Matas Group – Interim Report Q1 2026/27

Company announcement no. 09 2026/27
Allerød, 12 August 2026

(1 April 2026 – 30 June 2026)

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 store revenues 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 performance in the KICKS markets remained challenged by competitive pressure, 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 impacted negatively by price initiatives and product mix as consumers traded down but supported by continued momentum in in-house brands, which grew 9% in the quarter. EBITDA before special 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.

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.

Matas Group will also launch an up to DKK 100 million share buyback programme.

Mette Uglebjerg, Group CEO of Matas A/S:
“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.”

Matas Group maintains its financial guidance for 2026/27. 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.

Key figures and ratios

Q1 2026/27 highlights

• 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 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 logistics 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.

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. The model is designed to create a more lean organisation with clearer roles, fewer layers and stronger accountability in each market, supporting stronger execution and profitable growth across the Nordics.

The model builds on the Nordic foundation created since Matas and KICKS joined forces. Going forward, Matas Group will move from a banner-led model to a market-led model, with each market taking clear ownership of local customer relevance, omni-channel performance and execution. The new operating model is designed to bring decision-making closer to customers while leveraging the scale and capabilities of the Group where they create the greatest value. Building on the integration completed so far, the new model marks the next step in bringing Matas Group closer together as one Nordic organisation, strengthening our shared culture and unlocking the full growth potential across markets.

Group functions will lead the areas where Nordic scale, consistency and shared capabilities create the most value. This includes Marketing & Customer, Category & Merchandising, Digital, Tech & AI Transformation, Supply Chain, Finance, People and ESG. Matas Group will continue to invest in strategic capabilities such as AI, data, process excellence and commercial execution.

The new organisation will take effect on 1 October.

Under the new management structure:

• Stefan Kirkedal, currently Executive Vice President of Matas, will continue as Country Manager, Denmark.
• Erik Ringen Skjaerstad, currently Managing Director of KICKS Norway, will continue as Country Manager, Norway and join the Executive Leadership Team.
• Helena Karlinder-Östlundh, who joins Matas Group from her role as CEO of Nelly Group, will be appointed Country Manager, Sweden and Finland.
• All Country Managers will report directly to Group CEO Mette Uglebjerg and will be responsible for local performance, customer relevance and execution in their respective markets.
• Brian Gøbel Poulsen, currently SVP Group Supply Chain, will be appointed EVP Category & Merchandising.
• David Heeroma, currently EVP Group Operations, will be appointed EVP Digital, Tech & AI Transformation.
• Tonje Gulbrandsen Jensen, who joins Matas Group from Mesta, where she most recently served as CEO, will be appointed EVP People, ESG, Transformation and Communication.
• A new EVP Marketing & Customer will be appointed once the ongoing search process has been completed.

These roles will report directly to Group CEO Mette Uglebjerg and will be responsible for strengthening the customer value proposition proposition ensuring consistent execution where Nordic scale creates value, and driving the transformation needed to build a stronger, more connected Nordic organisation and culture.

Per Johannesen Madsen will continue as Group CFO and partner to Group CEO Mette Uglebjerg in the Executive Committee.

As part of the transition to the market-led model, the KICKS banner leadership role and the EVP Group Commercial role will no longer continue in their current form. As their current roles will not be part of the new organisation, Carola Lundell and Alice Wassard have both decided to leave Matas Group. Mette Uglebjerg thanks Carola Lundell and Alice Wassard for their strong contributions to Matas Group, including their leadership and dedication during the integration of KICKS into Matas Group, and wishes them both all the best for the future.

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.

Video conference

Matas Group will host a video conference regarding Q1 2026/27 results for investors and analysts on Wednesday, 12 August at 10:00 a.m. CEST. The video conference and the presentation can be accessed from Matas Groups’ investor website: 

https://matas.nexahub.io/events/interim-report-q1-202627-12-august-2026

Video conference access numbers for investors and analysts:

DK: +45 78 76 84 90

SE: +46 31 311 50 03

NO: +47 21 95 63 42

UK: +44 20 37 69 68 19

US: +1 64 67 87 01 57

PIN for all countries: 915912

Contacts

John Bäckman
VP Relations & Treasury, phone +45 22 43 12 54

Sille Beck Høyer
VP Communication & Public Affairs, phone +45 40 99 10 96

Forward-looking statements

The 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 Management’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 commercial 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.