Annual Report

2025/26

1 APRIL 2025 – 31 MARCH 2026

Matas A/S | Rørmosevej 1 | DK-3450 Allerød | Business reg. no. 27 52 84 06

Matas A/S | Rørmosevej 1 | DK-3450 Allerød | Business reg. no. 27 52 84 06

Table of contents

Read more in our Corporate Governance Report →

Read more in our Remuneration Report →

Management’s Review

Financial statements

Our purpose

Matas Group …for beautiful lives

Introducing Matas Group

→ To our shareholders

→ Highlights 2025/26

→ This is Matas Group

→ Our business model

→ Financial highlights 2025/26

→ 5-year key financials

→ Investment case

Introducing Matas Group

→ To our shareholders

Strategy to Win the Nordics – increased focus on execution

In 2025/26, we continued to move forward as a Group, but it was also a year where we clearly saw shifts in consumer behaviour, particularly impacting KICKS. This has sharpened our focus.

Our strategy to Win the Nordics remains unchanged. What has changed is the pace and prioritisation of how we execute - especially in KICKS, where we are accelerating initiatives to strengthen our value proposition across price points, categories and channels.

To our shareholders

Dear shareholders,

Today, Matas Group stands as the leading beauty and wellbeing destination in the Nordics, serving millions of customers across physical stores and digital channels.

Over the past year, we have continued to strengthen our position through a broader assortment, growing online presence and high customer engagement across all markets.

Per Johannesen Madsen

Group CFO

Mette Uglebjerg

Group CEO

Malou Aamund

Chair

Our scale, strong customer relationships and omnichannel model provide us with a solid foundation - and we remain firmly on track in our ambition to Win the Nordics.

Results and execution: Solid performance in a changing market

2025/26 marked another year of sales growth and improved free cash flow for the Group. Revenue grew 3.5% currency neutral and the EBITDA margin was 14.1%, impacted by foreign exchange rates.

At the same time, the year was marked by a shift in consumer behaviour as geopolitical tensions impacted the macroeconomic environment. We saw increasing price sensitivity, with some customers trading down - particularly within high-end beauty. This had a more visible impact on KICKS, where high-end categories account for ~75% of the business.

Matas continued to deliver stable growth, supported by a strong value proposition,

continued expansion of the assortment and solid performance online.

Across the Group, we maintained high customer satisfaction and saw continued growth in both stores and e-commerce - underlining the strength of our omnichannel model.

We also continued to integrate sustainability into our business, working closely with partners and suppliers to progress on our climate ambitions.

Our strategy remains intact, with accelerated plans

Our long-term ambition to Win the Nordics remains unchanged: To become the leading beauty and wellbeing player across all Nordic markets, all channels and core categories.

The market remains attractive, and we continue to see significant opportunities to grow - by improving the customer experience, strengthening our position across channels and expanding into more categories.

What has changed over the past year is not our direction, but our pace. We are accelerating our strategy with a clear focus on faster execution and delivering results.

Our strategy is centred around three pillars: More for you, Closer to you and Stronger for you. During 2025/26, we made solid progress across all pillars.

partners for the fruitful collaboration and our shareholders for the continued support.

We continue to return a significant share of our profits to shareholders, with a target of at least 40% of adjusted profit after tax. The Board of Directors proposes to maintain the dividend at DKK 2.00 per share. Subject to approval at the Annual General Meeting, we also plan to launch a share buyback programme of up to DKK 100 million, depending on investment opportunities and our financial position. With strong free cash flow and a solid financial position, we have the flexibility to both invest in growth and return capital to shareholders.

In April, we welcomed Mette Uglebjerg as new Group CEO. With her extensive retail and international experience and strong operational focus, she is well positioned to lead the next phase of our growth journey.

We look forward to continuing our dialogue with you and look forward to meeting our shareholders at the Annual General Meeting on 16 June.

Malou Aamund, Chair

Mette Uglebjerg, Group CEO

Per Johannesen Madsen, Group CFO

More for you

We continued to expand our assortment across both Matas and KICKS, offering customers more choice across brands, categories and price points.

We introduced a number of high-demand brands and continued to strengthen our in-house brands, including expanding them across markets.

At the same time, we have initiated a more focused effort to strengthen KICKS’ compet- itiveness - with clear actions across pricing, assortment, marketing efficiency and in-store execution.

Cl oser to you

We continued to invest in both our physical and digital presence.

Across the Nordics, we opened and expanded stores, while also improving the online experi- ence through faster delivery, stronger content and increased personalisation.

Customer engagement remains high and with growth in our loyalty programmes among Gen Z.

Stronger for you

We have continued to build a more scalable and efficient platform for future growth.

This includes strengthening our logistics setup, further developing our shared Nordic e-com- merce platform and realising synergies across the Group.

At the same time, we have maintained strong cost discipline, ensuring that we invest where it matters while protecting profitability.

Looking ahead

The past year has underlined that market conditions can change quickly. Consumer confidence remains uncertain, and this is reflected in our expectations for the coming year.

However, our direction is clear. We will continue to execute on our strategy with greater focus and speed - particularly in areas where we see the biggest potential to strengthen our market position.

We would like to thank our colleagues across stores, logistics and offices for their commitment and efforts throughout the year. We also wish to thank our customers for their engagement,

Matas

KICKS

→ Highlights 2025/26

Introducing Matas Group

Highlights 2025/26

Financial highlights

Market position

Strategy execution

ESG highlights

Revenue growth (Group, currency neutral)

3.5%

Matas Group the Nordic market leader

#1

New brands launched in Matas / KICKS

Scope 1 and Scope 2 emission reductions

~143 / ~67

37.5%

EBITDA margin before special items

14.1%

in line with guidance. 14.4% adjusted for currency effects on COGS.

Our markets

Denmark

Sweden

Norway

Finland

Online growth continued

Scope 3, category 1, emissions covered by suppliers with science-based targets

8.2%

11.2% excluding Skincity

31.7%

Proposed dividend per share of DKK

2.00

for approval at the Annual General Meeting

EBITDA improvement from further synergies of DKK million

50

on track to be fully phased by 2026/27

Two automated and scaleable warehouses a platform for future

Mental health training satisfaction score

Growth

66NPS

Read more in the sustainability section of this report →

3.3

236

3.8

4.9

0.6

264

2.2

Matas

Other 1

Matas

Matas

KICKS

KICKS

KICKS

The Nordic leader

Matas Group

500

Stores

73

Stores

129

Stores

34

Stores

8.8

Revenue (DKK billion)

6.0

Club members, millions

264

Stores

→ This is Matas Group

This is Matas Group

Complementary footprint

Matas Group is connecting a big and attractive Nordic market and 6 million members in loyalty programmes with brands through online and offline retail on a shared platform.

Top-of-mind brand

Both Matas and KICKS are the strongest top-of- mind brands in respective geographies with well-trained beauty experts and unique offering, including a combination of exclusive distribution rights, brands and in-house products.

14.1%

EBITDA margin 1

# 1

Nordic market position

34 %

Share of revenues from online

~12 %

Estimated Nordic market share 2

~ 700

Suppliers

+75,000

SKU base

1 EBITDA margin before special items 2025/26 2 Based on Euromonitor data for Nordic beauty and wellbeing market 3 “Other” represents Firtal, Grænn and Web Sundhed.

Revenue split by Matas/KICKS/Other

2025/26, %

Revenue split by channel

2025/26, %

Matas

KICKS

Other 3

Stores

Online

Wholesale

→ Our business model

High margins sustained by hard-to-copy business model with competitive advantages

National top-of-mind banners and brands

Competitive operating platform

→ Financial highlights 2025/26

Financial highlights 2025/26

Matas (including Other segment)

Revenue (DKKm)

5,529

Revenue growth

5.8%

(2024/25: 8.0%) with continued growth in all channels

Gross profit margin

46.8%

(2024/25: 47.5%)

Matas Group

Revenue (DKKm)

8,776

in line with guidance

Revenue growth, currency neutral

3.5%

(2024/25: 7.0% proforma currency neutral)

EBITDA margin before special items

14.1%

adjusted for currency effects on COGS 14.4% in line with updated guidance of 14.0%-14.5% (2024/25: 14.5%)

KICKS

Revenue (DKKm)

3,247

Revenue growth, currency neutral

0.0%

(2024/25: 5.3% proforma currency neutral)

Gross profit margin

41.6%

adjusted for currency effects on COGS 42.6% (2024/25: 44.0%)

→ 5-year key financials

5-year key financials

See page 200 → for definitions of key financials.

2023/24

2024/25

6,701

2025/26

8,379

8,776

Revenue

DKKm

EBIT

DKKm

379

565

514

2023/24

2024/25

2025/26

(376)

(2)

545

2023/24

2024/25

2025/26

Free cash flow

DKKm

1 Revenue growth proforma currency neutral 2024/25: 7.0%.

2 Total investments, i.e. CAPEX, acquisitions, etc. excluding IFRS 16 lease assets.

5-year key financials, ratios

14.1%

EBITDA margin before special items

DKK 7.48

Earnings per share

DKK 228.2

Average basket size

3,374 FTEs

Average number of employees

→ Investment case

Investment case

Significant free cash flow generation

from 2025/26 after completion of large investments in logis- tics and IT. Allowing for further investments in growth

A long-term growth journey to build the #1 Nordic beauty and wellbeing destination

Starting point

Ambition and capital allocation

Growth potential

Nordic leader

Big and growing market

High profit margins

2-3X

>40%

15.0-16.0%

DKK >10 billion

Strategy and guidance

→ The market

→ Strategy execution

→ Financial guidance 2026/27

→ The market

The market

The Nordic market is big and attractive, and Matas Group continues to reinforce its position as a leading Nordic destination within beauty.

01

Long-term trends continue to create a growing market

Highlights

02

Fragmented market with international entrants

03

Soft consumer demands increase price sensitivity

04

Summary

Strategy and guidance

Matas Group continues to reinforce its position as a leading Nordic destination within beauty. The category remains structurally attractive, but the market is currently characterised by softer demand than past years. Consumers are more price-conscious and increasingly seeking better value-for-money, while heightened price transparency and campaign intensity are reshaping competitive dynamics. Despite this, underlying demand remains resilient, supported by long-term trends and continued channel shift toward omnichannel specialty retail.

supported by innovation, brand loyalty and consumers appreciation for good advice. Skincare, Fragrance and Professional haircare remain structurally margin-supportive categories. Social media continues to accelerate trend cycles and shape discovery and purchase behaviour, increasing the premium on strong curation, credible advice and fast execution—especially as price comparison becomes easier and switching costs decline.

In Health and Wellbeing, demand for vitamins, supplements and functional nutrition continues to grow as consumers prioritise preventive health, holistic wellness and longevity. Preference for natural, organic and plant-based products is increasing, supported by digital access to information and growing adoption of wearable and digital health solutions.

02 Soft consumer demand increase price sensitivity

Consumers remain focused on performance and efficiency, but are more deliberate about when and where they spend. Mature consumers increasingly prioritise ageing well, while younger consumers enter beauty routines earlier and engage more frequently with trends.

Category dynamics are mixed. Premium beauty is more exposed when consumers trade down or defer purchases, while Mass beauty is more for everyday use. Demand continues to shift

toward high-efficacy Skincare and Dermatological beauty, supported by interest in science-backed products and trusted guidance. Fragrance and Make-up benefit from “affordable indulgence” behaviour, while Haircare remains supported by at-home routines.

At the same time, rising campaign intensity and deeper discounting risk shifting competition from brand-led to price-led dynamics. This may support short-term volume but increases structural margin pressure. Disciplined promotions, clear price archi- tecture and strong loyalty ecosystems are increas- ingly important to protect value creation.

03 Fragmented market with international entrants

The Nordic beauty landscape remains fragmented, particularly in Sweden, Norway and Finland, while consumers increasingly expect seamless omnichannel experiences. Online- first players continue to expand reach, and competitive intensity is increasing as international entrants scale in the region. Some traditional channels remain under pressure.

Cross-border e-commerce and parallel imports have increased, raising price transparency and intensifying price pressure. This creates structural value pressure that the market will need to address to protect long-term brand equity and maintain value across the beauty value chain.

01 Long-term trends continue to create a growing market

The Nordic beauty market remains sizeable and resilient, with an estimated value of DKK ~76 billion in 2025 (Euromonitor). While growth has softened as consumers prioritise value and react more to promotions, the category is still expected to outgrow regional GDP from 2026 and onwards. Sweden is the largest market, followed by Norway, Denmark and Finland. Norway has the highest spend per capita, and Sweden is expected to deliver the strongest growth, while higher price sensitivity increases volatility in premium segments and raises the importance of clear price-value positioning.

Beauty in the Nordics continues to be characterised by attractive margins over time,

04 Summary

The Nordic beauty market remains attractive and structurally supported but is operating in a softer demand environment with increasing structural value pressure driven by higher price sensitivity and greater promotional intensity. With leading positions across the Nordics, Matas Group is well placed to capture growth while protecting long- term brand and category value through scale, omnichannel capabilities and deep category expertise.

→ Strategy execution

Strategy execution

Matas Group’s strategy to Win the Nordics is built around three core pillars with six custom- er-centric priorities to outgrow the market while strengthening margins and building a scalable long-term platform.

This year was impacted by a softer consumer backdrop and higher price sensitivity, especially in high-end beauty, requiring sharper focus on value-for-money and relevance. Against this, we accelerated our strategy and continued to expand assortment and in-house brands, strengthen loyalty and omnichannel execution, and improve efficiency through a shared oper- ating platform. Win the Nordics remains a winning formula, and accelerating the strategy remains our priority going forward.

All for you

Potential value creating M&A

Expand and improve portfolio of in-house brands

Roll out ”one-stop” offering and concept

Take e-commerce market shares and fuel omni experience

Refresh, upgrade and open stores

Integrate and share to operate efficiently

Build long-term platform and culture

Company-wide ESG commitment

Read more about Matas Group’s ESG strategy on page 56 →

More for you

Closer to you

Stronger for you

01 More for you

Widening and deepening the offering and growing in-house brands

Over the past year, we continued to broaden the “one-stop” beauty offer across Matas and KICKS to secure stronger value-for-money and category leadership. Assortment expansion remained a key lever, with Matas launching 143 new brands and KICKS launching 67 new brands. Growth was particularly strong in professional haircare, sport and wellness and derma and special skincare. We also strengthened relevance in key sub-catego- ries with launches such as Kilian Paris (Fragrance), Baby Brezza (Baby and parent) and Amazing Space (Skin).

KICKS accelerated the broadening of the online and store offer, including the launch of Charlotte Tilbury online, The Body Shop online in Sweden and Norway and Laneige online in Norway and Finland, with selected in-store roll-outs planned.

In-house brands remained a core differentiator and margin driver. Nilens Jord was launched in KICKS and outperformed expectations, building on the earlier success of Matas Striber in KICKS. In-house performance was strong with KICKS’ in-house brands up 15.7% and Matas’ in-house brands up 6.7%, driven by Matas Striber and supported by the launch of Sportsstriber. BeautyAct also grew 5.8% despite a weaker overall market backdrop, reinforcing the role of affordable, high-value own brands.

Key milestones during the year:

Assortment expansion: 143 new brands in Matas and 67 new brands in KICKS

Category strengthening in Professional Haircare, Sport and Wellness, Derma and Special Skin- care

Launches including Kilian Paris, Baby Brezza, Amazing Space and Bubble

KICKS roll-out: The Body Shop online (Sweden and Norway) and Laneige online (Norway and Finland), with selected in-store launches planned and Charlotte Tilbury online (Sweden, Norway and Finland)

In-house acceleration: Nilens Jord launched in KICKS, KICKS in-house brands +15.7%, Matas in-house brands +6.7%

~12%

Matas Group has ~12% market share within beauty and wellbeing and significant growth potential in a growing market

02 Closer to you

Strenghtening customer engagement and reaching +6 million members

Matas Group continued to strengthen customer engagement through a strong loyalty base and improved omnichannel execution. The Group now has 6.0 million club members, with 2.2 million in Matas and 3.8 million in KICKS. In Q4, we launched the KICKS app, using the same backbone as the Club Matas app, enabling new features developed to benefit all members across markets.

Online performance was positive despite a softer market backdrop. Group online growth excluding Skincity was 11.2% (currency neutral), driven by Matas online growth of 12.7%, while KICKS online (excluding Skincity) grew 8.4%.

Stores remain central to the omnichannel model, with 500 stores across the Nordics and approx- imately two-thirds of revenues still generated in physical retail. Matas maintained a high store NPS, and Connected Retail (online sales fulfilled from stores) grew by double digits, supporting better availability and service.

We also continued to invest in store quality and footprint. Matas reopened its largest store to date (533 sqm) in Rosengårdcentret, Odense, and opened/expanded stores in Kgs. Lyngby, Aarhus, Køge and Holte. KICKS opened 8 new stores (Moss, Oslo, Molde and Stavanger in Norway; Turku and Helsinki Forum in Finland; and Stock-

holm and Malmô in Sweden), and expanded signif- icantly (+140-200 m 2 ) in 4 stores (Glasmagasinet and Strömmen in Norway, Itis in Finland, and Emporia in Sweden) and closed 2 stores.

Key milestones during the year:

6.0 million members across the Nordics (2.2 million in Matas and 3.8 million KICKS)

Group online growth excl. Skincity: +11.2% (currency neutral)

Matas online +12.7%; KICKS online excl. Skincity +8.4%

Store NPS in Matas increased and Connected Retail grew by double digits

Matas store investments: 533 sqm flagship reopening in Odense, expansion in Kgs. Lyngby

KICKS store openings: 8 new stores (Moss, Oslo, Molde, Stavanger, Turku, Helsinki, Stockholm and Malmö) and 2 store closures

03 Stronger for you

Step-change in logistics and operating model

Over the past year, Matas Group strengthened its operating platform to support scalable growth and improved efficiency. Following delivery of more than DKK 100 million in initial synergies within the financial year, the Group has secured the delivery of additional synergies of DKK 50 million in 2026/27.

Operational execution has been reinforced through logistics scale and automation. The Group now operates two automated logistics centres, located outside Copenhagen and Stockholm, which performed very well and supported faster delivery at lower cost during the high season.

We also strengthened the foundations for shared execution across the Group. A common e-com- merce platform has been operational since Q2 2025/26, enabling more efficient scaling of initia- tives across Matas and KICKS going forward.

Key milestones during the year:

Delivered more than DKK 100 million initial synergies; further synergies on track for 2026/27

Two automated logistics centres operational (outside Copenhagen and Stockholm) with improving cost per order and faster delivery

Common e-commerce platform live since Q2 2025/26, enabling scalable execution across the Group

Outlook and next steps

Looking ahead, the strategy to Win the Nordics continues, but execution is accelerated where market dynamics demand it - most notably to broaden KICKS’ offer and protect competitive- ness as consumers trade down. With more than DKK 100 million synergies delivered, a common e-commerce platform live, and two automated logistics centres operating, we have strengthened the foundation for scalable, profitable growth. This positions Matas Group to keep winning market share while protecting long-term brand and category value across the Nordics.

→ Financial guidance 2026/27

Consolidated revenue

Reported consolidated revenue for 2025/26 amounted to DKK 8,776 million, in line with our revenue guidance for the year which was revised on 9 January 2026 following consumers trading down in the Christmas quarter. The consoli- dated revenue for 2025/26 is the base for the revenue guidance for 2026/27. Assuming the same exchange rates as in 2025/26, the currency neutral consolidated revenue growth for 2026/27 is expected to range from 2% to 6% 1 .

Consolidated revenue growth in 2026/27 is expected to be driven by moderate market growth and our assortment expansion together with continued growth in e-commerce as well as the execution of our Win the Nordics strategy across our markets. The macroeconomic outlook remains uncertain, reflected in declining consumer confidence which may impact consumer spending and market growth. Our wider revenue guidance range for 2026/27 reflects this uncertainty.

Matas Group financial guidance 2026/27

2 - 6%

Revenue growth, currency neutral 1

14.0-14.5%

EBITDA margin before special items

~4.5%/~410m

CAPEX as % of Group revenue and in DKKm

Total consolidated revenue is expected to grow between 2% and 6% currency neutral in 2026/27. The EBITDA margin before special items is expected to be in the range from 14.0% to 14.5%. CAPEX, excluding M&A, is expected to be around 4.5% of revenue, corresponding to DKK ~410 million with accelerated investment in electronic shelf labelling across all markets.

Financial guidance 2026/27

Consolidated EBITDA margin

The reported EBITDA margin before special items for 2025/26 at 14.1%, in line with our margin guid- ance for the year which was revised on 9 January 2026, is the starting point for the consolidated EBITDA margin guidance for 2026/27. For 2026/27, the consolidated EBITDA margin before special items is expected to be in the range of 14.0% to 14.5%.

The consolidated EBITDA margin in 2026/27 is expected to be driven by operating leverage and synergies. In addition to the DKK 140 million in synergies and stand-alone improvements already delivered from the KICKS acquisition, further cost synergies with an annual EBITDA impact of around DKK 50 million as previously communicated has been secured to be fully phased in 2026/27. Negative margin impact is expected from continued investments in assortment expansion, channel mix and increased competition in the market. Matas' new automated Logistic Center opened in April 2025, and a positive effect on margin is expected also in 2026/27.

CAPEX

CAPEX, excluding M&A, is expected to be around 4.5% of revenue, above the long-term ambition of 3 to 4%, and corresponding to DKK ~410 million at mid-point of the revenue guidance, including accelerated investment in electronic shelf label- ling across all markets. The investments supports Matas Group's long-term competitiveness, effi- ciency and growth.

Financial ambitions for 2027/28

In connection with the publication of the 2023/24 Annual Report, Matas Group presented the growth strategy, “Win the Nordics” as well as financial ambitions: Revenue of above DKK 10 billion in 2027/28 and an EBITDA margin before special items of 15.0 to 16.0% in 2027/28. Annual CAPEX, excluding M&A, is expected to be 3 to 4% of revenue. Gearing policy is unchanged at 2-3x (Net interest-bearing debt / EBITDA before special items). The policy for distribution by way of dividends and share buybacks is minimum 40% of adjusted net profit.

Forward-looking statements

The Annual Report contains statements relating to the future, including statements regarding Matas Group’s future operating results, financial position, cash flows, business strategy and future targets. Such statements are based on Manage- ment’s reasonable expectations and forecasts at the time of release of this report. Forward-looking statements are subject to risks and uncertainties and a number of other factors, many of which are beyond Matas Group’s control. This may have the effect that actual results may differ

significantly from the expectations expressed in the report. Without being exhaustive, such factors include general economic and commer- cial factors, including market and competitive conditions, supplier issues and financial and regulatory issues, IT failures as well as any effects of healthcare measures that are not specifically mentioned above.

Results

→ Revenue Q4 2025/26

→ Costs and operating performance Q4 2025/26

→ Revenue 2025/26

→ Costs and operating performance 2025/26

Online

Physical stores

Wholesale

High-end Beauty

Other categories

Mass Beauty

Health and Wellbeing

→ Revenue Q4 2025/26

Revenue Q4 2025/26

Matas Group generated total revenue of DKK 1,981 million in Q4 2025/26 1 , a year-on-year increase of 5.5% from DKK 1,878 million in Q4 2024/25 (4.0% currency neutral). Retail sales were up by 5.2% to DKK 1,941 million.

Total revenue grew DKK 103 million compared to Q4 2024/25, Matas segment grew DKK 28 million or 2.6%. KICKS segment increased by 4.7% currency neutral. KICKS excluding Skincity increased by 5.9% currency neutral with online increasing by 16.0% in Q4 2025/26. Other 2 segment grew DKK 15 million or 10.8% mainly driven by Firtal Group.

Matas Group delivered growth within all catego- ries and all channels in Q4 2025/26 except for the Other category declining compared to last year.

The number of transactions decreased by 2.6% to 8.5 million compared to 8.7 million in Q4 2024/25, while the average basket size increased by 6.5% to DKK 228 per transaction compared to Q4 last year currency neutral.