Company announcement no. 17 2025/26
Allerød, 13 August 2025

(1 April 2025 – 30 June 2025)

Continued profitable growth with significant free cashflow generation in Q1
Matas Group’s strategy to Win the Nordics is progressing as planned and delivering as expected with currency neutral revenue growth of 4.7% and EBITDA margin before special items of 14.5% in Q1 2025/26. Synergies are on track, Matas’ new logistics center is operational and free cashflow generation is improved.

• Matas Group generated a total revenue of DKK 2,074 million in Q1 2025/26 corresponding to a year-on-year increase of 6.0% from DKK 1,956 million in Q1 2024/25. Group currency neutral growth came to 4.7%. Matas growth in Q1 was 5.3% and KICKS 2.3% currency neutral (7.8% excluding Skincity).
• Gross margin was 46.0% in the quarter, compared to 46.2% currency neutral last year. The underlying gross margin was positive, adjusting for higher cost of goods sold in KICKS, as the SEK strengthened against NOK and EUR, decreasing the gross margin in Norway and Finland. Further, the gross margin in KICKS was also impacted by price initiatives and the closedown of Skincity. Matas improved gross margin due to assortment expansion and product mix.
• EBITDA before special items came to DKK 302 million in Q1 2025/26 compared to DKK 293 million last year. The EBITDA margin was negatively impacted by 0.4% due to higher cost of goods sold in Norway and Finland from strengthening SEK, ending at 14.5% before special items in the quarter against 14.9% currency neutral last year.
• Free cash flow improved significantly with an inflow of DKK 371 million in Q1 2025/26, reflecting improved working capital and a more normalised investment level in Q1 2025/26, compared to an inflow of DKK 32 million in Q1 2024/25 which included construction of Matas' Logistics Center.
• On 17 June 2025, Matas launched a share buy-back programme of up to DKK 140 million, running to 31 March 2026 at the latest. The programme is executed in accordance with the Safe Harbour Regulation.
• Matas Group maintains its guidance for the financial year 2025/26. Group revenue is expected to grow between 3% and 7% currency neutral[1], equivalent to 3.9% to 7.9% excluding Skincity. The EBITDA margin before special items in 2025/26 is expected to be around 15%. Investments, excluding M&A, are expected to be around 3% to 4% of revenue, corresponding to DKK ~330 million, including approximately DKK 30 million for Matas' Logistics Center. Please see company announcement no. 1 2025/26 for assumptions related to the guidance.

Gregers Wedell-Wedellsborg, Group CEO of Matas A/S:
“The first quarter marked continued profitable growth in line with our expectations. We served more customers, and we opened Matas' new logistics center on time and budget. With two automated logistics centers now fully operational, our investments have returned to a normal long-term level and our free cash flow generation improved significantly in the quarter.
Two years after the acquisition of KICKS, we now enter a new phase of our strategy to Win the Nordics, delivering value to our consumers, through more focus on operational excellence and continued assortment expansion for our customers and our +six million club members. We maintain our guidance for the financial year.”

Key figures and ratios

Q1 2025/26 highlights

• Matas Group's strategy to Win the Nordics is delivering as expected with year-on-year revenue increase of 6.0% equal to 4.7% currency neutral in Q1 2025/26 and EBITDA before special items growth of 2.3% currency neutral.
• Matas generated total growth in Q1 2025/26 of 5.3%, with the online segment growing 16.5% and Matas stores 1.0% like-for-like. KICKS grew 2.3% currency neutral. KICKS excluding Skincity grew 7.8% currency neutral, and KICKS online excluding Skincity grew 22.4%. KICKS stores grew 3.0%, while like-for-like growth in stores was 2.2%. Other segment (Firtal, Grænn and Web Sundhed) grew 12.4% with online growth at 9.2%.
• Customer traffic was good, and the number of transactions came to 9.2 million in Q1 2025/26 which was 3.4% higher compared to Q1 2024/25. The average basket size increased by 1.0% to DKK 222 per transaction compared to Q1 last year.
• Gross margin was 46.0% in the quarter, compared to 46.2% currency neutral last year. The underlying gross margin was positive, adjusting for higher cost of goods sold in KICKS, as the SEK strengthened against NOK and EUR, decreasing the gross margin in Norway and Finland. Further, the gross margin in KICKS was also impacted by price initiatives and the closedown of Skincity. Matas improved gross margin due to assortment expansion and product mix.
• Other external costs amounted to DKK 237 million in Q1 2025/26, up from DKK 216 million in Q1 2024/25 (DKK 219 million currency neutral), reflecting variable cost of sales from KICKS' and Matas' continuing digital growth and execution of the assortment expansion, as well as incremental marketing to drive growth initiatives and ramp-up to full operation of Matas' Logistics Center.
• Q1 2025/26, staff costs amounted to DKK 422 million, up from DKK 399 million in Q1 2024/25 (DKK 407 million currency neutral), driven by volume growth and wage inflation offset by cost synergies. The staff cost accounted for 20.4% of the revenue in Q1 2025/26 compared to 20.5% in Q1 2024/25 currency neutral.
• Special items amounted to DKK 5 million in Q1 2025/26, compared to DKK 17 million in Q1 2024/25 related to the KICKS integration.
• EBITDA before special items came to DKK 302 million in Q1 2025/26 compared to DKK 293 million last year. The EBITDA margin was negatively impacted by 0.4% due to higher cost of goods sold in Norway and Finland from strengthening SEK, ending at 14.5% in the quarter against 15.0% last year (14.9% currency neutral).
• The total depreciation, amortisation and impairment charges amounted to DKK 161 million in Q1 2025/26, up by DKK 3 million.
• Profit for the period amounted to DKK 64 million after tax compared to DKK 59 million last year. Earnings per share increased to DKK 1.67 in Q1 2025/26, from DKK 1.51 currency neutral in Q1 2024/25.
• Free cash flow improved significantly with an inflow of DKK 371 million in Q1 2025/26, reflecting improved working capital and a more normalised investment level in Q1 2025/26, compared with an inflow of DKK 32 million in Q1 2024/25 which included construction of Matas' Logistics Center.

Video conference

Matas Group will host a video conference regarding Q1 2025/26 results for investors and analysts on Wednesday, 13 August at 10:00 a.m. CEST. The video conference and the presentation can be accessed from Matas Groups’ investor website: 

https://matas-events.eventcdn.net/events/q1-report-20252026

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
Head of Investor 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.

[1] Reported revenue growth of ~3.2-7.2% based on forward rates for NOK/DKK of 0.620 and SEK/DKK of 0.666 as of 5 August 2025.