Matas Group – Interim report H1 2026/27

Company announcement no. 32 2026/27
Allerød, 5 November 2026

(1 April – 30 September 2026)

Advancing our transformation towards a stronger Matas Group – financial guidance maintained
In Q2, we took important steps in the long-term business transformation of Matas Group, advancing the integration of KICKS and preparing for the launch of our new Nordic operating model on 1 October. With customers at the centre of everything we do, we are building a more integrated Group, addressing identified performance gaps and strengthening execution across our markets.
We are also deepening collaboration with brand partners to develop more relevant assortments and future growth opportunities. In parallel, we are investing in new IT systems and electronic shelf labels to improve pricing agility and enable more targeted and flexible campaigns. Delays in the IT implementation resulted in lower campaign activity during Q2.
Performance reflected both competitive market conditions and the impact of our ongoing transformation. We are not pleased with the results in Q2. Our initiatives aim to strengthen competitiveness and position the Group for long-term profitable growth in each market.
Matas Group delivered currency neutral revenue growth of 1.5% in Q2 2026/27, corresponding to reported growth of 2.4%. Revenue in Matas grew by 0.7%, while KICKS delivered currency neutral growth of 0.9%. Online revenue increased by 4.2%, while store revenue declined by 0.6% in currency neutral terms.
Online growth was led by Matas at 5.6%, while in-house brands grew by 6.6%. KICKS continued to face competitive pressure, particularly in Sweden. Transactions declined by 3.7%, while average basket size increased by 4.8% in currency neutral terms.
Gross margin declined to 44.8%, impacted by pricing initiatives and product mix, while consumers remained focused on promotions and campaigns.
EBITDA before special items amounted to DKK 231 million, 4.2% below last year, primarily reflecting lower gross margin and higher staff costs, partly offset by lower external costs following insourcing.
Free cash flow was an outflow of DKK 60 million, driven by changes in working capital.
Matas Group’s share buy-back programme of up to DKK 100 million has been ongoing since 12 August 2026. By the end of Q2, shares worth DKK 23 million had been acquired under the Safe Harbour Regulation.

“We are not satisfied with our performance in Q2. We are making fundamental changes to build a stronger, more customer-focused and integrated Matas Group. This transformation will take time, and we are clear-eyed about the performance gaps we need to close. We know where to improve and are taking decisive action to strengthen execution across our markets.
Q2 performance was impacted by competitive pressure and lower campaign activity following IT implementation delays. At the same time, we delivered encouraging growth in online sales and in-house brands. With our new Nordic operating model launched on 1 October and improved pricing capabilities, we are strengthening our ability to respond faster to customer needs and compete more effectively. The new leadership team with strong international and integration experience is complete.
We enter the important Christmas quarter focused on execution, confident in our long-term growth opportunities and maintaining our financial guidance. We look forward to sharing our strategic priorities in March 2027”
Mette Uglebjerg, Group CEO

Financial guidance and strategy update
Matas Group maintains its financial guidance for 2026/27 but is currently trending toward the lower end of the guidance. 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 of DKK 100 million in 2026/27 and 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.
Matas Group will provide a strategy update and present new long-term financial ambitions on 12 March 2027. Further information on venue and agenda will be communicated in due course.

Key figures and ratios

Q2 2026/27 highlights

• Matas Group delivered revenue growth of 2.4% in Q2 2026/27 equal to 1.5% currency neutral.
• Matas stand-alone growth in Q2 was 0.7%, online growth was 5.6% with Matas stores declining 1.4% (1.3% decline like-for-like). KICKS stand-alone grew 0.9% currency neutral with online growing 1.8% and stores growing 0.5% (2.3% decline like-for-like). Other segment (Firtal, Grænn and Web Sundhed) grew 11.1% with online growth at 4.8%.
• The number of transactions decreased by 3.7% to 8.4 million compared to 8.8 million in Q2 2025/26, while the average basket size increased by 4.8% to DKK 230 per transaction compared to Q2 last year currency neutral.
• Gross profit for Q2 2026/27 amounted to DKK 892 million, an increase from DKK 889 million in Q2 2025/26 (DKK 895 million currency neutral). The gross margin was 44.8% in the quarter, compared to 45.7% last year (45.6% currency neutral). The gross margin was pressured by pricing initiatives and changes in product mix, while the consumer appeared to be increasingly focused on promos and campaigns. The gross margin was positively impacted by lower cost of goods sold in KICKS Norway, as the NOK strengthened against SEK in Q2, increasing the gross margin in Norway. Adjusted for the currency net effect on cost of goods in Norway and Finland, the gross margin was 44.7% in Q2.
• Other external costs amounted to DKK 233 million in Q2 2026/27, down from DKK 249 million in Q2 2025/26 (DKK 252 million currency neutral) mainly driven by Group indirect cost synergies.
• Q2 2026/27, staff costs amounted to DKK 434 million, up from DKK 404 million in Q2 2025/26 (DKK 406 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 49 million in Q2 2026/27 related to new operating model, compared to DKK 11 million in Q2 2025/26.
• EBITDA before special items came to DKK 231 million in Q2 2026/27 compared to DKK 241 million last year (currency neutral DKK 243 million), and the EBITDA margin before special items was 11.6% in the quarter against 12.4% last year (12.4% currency neutral). Adjusted for the currency effect on cost of goods, EBITDA margin before special items was 11.5% in Q2.
• The total depreciation, amortisation and impairment charges amounted to DKK 166 million in Q2 2026/27, up by DKK 6 million compared to last year.
• Profit for the period amounted to DKK 4 million after tax compared to DKK 24 million last year (currency neutral DKK 24 million).
• Free cash flow was an outflow of DKK 60 million in Q2 2026/27 compared to an outflow of DKK 160 million in Q2 2025/26. The decrease in outflow compared to Q2 2025/26 was mainly driven by changes in working capital.

H1 2026/27 highlights

• Revenue grew 3.3% (2.5% currency neutral) in H1 2026/27.
• Matas stand-alone growth in H1 was 2.9%. Growth online was 11.7% and stores declined 0.7% like-for-like. KICKS stand-alone grew 0.3% currency neutral in H1. KICKS online grew 0.6% and stores declined 2.4% like-for-like. Other segment (Firtal, Grænn and Web Sundhed) grew 10.9% in H1 with online growth at 5.4%.
• For H1 2026/27, the number of transactions decreased by 3.2%, while the average basket size grew 6.3% (5.4% currency neutral) to DKK 233 per transaction compared to H1 last year. The number of transactions came to 17.4 million for H1 2026/27 compared to 18.0 million for H1 2025/26.
• Gross profit for H1 2026/27 amounted to DKK 1,850 million, up from DKK 1,844 million in H1 2025/26 (DKK 1,856 million currency neutral). The gross margin was 44.6%, down from 45.9% in H1 2025/26 (45.8% currency neutral). The gross margin decline was mainly driven by pricing initiatives, changes in product mix and changes in consumer behaviour. In-house brands continued momentum and grew 7.8% currency neutral. The gross margin was also positively impacted by lower cost of goods sold in KICKS Norway, as the NOK strengthened against SEK in H1, increasing the gross margin in Norway. Adjusted for the currency net effect on cost of goods in Norway and Finland, the gross margin was 44.3% in H1.
• Other external costs amounted to DKK 505 million in H1 2026/27, up from DKK 486 million in H1 2025/26 (DKK 490 million currency neutral), driven by incremental marketing to drive growth initiatives and IT cost, partially offset by Group indirect cost synergies and insourcing.
• H1 2026/27 staff costs amounted to DKK 862 million, up from DKK 826 million (DKK 831 million currency neutral) in H1 2025/26 driven by insourcing and wage inflation partially offset by productivity gains.
• Special items amounted to DKK 63 million in H1 2026/27 related to new operating model, compared to DKK 16 million in H1 2025/26, which mainly related to the KICKS integration.
• EBITDA before special items came to DKK 495 million in H1 2026/27 compared to DKK 543 million last year (currency neutral DKK 547 million), and the EBITDA margin before special items was 11.9% in H1 against 13.5% last year (13.5% currency neutral). EBITDA margin before special items, adjusted for the currency effect on cost of goods, was 11.7%.
• The total depreciation, amortisation and impairment charges were DKK 330 million in H1 2026/27, up by DKK 9 million compared to last year.
• Profit for the period amounted to DKK 23 million after tax compared to DKK 88 million last year (DKK 90 million currency neutral).
• Free cash flow was an inflow of DKK 66 million in H1 2026/27 compared to an inflow of DKK 201 million in H1 2025/26. The decrease in inflow was driven by lower performance and changes in working capital.

Video conference

Matas Group will host a video conference regarding Q2 2026/27 results for investors and analysts on Thursday, 5 November at 10:00 a.m. CET. The video conference and the presentation can be accessed from Matas Groups’ investor website: 

https://matas.nexahub.io/events/interim-report-q2-202627-5-november-2026

Video conference access numbers for investors and analysts:

DK: +45 7876 8490

SE: +46 31 311 5003

NO: +47 2195 6342

UK: +44 203 769 6819

US: +1 646-787-0157

PIN for all countries: 915912

Contacts

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

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.