
Interim report H1 2025/26
28
Notes
Note 6 – Leases
Matas Group's lease assets are as follows:
(DKKm)
30 Sept.
2025
30 Sept.
2024
31 March
2025
Store leases 858 908 993
Administration and warehouse buildings, etc. 142 147 179
Cars and other leases 12 7 6
Total lease assets 1,012 1,062 1,178
Matas Group’s lease liabilities are as follows:
(DKKm)
30 Sept.
2025
30 Sept.
2024
31 March
2025
Non-current liabilities 696 767 870
Current liabilities 408 356 404
Total lease liabilities 1,104 1,123 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)
H1
2025/26
H1
2024/25
Store leases, etc. 169 158
Administration and warehouse buildings, etc. 16 19
Cars and other leases 3 2
Total depreciation of lease assets 188 178
Lease payments in the amount of DKK 215 million were made in H1 2025/26 (H1 2024/25: DKK 195 million).
Interest in the amount of DKK 26 million was expensed in H1 2025/26 (H1 2024/25: DKK 26 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 9 million in H1 2025/26
(H12024/25: DKK 11 million).
A total of DKK 4 million in H1 2025/26 (H1 2024/25: DKK 1 million) was recognised in the statement of comprehen
-
sive income regarding short-term, leases and leases of low-value assets.
Interim report H1 2025/26
29
Notes
Note 7 – Provisions
(DKKm)
30 Sept.
2025
30 Sept.
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 3 3 2
Total provision, current 3 3 2
Note 8 – Other payables
(DKKm)
30 Sept.
2025
30 Sept.
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 29 26 79
Holiday pay obligations etc. 113 107 131
Pay-related liabilities
(A tax/social security contributions) 133 109 173
Contingent consideration and deferred purchase price 5 3 -
Other creditors 8 13 1
Total other current payables 288 258 384
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, 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)
H1
2025/26
H1
2024/25
Revenue 0 0
Other external costs (6) (6)
Receivables 2 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 H1 2025/26
30
Interim financial highlights
(DKKm)
Q2
2025/26
Q1
2025/26
Q4
2024/25
Q3
2024/25
Q2
2024/25
Statement of
comprehensive income
Revenue 1,945 2,074 1,878 2,694 1,851
Gross profit 889 955 870 1,245 852
EBITDA 230 297 202 473 238
EBIT 70 136 49 317 81
Net financials (39) (54) (38) (51) (50)
Profit before tax 31 82 11 266 31
Profit for the period 24 64 (3) 201 24
Statement of financial position
Total assets 9,977 9,629 9,574 9,604 9,284
Total equity 3,668 3,685 3,716 3,676 3,501
Net working capital 916 645 799 492 656
Net interest-bearing debt 3,869 3,622 3,825 3,235 3,478
Statement of cash flows
Cash flow from operating activities (61) 471 (125) 560 39
Investments in tangible assets (83) (60) (94) (126) (108)
Cash flow from investing activities (101) (100) (181) (183) (144)
Free cash flow (162) 371 (306) 377 (105)
Net cash flow from operating,
investing and financing activities (8) 56 (378) 352 (54)
(DKKm)
Q2
2025/26
Q1
2025/26
Q4
2024/25
Q3
2024/25
Q2
2024/25
Key performance indicators
Number of transactions (millions) 8.8 9.2 8.7 11.6 8.6
Average basket size (DKK) 217 222 211 230 212
Total retail floor space
(thousands of square metres) * 108.8 107.9 108.0 107.3 106.9
Avg. revenue per square metre
(DKK thousands) - LTM * 79.5 79.0 78.3 77.6 76.3
Proforma revenue currency neutral
growth 4.4% 4.7% 7.2% 7.5% 6.8%
Adjusted figures
EBITDA 230 297 202 473 238
Special items included in EBITDA (11) (5) (14) (1) 5
EBITDA before special items 241 302 216 474 233
Depreciation of property, plant and
equipment and amortisation of
software (151) (152) (143) (147) (147)
EBITA before special items 90 150 73 327 86
Adjusted profit after tax 39 74 15 210 26
Gross margin 45.7% 46.0% 46.4% 46.2% 46.0%
EBITDA margin 11.8% 14.3% 10.7% 17.6% 12.8%
EBITDA margin before special items 12.4% 14.5% 11.5% 17.6% 12.6%
EBITA margin before special items 4.6% 7.2% 3.9% 12.1% 4.6%
EBIT margin 3.6% 6.5% 2.6% 11.7% 4.4%
* As a consequence of number of stores in KICKS end of Q1 2025/26 has been corrected to 229 from 230, the total retail floor space
and average revenue per squaremeters has been corrected for Q1 2025/26.
Interim report H1 2025/26
31
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
Financial calendar 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
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.
Interim report H1 2025/26
32
Design & production: Noted
Matas A/S
Phone: +45 48 16 55 55
www.matasgroup.com
Business reg. no.: 27 52 84 06