(1 APRIL - 30 JUNE 2026)
Company announcement no. 09 2026/27, Allerød, 12 August 2026
Interim report Q1 2026/27
Matas Group delivers Q1 growth and launches new
Nordic operating model
3 Matas Group delivers Q1 growth and
launches new Nordic operating model
4 Q1 2026/27 highlights
5 Key financials
6 Management’s review
8 Q1 2026/27 performance, costs and
operating performance
14 Statement by the Board of Directors and
the Executive Committee
15 Statement of comprehensive income
16 Statement of cash flows
17 Statement of financial position
18 Statement of changes in equity
20 Notes
26 Interim financial highlights
27 Additional information
Table of contents
Webcast
Matas Group will host a webcast for
investors and analysts on Wednesday,
12 August at 10:00 a.m. CEST. The
webcast and the presentation can be
accessed from Matas’ investor website:
https://matasgroup.com/investors.
Webcast access numbers
for investors and analysts
DK: +45 78 76 84 90
SE: +46 31 311 5003
NO: +47 2195 6342
UK: +44 203 769 6819
US: +1 646 787 0157
PIN for all countries: 915912
Link to webcast
https://matas.nexahub.io/events/inter-
im-report-q1-202627-12-august-2026
Interim report Q1 2026/27
2
Matas Group delivers Q1 growth and
launches new Nordic operating model
Matas Group delivered currency neutral revenue growth of 3.4% in Q1
2026/27, corresponding to reported revenue growth of 4.2%. Matas
grew 4.9%, while KICKS revenues were 0.3% below last year currency
neutral. E-commerce grew 10.4%, while stores were 0.7% above last year.
The Group continued to see growth in Matas, strong momentum in
e-commerce and continued growth in in-house brands, while perfor-
mance in the KICKS markets remained challenged by competitive pres-
sure, particularly in Sweden, and lower consumer spending across
parts of the Nordic markets. Number of transactions for the quarter
decreased 2.8% while the average basket size increased by 6.0%.
Gross margin ended below last year at 44.3%. Half of the decline in
gross margin was due to inventory write-down in KICKS. Gross margin
was also pressured by pricing initiatives and unfavourable product
mix, particular in KICKS, as consumers traded down, but in-house
brands continued momentum and grew 9%. EBITDA before special
4.2%
Revenue growth in Q1 (3.4%
currency neutral)
12.2%
EBITDA margin before special
items in Q1, (11.9% adjusted for
currency impact on cost of
goods)
“Q1 underlined both the strengths of Matas Group and the opportunities ahead of us. Matas continued to grow, e-commerce delivered
good momentum, and our in-house brands demonstrated their strategic value across the Group. At the same time, performance across
the KICKS markets remained challenged by competitive pressure and lower consumer spending across parts of the Nordic markets.
Looking beyond the quarter, Matas Group is a growth company with significant potential across the Nordics. As our markets develop and
customer expectations continue to change, we are sharpening our customer value proposition and moving to a market-led model. This
is a long-term strategic step that will strengthen local execution and enable us to make better use of Nordic scale, shared capabilities and
synergies. The new model gives us a stronger platform for continued growth.”
Mette Uglebjerg, Group CEO
items amounted to DKK 264 million, 13% below last year, primarily due
to the lower gross margin and the higher other external costs. Cash
flow amounted to DKK 147 million, driven by lower performance and
changes in working capital.
New Nordic operating model
Matas Group is introducing a new Nordic operating model to support
the Group’s continued growth journey and sharpen execution across
the Nordics. This is a long-term strategic step that will strengthen
local execution and enable us to make better use of Nordic scale,
shared capabilities and synergies. The model is designed to create a
more lean organisation with clearer roles, fewer layers and stronger
accountability in each market.
The new operating model is expected to generate in-year cost savings
of approximately DKK 15 million in 2026/27 and annual run-rate savings
of approximately DKK 45-50 million from 2027/28. The implementation
is expected to result in special items of DKK 70-105 million in 2026/27,
primarily related to implementation and severance pay.
Financial guidance and strategy update
Matas Group maintains its financial guidance for 2026/27.
For the financial year 2026/27, Group revenue is expected to grow
between 2% and 6% on a currency neutral basis. The EBITDA margin
before special items is expected to be in the range of 14.0% to 14.5%.
CAPEX, excluding M&A, is expected to be around 4.5% of revenue.
The implementation of the new operating model is expected to
result in special items in 2026/27 and is not expected to impact
EBITDA before special items. Matas Group will provide a strategy
update and present new long-term financial ambitions later in the
financial year. Further information on timing and agenda will be
communicated in due course.
Share buyback programme
As proposed in connection with the Annual Report, Matas Group will
also launch an up to DKK 100 million share buyback programme.
Interim report Q1 2026/27
3
5.8
1,113
5.9
5.7
1,172
1,230
302
264
3.0
2.8
0.4
161
0.3
145
0.3
129
2.8
757
770
714
9.2
8.9
8.9
2,074
2,161
293
1,956
Q1
2024/25
Q1
2024/25
Q1
2024/25
Q1
2025/26
Q1
2026/27
Q1
2025/26
Q1
2026/27
Q1
2025/26
Q1
2026/27
Other* KICKS Matas Matas Group
• Matas Group delivered revenue growth of 4.2%
in Q1 2026/27 equal to 3.4% currency neutral.
• Matas stand-alone growth in Q1 was 4.9%,
online growth was 17.4% with Matas stores flat
(0.1% decline like-for-like). KICKS stand-alone
declined 0.3% currency neutral with online
declining 0.6% and stores declining 0.1% (0.3%
decline like-for-like). Other segment (Firtal,
Grænn and Web Sundhed) grew 10.8% with
online growth at 6.0%.
• The number of transactions decreased by
2.8% to 8.9 million compared to 9.2 million
in Q1 2025/26, while the average basket size
increased by 6.0% to DKK 237 per transaction
compared to Q1 last year currency neutral.
• Gross profit for Q1 2026/27 amounted to DKK
958 million, increase from DKK 955 million in
Q1 2025/26 (DKK 961 million currency neutral).
The gross margin was 44.3% in the quarter,
compared to 46.0% last year (46.0% currency
neutral). Half of the decline in gross margin
was due to inventory write-down in KICKS. The
gross margin was also pressured by pricing
initiatives and unfavourable product mix,
particular in KICKS, as consumers traded down,
but in-house brands continued momentum and
Q1 2026/27 highlights
grew 9%. The gross margin was also positively
impacted by lower cost of goods sold in KICKS
Norway, as the NOK strengthened against SEK
in Q1, increasing the gross margin in Norway.
Adjusted for the currency net effect on cost of
goods in Norway and Finland, the gross margin
was 44.0% in Q1.
• Other external costs amounted to DKK 272
million in Q1 2026/27, up from DKK 237 million in
Q1 2025/26 (DKK 238 million currency neutral)
with the increase primarily reflecting higher
commercial investments to drive customer
traffic across channels, together with higher
variable costs associated with growth in online
sales.
• Q1 2026/27, staff costs amounted to DKK 428
million, up from DKK 422 million in Q1 2025/26
(DKK 425 million currency neutral) driven
by higher activity levels and wage inflation,
partially offset by productivity gains, primarily
from our logistic centres.
• Special items amounted to DKK 14 million net
expense in Q1 2026/27 related to new operating
model, compared to DKK 5 million net expense
in Q1 2025/26.
• EBITDA before special items came to DKK 264
million in Q1 2026/27 compared to DKK 302
million last year (currency neutral DKK 304
million), and the EBITDA margin before special
items was 12.2% in the quarter against 14.5%
last year (14.5% currency neutral). Adjusted for
the currency effect on cost of goods, EBITDA
margin before special items was 11.9% in Q1.
• The total depreciation, amortisation and
impairment charges amounted to DKK 164
million in Q1 2026/27, up by DKK 3 million
compared to last year.
• Profit for the period amounted to DKK 19 million
after tax compared to DKK 64 million last year
(currency neutral DKK 65 million).
• Free cash flow was an inflow of DKK 147 million
in Q1 2026/27 compared with an inflow of DKK
371 million in Q1 2025/26. The decrease in inflow
was driven by lower performance and changes
in working capital.
Customer transactions
Millions
Revenue
DKKm
EBITDA before special items
DKKm
* ”Other” represents Firtal, Grænn and Web Sundhed
Interim report Q1 2026/27
4
Key financials
(DKKm)
Q1
2026/27
Q1
2025/26
Growth
(%)
Currency
neutral
Q1
2025/26
Growth
currency
neutral
(%)
Statement of comprehensive income
Revenue 2,161 2,074 4.2% 2,089 3.4%
Gross profit 958 955 0.3% 961 (0.3)%
EBITDA 250 297 (15.8)% 299 (16.5)%
EBIT 86 136 (37.0)% 137 (37.7)%
Net financials (63) (54) 16.2% (54) 17.2%
Profit before tax 23 82 (72.3)% 83 (72.9)%
Profit for the period 19 64 (71.1)% 65 (71.9)%
Special items included in EBITDA (14) (5) 194.6% (5) 193.7%
EBITDA before special items 264 302 (12.5)% 304 (13.2)%
Adjusted profit after tax 38 74 (49.1)% 76 (50.3)%
Statement of financial position
Total assets 9,842 9,629
Total equity 3,652 3,685
Net working capital 951 645
Net interest-bearing debt 4,042 3,622
Statement of cash flows
Cash flow from operating activities 245 471
Cash flow from investing activities (98) (100)
Free cash flow 147 371
(DKKm)
Q1
2026/27
Q1
2025/26
Currency
neutral
Q1
2025/26
Ratios
Revenue growth 4.2% 6.0% 6.0%
Gross margin 44.3% 46.0% 46.0%
EBITDA margin 11.6% 14.3% 14.3%
EBITDA margin before special items 12.2% 14.5% 14.5%
EBIT margin 4.0% 6.5% 6.6%
Cash conversion 78.9% 122.5%
Earnings per share, DKK 0.49 1.67 1.72
Diluted earnings per share, DKK 0.49 1.66 1.71
Share price, end of period, DKK 87.8 133.4
ROIC before tax including goodwill 9.5% 8.9%
ROIC before tax excluding goodwill 21.0% 20.8%
Net working capital as a percentage of
LTM revenue 10.8% 7.6%
Investments as a percentage of revenue 4.5% 4.8%
Net interest-bearing debt/LTM EBITDA before special items 3.4 3.0
Number of transactions (millions)* 8.9 9.2 9.2
Average basket size (DKK)* 237 222 223
Number of stores 503 494 494
Club members Matas and KICKS (millions) 6.0 6.0 6.0
Club Matas Plus members (thousands) 127.4 121.4 121.4
Average number of employees (FTE) 3,407 3,347 3,347
* For definitions of key financials, see page 200 of the Annual Report 2025/26.
Interim report Q1 2026/27
5
Nordic growth strategy
In May 2024, Matas Group announced its new strategy,
Win the Nordics, in connection with the Annual Report for
2023/24 and the Capital Markets Day.
Matas Group will provide a strategy update later in the
financial year. Further information on timing and agenda
will be communicated in due course.
Win the Nordics is a growth strategy with six customer
centric strategic priorities for the mid-term to outgrow
the market while improving margins and building the
long-term platform. The strategy continued to progress
as planned.
The new operating model will generate synergies of addi-
tional DKK 45-50 million next year in addition to the the
previously communicated run rate efficiencies included
this financial year of DKK 50 million relating to indirect
costs.
New Nordic operating model
On 12 August 2026, Matas Group announced a new Nordic
operating model to support the Group’s continued growth
journey and sharpen execution across the Nordics. The
model is designed to create a more lean organisation with
clearer roles, fewer layers and stronger accountability in
each market. This is a long-term strategic step that will
strengthen local execution and enable us to make better
use of Nordic scale, shared capabilities and synergies.
Management’s review
Matas Group strategic priorities
All for you
Potential value creating M&A
Expand and
improve
portfolio of
in-house
brands
Roll out
”one-stop”
offering and
concept
Take
e-commerce
market shares
and fuel omni
experience
Refresh,
upgrade
andopen
stores
Integrate
and share
to operate
efficiently
Build
long-term
platform and
culture
More for you Closer to you Stronger for you
Interim report Q1 2026/27
6
Win the Nordics - Strategic initiatives in Q1 2026/27 and
launch of new Nordic operating model
Stronger for you
05 Integrate and share to operate efficiently
• The additional synergies of DKK 50 million are on track for
2026/27.
• Our two automated logistic centres, located outside of
Copenhagen and Stockholm respectively, are fully operational
and delivering faster at lower cost.
06 Build long-term platform and culture
• On 12 August 2026, Matas Group announced a new Nordic
operating model to support the Group's continued growth
journey and sharpen execution across the Nordics. The model
is design
ed to create a more lean organisation with clearer
roles, fewer layers and stronger accountability in each
market. This is a long-term strategic step that will strengthen
local execution and enable us to make better use of Nordic
scale, shared capabilities and synergies.
• One consolidated Group IT platform to foster collaboration
and scale benefits, including investments in AI and analytics.
• Utilise Nordic scale and best practices.
• One common e-commerce platform for all customer facing
websites was launched in Q2 2025/26, enabling scaling of
initiatives across the Group going forward.
Closer to you
03 Take e-commerce market shares
and fuel omni experience
• Group online growth was 10.4% in Q1. Online growth in Matas was
17.4%. KICKS online declined 0.6% in Q1.
• In total, Matas Group has 6.0 million club members, with Matas
accounting for 2.2 million members and KICKS for 3.8 million
members.
04 Refresh, upgrade and open stores
• With 503 stores across Denmark, Sweden, Norway and Finland,
the stores play an important role in the omni-channel and still
account for two thirds of revenues.
• Matas opened one new store in Northern Copenhagen in Q1.
• KICKS opened two new stores in Norway in Q1.
• KICKS also reopenend an expanded store in central Stockholm
in May 2026. The expanded store is the first to offer both
Chanel in Sweden and the new Wellness category in KICKS.
More for you
01 Roll out "one-stop" offering and concept
• Matas Group assortment expansion continued.
• KICKS launched its 5th category, Wellness, in May, enabling
KICKS to capture a broader share of customers wallet,
increasing frequency and basket size. The Wellness launch
focused on needs such as Sleep & Relaxation, Intimite care and
Everyday care.
• KICKS also launched Chanel in-store for the first time in Sweden
in the newly reopened statement store in central Stockholm.
02 Expand and improve portfolio of in-house brands
• In-house brands grew 9% in Q1 2026/27. Matas Striber and Nilens
Jord were the key growth engines, driving performance across
categories and banners.
• Matas Striber strengthed its market position, becoming the #1
Hair brand by units sold in KICKS Finland and Norway, while also
successfully expanding into Sun Care and Men in KICKS in all
three markets.
• KICKS in-house brands grew 6.7% in Q1 2026/27.
• Matas in-house brands grew 10.8% in Q1 2026/27.
Interim report Q1 2026/27
7
Online
Physical stores
Wholesale
High-end Beauty
Other categories
Mass Beauty
Health and Wellbeing
47
2
32
19
2026/27
Q1
64
34
2
2026/27
Q1
Q1 2026/27 performance, costs and operating performance
Revenue
Matas Group generated total revenue of DKK 2,161
million in Q1 2026/27, a year-on-year increase of
4.2% from DKK 2,074 million in Q1 2025/26 (3.4%
currency neutral). Retail sales were up by 3.9% to
DKK 2,116 million.
Total revenue grew DKK 87 million compared to Q1
2025/26, Matas grew DKK 58 million or 4.9%. KICKS
grew DKK 13 million or 1.7% but decreased by 0.3%
currency neutral with online decreasing by 0.6% in
Q1 2026/27. Other segment grew DKK 16 million or
10.8% driven by Web Sundhed.
Matas Group delivered growth within all categories
and all channels in Q1 2026/27.
The number of transactions decreased by 2.8% to
8.9 million compared to 9.2 million in Q1 2025/26,
while the average basket size increased by 6.0% to
DKK 237 per transaction compared to Q1 last year
currency neutral.
Q1 2026/27 performance
Q1 revenue by categories and sales channels
(DKKm)
Q1
2026/27
Q1
2025/26
Growth
(%)
Currency
neutral
Q1
2025/26
Growth
currency
neutral
(%)
Categories
High-end Beauty 993 978 1.6% 990 0.3%
Mass Beauty 673 630 6.9% 632 6.5%
Health and Wellbeing 398 382 4.0% 383 4.0%
Other categories 52 47 9.3% 47 9.1%
Retail revenue 2,116 2,037 3.9% 2,052 3.1%
Retail revenue by category (%)
High-end Beauty 47% 48% 48%
Mass Beauty 32% 31% 31%
Health and Wellbeing 19% 19% 19%
Other categories 2% 2% 2%
100% 100% 100%
Sales channels
Physical stores 1,381 1,371 0.7% 1,382 (0.1)%
Online 735 666 10.4% 670 9.7%
Wholesale 45 37 22.6% 37 22.6%
Total revenue 2,161 2,074 4.2% 2,089 3.4%
Revenue by sales channel (%)
Physical stores 64% 66% 66%
Online 34% 32% 32%
Wholesale 2% 2% 2%
100% 100% 100%
Revenue by sales channel (%)
Retail revenue by category (%)
Interim report Q1 2026/27
8
Performance by category
High-end Beauty was showing a growth of 1.6% in
Q1 2026/27 (0.3% currency neutral) compared to
Q1 2025/26.
Mass Beauty delivered strong growth in Q1 demon-
strating resilience and outsized performance
adding DKK 43 million or 6.9% growth compared to
Q1 2025/26 (6.5% currency neutral).
In-house brands sales for the Group accounted for
12.7% of the total revenue in Q1 2026/27 compared
to 12.1% in Q1 2025/26, growing 9.0% currency
neutral in the quarter. For Matas and Other, the
in-house brands sales, including Striber, Nilens
Jord, Miild and BeautyAct, accounted for DKK 229
million or 16.5% of the total revenue in Q1 2026/27,
growing 9.5% compared to Q1 2025/26. For KICKS
the in-house brands sales accounted for 5.9% of
the KICKS total revenue for Q1 2026/27, growing
6.7% currency neutral from Q1 2025/26.
Categories
Matas Group is characterised by its wide assortment of beauty, personal
care, health, wellbeing and problem-solving household products. This
broad product range creates a unique one-stop retail value proposition
for the Group's customers in the shape of four categories.
High-end Beauty
Luxury beauty products, including
cosmetics, skin and haircare prod-
ucts and fragrances. High-end
Beauty is the largest category in
KICKS.
Mass Beauty
Everyday beauty products and
personal care, including cosmetics,
skin and haircare products.
Health and Wellbeing
MediCare (OTC medicine and nursing
products). Vitamins, minerals, health
supplements, specialty foods and
herbal medicinal products. Sports,
nutrition and exercise. Mother and
child. Sexual wellness, Personal care
products (oral, foot and intimate
care and hair removal) and special
skincare.
Other
Clothing and accessories (footwear,
hair ornaments, jewellery, toilet bags,
etc.). House and gardening (cleaning
and maintenance, electrical pro-
ducts, interior decoration and
textiles) and other.
Interim report Q1 2026/27
9
Performance by sales channel
Physical stores grew revenue by 0.7% or DKK
10 million to DKK 1,381 million compared to Q1
2025/26. Matas revenue in stores declined by
0.1% (0.1% decline like-for-like), with same number
of stores than Q1 2025/26. KICKS revenues from
stores grew 1.9% but declined by 0.1% currency
neutral (0.3% decline like-for-like), with 9 addi-
tional stores end of Q1 2026/27.
The number of stores at the end of June was 265
in Matas and 238 in KICKS.
Online sales were up by 10.4% or DKK 69 million
to DKK 735 million (growth of 9.7% currency
neutral). Matas online business grew 17.4%. KICKS
online business decreased 0.6% currency neutral
in Q1. The online business in the Other segment
grew DKK 7 million or 6.0% mainly driven by
Firtal Group. Overall, online sales accounted for
34.0% of Q1 2026/27 revenue against 32.1% in Q1
2025/26.
In Q1 2026/27, wholesale increased by DKK 8
million to DKK 45 million, driven by Web Sundhed.
Sales channels
At 30 June 2026, Matas consisted of
265 physical stores (30 June 2025: 265
stores) – 264 stores in Denmark and one
on the Faroe Islands. In addition, Matas has
one associated store in Greenland. KICKS
consisted of 238 physical stores at 30 June
2026 (30 June 2025: 229 stores). 64% of
revenue for Q1 2026/27 was generated by
the physical stores (66% in Q1 2025/26). In
total, the Group had 503 stores at 30 June
2026 (30 June 2025: 494 stores).
The Group is presented online through
matas.dk and kicks.se/.no/.fi as well as
nilensjord.dk and several web shops oper-
ated by Firtal. 34% of revenue in Q1 was
generated through Matas Group’s online
channels (32% in Q1 2025/26).
Wholesale mainly consists of wholesale
from Web Sundhed, Grænn and interna-
tional wholesale of Matas’ house brands in
Germany and UK. Wholesale accounted for
2% of revenue in Q1 (2% in Q1 2025/26).
Interim report Q1 2026/27
10
Gross margin
Gross profit for Q1 2026/27 amounted to DKK 958
million, up from DKK 955 million (DKK 961 million
currency neutral) in Q1 2025/26.
The gross margin was 44.3% in the quarter,
compared to 46.0% last year (46.0% currency
neutral). Half of the decline in gross margin was
due to inventory write-down in KICKS. In KICKS
gross margin was negatively impacted by pricing
initiatives implemented in response to challenging
market conditions, particularly in Sweden. In
Matas, the gross margin was primarily pressured
by an unfavourable product mix as consumers
traded down. The gross margin was positively
impacted by cost of goods sold in Norway for
strengthened NOK towards SEK.
Total operating expenses
Adjusted for special items, overall costs (other
external costs and staff costs) accounted for
32.4% of revenue in Q1 2026/27 against 31.8% the
year before.
Other external costs
Other external costs amounted to DKK 272
million in Q1 2026/27 or 12.6% of revenue, up from
DKK 237 million in Q1 2025/26 equal to 11.4% of
revenue, (currency neutral DKK 239 million). The
increase was driven by higher variable costs
supporting online growth across both Matas and
KICKS, together with higher marketing invest-
ments aimed at driving customer traffic across
channels.
Staff costs
Staff costs amounted to DKK 428 million or 19.8%
of revenue in Q1 2026/27 against DKK 422 million
or 20.4% of revenue in the year-earlier period,
(currency neutral DKK 425 million). Staff costs
increased due to wage inflation and higher activity
levels supporting revenue growth, partially offset
by productivity gains, particularly within our logistic
centres.
In Q1 2026/27, Matas Group had 3,407 full-time
employees, against 3,347 in the year-earlier period.
Other operating income
Other operating income amounted to DKK 6 million
in Q1 2026/27 against DKK 6 million in Q1 2025/26.
Other operating income is mainly income relating
to media income from suppliers in respect of sale
of data services.
EBITDA before special items
EBITDA before special items in Q1 2026/27 came
to DKK 264 million against DKK 302 million in
Q1 2025/26 (DKK 304 million currency neutral).
EBITDA margin before special items was 12.2% in
Q1 2026/27, compared to 14.5% in the year-earlier.
EBITDA margin before special items, adjusted for
the currency effect on cost of goods, was 11.9% in
Q1 2026/27.
Special items
Special items amounted to DKK 14 million in Q1
2026/27, compared to DKK 5 million in 2025/26
related to new operating model.
Costs
(DKKm)
Q1
2026/27
Q1
2025/26
Growth
(%)
Currency
neutral Q1
2025/26
Growth
currency
neutral (%)
Other external costs 272 237 14.6% 238 13.9%
As a percentage of revenue 12.6% 11.4% 11.4%
Staff costs 428 422 1.4% 425 0.8%
As a percentage of revenue 19.8% 20.4% 20.3%
EBITDA
EBITDA came to DKK 250 million against DKK 297
million in Q1 2025/26 (DKK 299 million currency
neutral) and EBITDA margin was 11.6% against 14.3%
in the year-earlier period (14.3% currency neutral).
Depreciation, amortisation and impairment
The total amortisation, depreciation and impair-
ment amounted to DKK 164 million in Q1 2026/27
compared with 161 million in Q1 2025/26.
Net financials
Net financial expenses was DKK 63 million in Q1
2026/27 compared with 54 million in Q1 2025/26
increase was mainly driven by unrealised currency
adjustments DKK 10 million.
Tax on profit for the period
Tax on profit amounted to DKK 4 million compared
to DKK 18 million in Q1 2025/26. Effective tax rate
was 18.6% compared with 22.1% in Q1 2025/26, the
lower tax rate is due to expected utilisation of tax
losses carried forward.
Profit for the period
Profit for the period amounted to DKK 19 million
after tax, compared to DKK 64 million in Q1
2025/26 (DKK 65 million currency neutral).
Adjusted profit for the period
Adjusted profit after tax amounted to DKK 38
million in Q1 2026/27 compared to DKK 74 million
in Q1 2025/26 (DKK 76 million currency neutral)
driven the by lower performance.
Interim report Q1 2026/27
11
Statement of cash flows
Cash generated from operating activities was an
inflow of DKK 245 million in Q1 2026/27 against
an inflow of DKK 471 million in Q1 2025/26 corre-
sponding to an decrease of DKK 226 million. The
decrease in inflow was driven by lower perfor-
mance, and changes in working capital including
less increase in payables compared to Q1 2025/26.
Non-cash operating items mainly relates to unreal-
ised currency losses.
For Q1 2026/27, cash flows from investing activities
were an outflow of DKK 98 million compared to an
outflow of DKK 100 million in Q1 2025/26.
For Q1 2026/27, free cash flow was an inflow of
DKK 147 million compared to an inflow of DKK 371
million in 2025/26 reflecting lower performance
and less decrease in working capital compared to
Q1 2025/26.
For Q1 2026/27, cash flow from financing activities
was an outflow of DKK 147 million compared to an
outflow of DKK 315 million in Q1 2025/26. The higher
outflow in Q1 2025/26 was driven by repayments of
liabilities connected to refinancing.
Cash flows
(DKKm)
Q1
2026/27
Q1
2025/26
Cash generated from operating activities 245 471
Cash flow from investing activities excl. acquisitions of subs. (98) (100)
Free cash flow 147 371
Cash flows from financing activities (147) (315)
Interim report Q1 2026/27
12
Statement of financial position
(at 30June 2026 vs. 30 June 2025)
Total assets amounted to DKK 9,842 million on 30
June 2026, up from DKK 9,629 million at 30 June
2025.
Non-current assets increased by DKK 78 million to
DKK 6,962 million. Current assets totaled DKK 2,880
million, a year-on-year increase of DKK 135 million.
Inventories amounted to DKK 2,497 million at 30
June 2026 which is an increase of DKK 181 million
compared to 30 June 2025. KICKS accounted for
DKK 1,110 million.
Inventories accounted for 28.2% of LTM revenue at
30 June 2026 compared to 27.2% at 30 June 2025.
Matas stand-alone inventories accounted for 23.2%
of LTM revenue at 30 June 2026 compared to Matas
stand-alone of 24.0% at 30 June 2025. KICKS inven-
tories accounted for 34.2% of LTM revenue at 30
June 2026 compared to KICKS of 32.4% at 30 June
2025. The increase is reflecting wider assortment,
and better product availability.
Trade receivables increased by DKK 20 million to
DKK 92 million.
Trade payables fell by DKK 82 million year-on-year.
KICKS accounted for DKK 283 million of total trade
payables of DKK 1,213 million. Trade payables was
higher 30 June 2025 due to inventory buildup for
Matas's new logistics center.
Net working capital excluding deposits amounted
to DKK 951 million at 30 June 2026 against DKK 645
million at 30 June 2025. The increase was driven
by higher inventories combined with lower trade
payables.
Cash and cash equivalents amounted to DKK 63
million, down from DKK 136 million the year before.
Equity amounted to DKK 3,652 million at 30 June
2026 compared to DKK 3,685 million at 30 June
2025.
Net interest-bearing debt amounted to DKK 4,042
million at 30 June 2026, a year-on-year increase of
DKK 420 million (30 June 2025 DKK 3,622 million).
The gearing ratio was 3.4 times LTM EBITDA before
special items as a result of the lower performance.
The long-term target between 2 and 3 remains
unchanged.
Matas Group’s credit facility is subject to covenants.
Matas Group has complied with these covenants
since raising the facility.
Gross interest-bearing debt stood at DKK 4,105
million at 30 June 2026, including lease liabili-
ties of DKK 1,183 million. At 30 June 2025, gross
interest-bearing debt stood at DKK 3,758 million,
including lease liabilities of DKK 1,168 million.
At 30 June 2026, the Company’s share capital
consisted of 38,291,492 shares of DKK 2.50
each, corresponding to a share capital of DKK
95,728,730. In Q1 2026/27 a total of 131,300
treasury shares were vested under review in
connection with the exercise of the 2023/24
incentive programme. Matas held 1,019,715
treasury shares at 30 June 2026.
Return on invested capital
The LTM return on invested capital before tax was
9.5% at 30 June 2026 against 8.9% at 30 June
2025 ROIC before tax excluding goodwill was
21.0% at 30 June 2026 against 20.8% at 30 June
2025.
Events after the date of financial position
At Matas A/S’ Annual General Meeting on 16 June
2026, it was resolved to reduce the Compa-
ny’s share capital with a nominal amount of DKK
2,017,592.50 by cancellation of 807,037 treasury
shares of DKK 2.50.
The capital reduction has been completed as
announced on the 15 July 2026 and the nominally
capital amounts hereafter to DKK 93,711,137.50.
Besides this, no subsequent events have occurred
that materially affect the Matas Group's financial
position.
Significant risks
Matas Group is exposed to operational risks
affecting the retail industry in general as well as
in the Health and Beauty industry. If the current
macroeconomic environment leads to a slowing
down of the economic activity, Matas Group’s
business could suffer. In addition, Matas Group is
to some extent exposed to financial risks such as
interest rate, liquidity, currency and credit risk.
Interim report Q1 2026/27
13
Executive Committee
Board of Directors
Interim report Q1 2026/27
14
(DKKm) Note
Q1
2026/27
Q1
2025/26
Revenue 4, 5 2,161 2,074
Cost of goods sold (1,203 ) (1,119 )
Gross profit 958 955
Other external costs (272 ) (237 )
Staff costs (428 ) (422 )
Other operating income and expenses, net 6 6
EBITDA before special items 264 302
Special items (14 ) (5 )
EBITDA 250 297
Depreciation, amortisation and impairment (164 ) (161 )
EBIT 86 136
Share of profit or loss after tax of associates 0 0
Financial income 0 0
Financial expenses (63 ) (54 )
Profit before tax 23 82
Tax on profit for the period (4 ) (18 )
Profit for the period 19 64
Currency adjustment of foreign entities and loan (36 ) (11 )
Fair value adjustment of hedging instruments (9 ) (4 )
Tax on other comprehensive income 2 1
Other comprehensive income after tax (43 ) (14 )
Total comprehensive income (24 ) 50
Distributed as follows:
Shareholders of Matas A/S (24 ) 50
Minority shareholders 0 0
(24) 50
Earnings per share
Earnings per share, DKK 0.49 1.67
Diluted earnings per share, DKK 0.49 1.66
Statement of comprehensive income
Interim report Q1 2026/27
15
Statement of cash flows
(DKKm)
Q1
2026/27
Q1
2025/26
Profit before tax 23 82
Depreciation, amortisations and impairment 164 161
Other non-cash operating items, net (44 ) 6
Share of profit or loss after tax of associates (0 ) (0 )
Financial income (0 ) (0 )
Financial expenses 63 54
Cash generated from operations before changes in working capital 206 303
Changes in working capital 42 168
Cash generated from operations 248 471
Corporation tax paid (3 ) -
Cash flow from operating activities 245 471
Acquisition of intangible assets (55 ) (40 )
Acquisition of property, plant and equipment (43 ) (60 )
Cash flow from investing activities (98 ) (100 )
Free cash flow 147 371
(DKKm)
Q1
2026/27
Q1
2025/26
Debt raised with credit institutions 93 2,689
Debt settled with credit institutions - (2,772 )
Interest received 0 0
Interest paid (63 ) (54 )
Repayment of lease liabilities (103 ) (94 )
Dividend paid (74 ) (76 )
Acquisition of own shares - (8 )
Cash flow from financing activities (147 ) (315 )
Net cash flow from operating, investing
and financing activities 0 56
Currency adjustment 3 4
Cash and cash equivalents, beginning
of period 60 76
Cash and cash equivalents, end of period 63 136
The above cannot be derived directly from the statement of comprehensive income and the statement of
financial position.
Interim report Q1 2026/27
16
Statement of financial position
(DKKm) Note 30 June 2026 30 June 2025 31 March 2026
ASSETS
Non-current assets
Goodwill 4,100 4,099 4,101
Trademarks and trade names 168 176 172
Software 256 257 228
Other intangible assets 81 80 71
Intangibles-in-progress 230 136 240
Total intangible assets 4,835 4,748 4,812
Property, plant and equipment
Lease assets 6 1,066 1,074 1,145
Land and buildings 421 431 426
Other fixtures and fittings, tools and equipment 239 246 239
Leasehold improvements 218 234 235
Plant-in-progress 122 77 101
Total property, plant and equipment 2,066 2,062 2,146
Investments in associates 1 1 1
Deferred tax 15 25 7
Deposits 44 47 47
Other securities and equity investments 1 1 1
Total other non-current assets 61 74 56
Total non-current assets 6,962 6,884 7,014
Current assets
Inventories 2,497 2,316 2,380
Trade receivables * 92 72 97
Corporation tax receivable 18 18 18
Other receivables * 96 64 153
Prepayments 114 139 109
Cash and cash equivalents 63 136 60
Total current assets 2,880 2,745 2,817
Total assets 9,842 9,629 9,831
(DKKm) Note 30 June 2026 30 June 2025 31 March 2026
EQUITY AND LIABILITIES
Equity
Share capital 96 96 96
Reserves (123 ) 22 (91 )
Retained earnings 3,680 3,566 3,669
Dividend proposed for the financial year - - 76
Equity, shareholders in Matas A/S 3,653 3,684 3,750
Non-controlling interests (1 ) 1 (1 )
Total equity 3,652 3,685 3,749
Liabilities
Deferred tax 206 206 200
Lease liabilities 6 757 770 841
Provisions 7 27 27 27
Credit institutions 2,791 2,590 2,693
Total non-current liabilities 3,781 3,593 3,761
Credit institutions 131 -
Lease liabilities 6 426 398
Provisions 7 4 6
Prepayments from customers 245 230
Trade payables 1,213 1,295
Other payables 8 390 422
Total current liabilities 2,409 2,351 2,321
Total liabilities 6,190 5,944 6,082
Total equity and liabilities 9,842 9,629 9,831
*) In line with the presentation in the Annual Report 2025/26, DKK 38 million was reclassified as at 30 June 2025
from trade receivables to other receivables. The reclassification relates to receivables connected with supplier
contributions.
Interim report Q1 2026/27
17
Statement of changes in equity
(DKKm)
Share
capital
Translation
reserve
Treasury
share
reserve
Hedging
reserve
Proposed
dividend
Retained
earnings Total
Minority
interests Total equity
Equity at 1 April 2026 96 34 (144 ) 19 76 3,669 3,750 (1 ) 3,749
Profit for the period - - - - - 19 19 - 19
Other comprehensive income - (36 ) - (7 ) - - (43 ) - (43 )
Total comprehensive income - (36 ) - (7 ) - 19 (24 ) - (24 )
Transactions with owners
Dividend paid - - - - (74 ) - (74 ) - (74 )
Dividend on treasury shares - - - - (2 ) 2 - - -
Exercise of incentive programme - - 17 - - (17 ) - - -
Share-based payment - - - - - 1 1 - 1
Total transactions with owners - - 17 - (76 ) (14 ) (73 ) - (73 )
Equity at 30 June 2026 96 (2 ) (127 ) 12 - 3,674 3,653 (1 ) 3,652
Interim report Q1 2026/27
18
Statement of changes in equity
(DKKm)
Share
capital
Translation
reserve
Treasury
share
reserve
Hedging
reserve
Proposed
dividend
Retained
earnings Total
Minority
interests Total equity
Equity at 1 April 2025 96 45 (39 ) 3 76 3,534 3,715 1 3,716
Profit for the period - - - - - 64 64 0 64
Other comprehensive income - (11 ) - (3 ) - - (14 ) - (14 )
Total comprehensive income - (11 ) - (3 ) - 64 50 0 50
Transactions with owners
Dividend paid - - - - (76 ) - (76 ) - (76 )
Dividend on treasury shares - - - - 0 - 0 - 0
Exercise of incentive programme - - 35 - - (35 ) - - -
Acquisition of own shares - - (8 ) - - - (8 ) - (8 )
Share-based payment - - - - - 3 3 - 3
Total transactions with owners - - 27 - (76 ) (32 ) (81 ) - (81 )
Equity at 30 June 2025 96 34 (12 ) - - 3,566 3,684 1 3,685
Interim report Q1 2026/27
19
Notes
Note 1 – Accounting policies
The unaudited condensed consolidated interim financial statements have been prepared in accordance with IAS
34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and adopted by
the EU and additional Danish disclosure requirements for interim financial reporting of listed companies.
The accounting policies applied are consistent with the accounting policies set out in the Annual Report
2025/26.
Due to rounding, numbers presented throughout this report may not add up precisely to the totals, and percent
-
ages may not precisely reflect the absolute figures. The interim financial report is presented in Danish kroner
(DKK) and all amounts are in millions unless otherwise stated.
Matas Group presents financial measures in the interim financial report that are not defined according to
IFRS Accounting Standards. Matas Group believes these non-GAAP measures provide valuable information to
investors and Matas Management when evaluating performance. Since other companies may calculate these
differently from Matas, they may not be comparable to the measures used by other companies. These financial
measures should therefore not be considered to be a replacement for measures defined under IFRS Accounting
Standards. For definitions of the performance measures used by Matas, see page 200 Defitions of key financials
in the Annual Report 2025/26.
Changes of accounting policies
Matas Group has adopted all new or amended IFRS Accounting Standards and interpretations (IFRS IC) as
adopted by the EU and which are effective for the financial year beginning on 1 April 2026. The implementation
of these new or amended standards and interpretations have had no material impact on the consolidated finan
-
cial statements for the quarter.
The new standards that are not yet effective are not expected to have any material impact on Matas Group,
except for IFRS 18 Presentation and Disclosure in Financial Statements, which was issued in April 2024 and will be
effective from 2027, impacting presentation and disclosure of the financial statements. Matas Group is currently
evaluating the potential impact of this standard.
Note 2 – Accounting estimates and judgments
In preparing the condensed consolidated interim financial statements, Management makes various judgements,
accounting estimates and assumptions that form the basis of the presentation, recognition and measurement of
Matas Group’s assets and liabilities.
Matas Group has evaluated the value of its non-current assets. Based on current market information and fore
casts, no indications of impairment were identified, and the most recent impairment test conducted as of 31
March 2026 is still considered to include sufficient headroom. Given the uncertain macroeconomic environment,
Matas Group will continue assessing the value of the assets. Matas Group has also considered the recoverability
of accounts receivable and the inventory value and has not identified any impairment write-down.
Note 3 – Seasonality
The Group’s activities in the interim period were only to a limited extent affected by seasonal fluctuations.
Note 4 – Segment information
The Group's gross profit and assets are segmented in banners in accordance with the Management reporting for
the current year.
Matas Group comprises of three segments; Matas, KICKS and Other (Firtal, Grænn and Web Sundhed). Manage
-
ment monitors the profitability of the operating segments separately for the purpose of making decisions about
resource allocation and performance management.
Segment results are measured at gross profit as presented in the table below. Group costs are currently not
separated from the segments below gross profit, which is the reason why Management when looking at financial
performance below gross profit is looking at the consolidated Group figures
Interim report Q1 2026/27
20
Notes
Note 4 – Segment information continued
(DKKm)
Matas
Q1 2026/27
KICKS
Q1 2026/27
Other
Q1 2026/27
Total
Q1 2026/27
Revenue 1,230 770 161 2,161
Cost of goods sold (638) (465) (100) (1,203)
Gross profit 592 305 61 958
Gross margin 48.1% 39.6% 38.0% 44.3%
Other external costs (272)
Staff costs (428)
Other operating income and expenses, net 6
EBITDA before special items 264
Special items (14)
EBITDA 250
(DKKm)
Matas
Q1 2025/26
KICKS
Q1 2025/26
Other
Q1 2025/26
Total
Q1 2025/26
Revenue 1,172 757 145 2,074
Cost of goods sold (604) (430) (85) (1,119)
Gross profit 568 327 60 955
Gross margin 48.5% 43.1% 41.6% 46.0%
Other external costs (237)
Staff costs (422)
Other operating income and expenses, net 6
EBITDA before special items 302
Special items (5)
EBITDA 297
Note 5 – Revenue
(DKKm)
Matas
Q1 2026/27
KICKS
Q1 2026/27
Other
Q1 2026/27
Total
Q1 2026/27
Retail sales, physical stores 826 555 - 1,381
Retail sales, online 402 215 118 735
Wholesale 2 - 43 45
Total revenue 1,230 770 161 2,161
In Q1 2026/27, 34% of Matas Group’s revenue was generated by its online channels, compared to 32% in the
year-earlier period.
(DKKm)
Matas
Q1 2025/26
KICKS
Q1 2025/26
Other
Q1 2025/26
Total
Q1 2025/26
Retail sales, physical stores 827 544 - 1,371
Retail sales, online 342 213 111 666
Wholesale 3 - 34 37
Total revenue 1,172 757 145 2,074
Interim report Q1 2026/27
21
Notes
Note 5 – Revenue continued
Revenue break-down by product groups for Q1 is as follows:
(DKKm)
Matas
Q1 2026/27
KICKS
Q1 2026/27
Other
Q1 2026/27
Total
Q1 2026/27
High-end Beauty 423 570 - 993
Mass Beauty 453 197 23 673
Health and Wellbeing 306 3 89 398
Other categories 46 0 6 52
Wholesale sales, etc. 2 - 43 45
Total revenue 1,230 770 161 2,161
(DKKm)
Matas
Q1 2025/26
KICKS
Q1 2025/26
Other
Q1 2025/26
Total
Q1 2025/26
High-end Beauty 421 557 - 978
Mass Beauty 416 191 23 630
Health and Wellbeing 293 2 87 382
Other categories 39 7 1 47
Wholesale sales, etc. 3 - 34 37
Total revenue 1,172 757 145 2,074
Revenue from sales of products through stores is recognised when a store sells the product to the customer.
Payment is usually received when the customer receives the product, or, if the customer pays by credit card, a
few days later. Revenue from sales through web shops is recognised and payment is received when the product is
available for the customer. The Group does not have any sale of services.
A small proportion of Matas Group’s revenue is invoiced, e.g. wholesale sales, in which connection a receivable is
recognised.
Income from the sale of gift vouchers is reconised as revenue upon redemption, alternatively upon expiry of the
validity period. In estimating the redemption rate, Matas Group considers breakage which represents the portion
of gift vouchers issued that will never be redeemed.
For the customer loyalty programme at Matas and KICKS, a performance obligation is recognised at the date
of recognition of the sale triggering the allocation of loyalty points. The performance obligation is measured at
the estimated fair value of the points allocated and amounted to DKK 84 million at 30 June 2026 (30 June 2025:
DKK 81 million). The estimated fair value is inherently subject to some uncertainty with respect to actual future
redemption and considering the flexibility of the customer loyalty programme. Revenue is recognised when the
customer uses points, usually over an average period of three months.
Customers have the option of returning products, but the volume of returns at 30 June 2026 was insignificant as
was the amount of guarantee commitments, similar to last year.
Interim report Q1 2026/27
22
Notes
Depreciation as set out below is recognised in the statement of comprehensive income:
(DKKm)
Q1
2026/27
Q1
2025/26
Store leases, etc. 86 85
Administration and warehouse buildings, etc. 9 8
Cars and other leases 2 1
Total depreciation of lease assets 97 94
Lease payments in the amount of DKK 103 million were made in Q1 2026/27 (Q1 2025/26: DKK 94 million).
Interest in the amount of DKK 13 million was expensed in Q1 2026/27 (Q1 2025/26: DKK 13 million).
Matas Group is the lessee of a limited number of premises. For some of these leases, the rent is fully or partially
based on revenue.
Revenue-based rent is not comprised by IFRS 16 and is therefore not included in the above tables. Revenue-
based rent is, as before, recognised under other external costs and amounted to DKK 3 million in Q1 2026/27
(Q12025/26: DKK 6 million).
A total of DKK 2 million in Q1 2026/27 (Q1 2025/26: DKK 3 million) was recognised in the statement of comprehen
-
sive income regarding short-term, leases and leases of low-value assets.
Note 6 – Leases
Matas Group's lease assets are as follows:
(DKKm)
30 June
2026
30 June
2025
31 March
2026
Store leases 894 900 961
Administration and warehouse buildings, etc. 160 167 170
Cars and other leases 12 7 14
Total lease assets 1,066 1,074 1,145
Matas Group’s lease liabilities are as follows:
(DKKm)
30 June
2026
30 June
2025
31 March
2026
Non-current liabilities 757 770 841
Current liabilities 426 398 429
Total lease liabilities 1,183 1,168 1,270
Most store leases in Denmark are evergreen contracts as defined in the Danish Business Lease Act and are
consequently subject to terms of notice of 3-12 months. Commercial renting of shops, etc., in the other Nordic
countries are not similar to the practice in Denmark, as extensions take place at fixed intervals and with fixed
deadlines for termination/extension. This has been accounted for in recognising the KICKS leases.
Interim report Q1 2026/27
23
Notes
Note 9 – Transactions with related parties
Matas Group's related parties comprise the companies' board of directors and executive boards and their
related family members. Further, related parties comprise companies in which the above-mentioned persons
have significant interest as well as associates.
Pursuant to Matas A/S’ Remuneration Policy, a total of 131,300 Performance Share Units (PSUs) related to the
Company’s long-term incentive programme (LTIP) for 2023/24 were vested at 12 June 2026.
PSUs were vested at 100% of the original grant. Based on a closing price at 12 June 2026 of DKK 93.5, the total
value of vested PSUs amounted to DKK 12 million.
In addition, the Group CEO has been granted 19,654 Restricted Share Units (RSUs) as a sign-on bonus in connec
-
tion with the Group CEO’s appointment. The RSUs are awarded free of charge and are not subject to perfor-
mance conditions. Subject to continued employment and the terms of the grant, the RSUs will vest after the
publication of the annual report for the financial year 2028/29, and each vested RSU entitles the Group CEO to
receive one Matas share at the time of vesting.
On 30 June 2026, a total of 193,590 PSUs have been granted to the Executive Committee and other executives
related to the long-term incentive programme for 2026/27. The value of the PSUs with the maximum achieve
-
ment of KPIs amounts to DKK 17 million at the closing price on 30 June 2026 of DKK 87.8 per share.
Related party transactions with associates recognised in the income statement and the statement of financial
position.
(DKKm)
Q1
2026/27
Q1
2025/26
Revenue 0 0
Other external costs (4) (3)
Receivables 1 1
Trade payables 0 0
Note 7 – Provisions
(DKKm)
30 June
2026
30 June
2025
31 March
2026
Included in non-current liabilities
Obligation for reinstatement of tenancies 27 27 27
Total provision, non-current 27 27 27
Included in current liabilities
Restructuring provisions 5 6 6
Total provision, current 5 6 6
Note 8 – Other payables
(DKKm)
30 June
2026
30 June
2025
31 March
2026
VAT payable 86 109 112
Holiday pay obligations etc. 134 126 141
Pay-related liabilities
(A tax/social security contributions) 125 160 148
Contingent consideration and deferred purchase price - 6
Other creditors 45 21 5
Total other current payables 390 422 406
Interim report Q1 2026/27
24
Notes
Note 10 – Subsequent events
At Matas A/S’ Annual General Meeting on 16 June 2026, it was resolved to reduce the Company’s share capital
with a nominal amount of DKK 2,017,592.50 by cancellation of 807,037 treasury shares of DKK 2.50.
The capital reduction has been completed as announced on the 15 July 2026 and the nominally capital amounts
hereafter to DKK 93,711,137.50.
Besides this no subsequent events have occurred that materially affect the Matas Group's financial position.
Interim report Q1 2026/27
25
Interim financial highlights
(DKKm)
Q1
2026/27
Q4
2025/26
Q3
2025/26
Q2
2025/26
Q1
2025/26
Statement of
comprehensive income
Revenue 2,161 1,981 2,776 1,945 2,074
Gross profit 958 850 1,243 889 955
EBITDA 250 208 443 230 297
EBIT 86 31 277 70 136
Net financials (63) (31) (38) (39) (54)
Profit before tax 23 0 239 31 82
Profit for the period 19 (31) 186 24 64
Statement of financial position
Total assets 9,842 9,831 9,707 9,977 9,629
Total equity 3,652 3,749 3,809 3,668 3,685
Net working capital 951 991 841 916 645
Net interest-bearing debt 4,042 4,041 3,610 3,869 3,622
Statement of cash flows
Cash flow from operating activities 245 92 449 (61) 471
Investments in tangible assets (43) (50) 11 (83) (60)
Cash flow from investing activities (98) (123) (82) (101) (100)
Free cash flow 147 (31) 367 (162) 371
Net cash flow from operating,
investing and financing activities 0 (55) (11) (8) 56
(DKKm)
Q1
2026/27
Q4
2025/26
Q3
2025/26
Q2
2025/26
Q1
2025/26
Key performance indicators
Number of transactions (millions) 8.9 8.5 11.3 8.8 9.2
Average basket size (DKK) 237 228 242 217 222
Total retail floor space
(thousands of square metres) 100.3 99.5 99.5 98.2 97.7
Avg. revenue per square metre
(DKK thousands) - LTM 89.2 88.9 88.2 87.9 87.2
Proforma revenue currency neutral
growth 3.4% 4.0% 1.8% 4.4% 4.7%
Adjusted figures
EBITDA 250 208 443 230 297
Special items included in EBITDA (14) (18) (22) (11) (5)
EBITDA before special items 264 226 465 241 302
Depreciation of property, plant and
equipment and amortisation of
software (127) (135) (128) (151) (152)
EBITA before special items 137 91 337 90 150
Adjusted profit after tax 38 (8) 212 39 74
Gross margin 44.3% 42.9% 44.8% 45.7% 46.0%
EBITDA margin 11.6% 10.5% 16.0% 11.8% 14.3%
EBITDA margin before special items 12.2% 11.4% 16.7% 12.4% 14.5%
EBITA margin before special items 6.3% 4.6% 12.1% 4.6% 7.2%
EBIT margin 4.0% 1.6% 10.1% 3.6% 6.5%
Interim report Q1 2026/27
26
Additional information
Contacts
Mette Uglebjerg
Group CEO,
phone +45 48 16 55 55
Per Johannesen Madsen
Group CFO,
phone +45 48 16 55 55
John Bäckman
VP Investor Relations & Treasury,
phone +45 22 43 12 54
Sille Beck Høyer
VP Communication & Public Affairs,
phone +45 40 99 10 96
Company information
Matas A/S
Rørmosevej 1
DK-3450 Allerød,
Denmark
Phone: +45 48 16 55 55
www.matasgroup.com
Business reg. no.: 27 52 84 06
Financial calendar 2026/27
5 November 2026 Interim Report - Q2 2026/27
3 February 2027 Interim Report - Q3 2026/27
26 April 2027 Deadline for the Company’s share
-
holders to submit in writing requests
for specific proposals to be included
on the agenda for the Annual General
Meeting
12 May 2027 Annual Report 2026/27
8 June 2027 Annual General meeting 2026/27
Forward-looking statements
This interim report contains statements relating
to the future, including statements regarding
Matas Group’s future operating results, financial
position, cash flows, business strategy and future
targets. Such statements are based on Manage-
ment’s reasonable expectations and forecasts at
the time of release of this report. Forward-looking
statements are subject to risks and uncertainties
and a number of other factors, many of which
are beyond Matas Group’s control. This may
have the effect that actual results may differ
significantly from the expectations expressed
in the report. Without being exhaustive, such
factors include general economic and commer-
cial factors, including market and competitive
conditions, supplier issues and financial and
regulatory issues, IT failures as well as any effects
of healthcare measures that are not specifically
mentioned above.
Interim report Q1 2026/27
27
