SECTION 1
Basis of preparation
This section introduces the accounting policies for the Matas Group and significant accounting estimates and judgements.
A more detailed description of accounting policies and significant estimates and judgements related to specific reported amounts is presented in the respective notes. The purpose is to provide transparency on the disclosed amounts and to describe the relevant accounting policy, significant estimates and numerical disclosure for each note.
Note 1.1 \u2013 General accounting policies
Matas A/S is a public limited company domiciled in Denmark. The Annual Report includes both the consolidated financial statements of Matas A/S and its subsidiaries (Matas Group) and the separate financial statements of the Parent Company, Matas A/S.
The consolidated financial statements of Matas A/S and the financial statements of the Parent Company, Matas A/S, for 2025/26 have been prepared in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.
The Board of Directors and the Executive Committee considered and adopted the Annual Report of Matas A/S for 2025/26 on 19 May 2026. The Annual Report will be presented to the shareholders of Matas A/S for approval at the Annual General Meeting to be held on 16 June 2026.
Accounting policies
The general accounting policies applied in the Annual Report as a whole are described below. The accounting policies related to specific line items are described in the notes to which they relate. The description of accounting policies in the notes forms part of the general description of Matas Group\u2019s accounting policies.
Consolidated statement
The consolidated financial statements are presented in DKK, and all amounts are rounded to millions (DKKm) unless otherwise stated. The accounting policies set out below have been used consistently in respect of the financial year and to comparative figures. For standards implemented prospectively, comparatives are not restated.
Implementation of new or amended standards and interpretations
Matas A/S has implemented all new or amended IFRS Accounting Standards and interpretations as adopted by the EU that apply to the financial year 1 April 2025 \u2013 31 March 2026. These have not significantly affected Matas Group\u2019s Annual Report for 2025/26.
The new standards that are not yet effective are not expected to have any material impact on Matas Group, except IFRS 18 Presentation and Disclosure in Financial Statements, which was issued in April 2024 and will be effective from 2027/28, impacting presentation and disclosure of the Financial Statements. Matas Group is currently evaluating the potential impact of this standard.
IXBRL reporting
The Group has filed the Annual Report 2025/26 in the European Single Electronic Format (ESEF), XHTML, which can be displayed in a standard browser. The consolidated financial statements are tagged using extensible Business Reporting Language (iXBRL), which complies with the ESEF taxonomy included in the ESEF Regulation. The Annual Report submitted to the Danish Financial Supervisory Authority consists of the XHTML document together with certain technical files, all included in a zip file named Matas-2026-03-31-en.zip.
Alternative performance measures
The Annual Report includes non-IFRS financial ratios. We believe that non-IFRS ratios provide investors and the Group's management with valuable information for purposes of evaluating the Group's financial performance. As other companies may calculate these ratios in a different way than Matas Group, they may not be comparable with the ratios applied by other companies. Accordingly, these financial ratios should not be considered a substi-tute for performance measures defined under IFRS. For a definition of the performance measures applied by Matas Group, see \u2018Definitions of key financials\u2019.
Consolidated financial statements
Entities acquired or formed during the year are recognised in the consolidated financial statements from the date of acquisition or formation. Entities disposed are recognised in the consolidated financial statements until the date of disposal. The comparative figures are not restated to reflect acquisitions.
In connection with acquisitions of new entities over which Matas Group obtains control, the acquisition method is used. The acquired entities\u2019 identifiable assets, liabilities and contingent liabilities are measured at fair value at the acquisition date. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax on revaluations is recognised.
The acquisition date is the date when Matas Group effectively obtains control over the acquired entity.
The consolidated financial statements comprise the financial statements of the Parent Company, Matas A/S, and subsidiaries in which Matas A/S has control. Matas A/S has control of a company if the Group is exposed to or has rights to variable returns from its involvement in the company and has the ability to affect those returns through its power over the company.
In the assessment of whether Matas Group has control, de facto control and potential voting rights that are real and have substance at the date of the statement of financial position are taken into account.
The consolidated financial statements have been prepared as a consolidation of the Parent Company\u2019s and the individual subsidiaries\u2019 financial statements prepared according to Matas Group\u2019s accounting policies. On consol-
idation, intra-group income and expenses, shareholdings, intra-group balances and dividends, and realised and unrealised gains on intra-group transactions are eliminated. Unrealised losses are eliminated in the same way as unrealised gains to the extent that a write-down has not been made.
The subsidiaries\u2019 line items are recognised fully in the consolidated financial statements. Non-controlling interests share of profit/loss for the year and of equity in subsidiaries that are not wholly owned is included in the consoli-dated profit and equity, respectively, but is presented separately.
Statement of cash flows
The cash flow statement shows the cash flows from operating, investing and financing activities for the year, the year\u2019s changes in cash and cash equivalents as well as cash and cash equivalents at the beginning and end of the year.
Cash flows from acquired businesses are recognised in the cash flow statement from the date of acquisition, and cash flows from disposed businesses are recognised up until the date of disposal.
Cash flows from operating activities are calculated according to the indirect method as profit before tax adjusted for non-cash operating items, changes in working capital and dividends received and corporate tax paid.
Cash flows from investing activities comprise payments in connection with acquisitions and disposals of entities and operations and of intangible assets, property, plant and equipment and other non-current assets as well as acquisition and disposal of securities not recognised as cash and cash equivalents.
Cash flows from financing activities comprise changes in the size or composition of the share capital and related costs as well as the raising of loans, repayment of interest-bearing debt, acquisition and disposal of treasury shares, interest received and payment of interest and dividends to shareholders.
Cash and cash equivalents comprise cash and short-term marketable securities with a term of three months or less at the acquisition date which are subject to an insignificant risk of changes in value, and which can be converted into cash without hindrance.
Functional and presentation currency
The consolidated financial statements are presented in DKK, which is also the functional currency of the Parent Company. Each subsidiary determines its own functional currency, and items recognised in the financial state-ments of each entity are measured using that functional currency.
Transactions and balances
On initial recognition, transactions denominated in foreign currencies are translated to the functional currency at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised as financial income or financial expenses.
Receivables and payables and other monetary items denominated in foreign currencies are translated into the functional currency at the exchange rates at the date of the statement of financial position. The difference between the exchange rates at the date of the statement of financial position and at the date at which the receiv-able or payable arose or was recognised in the latest consolidated financial statements is recognised as financial income or financial expenses.
Foreign exchange rate adjustments arising on monetary items which are considered part of the net investment in foreign entities are recognised in other comprehensive income.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined.
Accounting policies
Matas Group generates revenue from sales of Mass Beauty and High-end Beauty products, vitamins, minerals and supplements, household and personal care products and over-the-counter medicine through the Matas Group\u2019s store network and web shops.
Matas Group\u2019s sales agreements are divided into separately identifiable performance obligations (relating primarily to the loyalty programmes at Matas and KICKS), which are recognised and measured separately at fair value. If a sales agreement comprises more than one performance obligation, the total sales value of the sales agreement is allocated proportionately to the individual performance obligations of the agreement. Performance obligations in relation to the non-performed proportion of revenue related to the allocation of points under the loyalty programmes are deducted. Income from the sale of gift vouchers is recognised as revenue upon redemp-tion, 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.
Revenue is recognised when control of the individual identifiable performance obligation passes to the customer. For Matas Group, this is generally when the goods are handed over.
Revenue is measured at the fair value of the agreed consideration net of VAT and taxes charged on behalf of third parties. All discounts granted are recognised in revenue. Having regard to Matas Group\u2019s operations, with sales generally being made directly to consumers, the fair value corresponds to the agreed selling price net of discounts and the value of points earned by the customer.
The proportion of the total consideration that is variable, for example in the form of discounts, bonus payments, etc., is recognised in revenue when it is highly probable that it will not be subsequently reversed due to, for example, non-redemption of points earned.
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 the Group's revenue is invoiced, e.g. wholesale sales, in which connection a receivable is recognised.
Accounting policies
Cost of goods sold comprises costs for purchase of goods for the year plus deviations in inventories in generating the revenue for the year.
Cost of goods sold is recognised after deduction of supplier discounts and bonuses and after general marketing contributions from suppliers.
Accounting policies
Other external costs primarily comprise net marketing costs after deduction of marketing income from suppliers for advertising in the Group's own media and stores. Other external costs also comprise adminis-trative expenses and maintenance costs.
Accounting policies
Staff costs comprise wages, salaries, pensions and other staff costs. Staff costs are recognised in the finan-cial year in which services are rendered by the Group's employees. Whenever the Group provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees. Termi-nation benefits are recognised at the time the agreement between the Group and the employee is made and no future service is rendered by the employee in exchange for benefits.
Accounting policies
Other operating activities are secondary to the principal activities of the Group and include insurance compensations for business interruptions, subsidies from governments, media income for sale of data services, income from merchandising and promotions in stores for suppliers and compensation expenses.
Accounting policies
Special items include significant income and expenses which Management considers of a special nature in relation to the Group's ordinary operations. Special items also include significant non-recurring items, including integration costs and transaction costs in a business combination and adjustments of earn-outs.
Significant restructuring of processes and structural adjustments are included in special items. Special items are shown separately from the Group's ordinary operations to facilitate a better understanding of the Group's financial performance.
Accounting policies
Financial income and expenses comprise interest income and expenses and gains and losses on transac-tions denominated in foreign currencies. For all financial instruments measured at amortised cost, interest
income or expenses are recognised using the effective interest rate, which is the rate that discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. Furthermore, surcharges and allowances under the tax prepayment scheme and changes in the fair value of derivative financial instruments which are not designated as hedging instruments are included.
Goodwill
Accounting policies
Goodwill is initially recognised in the statement of financial position at cost as described under \u201cBusiness combinations\u201d. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised.
Trademarks and trade names
Accounting policies
Trademarks and trade names acquired in business combinations are measured at cost less accumulated impairment losses. KICKS trademarks and trade names are not amortised as these can be maintained for an indefinite period, as these are well-established brands in their markets, having existed for decades. Whether these assets should be depreciated is reassessed annually.
Other intangible assets
Accounting policies
Other intangible assets, which primarily comprise customer lists and shares in co-operative property, including intangible assets acquired in business combinations, are measured at cost less accumulated amor-tisation and impairment losses. Other intangible assets are amortised on a straight-line basis over 3-10 years.
Impairment testing
Accounting policies
Goodwill and intangible assets with indefinite useful lives are tested for impairment annually or whenever there is an indication of impairment, initially before the end of the acquisition year.
The carrying amount of goodwill is tested for impairment together with the other non-current assets in the cash-generating unit (CGU) and written down to the recoverable amount through profit or loss if the carrying amount is higher. The recoverable amount is generally computed as the present value of the expected future net cash flows.
The carrying amount of other non-current assets is reviewed for impairment on an ongoing basis. When there is an indication that assets may be impaired, the recoverable amount of the asset is determined. The recoverable amount is the higher of an asset\u2019s fair value less expected costs to sell and its value in use. Value in use is the present value of the future cash flows expected to derive from an asset or the CGU to which the asset belongs.
An impairment loss is recognised if the carrying amount of an asset or a CGU, respectively, exceeds the recoverable amount of the asset or the CGU. The impairment loss is recognised under depreciation, amorti-sation and impairment losses.
Impairment of goodwill is not reversed. Impairment of other assets is reversed to the extent that there have been changes in the assumptions and estimates that led to the impairment loss. Impairment losses are only reversed to the extent that the asset\u2019s new carrying amount does not exceeed the carrying amount of the asset after amortisation/depreciation, had the asset not been impaired.
At each reporting date, the Group assesses whether there is any indication that an asset may be impaired.
If any such indication exists, or when annual impairment testing of an asset is required, the Group estimates the recoverable amount of the asset.
In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used.
Accounting policies
Land and buildings, fixtures, fittings, tools and equipment and leasehold improvements are measured at cost less accumulated depreciation and impairment losses.
Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use.
Subsequent costs, e.g. in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for Matas Group. The replaced components are derecognised in the statement of financial position and their carrying amount transferred to profit or loss. All other costs for ordinary repairs and maintenance are recognised in profit or loss as incurred.
Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately. Depreciation is provided on a straight-line basis over the expected useful lives of the assets/components.
The expected useful lives are as follows:
Buildings\t75 years
Building parts\t10-25 years
Fixtures, fittings, tools and equipment\t1-7 years
Leasehold improvements\t2-8 years
Land is not depreciated
Depreciation is calculated on the basis of the residual value less impairment losses. The useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued.
When changing the depreciation period or the residual value, the effect on depreciation is recognised prospectively as a change in accounting estimates.
Accounting policies
The estimated lease period is 2-5 years for stores and 10 years for warehouses to reflect the commercial approach and the strategy.
Right-of-use assets and lease liabilities are recognised in the statement of financial position when, under a lease concerning a specific identified asset, right-of-use assets are made available to Matas Group for the lease term and when the Group obtains the right to substantially all of the economic benefits from use of the identified asset and the right to direct the use of the identified asset.
Matas Group recognises lease liabilities at the commencement date of the lease, measured at the present value of future lease payments, discounted using an alternative borrowing rate. The following lease payments are recognised as part of the lease liability:
\u2022 Fixed payments
\u2022 Variable payments changing in accordance with changes in an index or a rate based on the applicable index or rate
\u2022 Payments under extension options that Matas Group is reasonably certain to exercise
The lease liability is measured at amortised cost using the effective interest rate method. The lease liability is remeasured when there is a change in the underlying contractual cash flows due to changes in an index or a rate or if Matas Group changes its assessment as to whether it reasonably expects to exercise an extension or termination option.
A right-of-use asset is initially measured at cost, corresponding to the value of the lease liability adjusted for prepaid lease payments plus any initial direct costs and estimated costs of reinstatement or similar and less any discounts granted, or other types of incentives received from the lessor.
Accounting policies - continued
Subsequently, the right-of-use asset is measured at cost less any accumulated depreciation and impairment. The right-of-use asset is depreciated over the shorter of the lease term and the useful life of the right-of-use asset. The right-of-use asset is recognised in the statement of comprehensive income on a straight-line basis.
The right-of-use asset is adjusted for changes in the lease liability resulting from changes in the lease terms or changes in the contractual cash flows according to changes in an index or a rate.
Right-of use assets are depreciated on a straight-line basis over the estimated lease term, which is:
Leased stores, etc. 2-7 years
Administration and warehouse buildings, etc. 2-10 years
Cars and other leases 3-4 years
Matas Group has opted not to recognise leases of low-value assets and short-term leases in the statement of financial position. Lease payments concerning such leases are instead recognised in the statement of comprehensive income on a straight-line basis.
Accounting policies
Inventories are measured at the lower of cost in accordance with the FIFO method and the net realisable value.
Goods for resale are measured at cost, comprising the purchase price plus delivery costs.
The net realisable value of inventories is calculated as the sales amount less costs necessary to make the sale and is determined taking into account marketability, obsolescence and developments in the expected sales price.
Accounting policies
Receivables are measured at amortised cost. Impairment charges are recognised according to the simpli-fied expected credit loss model, under which the total loss is recognised in the statement of comprehensive income at the same time of recognition of the receivable in the statement of financial position based on the lifetime expected credit loss.
Other receivables
Accounting policies
Other receivables comprise non-trade receivables that are not classified as trade receivables, including VAT receivables, supplier rebates and bonuses receivable, employee receivables, insurance claims, and other miscellaneous receivables. Other receivables are initially recognised at fair value and subsequently meas-ured at amortised cost using the effective interest method, less expected credit losses. Supplier rebates and marketing contributions are recognised when it is highly probable that the related conditions will be met and the amount can be measured reliably. Such amounts are generally recognised as a reduction of cost of sales or inventories, depending on the nature of the agreement. Other receivables are derecognised when the contractual rights to the cash flows expire or are transferred and substantially all risks and rewards of owner-ship have been transferred.
Prepayments
Accounting policies
Prepayments comprise costs incurred concerning subsequent financial years and are measured at cost.
Accounting policies
Provisions are recognised when, as a result of an event occurring before or at the date of the statement of financial position, Matas Group has a legal or a constructive obligation, and it is probable that there may be an outflow of economic benefits to meet the obligation.
Provisions are measured at Management\u2019s best estimate of the amount which is expected to be required to settle the liability.
On measurement of provisions, the costs required to settle the liability are discounted if the effect is mate-rial to the measurement of the liability.
Provisions for the reinstatement of tenancies etc. upon eviction are measured at the present value of the expected future liability at the date of the statement of financial position.
The present value of the costs is recognised in the cost of the items of property, plant and equipment in question and depreciated with these assets. The increase of the present value over time is recognised under financial expenses in the statement of comprehensive income.
Accounting policies
Prepayments from customers comprise performance obligations regarding issued gift vouchers and customer loyalty programmes. Performance obligations regarding gift vouchers are recognised at the date of issue. Liabilities relating to gift vouchers and the customer loyalty programme are recognised in revenue when used and/or expired.
Points issued under the customer loyalty programmes are recognised as a performance obligation at the date of recognition of the related sales. The performance obligation is measured at the estimated fair value of the loyalty points allocated.
Accounting policies
Financial liabilities are recognised at the date of borrowing at fair value less transaction costs paid. In subsequent periods, financial liabilities are measured at amortised cost, applying the effective interest rate method, to the effect that the difference between the proceeds and the nominal value is recognised under financial expenses over the term of the loan.
Other non-financial liabilities are measured at net realisable value.
Accounting policies
Cash flows from operating activities are calculated according to the indirect method as profit before tax adjusted for non-cash operating items, changes in working capital and dividends received and corporate tax paid.
Accounting policies
Dividends are recognised as a liability at the date when they are adopted at the annual general meeting (declaration date). The proposed dividend payment for the year is disclosed as a separate item under equity.
Translation reserve
Accounting policies
The translation reserve in the consolidated financial statements comprises the Parent Company\u2019s share of foreign exchange differences arising on translation of financial statements of foreign entities from their func-tional currencies into the presentation currency used by Matas Group (DKK).
Accounting policies
The treasury share reserve comprises costs of acquisition for the Group\u2019s portfolio of treasury shares. Divi-dends received from treasury shares are recognised directly in retained earnings in equity.
Accounting policies
On initial recognition financial liabilities are recognised at the date of borrowing at fair value less transaction costs paid. In subsequent periods, financial liabilities are measured at amortised cost, applying the effective interest rate method, to the effect that the difference between the proceeds and the nominal value is recog-nised under financial expenses over the term of the loan.
Other non-financial liabilities are measured at net realisable value.
Gains and losses are recognised in the income statement when the liabilities are derecognised and through the effective interest rate method. Amortised cost is calculated by taking into account any discount or premium at inception, as well as fees and other costs.
Finance income and costs comprise interest income and expenses, realised and unrealised gains and losses on payables/receivables and transactions in foreign currencies.
For all financial instruments measured at amortised cost, interest income or expense is recognised using the effective interest rate, which is the rate that discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability.
Accounting policies
The value of services received as consideration for options granted is measured at the fair value of the options.
For equity-settled share options, the fair value is measured at the grant date and recognised under staff costs over the vesting period. The balancing item is recognised directly in equity as a shareholder transac-tion.
On initial recognition of Performance Share Units (PSUs), the number of PSUs expected to vest is estimated. Subsequent to initial recognition, the estimate is adjusted to reflect the actual number of exercised PSUs.
The fair value of the PSUs granted is estimated using basic assumptions. The calculation takes into account the terms and conditions of the PSUs granted. The fair value of the PSUs is based on the share price at issue.
Accounting policies
Income tax expense for the year comprises current tax and changes in deferred tax, including changes in tax rate, adjustment to prior years and changes in provision for uncertain tax positions. Tax is recognised in the income statement, except to the extent that it is related to items recognised in equity or other comprehen-sive income. The tax rates and tax laws used to compute the amounts are those enacted or substantively enacted, by the reporting date, in the countries in which Matas operates and generates taxable income.
The Parent Company and its Danish subsidiaries are subject to the Danish rules on mandatory joint taxation of Matas Group. The jointly taxed entities are taxed under the tax prepayment scheme.
Matas A/S is the administration company in respect of the joint taxation and accordingly pays all corporate taxes to the tax authorities.
On payment of joint taxation contributions, the current Danish corporate tax is allocated between the jointly taxed entities in proportion to their taxable income.
Tax for the year comprises current tax and changes in deferred tax for the year. The tax expense is recog-nised in profit or loss, other comprehensive income or directly in equity.
Accounting policies
In accordance with the joint taxation rules, Matas A/S in its capacity as administration company assumes the liability for payment to the tax authorities of its Danish subsidiaries\u2019 corporation taxes as the joint taxation contributions are received from the subsidiaries.
Current tax payable and tax receivable are recognised in the statement of financial position as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account.
Deferred tax is measured in accordance with the balance sheet liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax on temporary differences relating to goodwill, office buildings and other items where temporary differences \u2013 other than business acquisitions and leases \u2013 arise at the date of acquisition without affecting either the profit or loss for the year or the taxable income is not recognised. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on the planned use of the asset or settlement of the liability, respectively.
Deferred tax assets, including the tax base of tax loss carryforwards, are recognised under other non-cur-rent assets at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction.
Adjustment is made to deferred tax resulting from elimination of unrealised intra-group profits and losses.
Deferred tax is measured on the basis of the tax regulations and rates that, according to the rules in force at the date of the statement of financial position, will apply at the time when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in comprehensive income.
Employee benefits
Pension obligations and similar non-current liabilities
Accounting policies
Matas Group has entered into pension schemes and similar arrangements with the majority of its employees. Contributions to defined contribution plans where Matas Group currently pays fixed pension payments to independent pension funds are recognised in profit or loss in the period to which they relate, and any contri-butions outstanding are recognised in the statement of financial position as other payables. Matas Group has not established any defined benefit pension plans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__74": { "value": "SECTION 1
Basis of preparation
This section introduces the accounting policies for the Matas Group and significant accounting estimates and judgements.
A more detailed description of accounting policies and significant estimates and judgements related to specific reported amounts is presented in the respective notes. The purpose is to provide transparency on the disclosed amounts and to describe the relevant accounting policy, significant estimates and numerical disclosure for each note.
Note 1.1 \u2013 General accounting policies
Matas A/S is a public limited company domiciled in Denmark. The Annual Report includes both the consolidated financial statements of Matas A/S and its subsidiaries (Matas Group) and the separate financial statements of the Parent Company, Matas A/S.
The consolidated financial statements of Matas A/S and the financial statements of the Parent Company, Matas A/S, for 2025/26 have been prepared in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.
The Board of Directors and the Executive Committee considered and adopted the Annual Report of Matas A/S for 2025/26 on 19 May 2026. The Annual Report will be presented to the shareholders of Matas A/S for approval at the Annual General Meeting to be held on 16 June 2026.
Accounting policies
The general accounting policies applied in the Annual Report as a whole are described below. The accounting policies related to specific line items are described in the notes to which they relate. The description of accounting policies in the notes forms part of the general description of Matas Group\u2019s accounting policies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__76": { "value": "Denmark", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__77": { "value": "Denmark", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__78": { "value": "The consolidated financial statements of Matas A/S and the financial statements of the Parent Company, Matas A/S, for 2025/26 have been prepared in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__79": { "value": "The Board of Directors and the Executive Committee considered and adopted the Annual Report of Matas A/S for 2025/26 on 19 May 2026. The Annual Report will be presented to the shareholders of Matas A/S for approval at the Annual General Meeting to be held on 16 June 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__80": { "value": "Implementation of new or amended standards and interpretations
Matas A/S has implemented all new or amended IFRS Accounting Standards and interpretations as adopted by the EU that apply to the financial year 1 April 2025 \u2013 31 March 2026. These have not significantly affected Matas Group\u2019s Annual Report for 2025/26.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__81": { "value": "Implementation of new or amended standards and interpretations
Matas A/S has implemented all new or amended IFRS Accounting Standards and interpretations as adopted by the EU that apply to the financial year 1 April 2025 \u2013 31 March 2026. These have not significantly affected Matas Group\u2019s Annual Report for 2025/26.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__82": { "value": "Consolidated financial statements
Entities acquired or formed during the year are recognised in the consolidated financial statements from the date of acquisition or formation. Entities disposed are recognised in the consolidated financial statements until the date of disposal. The comparative figures are not restated to reflect acquisitions.
In connection with acquisitions of new entities over which Matas Group obtains control, the acquisition method is used. The acquired entities\u2019 identifiable assets, liabilities and contingent liabilities are measured at fair value at the acquisition date. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax on revaluations is recognised.
The acquisition date is the date when Matas Group effectively obtains control over the acquired entity.
The consolidated financial statements comprise the financial statements of the Parent Company, Matas A/S, and subsidiaries in which Matas A/S has control. Matas A/S has control of a company if the Group is exposed to or has rights to variable returns from its involvement in the company and has the ability to affect those returns through its power over the company.
In the assessment of whether Matas Group has control, de facto control and potential voting rights that are real and have substance at the date of the statement of financial position are taken into account.
The consolidated financial statements have been prepared as a consolidation of the Parent Company\u2019s and the individual subsidiaries\u2019 financial statements prepared according to Matas Group\u2019s accounting policies. On consol-
idation, intra-group income and expenses, shareholdings, intra-group balances and dividends, and realised and unrealised gains on intra-group transactions are eliminated. Unrealised losses are eliminated in the same way as unrealised gains to the extent that a write-down has not been made.
The subsidiaries\u2019 line items are recognised fully in the consolidated financial statements. Non-controlling interests share of profit/loss for the year and of equity in subsidiaries that are not wholly owned is included in the consoli-dated profit and equity, respectively, but is presented separately.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__83-1": { "value": "Statement of cash flows
The cash flow statement shows the cash flows from operating, investing and financing activities for the year, the year\u2019s changes in cash and cash equivalents as well as cash and cash equivalents at the beginning and end of the year.
Cash flows from acquired businesses are recognised in the cash flow statement from the date of acquisition, and cash flows from disposed businesses are recognised up until the date of disposal.
Cash flows from operating activities are calculated according to the indirect method as profit before tax adjusted for non-cash operating items, changes in working capital and dividends received and corporate tax paid.
Cash flows from investing activities comprise payments in connection with acquisitions and disposals of entities and operations and of intangible assets, property, plant and equipment and other non-current assets as well as acquisition and disposal of securities not recognised as cash and cash equivalents.
Cash flows from financing activities comprise changes in the size or composition of the share capital and related costs as well as the raising of loans, repayment of interest-bearing debt, acquisition and disposal of treasury shares, interest received and payment of interest and dividends to shareholders.
Cash and cash equivalents comprise cash and short-term marketable securities with a term of three months or less at the acquisition date which are subject to an insignificant risk of changes in value, and which can be converted into cash without hindrance.
Accounting policies
Cash flows from operating activities are calculated according to the indirect method as profit before tax adjusted for non-cash operating items, changes in working capital and dividends received and corporate tax paid.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__84": { "value": "Statement of cash flows
The cash flow statement shows the cash flows from operating, investing and financing activities for the year, the year\u2019s changes in cash and cash equivalents as well as cash and cash equivalents at the beginning and end of the year.
Cash flows from acquired businesses are recognised in the cash flow statement from the date of acquisition, and cash flows from disposed businesses are recognised up until the date of disposal.
Cash flows from operating activities are calculated according to the indirect method as profit before tax adjusted for non-cash operating items, changes in working capital and dividends received and corporate tax paid.
Cash flows from investing activities comprise payments in connection with acquisitions and disposals of entities and operations and of intangible assets, property, plant and equipment and other non-current assets as well as acquisition and disposal of securities not recognised as cash and cash equivalents.
Cash flows from financing activities comprise changes in the size or composition of the share capital and related costs as well as the raising of loans, repayment of interest-bearing debt, acquisition and disposal of treasury shares, interest received and payment of interest and dividends to shareholders.
Cash and cash equivalents comprise cash and short-term marketable securities with a term of three months or less at the acquisition date which are subject to an insignificant risk of changes in value, and which can be converted into cash without hindrance.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__85-1": { "value": "Functional and presentation currency
The consolidated financial statements are presented in DKK, which is also the functional currency of the Parent Company. Each subsidiary determines its own functional currency, and items recognised in the financial state-ments of each entity are measured using that functional currency.
Transactions and balances
On initial recognition, transactions denominated in foreign currencies are translated to the functional currency at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised as financial income or financial expenses.
Receivables and payables and other monetary items denominated in foreign currencies are translated into the functional currency at the exchange rates at the date of the statement of financial position. The difference between the exchange rates at the date of the statement of financial position and at the date at which the receiv-able or payable arose or was recognised in the latest consolidated financial statements is recognised as financial income or financial expenses.
Foreign exchange rate adjustments arising on monetary items which are considered part of the net investment in foreign entities are recognised in other comprehensive income.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined.
Translation reserve
Accounting policies
The translation reserve in the consolidated financial statements comprises the Parent Company\u2019s share of foreign exchange differences arising on translation of financial statements of foreign entities from their func-tional currencies into the presentation currency used by Matas Group (DKK).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__86": { "value": "The consolidated financial statements are presented in DKK, which is also the functional currency of the Parent Company. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__87": { "value": "Note 1.2 \u2013 Management\u2019s judgements and estimates
Significant accounting estimates
In preparing the consolidated financial statements, Management makes a number of accounting estimates and assumptions that form the basis for the presentation, recognition and measurement of Matas Group\u2019s assets and liabilities.
The computation of the carrying amount of certain assets and liabilities requires that estimates and assump-tions be made about future events. The estimates and assumptions used are based on historical experience and other factors which Management assesses to be reliable, but which are inherently subject to uncertainty. Such assumptions may be incomplete or inaccurate, and unexpected events or circumstances may arise. Furthermore, the Group is subject to risks and uncertainties which may result in actual results differing from these estimates. It may be necessary to change previously made estimates as a result of changes in the circumstances on which the previous estimates were based or because of new knowledge or subsequent events.
The special risks to which Matas Group is exposed are described in the Management\u2019s Review and in the notes.
Management's judgement and estimates | Note |
Revenue recognition | 2.1 |
Special items | 2.6 |
Intangible assets | 3.1 |
Property, plant and equipment | 3.2 |
Leases | 3.3 |
Inventories | 3.4 |
Prepayments from customers | 3.6 |
Management's judgements and estimates
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 89 million at 31 March 2026 (31 March 2025: DKK 80 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.
The obligation for sale of gift vouchers is based on a 95% redemption rate, equal to historical redemption rate (2024/25: 95%).
Management's judgements and estimates
In the classification of special items, judgement is applied in ensuring that only exceptional items not associ-ated with the ordinary operations of the Group are included.
Management judgements and estimates
In performing the annual impairment test of goodwill, an assessment is made of how the cash-generating unit (CGU) to which goodwill relates will be able to generate sufficient positive net cash flows in the future to support the value of goodwill and other net assets of the relevant part of the Group. Due to the nature of the Group\u2019s activities, the forecast cash flows cover 5 years into the future and are as such subject to some esti-mate uncertainty. This uncertainty is reflected in the discount rate applied.
Management's judgements and estimates
Judgement is applied in determining the depreciation period and is generally based on historical experience. Reassessment is performed annuallyto ascertain that the depreciation basis applied is still representative and reflects the expected life and future residual value of the assets.
Management's judgements and estimates
Determining the basis for reassesment
The Group annually performs a reassessment considering each individual lease where there has been any significant change, including assessment of several performance targets to categorise the individual leases into a specific category as part of the review of the strategy for 2023/24 \u2013 2027/28. This corresponds to Matas Group's commercial approach considering the development in performance and the development in the market for rental and main traffic flows.
Determining the term of a lease
The lease term covers the non-cancellable period of the lease plus periods comprised by an extension option which Matas Group reasonably expects to exercise and plus periods comprised by a termination option which the Group reasonably expects not to exercise. Matas Group\u2019s store leases often contain options entitling the Group to extend the lease in pursuance of Danish tenancy law. On initial recognition of the lease liability, Matas Group considers whether it reasonably expects to exercise the extension option and estimates the expected lease term, which estimates are reassessed upon the occurrence of a signif-icant event or a significant change in circumstances that is within the Group\u2019s control. Upon expiry of the non-cancellable period, the individual leases are assessed in consideration of Matas Group\u2019s strategy, where preferred lease terms are 5-year terms for A+ stores, 3-year terms for A and B stores, and 2-year terms for C stores. The legal environment in Sweden, Norway and Finland does not provide same flexibility in terms of available lease extension periods as in Denmark. A \u2018Preferred end date\u2019 is to be used as guidance in combina-tion with gathered data from the contracts and addendums to arrive at a reasonably certain lease end date. A general rule has been applied so that the reasonably certain period of years that Management agrees to exceed the \u2018Preferred end date\u2019 has been set to 2 years. Meaning that if the extension applied will go over the preferred date by 2 years or more, then the extension option should not be exercised.
Determining the discount factor in a lease
Matas Group applies an alternative borrowing rate for the purpose of measuring the present value of future lease payments. In determining this alternative borrowing rate, Matas Group divides its portfolio of lease assets into categories with similar characteristics and risk profiles. The alternative borrowing rate is deter-mined on initial recognition and in connection with subsequent changes resulting from Matas Group revising its assessment as to whether it reasonably expects to exercise a purchase, extension or termination option or from the lease being modified.
Management's judgements and estimates
Full stock counts are performed at all Matas stores once a year, predominantly in the last quarter of the financial year. A provision for shrinkage is made covering the period from the date of the stock count to end of year corresponding to 1.3% (2024/25: 1.3%) of sales in the period. The shrinkage percentage reflects the shrinkage reported by the majority of the stores performing their stock count in the last quarter of the finan-cial year.
KICKS stores are performing rolling stocktakes continuously for which reason Management assumes the quantities to be valid. A general provision for shrinkage of DKK 3 million is made at 31 March 2026 (31 March 2025: DKK zero million).
Provisions for obsolescense are made for 50% of the cost on goods which are older than two years, similar to last year.
Management's judgements and estimates
Prepayments relating to gift vouchers are recognised at the date of issue.
For the customer loyalty programmes, performance obligations are recognised at the date of recognition of the sale triggering the allocation of loyalty points. The obligation is measured at the estimated fair value of the loyalty points allocated. The estimated fair value is by nature subject to some uncertainty with respect to the actual future redemption of points. Loyalty points are measured based on historical redemption rate at 93% (2024/25: 90%) for Matas and 12%-83% (2024/25: 12%-83%) for KICKS.
Obligation for sale of gift vouchers is based on a 95% redemption rate, equal to historical redemption rate (2024/25: 95%).
Management's judgements and estimates
Management applies significant judgements and estimates when recognising and measuring deferred tax assets and uncertain tax positions.
Deferred tax assets, including the tax base of tax loss carryforwards, are recognised if it is assessed that there will be sufficient future taxable income against which the temporary differences and unutilised tax losses can be utilised. This assessment is based on budgets and business plans for the following years, including planned business initiatives. Deferred tax assets are tested annually and are only recognised if it is probable that future taxable profit will allow the deferred tax asset to be recovered.
Uncertain tax positions include ongoing disputes with tax authorities and have been provided for in accordance with the accounting policies. Management believes that the provisions made are adequate. The actual obliga-tions may deviate as they depend on the result of litigations and settlements with the relevant tax authorities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__88": { "value": "Note 2.1 \u2013 Segment and revenue information
The Group's gross profit and assets are segmented in banners in accordance with the Management reporting for the current year.
Matas Group has three segments Matas, KICKS and Other (Firtal, Gr\u00e6nn and Web Sundhed). Management moni-tors the profitability of the operating segments separately for the purpose of making decisions about resource allocation and performance management.
Segment results are measured at gross profit as presented in the table below. Group costs are currently not separated from the segments below gross profit, which is the reason why Management when looking at financial performance below gross profit is looking at the consolidated Group figures.
(DKKm) | Matas2025/26 | KICKS2025/26 | Other2025/26 | Total2025/26 |
Revenue | 4,912 | 3,247 | 617 | 8,776 |
Cost of goods sold | (2,587) | (1,895) | (357) | (4,839) |
Gross profit | 2,325 | 1,352 | 260 | 3,937 |
Gross margin | 47.3% | 41.6% | 42.2% | 44.9% |
Other external costs | (1,081) | |||
Staff costs | (1,646) | |||
Other operating income and expenses, net | 24 | |||
EBITDA before special items | 1,234 | |||
Special items | (56) | |||
EBITDA | 1,178 | |||
(DKKm) | Matas2024/25 | KICKS2024/25 | Other2024/25 | Total2024/25 |
Revenue | 4,683 | 3,151 | 545 | 8,379 |
Cost of goods sold | (2,415) | (1,763) | (331) | (4,509) |
Gross profit | 2,268 | 1,388 | 214 | 3,870 |
Gross margin | 48.4% | 44.0% | 39.3% | 46.2% |
Other external costs | (1,021) | |||
Staff costs | (1,654) | |||
Other operating income and expenses, net | 21 | |||
EBITDA before special items | 1,216 | |||
Special items | (27) | |||
EBITDA | 1,189 |
(DKKm) | Matas2025/26 | KICKS2025/26 | Other2025/26 | Total2025/26 |
Retail sales, physical stores | 3,380 | 2,248 | - | 5,628 |
Retail sales, online | 1,523 | 999 | 470 | 2,992 |
Retail revenue | 4,903 | 3,247 | 470 | 8,620 |
9 | ||||
Wholesale sales, etc. | 9 | - | 147 | 156 |
Total revenue | 4,912 | 3,247 | 617 | 8,776 |
In 2025/26, 34% of Matas Group\u2019s revenue was generated by its online channels, compared to 33% in 2024/25.
(DKKm) | Matas2024/25 | KICKS2024/25 | Other2024/25 | Total2024/25 |
Retail sales, physical stores | 3,340 | 2,186 | - | 5,526 |
Retail sales, online | 1,336 | 965 | 433 | 2,734 |
Retail revenue | 4,676 | 3,151 | 433 | 8,260 |
Wholesale sales, etc. | 7 | - | 112 | 119 |
Total revenue | 4,683 | 3,151 | 545 | 8,379 |
Accounting policies
Matas Group generates revenue from sales of Mass Beauty and High-end Beauty products, vitamins, minerals and supplements, household and personal care products and over-the-counter medicine through the Matas Group\u2019s store network and web shops.
Matas Group\u2019s sales agreements are divided into separately identifiable performance obligations (relating primarily to the loyalty programmes at Matas and KICKS), which are recognised and measured separately at fair value. If a sales agreement comprises more than one performance obligation, the total sales value of the sales agreement is allocated proportionately to the individual performance obligations of the agreement. Performance obligations in relation to the non-performed proportion of revenue related to the allocation of points under the loyalty programmes are deducted. Income from the sale of gift vouchers is recognised as revenue upon redemp-tion, 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.
Revenue is recognised when control of the individual identifiable performance obligation passes to the customer. For Matas Group, this is generally when the goods are handed over.
Revenue is measured at the fair value of the agreed consideration net of VAT and taxes charged on behalf of third parties. All discounts granted are recognised in revenue. Having regard to Matas Group\u2019s operations, with sales generally being made directly to consumers, the fair value corresponds to the agreed selling price net of discounts and the value of points earned by the customer.
The proportion of the total consideration that is variable, for example in the form of discounts, bonus payments, etc., is recognised in revenue when it is highly probable that it will not be subsequently reversed due to, for example, non-redemption of points earned.
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 the Group's revenue is invoiced, e.g. wholesale sales, in which connection a receivable is recognised.
Customers have the option of returning products, but the volume of returns at 31 March 2026 was insignificant, as was the amount of guarantee commitments, similar to last year.
The product groups may be specified as follows:
\u2022\tHigh-end Beauty:Luxury beauty products, including cosmetics, skincare and haircare products and fragrances.
\u2022\tMass Beauty:Everyday beauty products and personal care, including cosmetics and skincare and haircare products.
\u2022\tHealth and Wellbeing:MediCare (OTC medicine and nursing products). Vitamins, minerals, health supple-ments, specialty foods and herbal medicinal products. Sports, nutrition and exercise. Baby and parent. Sexual wellness, Personal care products (oral, foot and intimate care and hair removal) and special skincare.
\u2022\tOther:Clothing and accessories (footwear, hair ornaments, jewellery, toilet bags, etc.). House and garden (cleaning and maintenance, electrical products, interior decoration, textiles, etc.) and value adjustment of loyalty points and expired gift vouchers.
\u2022\tWholesale sales, etc.comprise sales concerning the associated Matas store in Greenland B2B and sales by Gr\u00e6nn A/S, Graenn GmbH, Firtal Group and Web Sundhed A/S outside of Matas Group.
Revenue break-down by product groups for full year is as follows:
(DKKm) | Matas2025/26 | KICKS2025/26 | Other2025/26 | Total2025/26 |
High-end Beauty | 1,814 | 2,429 | - | 4,243 |
Mass Beauty | 1,701 | 801 | 90 | 2,592 |
Health and Wellbeing | 1,213 | 9 | 374 | 1,596 |
Other categories | 175 | 8 | 6 | 189 |
Wholesale sales, etc. | 9 | - | 147 | 156 |
Total revenue | 4,912 | 3,247 | 617 | 8,776 |
(DKKm) | Matas2024/25 | KICKS2024/25 | Other2024/25 | Total2024/25 |
High-end Beauty | 1,796 | 2,407 | - | 4,203 |
Mass Beauty | 1,579 | 740 | 89 | 2,408 |
Health and Wellbeing | 1,120 | 4 | 340 | 1,464 |
Other categories | 180 | - | 5 | 185 |
Wholesale sales, etc. | 8 | - | 111 | 119 |
Total revenue | 4,683 | 3,151 | 545 | 8,379 |
Geographical information
(DKKm) | 2025/26 | 2024/25 |
Denmark | 5,522 | 5,196 |
Sweden | 1,929 | 1,879 |
Norway | 984 | 953 |
Other countries | 341 | 351 |
Total revenue | 8,776 | 8,379 |
Matas Group\u2019s non-current assets are mainly physically located in Denmark and Sweden as presented in the table below.
Geographical information
(DKKm) | 2025/26 | 2024/25 |
Denmark | 5,670 | 5,568 |
Sweden | 1,001 | 1,075 |
Norway | 245 | 218 |
Other countries | 114 | 104 |
Total non-current assets at 31 March | 7,030 | 6,965 |
Management's judgements and estimates
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 89 million at 31 March 2026 (31 March 2025: DKK 80 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.
The obligation for sale of gift vouchers is based on a 95% redemption rate, equal to historical redemption rate (2024/25: 95%).
Note 2.1 \u2013 Segment and revenue information
The Group's gross profit and assets are segmented in banners in accordance with the Management reporting for the current year.
Matas Group has three segments Matas, KICKS and Other (Firtal, Gr\u00e6nn and Web Sundhed). Management moni-tors the profitability of the operating segments separately for the purpose of making decisions about resource allocation and performance management.
Segment results are measured at gross profit as presented in the table below. Group costs are currently not separated from the segments below gross profit, which is the reason why Management when looking at financial performance below gross profit is looking at the consolidated Group figures.
(DKKm) | Matas2025/26 | KICKS2025/26 | Other2025/26 | Total2025/26 |
Revenue | 4,912 | 3,247 | 617 | 8,776 |
Cost of goods sold | (2,587) | (1,895) | (357) | (4,839) |
Gross profit | 2,325 | 1,352 | 260 | 3,937 |
Gross margin | 47.3% | 41.6% | 42.2% | 44.9% |
Other external costs | (1,081) | |||
Staff costs | (1,646) | |||
Other operating income and expenses, net | 24 | |||
EBITDA before special items | 1,234 | |||
Special items | (56) | |||
EBITDA | 1,178 | |||
(DKKm) | Matas2024/25 | KICKS2024/25 | Other2024/25 | Total2024/25 |
Revenue | 4,683 | 3,151 | 545 | 8,379 |
Cost of goods sold | (2,415) | (1,763) | (331) | (4,509) |
Gross profit | 2,268 | 1,388 | 214 | 3,870 |
Gross margin | 48.4% | 44.0% | 39.3% | 46.2% |
Other external costs | (1,021) | |||
Staff costs | (1,654) | |||
Other operating income and expenses, net | 21 | |||
EBITDA before special items | 1,216 | |||
Special items | (27) | |||
EBITDA | 1,189 |
(DKKm) | Matas2025/26 | KICKS2025/26 | Other2025/26 | Total2025/26 |
Retail sales, physical stores | 3,380 | 2,248 | - | 5,628 |
Retail sales, online | 1,523 | 999 | 470 | 2,992 |
Retail revenue | 4,903 | 3,247 | 470 | 8,620 |
9 | ||||
Wholesale sales, etc. | 9 | - | 147 | 156 |
Total revenue | 4,912 | 3,247 | 617 | 8,776 |
In 2025/26, 34% of Matas Group\u2019s revenue was generated by its online channels, compared to 33% in 2024/25.
(DKKm) | Matas2024/25 | KICKS2024/25 | Other2024/25 | Total2024/25 |
Retail sales, physical stores | 3,340 | 2,186 | - | 5,526 |
Retail sales, online | 1,336 | 965 | 433 | 2,734 |
Retail revenue | 4,676 | 3,151 | 433 | 8,260 |
Wholesale sales, etc. | 7 | - | 112 | 119 |
Total revenue | 4,683 | 3,151 | 545 | 8,379 |
Accounting policies
Matas Group generates revenue from sales of Mass Beauty and High-end Beauty products, vitamins, minerals and supplements, household and personal care products and over-the-counter medicine through the Matas Group\u2019s store network and web shops.
Matas Group\u2019s sales agreements are divided into separately identifiable performance obligations (relating primarily to the loyalty programmes at Matas and KICKS), which are recognised and measured separately at fair value. If a sales agreement comprises more than one performance obligation, the total sales value of the sales agreement is allocated proportionately to the individual performance obligations of the agreement. Performance obligations in relation to the non-performed proportion of revenue related to the allocation of points under the loyalty programmes are deducted. Income from the sale of gift vouchers is recognised as revenue upon redemp-tion, 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.
Revenue is recognised when control of the individual identifiable performance obligation passes to the customer. For Matas Group, this is generally when the goods are handed over.
Revenue is measured at the fair value of the agreed consideration net of VAT and taxes charged on behalf of third parties. All discounts granted are recognised in revenue. Having regard to Matas Group\u2019s operations, with sales generally being made directly to consumers, the fair value corresponds to the agreed selling price net of discounts and the value of points earned by the customer.
The proportion of the total consideration that is variable, for example in the form of discounts, bonus payments, etc., is recognised in revenue when it is highly probable that it will not be subsequently reversed due to, for example, non-redemption of points earned.
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 the Group's revenue is invoiced, e.g. wholesale sales, in which connection a receivable is recognised.
Customers have the option of returning products, but the volume of returns at 31 March 2026 was insignificant, as was the amount of guarantee commitments, similar to last year.
The product groups may be specified as follows:
\u2022\tHigh-end Beauty:Luxury beauty products, including cosmetics, skincare and haircare products and fragrances.
\u2022\tMass Beauty:Everyday beauty products and personal care, including cosmetics and skincare and haircare products.
\u2022\tHealth and Wellbeing:MediCare (OTC medicine and nursing products). Vitamins, minerals, health supple-ments, specialty foods and herbal medicinal products. Sports, nutrition and exercise. Baby and parent. Sexual wellness, Personal care products (oral, foot and intimate care and hair removal) and special skincare.
\u2022\tOther:Clothing and accessories (footwear, hair ornaments, jewellery, toilet bags, etc.). House and garden (cleaning and maintenance, electrical products, interior decoration, textiles, etc.) and value adjustment of loyalty points and expired gift vouchers.
\u2022\tWholesale sales, etc.comprise sales concerning the associated Matas store in Greenland B2B and sales by Gr\u00e6nn A/S, Graenn GmbH, Firtal Group and Web Sundhed A/S outside of Matas Group.
Revenue break-down by product groups for full year is as follows:
(DKKm) | Matas2025/26 | KICKS2025/26 | Other2025/26 | Total2025/26 |
High-end Beauty | 1,814 | 2,429 | - | 4,243 |
Mass Beauty | 1,701 | 801 | 90 | 2,592 |
Health and Wellbeing | 1,213 | 9 | 374 | 1,596 |
Other categories | 175 | 8 | 6 | 189 |
Wholesale sales, etc. | 9 | - | 147 | 156 |
Total revenue | 4,912 | 3,247 | 617 | 8,776 |
(DKKm) | Matas2024/25 | KICKS2024/25 | Other2024/25 | Total2024/25 |
High-end Beauty | 1,796 | 2,407 | - | 4,203 |
Mass Beauty | 1,579 | 740 | 89 | 2,408 |
Health and Wellbeing | 1,120 | 4 | 340 | 1,464 |
Other categories | 180 | - | 5 | 185 |
Wholesale sales, etc. | 8 | - | 111 | 119 |
Total revenue | 4,683 | 3,151 | 545 | 8,379 |
Geographical information
(DKKm) | 2025/26 | 2024/25 |
Denmark | 5,522 | 5,196 |
Sweden | 1,929 | 1,879 |
Norway | 984 | 953 |
Other countries | 341 | 351 |
Total revenue | 8,776 | 8,379 |
Matas Group\u2019s non-current assets are mainly physically located in Denmark and Sweden as presented in the table below.
Geographical information
(DKKm) | 2025/26 | 2024/25 |
Denmark | 5,670 | 5,568 |
Sweden | 1,001 | 1,075 |
Norway | 245 | 218 |
Other countries | 114 | 104 |
Total non-current assets at 31 March | 7,030 | 6,965 |
Management's judgements and estimates
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 89 million at 31 March 2026 (31 March 2025: DKK 80 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.
The obligation for sale of gift vouchers is based on a 95% redemption rate, equal to historical redemption rate (2024/25: 95%).
Note 2.1 \u2013 Segment and revenue information
The Group's gross profit and assets are segmented in banners in accordance with the Management reporting for the current year.
Matas Group has three segments Matas, KICKS and Other (Firtal, Gr\u00e6nn and Web Sundhed). Management moni-tors the profitability of the operating segments separately for the purpose of making decisions about resource allocation and performance management.
Segment results are measured at gross profit as presented in the table below. Group costs are currently not separated from the segments below gross profit, which is the reason why Management when looking at financial performance below gross profit is looking at the consolidated Group figures.
(DKKm) | Matas2025/26 | KICKS2025/26 | Other2025/26 | Total2025/26 |
Revenue | 4,912 | 3,247 | 617 | 8,776 |
Cost of goods sold | (2,587) | (1,895) | (357) | (4,839) |
Gross profit | 2,325 | 1,352 | 260 | 3,937 |
Gross margin | 47.3% | 41.6% | 42.2% | 44.9% |
Other external costs | (1,081) | |||
Staff costs | (1,646) | |||
Other operating income and expenses, net | 24 | |||
EBITDA before special items | 1,234 | |||
Special items | (56) | |||
EBITDA | 1,178 | |||
(DKKm) | Matas2024/25 | KICKS2024/25 | Other2024/25 | Total2024/25 |
Revenue | 4,683 | 3,151 | 545 | 8,379 |
Cost of goods sold | (2,415) | (1,763) | (331) | (4,509) |
Gross profit | 2,268 | 1,388 | 214 | 3,870 |
Gross margin | 48.4% | 44.0% | 39.3% | 46.2% |
Other external costs | (1,021) | |||
Staff costs | (1,654) | |||
Other operating income and expenses, net | 21 | |||
EBITDA before special items | 1,216 | |||
Special items | (27) | |||
EBITDA | 1,189 |
(DKKm) | Matas2025/26 | KICKS2025/26 | Other2025/26 | Total2025/26 |
Retail sales, physical stores | 3,380 | 2,248 | - | 5,628 |
Retail sales, online | 1,523 | 999 | 470 | 2,992 |
Retail revenue | 4,903 | 3,247 | 470 | 8,620 |
9 | ||||
Wholesale sales, etc. | 9 | - | 147 | 156 |
Total revenue | 4,912 | 3,247 | 617 | 8,776 |
In 2025/26, 34% of Matas Group\u2019s revenue was generated by its online channels, compared to 33% in 2024/25.
(DKKm) | Matas2024/25 | KICKS2024/25 | Other2024/25 | Total2024/25 |
Retail sales, physical stores | 3,340 | 2,186 | - | 5,526 |
Retail sales, online | 1,336 | 965 | 433 | 2,734 |
Retail revenue | 4,676 | 3,151 | 433 | 8,260 |
Wholesale sales, etc. | 7 | - | 112 | 119 |
Total revenue | 4,683 | 3,151 | 545 | 8,379 |
Accounting policies
Matas Group generates revenue from sales of Mass Beauty and High-end Beauty products, vitamins, minerals and supplements, household and personal care products and over-the-counter medicine through the Matas Group\u2019s store network and web shops.
Matas Group\u2019s sales agreements are divided into separately identifiable performance obligations (relating primarily to the loyalty programmes at Matas and KICKS), which are recognised and measured separately at fair value. If a sales agreement comprises more than one performance obligation, the total sales value of the sales agreement is allocated proportionately to the individual performance obligations of the agreement. Performance obligations in relation to the non-performed proportion of revenue related to the allocation of points under the loyalty programmes are deducted. Income from the sale of gift vouchers is recognised as revenue upon redemp-tion, 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.
Revenue is recognised when control of the individual identifiable performance obligation passes to the customer. For Matas Group, this is generally when the goods are handed over.
Revenue is measured at the fair value of the agreed consideration net of VAT and taxes charged on behalf of third parties. All discounts granted are recognised in revenue. Having regard to Matas Group\u2019s operations, with sales generally being made directly to consumers, the fair value corresponds to the agreed selling price net of discounts and the value of points earned by the customer.
The proportion of the total consideration that is variable, for example in the form of discounts, bonus payments, etc., is recognised in revenue when it is highly probable that it will not be subsequently reversed due to, for example, non-redemption of points earned.
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 the Group's revenue is invoiced, e.g. wholesale sales, in which connection a receivable is recognised.
Customers have the option of returning products, but the volume of returns at 31 March 2026 was insignificant, as was the amount of guarantee commitments, similar to last year.
The product groups may be specified as follows:
\u2022\tHigh-end Beauty:Luxury beauty products, including cosmetics, skincare and haircare products and fragrances.
\u2022\tMass Beauty:Everyday beauty products and personal care, including cosmetics and skincare and haircare products.
\u2022\tHealth and Wellbeing:MediCare (OTC medicine and nursing products). Vitamins, minerals, health supple-ments, specialty foods and herbal medicinal products. Sports, nutrition and exercise. Baby and parent. Sexual wellness, Personal care products (oral, foot and intimate care and hair removal) and special skincare.
\u2022\tOther:Clothing and accessories (footwear, hair ornaments, jewellery, toilet bags, etc.). House and garden (cleaning and maintenance, electrical products, interior decoration, textiles, etc.) and value adjustment of loyalty points and expired gift vouchers.
\u2022\tWholesale sales, etc.comprise sales concerning the associated Matas store in Greenland B2B and sales by Gr\u00e6nn A/S, Graenn GmbH, Firtal Group and Web Sundhed A/S outside of Matas Group.
Revenue break-down by product groups for full year is as follows:
(DKKm) | Matas2025/26 | KICKS2025/26 | Other2025/26 | Total2025/26 |
High-end Beauty | 1,814 | 2,429 | - | 4,243 |
Mass Beauty | 1,701 | 801 | 90 | 2,592 |
Health and Wellbeing | 1,213 | 9 | 374 | 1,596 |
Other categories | 175 | 8 | 6 | 189 |
Wholesale sales, etc. | 9 | - | 147 | 156 |
Total revenue | 4,912 | 3,247 | 617 | 8,776 |
(DKKm) | Matas2024/25 | KICKS2024/25 | Other2024/25 | Total2024/25 |
High-end Beauty | 1,796 | 2,407 | - | 4,203 |
Mass Beauty | 1,579 | 740 | 89 | 2,408 |
Health and Wellbeing | 1,120 | 4 | 340 | 1,464 |
Other categories | 180 | - | 5 | 185 |
Wholesale sales, etc. | 8 | - | 111 | 119 |
Total revenue | 4,683 | 3,151 | 545 | 8,379 |
Geographical information
(DKKm) | 2025/26 | 2024/25 |
Denmark | 5,522 | 5,196 |
Sweden | 1,929 | 1,879 |
Norway | 984 | 953 |
Other countries | 341 | 351 |
Total revenue | 8,776 | 8,379 |
Matas Group\u2019s non-current assets are mainly physically located in Denmark and Sweden as presented in the table below.
Geographical information
(DKKm) | 2025/26 | 2024/25 |
Denmark | 5,670 | 5,568 |
Sweden | 1,001 | 1,075 |
Norway | 245 | 218 |
Other countries | 114 | 104 |
Total non-current assets at 31 March | 7,030 | 6,965 |
Management's judgements and estimates
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 89 million at 31 March 2026 (31 March 2025: DKK 80 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.
The obligation for sale of gift vouchers is based on a 95% redemption rate, equal to historical redemption rate (2024/25: 95%).
Accounting policies
Matas Group generates revenue from sales of Mass Beauty and High-end Beauty products, vitamins, minerals and supplements, household and personal care products and over-the-counter medicine through the Matas Group\u2019s store network and web shops.
Matas Group\u2019s sales agreements are divided into separately identifiable performance obligations (relating primarily to the loyalty programmes at Matas and KICKS), which are recognised and measured separately at fair value. If a sales agreement comprises more than one performance obligation, the total sales value of the sales agreement is allocated proportionately to the individual performance obligations of the agreement. Performance obligations in relation to the non-performed proportion of revenue related to the allocation of points under the loyalty programmes are deducted. Income from the sale of gift vouchers is recognised as revenue upon redemp-tion, 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.
Revenue is recognised when control of the individual identifiable performance obligation passes to the customer. For Matas Group, this is generally when the goods are handed over.
Revenue is measured at the fair value of the agreed consideration net of VAT and taxes charged on behalf of third parties. All discounts granted are recognised in revenue. Having regard to Matas Group\u2019s operations, with sales generally being made directly to consumers, the fair value corresponds to the agreed selling price net of discounts and the value of points earned by the customer.
The proportion of the total consideration that is variable, for example in the form of discounts, bonus payments, etc., is recognised in revenue when it is highly probable that it will not be subsequently reversed due to, for example, non-redemption of points earned.
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 the Group's revenue is invoiced, e.g. wholesale sales, in which connection a receivable is recognised.
Accounting policies
Matas Group generates revenue from sales of Mass Beauty and High-end Beauty products, vitamins, minerals and supplements, household and personal care products and over-the-counter medicine through the Matas Group\u2019s store network and web shops.
Matas Group\u2019s sales agreements are divided into separately identifiable performance obligations (relating primarily to the loyalty programmes at Matas and KICKS), which are recognised and measured separately at fair value. If a sales agreement comprises more than one performance obligation, the total sales value of the sales agreement is allocated proportionately to the individual performance obligations of the agreement. Performance obligations in relation to the non-performed proportion of revenue related to the allocation of points under the loyalty programmes are deducted. Income from the sale of gift vouchers is recognised as revenue upon redemp-tion, 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.
Revenue is recognised when control of the individual identifiable performance obligation passes to the customer. For Matas Group, this is generally when the goods are handed over.
Revenue is measured at the fair value of the agreed consideration net of VAT and taxes charged on behalf of third parties. All discounts granted are recognised in revenue. Having regard to Matas Group\u2019s operations, with sales generally being made directly to consumers, the fair value corresponds to the agreed selling price net of discounts and the value of points earned by the customer.
The proportion of the total consideration that is variable, for example in the form of discounts, bonus payments, etc., is recognised in revenue when it is highly probable that it will not be subsequently reversed due to, for example, non-redemption of points earned.
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 the Group's revenue is invoiced, e.g. wholesale sales, in which connection a receivable is recognised.
Note 2.2 \u2013 Cost of goods sold
Accounting policies
Cost of goods sold comprises costs for purchase of goods for the year plus deviations in inventories in generating the revenue for the year.
Cost of goods sold is recognised after deduction of supplier discounts and bonuses and after general marketing contributions from suppliers.
(DKKm) | 2025/26 | 2024/25 |
Cost of goods sold for the year | 4,844 | 4,527 |
Write-down of inventories for the year | 52 | 57 |
Reversal of write-down of inventories | (57) | (76) |
Total cost of goods sold, etc. | 4,839 | 4,509 |
Note 2.3 \u2013 Other external costs
Accounting policies
Other external costs primarily comprise net marketing costs after deduction of marketing income from suppliers for advertising in the Group's own media and stores. Other external costs also comprise adminis-trative expenses and maintenance costs.
Other external costs
(DKKm) | 2025/26 | 2024/25 |
Other external costs | 1,122 | 1,053 |
Transferred to special items | (41) | (32) |
Total | 1,081 | 1,021 |
Note 2.5 \u2013 Other operating income and expenses, net
Accounting policies
Other operating activities are secondary to the principal activities of the Group and include insurance compensations for business interruptions, subsidies from governments, media income for sale of data services, income from merchandising and promotions in stores for suppliers and compensation expenses.
Other operating income and expenses, net
(DKKm) | 2025/26 | 2024/25 |
Other operating income and expenses, net income | 27 | 31 |
Transferred to special items | (3) | (10) |
Total | 24 | 21 |
Accounting policies
Cost of goods sold comprises costs for purchase of goods for the year plus deviations in inventories in generating the revenue for the year.
Cost of goods sold is recognised after deduction of supplier discounts and bonuses and after general marketing contributions from suppliers.
Accounting policies
Other external costs primarily comprise net marketing costs after deduction of marketing income from suppliers for advertising in the Group's own media and stores. Other external costs also comprise adminis-trative expenses and maintenance costs.
Accounting policies
Other operating activities are secondary to the principal activities of the Group and include insurance compensations for business interruptions, subsidies from governments, media income for sale of data services, income from merchandising and promotions in stores for suppliers and compensation expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__97-1": { "value": "Note 2.4 \u2013 Staff costs
Accounting policies
Staff costs comprise wages, salaries, pensions and other staff costs. Staff costs are recognised in the finan-cial year in which services are rendered by the Group's employees. Whenever the Group provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees. Termi-nation benefits are recognised at the time the agreement between the Group and the employee is made and no future service is rendered by the employee in exchange for benefits.
(DKKm) | 2025/26 | 2024/25 |
Wages and salaries | 1,458 | 1,469 |
Defined contribution plans | 87 | 117 |
Share-based payment | 4 | 22 |
Other staff costs | 179 | 113 |
Total staff costs | 1,728 | 1,721 |
(DKKm) | 2025/26 | 2024/25 |
Staff costs in statement of comprehensive income | 1,646 | 1,654 |
Special items in statement of comprehensive income | 18 | 5 |
Staff cost capitalised as intangible assets1 | 64 | 62 |
Total staff costs | 1,728 | 1,721 |
Average number of FTEs | 3,374 | 3,504 |
1\tOver the past financial years, Matas Group has made investments in the implementation of the Company\u2019s strategy for purposes of developing concepts and digitalising Matas Group\u2019s activities using its own staff and thereby capitalising staff costs to intangible assets.
Management\u2019s remuneration is disclosed in note 6.1.
Employee benefits
Pension obligations and similar non-current liabilities
Accounting policies
Matas Group has entered into pension schemes and similar arrangements with the majority of its employees. Contributions to defined contribution plans where Matas Group currently pays fixed pension payments to independent pension funds are recognised in profit or loss in the period to which they relate, and any contri-butions outstanding are recognised in the statement of financial position as other payables. Matas Group has not established any defined benefit pension plans.
Note 4.4 \u2013 Incentive programmes
Accounting policies
The value of services received as consideration for options granted is measured at the fair value of the options.
For equity-settled share options, the fair value is measured at the grant date and recognised under staff costs over the vesting period. The balancing item is recognised directly in equity as a shareholder transac-tion.
On initial recognition of Performance Share Units (PSUs), the number of PSUs expected to vest is estimated. Subsequent to initial recognition, the estimate is adjusted to reflect the actual number of exercised PSUs.
The fair value of the PSUs granted is estimated using basic assumptions. The calculation takes into account the terms and conditions of the PSUs granted. The fair value of the PSUs is based on the share price at issue.
The members of the Executive Committee are eligible to receive a short-term bonus subject to achievement of certain financial targets. The Group CEO and Group CFO are eligible to receive a bonus of up to 100% of their annual base salary.
Share-based payments
Selected Matas employees receive remuneration in the form of share-based payment transactions, whereby programme participants render services as consideration for equity instruments (equity-settled transactions).
The members of the Executive Committee are eligible to receive share options or other rights such as PSUs (Performance Share Units) at a value of up to 150% of their annual base salary excluding pension contributions as at the date of grant.
See note 6.1 for accounting policies related to Management's remuneration, share options and share holdings.
Accounting policies
Staff costs comprise wages, salaries, pensions and other staff costs. Staff costs are recognised in the finan-cial year in which services are rendered by the Group's employees. Whenever the Group provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees. Termi-nation benefits are recognised at the time the agreement between the Group and the employee is made and no future service is rendered by the employee in exchange for benefits.
Employee benefits
Pension obligations and similar non-current liabilities
Accounting policies
Matas Group has entered into pension schemes and similar arrangements with the majority of its employees. Contributions to defined contribution plans where Matas Group currently pays fixed pension payments to independent pension funds are recognised in profit or loss in the period to which they relate, and any contri-butions outstanding are recognised in the statement of financial position as other payables. Matas Group has not established any defined benefit pension plans.
Accounting policies
The value of services received as consideration for options granted is measured at the fair value of the options.
For equity-settled share options, the fair value is measured at the grant date and recognised under staff costs over the vesting period. The balancing item is recognised directly in equity as a shareholder transac-tion.
On initial recognition of Performance Share Units (PSUs), the number of PSUs expected to vest is estimated. Subsequent to initial recognition, the estimate is adjusted to reflect the actual number of exercised PSUs.
The fair value of the PSUs granted is estimated using basic assumptions. The calculation takes into account the terms and conditions of the PSUs granted. The fair value of the PSUs is based on the share price at issue.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__99": { "value": "Average number of FTEs
3,374
3,504
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__104": { "value": "Note 2.5 \u2013 Other operating income and expenses, net
Accounting policies
Other operating activities are secondary to the principal activities of the Group and include insurance compensations for business interruptions, subsidies from governments, media income for sale of data services, income from merchandising and promotions in stores for suppliers and compensation expenses.
Other operating income and expenses, net
(DKKm) | 2025/26 | 2024/25 |
Other operating income and expenses, net income | 27 | 31 |
Transferred to special items | (3) | (10) |
Total | 24 | 21 |
Note 2.5 \u2013 Other operating income and expenses, net
Accounting policies
Other operating activities are secondary to the principal activities of the Group and include insurance compensations for business interruptions, subsidies from governments, media income for sale of data services, income from merchandising and promotions in stores for suppliers and compensation expenses.
Other operating income and expenses, net
(DKKm) | 2025/26 | 2024/25 |
Other operating income and expenses, net income | 27 | 31 |
Transferred to special items | (3) | (10) |
Total | 24 | 21 |
Note 2.5 \u2013 Other operating income and expenses, net
Accounting policies
Other operating activities are secondary to the principal activities of the Group and include insurance compensations for business interruptions, subsidies from governments, media income for sale of data services, income from merchandising and promotions in stores for suppliers and compensation expenses.
Other operating income and expenses, net
(DKKm) | 2025/26 | 2024/25 |
Other operating income and expenses, net income | 27 | 31 |
Transferred to special items | (3) | (10) |
Total | 24 | 21 |
Note 2.6 \u2013 Special items
Accounting policies
Special items include significant income and expenses which Management considers of a special nature in relation to the Group's ordinary operations. Special items also include significant non-recurring items, including integration costs and transaction costs in a business combination and adjustments of earn-outs.
Significant restructuring of processes and structural adjustments are included in special items. Special items are shown separately from the Group's ordinary operations to facilitate a better understanding of the Group's financial performance.
(DKKm) | 2025/26 | 2024/25 |
Costs related to the acquisitions of KICKS Group AB: | ||
Integration costs and acceleration of further synergies | 59 | 27 |
59 | 27 | |
Income from reversal of earn-out in Miild | (3) | - |
Income from reversal of earn-out in Web Sundhed | - | (10) |
Matas' 75-year anniversary party | - | 10 |
Total special items | 56 | 27 |
Special items reconcile to the income statement as specified below:
2025/26 | 2024/25 | |||||
(DKKm) | Reported income statement | Special items | Adjusted income statement | Reported income statement | Special items | Adjusted income statement |
Revenue | 8,776 | - | 8,776 | 8,379 | - | 8,379 |
Cost of goods | (4,839) | - | (4,839) | (4,509) | - | (4,509) |
Gross profit | 3,937 | - | 3,937 | 3,870 | - | 3,870 |
Other external cost | (1,081) | (41) | (1,122) | (1,021) | (32) | (1,053) |
Staff costs | (1,646) | (18) | (1,664) | (1,654) | (5) | (1,659) |
Other operating income, net | 24 | 3 | 27 | 21 | 10 | 31 |
EBITDA before special items | 1,234 | (56) | 1,178 | 1,216 | (27) | 1,189 |
Special items | (56) | 56 | - | (27) | 27 | - |
EBITDA | 1,178 | - | 1,178 | 1,189 | - | 1,189 |
Management's judgements and estimates
In the classification of special items, judgement is applied in ensuring that only exceptional items not associ-ated with the ordinary operations of the Group are included.
Accounting policies
Special items include significant income and expenses which Management considers of a special nature in relation to the Group's ordinary operations. Special items also include significant non-recurring items, including integration costs and transaction costs in a business combination and adjustments of earn-outs.
Significant restructuring of processes and structural adjustments are included in special items. Special items are shown separately from the Group's ordinary operations to facilitate a better understanding of the Group's financial performance.
", "dimensions": { "concept": "MAT:DescriptionOfAccountingPolicyForSpecialItems", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__112": { "value": "Note 2.7 \u2013 Financial income and expenses
Accounting policies
Financial income and expenses comprise interest income and expenses and gains and losses on transac-tions denominated in foreign currencies. For all financial instruments measured at amortised cost, interest
income or expenses are recognised using the effective interest rate, which is the rate that discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. Furthermore, surcharges and allowances under the tax prepayment scheme and changes in the fair value of derivative financial instruments which are not designated as hedging instruments are included.
Financial income
(DKKm) | 2025/26 | 2024/25 |
Interest credit institutions | 1 | 1 |
Currency gains | 4 | - |
Total financial income | 5 | 1 |
Interest from financial assets measured at amortised cost amounts to | - | - |
Financial expenses
(DKKm) | 2025/26 | 2024/25 |
Interest, credit institutions | 112 | 119 |
Interest, lease liabilities | 48 | 50 |
Interest, contingent consideration | - | 1 |
Amortisation of financing costs | 6 | 1 |
Currency losses | 0 | 10 |
Other | 2 | 2 |
Total financial expenses | 168 | 183 |
Interest on financial liabilities measured at amortised cost amounts to | 160 | 170 |
Note 2.7 \u2013 Financial income and expenses
Accounting policies
Financial income and expenses comprise interest income and expenses and gains and losses on transac-tions denominated in foreign currencies. For all financial instruments measured at amortised cost, interest
income or expenses are recognised using the effective interest rate, which is the rate that discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. Furthermore, surcharges and allowances under the tax prepayment scheme and changes in the fair value of derivative financial instruments which are not designated as hedging instruments are included.
Financial income
(DKKm) | 2025/26 | 2024/25 |
Interest credit institutions | 1 | 1 |
Currency gains | 4 | - |
Total financial income | 5 | 1 |
Interest from financial assets measured at amortised cost amounts to | - | - |
Financial expenses
(DKKm) | 2025/26 | 2024/25 |
Interest, credit institutions | 112 | 119 |
Interest, lease liabilities | 48 | 50 |
Interest, contingent consideration | - | 1 |
Amortisation of financing costs | 6 | 1 |
Currency losses | 0 | 10 |
Other | 2 | 2 |
Total financial expenses | 168 | 183 |
Interest on financial liabilities measured at amortised cost amounts to | 160 | 170 |
Note 2.7 \u2013 Financial income and expenses
Accounting policies
Financial income and expenses comprise interest income and expenses and gains and losses on transac-tions denominated in foreign currencies. For all financial instruments measured at amortised cost, interest
income or expenses are recognised using the effective interest rate, which is the rate that discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. Furthermore, surcharges and allowances under the tax prepayment scheme and changes in the fair value of derivative financial instruments which are not designated as hedging instruments are included.
Financial income
(DKKm) | 2025/26 | 2024/25 |
Interest credit institutions | 1 | 1 |
Currency gains | 4 | - |
Total financial income | 5 | 1 |
Interest from financial assets measured at amortised cost amounts to | - | - |
Note 2.7 \u2013 Financial income and expenses
Accounting policies
Financial income and expenses comprise interest income and expenses and gains and losses on transac-tions denominated in foreign currencies. For all financial instruments measured at amortised cost, interest
income or expenses are recognised using the effective interest rate, which is the rate that discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. Furthermore, surcharges and allowances under the tax prepayment scheme and changes in the fair value of derivative financial instruments which are not designated as hedging instruments are included.
Financial income
(DKKm) | 2025/26 | 2024/25 |
Interest credit institutions | 1 | 1 |
Currency gains | 4 | - |
Total financial income | 5 | 1 |
Interest from financial assets measured at amortised cost amounts to | - | - |
Accounting policies
Financial income and expenses comprise interest income and expenses and gains and losses on transac-tions denominated in foreign currencies. For all financial instruments measured at amortised cost, interest
income or expenses are recognised using the effective interest rate, which is the rate that discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. Furthermore, surcharges and allowances under the tax prepayment scheme and changes in the fair value of derivative financial instruments which are not designated as hedging instruments are included.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__115": { "value": "Accounting policies
Financial income and expenses comprise interest income and expenses and gains and losses on transac-tions denominated in foreign currencies. For all financial instruments measured at amortised cost, interest
income or expenses are recognised using the effective interest rate, which is the rate that discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. Furthermore, surcharges and allowances under the tax prepayment scheme and changes in the fair value of derivative financial instruments which are not designated as hedging instruments are included.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__116": { "value": "Accounting policies
Financial income and expenses comprise interest income and expenses and gains and losses on transac-tions denominated in foreign currencies. For all financial instruments measured at amortised cost, interest
income or expenses are recognised using the effective interest rate, which is the rate that discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. Furthermore, surcharges and allowances under the tax prepayment scheme and changes in the fair value of derivative financial instruments which are not designated as hedging instruments are included.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__117-1": { "value": "Accounting policies
Financial income and expenses comprise interest income and expenses and gains and losses on transac-tions denominated in foreign currencies. For all financial instruments measured at amortised cost, interest
income or expenses are recognised using the effective interest rate, which is the rate that discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. Furthermore, surcharges and allowances under the tax prepayment scheme and changes in the fair value of derivative financial instruments which are not designated as hedging instruments are included.
Financial expenses
(DKKm) | 2025/26 | 2024/25 |
Interest, credit institutions | 112 | 119 |
Interest, lease liabilities | 48 | 50 |
Interest, contingent consideration | - | 1 |
Amortisation of financing costs | 6 | 1 |
Currency losses | 0 | 10 |
Other | 2 | 2 |
Total financial expenses | 168 | 183 |
Interest on financial liabilities measured at amortised cost amounts to | 160 | 170 |
Accounting policies
Financial income and expenses comprise interest income and expenses and gains and losses on transac-tions denominated in foreign currencies. For all financial instruments measured at amortised cost, interest
income or expenses are recognised using the effective interest rate, which is the rate that discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. Furthermore, surcharges and allowances under the tax prepayment scheme and changes in the fair value of derivative financial instruments which are not designated as hedging instruments are included.
Financial expenses
(DKKm) | 2025/26 | 2024/25 |
Interest, credit institutions | 112 | 119 |
Interest, lease liabilities | 48 | 50 |
Interest, contingent consideration | - | 1 |
Amortisation of financing costs | 6 | 1 |
Currency losses | 0 | 10 |
Other | 2 | 2 |
Total financial expenses | 168 | 183 |
Interest on financial liabilities measured at amortised cost amounts to | 160 | 170 |
Note 3.1 \u2013 Intangible assets
(DKKm) | Goodwill | Trademarks and trade names | Software | Otherintangible assets | Intan-gibles in progress | Total |
Cost at 1 April 2025 | 4,102 | 1,349 | 898 | 293 | 117 | 6,759 |
Currency adjustment | (1) | (2) | (1) | (2) | 2 | (4) |
Transfer | - | - | 46 | 3 | (53) | (4) |
Additions | - | - | 41 | 7 | 174 | 222 |
Disposals | - | - | (1) | - | - | (1) |
Cost at 31 March 2026 | 4,101 | 1,347 | 983 | 301 | 240 | 6,972 |
Amortisation and impairment at 1 April 2025 | - | 1,166 | 645 | 207 | - | 2,018 |
Currency adjustment | - | (1) | (1) | (1) | - | (3) |
Amortisation | - | 10 | 111 | 24 | - | 145 |
Amortisation and impairment at 31 March 2026 | - | 1,175 | 755 | 230 | - | 2,160 |
Carrying amount at 31 March 2026 | 4,101 | 172 | 228 | 71 | 240 | 4,812 |
Cost at 1 April 2024 | 4,102 | 1,349 | 898 | 293 | 117 | 6,759 |
Currency adjustment | 6 | 9 | 14 | 5 | - | 34 |
Transfer | - | - | 57 | 2 | (59) | - |
Additions | - | - | 50 | - | 175 | 225 |
Disposals | - | - | (2) | (13) | - | (15) |
Cost at 31 March 2025 | 4,102 | 1,349 | 898 | 293 | 117 | 6,759 |
Amortisation and impairment at 1 April 2024 | - | 1,156 | 521 | 167 | - | 1,844 |
Currency adjustment | - | - | 13 | - | - | 13 |
Amortisation | - | 10 | 111 | 40 | - | 161 |
Amortisation and impairment at 31 March 2025 | - | 1,166 | 645 | 207 | - | 2,018 |
Carrying amount at 31 March 2025 | 4,102 | 183 | 253 | 86 | 117 | 4,741 |
Amortised over | - | - | 3-8 years | 3-10 years | - |
Other intangible assets comprise customer lists and shares in co-operative property as well as other intangible assets acquired in business combinations. Except for goodwill, KICKS trademarks and trade names, all intangible assets are considered to have a limited useful life.
Intangibles in progress primarily relates to Group IT development projects, especially in relation to the integra-tion with KICKS Group, development of business IT systems including development of the Group's websites and brands.
Goodwill
Accounting policies
Goodwill is initially recognised in the statement of financial position at cost as described under \u201cBusiness combinations\u201d. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised.
Goodwill represents the value of the existing employees and know-how as well as expected synergies from the combination with Matas Group. The goodwill recognised is not tax-deductible.
As at 31 March 2026, Management tested the carrying amount of goodwill for impairment at individual cash-gen-erating unit (CGU) level, defined as the operating segments Matas banner, KICKS banner, and Other (Firtal Group, Gr\u00e6nn and Web Sundhed).
Goodwill has been allocated as follows between individual CGUs:
(DKKm) | 2025/26 | 2024/25 |
Matas banner | 3,729 | 3,729 |
KICKS banner | 102 | 103 |
Other | 270 | 270 |
Goodwill at 31 March | 4,101 | 4,102 |
The carrying amount of goodwill developed as follows:
(DKKm) | 2025/26 | 2024/25 |
Goodwill at 1 April | 4,102 | 4,096 |
Currency adjustment | (1) | 6 |
Goodwill at 31 March | 4,101 | 4,102 |
Trademarks and trade names
Accounting policies
Trademarks and trade names acquired in business combinations are measured at cost less accumulated impairment losses. KICKS trademarks and trade names are not amortised as these can be maintained for an indefinite period, as these are well-established brands in their markets, having existed for decades. Whether these assets should be depreciated is reassessed annually.
Other intangible assets
Accounting policies
Other intangible assets, which primarily comprise customer lists and shares in co-operative property, including intangible assets acquired in business combinations, are measured at cost less accumulated amor-tisation and impairment losses. Other intangible assets are amortised on a straight-line basis over 3-10 years.
Impairment testing
Accounting policies
Goodwill and intangible assets with indefinite useful lives are tested for impairment annually or whenever there is an indication of impairment, initially before the end of the acquisition year.
The carrying amount of goodwill is tested for impairment together with the other non-current assets in the cash-generating unit (CGU) and written down to the recoverable amount through profit or loss if the carrying amount is higher. The recoverable amount is generally computed as the present value of the expected future net cash flows.
The carrying amount of other non-current assets is reviewed for impairment on an ongoing basis. When there is an indication that assets may be impaired, the recoverable amount of the asset is determined. The recoverable amount is the higher of an asset\u2019s fair value less expected costs to sell and its value in use. Value in use is the present value of the future cash flows expected to derive from an asset or the CGU to which the asset belongs.
An impairment loss is recognised if the carrying amount of an asset or a CGU, respectively, exceeds the recoverable amount of the asset or the CGU. The impairment loss is recognised under depreciation, amorti-sation and impairment losses.
Impairment of goodwill is not reversed. Impairment of other assets is reversed to the extent that there have been changes in the assumptions and estimates that led to the impairment loss. Impairment losses are only reversed to the extent that the asset\u2019s new carrying amount does not exceeed the carrying amount of the asset after amortisation/depreciation, had the asset not been impaired.
At each reporting date, the Group assesses whether there is any indication that an asset may be impaired.
If any such indication exists, or when annual impairment testing of an asset is required, the Group estimates the recoverable amount of the asset.
In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used.
Management judgements and estimates
In performing the annual impairment test of goodwill, an assessment is made of how the cash-generating unit (CGU) to which goodwill relates will be able to generate sufficient positive net cash flows in the future to support the value of goodwill and other net assets of the relevant part of the Group. Due to the nature of the Group\u2019s activities, the forecast cash flows cover 5 years into the future and are as such subject to some esti-mate uncertainty. This uncertainty is reflected in the discount rate applied.
Method for impairment testing
As at 31 March 2026, Management tested the carrying amount of goodwill for impairment at individual cash-gen-erating unit (CGU) level, defined as the Matas banner, KICKS banner, and Other (Firtal Group, Gr\u00e6nn and Web Sundhed).
Management monitors goodwill on the basis of the overall group of CGUs, and the annual impairment testing of goodwill is thus performed for the Matas banner, KICKS banner, and combined for Others (Firtal Group, Gr\u00e6nn and Web Sundhed) due to similarities in operations. Recoverable amounts are in each individual case calculated as the higher of the value in use and the fair value less costs to sell. The descriptions below set out the value on which the recoverable amount is based.
Key assumptions
The cash flow is based on the budget and target plans for the next five years. Cash flows beyond the five-year period are extrapolated using the terminal period growth rate. The budget and plans for 2026/27-2030/31 repre-sent management\u2019s best estimate. The key assumptions on which management bases its cash flow projections are: Prices, volumes, growth rates, costs, investments, and discount rates. The assumptions are determined at CGU level and are based on past experience, external sources of information and industry-relevant observations for each CGU. Local conditions, such as expected developments in macroeconomic and market conditions specific to the individual CGUs, are considered. The assumptions are challenged and verified by management at CGU and Group level.
Matas banner
As regards to the Matas banner, the recoverable amount is based on the value in use, which is determined using expected net cash flows on the basis of the 2026/27 budget approved by the Board of Directors and a projection for the remaining forecast period (the years 2027/28-2030/31). Earnings during the forecast period are based on the EBITDA level indicated in the 2026/27 budget and expected investments. In the short-term perspective, growth will depend partly on general economic trends while Matas anticipates EBITDA growth within its product areas of an average of 4.5% p.a. (CAGR), assuming stable economic growth.
In the long-term perspective, demand is expected to be affected by changes in the demographics, mix of consumers and consumer behavior that support health and beauty trends in Denmark, and by developments in revenue, product prices and margins. In addition, the level of innovation among manufacturers as well as product launches will affect demand. The growth rate used to extrapolate future net cash flows in the terminal period is estimated at 2.0% (31 March 2025: 2.0%). The growth rate is not assessed to exceed the long-term average growth rate within the Matas banner\u2019s markets.
In performing the impairment test, Management used a discount factor (WACC) after tax of 8.3% (2024/25: 7.9%), a discount factor before tax of 10.1% (2024/25: 9.6%).
Based on the impairment test performed for Matas banner at 31 March 2026, there is no current evidence of impairment. In Management\u2019s assessment, likely changes in the basic assumptions described above will not lead to the carrying amount exceeding the recoverable amount.
Kicksbanner
KICKS banner is affected by the same demand mechanisms as the Matas banner and short-term growth will depend partly on general economic trends. Earnings during the forecast period are based on the EBITDA level indicated in the 2026/27 budget and expected investments while it anticipates EBITDA growth of an average 7.0% p.a. (CAGR), assuming stable economic growth.
In performing the impairment test, Management used a discount factor (WACC) after tax of 8.6% (2024/25: 8.1%), a discount factor before tax of 10.3% (2024/25: 9.8%).
The growth rate used to extrapolate future net cash flows in the terminal period is estimated at 2.0% (31 March 2025: 2.0%). The growth rate is not assessed to exceed the long-term average growth rate within the KICKS banner\u2019s markets.
Based on the impairment test performed for the KICKS banner at 31 March 2026, there is no current evidence of impairment. In Management\u2019s assessment, likely changes in the basic assumptions described above will not lead to the carrying amount exceeding the recoverable amount.
Other
As regards to Other (Firtal Group, Gr\u00e6nn and Web Sundhed), the recoverable amount is based on the value in use, which is determined using expected net cash flows on the basis of the 2026/27 budget approved by the Board of Directors and a projection for the remaining forecast period (the years 2027/28-2030/31). Earnings during the forecast period are based on the EBITDA level indicated in the 2026/27 budget and expected investments while it anticipates EBITDA growth of an average 7.0% p.a. (CAGR), assuming stable economic growth.
The growth rate used to extrapolate future net cash flows in the terminal period is estimated at 2.0% (31 March 2025: 2.0%).
In performing the impairment test, Management used a discount factor (WACC) after tax of 9.4% (2024/25: 8.2%), and a discount factor before tax of 11.5% (2024/25: 10.0%).
Based on the impairment test performed for Other (Firtal Group, Gr\u00e6nn and Web Sundhed) at 31 March 2026, there is no current evidence of impairment. In Management\u2019s assessment, likely changes in the basic assumptions described above will not lead to the carrying amount exceeding the recoverable amount.
Note 3.1 \u2013 Intangible assets
(DKKm) | Goodwill | Trademarks and trade names | Software | Otherintangible assets | Intan-gibles in progress | Total |
Cost at 1 April 2025 | 4,102 | 1,349 | 898 | 293 | 117 | 6,759 |
Currency adjustment | (1) | (2) | (1) | (2) | 2 | (4) |
Transfer | - | - | 46 | 3 | (53) | (4) |
Additions | - | - | 41 | 7 | 174 | 222 |
Disposals | - | - | (1) | - | - | (1) |
Cost at 31 March 2026 | 4,101 | 1,347 | 983 | 301 | 240 | 6,972 |
Amortisation and impairment at 1 April 2025 | - | 1,166 | 645 | 207 | - | 2,018 |
Currency adjustment | - | (1) | (1) | (1) | - | (3) |
Amortisation | - | 10 | 111 | 24 | - | 145 |
Amortisation and impairment at 31 March 2026 | - | 1,175 | 755 | 230 | - | 2,160 |
Carrying amount at 31 March 2026 | 4,101 | 172 | 228 | 71 | 240 | 4,812 |
Cost at 1 April 2024 | 4,102 | 1,349 | 898 | 293 | 117 | 6,759 |
Currency adjustment | 6 | 9 | 14 | 5 | - | 34 |
Transfer | - | - | 57 | 2 | (59) | - |
Additions | - | - | 50 | - | 175 | 225 |
Disposals | - | - | (2) | (13) | - | (15) |
Cost at 31 March 2025 | 4,102 | 1,349 | 898 | 293 | 117 | 6,759 |
Amortisation and impairment at 1 April 2024 | - | 1,156 | 521 | 167 | - | 1,844 |
Currency adjustment | - | - | 13 | - | - | 13 |
Amortisation | - | 10 | 111 | 40 | - | 161 |
Amortisation and impairment at 31 March 2025 | - | 1,166 | 645 | 207 | - | 2,018 |
Carrying amount at 31 March 2025 | 4,102 | 183 | 253 | 86 | 117 | 4,741 |
Amortised over | - | - | 3-8 years | 3-10 years | - |
Other intangible assets comprise customer lists and shares in co-operative property as well as other intangible assets acquired in business combinations. Except for goodwill, KICKS trademarks and trade names, all intangible assets are considered to have a limited useful life.
Intangibles in progress primarily relates to Group IT development projects, especially in relation to the integra-tion with KICKS Group, development of business IT systems including development of the Group's websites and brands.
Goodwill
Accounting policies
Goodwill is initially recognised in the statement of financial position at cost as described under \u201cBusiness combinations\u201d. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised.
Goodwill represents the value of the existing employees and know-how as well as expected synergies from the combination with Matas Group. The goodwill recognised is not tax-deductible.
As at 31 March 2026, Management tested the carrying amount of goodwill for impairment at individual cash-gen-erating unit (CGU) level, defined as the operating segments Matas banner, KICKS banner, and Other (Firtal Group, Gr\u00e6nn and Web Sundhed).
Goodwill has been allocated as follows between individual CGUs:
(DKKm) | 2025/26 | 2024/25 |
Matas banner | 3,729 | 3,729 |
KICKS banner | 102 | 103 |
Other | 270 | 270 |
Goodwill at 31 March | 4,101 | 4,102 |
The carrying amount of goodwill developed as follows:
(DKKm) | 2025/26 | 2024/25 |
Goodwill at 1 April | 4,102 | 4,096 |
Currency adjustment | (1) | 6 |
Goodwill at 31 March | 4,101 | 4,102 |
Trademarks and trade names
Accounting policies
Trademarks and trade names acquired in business combinations are measured at cost less accumulated impairment losses. KICKS trademarks and trade names are not amortised as these can be maintained for an indefinite period, as these are well-established brands in their markets, having existed for decades. Whether these assets should be depreciated is reassessed annually.
Other intangible assets
Accounting policies
Other intangible assets, which primarily comprise customer lists and shares in co-operative property, including intangible assets acquired in business combinations, are measured at cost less accumulated amor-tisation and impairment losses. Other intangible assets are amortised on a straight-line basis over 3-10 years.
Impairment testing
Accounting policies
Goodwill and intangible assets with indefinite useful lives are tested for impairment annually or whenever there is an indication of impairment, initially before the end of the acquisition year.
The carrying amount of goodwill is tested for impairment together with the other non-current assets in the cash-generating unit (CGU) and written down to the recoverable amount through profit or loss if the carrying amount is higher. The recoverable amount is generally computed as the present value of the expected future net cash flows.
The carrying amount of other non-current assets is reviewed for impairment on an ongoing basis. When there is an indication that assets may be impaired, the recoverable amount of the asset is determined. The recoverable amount is the higher of an asset\u2019s fair value less expected costs to sell and its value in use. Value in use is the present value of the future cash flows expected to derive from an asset or the CGU to which the asset belongs.
An impairment loss is recognised if the carrying amount of an asset or a CGU, respectively, exceeds the recoverable amount of the asset or the CGU. The impairment loss is recognised under depreciation, amorti-sation and impairment losses.
Impairment of goodwill is not reversed. Impairment of other assets is reversed to the extent that there have been changes in the assumptions and estimates that led to the impairment loss. Impairment losses are only reversed to the extent that the asset\u2019s new carrying amount does not exceeed the carrying amount of the asset after amortisation/depreciation, had the asset not been impaired.
At each reporting date, the Group assesses whether there is any indication that an asset may be impaired.
If any such indication exists, or when annual impairment testing of an asset is required, the Group estimates the recoverable amount of the asset.
In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used.
Management judgements and estimates
In performing the annual impairment test of goodwill, an assessment is made of how the cash-generating unit (CGU) to which goodwill relates will be able to generate sufficient positive net cash flows in the future to support the value of goodwill and other net assets of the relevant part of the Group. Due to the nature of the Group\u2019s activities, the forecast cash flows cover 5 years into the future and are as such subject to some esti-mate uncertainty. This uncertainty is reflected in the discount rate applied.
Method for impairment testing
As at 31 March 2026, Management tested the carrying amount of goodwill for impairment at individual cash-gen-erating unit (CGU) level, defined as the Matas banner, KICKS banner, and Other (Firtal Group, Gr\u00e6nn and Web Sundhed).
Management monitors goodwill on the basis of the overall group of CGUs, and the annual impairment testing of goodwill is thus performed for the Matas banner, KICKS banner, and combined for Others (Firtal Group, Gr\u00e6nn and Web Sundhed) due to similarities in operations. Recoverable amounts are in each individual case calculated as the higher of the value in use and the fair value less costs to sell. The descriptions below set out the value on which the recoverable amount is based.
Key assumptions
The cash flow is based on the budget and target plans for the next five years. Cash flows beyond the five-year period are extrapolated using the terminal period growth rate. The budget and plans for 2026/27-2030/31 repre-sent management\u2019s best estimate. The key assumptions on which management bases its cash flow projections are: Prices, volumes, growth rates, costs, investments, and discount rates. The assumptions are determined at CGU level and are based on past experience, external sources of information and industry-relevant observations for each CGU. Local conditions, such as expected developments in macroeconomic and market conditions specific to the individual CGUs, are considered. The assumptions are challenged and verified by management at CGU and Group level.
Matas banner
As regards to the Matas banner, the recoverable amount is based on the value in use, which is determined using expected net cash flows on the basis of the 2026/27 budget approved by the Board of Directors and a projection for the remaining forecast period (the years 2027/28-2030/31). Earnings during the forecast period are based on the EBITDA level indicated in the 2026/27 budget and expected investments. In the short-term perspective, growth will depend partly on general economic trends while Matas anticipates EBITDA growth within its product areas of an average of 4.5% p.a. (CAGR), assuming stable economic growth.
In the long-term perspective, demand is expected to be affected by changes in the demographics, mix of consumers and consumer behavior that support health and beauty trends in Denmark, and by developments in revenue, product prices and margins. In addition, the level of innovation among manufacturers as well as product launches will affect demand. The growth rate used to extrapolate future net cash flows in the terminal period is estimated at 2.0% (31 March 2025: 2.0%). The growth rate is not assessed to exceed the long-term average growth rate within the Matas banner\u2019s markets.
In performing the impairment test, Management used a discount factor (WACC) after tax of 8.3% (2024/25: 7.9%), a discount factor before tax of 10.1% (2024/25: 9.6%).
Based on the impairment test performed for Matas banner at 31 March 2026, there is no current evidence of impairment. In Management\u2019s assessment, likely changes in the basic assumptions described above will not lead to the carrying amount exceeding the recoverable amount.
Kicksbanner
KICKS banner is affected by the same demand mechanisms as the Matas banner and short-term growth will depend partly on general economic trends. Earnings during the forecast period are based on the EBITDA level indicated in the 2026/27 budget and expected investments while it anticipates EBITDA growth of an average 7.0% p.a. (CAGR), assuming stable economic growth.
In performing the impairment test, Management used a discount factor (WACC) after tax of 8.6% (2024/25: 8.1%), a discount factor before tax of 10.3% (2024/25: 9.8%).
The growth rate used to extrapolate future net cash flows in the terminal period is estimated at 2.0% (31 March 2025: 2.0%). The growth rate is not assessed to exceed the long-term average growth rate within the KICKS banner\u2019s markets.
Based on the impairment test performed for the KICKS banner at 31 March 2026, there is no current evidence of impairment. In Management\u2019s assessment, likely changes in the basic assumptions described above will not lead to the carrying amount exceeding the recoverable amount.
Other
As regards to Other (Firtal Group, Gr\u00e6nn and Web Sundhed), the recoverable amount is based on the value in use, which is determined using expected net cash flows on the basis of the 2026/27 budget approved by the Board of Directors and a projection for the remaining forecast period (the years 2027/28-2030/31). Earnings during the forecast period are based on the EBITDA level indicated in the 2026/27 budget and expected investments while it anticipates EBITDA growth of an average 7.0% p.a. (CAGR), assuming stable economic growth.
The growth rate used to extrapolate future net cash flows in the terminal period is estimated at 2.0% (31 March 2025: 2.0%).
In performing the impairment test, Management used a discount factor (WACC) after tax of 9.4% (2024/25: 8.2%), and a discount factor before tax of 11.5% (2024/25: 10.0%).
Based on the impairment test performed for Other (Firtal Group, Gr\u00e6nn and Web Sundhed) at 31 March 2026, there is no current evidence of impairment. In Management\u2019s assessment, likely changes in the basic assumptions described above will not lead to the carrying amount exceeding the recoverable amount.
Goodwill
Accounting policies
Goodwill is initially recognised in the statement of financial position at cost as described under \u201cBusiness combinations\u201d. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised.
Goodwill represents the value of the existing employees and know-how as well as expected synergies from the combination with Matas Group. The goodwill recognised is not tax-deductible.
As at 31 March 2026, Management tested the carrying amount of goodwill for impairment at individual cash-gen-erating unit (CGU) level, defined as the operating segments Matas banner, KICKS banner, and Other (Firtal Group, Gr\u00e6nn and Web Sundhed).
Goodwill has been allocated as follows between individual CGUs:
(DKKm) | 2025/26 | 2024/25 |
Matas banner | 3,729 | 3,729 |
KICKS banner | 102 | 103 |
Other | 270 | 270 |
Goodwill at 31 March | 4,101 | 4,102 |
The carrying amount of goodwill developed as follows:
(DKKm) | 2025/26 | 2024/25 |
Goodwill at 1 April | 4,102 | 4,096 |
Currency adjustment | (1) | 6 |
Goodwill at 31 March | 4,101 | 4,102 |
Impairment testing
Accounting policies
Goodwill and intangible assets with indefinite useful lives are tested for impairment annually or whenever there is an indication of impairment, initially before the end of the acquisition year.
The carrying amount of goodwill is tested for impairment together with the other non-current assets in the cash-generating unit (CGU) and written down to the recoverable amount through profit or loss if the carrying amount is higher. The recoverable amount is generally computed as the present value of the expected future net cash flows.
The carrying amount of other non-current assets is reviewed for impairment on an ongoing basis. When there is an indication that assets may be impaired, the recoverable amount of the asset is determined. The recoverable amount is the higher of an asset\u2019s fair value less expected costs to sell and its value in use. Value in use is the present value of the future cash flows expected to derive from an asset or the CGU to which the asset belongs.
An impairment loss is recognised if the carrying amount of an asset or a CGU, respectively, exceeds the recoverable amount of the asset or the CGU. The impairment loss is recognised under depreciation, amorti-sation and impairment losses.
Impairment of goodwill is not reversed. Impairment of other assets is reversed to the extent that there have been changes in the assumptions and estimates that led to the impairment loss. Impairment losses are only reversed to the extent that the asset\u2019s new carrying amount does not exceeed the carrying amount of the asset after amortisation/depreciation, had the asset not been impaired.
At each reporting date, the Group assesses whether there is any indication that an asset may be impaired.
If any such indication exists, or when annual impairment testing of an asset is required, the Group estimates the recoverable amount of the asset.
In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used.
Management judgements and estimates
In performing the annual impairment test of goodwill, an assessment is made of how the cash-generating unit (CGU) to which goodwill relates will be able to generate sufficient positive net cash flows in the future to support the value of goodwill and other net assets of the relevant part of the Group. Due to the nature of the Group\u2019s activities, the forecast cash flows cover 5 years into the future and are as such subject to some esti-mate uncertainty. This uncertainty is reflected in the discount rate applied.
Method for impairment testing
As at 31 March 2026, Management tested the carrying amount of goodwill for impairment at individual cash-gen-erating unit (CGU) level, defined as the Matas banner, KICKS banner, and Other (Firtal Group, Gr\u00e6nn and Web Sundhed).
Management monitors goodwill on the basis of the overall group of CGUs, and the annual impairment testing of goodwill is thus performed for the Matas banner, KICKS banner, and combined for Others (Firtal Group, Gr\u00e6nn and Web Sundhed) due to similarities in operations. Recoverable amounts are in each individual case calculated as the higher of the value in use and the fair value less costs to sell. The descriptions below set out the value on which the recoverable amount is based.
Key assumptions
The cash flow is based on the budget and target plans for the next five years. Cash flows beyond the five-year period are extrapolated using the terminal period growth rate. The budget and plans for 2026/27-2030/31 repre-sent management\u2019s best estimate. The key assumptions on which management bases its cash flow projections are: Prices, volumes, growth rates, costs, investments, and discount rates. The assumptions are determined at CGU level and are based on past experience, external sources of information and industry-relevant observations for each CGU. Local conditions, such as expected developments in macroeconomic and market conditions specific to the individual CGUs, are considered. The assumptions are challenged and verified by management at CGU and Group level.
Matas banner
As regards to the Matas banner, the recoverable amount is based on the value in use, which is determined using expected net cash flows on the basis of the 2026/27 budget approved by the Board of Directors and a projection for the remaining forecast period (the years 2027/28-2030/31). Earnings during the forecast period are based on the EBITDA level indicated in the 2026/27 budget and expected investments. In the short-term perspective, growth will depend partly on general economic trends while Matas anticipates EBITDA growth within its product areas of an average of 4.5% p.a. (CAGR), assuming stable economic growth.
In the long-term perspective, demand is expected to be affected by changes in the demographics, mix of consumers and consumer behavior that support health and beauty trends in Denmark, and by developments in revenue, product prices and margins. In addition, the level of innovation among manufacturers as well as product launches will affect demand. The growth rate used to extrapolate future net cash flows in the terminal period is estimated at 2.0% (31 March 2025: 2.0%). The growth rate is not assessed to exceed the long-term average growth rate within the Matas banner\u2019s markets.
In performing the impairment test, Management used a discount factor (WACC) after tax of 8.3% (2024/25: 7.9%), a discount factor before tax of 10.1% (2024/25: 9.6%).
Based on the impairment test performed for Matas banner at 31 March 2026, there is no current evidence of impairment. In Management\u2019s assessment, likely changes in the basic assumptions described above will not lead to the carrying amount exceeding the recoverable amount.
Kicksbanner
KICKS banner is affected by the same demand mechanisms as the Matas banner and short-term growth will depend partly on general economic trends. Earnings during the forecast period are based on the EBITDA level indicated in the 2026/27 budget and expected investments while it anticipates EBITDA growth of an average 7.0% p.a. (CAGR), assuming stable economic growth.
In performing the impairment test, Management used a discount factor (WACC) after tax of 8.6% (2024/25: 8.1%), a discount factor before tax of 10.3% (2024/25: 9.8%).
The growth rate used to extrapolate future net cash flows in the terminal period is estimated at 2.0% (31 March 2025: 2.0%). The growth rate is not assessed to exceed the long-term average growth rate within the KICKS banner\u2019s markets.
Based on the impairment test performed for the KICKS banner at 31 March 2026, there is no current evidence of impairment. In Management\u2019s assessment, likely changes in the basic assumptions described above will not lead to the carrying amount exceeding the recoverable amount.
Other
As regards to Other (Firtal Group, Gr\u00e6nn and Web Sundhed), the recoverable amount is based on the value in use, which is determined using expected net cash flows on the basis of the 2026/27 budget approved by the Board of Directors and a projection for the remaining forecast period (the years 2027/28-2030/31). Earnings during the forecast period are based on the EBITDA level indicated in the 2026/27 budget and expected investments while it anticipates EBITDA growth of an average 7.0% p.a. (CAGR), assuming stable economic growth.
The growth rate used to extrapolate future net cash flows in the terminal period is estimated at 2.0% (31 March 2025: 2.0%).
In performing the impairment test, Management used a discount factor (WACC) after tax of 9.4% (2024/25: 8.2%), and a discount factor before tax of 11.5% (2024/25: 10.0%).
Based on the impairment test performed for Other (Firtal Group, Gr\u00e6nn and Web Sundhed) at 31 March 2026, there is no current evidence of impairment. In Management\u2019s assessment, likely changes in the basic assumptions described above will not lead to the carrying amount exceeding the recoverable amount.
Goodwill
Accounting policies
Goodwill is initially recognised in the statement of financial position at cost as described under \u201cBusiness combinations\u201d. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised.
Trademarks and trade names
Accounting policies
Trademarks and trade names acquired in business combinations are measured at cost less accumulated impairment losses. KICKS trademarks and trade names are not amortised as these can be maintained for an indefinite period, as these are well-established brands in their markets, having existed for decades. Whether these assets should be depreciated is reassessed annually.
Other intangible assets
Accounting policies
Other intangible assets, which primarily comprise customer lists and shares in co-operative property, including intangible assets acquired in business combinations, are measured at cost less accumulated amor-tisation and impairment losses. Other intangible assets are amortised on a straight-line basis over 3-10 years.
Impairment testing
Accounting policies
Goodwill and intangible assets with indefinite useful lives are tested for impairment annually or whenever there is an indication of impairment, initially before the end of the acquisition year.
The carrying amount of goodwill is tested for impairment together with the other non-current assets in the cash-generating unit (CGU) and written down to the recoverable amount through profit or loss if the carrying amount is higher. The recoverable amount is generally computed as the present value of the expected future net cash flows.
The carrying amount of other non-current assets is reviewed for impairment on an ongoing basis. When there is an indication that assets may be impaired, the recoverable amount of the asset is determined. The recoverable amount is the higher of an asset\u2019s fair value less expected costs to sell and its value in use. Value in use is the present value of the future cash flows expected to derive from an asset or the CGU to which the asset belongs.
An impairment loss is recognised if the carrying amount of an asset or a CGU, respectively, exceeds the recoverable amount of the asset or the CGU. The impairment loss is recognised under depreciation, amorti-sation and impairment losses.
Impairment of goodwill is not reversed. Impairment of other assets is reversed to the extent that there have been changes in the assumptions and estimates that led to the impairment loss. Impairment losses are only reversed to the extent that the asset\u2019s new carrying amount does not exceeed the carrying amount of the asset after amortisation/depreciation, had the asset not been impaired.
At each reporting date, the Group assesses whether there is any indication that an asset may be impaired.
If any such indication exists, or when annual impairment testing of an asset is required, the Group estimates the recoverable amount of the asset.
In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used.
Goodwill
Accounting policies
Goodwill is initially recognised in the statement of financial position at cost as described under \u201cBusiness combinations\u201d. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__126-1": { "value": "Trademarks and trade names
Accounting policies
Trademarks and trade names acquired in business combinations are measured at cost less accumulated impairment losses. KICKS trademarks and trade names are not amortised as these can be maintained for an indefinite period, as these are well-established brands in their markets, having existed for decades. Whether these assets should be depreciated is reassessed annually.
Other intangible assets
Accounting policies
Other intangible assets, which primarily comprise customer lists and shares in co-operative property, including intangible assets acquired in business combinations, are measured at cost less accumulated amor-tisation and impairment losses. Other intangible assets are amortised on a straight-line basis over 3-10 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__129-1": { "value": "Other intangible assets
Accounting policies
Other intangible assets, which primarily comprise customer lists and shares in co-operative property, including intangible assets acquired in business combinations, are measured at cost less accumulated amor-tisation and impairment losses. Other intangible assets are amortised on a straight-line basis over 3-10 years.
Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately. Depreciation is provided on a straight-line basis over the expected useful lives of the assets/components.
The expected useful lives are as follows:
Buildings\t75 years
Building parts\t10-25 years
Fixtures, fittings, tools and equipment\t1-7 years
Leasehold improvements\t2-8 years
Land is not depreciated
Depreciation is calculated on the basis of the residual value less impairment losses. The useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued.
Depreciation, amortisation and impairment
(DKKm) | 2025/26 | 2024/25 |
Amortisation, software | 111 | 111 |
Amortisation, other intangible assets | 34 | 50 |
Depreciation, property, plant and equipment | 137 | 101 |
Depreciation of lease assets | 382 | 362 |
Total depreciation, amortisation and impairment | 664 | 624 |
Right-of use assets are depreciated on a straight-line basis over the estimated lease term, which is:
Leased stores, etc. 2-7 years
Administration and warehouse buildings, etc. 2-10 years
Cars and other leases 3-4 years
Matas Group has opted not to recognise leases of low-value assets and short-term leases in the statement of financial position. Lease payments concerning such leases are instead recognised in the statement of comprehensive income on a straight-line basis.
Depreciation as set out below is recognised in the statement of comprehensive income:
(DKKm) | 2025/26 | 2024/25 |
Store leases | 343 | 321 |
Administration and warehouse buildings, etc. | 32 | 38 |
Cars and other leases | 7 | 3 |
Total depreciation of lease assets | 382 | 362 |
Impairment testing
Accounting policies
Goodwill and intangible assets with indefinite useful lives are tested for impairment annually or whenever there is an indication of impairment, initially before the end of the acquisition year.
The carrying amount of goodwill is tested for impairment together with the other non-current assets in the cash-generating unit (CGU) and written down to the recoverable amount through profit or loss if the carrying amount is higher. The recoverable amount is generally computed as the present value of the expected future net cash flows.
The carrying amount of other non-current assets is reviewed for impairment on an ongoing basis. When there is an indication that assets may be impaired, the recoverable amount of the asset is determined. The recoverable amount is the higher of an asset\u2019s fair value less expected costs to sell and its value in use. Value in use is the present value of the future cash flows expected to derive from an asset or the CGU to which the asset belongs.
An impairment loss is recognised if the carrying amount of an asset or a CGU, respectively, exceeds the recoverable amount of the asset or the CGU. The impairment loss is recognised under depreciation, amorti-sation and impairment losses.
Impairment of goodwill is not reversed. Impairment of other assets is reversed to the extent that there have been changes in the assumptions and estimates that led to the impairment loss. Impairment losses are only reversed to the extent that the asset\u2019s new carrying amount does not exceeed the carrying amount of the asset after amortisation/depreciation, had the asset not been impaired.
At each reporting date, the Group assesses whether there is any indication that an asset may be impaired.
If any such indication exists, or when annual impairment testing of an asset is required, the Group estimates the recoverable amount of the asset.
In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used.
Impairment testing
Accounting policies
Goodwill and intangible assets with indefinite useful lives are tested for impairment annually or whenever there is an indication of impairment, initially before the end of the acquisition year.
The carrying amount of goodwill is tested for impairment together with the other non-current assets in the cash-generating unit (CGU) and written down to the recoverable amount through profit or loss if the carrying amount is higher. The recoverable amount is generally computed as the present value of the expected future net cash flows.
The carrying amount of other non-current assets is reviewed for impairment on an ongoing basis. When there is an indication that assets may be impaired, the recoverable amount of the asset is determined. The recoverable amount is the higher of an asset\u2019s fair value less expected costs to sell and its value in use. Value in use is the present value of the future cash flows expected to derive from an asset or the CGU to which the asset belongs.
An impairment loss is recognised if the carrying amount of an asset or a CGU, respectively, exceeds the recoverable amount of the asset or the CGU. The impairment loss is recognised under depreciation, amorti-sation and impairment losses.
Impairment of goodwill is not reversed. Impairment of other assets is reversed to the extent that there have been changes in the assumptions and estimates that led to the impairment loss. Impairment losses are only reversed to the extent that the asset\u2019s new carrying amount does not exceeed the carrying amount of the asset after amortisation/depreciation, had the asset not been impaired.
At each reporting date, the Group assesses whether there is any indication that an asset may be impaired.
If any such indication exists, or when annual impairment testing of an asset is required, the Group estimates the recoverable amount of the asset.
In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used.
Impairment testing
Accounting policies
Goodwill and intangible assets with indefinite useful lives are tested for impairment annually or whenever there is an indication of impairment, initially before the end of the acquisition year.
The carrying amount of goodwill is tested for impairment together with the other non-current assets in the cash-generating unit (CGU) and written down to the recoverable amount through profit or loss if the carrying amount is higher. The recoverable amount is generally computed as the present value of the expected future net cash flows.
The carrying amount of other non-current assets is reviewed for impairment on an ongoing basis. When there is an indication that assets may be impaired, the recoverable amount of the asset is determined. The recoverable amount is the higher of an asset\u2019s fair value less expected costs to sell and its value in use. Value in use is the present value of the future cash flows expected to derive from an asset or the CGU to which the asset belongs.
An impairment loss is recognised if the carrying amount of an asset or a CGU, respectively, exceeds the recoverable amount of the asset or the CGU. The impairment loss is recognised under depreciation, amorti-sation and impairment losses.
Impairment of goodwill is not reversed. Impairment of other assets is reversed to the extent that there have been changes in the assumptions and estimates that led to the impairment loss. Impairment losses are only reversed to the extent that the asset\u2019s new carrying amount does not exceeed the carrying amount of the asset after amortisation/depreciation, had the asset not been impaired.
At each reporting date, the Group assesses whether there is any indication that an asset may be impaired.
If any such indication exists, or when annual impairment testing of an asset is required, the Group estimates the recoverable amount of the asset.
In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used.
Management judgements and estimates
In performing the annual impairment test of goodwill, an assessment is made of how the cash-generating unit (CGU) to which goodwill relates will be able to generate sufficient positive net cash flows in the future to support the value of goodwill and other net assets of the relevant part of the Group. Due to the nature of the Group\u2019s activities, the forecast cash flows cover 5 years into the future and are as such subject to some esti-mate uncertainty. This uncertainty is reflected in the discount rate applied.
Method for impairment testing
As at 31 March 2026, Management tested the carrying amount of goodwill for impairment at individual cash-gen-erating unit (CGU) level, defined as the Matas banner, KICKS banner, and Other (Firtal Group, Gr\u00e6nn and Web Sundhed).
Management monitors goodwill on the basis of the overall group of CGUs, and the annual impairment testing of goodwill is thus performed for the Matas banner, KICKS banner, and combined for Others (Firtal Group, Gr\u00e6nn and Web Sundhed) due to similarities in operations. Recoverable amounts are in each individual case calculated as the higher of the value in use and the fair value less costs to sell. The descriptions below set out the value on which the recoverable amount is based.
Key assumptions
The cash flow is based on the budget and target plans for the next five years. Cash flows beyond the five-year period are extrapolated using the terminal period growth rate. The budget and plans for 2026/27-2030/31 repre-sent management\u2019s best estimate. The key assumptions on which management bases its cash flow projections are: Prices, volumes, growth rates, costs, investments, and discount rates. The assumptions are determined at CGU level and are based on past experience, external sources of information and industry-relevant observations for each CGU. Local conditions, such as expected developments in macroeconomic and market conditions specific to the individual CGUs, are considered. The assumptions are challenged and verified by management at CGU and Group level.
Matas banner
As regards to the Matas banner, the recoverable amount is based on the value in use, which is determined using expected net cash flows on the basis of the 2026/27 budget approved by the Board of Directors and a projection for the remaining forecast period (the years 2027/28-2030/31). Earnings during the forecast period are based on the EBITDA level indicated in the 2026/27 budget and expected investments. In the short-term perspective, growth will depend partly on general economic trends while Matas anticipates EBITDA growth within its product areas of an average of 4.5% p.a. (CAGR), assuming stable economic growth.
In the long-term perspective, demand is expected to be affected by changes in the demographics, mix of consumers and consumer behavior that support health and beauty trends in Denmark, and by developments in revenue, product prices and margins. In addition, the level of innovation among manufacturers as well as product launches will affect demand. The growth rate used to extrapolate future net cash flows in the terminal period is estimated at 2.0% (31 March 2025: 2.0%). The growth rate is not assessed to exceed the long-term average growth rate within the Matas banner\u2019s markets.
In performing the impairment test, Management used a discount factor (WACC) after tax of 8.3% (2024/25: 7.9%), a discount factor before tax of 10.1% (2024/25: 9.6%).
Based on the impairment test performed for Matas banner at 31 March 2026, there is no current evidence of impairment. In Management\u2019s assessment, likely changes in the basic assumptions described above will not lead to the carrying amount exceeding the recoverable amount.
Kicksbanner
KICKS banner is affected by the same demand mechanisms as the Matas banner and short-term growth will depend partly on general economic trends. Earnings during the forecast period are based on the EBITDA level indicated in the 2026/27 budget and expected investments while it anticipates EBITDA growth of an average 7.0% p.a. (CAGR), assuming stable economic growth.
In performing the impairment test, Management used a discount factor (WACC) after tax of 8.6% (2024/25: 8.1%), a discount factor before tax of 10.3% (2024/25: 9.8%).
The growth rate used to extrapolate future net cash flows in the terminal period is estimated at 2.0% (31 March 2025: 2.0%). The growth rate is not assessed to exceed the long-term average growth rate within the KICKS banner\u2019s markets.
Based on the impairment test performed for the KICKS banner at 31 March 2026, there is no current evidence of impairment. In Management\u2019s assessment, likely changes in the basic assumptions described above will not lead to the carrying amount exceeding the recoverable amount.
Other
As regards to Other (Firtal Group, Gr\u00e6nn and Web Sundhed), the recoverable amount is based on the value in use, which is determined using expected net cash flows on the basis of the 2026/27 budget approved by the Board of Directors and a projection for the remaining forecast period (the years 2027/28-2030/31). Earnings during the forecast period are based on the EBITDA level indicated in the 2026/27 budget and expected investments while it anticipates EBITDA growth of an average 7.0% p.a. (CAGR), assuming stable economic growth.
The growth rate used to extrapolate future net cash flows in the terminal period is estimated at 2.0% (31 March 2025: 2.0%).
In performing the impairment test, Management used a discount factor (WACC) after tax of 9.4% (2024/25: 8.2%), and a discount factor before tax of 11.5% (2024/25: 10.0%).
Based on the impairment test performed for Other (Firtal Group, Gr\u00e6nn and Web Sundhed) at 31 March 2026, there is no current evidence of impairment. In Management\u2019s assessment, likely changes in the basic assumptions described above will not lead to the carrying amount exceeding the recoverable amount.
Note 3.2 \u2013 Property, plant and equipment
(DKKm) | Land and buildings | Other fixturesand fittings,tools andequipment | Leaseholdimprove-ments | Plant in progress | Total |
Cost at 1 April 2025 | 181 | 492 | 532 | 510 | 1,715 |
Currency adjustment | 2 | - | (4) | (1) | (3) |
Transfer | 329 | 157 | 11 | (493) | 4 |
Additions | 10 | 41 | 44 | 87 | 182 |
Disposals | - | (6) | (21) | (2) | (29) |
Cost at 31 March 2026 | 522 | 684 | 562 | 101 | 1,869 |
Depreciation and impairment at 1 April 2025 | 74 | 389 | 289 | - | 752 |
Currency adjustment | 2 | (1) | (1) | - | - |
Depreciation | 20 | 57 | 60 | - | 137 |
Disposals | - | - | (21) | - | (21) |
Depreciation and impairment at 31 March 2026 | 96 | 445 | 327 | - | 868 |
Carrying amount at 31 March 2026 | 426 | 239 | 235 | 101 | 1,001 |
Cost at 1 April 2024 | 172 | 434 | 437 | 169 | 1,212 |
Additions on acquisitions | 1 | 4 | 25 | 1 | 31 |
Currency adjustment | 0 | 14 | 20 | (34) | - |
Additions | 8 | 41 | 52 | 376 | 477 |
Disposals | - | (1) | (2) | (2) | (5) |
Cost at 31 March 2025 | 181 | 492 | 532 | 510 | 1,715 |
Depreciation and impairment at 1 April 2024 | 64 | 345 | 229 | - | 638 |
Currency adjustment | 1 | 2 | 12 | - | 15 |
Depreciation | 9 | 42 | 50 | - | 101 |
Disposals | - | - | (2) | - | (2) |
Depreciation and impairment at 31 March 2025 | 74 | 389 | 289 | - | 752 |
Carrying amount at 31 March 2025 | 107 | 103 | 243 | 510 | 963 |
Depreciated over: | 10-75 years | 1-7 years | 2-8 years | - |
Accounting policies
Land and buildings, fixtures, fittings, tools and equipment and leasehold improvements are measured at cost less accumulated depreciation and impairment losses.
Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use.
Subsequent costs, e.g. in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for Matas Group. The replaced components are derecognised in the statement of financial position and their carrying amount transferred to profit or loss. All other costs for ordinary repairs and maintenance are recognised in profit or loss as incurred.
Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately. Depreciation is provided on a straight-line basis over the expected useful lives of the assets/components.
The expected useful lives are as follows:
Buildings\t75 years
Building parts\t10-25 years
Fixtures, fittings, tools and equipment\t1-7 years
Leasehold improvements\t2-8 years
Land is not depreciated
Depreciation is calculated on the basis of the residual value less impairment losses. The useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued.
When changing the depreciation period or the residual value, the effect on depreciation is recognised prospectively as a change in accounting estimates.
Depreciation, amortisation and impairment
(DKKm) | 2025/26 | 2024/25 |
Amortisation, software | 111 | 111 |
Amortisation, other intangible assets | 34 | 50 |
Depreciation, property, plant and equipment | 137 | 101 |
Depreciation of lease assets | 382 | 362 |
Total depreciation, amortisation and impairment | 664 | 624 |
Management's judgements and estimates
Judgement is applied in determining the depreciation period and is generally based on historical experience. Reassessment is performed annuallyto ascertain that the depreciation basis applied is still representative and reflects the expected life and future residual value of the assets.
Accounting policies
Land and buildings, fixtures, fittings, tools and equipment and leasehold improvements are measured at cost less accumulated depreciation and impairment losses.
Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use.
Subsequent costs, e.g. in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for Matas Group. The replaced components are derecognised in the statement of financial position and their carrying amount transferred to profit or loss. All other costs for ordinary repairs and maintenance are recognised in profit or loss as incurred.
Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately. Depreciation is provided on a straight-line basis over the expected useful lives of the assets/components.
The expected useful lives are as follows:
Buildings\t75 years
Building parts\t10-25 years
Fixtures, fittings, tools and equipment\t1-7 years
Leasehold improvements\t2-8 years
Land is not depreciated
Depreciation is calculated on the basis of the residual value less impairment losses. The useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued.
When changing the depreciation period or the residual value, the effect on depreciation is recognised prospectively as a change in accounting estimates.
Accounting policies
Land and buildings, fixtures, fittings, tools and equipment and leasehold improvements are measured at cost less accumulated depreciation and impairment losses.
Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use.
Subsequent costs, e.g. in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for Matas Group. The replaced components are derecognised in the statement of financial position and their carrying amount transferred to profit or loss. All other costs for ordinary repairs and maintenance are recognised in profit or loss as incurred.
Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately. Depreciation is provided on a straight-line basis over the expected useful lives of the assets/components.
The expected useful lives are as follows:
Buildings\t75 years
Building parts\t10-25 years
Fixtures, fittings, tools and equipment\t1-7 years
Leasehold improvements\t2-8 years
Land is not depreciated
Depreciation is calculated on the basis of the residual value less impairment losses. The useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued.
When changing the depreciation period or the residual value, the effect on depreciation is recognised prospectively as a change in accounting estimates.
Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately. Depreciation is provided on a straight-line basis over the expected useful lives of the assets/components.
The expected useful lives are as follows:
Buildings\t75 years
Building parts\t10-25 years
Fixtures, fittings, tools and equipment\t1-7 years
Leasehold improvements\t2-8 years
Land is not depreciated
Depreciation is calculated on the basis of the residual value less impairment losses. The useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued.
When changing the depreciation period or the residual value, the effect on depreciation is recognised prospectively as a change in accounting estimates.
Right-of use assets are depreciated on a straight-line basis over the estimated lease term, which is:
Leased stores, etc. 2-7 years
Administration and warehouse buildings, etc. 2-10 years
Cars and other leases 3-4 years
Matas Group has opted not to recognise leases of low-value assets and short-term leases in the statement of financial position. Lease payments concerning such leases are instead recognised in the statement of comprehensive income on a straight-line basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__143": { "value": "Note 3.3 \u2013 Leases
Accounting policies
The estimated lease period is 2-5 years for stores and 10 years for warehouses to reflect the commercial approach and the strategy.
Right-of-use assets and lease liabilities are recognised in the statement of financial position when, under a lease concerning a specific identified asset, right-of-use assets are made available to Matas Group for the lease term and when the Group obtains the right to substantially all of the economic benefits from use of the identified asset and the right to direct the use of the identified asset.
Matas Group recognises lease liabilities at the commencement date of the lease, measured at the present value of future lease payments, discounted using an alternative borrowing rate. The following lease payments are recognised as part of the lease liability:
\u2022 Fixed payments
\u2022 Variable payments changing in accordance with changes in an index or a rate based on the applicable index or rate
\u2022 Payments under extension options that Matas Group is reasonably certain to exercise
The lease liability is measured at amortised cost using the effective interest rate method. The lease liability is remeasured when there is a change in the underlying contractual cash flows due to changes in an index or a rate or if Matas Group changes its assessment as to whether it reasonably expects to exercise an extension or termination option.
A right-of-use asset is initially measured at cost, corresponding to the value of the lease liability adjusted for prepaid lease payments plus any initial direct costs and estimated costs of reinstatement or similar and less any discounts granted, or other types of incentives received from the lessor.
Accounting policies - continued
Subsequently, the right-of-use asset is measured at cost less any accumulated depreciation and impairment. The right-of-use asset is depreciated over the shorter of the lease term and the useful life of the right-of-use asset. The right-of-use asset is recognised in the statement of comprehensive income on a straight-line basis.
The right-of-use asset is adjusted for changes in the lease liability resulting from changes in the lease terms or changes in the contractual cash flows according to changes in an index or a rate.
Right-of use assets are depreciated on a straight-line basis over the estimated lease term, which is:
Leased stores, etc. 2-7 years
Administration and warehouse buildings, etc. 2-10 years
Cars and other leases 3-4 years
Matas Group has opted not to recognise leases of low-value assets and short-term leases in the statement of financial position. Lease payments concerning such leases are instead recognised in the statement of comprehensive income on a straight-line basis.
(DKKm) | 2025/26 | 2024/25 |
Store leases, etc. | 961 | 993 |
Administration and warehouse buildings etc. | 170 | 179 |
Cars and other leases | 14 | 6 |
Total lease assets | 1,145 | 1,178 |
For 2025/26, an addition of DKK 56 million was recognised as right-of-use assets (2024/25: DKK 124 million).
In 2025/26, a reassesment was performed which has made an additional right-of-use asset of DKK 321 million. (2024/25: DKK 223 million).
Matas Group\u2019s lease liabilities may be specified as follows:
(DKKm) | 2025/26 | 2024/25 |
Non-current liabilities | 841 | 870 |
Current liabilities | 429 | 404 |
Total lease liabilities | 1,270 | 1,274 |
Most store leases in Denmark are evergreen contracts as defined in the Danish Business Lease Act and are conse-quently subject to terms of notice between 3 and 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) | 2025/26 | 2024/25 |
Store leases | 343 | 321 |
Administration and warehouse buildings, etc. | 32 | 38 |
Cars and other leases | 7 | 3 |
Total depreciation of lease assets | 382 | 362 |
In 2025/26, Matas made lease payments concerning recognised assets of DKK 388 million (2024/25: DKK 347 million).
Interest in the amount of DKK 48 million was expensed in 2025/26 (2024/25: DKK 50 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 lease payments are not included in the lease liabilities and are therefore not reflected in the tables above. Revenue-based lease is, as before, recognised under other external costs and amounted to DKK 11 million in 2025/26 (2024/25: DKK 33 million).
A total amount of DKK 8 million 2025/26 (2024/25: DKK 3 million) was recognised in the statement of comprehen-sive income regarding short-term leases and leases of low-value assets.
Management's judgements and estimates
Determining the basis for reassesment
The Group annually performs a reassessment considering each individual lease where there has been any significant change, including assessment of several performance targets to categorise the individual leases into a specific category as part of the review of the strategy for 2023/24 \u2013 2027/28. This corresponds to Matas Group's commercial approach considering the development in performance and the development in the market for rental and main traffic flows.
Determining the term of a lease
The lease term covers the non-cancellable period of the lease plus periods comprised by an extension option which Matas Group reasonably expects to exercise and plus periods comprised by a termination option which the Group reasonably expects not to exercise. Matas Group\u2019s store leases often contain options entitling the Group to extend the lease in pursuance of Danish tenancy law. On initial recognition of the lease liability, Matas Group considers whether it reasonably expects to exercise the extension option and estimates the expected lease term, which estimates are reassessed upon the occurrence of a signif-icant event or a significant change in circumstances that is within the Group\u2019s control. Upon expiry of the non-cancellable period, the individual leases are assessed in consideration of Matas Group\u2019s strategy, where preferred lease terms are 5-year terms for A+ stores, 3-year terms for A and B stores, and 2-year terms for C stores. The legal environment in Sweden, Norway and Finland does not provide same flexibility in terms of available lease extension periods as in Denmark. A \u2018Preferred end date\u2019 is to be used as guidance in combina-tion with gathered data from the contracts and addendums to arrive at a reasonably certain lease end date. A general rule has been applied so that the reasonably certain period of years that Management agrees to exceed the \u2018Preferred end date\u2019 has been set to 2 years. Meaning that if the extension applied will go over the preferred date by 2 years or more, then the extension option should not be exercised.
Determining the discount factor in a lease
Matas Group applies an alternative borrowing rate for the purpose of measuring the present value of future lease payments. In determining this alternative borrowing rate, Matas Group divides its portfolio of lease assets into categories with similar characteristics and risk profiles. The alternative borrowing rate is deter-mined on initial recognition and in connection with subsequent changes resulting from Matas Group revising its assessment as to whether it reasonably expects to exercise a purchase, extension or termination option or from the lease being modified.
Accounting policies
The estimated lease period is 2-5 years for stores and 10 years for warehouses to reflect the commercial approach and the strategy.
Right-of-use assets and lease liabilities are recognised in the statement of financial position when, under a lease concerning a specific identified asset, right-of-use assets are made available to Matas Group for the lease term and when the Group obtains the right to substantially all of the economic benefits from use of the identified asset and the right to direct the use of the identified asset.
Matas Group recognises lease liabilities at the commencement date of the lease, measured at the present value of future lease payments, discounted using an alternative borrowing rate. The following lease payments are recognised as part of the lease liability:
\u2022 Fixed payments
\u2022 Variable payments changing in accordance with changes in an index or a rate based on the applicable index or rate
\u2022 Payments under extension options that Matas Group is reasonably certain to exercise
The lease liability is measured at amortised cost using the effective interest rate method. The lease liability is remeasured when there is a change in the underlying contractual cash flows due to changes in an index or a rate or if Matas Group changes its assessment as to whether it reasonably expects to exercise an extension or termination option.
A right-of-use asset is initially measured at cost, corresponding to the value of the lease liability adjusted for prepaid lease payments plus any initial direct costs and estimated costs of reinstatement or similar and less any discounts granted, or other types of incentives received from the lessor.
Accounting policies - continued
Subsequently, the right-of-use asset is measured at cost less any accumulated depreciation and impairment. The right-of-use asset is depreciated over the shorter of the lease term and the useful life of the right-of-use asset. The right-of-use asset is recognised in the statement of comprehensive income on a straight-line basis.
The right-of-use asset is adjusted for changes in the lease liability resulting from changes in the lease terms or changes in the contractual cash flows according to changes in an index or a rate.
Right-of use assets are depreciated on a straight-line basis over the estimated lease term, which is:
Leased stores, etc. 2-7 years
Administration and warehouse buildings, etc. 2-10 years
Cars and other leases 3-4 years
Matas Group has opted not to recognise leases of low-value assets and short-term leases in the statement of financial position. Lease payments concerning such leases are instead recognised in the statement of comprehensive income on a straight-line basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__148": { "value": "Note 3.4 \u2013 Inventories
Accounting policies
Inventories are measured at the lower of cost in accordance with the FIFO method and the net realisable value.
Goods for resale are measured at cost, comprising the purchase price plus delivery costs.
The net realisable value of inventories is calculated as the sales amount less costs necessary to make the sale and is determined taking into account marketability, obsolescence and developments in the expected sales price.
(DKKm) | 2025/26 | 2024/25 |
Goods for resale | 2,380 | 2,269 |
Carrying amount of inventories recognisedat net selling price | - | - |
Inventories at 31 March | 2,380 | 2,269 |
Provisions for shrinkage made at 31 March 2026 amounted to DKK 21 million (31 March 2025: DKK 14 million).
Provision for obsolescence made at 31 March 2026 amounted to DKK 31 million (31 March 2025: DKK 40 million).
Management's judgements and estimates
Full stock counts are performed at all Matas stores once a year, predominantly in the last quarter of the financial year. A provision for shrinkage is made covering the period from the date of the stock count to end of year corresponding to 1.3% (2024/25: 1.3%) of sales in the period. The shrinkage percentage reflects the shrinkage reported by the majority of the stores performing their stock count in the last quarter of the finan-cial year.
KICKS stores are performing rolling stocktakes continuously for which reason Management assumes the quantities to be valid. A general provision for shrinkage of DKK 3 million is made at 31 March 2026 (31 March 2025: DKK zero million).
Provisions for obsolescense are made for 50% of the cost on goods which are older than two years, similar to last year.
Accounting policies
Inventories are measured at the lower of cost in accordance with the FIFO method and the net realisable value.
Goods for resale are measured at cost, comprising the purchase price plus delivery costs.
The net realisable value of inventories is calculated as the sales amount less costs necessary to make the sale and is determined taking into account marketability, obsolescence and developments in the expected sales price.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__151": { "value": "Trade receivables
Trade receivables primarily relate to receivable support from suppliers which cannot be offset in trade payables and wholesale sales. Provisions for expected losses on trade receivables, included in the carrying amount of trade receivables, have developed as follows:
Expected loss on trade receivables based on an estimated loss rate:
(DKKm) | 2025/26 | 2024/25 |
Impairment at 1 April | 1 | - |
Impairment in the year | - | 1 |
Realised in the year | (0) | (0) |
Impairment at 31 March | 1 | 1 |
Moreover, the following trade receivables which were overdue but not impaired at 31 March are included:
(DKKm) | 2025/26 | 2024/25 |
Maturity: | ||
Up until 30 days | 16 | 15 |
Between 30 and 90 days | 23 | 2 |
More than 90 days | 18 | 1 |
Total overdue trade receivables at 31 March | 57 | 18 |
Accounting policies
Receivables are measured at amortised cost. Impairment charges are recognised according to the simpli-fied expected credit loss model, under which the total loss is recognised in the statement of comprehensive income at the same time of recognition of the receivable in the statement of financial position based on the lifetime expected credit loss.
Other receivables
Accounting policies
Other receivables comprise non-trade receivables that are not classified as trade receivables, including VAT receivables, supplier rebates and bonuses receivable, employee receivables, insurance claims, and other miscellaneous receivables. Other receivables are initially recognised at fair value and subsequently meas-ured at amortised cost using the effective interest method, less expected credit losses. Supplier rebates and marketing contributions are recognised when it is highly probable that the related conditions will be met and the amount can be measured reliably. Such amounts are generally recognised as a reduction of cost of sales or inventories, depending on the nature of the agreement. Other receivables are derecognised when the contractual rights to the cash flows expire or are transferred and substantially all risks and rewards of owner-ship have been transferred.
(DKKm) | 2025/26 | 2024/25 |
Supplier rebates and marketing contributions | 108 | 14 |
Interest swap | 24 | 4 |
Other | 21 | 4 |
Other receivables at 31 March | 153 | 22 |
Moreover, the following trade receivables which were overdue but not impaired at 31 March are included:
(DKKm) | 2025/26 | 2024/25 |
Maturity: | ||
Up until 30 days | 16 | 15 |
Between 30 and 90 days | 23 | 2 |
More than 90 days | 18 | 1 |
Total overdue trade receivables at 31 March | 57 | 18 |
Accounting policies
Receivables are measured at amortised cost. Impairment charges are recognised according to the simpli-fied expected credit loss model, under which the total loss is recognised in the statement of comprehensive income at the same time of recognition of the receivable in the statement of financial position based on the lifetime expected credit loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__152-1": { "value": "Moreover, the following trade receivables which were overdue but not impaired at 31 March are included:
(DKKm) | 2025/26 | 2024/25 |
Maturity: | ||
Up until 30 days | 16 | 15 |
Between 30 and 90 days | 23 | 2 |
More than 90 days | 18 | 1 |
Total overdue trade receivables at 31 March | 57 | 18 |
Credit risk
The Group\u2019s credit risks are related to receivables and cash and cash equivalents. The maximum credit risk related to financial assets corresponds to the values recognised in the statement of financial position. The credit risk on trade receivables is assessed locally and monitored at Group level. The Group is not exposed to any significant risks regarding any one individual customer or partner. Accordingly, trade receivables are not insured. The Group has no significant overdue receivables and has therefore only recognised minor loss allowances, see note 3.5.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__153": { "value": "Accounting policies
Receivables are measured at amortised cost. Impairment charges are recognised according to the simpli-fied expected credit loss model, under which the total loss is recognised in the statement of comprehensive income at the same time of recognition of the receivable in the statement of financial position based on the lifetime expected credit loss.
Other receivables
Accounting policies
Other receivables comprise non-trade receivables that are not classified as trade receivables, including VAT receivables, supplier rebates and bonuses receivable, employee receivables, insurance claims, and other miscellaneous receivables. Other receivables are initially recognised at fair value and subsequently meas-ured at amortised cost using the effective interest method, less expected credit losses. Supplier rebates and marketing contributions are recognised when it is highly probable that the related conditions will be met and the amount can be measured reliably. Such amounts are generally recognised as a reduction of cost of sales or inventories, depending on the nature of the agreement. Other receivables are derecognised when the contractual rights to the cash flows expire or are transferred and substantially all risks and rewards of owner-ship have been transferred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__154-1": { "value": "Prepayments
Accounting policies
Prepayments comprise costs incurred concerning subsequent financial years and are measured at cost.
Note 3.6 \u2013 Prepayments from customers
Prepayments from customers
(DKKm) | 2025/26 | 2024/25 |
Prepayments from customers at 1 April | 235 | 221 |
Recognised in the year | 636 | 491 |
Settled in the year | (613) | (477) |
Prepayments from customers at 31 March | 258 | 235 |
Accounting policies
Prepayments from customers comprise performance obligations regarding issued gift vouchers and customer loyalty programmes. Performance obligations regarding gift vouchers are recognised at the date of issue. Liabilities relating to gift vouchers and the customer loyalty programme are recognised in revenue when used and/or expired.
Points issued under the customer loyalty programmes are recognised as a performance obligation at the date of recognition of the related sales. The performance obligation is measured at the estimated fair value of the loyalty points allocated.
Management's judgements and estimates
Prepayments relating to gift vouchers are recognised at the date of issue.
For the customer loyalty programmes, performance obligations are recognised at the date of recognition of the sale triggering the allocation of loyalty points. The obligation is measured at the estimated fair value of the loyalty points allocated. The estimated fair value is by nature subject to some uncertainty with respect to the actual future redemption of points. Loyalty points are measured based on historical redemption rate at 93% (2024/25: 90%) for Matas and 12%-83% (2024/25: 12%-83%) for KICKS.
Obligation for sale of gift vouchers is based on a 95% redemption rate, equal to historical redemption rate (2024/25: 95%).
Note 3.7 \u2013 Other payables
Accounting policies
Financial liabilities are recognised at the date of borrowing at fair value less transaction costs paid. In subsequent periods, financial liabilities are measured at amortised cost, applying the effective interest rate method, to the effect that the difference between the proceeds and the nominal value is recognised under financial expenses over the term of the loan.
Other non-financial liabilities are measured at net realisable value.
(DKKm) | 2025/26 | 2024/25 |
Included in non-current liabilities: | ||
Contingent consideration | - | 5 |
Total other payables, non-current liabilities | - | 5 |
Included in current liabilities: | ||
VAT payable | 112 | 79 |
Holiday pay obligation | 141 | 131 |
Pay-related liabilities | 148 | 173 |
Other creditors | 5 | 1 |
Total other payables, current liabilities | 406 | 384 |
Prepayments
Accounting policies
Prepayments comprise costs incurred concerning subsequent financial years and are measured at cost.
Note 3.7 \u2013 Other payables
Accounting policies
Financial liabilities are recognised at the date of borrowing at fair value less transaction costs paid. In subsequent periods, financial liabilities are measured at amortised cost, applying the effective interest rate method, to the effect that the difference between the proceeds and the nominal value is recognised under financial expenses over the term of the loan.
Other non-financial liabilities are measured at net realisable value.
(DKKm) | 2025/26 | 2024/25 |
Included in non-current liabilities: | ||
Contingent consideration | - | 5 |
Total other payables, non-current liabilities | - | 5 |
Included in current liabilities: | ||
VAT payable | 112 | 79 |
Holiday pay obligation | 141 | 131 |
Pay-related liabilities | 148 | 173 |
Other creditors | 5 | 1 |
Total other payables, current liabilities | 406 | 384 |
Provisions
Accounting policies
Provisions are recognised when, as a result of an event occurring before or at the date of the statement of financial position, Matas Group has a legal or a constructive obligation, and it is probable that there may be an outflow of economic benefits to meet the obligation.
Provisions are measured at Management\u2019s best estimate of the amount which is expected to be required to settle the liability.
On measurement of provisions, the costs required to settle the liability are discounted if the effect is mate-rial to the measurement of the liability.
Provisions for the reinstatement of tenancies etc. upon eviction are measured at the present value of the expected future liability at the date of the statement of financial position.
The present value of the costs is recognised in the cost of the items of property, plant and equipment in question and depreciated with these assets. The increase of the present value over time is recognised under financial expenses in the statement of comprehensive income.
(DKKm) | 2025/26 | 2024/25 |
Included in non-current liabilities | ||
Obligation for reinstatement of tenancies | 27 | 28 |
Total provisions, non-current | 27 | 28 |
Included in current liabilities: | ||
Restructuring provisions | 6 | 2 |
Total provisions, current | 6 | 2 |
Provisions
Accounting policies
Provisions are recognised when, as a result of an event occurring before or at the date of the statement of financial position, Matas Group has a legal or a constructive obligation, and it is probable that there may be an outflow of economic benefits to meet the obligation.
Provisions are measured at Management\u2019s best estimate of the amount which is expected to be required to settle the liability.
On measurement of provisions, the costs required to settle the liability are discounted if the effect is mate-rial to the measurement of the liability.
Provisions for the reinstatement of tenancies etc. upon eviction are measured at the present value of the expected future liability at the date of the statement of financial position.
The present value of the costs is recognised in the cost of the items of property, plant and equipment in question and depreciated with these assets. The increase of the present value over time is recognised under financial expenses in the statement of comprehensive income.
(DKKm) | 2025/26 | 2024/25 |
Included in non-current liabilities | ||
Obligation for reinstatement of tenancies | 27 | 28 |
Total provisions, non-current | 27 | 28 |
Included in current liabilities: | ||
Restructuring provisions | 6 | 2 |
Total provisions, current | 6 | 2 |
Note 3.7 \u2013 Other payables
Accounting policies
Financial liabilities are recognised at the date of borrowing at fair value less transaction costs paid. In subsequent periods, financial liabilities are measured at amortised cost, applying the effective interest rate method, to the effect that the difference between the proceeds and the nominal value is recognised under financial expenses over the term of the loan.
Other non-financial liabilities are measured at net realisable value.
(DKKm) | 2025/26 | 2024/25 |
Included in non-current liabilities: | ||
Contingent consideration | - | 5 |
Total other payables, non-current liabilities | - | 5 |
Included in current liabilities: | ||
VAT payable | 112 | 79 |
Holiday pay obligation | 141 | 131 |
Pay-related liabilities | 148 | 173 |
Other creditors | 5 | 1 |
Total other payables, current liabilities | 406 | 384 |
Note 6.5 \u2013 Contingent liabilities and security
Matas Group is a party to a number of minor disputes that are not expected to affect its financial position or future earnings to any significant extent. Matas Group has, in the normal course of business, provided security in the form of bank guarantees to store lessors for a total amount of DKK 32 million (31 March 2025: DKK 13 million). Matas Group has, in the normal course of business, provided security in the form of Group guarantees to store lessors for a total amount of DKK 29 million (31 March 2025: DKK 25 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__158": { "value": "Accounting policies
Provisions are recognised when, as a result of an event occurring before or at the date of the statement of financial position, Matas Group has a legal or a constructive obligation, and it is probable that there may be an outflow of economic benefits to meet the obligation.
Provisions are measured at Management\u2019s best estimate of the amount which is expected to be required to settle the liability.
On measurement of provisions, the costs required to settle the liability are discounted if the effect is mate-rial to the measurement of the liability.
Provisions for the reinstatement of tenancies etc. upon eviction are measured at the present value of the expected future liability at the date of the statement of financial position.
The present value of the costs is recognised in the cost of the items of property, plant and equipment in question and depreciated with these assets. The increase of the present value over time is recognised under financial expenses in the statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__160": { "value": "Note 3.6 \u2013 Prepayments from customers
Prepayments from customers
(DKKm) | 2025/26 | 2024/25 |
Prepayments from customers at 1 April | 235 | 221 |
Recognised in the year | 636 | 491 |
Settled in the year | (613) | (477) |
Prepayments from customers at 31 March | 258 | 235 |
Accounting policies
Prepayments from customers comprise performance obligations regarding issued gift vouchers and customer loyalty programmes. Performance obligations regarding gift vouchers are recognised at the date of issue. Liabilities relating to gift vouchers and the customer loyalty programme are recognised in revenue when used and/or expired.
Points issued under the customer loyalty programmes are recognised as a performance obligation at the date of recognition of the related sales. The performance obligation is measured at the estimated fair value of the loyalty points allocated.
Management's judgements and estimates
Prepayments relating to gift vouchers are recognised at the date of issue.
For the customer loyalty programmes, performance obligations are recognised at the date of recognition of the sale triggering the allocation of loyalty points. The obligation is measured at the estimated fair value of the loyalty points allocated. The estimated fair value is by nature subject to some uncertainty with respect to the actual future redemption of points. Loyalty points are measured based on historical redemption rate at 93% (2024/25: 90%) for Matas and 12%-83% (2024/25: 12%-83%) for KICKS.
Obligation for sale of gift vouchers is based on a 95% redemption rate, equal to historical redemption rate (2024/25: 95%).
Accounting policies
Prepayments from customers comprise performance obligations regarding issued gift vouchers and customer loyalty programmes. Performance obligations regarding gift vouchers are recognised at the date of issue. Liabilities relating to gift vouchers and the customer loyalty programme are recognised in revenue when used and/or expired.
Points issued under the customer loyalty programmes are recognised as a performance obligation at the date of recognition of the related sales. The performance obligation is measured at the estimated fair value of the loyalty points allocated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__162": { "value": "Note 3.7 \u2013 Other payables
Accounting policies
Financial liabilities are recognised at the date of borrowing at fair value less transaction costs paid. In subsequent periods, financial liabilities are measured at amortised cost, applying the effective interest rate method, to the effect that the difference between the proceeds and the nominal value is recognised under financial expenses over the term of the loan.
Other non-financial liabilities are measured at net realisable value.
(DKKm) | 2025/26 | 2024/25 |
Included in non-current liabilities: | ||
Contingent consideration | - | 5 |
Total other payables, non-current liabilities | - | 5 |
Included in current liabilities: | ||
VAT payable | 112 | 79 |
Holiday pay obligation | 141 | 131 |
Pay-related liabilities | 148 | 173 |
Other creditors | 5 | 1 |
Total other payables, current liabilities | 406 | 384 |
Note 3.7 \u2013 Other payables
Accounting policies
Financial liabilities are recognised at the date of borrowing at fair value less transaction costs paid. In subsequent periods, financial liabilities are measured at amortised cost, applying the effective interest rate method, to the effect that the difference between the proceeds and the nominal value is recognised under financial expenses over the term of the loan.
Other non-financial liabilities are measured at net realisable value.
(DKKm) | 2025/26 | 2024/25 |
Included in non-current liabilities: | ||
Contingent consideration | - | 5 |
Total other payables, non-current liabilities | - | 5 |
Included in current liabilities: | ||
VAT payable | 112 | 79 |
Holiday pay obligation | 141 | 131 |
Pay-related liabilities | 148 | 173 |
Other creditors | 5 | 1 |
Total other payables, current liabilities | 406 | 384 |
Accounting policies
Financial liabilities are recognised at the date of borrowing at fair value less transaction costs paid. In subsequent periods, financial liabilities are measured at amortised cost, applying the effective interest rate method, to the effect that the difference between the proceeds and the nominal value is recognised under financial expenses over the term of the loan.
Other non-financial liabilities are measured at net realisable value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__168-1": { "value": "Note 3.8 \u2013 Changes in working capital
Accounting policies
Cash flows from operating activities are calculated according to the indirect method as profit before tax adjusted for non-cash operating items, changes in working capital and dividends received and corporate tax paid.
(DKKm) | 2025/26 | 2024/25 |
Change in inventories | (111) | (405) |
Change in deposits and receivables | (90) | (55) |
Change in trade payables and other payables | 32 | 55 |
Total changes in working capital | (169) | (405) |
(DKKm) | 1 April 2025 | Cash flows | Non-cashchanges | 31 March 2026 |
2025/26 | ||||
Credit institutions | 2,628 | 203 | - | 2,831 |
Lease liabilities | 1,274 | (436) | 432 | 1,270 |
Liabilities from financing activities | 3,902 | (233) | 432 | 4,101 |
(DKKm) | 1 April 2024 | Cash flows | Non-cashchanges | 31 March 2025 |
2024/25 | ||||
Credit institutions | 2,062 | 564 | 2 | 2,628 |
Lease liabilities | 1,210 | (397) | 461 | 1,274 |
Liabilities fromfinancing activities | 3,272 | 167 | 463 | 3,902 |
Note 4.1 \u2013 Share capital / equity
Share capital
The nominal value of the share capital is DKK 95,728,730 divided into shares of DKK 2.50, equivalent to 38,291,492 shares and 38,291,492 votes. The shares are not divided into share classes.
Capital structure
The Group\u2019s capital structure must at all times ensure the financial flexibility required to implement the strategic objectives announced.
The financial gearing ratio, measured as net interest-bearing debt to EBITDA before special items, may under exceptional circumstances, such as major strategic initiatives, temporarily exceed 3. The financial gearing ratio was 3.3 times at 31 March 2026 (31 March 2025: 3.1 times)
The free cash flow will, in order of priority, be used to bring down debt if the financial gearing target has not been met; for investing for profitable growth within the existing business; and for distribution to the shareholders by way of dividends and, possibly, share buybacks.
The ratio of equity to total equity and liabilities was 38.1% at 31 March 2026 (31 March 2025: 38.7%).
Dividend
Based on the satisfactory financial results, the Board of Directors proposes that DKK 2.00 per share (2024/25: DKK 2.00), equivalent to DKK 76.6 million (2024/25: DKK 76.6 million) and 24.1% of Matas Group\u2019s adjusted profit after tax for 2025/26, be distributed as dividends (2024/25: 22.8%).
Dividend paid has no effect on Group\u2019s tax expense for the year.
For further shareholder information on dividend payments, see page 48 Shareholder information.
Accounting policies
Dividends are recognised as a liability at the date when they are adopted at the annual general meeting (declaration date). The proposed dividend payment for the year is disclosed as a separate item under equity.
Translation reserve
Accounting policies
The translation reserve in the consolidated financial statements comprises the Parent Company\u2019s share of foreign exchange differences arising on translation of financial statements of foreign entities from their func-tional currencies into the presentation currency used by Matas Group (DKK).
Treasury share reserve | Number of shares at DKK 2.5 | % of share capital | ||
2025/26 | 2024/25 | 2025/26 | 2024/25 | |
Treasury shares at 1 April | 317,474 | 382,981 | 0.83% | 1.00% |
Disposed in connection withexercise of incentive programmes | (296,348) | (190,241) | (0.77)% | (0.50)% |
Disposed in connection with deferred acquisition (Web Sundhed ApS) | - | (85,266) | - | (0.22)% |
Acquired own shares | 1,129,889 | 210,000 | 2.95% | 0.55% |
Treasury shares at 31 March | 1,151,015 | 317,474 | 3.01% | 0.83% |
A total of 287,672 treasury shares were vested in connection with the exercise of LTIP 2022/23. Reference is made to note 4.4 for a description of the Group\u2019s incentive programmes.
A total of 8,676 treasury shares were vested in connection with a limited programme.
For an overview of outstanding incentive programmes, see note 6.1.
A share buy-back programme was announced on 16 June 2025. The purpose of the programme was to reduce Matas A/S' share capital and meeting obligations under long-term incentive programmes. With the transactions stated above, the programme has been completed and Matas owns shares corresponding to 3.01% of Matas A/S' share capital.
Accounting policies
The treasury share reserve comprises costs of acquisition for the Group\u2019s portfolio of treasury shares. Divi-dends received from treasury shares are recognised directly in retained earnings in equity.
Note 4.1 \u2013 Share capital / equity
Share capital
The nominal value of the share capital is DKK 95,728,730 divided into shares of DKK 2.50, equivalent to 38,291,492 shares and 38,291,492 votes. The shares are not divided into share classes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__172-1": { "value": "Capital structure
The Group\u2019s capital structure must at all times ensure the financial flexibility required to implement the strategic objectives announced.
The financial gearing ratio, measured as net interest-bearing debt to EBITDA before special items, may under exceptional circumstances, such as major strategic initiatives, temporarily exceed 3. The financial gearing ratio was 3.3 times at 31 March 2026 (31 March 2025: 3.1 times)
The free cash flow will, in order of priority, be used to bring down debt if the financial gearing target has not been met; for investing for profitable growth within the existing business; and for distribution to the shareholders by way of dividends and, possibly, share buybacks.
The ratio of equity to total equity and liabilities was 38.1% at 31 March 2026 (31 March 2025: 38.7%).
Note 4.3 \u2013 Financial risks
The Group\u2019s risk management policy
As a consequence of its financing, Matas Group is exposed to changes in the level of interest rates. Matas Group also has exposure to changes in foreign currencies. Matas Group does not engage in active speculation in financial risks. The Group\u2019s financial management is thus aimed solely at controlling the financial risks which are a direct result of the Group\u2019s operations and financing.
The Group\u2019s risk exposure changed due to acquisition of KICKS, especially introducing more net currency expo-sure and due to the increased size of the Group, the need for a larger liquidity buffer compared to previous years. The Groups' risk management policies have changed accordingly.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__173": { "value": "Dividend
Based on the satisfactory financial results, the Board of Directors proposes that DKK 2.00 per share (2024/25: DKK 2.00), equivalent to DKK 76.6 million (2024/25: DKK 76.6 million) and 24.1% of Matas Group\u2019s adjusted profit after tax for 2025/26, be distributed as dividends (2024/25: 22.8%).
Dividend paid has no effect on Group\u2019s tax expense for the year.
For further shareholder information on dividend payments, see page 48 Shareholder information.
Accounting policies
Dividends are recognised as a liability at the date when they are adopted at the annual general meeting (declaration date). The proposed dividend payment for the year is disclosed as a separate item under equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__174": { "value": "2.0", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:DKK/xbrli:shares" } }, "f0__s9__8__175": { "value": "2.0", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:DKK/xbrli:shares" } }, "f0__s9__7__176": { "value": "76600000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:DKK" } }, "f0__s9__7__177": { "value": "Accounting policies
Dividends are recognised as a liability at the date when they are adopted at the annual general meeting (declaration date). The proposed dividend payment for the year is disclosed as a separate item under equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__179": { "value": "Treasury share reserve | Number of shares at DKK 2.5 | % of share capital | ||
2025/26 | 2024/25 | 2025/26 | 2024/25 | |
Treasury shares at 1 April | 317,474 | 382,981 | 0.83% | 1.00% |
Disposed in connection withexercise of incentive programmes | (296,348) | (190,241) | (0.77)% | (0.50)% |
Disposed in connection with deferred acquisition (Web Sundhed ApS) | - | (85,266) | - | (0.22)% |
Acquired own shares | 1,129,889 | 210,000 | 2.95% | 0.55% |
Treasury shares at 31 March | 1,151,015 | 317,474 | 3.01% | 0.83% |
A total of 287,672 treasury shares were vested in connection with the exercise of LTIP 2022/23. Reference is made to note 4.4 for a description of the Group\u2019s incentive programmes.
A total of 8,676 treasury shares were vested in connection with a limited programme.
For an overview of outstanding incentive programmes, see note 6.1.
A share buy-back programme was announced on 16 June 2025. The purpose of the programme was to reduce Matas A/S' share capital and meeting obligations under long-term incentive programmes. With the transactions stated above, the programme has been completed and Matas owns shares corresponding to 3.01% of Matas A/S' share capital.
Accounting policies
The treasury share reserve comprises costs of acquisition for the Group\u2019s portfolio of treasury shares. Divi-dends received from treasury shares are recognised directly in retained earnings in equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__180": { "value": "Accounting policies
The treasury share reserve comprises costs of acquisition for the Group\u2019s portfolio of treasury shares. Divi-dends received from treasury shares are recognised directly in retained earnings in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__181": { "value": "Note 4.2 \u2013 Liabilities from financing activities
Accounting policies
On initial recognition financial liabilities are recognised at the date of borrowing at fair value less transaction costs paid. In subsequent periods, financial liabilities are measured at amortised cost, applying the effective interest rate method, to the effect that the difference between the proceeds and the nominal value is recog-nised under financial expenses over the term of the loan.
Other non-financial liabilities are measured at net realisable value.
Gains and losses are recognised in the income statement when the liabilities are derecognised and through the effective interest rate method. Amortised cost is calculated by taking into account any discount or premium at inception, as well as fees and other costs.
Finance income and costs comprise interest income and expenses, realised and unrealised gains and losses on payables/receivables and transactions in foreign currencies.
For all financial instruments measured at amortised cost, interest income or expense is recognised using the effective interest rate, which is the rate that discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability.
(DKKm) | 1 April 2025 | Cash flows | Non-cashchanges | 31 March 2026 |
2025/26 | ||||
Credit institutions | 2,628 | 203 | - | 2,831 |
Lease liabilities | 1,274 | (436) | 432 | 1,270 |
Liabilities from financing activities | 3,902 | (233) | 432 | 4,101 |
(DKKm) | 1 April 2024 | Cash flows | Non-cashchanges | 31 March 2025 |
2024/25 | ||||
Credit institutions | 2,062 | 564 | 2 | 2,628 |
Lease liabilities | 1,210 | (397) | 461 | 1,274 |
Liabilities fromfinancing activities | 3,272 | 167 | 463 | 3,902 |
(DKKm) | 2025/26 | 2024/25 |
Amounts owed to credit institutions are recognised in the statement of financial position as follows: | ||
Non-current liabilities | 2,693 | 1,958 |
Current liabilities | 138 | 670 |
Total | 2,831 | 2,628 |
Nominal value | 2,837 | 2,630 |
Falls due more than 5 years after the reporting date, nominal value | - | - |
Fair value | 2,837 | 2,630 |
The fair value of financial liabilities is determined as the present value of expected future instalments and interest payments. Fair value is based on unadjusted quoted prices in markets, which corresponds to level 2 measurement. The current interest rate for similar loan periods in Matas Group is used as discount rate.
Amounts owed to credit institutions carry variable interest at an initial margin in the range of 95-160 basis points above CIBOR (2024/25: 70-230 basis points above CIBOR ) and include a margin ratchet dependent on the level of leverage.
Matas Group cash pool arrangement had a deposit interest at 31 March 2026 of 1.17% (1.57 less margin 0.40) and loan interest was 2.67% (1.92 plus margin 0.75). At 31 March 2025, the deposit interest was 1.78% (2.18 less margin 0.40) and loan interest was 3.39% (2.53 plus margin 0.86).
Matas Group\u2019s credit facility is subject to covenants. Matas Group has complied with these covenants since raising the facility in May 2025.
The primary covenant that Matas Group is to comply is ratio of net interest-bearing debt (NIBD) to LTM EBITDA before special items. The gearing ratio was 3.3 times at 31 March 2026. Gearing is temporarily above 3 times. The long-term target between 2 and 3 remains unchanged. The covenant is measured on a quarterly basis. The bank loans covered by the covenant are as of 31 March 2026 DKK 2,831 million (31 March 2025: DKK 2,628 million).
Note 4.2 \u2013 Liabilities from financing activities
Accounting policies
On initial recognition financial liabilities are recognised at the date of borrowing at fair value less transaction costs paid. In subsequent periods, financial liabilities are measured at amortised cost, applying the effective interest rate method, to the effect that the difference between the proceeds and the nominal value is recog-nised under financial expenses over the term of the loan.
Other non-financial liabilities are measured at net realisable value.
Gains and losses are recognised in the income statement when the liabilities are derecognised and through the effective interest rate method. Amortised cost is calculated by taking into account any discount or premium at inception, as well as fees and other costs.
Finance income and costs comprise interest income and expenses, realised and unrealised gains and losses on payables/receivables and transactions in foreign currencies.
For all financial instruments measured at amortised cost, interest income or expense is recognised using the effective interest rate, which is the rate that discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability.
(DKKm) | 1 April 2025 | Cash flows | Non-cashchanges | 31 March 2026 |
2025/26 | ||||
Credit institutions | 2,628 | 203 | - | 2,831 |
Lease liabilities | 1,274 | (436) | 432 | 1,270 |
Liabilities from financing activities | 3,902 | (233) | 432 | 4,101 |
(DKKm) | 1 April 2024 | Cash flows | Non-cashchanges | 31 March 2025 |
2024/25 | ||||
Credit institutions | 2,062 | 564 | 2 | 2,628 |
Lease liabilities | 1,210 | (397) | 461 | 1,274 |
Liabilities fromfinancing activities | 3,272 | 167 | 463 | 3,902 |
(DKKm) | 2025/26 | 2024/25 |
Amounts owed to credit institutions are recognised in the statement of financial position as follows: | ||
Non-current liabilities | 2,693 | 1,958 |
Current liabilities | 138 | 670 |
Total | 2,831 | 2,628 |
Nominal value | 2,837 | 2,630 |
Falls due more than 5 years after the reporting date, nominal value | - | - |
Fair value | 2,837 | 2,630 |
The fair value of financial liabilities is determined as the present value of expected future instalments and interest payments. Fair value is based on unadjusted quoted prices in markets, which corresponds to level 2 measurement. The current interest rate for similar loan periods in Matas Group is used as discount rate.
Amounts owed to credit institutions carry variable interest at an initial margin in the range of 95-160 basis points above CIBOR (2024/25: 70-230 basis points above CIBOR ) and include a margin ratchet dependent on the level of leverage.
Matas Group cash pool arrangement had a deposit interest at 31 March 2026 of 1.17% (1.57 less margin 0.40) and loan interest was 2.67% (1.92 plus margin 0.75). At 31 March 2025, the deposit interest was 1.78% (2.18 less margin 0.40) and loan interest was 3.39% (2.53 plus margin 0.86).
Matas Group\u2019s credit facility is subject to covenants. Matas Group has complied with these covenants since raising the facility in May 2025.
The primary covenant that Matas Group is to comply is ratio of net interest-bearing debt (NIBD) to LTM EBITDA before special items. The gearing ratio was 3.3 times at 31 March 2026. Gearing is temporarily above 3 times. The long-term target between 2 and 3 remains unchanged. The covenant is measured on a quarterly basis. The bank loans covered by the covenant are as of 31 March 2026 DKK 2,831 million (31 March 2025: DKK 2,628 million).
Accounting policies
On initial recognition financial liabilities are recognised at the date of borrowing at fair value less transaction costs paid. In subsequent periods, financial liabilities are measured at amortised cost, applying the effective interest rate method, to the effect that the difference between the proceeds and the nominal value is recog-nised under financial expenses over the term of the loan.
Other non-financial liabilities are measured at net realisable value.
Gains and losses are recognised in the income statement when the liabilities are derecognised and through the effective interest rate method. Amortised cost is calculated by taking into account any discount or premium at inception, as well as fees and other costs.
Finance income and costs comprise interest income and expenses, realised and unrealised gains and losses on payables/receivables and transactions in foreign currencies.
For all financial instruments measured at amortised cost, interest income or expense is recognised using the effective interest rate, which is the rate that discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__185": { "value": "Accounting policies
On initial recognition financial liabilities are recognised at the date of borrowing at fair value less transaction costs paid. In subsequent periods, financial liabilities are measured at amortised cost, applying the effective interest rate method, to the effect that the difference between the proceeds and the nominal value is recog-nised under financial expenses over the term of the loan.
Other non-financial liabilities are measured at net realisable value.
Gains and losses are recognised in the income statement when the liabilities are derecognised and through the effective interest rate method. Amortised cost is calculated by taking into account any discount or premium at inception, as well as fees and other costs.
Finance income and costs comprise interest income and expenses, realised and unrealised gains and losses on payables/receivables and transactions in foreign currencies.
For all financial instruments measured at amortised cost, interest income or expense is recognised using the effective interest rate, which is the rate that discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__186-1": { "value": "The fair value of financial liabilities is determined as the present value of expected future instalments and interest payments. Fair value is based on unadjusted quoted prices in markets, which corresponds to level 2 measurement. The current interest rate for similar loan periods in Matas Group is used as discount rate.
Amounts owed to credit institutions carry variable interest at an initial margin in the range of 95-160 basis points above CIBOR (2024/25: 70-230 basis points above CIBOR ) and include a margin ratchet dependent on the level of leverage.
Matas Group cash pool arrangement had a deposit interest at 31 March 2026 of 1.17% (1.57 less margin 0.40) and loan interest was 2.67% (1.92 plus margin 0.75). At 31 March 2025, the deposit interest was 1.78% (2.18 less margin 0.40) and loan interest was 3.39% (2.53 plus margin 0.86).
Matas Group\u2019s credit facility is subject to covenants. Matas Group has complied with these covenants since raising the facility in May 2025.
The primary covenant that Matas Group is to comply is ratio of net interest-bearing debt (NIBD) to LTM EBITDA before special items. The gearing ratio was 3.3 times at 31 March 2026. Gearing is temporarily above 3 times. The long-term target between 2 and 3 remains unchanged. The covenant is measured on a quarterly basis. The bank loans covered by the covenant are as of 31 March 2026 DKK 2,831 million (31 March 2025: DKK 2,628 million).
In the judgement of the fair value of the contingent considerations and deferred purchase price, non-observable (level 3) assumptions have been used. Of the contingent consideration and deferred purchase price per 31 March 2025, DKK 2 million was paid in March 2026 (DKK 25 million in 2024/25) and DKK 3 million has been reversed and taken as other operating income in special items in 2025/26 (2024/25: DKK 10 million).Accounting policies
The value of services received as consideration for options granted is measured at the fair value of the options.
For equity-settled share options, the fair value is measured at the grant date and recognised under staff costs over the vesting period. The balancing item is recognised directly in equity as a shareholder transac-tion.
On initial recognition of Performance Share Units (PSUs), the number of PSUs expected to vest is estimated. Subsequent to initial recognition, the estimate is adjusted to reflect the actual number of exercised PSUs.
The fair value of the PSUs granted is estimated using basic assumptions. The calculation takes into account the terms and conditions of the PSUs granted. The fair value of the PSUs is based on the share price at issue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__187": { "value": "Note 4.3 \u2013 Financial risks
The Group\u2019s risk management policy
As a consequence of its financing, Matas Group is exposed to changes in the level of interest rates. Matas Group also has exposure to changes in foreign currencies. Matas Group does not engage in active speculation in financial risks. The Group\u2019s financial management is thus aimed solely at controlling the financial risks which are a direct result of the Group\u2019s operations and financing.
The Group\u2019s risk exposure changed due to acquisition of KICKS, especially introducing more net currency expo-sure and due to the increased size of the Group, the need for a larger liquidity buffer compared to previous years. The Groups' risk management policies have changed accordingly.
Interest rate risks
It is Matas Group's policy to hedge interest rate risks on its loans when it is assessed attractive. Hedging is usually made by means of interest rate swaps or the like, through which floating-rate loans are converted into loans with a fixed interest rate.
In September 2025, the Group entered into interest rate swap agreements with the credit institutions to reduce/hedge interests\u2019 exposure on the Groups interest bearing debt. The interest swap agreements cover a total of DKK 2,000 million of the Group interest bearing debt and expires 31 March 2028. The interest swap agreements change the floating-rate interest to fixed interest rate at a level of 2.09%. The interest swap agreements are accounted for according to IFRS 9 Hedge accounting. As per 31 March 2026, the market value of the interest swap agreements was positive by DKK 24 million.
Due to Matas Group\u2019s floating-rate cash and cash equivalents and debt to credit institutions, and swap agree-ments not covering the Group's full interest bearing debt a decline in interest rates of 1% p.a. relative to the actual level of interest rates would, other things being equal, have a positive effect on the profit for the year of DKK 8 million (2024/25: DKK 25 million) and on year-end equity of DKK 8 million (31 March 2025: DKK 25 million). An increase in interest rates of 1% p.a. relative to the actual level of interest rates would, other things being equal, have a negative effect on the profit for the year of DKK 8 million (2024/25: DKK 23 million) and on year-end equity of DKK 8 million (31 March 2025: DKK 23 million). If the interest rates increase 1% p.a. relative to the level of interest rates the marked value of the interest swap would have a positive effect on year-end equity of DKK 35 million.
Sensitivity analysis assumptions
Sensitivities are calculated on the basis of financial assets and liabilities recognised at 31 March. No adjustments have been made for instalments, raising of loans, etc. during the course of the year. Estimated fluctuations are based on the current market situation and expectations for developments in the interest rate level.
Currency risk
The Group\u2019s currency risk is primarily related to its net exposure to NOK and SEK through KICKS operations. It is the Group's policy to hedge material net currency exposure based on forecast operating cash flows for the next 12 months. The Group has not entered into any foreign exchange contracts as per 31 March 2026. Net currency expo-sure for assets and liabilities, including KICKS inventory, were not actively hedged in 2025/26.
Sensitivity analysis assumptions
Please find below the table of the impact of profit before tax and equity from changes in the Group's primary currencies:
2025/26 | 2024/25 | ||||
(DKKm) | Change in exchange rate | Profit before tax | Equity | Profit before tax | Equity |
SEK | +10% | 76 | 76 | (35) | 38 |
NOK | +10% | (52) | 0 | 57 | 36 |
The movements in the income statement arise from monetary items (cash, borrowings, receivables and payables) where the functional currency of the entity differs from the currency that the monetary items are denominated in. The currency movements in equity arise from monetary items where the functional currency of the entity differs from the currency in which the monetary items are denominated. The impact would have been the opposite if exchange rates had been decreasing by similar percentages. The analysis is based on the transaction currency.
Liquidity risk
Liquidity risk results from the Group\u2019s potential inability to meet the obligations associated with its financial liabil-ities, for example settlement of financial debt and payment of suppliers. The Group's liquidity reserve consists of cash and cash equivalents and unutilised credit facilities and amounted to DKK 1,169 million at 31 March 2026 (31 March 2025: DKK 322 million). The credit facilities are managed by Group Treasury and Group Finance. The Group aims to maintain sufficient cash resources for, among other things, strategic investments.
The Group\u2019s financial liabilities fall due as follows:
(DKKm) | Carrying amount | Contractual cash flows | Within1 year | 1 to 5 years | After 5 years |
2025/26 | |||||
Non-derivative financial instruments | |||||
Credit institutions1 | 2,831 | 3,017 | 234 | 2,783 | - |
Lease liabilities | 1,270 | 1,387 | 460 | 863 | 63 |
Trade payables | 1,099 | 1,099 | 1,099 | - | - |
Financial liabilities at 31 March 2026 | 5,200 | 5,503 | 1,793 | 3,646 | 63 |
2024/25 | |||||
Non-derivative financial instruments | |||||
Credit institutions | 2,628 | 2,695 | 700 | 1,995 | - |
Lease liabilities | 1,274 | 1,406 | 449 | 894 | 63 |
Trade payables | 1,090 | 1,090 | 1,090 | - | - |
Contingent consideration and deferred purchase price2 | 5 | 5 | 5 | - | - |
Financial liabilities at 31 March 2025 | 4,997 | 5,196 | 2,244 | 2,889 | 63 |
1\tOf the DKK 2,783 million due within 1 to 5 years all is due within three years.
2\tIn the judgement of the fair value of the contingent considerations and deferred purchase price, non-observable (level 3) assumptions have been used. Of the contingent consideration and deferred purchase price per 31 March 2025, DKK 2 million was paid in March 2026 (DKK 25 million in 2024/25) and DKK 3 million has been reversed and taken as other operating income in special items in 2025/26 (2024/25: DKK 10 million).
Maturity analysis assumptions
The maturity analysis is based on all undiscounted cash flows including estimated interest payments. The esti-mates of interest payments are based on current market conditions. On the basis of the Group\u2019s expectations regarding future operations and its current cash resources, no significant liquidity risks have been identified.
Credit risk
The Group\u2019s credit risks are related to receivables and cash and cash equivalents. The maximum credit risk related to financial assets corresponds to the values recognised in the statement of financial position. The credit risk on trade receivables is assessed locally and monitored at Group level. The Group is not exposed to any significant risks regarding any one individual customer or partner. Accordingly, trade receivables are not insured. The Group has no significant overdue receivables and has therefore only recognised minor loss allowances, see note 3.5.
(DKKm) | Carrying amount 31 March 2026 | Fair value 31 March 2026 | Carrying amount 31 March 2025 | Fair value 31 March 2025 |
Deposits | 47 | 47 | 48 | 48 |
Trade receivables | 97 | 97 | 93 | 93 |
Other receivables | 153 | 153 | 22 | 22 |
Cash and cash equivalents | 60 | 60 | 76 | 76 |
Financial assets at amortised cost | 357 | 357 | 239 | 239 |
Non-current financial liabilities | ||||
Credit institutions | 2,693 | 2,699 | 1,958 | 1,960 |
Lease liabilities | 841 | 841 | 870 | 870 |
Current financial liabilities | ||||
Credit institutions | 138 | 138 | 670 | 670 |
Lease liabilities | 429 | 429 | 404 | 404 |
Trade payables | 1,099 | 1,099 | 1,090 | 1,090 |
Financial liabilities at amortised cost | 5,200 | 5,206 | 4,992 | 4,994 |
Derivative financial instruments
Matas Group uses derivative financial instruments to partially hedge the interest rate risk on the Group\u2019s loans. Matas Group does not actively speculate in the interest rate or currency rate development.
With effect from September 2025, the Group entered into interest rate swap agreements with the credit insti-tutions to reduce/hedge interests\u2019 exposure on the Groups interest bearing debt. The interest swap agreements cover a total of DKK 2,000 million of the Group interest bearing debt and expire 31 March 2028. The interest swap agreements change the floating-rate interest to fixed interest rate at a level of 2.09%.
(DKKm) | Hedge amount | Fair value adjustment recognised in other com\u2013prehensive income | Fair value | Term to maturity (months) |
2025/26 | ||||
Interest rate risks | ||||
Interest rate swaps | 2,000 | 24 | 24 | 24 |
2024/25 | ||||
Interest rate risks | ||||
Interest rate swaps | 1,450 | 3 | 4 | 6 |
Interest rate risks
It is Matas Group's policy to hedge interest rate risks on its loans when it is assessed attractive. Hedging is usually made by means of interest rate swaps or the like, through which floating-rate loans are converted into loans with a fixed interest rate.
In September 2025, the Group entered into interest rate swap agreements with the credit institutions to reduce/hedge interests\u2019 exposure on the Groups interest bearing debt. The interest swap agreements cover a total of DKK 2,000 million of the Group interest bearing debt and expires 31 March 2028. The interest swap agreements change the floating-rate interest to fixed interest rate at a level of 2.09%. The interest swap agreements are accounted for according to IFRS 9 Hedge accounting. As per 31 March 2026, the market value of the interest swap agreements was positive by DKK 24 million.
Due to Matas Group\u2019s floating-rate cash and cash equivalents and debt to credit institutions, and swap agree-ments not covering the Group's full interest bearing debt a decline in interest rates of 1% p.a. relative to the actual level of interest rates would, other things being equal, have a positive effect on the profit for the year of DKK 8 million (2024/25: DKK 25 million) and on year-end equity of DKK 8 million (31 March 2025: DKK 25 million). An increase in interest rates of 1% p.a. relative to the actual level of interest rates would, other things being equal, have a negative effect on the profit for the year of DKK 8 million (2024/25: DKK 23 million) and on year-end equity of DKK 8 million (31 March 2025: DKK 23 million). If the interest rates increase 1% p.a. relative to the level of interest rates the marked value of the interest swap would have a positive effect on year-end equity of DKK 35 million.
Sensitivity analysis assumptions
Sensitivities are calculated on the basis of financial assets and liabilities recognised at 31 March. No adjustments have been made for instalments, raising of loans, etc. during the course of the year. Estimated fluctuations are based on the current market situation and expectations for developments in the interest rate level.
Currency risk
The Group\u2019s currency risk is primarily related to its net exposure to NOK and SEK through KICKS operations. It is the Group's policy to hedge material net currency exposure based on forecast operating cash flows for the next 12 months. The Group has not entered into any foreign exchange contracts as per 31 March 2026. Net currency expo-sure for assets and liabilities, including KICKS inventory, were not actively hedged in 2025/26.
Sensitivity analysis assumptions
Please find below the table of the impact of profit before tax and equity from changes in the Group's primary currencies:
2025/26 | 2024/25 | ||||
(DKKm) | Change in exchange rate | Profit before tax | Equity | Profit before tax | Equity |
SEK | +10% | 76 | 76 | (35) | 38 |
NOK | +10% | (52) | 0 | 57 | 36 |
The movements in the income statement arise from monetary items (cash, borrowings, receivables and payables) where the functional currency of the entity differs from the currency that the monetary items are denominated in. The currency movements in equity arise from monetary items where the functional currency of the entity differs from the currency in which the monetary items are denominated. The impact would have been the opposite if exchange rates had been decreasing by similar percentages. The analysis is based on the transaction currency.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__191": { "value": "Sensitivity analysis assumptions
Please find below the table of the impact of profit before tax and equity from changes in the Group's primary currencies:
2025/26 | 2024/25 | ||||
(DKKm) | Change in exchange rate | Profit before tax | Equity | Profit before tax | Equity |
SEK | +10% | 76 | 76 | (35) | 38 |
NOK | +10% | (52) | 0 | 57 | 36 |
The movements in the income statement arise from monetary items (cash, borrowings, receivables and payables) where the functional currency of the entity differs from the currency that the monetary items are denominated in. The currency movements in equity arise from monetary items where the functional currency of the entity differs from the currency in which the monetary items are denominated. The impact would have been the opposite if exchange rates had been decreasing by similar percentages. The analysis is based on the transaction currency.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__192": { "value": "Liquidity risk
Liquidity risk results from the Group\u2019s potential inability to meet the obligations associated with its financial liabil-ities, for example settlement of financial debt and payment of suppliers. The Group's liquidity reserve consists of cash and cash equivalents and unutilised credit facilities and amounted to DKK 1,169 million at 31 March 2026 (31 March 2025: DKK 322 million). The credit facilities are managed by Group Treasury and Group Finance. The Group aims to maintain sufficient cash resources for, among other things, strategic investments.
The Group\u2019s financial liabilities fall due as follows:
(DKKm) | Carrying amount | Contractual cash flows | Within1 year | 1 to 5 years | After 5 years |
2025/26 | |||||
Non-derivative financial instruments | |||||
Credit institutions1 | 2,831 | 3,017 | 234 | 2,783 | - |
Lease liabilities | 1,270 | 1,387 | 460 | 863 | 63 |
Trade payables | 1,099 | 1,099 | 1,099 | - | - |
Financial liabilities at 31 March 2026 | 5,200 | 5,503 | 1,793 | 3,646 | 63 |
2024/25 | |||||
Non-derivative financial instruments | |||||
Credit institutions | 2,628 | 2,695 | 700 | 1,995 | - |
Lease liabilities | 1,274 | 1,406 | 449 | 894 | 63 |
Trade payables | 1,090 | 1,090 | 1,090 | - | - |
Contingent consideration and deferred purchase price2 | 5 | 5 | 5 | - | - |
Financial liabilities at 31 March 2025 | 4,997 | 5,196 | 2,244 | 2,889 | 63 |
1\tOf the DKK 2,783 million due within 1 to 5 years all is due within three years.
2\tIn the judgement of the fair value of the contingent considerations and deferred purchase price, non-observable (level 3) assumptions have been used. Of the contingent consideration and deferred purchase price per 31 March 2025, DKK 2 million was paid in March 2026 (DKK 25 million in 2024/25) and DKK 3 million has been reversed and taken as other operating income in special items in 2025/26 (2024/25: DKK 10 million).
Maturity analysis assumptions
The maturity analysis is based on all undiscounted cash flows including estimated interest payments. The esti-mates of interest payments are based on current market conditions. On the basis of the Group\u2019s expectations regarding future operations and its current cash resources, no significant liquidity risks have been identified.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__195-1": { "value": "(DKKm) | Carrying amount 31 March 2026 | Fair value 31 March 2026 | Carrying amount 31 March 2025 | Fair value 31 March 2025 |
Deposits | 47 | 47 | 48 | 48 |
Trade receivables | 97 | 97 | 93 | 93 |
Other receivables | 153 | 153 | 22 | 22 |
Cash and cash equivalents | 60 | 60 | 76 | 76 |
Financial assets at amortised cost | 357 | 357 | 239 | 239 |
Non-current financial liabilities | ||||
Credit institutions | 2,693 | 2,699 | 1,958 | 1,960 |
Lease liabilities | 841 | 841 | 870 | 870 |
Current financial liabilities | ||||
Credit institutions | 138 | 138 | 670 | 670 |
Lease liabilities | 429 | 429 | 404 | 404 |
Trade payables | 1,099 | 1,099 | 1,090 | 1,090 |
Financial liabilities at amortised cost | 5,200 | 5,206 | 4,992 | 4,994 |
Derivative financial instruments
Matas Group uses derivative financial instruments to partially hedge the interest rate risk on the Group\u2019s loans. Matas Group does not actively speculate in the interest rate or currency rate development.
With effect from September 2025, the Group entered into interest rate swap agreements with the credit insti-tutions to reduce/hedge interests\u2019 exposure on the Groups interest bearing debt. The interest swap agreements cover a total of DKK 2,000 million of the Group interest bearing debt and expire 31 March 2028. The interest swap agreements change the floating-rate interest to fixed interest rate at a level of 2.09%.
(DKKm) | Hedge amount | Fair value adjustment recognised in other com\u2013prehensive income | Fair value | Term to maturity (months) |
2025/26 | ||||
Interest rate risks | ||||
Interest rate swaps | 2,000 | 24 | 24 | 24 |
2024/25 | ||||
Interest rate risks | ||||
Interest rate swaps | 1,450 | 3 | 4 | 6 |
(DKKm) | Carrying amount 31 March 2026 | Fair value 31 March 2026 | Carrying amount 31 March 2025 | Fair value 31 March 2025 |
Deposits | 47 | 47 | 48 | 48 |
Trade receivables | 97 | 97 | 93 | 93 |
Other receivables | 153 | 153 | 22 | 22 |
Cash and cash equivalents | 60 | 60 | 76 | 76 |
Financial assets at amortised cost | 357 | 357 | 239 | 239 |
Non-current financial liabilities | ||||
Credit institutions | 2,693 | 2,699 | 1,958 | 1,960 |
Lease liabilities | 841 | 841 | 870 | 870 |
Current financial liabilities | ||||
Credit institutions | 138 | 138 | 670 | 670 |
Lease liabilities | 429 | 429 | 404 | 404 |
Trade payables | 1,099 | 1,099 | 1,090 | 1,090 |
Financial liabilities at amortised cost | 5,200 | 5,206 | 4,992 | 4,994 |
Derivative financial instruments
Matas Group uses derivative financial instruments to partially hedge the interest rate risk on the Group\u2019s loans. Matas Group does not actively speculate in the interest rate or currency rate development.
With effect from September 2025, the Group entered into interest rate swap agreements with the credit insti-tutions to reduce/hedge interests\u2019 exposure on the Groups interest bearing debt. The interest swap agreements cover a total of DKK 2,000 million of the Group interest bearing debt and expire 31 March 2028. The interest swap agreements change the floating-rate interest to fixed interest rate at a level of 2.09%.
(DKKm) | Hedge amount | Fair value adjustment recognised in other com\u2013prehensive income | Fair value | Term to maturity (months) |
2025/26 | ||||
Interest rate risks | ||||
Interest rate swaps | 2,000 | 24 | 24 | 24 |
2024/25 | ||||
Interest rate risks | ||||
Interest rate swaps | 1,450 | 3 | 4 | 6 |
(DKKm) | Carrying amount 31 March 2026 | Fair value 31 March 2026 | Carrying amount 31 March 2025 | Fair value 31 March 2025 |
Deposits | 47 | 47 | 48 | 48 |
Trade receivables | 97 | 97 | 93 | 93 |
Other receivables | 153 | 153 | 22 | 22 |
Cash and cash equivalents | 60 | 60 | 76 | 76 |
Financial assets at amortised cost | 357 | 357 | 239 | 239 |
Non-current financial liabilities | ||||
Credit institutions | 2,693 | 2,699 | 1,958 | 1,960 |
Lease liabilities | 841 | 841 | 870 | 870 |
Current financial liabilities | ||||
Credit institutions | 138 | 138 | 670 | 670 |
Lease liabilities | 429 | 429 | 404 | 404 |
Trade payables | 1,099 | 1,099 | 1,090 | 1,090 |
Financial liabilities at amortised cost | 5,200 | 5,206 | 4,992 | 4,994 |
Derivative financial instruments
Matas Group uses derivative financial instruments to partially hedge the interest rate risk on the Group\u2019s loans. Matas Group does not actively speculate in the interest rate or currency rate development.
With effect from September 2025, the Group entered into interest rate swap agreements with the credit insti-tutions to reduce/hedge interests\u2019 exposure on the Groups interest bearing debt. The interest swap agreements cover a total of DKK 2,000 million of the Group interest bearing debt and expire 31 March 2028. The interest swap agreements change the floating-rate interest to fixed interest rate at a level of 2.09%.
(DKKm) | Hedge amount | Fair value adjustment recognised in other com\u2013prehensive income | Fair value | Term to maturity (months) |
2025/26 | ||||
Interest rate risks | ||||
Interest rate swaps | 2,000 | 24 | 24 | 24 |
2024/25 | ||||
Interest rate risks | ||||
Interest rate swaps | 1,450 | 3 | 4 | 6 |
Derivative financial instruments
Matas Group uses derivative financial instruments to partially hedge the interest rate risk on the Group\u2019s loans. Matas Group does not actively speculate in the interest rate or currency rate development.
With effect from September 2025, the Group entered into interest rate swap agreements with the credit insti-tutions to reduce/hedge interests\u2019 exposure on the Groups interest bearing debt. The interest swap agreements cover a total of DKK 2,000 million of the Group interest bearing debt and expire 31 March 2028. The interest swap agreements change the floating-rate interest to fixed interest rate at a level of 2.09%.
(DKKm) | Hedge amount | Fair value adjustment recognised in other com\u2013prehensive income | Fair value | Term to maturity (months) |
2025/26 | ||||
Interest rate risks | ||||
Interest rate swaps | 2,000 | 24 | 24 | 24 |
2024/25 | ||||
Interest rate risks | ||||
Interest rate swaps | 1,450 | 3 | 4 | 6 |
Note 4.4 \u2013 Incentive programmes
Accounting policies
The value of services received as consideration for options granted is measured at the fair value of the options.
For equity-settled share options, the fair value is measured at the grant date and recognised under staff costs over the vesting period. The balancing item is recognised directly in equity as a shareholder transac-tion.
On initial recognition of Performance Share Units (PSUs), the number of PSUs expected to vest is estimated. Subsequent to initial recognition, the estimate is adjusted to reflect the actual number of exercised PSUs.
The fair value of the PSUs granted is estimated using basic assumptions. The calculation takes into account the terms and conditions of the PSUs granted. The fair value of the PSUs is based on the share price at issue.
The members of the Executive Committee are eligible to receive a short-term bonus subject to achievement of certain financial targets. The Group CEO and Group CFO are eligible to receive a bonus of up to 100% of their annual base salary.
Share-based payments
Selected Matas employees receive remuneration in the form of share-based payment transactions, whereby programme participants render services as consideration for equity instruments (equity-settled transactions).
The members of the Executive Committee are eligible to receive share options or other rights such as PSUs (Performance Share Units) at a value of up to 150% of their annual base salary excluding pension contributions as at the date of grant.
See note 6.1 for accounting policies related to Management's remuneration, share options and share holdings.
Note 6.1 \u2013 Management\u2019s remuneration, share options and shareholdings
Management\u2019s remuneration
At the Annual General Meeting held on 16 June 2025, it was approved that the Chair of the Board of Directors received a fixed annual fee of DKK 811,125, Deputy Chair of the Board of Directors received DKK 486,675 and board members received DKK 324,450.
Chair and the members of the Audit Committee received DKK 162,225 and DKK 81,113, respectively, the Chair and the members of the Nomination Committee received DKK 81,113 and DKK 40,556, respectively, and the Chair and the members of the Remuneration Committee received DKK 81,113 and DKK 40,556, respectively, in addition to the fixed annual fee for their board work. No separate remuneration is paid for board meetings held in another country than the board member\u2019s country of residence, but travel expenses are reimbursed.
The fixed salary of the members of the Executive Committee consists of a salary, pension contributions and other employee benefits. In addition, the members of the Executive Committee are eligible to receive a short-term bonus subject to achievement of certain financial targets. The Group CEO and Group CFO are eligible to receive a bonus of up to 100% of their annual base salary. See note 4.4 for accounting policies related to incentive programs.
Moreover, the members of the Executive Committee are eligible to receive share options or other rights such as PSUs (Performance Share Units) at a value of up to 150% of their annual base salary excluding pension contribu-tions as at the date of grant. A breakdown of management compensation included in staff costs (see note 2.4) appears as follows:
(DKKm) | Fixed salary incl. benefits | Pension con-tributions | Short-term bonus | Total | PSUs | Total, including PSUs |
2025/26 | ||||||
Gregers Wedell-Wedellsborg, Group CEO1 | 4 | 0 | 3 | 8 | (10) | (2) |
Per Johannesen Madsen, Group CFO | 5 | 1 | 3 | 8 | 4 | 12 |
Executive Committee, total | 9 | 1 | 6 | 16 | (6) | 10 |
Other executives, total | 11 | 1 | 4 | 16 | 11 | 27 |
Malou Aamund2 | 1 | - | - | 1 | - | 1 |
Lars Vinge Frederiksen3 | 0 | - | - | 0 | - | 0 |
Mette Maix | 1 | - | - | 1 | - | 1 |
Espen Eldal4 | 0 | - | - | 0 | - | 0 |
Barbara Plucnar Jensen | 0 | - | - | 0 | - | 0 |
Henrik Taudorf Lorensen | 0 | - | - | 0 | - | 0 |
Kenneth Melchior | 0 | - | - | 0 | - | 0 |
Board of Directors, total | 3 | - | - | 3 | - | 3 |
Total | 23 | 2 | 10 | 35 | 5 | 40 |
Total excluding other executives | 12 | 1 | 6 | 19 | (6) | 13 |
1\tResigned on 15 November 2025. All outstanding PSU grants awarded have lapsed upon resignation.
2\tAppointed Chair on 16 June 2025. Prior to this, Malou Aamund was board member and member of the Audit Committee.
3\tResigned on 16 June 2025.
4\tJoined the Audit Committee on 16 June 2025.
Matas A/S may terminate an employment relationship with a member of the Executive Committee by giving up to 24 months' notice. A member of the Executive Committee may terminate the employment relationship by giving at least 6 months' notice. Termination benefits cannot exceed the aggregate compensation paid to the member of the Executive Committee during the last 24 months.
(DKKm) | Fixed salary incl. benefits | Pension con-tributions | Short-term bonus | Total | PSUs | Total, including PSUs |
2024/25 | ||||||
Gregers Wedell-Wedellsborg, Group CEO | 6 | 1 | 5 | 13 | 6 | 19 |
Per Johannesen Madsen, Group CFO | 3 | 1 | 3 | 7 | 3 | 10 |
Executive Committee, total | 10 | 2 | 8 | 20 | 9 | 29 |
Other executives, total | 10 | 2 | 5 | 17 | 6 | 23 |
Lars Vinge Frederiksen | 1 | - | - | 1 | - | 1 |
Mette Maix | 1 | - | - | 1 | - | 1 |
Espen Eldal1 | 0 | - | - | 0 | - | 0 |
Barbara Plucnar Jensen2 | 0 | - | - | 0 | - | 0 |
Henrik Taudorf Lorensen | 0 | - | - | 0 | - | 0 |
Kenneth Melchior | 0 | - | - | 0 | - | 0 |
Birgitte Nielsen3 | 0 | - | - | 0 | - | 0 |
Malou Aamund | 0 | - | - | 0 | - | 0 |
Board of Directors, total | 3 | - | - | 3 | - | 3 |
Total | 23 | 4 | 13 | 40 | 15 | 55 |
Total excluding other executives | 13 | 2 | 8 | 23 | 9 | 32 |
1\tJoined on 19 June 2024. 2\tJoined on 19 June 2024. 3\tResigned on 19 June 2024.
Share options
In accordance with Matas A/S' overall guidelines on incentive pay, Matas in 2025/26 granted a total of 162,714 PSUs to purchase shares in Matas A/S, consisting of 71,143 PSUs to members of the Executive Committee and 91,571 PSUs to key employees. Depending on the achievement of two KPIs, which are each weighted 50%, the number of PSUs granted may at vesting vary between 75% and 150% of the number originally granted. One KPI is based on the EBITDA before special items performance and the other on the revenue performance in the period up to and including financial year 2027/28. The PSUs are granted free of charge, and provided that the PSUs vest and do not lapse, each PSU entitles the holder to receive one Matas share at the time of vesting. Provided that the KPIs described above are achieved, the PSUs granted will vest after publication of the Annual Report for 2027/28. Assuming minimum and maximum achievement, respectively, of the KPIs by the end of financial year 2027/28, the PSUs represent a value of DKK 16 million and DKK 32 million, respectively.
Programme | Number ofemployees | Number ofPSUs granted | Market value at grant (DKKm) |
2023/24 | 16 | 189,027 | 12 - 25 |
Adjustment relating to employees no longer part of Management(3) | (77,908) | (5) - (10) | |
2023/24, adjusted | 13 | 111,119 | 7 - 15 |
Related to Executive Committee | 1 | 36,307 | 2 - 5 |
Related to Other executives | 12 | 74,812 | 5 - 10 |
2024/25 | 18 | 177,790 | 16 - 32 |
Adjustment relating to employees no longer part of Management(3) | (68,968) | (6) - (12) | |
2024/25, adjusted | 15 | 108,822 | 10 - 20 |
Related to Executive Committee | 1 | 29,258 | 2 - 5 |
Related to Other executives | 14 | 79,564 | 8 - 15 |
2025/26 | 21 | 162,714 | 16 - 32 |
Adjustment relating to employees no longer part of Management(2) | (59,779) | (6) - (12) | |
2025/26, adjusted | 19 | 102,935 | 10 - 20 |
Related to Executive Committee | 1 | 25,244 | 2 - 5 |
Related to Other executives | 18 | 77,691 | 8 - 15 |
Movements in outstanding PSUs:
(No.) | Gregers Wedell-Wedellsborg1 | Per Johannesen Madsen | Executive Committee, total | Other Executives | Total | Market value at grant (DKKm) |
Outstanding at 1 April 2025 | 170,622 | 87,444 | 258,066 | 253,359 | 511,425 | 37 - 76 |
Adjustments2 | 31,249 | 12,275 | 43,524 | 35,624 | 79,148 | 6 - 12 |
PSUs vested in 2025/26 | (86,949) | (34,154) | (121,103) | (134,607) | (255,710) | (16) - (32) |
PSUs granted in 2025/26 | 45,899 | 25,244 | 71,143 | 91,571 | 162,714 | 16 - 32 |
Employees no longer part of Management | (160,821) | - | (160,821) | (13,880) | (174,701) | (16) - (33) |
Outstanding at 31 March 2026 | - | 90,809 | 90,809 | 232,067 | 322,876 | 27 - 55 |
1\tResigned on 15 November 2025. All outstanding PSU grants awarded have lapsed upon resignation.2\tAdjustments include additional PSUs granted as compensation for dividends connected to the PSUs and adjustments between initial recognistion and actual number of PSUs exercised.
The number of outstanding PSUs under all ongoing programmes totals 354,830 including employees no longer part of Management.
In 2025/26, the cost recognised relating to PSUs amounted to DKK 3 million (2024/25: DKK 22 million).
Shareholdings
Shareholdings of the Board of Directors and the Executive Committee in Matas A/S and changes in shareholdings in 2025/26:
Shareholding at 1 April 2025 | Purchase/sale in the period | Shareholding at 31 March 2026 | Market value at 31 March 2026 | |
No. | No. | No. | (DKKm) | |
Board of Directors | ||||
Malou Aamund | 2,000 | - | 2,000 | 0.2 |
Mette Maix | 1,700 | - | 1,700 | 0.2 |
Espen Eldal | - | 2,000 | 2,000 | 0.2 |
Barbara Plucnar Jensen | 1,117 | - | 1,117 | 0.1 |
Henrik Taudorf Lorensen | 2,000 | - | 2,000 | 0.2 |
Kenneth Melchior | 536 | - | 536 | 0.1 |
Executive Committee | ||||
Per Johannesen Madsen | 58,200 | 34,154 | 92,354 | 9.7 |
Note 4.4 \u2013 Incentive programmes
Accounting policies
The value of services received as consideration for options granted is measured at the fair value of the options.
For equity-settled share options, the fair value is measured at the grant date and recognised under staff costs over the vesting period. The balancing item is recognised directly in equity as a shareholder transac-tion.
On initial recognition of Performance Share Units (PSUs), the number of PSUs expected to vest is estimated. Subsequent to initial recognition, the estimate is adjusted to reflect the actual number of exercised PSUs.
The fair value of the PSUs granted is estimated using basic assumptions. The calculation takes into account the terms and conditions of the PSUs granted. The fair value of the PSUs is based on the share price at issue.
The members of the Executive Committee are eligible to receive a short-term bonus subject to achievement of certain financial targets. The Group CEO and Group CFO are eligible to receive a bonus of up to 100% of their annual base salary.
Share-based payments
Selected Matas employees receive remuneration in the form of share-based payment transactions, whereby programme participants render services as consideration for equity instruments (equity-settled transactions).
The members of the Executive Committee are eligible to receive share options or other rights such as PSUs (Performance Share Units) at a value of up to 150% of their annual base salary excluding pension contributions as at the date of grant.
See note 6.1 for accounting policies related to Management's remuneration, share options and share holdings.
Note 6.1 \u2013 Management\u2019s remuneration, share options and shareholdings
Management\u2019s remuneration
At the Annual General Meeting held on 16 June 2025, it was approved that the Chair of the Board of Directors received a fixed annual fee of DKK 811,125, Deputy Chair of the Board of Directors received DKK 486,675 and board members received DKK 324,450.
Chair and the members of the Audit Committee received DKK 162,225 and DKK 81,113, respectively, the Chair and the members of the Nomination Committee received DKK 81,113 and DKK 40,556, respectively, and the Chair and the members of the Remuneration Committee received DKK 81,113 and DKK 40,556, respectively, in addition to the fixed annual fee for their board work. No separate remuneration is paid for board meetings held in another country than the board member\u2019s country of residence, but travel expenses are reimbursed.
The fixed salary of the members of the Executive Committee consists of a salary, pension contributions and other employee benefits. In addition, the members of the Executive Committee are eligible to receive a short-term bonus subject to achievement of certain financial targets. The Group CEO and Group CFO are eligible to receive a bonus of up to 100% of their annual base salary. See note 4.4 for accounting policies related to incentive programs.
Moreover, the members of the Executive Committee are eligible to receive share options or other rights such as PSUs (Performance Share Units) at a value of up to 150% of their annual base salary excluding pension contribu-tions as at the date of grant. A breakdown of management compensation included in staff costs (see note 2.4) appears as follows:
(DKKm) | Fixed salary incl. benefits | Pension con-tributions | Short-term bonus | Total | PSUs | Total, including PSUs |
2025/26 | ||||||
Gregers Wedell-Wedellsborg, Group CEO1 | 4 | 0 | 3 | 8 | (10) | (2) |
Per Johannesen Madsen, Group CFO | 5 | 1 | 3 | 8 | 4 | 12 |
Executive Committee, total | 9 | 1 | 6 | 16 | (6) | 10 |
Other executives, total | 11 | 1 | 4 | 16 | 11 | 27 |
Malou Aamund2 | 1 | - | - | 1 | - | 1 |
Lars Vinge Frederiksen3 | 0 | - | - | 0 | - | 0 |
Mette Maix | 1 | - | - | 1 | - | 1 |
Espen Eldal4 | 0 | - | - | 0 | - | 0 |
Barbara Plucnar Jensen | 0 | - | - | 0 | - | 0 |
Henrik Taudorf Lorensen | 0 | - | - | 0 | - | 0 |
Kenneth Melchior | 0 | - | - | 0 | - | 0 |
Board of Directors, total | 3 | - | - | 3 | - | 3 |
Total | 23 | 2 | 10 | 35 | 5 | 40 |
Total excluding other executives | 12 | 1 | 6 | 19 | (6) | 13 |
1\tResigned on 15 November 2025. All outstanding PSU grants awarded have lapsed upon resignation.
2\tAppointed Chair on 16 June 2025. Prior to this, Malou Aamund was board member and member of the Audit Committee.
3\tResigned on 16 June 2025.
4\tJoined the Audit Committee on 16 June 2025.
Matas A/S may terminate an employment relationship with a member of the Executive Committee by giving up to 24 months' notice. A member of the Executive Committee may terminate the employment relationship by giving at least 6 months' notice. Termination benefits cannot exceed the aggregate compensation paid to the member of the Executive Committee during the last 24 months.
(DKKm) | Fixed salary incl. benefits | Pension con-tributions | Short-term bonus | Total | PSUs | Total, including PSUs |
2024/25 | ||||||
Gregers Wedell-Wedellsborg, Group CEO | 6 | 1 | 5 | 13 | 6 | 19 |
Per Johannesen Madsen, Group CFO | 3 | 1 | 3 | 7 | 3 | 10 |
Executive Committee, total | 10 | 2 | 8 | 20 | 9 | 29 |
Other executives, total | 10 | 2 | 5 | 17 | 6 | 23 |
Lars Vinge Frederiksen | 1 | - | - | 1 | - | 1 |
Mette Maix | 1 | - | - | 1 | - | 1 |
Espen Eldal1 | 0 | - | - | 0 | - | 0 |
Barbara Plucnar Jensen2 | 0 | - | - | 0 | - | 0 |
Henrik Taudorf Lorensen | 0 | - | - | 0 | - | 0 |
Kenneth Melchior | 0 | - | - | 0 | - | 0 |
Birgitte Nielsen3 | 0 | - | - | 0 | - | 0 |
Malou Aamund | 0 | - | - | 0 | - | 0 |
Board of Directors, total | 3 | - | - | 3 | - | 3 |
Total | 23 | 4 | 13 | 40 | 15 | 55 |
Total excluding other executives | 13 | 2 | 8 | 23 | 9 | 32 |
1\tJoined on 19 June 2024. 2\tJoined on 19 June 2024. 3\tResigned on 19 June 2024.
Share options
In accordance with Matas A/S' overall guidelines on incentive pay, Matas in 2025/26 granted a total of 162,714 PSUs to purchase shares in Matas A/S, consisting of 71,143 PSUs to members of the Executive Committee and 91,571 PSUs to key employees. Depending on the achievement of two KPIs, which are each weighted 50%, the number of PSUs granted may at vesting vary between 75% and 150% of the number originally granted. One KPI is based on the EBITDA before special items performance and the other on the revenue performance in the period up to and including financial year 2027/28. The PSUs are granted free of charge, and provided that the PSUs vest and do not lapse, each PSU entitles the holder to receive one Matas share at the time of vesting. Provided that the KPIs described above are achieved, the PSUs granted will vest after publication of the Annual Report for 2027/28. Assuming minimum and maximum achievement, respectively, of the KPIs by the end of financial year 2027/28, the PSUs represent a value of DKK 16 million and DKK 32 million, respectively.
Programme | Number ofemployees | Number ofPSUs granted | Market value at grant (DKKm) |
2023/24 | 16 | 189,027 | 12 - 25 |
Adjustment relating to employees no longer part of Management(3) | (77,908) | (5) - (10) | |
2023/24, adjusted | 13 | 111,119 | 7 - 15 |
Related to Executive Committee | 1 | 36,307 | 2 - 5 |
Related to Other executives | 12 | 74,812 | 5 - 10 |
2024/25 | 18 | 177,790 | 16 - 32 |
Adjustment relating to employees no longer part of Management(3) | (68,968) | (6) - (12) | |
2024/25, adjusted | 15 | 108,822 | 10 - 20 |
Related to Executive Committee | 1 | 29,258 | 2 - 5 |
Related to Other executives | 14 | 79,564 | 8 - 15 |
2025/26 | 21 | 162,714 | 16 - 32 |
Adjustment relating to employees no longer part of Management(2) | (59,779) | (6) - (12) | |
2025/26, adjusted | 19 | 102,935 | 10 - 20 |
Related to Executive Committee | 1 | 25,244 | 2 - 5 |
Related to Other executives | 18 | 77,691 | 8 - 15 |
Movements in outstanding PSUs:
(No.) | Gregers Wedell-Wedellsborg1 | Per Johannesen Madsen | Executive Committee, total | Other Executives | Total | Market value at grant (DKKm) |
Outstanding at 1 April 2025 | 170,622 | 87,444 | 258,066 | 253,359 | 511,425 | 37 - 76 |
Adjustments2 | 31,249 | 12,275 | 43,524 | 35,624 | 79,148 | 6 - 12 |
PSUs vested in 2025/26 | (86,949) | (34,154) | (121,103) | (134,607) | (255,710) | (16) - (32) |
PSUs granted in 2025/26 | 45,899 | 25,244 | 71,143 | 91,571 | 162,714 | 16 - 32 |
Employees no longer part of Management | (160,821) | - | (160,821) | (13,880) | (174,701) | (16) - (33) |
Outstanding at 31 March 2026 | - | 90,809 | 90,809 | 232,067 | 322,876 | 27 - 55 |
1\tResigned on 15 November 2025. All outstanding PSU grants awarded have lapsed upon resignation.2\tAdjustments include additional PSUs granted as compensation for dividends connected to the PSUs and adjustments between initial recognistion and actual number of PSUs exercised.
The number of outstanding PSUs under all ongoing programmes totals 354,830 including employees no longer part of Management.
In 2025/26, the cost recognised relating to PSUs amounted to DKK 3 million (2024/25: DKK 22 million).
Shareholdings
Shareholdings of the Board of Directors and the Executive Committee in Matas A/S and changes in shareholdings in 2025/26:
Shareholding at 1 April 2025 | Purchase/sale in the period | Shareholding at 31 March 2026 | Market value at 31 March 2026 | |
No. | No. | No. | (DKKm) | |
Board of Directors | ||||
Malou Aamund | 2,000 | - | 2,000 | 0.2 |
Mette Maix | 1,700 | - | 1,700 | 0.2 |
Espen Eldal | - | 2,000 | 2,000 | 0.2 |
Barbara Plucnar Jensen | 1,117 | - | 1,117 | 0.1 |
Henrik Taudorf Lorensen | 2,000 | - | 2,000 | 0.2 |
Kenneth Melchior | 536 | - | 536 | 0.1 |
Executive Committee | ||||
Per Johannesen Madsen | 58,200 | 34,154 | 92,354 | 9.7 |
Note 4.4 \u2013 Incentive programmes
Accounting policies
The value of services received as consideration for options granted is measured at the fair value of the options.
For equity-settled share options, the fair value is measured at the grant date and recognised under staff costs over the vesting period. The balancing item is recognised directly in equity as a shareholder transac-tion.
On initial recognition of Performance Share Units (PSUs), the number of PSUs expected to vest is estimated. Subsequent to initial recognition, the estimate is adjusted to reflect the actual number of exercised PSUs.
The fair value of the PSUs granted is estimated using basic assumptions. The calculation takes into account the terms and conditions of the PSUs granted. The fair value of the PSUs is based on the share price at issue.
The members of the Executive Committee are eligible to receive a short-term bonus subject to achievement of certain financial targets. The Group CEO and Group CFO are eligible to receive a bonus of up to 100% of their annual base salary.
Share-based payments
Selected Matas employees receive remuneration in the form of share-based payment transactions, whereby programme participants render services as consideration for equity instruments (equity-settled transactions).
The members of the Executive Committee are eligible to receive share options or other rights such as PSUs (Performance Share Units) at a value of up to 150% of their annual base salary excluding pension contributions as at the date of grant.
See note 6.1 for accounting policies related to Management's remuneration, share options and share holdings.
Note 6.1 \u2013 Management\u2019s remuneration, share options and shareholdings
Management\u2019s remuneration
At the Annual General Meeting held on 16 June 2025, it was approved that the Chair of the Board of Directors received a fixed annual fee of DKK 811,125, Deputy Chair of the Board of Directors received DKK 486,675 and board members received DKK 324,450.
Chair and the members of the Audit Committee received DKK 162,225 and DKK 81,113, respectively, the Chair and the members of the Nomination Committee received DKK 81,113 and DKK 40,556, respectively, and the Chair and the members of the Remuneration Committee received DKK 81,113 and DKK 40,556, respectively, in addition to the fixed annual fee for their board work. No separate remuneration is paid for board meetings held in another country than the board member\u2019s country of residence, but travel expenses are reimbursed.
The fixed salary of the members of the Executive Committee consists of a salary, pension contributions and other employee benefits. In addition, the members of the Executive Committee are eligible to receive a short-term bonus subject to achievement of certain financial targets. The Group CEO and Group CFO are eligible to receive a bonus of up to 100% of their annual base salary. See note 4.4 for accounting policies related to incentive programs.
Moreover, the members of the Executive Committee are eligible to receive share options or other rights such as PSUs (Performance Share Units) at a value of up to 150% of their annual base salary excluding pension contribu-tions as at the date of grant. A breakdown of management compensation included in staff costs (see note 2.4) appears as follows:
(DKKm) | Fixed salary incl. benefits | Pension con-tributions | Short-term bonus | Total | PSUs | Total, including PSUs |
2025/26 | ||||||
Gregers Wedell-Wedellsborg, Group CEO1 | 4 | 0 | 3 | 8 | (10) | (2) |
Per Johannesen Madsen, Group CFO | 5 | 1 | 3 | 8 | 4 | 12 |
Executive Committee, total | 9 | 1 | 6 | 16 | (6) | 10 |
Other executives, total | 11 | 1 | 4 | 16 | 11 | 27 |
Malou Aamund2 | 1 | - | - | 1 | - | 1 |
Lars Vinge Frederiksen3 | 0 | - | - | 0 | - | 0 |
Mette Maix | 1 | - | - | 1 | - | 1 |
Espen Eldal4 | 0 | - | - | 0 | - | 0 |
Barbara Plucnar Jensen | 0 | - | - | 0 | - | 0 |
Henrik Taudorf Lorensen | 0 | - | - | 0 | - | 0 |
Kenneth Melchior | 0 | - | - | 0 | - | 0 |
Board of Directors, total | 3 | - | - | 3 | - | 3 |
Total | 23 | 2 | 10 | 35 | 5 | 40 |
Total excluding other executives | 12 | 1 | 6 | 19 | (6) | 13 |
1\tResigned on 15 November 2025. All outstanding PSU grants awarded have lapsed upon resignation.
2\tAppointed Chair on 16 June 2025. Prior to this, Malou Aamund was board member and member of the Audit Committee.
3\tResigned on 16 June 2025.
4\tJoined the Audit Committee on 16 June 2025.
Matas A/S may terminate an employment relationship with a member of the Executive Committee by giving up to 24 months' notice. A member of the Executive Committee may terminate the employment relationship by giving at least 6 months' notice. Termination benefits cannot exceed the aggregate compensation paid to the member of the Executive Committee during the last 24 months.
(DKKm) | Fixed salary incl. benefits | Pension con-tributions | Short-term bonus | Total | PSUs | Total, including PSUs |
2024/25 | ||||||
Gregers Wedell-Wedellsborg, Group CEO | 6 | 1 | 5 | 13 | 6 | 19 |
Per Johannesen Madsen, Group CFO | 3 | 1 | 3 | 7 | 3 | 10 |
Executive Committee, total | 10 | 2 | 8 | 20 | 9 | 29 |
Other executives, total | 10 | 2 | 5 | 17 | 6 | 23 |
Lars Vinge Frederiksen | 1 | - | - | 1 | - | 1 |
Mette Maix | 1 | - | - | 1 | - | 1 |
Espen Eldal1 | 0 | - | - | 0 | - | 0 |
Barbara Plucnar Jensen2 | 0 | - | - | 0 | - | 0 |
Henrik Taudorf Lorensen | 0 | - | - | 0 | - | 0 |
Kenneth Melchior | 0 | - | - | 0 | - | 0 |
Birgitte Nielsen3 | 0 | - | - | 0 | - | 0 |
Malou Aamund | 0 | - | - | 0 | - | 0 |
Board of Directors, total | 3 | - | - | 3 | - | 3 |
Total | 23 | 4 | 13 | 40 | 15 | 55 |
Total excluding other executives | 13 | 2 | 8 | 23 | 9 | 32 |
1\tJoined on 19 June 2024. 2\tJoined on 19 June 2024. 3\tResigned on 19 June 2024.
Share options
In accordance with Matas A/S' overall guidelines on incentive pay, Matas in 2025/26 granted a total of 162,714 PSUs to purchase shares in Matas A/S, consisting of 71,143 PSUs to members of the Executive Committee and 91,571 PSUs to key employees. Depending on the achievement of two KPIs, which are each weighted 50%, the number of PSUs granted may at vesting vary between 75% and 150% of the number originally granted. One KPI is based on the EBITDA before special items performance and the other on the revenue performance in the period up to and including financial year 2027/28. The PSUs are granted free of charge, and provided that the PSUs vest and do not lapse, each PSU entitles the holder to receive one Matas share at the time of vesting. Provided that the KPIs described above are achieved, the PSUs granted will vest after publication of the Annual Report for 2027/28. Assuming minimum and maximum achievement, respectively, of the KPIs by the end of financial year 2027/28, the PSUs represent a value of DKK 16 million and DKK 32 million, respectively.
Programme | Number ofemployees | Number ofPSUs granted | Market value at grant (DKKm) |
2023/24 | 16 | 189,027 | 12 - 25 |
Adjustment relating to employees no longer part of Management(3) | (77,908) | (5) - (10) | |
2023/24, adjusted | 13 | 111,119 | 7 - 15 |
Related to Executive Committee | 1 | 36,307 | 2 - 5 |
Related to Other executives | 12 | 74,812 | 5 - 10 |
2024/25 | 18 | 177,790 | 16 - 32 |
Adjustment relating to employees no longer part of Management(3) | (68,968) | (6) - (12) | |
2024/25, adjusted | 15 | 108,822 | 10 - 20 |
Related to Executive Committee | 1 | 29,258 | 2 - 5 |
Related to Other executives | 14 | 79,564 | 8 - 15 |
2025/26 | 21 | 162,714 | 16 - 32 |
Adjustment relating to employees no longer part of Management(2) | (59,779) | (6) - (12) | |
2025/26, adjusted | 19 | 102,935 | 10 - 20 |
Related to Executive Committee | 1 | 25,244 | 2 - 5 |
Related to Other executives | 18 | 77,691 | 8 - 15 |
Movements in outstanding PSUs:
(No.) | Gregers Wedell-Wedellsborg1 | Per Johannesen Madsen | Executive Committee, total | Other Executives | Total | Market value at grant (DKKm) |
Outstanding at 1 April 2025 | 170,622 | 87,444 | 258,066 | 253,359 | 511,425 | 37 - 76 |
Adjustments2 | 31,249 | 12,275 | 43,524 | 35,624 | 79,148 | 6 - 12 |
PSUs vested in 2025/26 | (86,949) | (34,154) | (121,103) | (134,607) | (255,710) | (16) - (32) |
PSUs granted in 2025/26 | 45,899 | 25,244 | 71,143 | 91,571 | 162,714 | 16 - 32 |
Employees no longer part of Management | (160,821) | - | (160,821) | (13,880) | (174,701) | (16) - (33) |
Outstanding at 31 March 2026 | - | 90,809 | 90,809 | 232,067 | 322,876 | 27 - 55 |
1\tResigned on 15 November 2025. All outstanding PSU grants awarded have lapsed upon resignation.2\tAdjustments include additional PSUs granted as compensation for dividends connected to the PSUs and adjustments between initial recognistion and actual number of PSUs exercised.
The number of outstanding PSUs under all ongoing programmes totals 354,830 including employees no longer part of Management.
In 2025/26, the cost recognised relating to PSUs amounted to DKK 3 million (2024/25: DKK 22 million).
Shareholdings
Shareholdings of the Board of Directors and the Executive Committee in Matas A/S and changes in shareholdings in 2025/26:
Shareholding at 1 April 2025 | Purchase/sale in the period | Shareholding at 31 March 2026 | Market value at 31 March 2026 | |
No. | No. | No. | (DKKm) | |
Board of Directors | ||||
Malou Aamund | 2,000 | - | 2,000 | 0.2 |
Mette Maix | 1,700 | - | 1,700 | 0.2 |
Espen Eldal | - | 2,000 | 2,000 | 0.2 |
Barbara Plucnar Jensen | 1,117 | - | 1,117 | 0.1 |
Henrik Taudorf Lorensen | 2,000 | - | 2,000 | 0.2 |
Kenneth Melchior | 536 | - | 536 | 0.1 |
Executive Committee | ||||
Per Johannesen Madsen | 58,200 | 34,154 | 92,354 | 9.7 |
Note 6.3 \u2013 Related parties
Matas Group\u2019s related parties comprise the companies\u2019 board of directors and executive boards and their related family members. Further, related parties comprise companies in which the above-mentioned persons have signifi-cant interests as well as associates. Management\u2019s remuneration is disclosed in note 6.1.
Related party transactions with associates recognised in the income statement and the statement of financial position.
(DKKm) | 2025/26 | 2024/25 |
Revenue | 0 | 1 |
Other external costs | (15) | (14) |
Receivables | 0 | - |
Trade payables | 2 | 2 |
Accounting policies
The value of services received as consideration for options granted is measured at the fair value of the options.
For equity-settled share options, the fair value is measured at the grant date and recognised under staff costs over the vesting period. The balancing item is recognised directly in equity as a shareholder transac-tion.
On initial recognition of Performance Share Units (PSUs), the number of PSUs expected to vest is estimated. Subsequent to initial recognition, the estimate is adjusted to reflect the actual number of exercised PSUs.
The fair value of the PSUs granted is estimated using basic assumptions. The calculation takes into account the terms and conditions of the PSUs granted. The fair value of the PSUs is based on the share price at issue.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__209": { "value": "Note 4.5 \u2013 Earnings per share
2025/26 | 2024/25 | |
Profit for the year (the Group\u2019s share), DKKm | 243 | 282 |
Average number of shares | 38,291,492 | 38,291,492 |
Average number of treasury shares | (574,755) | (270,284) |
Average number of outstanding shares | 37,716,737 | 38,021,208 |
Average dilutive effect of outstanding PSUs | 190,951 | 233,491 |
Diluted average number of outstanding shares | 37,907,688 | 38,254,699 |
Earnings per share of DKK 2.50 | 6.44 | 7.42 |
Diluted earnings per share of DKK 2.50 | 6.41 | 7.37 |
Adjusted earnings per share of DKK 2.50 | 8.40 | 8.84 |
Adjusted earnings per share is calculated based on adjusted profit after tax as defined in definitions of key finan-cials.
Note 5.1 \u2013 Tax
Accounting policies
Income tax expense for the year comprises current tax and changes in deferred tax, including changes in tax rate, adjustment to prior years and changes in provision for uncertain tax positions. Tax is recognised in the income statement, except to the extent that it is related to items recognised in equity or other comprehen-sive income. The tax rates and tax laws used to compute the amounts are those enacted or substantively enacted, by the reporting date, in the countries in which Matas operates and generates taxable income.
The Parent Company and its Danish subsidiaries are subject to the Danish rules on mandatory joint taxation of Matas Group. The jointly taxed entities are taxed under the tax prepayment scheme.
Matas A/S is the administration company in respect of the joint taxation and accordingly pays all corporate taxes to the tax authorities.
On payment of joint taxation contributions, the current Danish corporate tax is allocated between the jointly taxed entities in proportion to their taxable income.
Tax for the year comprises current tax and changes in deferred tax for the year. The tax expense is recog-nised in profit or loss, other comprehensive income or directly in equity.
OECD Pillar Two Minimum Tax
OECD has introduced a global minimum tax of 15%, based on group accounting income per jurisdiction. The minimum tax rules apply to entities that are a member of a multinational group with annual revenue of EUR 750 million or more in the consolidated financial statements. If the tax rate is lower than 15% in any jurisdiction, a top-up or minimum tax must be paid.
Matas Group is not subject to minimum tax since all jurisdictions which the Group operates impose tax rates in excess of 15%.
(DKKm) | 2025/26 | 2024/25 |
Tax on the profit for the year breaks down as follows: | ||
Tax on the profit for the year | 109 | 102 |
Total tax | 109 | 102 |
Tax on the profit for the year has been calculated as follows: | ||
Current tax | 117 | 112 |
Deferred tax | (13) | (12) |
Tax regarding previous years, current tax | (22) | 21 |
Tax regarding previous years, deferred tax | 27 | (19) |
Total | 109 | 102 |
Tax on profit for the year can be explained as follows: | ||
Computed 22.0% tax on profit before tax | 77 | 84 |
Deviation in foreign subsidiaries tax rates compared to the Danish rate | 1 | - |
Incentive programmes | (1) | 3 |
Current payments, discounting | - | (2) |
Other | 3 | 5 |
Tax assets not recognised as asset | 24 | 10 |
Tax regarding previous years, current tax | (22) | 21 |
Tax regarding previous years, deferred tax | 27 | (19) |
Total tax | 109 | 102 |
Effective tax rate | 31.0% | 26.7% |
There are no corporate tax incentives for 2025/26 nor 2024/25 in any of the countries where Matas Group oper-ates and therefore we have not utilised any.
Matas Group tax report (Country by Country report) 2025/26 will be made public as required latest by 30 June 2027.
Note 5.3 \u2013 Approach to taxes
Our sustainability strategy is reflected in our tax approach, and we aim at paying a fair tax in all markets where the Matas Group operates. Matas Group does not exploit lack of transparency by operating in tax havens. Matas Group is committed to ensure compliance with the letter and the spirit of tax law in the markets where we operate. The Group Tax Policy, which has been approved by the Board of Directors of Matas A/S, is available at matasgroup.com/governance/policies/\u2192 and includes more information on our approach to taxes.
Matas Group\u2019s Transfer Pricing Policy follows a so-called principal operating model, where profits follow risk and value creation. Matas Operations A/S is the principal value driver for the two segments Matas and Other. KICKS Group AB is the principal value driver for the KICKS segment. Matas Operations A/S and KICKS Group AB also assume the majority of the business risk for the three segments within Matas Group. Other entities in the Group achieve a profit margin, based on benchmark studies, and the residual profits (or loss) in the value chain remain with Matas Operations A/S and KICKS Group AB, respectively.
Intercompany transactions are made on arm's length basis and therefore priced on basis consistent with the way unrelated parties would have priced such transactions.
Note 5.4 \u2013 Paid income taxes
In 2025/26, Matas Group paid income taxes amounting to DKK 115 million (2024/25: DKK 101 million). The major part of the taxes is attributable to Denmark and Sweden. Income tax paid reflects the cash payments made in the year and relates to taxes on account for the current year as well as payments regarding prior years. For the majority of coun-tries, the final taxes are paid in the year following the financial year, creating a timing difference in cash payments.
Management's judgements and estimates
Management applies significant judgements and estimates when recognising and measuring deferred tax assets and uncertain tax positions.
Deferred tax assets, including the tax base of tax loss carryforwards, are recognised if it is assessed that there will be sufficient future taxable income against which the temporary differences and unutilised tax losses can be utilised. This assessment is based on budgets and business plans for the following years, including planned business initiatives. Deferred tax assets are tested annually and are only recognised if it is probable that future taxable profit will allow the deferred tax asset to be recovered.
Uncertain tax positions include ongoing disputes with tax authorities and have been provided for in accordance with the accounting policies. Management believes that the provisions made are adequate. The actual obliga-tions may deviate as they depend on the result of litigations and settlements with the relevant tax authorities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__211-1": { "value": "Note 5.1 \u2013 Tax
Accounting policies
Income tax expense for the year comprises current tax and changes in deferred tax, including changes in tax rate, adjustment to prior years and changes in provision for uncertain tax positions. Tax is recognised in the income statement, except to the extent that it is related to items recognised in equity or other comprehen-sive income. The tax rates and tax laws used to compute the amounts are those enacted or substantively enacted, by the reporting date, in the countries in which Matas operates and generates taxable income.
The Parent Company and its Danish subsidiaries are subject to the Danish rules on mandatory joint taxation of Matas Group. The jointly taxed entities are taxed under the tax prepayment scheme.
Matas A/S is the administration company in respect of the joint taxation and accordingly pays all corporate taxes to the tax authorities.
On payment of joint taxation contributions, the current Danish corporate tax is allocated between the jointly taxed entities in proportion to their taxable income.
Tax for the year comprises current tax and changes in deferred tax for the year. The tax expense is recog-nised in profit or loss, other comprehensive income or directly in equity.
OECD Pillar Two Minimum Tax
OECD has introduced a global minimum tax of 15%, based on group accounting income per jurisdiction. The minimum tax rules apply to entities that are a member of a multinational group with annual revenue of EUR 750 million or more in the consolidated financial statements. If the tax rate is lower than 15% in any jurisdiction, a top-up or minimum tax must be paid.
Matas Group is not subject to minimum tax since all jurisdictions which the Group operates impose tax rates in excess of 15%.
(DKKm) | 2025/26 | 2024/25 |
Tax on the profit for the year breaks down as follows: | ||
Tax on the profit for the year | 109 | 102 |
Total tax | 109 | 102 |
Tax on the profit for the year has been calculated as follows: | ||
Current tax | 117 | 112 |
Deferred tax | (13) | (12) |
Tax regarding previous years, current tax | (22) | 21 |
Tax regarding previous years, deferred tax | 27 | (19) |
Total | 109 | 102 |
Tax on profit for the year can be explained as follows: | ||
Computed 22.0% tax on profit before tax | 77 | 84 |
Deviation in foreign subsidiaries tax rates compared to the Danish rate | 1 | - |
Incentive programmes | (1) | 3 |
Current payments, discounting | - | (2) |
Other | 3 | 5 |
Tax assets not recognised as asset | 24 | 10 |
Tax regarding previous years, current tax | (22) | 21 |
Tax regarding previous years, deferred tax | 27 | (19) |
Total tax | 109 | 102 |
Effective tax rate | 31.0% | 26.7% |
There are no corporate tax incentives for 2025/26 nor 2024/25 in any of the countries where Matas Group oper-ates and therefore we have not utilised any.
Matas Group tax report (Country by Country report) 2025/26 will be made public as required latest by 30 June 2027.
Note 5.3 \u2013 Approach to taxes
Our sustainability strategy is reflected in our tax approach, and we aim at paying a fair tax in all markets where the Matas Group operates. Matas Group does not exploit lack of transparency by operating in tax havens. Matas Group is committed to ensure compliance with the letter and the spirit of tax law in the markets where we operate. The Group Tax Policy, which has been approved by the Board of Directors of Matas A/S, is available at matasgroup.com/governance/policies/\u2192 and includes more information on our approach to taxes.
Matas Group\u2019s Transfer Pricing Policy follows a so-called principal operating model, where profits follow risk and value creation. Matas Operations A/S is the principal value driver for the two segments Matas and Other. KICKS Group AB is the principal value driver for the KICKS segment. Matas Operations A/S and KICKS Group AB also assume the majority of the business risk for the three segments within Matas Group. Other entities in the Group achieve a profit margin, based on benchmark studies, and the residual profits (or loss) in the value chain remain with Matas Operations A/S and KICKS Group AB, respectively.
Intercompany transactions are made on arm's length basis and therefore priced on basis consistent with the way unrelated parties would have priced such transactions.
Note 5.4 \u2013 Paid income taxes
In 2025/26, Matas Group paid income taxes amounting to DKK 115 million (2024/25: DKK 101 million). The major part of the taxes is attributable to Denmark and Sweden. Income tax paid reflects the cash payments made in the year and relates to taxes on account for the current year as well as payments regarding prior years. For the majority of coun-tries, the final taxes are paid in the year following the financial year, creating a timing difference in cash payments.
Management's judgements and estimates
Management applies significant judgements and estimates when recognising and measuring deferred tax assets and uncertain tax positions.
Deferred tax assets, including the tax base of tax loss carryforwards, are recognised if it is assessed that there will be sufficient future taxable income against which the temporary differences and unutilised tax losses can be utilised. This assessment is based on budgets and business plans for the following years, including planned business initiatives. Deferred tax assets are tested annually and are only recognised if it is probable that future taxable profit will allow the deferred tax asset to be recovered.
Uncertain tax positions include ongoing disputes with tax authorities and have been provided for in accordance with the accounting policies. Management believes that the provisions made are adequate. The actual obliga-tions may deviate as they depend on the result of litigations and settlements with the relevant tax authorities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__212": { "value": "Accounting policies
Income tax expense for the year comprises current tax and changes in deferred tax, including changes in tax rate, adjustment to prior years and changes in provision for uncertain tax positions. Tax is recognised in the income statement, except to the extent that it is related to items recognised in equity or other comprehen-sive income. The tax rates and tax laws used to compute the amounts are those enacted or substantively enacted, by the reporting date, in the countries in which Matas operates and generates taxable income.
The Parent Company and its Danish subsidiaries are subject to the Danish rules on mandatory joint taxation of Matas Group. The jointly taxed entities are taxed under the tax prepayment scheme.
Matas A/S is the administration company in respect of the joint taxation and accordingly pays all corporate taxes to the tax authorities.
On payment of joint taxation contributions, the current Danish corporate tax is allocated between the jointly taxed entities in proportion to their taxable income.
Tax for the year comprises current tax and changes in deferred tax for the year. The tax expense is recog-nised in profit or loss, other comprehensive income or directly in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__213": { "value": "Note 5.2 \u2013 Deferred tax
(DKKm) | 2025/26 | 2024/25 |
Deferred tax at 1 April | 179 | 210 |
Adjustment to prior years | 27 | (19) |
Deferred tax for the year, recognised in profit for the year | (13) | (12) |
Deferred tax at 31 March | 193 | 179 |
Deferred tax is recognised as follows in the statement of financial position: | ||
Deferred tax (asset) | (7) | (33) |
Deferred tax (liability) | 200 | 212 |
Deferred tax at 31 March, net | 193 | 179 |
Deferred tax relates to: | ||
Intangible assets | 210 | 213 |
Property, plant and equipment | (15) | (14) |
Inventories | (10) | (5) |
Tax loss carryforwards | - | (18) |
Other assets and liabilities | 8 | 3 |
Deferred tax at 31 March, net | 193 | 179 |
Unrecognised deferred tax assets which are not expected to be utilised against future earnings amount to DKK 64 million (31 March 2025: DKK 18 million).
Changes in temporary differences during the year:
(DKKm) | Balance at1 April | Adjustmentto prior years | Recognised in profit for the year, net | Balance at31 March |
2025/26 | ||||
Intangible assets | 213 | (8) | 5 | 210 |
Property, plant and equipment | (14) | 15 | (16) | (15) |
Inventories | (5) | - | (5) | (10) |
Tax loss carryforwards | (18) | 18 | - | - |
Other assets | 3 | 2 | 3 | 8 |
Total | 179 | 27 | (13) | 193 |
(DKKm) | Balance at1 April | Additions onacquisitions | ||
Recognised in profit for the year, net | Balance at31 March | |||
2024/25 | ||||
Intangible assets | 242 | - | (29) | 213 |
Property, plant and equipment | 1 | (1) | (14) | (14) |
Inventories | (4) | - | (1) | (5) |
Tax loss carryforwards | (10) | (14) | 6 | (18) |
Other assets | (19) | (4) | 26 | 3 |
Total | 210 | (19) | (12) | 179 |
Accounting policies
In accordance with the joint taxation rules, Matas A/S in its capacity as administration company assumes the liability for payment to the tax authorities of its Danish subsidiaries\u2019 corporation taxes as the joint taxation contributions are received from the subsidiaries.
Current tax payable and tax receivable are recognised in the statement of financial position as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account.
Deferred tax is measured in accordance with the balance sheet liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax on temporary differences relating to goodwill, office buildings and other items where temporary differences \u2013 other than business acquisitions and leases \u2013 arise at the date of acquisition without affecting either the profit or loss for the year or the taxable income is not recognised. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on the planned use of the asset or settlement of the liability, respectively.
Deferred tax assets, including the tax base of tax loss carryforwards, are recognised under other non-cur-rent assets at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction.
Adjustment is made to deferred tax resulting from elimination of unrealised intra-group profits and losses.
Deferred tax is measured on the basis of the tax regulations and rates that, according to the rules in force at the date of the statement of financial position, will apply at the time when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in comprehensive income.
Accounting policies
In accordance with the joint taxation rules, Matas A/S in its capacity as administration company assumes the liability for payment to the tax authorities of its Danish subsidiaries\u2019 corporation taxes as the joint taxation contributions are received from the subsidiaries.
Current tax payable and tax receivable are recognised in the statement of financial position as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account.
Deferred tax is measured in accordance with the balance sheet liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax on temporary differences relating to goodwill, office buildings and other items where temporary differences \u2013 other than business acquisitions and leases \u2013 arise at the date of acquisition without affecting either the profit or loss for the year or the taxable income is not recognised. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on the planned use of the asset or settlement of the liability, respectively.
Deferred tax assets, including the tax base of tax loss carryforwards, are recognised under other non-cur-rent assets at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction.
Adjustment is made to deferred tax resulting from elimination of unrealised intra-group profits and losses.
Deferred tax is measured on the basis of the tax regulations and rates that, according to the rules in force at the date of the statement of financial position, will apply at the time when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in comprehensive income.
Note 6.2 \u2013 Fees to auditors appointed at the general meeting
Non-audit services provided by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab (PwC), Denmark, amounted to DKK 3 million in 2025/26 (2024/25: DKK 4 million). This includes services in relation to assurance and advisory in relation to ESG, various tax advisory services and other advisory services.
(DKKm) | 2025/26 | 2024/25 |
Audit | 4 | 5 |
Other assurance engagements | 1 | 2 |
Tax and VAT assistance | 1 | 1 |
Other services | 2 | 1 |
Total fees to auditors appointed by the shareholders at the general meeting | 8 | 9 |
Note 6.4 \u2013 Events after the date of the statement of financial position
No subsequent events have occurred that materially affect Matas Group\u2019s financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__226": { "value": "Note 6.5 \u2013 Contingent liabilities and security
Matas Group is a party to a number of minor disputes that are not expected to affect its financial position or future earnings to any significant extent. Matas Group has, in the normal course of business, provided security in the form of bank guarantees to store lessors for a total amount of DKK 32 million (31 March 2025: DKK 13 million). Matas Group has, in the normal course of business, provided security in the form of Group guarantees to store lessors for a total amount of DKK 29 million (31 March 2025: DKK 25 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__227": { "value": "Note 6.5 \u2013 Contingent liabilities and security
Matas Group is a party to a number of minor disputes that are not expected to affect its financial position or future earnings to any significant extent. Matas Group has, in the normal course of business, provided security in the form of bank guarantees to store lessors for a total amount of DKK 32 million (31 March 2025: DKK 13 million). Matas Group has, in the normal course of business, provided security in the form of Group guarantees to store lessors for a total amount of DKK 29 million (31 March 2025: DKK 25 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__228": { "value": "Note 6.5 \u2013 Contingent liabilities and security
Matas Group is a party to a number of minor disputes that are not expected to affect its financial position or future earnings to any significant extent. Matas Group has, in the normal course of business, provided security in the form of bank guarantees to store lessors for a total amount of DKK 32 million (31 March 2025: DKK 13 million). Matas Group has, in the normal course of business, provided security in the form of Group guarantees to store lessors for a total amount of DKK 29 million (31 March 2025: DKK 25 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__229-1": { "value": "Matas Group
Domicile | Ownership | |
Parent Company | ||
Matas A/S | Denmark | |
Subsidiaries | ||
Matas Operations A/S1 | Denmark | 100% |
Matas Property A/S | Denmark | 100% |
Firtal Group ApS | Denmark | 100% |
Firtal Web A/S | Denmark | 100% |
Firtal Tech ApS | Denmark | 60% |
Gr\u00f8nn ApS | Denmark | 100% |
Gr\u00e6nn A/S | Denmark | 100% |
Web Sundhed ApS | Denmark | 100% |
KICKS Group AB1 + 2 | Sweden | 100% |
Domicile
Ownership
Subsidiaries
Matas Norge AS
Norway
100%
KICKS Norge AS
Norway
100%
KICKS Kosmetikkedjan OY3
Finland
100%
Matas Torshavn P/F4
Faroe Islands
100%
Graenn GmbH4
Germany
100%
Graenn Ltd.4
United Kingdom
100%
Subsidiaries owned directly by Matas A/S. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__230": { "value": "Associates
Geniads ApS
Denmark
50%
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__233": { "value": "Matas A/S", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__236": { "value": "A/S", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "f0__s9__7__237": { "value": "R\u00f8rmosevej 1DK - 3450 Aller\u00f8d", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138004PXX8LWGHGL872", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } } } }