(1 APRIL - 31 DECEMBER 2025)
Company announcement no. 51 2025/26, Allerød, 5 February 2026
Interim report 9M 2025/26
Record Q3 in Matas but KICKS challenged as consumers traded down
3 Record Q3 in Matas but KICKS challenged
as consumers traded down
4 Q3 2025/26 highlights
5 9M 2025/26 highlights
6 Key financials
8 Management’s review
10 Q3 2025/26 performance, costs and
operating performance
14 9M 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 Thursday,
5 February 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.nexahub.io/events/
q3-202526
Interim report 9M 2025/26
2
Revenue performance in Q3 2025/26 was mixed
for Matas Group. Matas delivered yet another
record quarter during the most important trading
period, growing 4.8% excluding subsidiaries,
supported by Black Friday and Christmas, while
KICKS reported a decline of 3.8% as consumer
behavior shifted.
Across the Nordics, consumers increasingly
traded down from High-end Beauty towards Mass
Beauty. While this trend also impacted Matas, it
was most pronounced in KICKS due to its higher
exposure to High-end Beauty, resulting in a
decline in the quarter.
Despite the pressured topline, cost discipline
was maintained, particularly through staff cost
management in stores and higher efficiency in
logistics operations, while investments in pricing
and marketing initiatives were increased to
protect competitiveness.
The strategy and focus to Win the Nordics remain
unchanged. In response to the market devel-
opment, the strategy is being accelerated to
broaden KICKS’ online and in store offer, strength-
Record Q3 in Matas but KICKS challenged
as consumers traded down
ening value for money and reinforcing category
leadership.
The EBITDA margin before special items was 16.7%
in Q3 (17.2% adjusted for currency effects).
The KICKS integration continues; following the full
delivery of the initial synergy targets, the next
phase remains on track to further drive acquisi-
tion value.
The share buy-back programme announced in
June 2025 continued during the quarter and
reflects confidence in the Group’s long-term
outlook. As per end of Q3, approximately DKK
109 million of 78% of the programme had been
completed.
3.1%
Revenue growth in Q3
(1.8% currency neutral)
16.7%
EBITDA margin before special items
in Q3, (17.2% adjusted for currency
impact on cost of goods)
“Matas delivered another record quarter in our most important trading period,
while KICKS was more challenged as consumers traded down from High-end Beauty,
particularly in Sweden. We are not satisfied with the quarter and are accelerating our
plans for KICKS to strengthen value for money and relevance for consumers. At the same
time, in-house brands strengthened performance across the Group, and the automated
logistics centers delivered higher efficiency.”
Per Johannesen Madsen, Interim Group CEO and Group CFO
As announced in December 2025, the Board of
Directors has appointed Mette Uglebjerg as new
Group CEO, effective 1 May 2026. Until then, Per
Johannesen Madsen continues as Interim Group
CEO, providing stability and momentum through
the transition.
Financial guidance
Due to the more challenging market conditions
Matas Group's revenue guidance was adjusted
downwards on 9 January 2026. Revenue is
expected to grow in the range of 3% to 4%,
currency neutral*.
The EBITDA margin before special items was also
revised and is expected to be between 14.0% and
14.5%. This adjustment reflects lower revenue
expectations and continued margin pressure from
the strengthening of the SEK.
Investments, excluding M&A, are still expected to
be around 3% to 4% of revenue, corresponding to
DKK ~330 million, including approximately DKK 30
million for Matas' Logistics Center.
Matas Group maintains the guidance for the
financial year 2025/26 as announced on 9
January 2026.
* Corresponding to ~4.1% to 5.1% growth assuming exchange rates as per 8 January 2026 for Q4. Currency neutral revenue guidance for 2025/26 is based on average rates for 2024/25: SEK/DKK of 0.652 and NOK/DKK of 0.638.
Interim report 9M 2025/26
3
6.9
1,399
7.2 7.2
1,503
1,575
474
465
4.1
3.7
0.4
160
0.3
142
0.3
126
3.9
1,049
1,041
983
11.6
11.3
11.1
2,694
2,776
424
2,508
Q3
2023/24
Q3
2023/24
Q3
2023/24
Q3
2024/25
Q3
2025/26
Q3
2024/25
Q3
2025/26
Q3
2024/25
Q3
2025/26
Other* KICKS Matas Matas Group
• Matas Group delivered revenue growth of 3.1%
in Q3 2025/26 equal to 1.8% currency neutral
and 2.1% currency neutral excluding Skincity.
• Matas stand-alone growth in Q3 was 4.8%,
online was 10.2% and Matas stores grew 2.3%
(2.3% like-for-like). KICKS stand-alone declined
3.8% currency neutral. KICKS excluding Skincity
declined 3.2% currency neutral, with online
declining 2.5% and stores declining 3.5% (6.4%
decline like-for-like). Other segment (Firtal,
Grænn and Web Sundhed) grew 12.4% with
online growth at 5.8%.
• The number of transactions decreased by
2.4% to 11.3 million compared to 11.6 million
in Q3 2024/25, while the average basket size
increased by 3.9% to DKK 242 per transaction
compared to Q3 last year currency neutral.
• Gross profit for Q3 2025/26 amounted to DKK
1,243 million, down from DKK 1,245 million in Q3
2024/25 (DKK 1,260 million currency neutral).
The gross margin was 44.8% in the quarter,
compared to 46.2% last year (46.2% currency
neutral). The gross margin in Matas and KICKS
was impacted negatively by price initiatives
and product mix as consumers traded down.
Further, the gross margin continued to be
Q3 2025/26 highlights
impacted by higher cost of goods sold in KICKS,
as the SEK continued to strengthen against
NOK and EUR in Q3, decreasing the gross
margin in Norway and Finland. Adjusted for the
currency effect on cost of goods, the gross
margin was 45.3% in Q3.
• Other external costs amounted to DKK 347
million in Q3 2025/26, up from DKK 325 million
in Q3 2024/25 (DKK 331 million currency
neutral) driven by higher marketing cost to
support customer traffic, and variable costs
related to online growth.
• Q3 2025/26 staff costs amounted to DKK
439 million, down from DKK 451 million in Q3
2024/25 (DKK 456 million currency neutral)
driven by relative staff cost savings from the
automated logistics centers, as well as strong
staff cost management for the stores.
• Special items amounted to DKK 22 million
net expense in Q3 2025/26 related to the
announced further synergies and Finance
consolidation in Allerød, compared to DKK 1
million net expense in Q3 2024/25.
• EBITDA before special items came to DKK 465
million in Q3 2025/26 compared to DKK 474
million last year (currency neutral DKK 477
million), and the EBITDA margin before special
items was 16.7% in the quarter against 17.6%
last year (17.5% currency neutral). Adjusted for
the currency effect on cost of goods, EBITDA
margin before special items was 17.2% in Q3.
• The total depreciation, amortisation and
impairment charges amounted to DKK 166
million in Q3 2025/26, up by DKK 10 million
compared to last year.
• Profit for the period amounted to DKK 186
million after tax compared to DKK 201 million
last year (currency neutral DKK 201 million).
• Free cash flow was an inflow of DKK 367 million
in Q3 2025/26 compared with an inflow of DKK
377 million in Q3 2024/25. The decrease in
inflow was mainly driven by changes in working
capital, mainly decrease in payables.
Customer transactions
Millions
Revenue
DKKm
EBITDA before special items
DKKm
* ”Other” represents Firtal, Grænn and Web Sundhed
Interim report 9M 2025/26
4
18.3
3,390
18.6
18.8
3,641
3,842
1,000
1,008
9.6
9.4
1.1
452
0.9
395
0.9
353
9.8
2,465
2,501
2,333
29.1
29.3
29.0
6,501
6,795
913
6,076
9M
2023/24
proforma
9M
2023/24
proforma
9M
2023/24
proforma
9M
2024/25
9M
2025/26
9M
2024/25
9M
2025/26
9M
2024/25
9M
2025/26
Other* KICKS Matas Matas Group
• Revenue grew 4.5% in 9M 2025/26 equal to 3.4%
currency neutral and 4.5% currency neutral
excluding Skincity.
• Matas stand-alone growth in 9M was 5.5%.
Growth online was 13.7% and stores grew 2.2%
(2.1% like-for-like). KICKS stand-alone declined
1.4% currency neutral in 9M. KICKS excluding
Skincity grew 1.3% currency neutral, with KICKS
online growing 6.1% and stores declining 0.7%
(2.6% decline like-for-like). Other segment (Firtal,
Grænn and Web Sundhed) grew 14.2% in 9M with
online growth at 9.3%.
• For 9M 2025/26, the number of transactions
increased by 0.6%, while the average basket size
grew 3.5% (2.4% currency neutral) to DKK 228
per transaction compared to 9M last year. The
number of transactions came to 29.3 million for
9M compared to 29.1 million for 9M 2024/25.
• Gross profit for 9M 2025/26 amounted to DKK
3,087 million, up from DKK 3,000 million in 9M
2024/25 (DKK 3,032 million currency neutral).
The gross margin was 45.4%, down from 46.1% in
9M 2024/25 (46.1% currency neutral). The nega-
tive gross margin development in Q3 impacted
all of 9M 2025/26 due to the significant size of
the quarter. The primary driver of the lower gross
9M 2025/26 highlights
margin in 9M came from pricing pressure and
product mix due to downtrading in Q3. Gross
margin was also negatively impacted by the
strengthening of SEK toward NOK and EUR over
the financial year, which had an impact on cost
of goods. Adjusted for the currency effect on
cost of goods, gross margin was 45.8% in 9M.
• Other external costs amounted to DKK 833
million in 9M 2025/26, up from DKK 776 million in
9M 2024/25 (DKK 787 million currency neutral),
driven by incremental marketing to drive growth
initiatives and IT cost.
• 9M 2025/26 staff costs amounted to DKK 1,265
million, up from DKK 1,239 million (DKK 1,255
million currency neutral) in 9M 2024/25 driven
by volume growth and wage inflation, though
offset by relative staff cost savings from the
automated logistics centers during Q3, as well
as strong staff cost management for the stores.
• Special items amounted to DKK 38 million in
9M 2025/26, compared to DKK 13 million in 9M
2024/25, which mainly relates to announced
further synergies and the KICKS integration.
• EBITDA before special items came to DKK 1,008
million in 9M 2025/26 compared to DKK 1,000
million last year (currency neutral DKK 1,005
million), and the EBITDA margin before special
items was 14.8% in 9M against 15.4% last year
(15.3% currency neutral). EBITDA margin before
special items, adjusted for the currency effect
on cost of goods, was 15.2%.
• The total depreciation, amortisation and impair-
ment charges were DKK 487 million in 9M
2025/26, up by DKK 16 million compared to last
year.
• Profit for the period amounted to DKK 274 million
after tax compared to DKK 285 million last year
(DKK 282 million currency neutral).
• Free cash flow was an inflow of DKK 576 million in
9M 2025/26, reflecting a more normalised invest-
ment level in 9M 2025/26, compared to an inflow
of DKK 304 million in 9M 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 9M 2025/26
5
Key financials
(DKKm)
Q3
2025/26
Q3
2024/25
Growth
(%)
Currency
neutral
Q3
2024/25
Growth
currency
neutral
(%)
9M
2025/26
9M
2024/25
Growth
(%)
Currency
neutral
9M
2024/25
Growth
currency
neutral
(%)
Statement of comprehensive income
Revenue 2,776 2,694 3.1% 2,728 1.8% 6,795 6,501 4.5% 6,571 3.4%
Gross profit 1,243 1,245 (0.1)% 1,260 (1.3)% 3,087 3,000 2.9% 3,032 1.8%
EBITDA 443 473 (6.4)% 476 (7.0)% 970 987 (1.8)% 992 (2.3)%
EBIT 277 317 (12.6)% 317 (12.8)% 483 516 (6.3)% 514 (6.1)%
Net financials (38) (51) (25.4)% (51) (26.8)% (131) (142) (7.4)% (143) (8.1)%
Profit before tax 239 266 (10.2)% 266 (10.1)% 352 374 (5.9)% 371 (5.3)%
Profit for the period 186 201 (7.8)% 201 (7.3)% 274 285 (3.9)% 282 (2.8)%
Special items included in EBITDA (22) (1) 1,493.4% (1) 1,493.4% (38) (13) 181.9% (13) 181.9%
EBITDA before special items 465 474 (2.0)% 477 (2.7)% 1.008 1,000 0.7% 1,005 0.2%
Adjusted profit after tax 212 210 1.2% 211 0.7% 326 320 1.7% 323 0.7%
Statement of financial position
Total assets 9,707 9,604
Total equity 3,809 3,676
Net working capital 841 492
Net interest-bearing debt 3,610 3,235
Statement of cash flows
Cash flow from operating activities 449 560 859 840
Cash flow from investing activities (82) (183) (283) (536)
Free cash flow 367 377 576 304
Interim report 9M 2025/26
6
Key financials – continued
(DKKm)
Q3
2025/26
Q3
2024/25
Currency
neutral
Q3
2024/25
9M
2025/26
9M
2024/25
Currency
neutral
9M
2024/25
Ratios
Revenue growth 3.1% 7.4% 7.4% 4.5% 31.5% 31.5%
Organic growth 3.1% 7.4% 7.4% 4.5% 7.0% 7.0%
Gross margin 44.8% 46.2% 46.2% 45.4% 46.1% 46.1%
EBITDA margin 16.0% 17.6% 17.5% 14.3% 15.2% 15.1%
EBITDA margin before special items 16.7% 17.6% 17.5% 14.8% 15.4% 15.3%
EBIT margin 10.0% 11.7% 11.6% 7.1% 7.9%% 7.8%
Cash conversion 79.2% 94.5% 58.6% 39.4%
Earnings per share, DKK 4.95 5.30 5.28 7.23 7.49 7.41
Diluted earnings per share, DKK 4.92 5.26 5.24 7.20 7.44 7.35
Share price, end of period, DKK 125.0 135.4
ROIC before tax including goodwill 9.9% 9.2%
ROIC before tax excluding goodwill 23.2% 24.1%
Net working capital as a percentage of
LTM revenue 9.7% 6.0%
Investments as a percentage of revenue 3.0% 6.8% 4.2% 8.2%
Net interest-bearing debt/LTM EBITDA before special items 2.9 2.7
Number of transactions (millions)* 11.3 11.6 11.6 29.3 29.1 29.1
Average basket size (DKK)* 242 230 233 228 220 223
Number of stores 500 496
Club members Matas and KICKS (millions) 6.2 6.0
Club Matas Plus members (thousands) 121.4 117.9
Average number of employees (FTE) 3,564 3,734 3,388 3,523
* For definitions of key financials, see page 210 of the Annual Report 2024/25.
Interim report 9M 2025/26
7
Interim report 9M 2025/26
8
Win the Nordics - Strategic initiatives in Q3 2025/26 and
accelerated plan for broadening of KICKS' offer
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 two automated logistic centers, located outside of
Copenhagen and Stockholm respectively, operated well in Q3,
delivering faster at lower cost in our biggest quarter.
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 for all customer facing
websites in Matas and KICKS has been in place since Q2
2025/26, enabling scaling of initiatives across the Group going
forward.
• Matas Group Finance function has been consolidated to
Allerød, realising synergies and building one center of excel
-
lence for Finance support to the Group.
Closer to you
03 Take e-commerce market shares
and fuel omni experience
• Group online growth excluding Skincity was 5.0% in Q3 currency
neutral. Online growth in Matas was 10.2%. KICKS online excluding
Skincity declined 2.5% in Q3.
• In total, Matas Group has 6.2 million club members, with Matas
accounting for 2.2 million members and KICKS for 4.0 million
members.
04 Refresh, upgrade and open stores
• With around 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 Q3 last
year and Connected Retail (sale of online products from the
stores) grew by double digits in Matas in Q3 compared to the
same period last year.
• Matas reopened its largest store to date, 533 square meter,
in one of Denmark’s most important retail destinations,
Rosengårdscentret in Odense, on 7 November. Matas also
opened a new and expanded store in Køge in October, relo
-
cating to a prime location with increased space.
• KICKS opened four new stores across all markets in Q3, with
successful openings of two stores in Norway (Stavanger and
Moss), one in Turkuu in Finland and one in Malmö in Sweden.
More for you
01 Roll out "one-stop" offering and concept
• Matas Group assortment expansion continued. Matas launched
22 new brands and KICKS launched 11 new brands in Q3
2025/26. New categories with strong growth was Professional
haircare, Sport & Wellness and Derma & Special Skin.
• Matas launched Kilian Paris (Fragrance), Baby Brezza (Baby &
Parent) and Amazing Space (Skin).
• KICKS launched the affordable and strong skin brand Body Shop
online in Sweden and Norway. KICKS also launched the popular
K beauty skin brand Laneige online in Norway and Finland in late
December. Both brands will be launched in select stores during
spring in the respective markets.
• We are accelerating the broadening of KICKS' offer both online
and in stores to secure value for money and to drive category
leadership.
02 Expand and improve portfolio of in-house brands
• The launch of Matas' in-house brand Nilens Jord, the number one
make-up brand in Denmark, in KICKS outperformed our expecta
-
tions in Q3. Nilens Jord followed the successful launch of Matas
Striber in KICKS one year ago.
• KICKS Beauty Act grew 9% despite overall business declining,
reinforcing the strategy to fuel affordable and great value for
money assortment with KICKS.
• KICKS in-house brands grew 33.3% in Q3 2025/26.
• Matas in-house brands grew 6.6% in Q3 2025/26, with Matas
Striber as the key driver, supported but the launch of Sportstriber.
Interim report 9M 2025/26
9
Online
Physical stores
Wholesale
High-end Beauty
Other categories
Mass Beauty
Health and Wellbeing
53
2
29
16
2025/26
Q3
63
35
2
2025/26
Q3
Q3 2025/26 performance, costs and operating performance
Revenue
Matas Group generated total revenue of DKK 2,776
million in Q3 2025/26, a year-on-year increase of
3.1% from DKK 2,694 million in Q3 2024/25. Retail
sales were up by 2.7% to DKK 2,735 million.
Total revenue grew DKK 82 million compared to
Q3 2024/25, Matas grew DKK 72 million or 4.8%.
KICKS decreased by 3.8% currency neutral. KICKS
excluding Skincity decreased by 3.2% currency
neutral with online decreasing by 2.5% in Q3
2025/26. Other segment grew DKK 18 million or
12.4% mainly driven by Web Sundhed.
Matas Group delivered growth within all catego-
ries and all channels in Q3 2025/26 except for
High-end Beauty declining compared to last year.
The number of transactions decreased by 2.4% to
11.3 million compared to 11.6 million in Q3 2024/25,
while the average basket size increased by 3.9% to
DKK 242 per transaction compared to Q3 last year
currency neutral.
Q3 2025/26 performance
Q3 revenue by categories and sales channels
(DKKm)
Q3
2025/26
Q3
2024/25
Growth
(%)
Currency
neutral
Q3
2024/25
Growth
currency
neutral
(%)
Categories
High-end Beauty 1,459 1,481 (1.5)% 1,507 (3.2)%
Mass Beauty 787 742 6.1% 751 4.9%
Health and Wellbeing 424 385 10.3% 384 10.2%
Other categories 65 56 16.0% 56 15.9%
Retail revenue 2,735 2,664 2.7% 2,698 1.4%
Retail revenue by category (%)
High-end Beauty 53% 56% 56%
Mass Beauty 29% 28% 28%
Health and Wellbeing 16% 14% 14%
Other categories 2% 2% 2%
100% 100% 100%
Sales channels
Physical stores 1,762 1,741 1.2% 1,764 (0.1)%
Online 973 923 5.5% 934 4.1%
Wholesale 41 30 38.6% 30 38.6%
Total revenue 2,776 2,694 3.1% 2,728 1.8%
Revenue by sales channel (%)
Physical stores 63% 65% 66%
Online 35% 34% 32%
Wholesale 2% 1% 2%
100% 100% 100%
Revenue by sales channel (%)
Retail revenue by category (%)
Interim report 9M 2025/26
10
Performance by category
Mass Beauty and Health & Wellbeing delivered
strong growth in Q3 with Health and Wellbeing
continuing to demonstrate resilience and outsized
performance adding DKK 39 million or 10.3%
growth compared to Q3 2024/25.
High-end Beauty was impacted by change in
customer behavior, trading down to Mass Beauty
(6.1% growth). KICKS was impacted significantly
more as High-end Beauty accounts for approx.
75% of revenues in KICKS.
In-house brands sales for the Group accounted
for 10.9% of the total revenue in Q3 2025/26
compared to 10.1% in Q3 2024/25, growing 10.9%
currency neutral in the quarter. For Matas and
Other, the in-house brands sales, including Striber,
Nilens Jord, Flora Danica, Miild and BeautyAct by
KICKS, accounted for DKK 244 million or 14.1% of
the total revenue in Q3 2025/26, growing 6.6%
compared to Q3 2024/25. For KICKS the in-house
brands sales accounted for 5.6% of the KICKS total
revenue for Q3 2025/26, growing 33.3% currency
neutral compared to Q3 2024/25, mainly driven by
Nilens Jord.
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 1.2% or DKK
21 million to DKK 1,762 million compared to Q3
2024/25. Matas grew revenues in stores by 2.3%
(2.3% like-for-like), with 1 store less than Q3
2024/25. Even though KICKS had 5 additional
stores end of Q3 2025/26 compared to last year
KICKS revenues from stores declined 3.5% (6.4%
decline like-for-like) currency neutral, mainly
driven by lower traffic to shopping malls in Q3
2025/26.
The number of stores end of December was 265
in Matas and 235 in KICKS.
Online sales were up by 5.5% or DKK 50 million
to DKK 973 million. Matas online business grew
10.2%. KICKS online business declined 4.6%
currency neutral in Q3 (2.5% decline excluding
Skincity). Group online excluding Skincity grew
5.0% in Q3 currency neutral. The online business
in the Other segment grew DKK 7 million or 5.8%
mainly driven by Firtal Group. Overall, online
sales accounted for 35% of Q3 2025/26 revenue
against 34% in Q3 2024/25.
In Q3 2025/26, wholesale increased by DKK 11
million to DKK 41 million, mainly driven by Web
Sundhed.
Interim report 9M 2025/26
11
Gross margin
Gross profit for Q3 2025/26 amounted to DKK
1,243 million, down from DKK 1,245 million (DKK
1,260 million currency neutral) in Q3 2024/25.
The gross margin was 44.8% in the quarter,
compared to 46.2% last year (46.2% currency
neutral). The gross margin in Matas and KICKS
was impacted by price initiatives, and product
mix as consumers traded down. Further, the
gross margin continued to be impacted by
higher cost of goods sold in KICKS, as the SEK
continued to strengthen against NOK and EUR in
Q3, decreasing the gross margin in Norway and
Finland. Adjusted for the currency effect on cost
of goods, the gross margin was 45.3% in Q3.
Total operating expenses
Adjusted for special items, overall costs (other
external costs and staff costs) accounted for
28.3% of revenue in Q3 2025/26 against 28.8% the
year before (28.8% currency neutral).
Other external costs
Other external costs amounted to DKK 347 million
in Q3 2025/26 or 12.5% of revenue, up from
DKK 325 million in Q3 2024/25 equal to 12.1% of
revenue (DKK 331 million currency neutral). This
increase was driven by higher marketing cost
Q3 2025/26 costs and operating performance
to support customer traffic, and variable costs
related to online growth.
Staff costs
Staff costs amounted to DKK 439 million or 15.8%
of revenue in Q3 against DKK 451 million or 16.7% of
revenue in the year-earlier period, (currency neutral
DKK 456 million or 16.7% of revenue in Q3 2024/25).
The Q3 2025/26 decrease in staff costs was driven
by strong performance by the automated logistics
centers, and staffing in stores in line with revenue,
though partly offset by wage inflation.
In Q3 2025/26, Matas Group had 3,564 full-time
employees, against 3,734 in the year-earlier period.
Other operating income
Other operating income amounted to DKK 8
million in Q3 2025/26, up from DKK 5 million in Q3
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 Q3 2025/26 came
to DKK 465 million against DKK 474 million in Q3
2024/25 (DKK 477 million currency neutral). EBITDA
margin before special items was 16.7% in Q3
2025/26, against 17.6% in the year- earlier period
Costs
(DKKm)
Q3
2025/26
Q3
2024/25
Growth
(%)
Currency
neutral Q3
2024/25
Growth
currency
neutral (%)
Other external costs 347 325 6.6% 331 4.9%
As a percentage of revenue 12.5% 12.1% 12.1%
Staff costs 439 451 (2.3)% 456 (3.7)%
As a percentage of revenue 15.8% 16.7% 16.7%
(15.5% currency neutral). Adjusted for the currency
effect on cost of goods, the EBITDA margin before
special items was 17.2% in Q3.
Special items
Special items amounted to DKK 22 million net
expense in Q3 2025/26 related to the announced
further synergies and Finance consolidation in
Allerød, compared to DKK 1 million net expense in
Q3 2024/25.
EBITDA
EBITDA came to DKK 443 million against DKK 473
million in Q3 2024/25 (DKK 476 million currency
neutral).
Depreciation, amortisation and impairment
The total amortisation, depreciation and impair-
ment charges were up by DKK 10 million to DKK 166
million in Q3 2025/26, whereof DKK 5 million can
be allocated to Matas' Logistics Center.
Net financials
Net financial expenses improved by DKK 13 million
to a net expense of DKK 38 million in Q3 2025/26,
due to lower interest level.
Profit for the period
Profit for the period amounted to DKK 186 million
after tax, compared to DKK 201 million in Q3
2024/25 (DKK 201 million currency neutral).
Adjusted profit for the period after tax
Adjusted profit after tax amounted to DKK 212
million in Q3 2025/26 compared to DKK 210 million
in Q3 2024/25 (DKK 211 million currency neutral).
Interim report 9M 2025/26
12
Statement of cash flows
Cash generated from operating activities was an
inflow of DKK 449 million in Q3 2025/26 against
an inflow of DKK 560 million in Q3 2024/25 corre-
sponding to a decrease of DKK 111 million related to
negative development in working capital, mainly
decrease in payables.
For Q3 2025/26, cash flows from investing acti–
vities were an outflow of DKK 82 million against an
outflow of DKK 183 million in Q3 2024/25 which
included construction of Matas' Logistics Center.
A reallocation between asset types resulted in
acquisitions of property, plant and equipment
were net positive DKK 11 million in Q3 2025/26.
In Q3 2025/26, free cash flow was an inflow of
DKK 367 million compared to an inflow of DKK 377
million in Q3 2024/25.
For Q3 2025/26, cash flows from financing acti–
vities were an outflow of DKK 378 million against
an outflow of DKK 25 million in Q3 2024/25,
reflecting reduction of debt in Q3 2025/26 due to
less investments compared to Q3 2024/25 with
increase in debt due to construction of Matas'
Logistics Center and a higher cash and cash equi-
valent balance at 31 December 2024.
Cash flows
(DKKm)
Q3
2025/26
Q3
2024/25
Cash generated from operating activities 449 560
Cash flow from investing activities excl. acquisitions of subs. (82) (183)
Free cash flow excl. acquisitions of subs. 367 377
Acquisition of subsidiaries and operations - -
Free cash flow 367 377
Cash flows from financing activities (378) (25)
Interim report 9M 2025/26
13
Online
Physical stores
Wholesale
High-end Beauty
Other categories
Mass Beauty
Health and Wellbeing
50
2
30
18
2025/26
9M
65
33
2
2025/26
9M
9M 2025/26 performance, costs and operating performance
Revenue
Revenue for 9M 2025/26 amounted to DKK 6,795
million corresponding to an increase of DKK
294 million or 4.5% from the year-earlier period
(currency neutral increase of 3.4%), while Matas
sales grew by 5.5%, KICKS declined 1.4% currency
neutral and Other segment grew 14.2%.
For 9M 2025/26, the number of transactions
increased by 0.6%, while the average basket size
grew 3.5% (2.4% currency neutral) to DKK 228
per transaction compared to 9M last year. The
number of transactions came to 29.3 million for
9M compared to 29.1 million for 9M 2024/25.
Performance by category
Mass Beauty and Health and Wellbeing continued
to deliver good growth in 9M like in Q3 with Health
and Wellbeing adding DKK 112 million or 10.4%
growth compared to 9M 2024/25.
High-end Beauty was impacted by change in
customer behavior, trading down to Mass Beauty
(7.8% growth). KICKS was impacted significantly
more as High-end Beauty accounts for approx.
75% of revenues in KICKS.
For Matas, the in-house brands sales, including
Striber, Nilens Jord, Flora Danica, Miild and
9M 2025/26 performance
9M revenue by categories and sales channels
(DKKm)
9M
2025/26
9M
2024/25
Growth
(%)
Currency
neutral
9M
2024/25
Growth
currency
neutral
(%)
Categories
High-end Beauty 3,332 3,347 (0.4)% 3,398 (1.9)%
Mass Beauty 1,996 1,852 7.8% 1,871 6.7%
Health and Wellbeing 1,196 1,084 10.4% 1,084 10.4%
Other categories 155 132 16.8% 132 16.8%
Retail revenue 6,679 6,415 4.1% 6,485 3.0%
Retail revenue by category (%)
High-end Beauty 50% 52% 52%
Mass Beauty 30% 29% 29%
Health and Wellbeing 18% 17% 17%
Other categories 2% 2% 2%
100% 100%
Sales channels
Physical stores 4,408 4,315 2.2% 4,363 1.0%
Online 2,271 2,100 8.1% 2,123 7.0%
Wholesale 116 86 34.4% 86 34.4%
Total revenue 6,795 6,501 4.5% 6,572 3.4%
Revenue by sales channel (%)
Physical stores 65% 67% 67%
Online 33% 32% 32%
Wholesale 2% 1% 1%
100% 100% 100%
Revenue by sales channel (%)
Retail revenue by category (%)
Interim report 9M 2025/26
14
BeautyAct by KICKS, accounted for DKK
630 million or 16.4% of the total revenue in
9M 2025/26, growing 5.5% compared to 9M
2024/25. For KICKS, the in-house brands sales
accounted for 5.6% of the KICKS total revenue
for 9M 2025/26, growing 12.0% currency neutral
compared to 9M 2024/25. Overall, in-house
brands sales for the Group accounted for 11.7%
of the total revenue in 9M 2025/26 compared to
11.4% in 9M 2024/25. In-house brands grew 6.6%
currency neutral in 9M 2025/26 compared to 9M
2024/25.
Performance by sales channel
Physical stores grew revenue by DKK 93 million or
2.2% (1.0% currency neutral). Matas stores grew
2.2% (2.1 like-for-like) and KICKS stores declined
0.7% (2.6% decline like-for-like) currency neutral
in 9M 2025/26, primarily driven in KICKS by lower
traffic to shopping malls in Q3 2025/26.
Online sales were up by DKK 171 million or 8.1%
(7.0% currency neutral) and 10.4% excluding
Skincity in 9M 2025/26. Matas online business
grew DKK 140 million or 13.7% and KICKS online
business grew DKK 1 million but declined 3.0%
currency neutral in 9M 2025/26. KICKS online
excluding Skincity grew 6.1% in 9M 2025/26. The
online business in the Other segment grew DKK
30 million or 9.3% mainly driven by Firtal Group.
Wholesale reported a revenue increase of DKK 30
million to DKK 116 million for 9M 2025/26, mainly
driven by Web Sundhed.
Sales channels
At 31 December 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 235 physical
stores at 31 December 2025. 65%
of 9M 2025/26 revenue was gener-
ated by the Group’s 500 physical
stores (67% in 9M 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. 33% of consoli-
dated revenue was in 9M 2025/26
generated through Matas Group’s
online channels (32% in 9M 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 9M
(1% in 9M 2024/25 currency neutral).
Interim report 9M 2025/26
15
Gross margin
Gross profit for 9M 2025/26 amounted to DKK
3,087 million, up from DKK 3,000 million (DKK
3,031 million currency neutral) in 9M 2024/25.
The gross margin was 45.4% in 9M 2025/26,
compared to 46.1% last year (46.1% currency
neutral). The negative gross margin development
in Q3 has impacted all of 9M 2025/26 due to the
significant size of the quarter. The main driver of
the lower gross margin in 9M came from pricing
pressure and product mix due to downtrading
in Q3, but the gross margin was also lowered by
the strengthening of SEK toward NOK and EUR
throughout the financial year. Adjusted for the
currency effect on cost of goods, gross margin
was 45.8% in 9M.
Total operating expenses
Adjusted for special items, overall costs (other
external costs and staff costs) remained
unchanged in relation to revenues and accounted
for 30.9% of revenue in 9M 2025/26 against
30.9% the year before (31.1% currency neutral 9M
2024/25).
Other external costs
Other external costs amounted to DKK 833
million in 9M 2025/26 or 12.3% of revenue, up
from DKK 776 million in 9M 2024/25 equal to 11.9%
of revenue, (currency neutral DKK 787 million or
12.0% of revenue in 9M 2024/25). This was driven
by higher variable costs from Matas' and KICKS'
continuing growth, incremental marketing to drive
growth initiatives and IT cost.
9M 2025/26 costs and operating performance
Costs
(DKKm)
9M
2025/26
9M
2024/25
Growth
(%)
Currency
neutral 9M
2024/25
Growth
currency
neutral (%)
Other external costs 833 776 7.3% 787 5.8%
As a percentage of revenue 12.3% 11.9% 12.0%
Staff costs 1,265 1,239 2.2% 1,255 0.9%
As a percentage of revenue 18.6% 19.0% 19.1%
Staff costs
Staff costs amounted to DKK 1,265 million or 18.6%
of revenue in 9M against DKK 1,239 million or 19.0%
of revenue in the year-earlier period, (currency
neutral DKK 1,255 million or 19.1% of revenue in
9M 2024/25). The relative decline was driven by
relative staff cost savings from the automated
logistics centers during Q3, as well as strong staff
cost management for the stores, despite wage
inflation, while the Group CEO resignation also
contributed positively.
In 9M 2025/26, Matas Group had 3,388 full-time
employees, against 3,523 in 9M 2024/25.
Other operating income
Other operating income amounted to DKK 19
million in 9M 2025/26 against DKK 15 million in 9M
2024/25.
EBITDA before special items
EBITDA before special items in 9M 2025/26 came
to DKK 1,008 million against DKK 1,000 million in
9M 2024/25 (DKK 1,005 million currency neutral).
EBITDA margin before special items was 14.8%
in 9M 2025/26, against 15.4% in the year- earlier
period (15.3% currency neutral). EBITDA margin
before special items, adjusted for the currency
effect on cost of goods, was 15.2% in 9M.
Special items
Special items amounted to DKK 38 million in
9M 2025/26, compared to DKK 13 million in 9M
2024/25, which mainly relates to announced
further synergies and the KICKS integration.
EBITDA
EBITDA came to DKK 970 million against DKK 987
million in 9M 2024/25 (DKK 992 million currency
neutral).
Depreciation, amortisation
and impairment
The total amortisation, depreciation and impair-
ment charges were up by DKK 16 million to DKK
487 million in 9M 2025/26, whereof DKK 15 million
can be allocated to Matas' Logistics Center.
Net financials
Net financials improved by DKK 14 million to a net
expense of DKK 131 million in 9M 2025/26, due to
lower interest level.
Profit for the period
Profit for the period amounted to DKK 274 million
after tax, compared to DKK 285 million in 9M
2024/25 (DKK 289 million currency neutral).
Interim report 9M 2025/26
16
Cash flows
(DKKm)
9M
2025/26
9M
2024/25
Cash generated from operating activities 859 840
Cash flow from investing activities excl. acquisitions of subs. (283) (521)
Free cash flow excl. acquisitions of subs. 576 319
Acquisition of subsidiaries and operations - (15)
Free cash flow 576 304
Cash flows from financing activities (539) 16
Adjusted profit for the period after tax
Adjusted profit after tax amounted to DKK 326
million in 9M 2025/26 compared to DKK 320 million
in 9M 2024/25 (DKK 323 million currency neutral),
mainly driven by special items.
Statement of cash flows
Cash generated from operating activities was an
inflow of DKK 859 million in 9M 2025/26 against
an inflow of DKK 840 million in 9M 2024/25 corre-
sponding to an increase of DKK 19 million mostly
related to development in working capital.
For 9M 2025/26, cash flows from investing acti–
vities were an outflow of DKK 283 million against
an outflow of DKK 536 million including acquisi-
tion of subsidiaries and operations and including
construction of Matas' Logistics Center in 9M
2024/25.
For 9M 2025/26, free cash flow was an inflow of
DKK 576 million compared to an inflow of DKK 304
million in 9M 2024/25, reflecting a more normalised
investment level.
For 9M 2025/26, cash flows from financing activi-
ties were an outflow of DKK 539 million against an
inflow of DKK 16 million in 9M 2024/25, reflecting
reduction of debt in 9M 2025/26 due to less
investments compared to 9M 2024/25 with
increase in debt due to construction of Matas'
Logistics Center, but also a higher cash and cash
equivalent balance at 31 December 2024.
Interim report 9M 2025/26
17
Statement of financial position (at
31December 2025 vs. 31 December 2024)
Total assets amounted to DKK 9,707 million on
31 December 2025, up from DKK 9,604 million
at 31 December 2024.
Non-current assets increased by DKK 144 million
to DKK 6,795 million. Current assets totalled DKK
2,912 million, a year-on-year decline of DKK 41
million.
Inventories amounted to DKK 2,450 million at
31 December 2025 which is an increase of DKK
217 million compared to the end of 9M 2024/25.
KICKS accounted for DKK 1,161 million. Inven-
tories accounted for 28.1% of LTM revenue at
31 December 2025 compared to 27.3% at 31
December 2024. Matas stand-alone inventories
accounted for 23.8% of LTM revenue at 31
December 2025 compared to Matas stand-
alone 24.3% at 31 December 2024. The increase
is reflecting wider assortment and better product
availability.
Trade receivables increased by DKK 55 million
to DKK 183 million. KICKS accounted for DKK 116
million. Trade payables were down by DKK 41
million year-on-year. KICKS accounted for DKK
206 million of total trade payables of DKK 1,134
million.
Net working capital excluding deposits amounted
to DKK 841 million at 31 December 2025 against DKK
492 million at 31 December 2024. The increase was
driven by higher inventories combined with lower
trade payables as a result of less purchase in the last
part of Q3 due to low revenue growth.
Cash and cash equivalents amounted to DKK
112 million, down from DKK 453 million the year
before.
Equity amounted to DKK 3,809 million at 31
December 2025 compared to DKK 3,676 million at
31 December 2024.
Net interest-bearing debt amounted to DKK 3,610
million at 31 December 2025, a year-on-year
increase of DKK 375 million. The gearing ratio was
2.9 times LTM EBITDA before special items. 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.
Matas Group’s credit facility is subject to cove-
nants. Matas Group has complied with these
covenants since raising the facility.
Gross interest-bearing debt stood at DKK 3,722
million at 31 December 2025, including lease
liabilities of DKK 1,030 million. At 31 December
2024, gross interest-bearing debt stood at DKK
3,688 million, including lease liabilities of DKK
1,076 million.
At 31 December 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. 829,038 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-
tiveprogrammes. 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 858,840 treasury shares
at 31 December 2025.
Return on invested capital
The LTM return on invested capital before tax
was 9.9% at 31 December 2025 against 9.2% at 31
December 2024.
ROIC before tax excluding goodwill was 23.2% at
31 December 2025 against 24.1% at 31 December
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 9M 2025/26
18
Executive Committee
Board of Directors
Interim report 9M 2025/26
19
(DKKm) Note
Q3
2025/26
Q3
2024/25
9M
2025/26
9M
2024/25
Revenue 4, 5 2,776 2,694 6,795 6,501
Cost of goods sold (1,533 ) (1,449 ) (3,708 ) (3,501 )
Gross profit 1,243 1,245 3,087 3,000
Other external costs (347 ) (325 ) (833 ) (776 )
Staff costs (439 ) (451 ) (1,265 ) (1,239 )
Other operating income and expenses, net 8 5 19 15
EBITDA before special items 465 474 1,008 1,000
Special items (22 ) (1 ) (38 ) (13 )
EBITDA 443 473 970 987
Depreciation, amortisation and impairment (166 ) (156 ) (487 ) (471 )
EBIT 277 317 483 516
Share of profit or loss after tax of associates 0 0 0 1
Financial income 0 0 0 2
Financial expenses (38 ) (51 ) (131 ) (145 )
Profit before tax 239 266 352 374
Tax on profit for the period (53 ) (65 ) (78 ) (89 )
Profit for the period 186 201 274 285
Currency adjustment of foreign entities and loan 9 (10 ) 7 (7 )
Fair value adjustment of hedging instruments (5 ) 5 (9 ) 5
Tax on other comprehensive income 1 1 2 1
Other comprehensive income after tax 5 (4 ) (0 ) (1 )
Total comprehensive income 191 197 274 284
Distributed as follows:
Shareholders of Matas A/S 191 197 274 284
Minority shareholders - - - -
Earnings per share
Earnings per share, DKK 4.95 5.30 7.23 7.49
Diluted earnings per share, DKK 4.92 5.26 7.20 7.44
Statement of comprehensive income
Interim report 9M 2025/26
20
Statement of cash flows
(DKKm)
Q3
2025/26
Q3
2024/25
9M
2025/26
9M
2024/25
Profit before tax 239 266 352 374
Depreciation, amortisations and impairment 166 156 487 471
Other non-cash operating items, net (5 ) 5 5 13
Share of profit or loss after tax of associates 0 0 0 (1 )
Financial income 0 0 (1 ) (2 )
Financial expenses 38 51 132 145
Cash generated from operations before
changes in working capital 438 478 975 1,000
Changes in working capital 83 157 (37 ) (85 )
Cash generated from operations 521 635 938 915
Corporation tax paid (72 ) (75 ) (79 ) (75 )
Cash flow from operating activities 449 560 859 840
Acquisition of intangible assets (93 ) (57 ) (151 ) (138 )
Acquisition of property, plant and equipment 11 (126 ) (132 ) (383 )
Acquisition of subsidiaries and operations - - - (15 )
Cash flow from investing activities (82 ) (183 ) (283 ) (536 )
Free cash flow 367 377 576 304
(DKKm)
Q3
2025/26
Q3
2024/25
9M
2025/26
9M
2024/25
Debt raised with credit institutions - 155 3,034 550
Debt settled with credit institutions (198 ) - (2,970 ) -
Interest received 0 0 1 2
Interest paid (26 ) (51 ) (95 ) (145 )
Repayment of lease liabilities (109 ) (102 ) (324 ) (298 )
Dividend paid - - (76 ) (76 )
Option agreement, received - - - 10
Acquisition of own shares (45 ) (27 ) (109 ) (27 )
Cash flow from financing activities (378 ) (25 ) (539 ) 16
Net cash flow from operating, investing
and financing activities (11 ) 352 (37 ) 320
Currency adjustment (3 ) (1 ) (1 ) 2
Cash and cash equivalents, beginning
of period 126 102 76 131
Cash and cash equivalents, end of period 112 453 112 453
The above cannot be derived directly from the statement of comprehensive income and the statement of
financial position.
Interim report 9M 2025/26
21
Statement of financial position
(DKKm) Note 31 Dec. 2025 31 Dec. 2024 31 March 2025
ASSETS
Non-current assets
Goodwill 4,102 4,096 4,102
Trademarks and trade names 176 177 183
Software 220 212 253
Other intangible assets 71 92 86
Intangibles-in-progress 219 118 117
Total intangible assets 4,788 4,695 4,741
Property, plant and equipment
Lease assets 6 940 1,012 1,178
Land and buildings 428 107 107
Other fixtures and fittings, tools and equipment 247 75 103
Leasehold improvements 232 202 243
Plant-in-progress 88 495 510
Total property, plant and equipment 1,935 1,891 2,141
Investments in associates 1 1 1
Deferred tax 23 16 22
Deposits 47 47 48
Other securities and equity investments 1 1 1
Total other non-current assets 72 65 83
Total non-current assets 6,795 6,651 6,965
Current assets
Inventories 2,450 2,233 2,269
Trade receivables 183 128 93
Corporation tax receivable 25 27 19
Other receivables 22 19 22
Prepayments 120 93 130
Cash and cash equivalents 112 453 76
Total current assets 2,912 2,953 2,609
Total assets 9,707 9,604 9,574
(DKKm) Note 31 Dec. 2025 31 Dec. 2024 31 March 2025
EQUITY AND LIABILITIES
Equity
Share capital 96 96 96
Translation reserve 52 12 45
Treasury share reserve (113 ) (39 ) (39 )
Hedging reserve (4 ) 4 3
Retained earnings 3,778 3,602 3,534
Dividend proposed for the financial year - - 76
Equity, shareholders in Matas A/S 3,809 3,675 3,715
Non-controlling interests (0 ) 1 1
Total equity 3,809 3,676 3,716
Liabilities
Deferred tax 206 225 212
Lease liabilities 6 626 725 870
Provisions 7 28 28 28
Credit institutions 2,692 2,612 1,958
Other payables 8 - 5 5
Total non-current liabilities 3,552 3,595 3,073
Credit institutions - - 670
Lease liabilities 6 404 351 404
Provisions 7 8 1 2
Prepayments from customers 302 298 235
Trade payables 1,134 1,175 1,090
Other payables 8 498 508 384
Total current liabilities 2,346 2,333 2,785
Total liabilities 5,898 5,928 5,858
Total equity and liabilities 9,707 9,604 9,574
Interim report 9M 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 - 7 - (9 ) - - (2 ) - (2 )
Tax on other comprehensive income - - - 2 - - 2 - 2
Other comprehensive income - 7 - (7 ) - - (0 ) - (0 )
Profit for the period - - - - - 274 274 (1 ) 273
Total comprehensive income - 7 - (7 ) - 274 274 (1 ) 273
Transactions with owners
Dividend paid - - - - (76 ) - (76 ) - (76 )
Dividend on treasury shares - - - - 0 (0 ) - - -
Exercise of incentive programme - - 35 - - (35 ) - - -
Acquisition of own shares - - (109 ) - - - (109 ) - (109
Share-based payment - - - - - 5 5 - 5
Total transactions with owners - - (74 ) - (76 ) (30 ) (180 ) - (180 )
Equity at 31 December 2025 96 52 (113 ) (4 ) - 3,778 3,809 (0 ) 3,809
Interim report 9M 2025/26
23
(DKKm)
Share
capital
Translation
reserve
Treasury
share
reserve
Hedging
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 compehensive income - (7 ) - 5 - - (2 ) - (2 )
Tax on other comprehensive income - 2 - (1 ) - - 1 - 1
Other comprehensive income - (5 ) - 4 - - (1 ) - (1 )
Profit for the period - - - - - 285 285 - 285
Total comprehensive income - (5 ) - 4 - 285 284 - 284
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
Acquisition of treasury shares - - (27 ) - - - (27 ) - (27 )
Share-based payment - - - - - 13 13 - 13
Total transactions with owners - - 4 - (76 ) 2 (70 ) - (70 )
Equity at 31 December 2024 96 12 (39 ) 4 - 3,602 3,675 1 3,676
* In April 2024, 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 9M 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 write-down.
Note 3 – Seasonality
The Group’s activities in the interim period were affected by Black Week and Christmas shopping, which is mate-
rial to the Group's overall financial performance.
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 9M 2025/26
25
Notes
Note 4 – Segment information continued
(DKKm)
Matas
Q3 2025/26
KICKS
Q3 2025/26
Other
Q3 2025/26
Total
Q3 2025/26
Revenue 1,575 1,041 160 2,776
Cost of goods sold (862) (584) (87) (1,533)
Gross profit 713 457 73 1,243
Gross margin 45.3% 43.9% 45.4% 44.8%
Other external costs (347)
Staff costs (439)
Other operating income and expenses, net 8
EBITDA before special items 465
Special items (22)
EBITDA 443
(DKKm)
Matas
Q3 2024/25
KICKS
Q3 2024/25
Other
Q3 2024/25
Total
Q3 2024/25
Revenue 1,503 1,049 142 2,694
Cost of goods sold (792) (585) (72) (1,449)
Gross profit 711 464 70 1,245
Gross margin 47.3% 44.2% 49.2% 46.2%
Other external costs (325)
Staff costs (451)
Other operating income and expenses, net 5
EBITDA before special items 474
Special items (1)
EBITDA 473
(DKKm)
Matas
9M 2025/26
KICKS
9M 2025/26
Other
9M 2025/26
Total
9M 2025/26
Revenue 3,842 2,501 452 6,975
Cost of goods sold (2,032) (1,418) (258) (3,708)
Gross profit 1,810 1,083 194 3,087
Gross margin 47.1% 43.3% 42.9% 45.4%
Other external costs (833)
Staff costs (1,265)
Other operating income and expenses, net 19
EBITDA before special items 1,008
Special items (38)
EBITDA 970
(DKKm)
Matas
9M 2024/25
KICKS
9M 2024/25
Other
9M 2024/25
Total
9M 2024/25
Revenue 3,641 2,465 395 6,501
Cost of goods sold (1,906) (1,364) (231) (3,501)
Gross profit 1,735 1,101 164 3,000
Gross margin 47.6% 44.7% 41.6% 46.1%
Other external costs (776)
Staff costs (1,239)
Other operating income and expenses, net 15
EBITDA before special items 1,000
Special items (13)
EBITDA 987
Interim report 9M 2025/26
26
Notes
(DKKm)
Matas
Q3 2024/25
KICKS
Q3 2024/25
Other
Q3 2024/25
Total
Q3 2024/25
High-end Beauty 672 809 - 1,489
Mass Beauty 479 239 24 735
Health and Wellbeing 295 1 89 384
Other categories 54 - 2 56
Wholesale sales, etc. 3 - 27 30
Total revenue 1,503 1,049 142 2,694
(DKKm)
Matas
9M 2025/26
KICKS
9M 2025/26
Other
9M 2025/26
Total
9M 2025/26
Retail sales, physical stores 2,659 1,749 - 4,408
Retail sales, online 1,175 752 344 2,271
Wholesale 8 - 108 116
Total revenue 3,842 2,501 452 6,795
In 9M 2025/26, 33% of Matas Group’s revenue was generated by its online channels, compared to 32% in the
year-earlier period.
(DKKm)
Matas
9M 2024/25
KICKS
9M 2024/25
Other
9M 2024/25
Total
2024/25
Retail sales, physical stores 2,601 1,714 - 4,315
Retail sales, online 1,035 751 314 2,100
Wholesale 5 - 81 86
Total revenue 3,641 2,465 395 6,501
Note 5 – Revenue
(DKKm)
Matas
Q3 2025/26
KICKS
Q3 2025/26
Other
Q3 2025/26
Total
Q3 2025/26
Retail sales, physical stores 1,054 708 - 1,762
Retail sales, online 518 333 122 973
Wholesale 3 - 38 41
Total revenue 1,575 1,041 160 2,776
In Q3 2025/26, 35% of Matas Group’s revenue was generated by its online channels, compared to 34% in the
year-earlier period.
(DKKm)
Matas
Q3 2024/25
KICKS
Q3 2024/25
Other
Q3 2024/25
Total
Q3 2024/25
Retail sales, physical stores 1,029 712 - 1,741
Retail sales, online 471 337 115 923
Wholesale 3 - 27 30
Total revenue 1,503 1,049 142 2,694
Revenue break-down by product groups for Q3 is as follows:
(DKKm)
Matas
Q3 2025/26
KICKS
Q3 2025/26
Other
Q3 2025/26
Total
Q3 2025/26
High-end Beauty 671 788 - 1,459
Mass Beauty 516 248 23 787
Health and Wellbeing 323 4 97 424
Other categories 62 1 2 65
Wholesale sales, etc. 3 - 38 41
Total revenue 1,575 1,041 160 2,776
Interim report 9M 2025/26
27
Notes
Note 5 – Revenue continued
Revenue break-down by product groups for 9M is as follows:
(DKKm)
Matas
9M 2025/26
KICKS
9M 2025/26
Other
9M 2025/26
Total
9M 2025/26
High-end Beauty 1,461 1,871 - 3,332
Mass Beauty 1,316 614 66 1,996
Health and Wellbeing 914 8 274 1,196
Other categories 143 8 4 155
Wholesale sales, etc. 8 - 108 116
Total revenue 3,842 2,501 452 6,795
(DKKm)
Matas
9M 2024/25
KICKS
9M 2024/25
Other
9M 2024/25
Total
9M 2024/25
High-end Beauty 1,453 1,893 - 3,346
Mass Beauty 1,219 570 64 1,853
Health and Wellbeing 837 2 245 1,084
Other categories 127 - 5 132
Wholesale sales, etc. 5 - 81 86
Total revenue 3,641 2,465 395 6,501
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 86 million at 31 December 2025 (31 December
2024: DKK 76 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 31 December 2025 was insignifi
-
cant as was the amount of guarantee commitments, similar to last year.
Interim report 9M 2025/26
28
Notes
Note 6 – Leases
Matas Group's lease assets are as follows:
(DKKm)
31 Dec.
2025
31 Dec.
2024
31 March
2025
Store leases 774 863 993
Administration and warehouse buildings, etc. 155 143 179
Cars and other leases 11 6 6
Total lease assets 940 1,012 1,178
Matas Group’s lease liabilities are as follows:
(DKKm)
31 Dec.
2025
31 Dec.
2024
31 March
2025
Non-current liabilities 626 725 870
Current liabilities 404 351 404
Total lease liabilities 1,030 1,076 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)
9M
2025/26
9M
2024/25
Store leases, etc. 256 240
Administration and warehouse buildings, etc. 24 28
Cars and other leases 4 2
Total depreciation of lease assets 284 270
Lease payments in the amount of DKK 324 million were made in 9M 2025/26 (9M 2024/25: DKK 288 million).
Interest in the amount of DKK 37 million was expensed in 9M 2025/26 (9M 2024/25: DKK 39 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 19 million in 9M 2025/26
(9M2024/25: DKK 16 million).
A total of DKK 6 million in 9M 2025/26 (9M 2024/25: DKK 3 million) was recognised in the statement of compre
-
hensive income regarding short-term, leases and leases of low-value assets.
Interim report 9M 2025/26
29
Notes
Note 7 – Provisions
(DKKm)
31 Dec.
2025
31 Dec.
2024
31 March
2025
Included in non-current liabilities
Obligation for reinstatement of tenancies 28 28 28
Total provision, non-current 28 28 28
Included in current liabilities
Restructuring provisions 8 1 2
Total provision, current 8 1 2
Note 8 – Other payables
(DKKm)
31 Dec.
2025
31 Dec.
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 173 218 79
Holiday pay obligations etc. 129 119 131
Pay-related liabilities
(A tax/social security contributions) 180 151 173
Contingent consideration and deferred purchase price 5 3 -
Other creditors 10 17 1
Total other current payables 498 508 384
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)
9M
2025/26
9M
2024/25
Revenue 0 0
Other external costs (11) (10)
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 9M 2025/26
30
Interim financial highlights
(DKKm)
Q3
2025/26
Q2
2025/26
Q1
2025/26
Q4
2024/25
Q3
2024/25
Statement of
comprehensive income
Revenue 2,776 1,945 2,074 1,878 2,694
Gross profit 1,243 889 955 870 1,245
EBITDA 443 230 297 202 473
EBIT 277 70 136 49 317
Net financials (38) (39) (54) (38) (51)
Profit before tax 239 31 82 11 266
Profit for the period 186 24 64 (3) 201
Statement of financial position
Total assets 9,707 9,977 9,629 9,574 9,604
Total equity 3,809 3,668 3,685 3,716 3,676
Net working capital 841 916 645 799 492
Net interest-bearing debt 3,610 3,869 3,622 3,825 3,235
Statement of cash flows
Cash flow from operating activities 449 (61) 471 (125) 560
Investments in tangible assets 11 (83) (60) (94) (126)
Cash flow from investing activities (82) (101) (100) (181) (183)
Free cash flow 367 (162) 371 (306) 377
Net cash flow from operating,
investing and financing activities (11) (8) 56 (378) 352
(DKKm)
Q3
2025/26
Q2
2025/26
Q1
2025/26
Q4
2024/25
Q3
2024/25
Key performance indicators
Number of transactions (millions) 11.3 8.8 9.2 8.7 11.6
Average basket size (DKK) 242 217 222 211 230
Total retail floor space
(thousands of square metres) * 99.5 98.2 97.7 97.8 97.3
Avg. revenue per square metre
(DKK thousands) - LTM * 88.2 87.9 87.2 86.3 85.6
Proforma revenue currency neutral
growth 1.8% 4.4% 4.7% 7.2% 7.5%
Adjusted figures
EBITDA 443 230 297 202 473
Special items included in EBITDA (22) (11) (5) (14) (1)
EBITDA before special items 465 241 302 216 474
Depreciation of property, plant and
equipment and amortisation of
software (128) (151) (152) (143) (147)
EBITA before special items 337 90 150 73 327
Adjusted profit after tax 212 39 74 15 210
Gross margin 44.8% 45.7% 46.0% 46.4% 46.2%
EBITDA margin 16.0% 11.8% 14.3% 10.7% 17.6%
EBITDA margin before special items 16.7% 12.4% 14.5% 11.5% 17.6%
EBITA margin before special items 12.1% 4.6% 7.2% 3.9% 12.1%
EBIT margin 10.1% 3.6% 6.5% 2.6% 11.7%
* Total retail floor space has been updated historically due to previous reported figures by mistake included backoffice and inventory
for some stores at KICKS. As a consequence the average revenue per squaremeters has also been corrected historically.
Interim report 9M 2025/26
31
Additional information
Contacts
Per Johannesen Madsen
Interim Group CEO and 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
and 2026/27
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
12 August 2026 Interim Report - Q1 2026/27
5 November 2026 Interim Report - Q2 2026/27
3 February 2027 Interim Report - Q3 2026/27
26 April 2027 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
12 May 2027 Annual Report 2026/27
8 June 2027 Annual General meeting 2026/27
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 9M 2025/26
32
