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Matas (MATAS) investor relations material
Matas Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary12 Nov, 2025
Executive summary
Profitable growth in Q2 2025/26 driven by the Nordic strategy, successful KICKS integration, and market share gains across all markets and channels.
Customer transactions increased by 500,000 in H1, with loyalty club membership exceeding 6 million and strong engagement among younger demographics.
Unified digital platform launched across the Nordics, supporting future synergies and improved customer experience, though temporarily reducing revenue growth by about one percentage point.
Initial synergies of over DKK 100 million achieved, with a further DKK 50 million on track for 2026/27.
Ongoing share buyback program and refinancing completed, providing financial headroom and supporting shareholder returns.
Financial highlights
Group revenue grew 4.4% year-over-year currency neutral (5.0% reported) in Q2 2025/26, reaching DKK 1,945 million; H1 revenue was DKK 4,019 million (+5.6% YoY).
EBITDA margin before special items was 12.4% (12.7% FX adjusted), slightly up from 12.5% last year; Q2 EBITDA before special items: DKK 241 million (+3.6% YoY).
Gross margin for the group was 45.7% in Q2 (down from 46.0% YoY); Matas at 47.5%, KICKS at 42.5%.
Free cash flow in Q2 was negative, mainly due to increased inventory for Q3 sales and assortment expansion; Q2 outflow DKK 162 million.
Gearing at 3.1x NIBD/LTM EBITDA, above target due to inventory build-up, but expected to fall below 3.0x in Q3.
Outlook and guidance
Full-year 2025/26 guidance maintained: revenue growth of 3–7% currency neutral, EBITDA margin around 15%, and CAPEX of 3–4% of revenue (~DKK 330 million).
Guidance reflects macroeconomic uncertainty and a drop in consumer confidence, but long-term ambitions and strategy remain unchanged.
Investments (excluding M&A) include DKK 30 million for logistics center.
KICKS' Q2 gross margin drivers and outlook
E-commerce platform scaling initiatives
Inventory build-up impact on gearing ratio
KICKS underlying growth slowed. Is market share at risk?
When will ODP sales drag reverse to positive impact?
Is higher inventory due to new logistics centers structural?
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Frequently asked questions
Matas A/S, operates a chain of retail stores that offers beauty, personal care, health and wellbeing, and household products. Matas A/S product categories include cosmetics, perfumes and fragrances, skin care and treatment products, hair care and styling products, as well as body care products such as shower gels, soaps, deodorant roll-on and nail care products. Matas also sells baby and maternity items including diapers.
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