Matas (MATAS) investor relations material

Executive summary

• New CEO with international retail experience focused on accelerating strategy and operational execution.

• Achieved record year with improved cash flow despite challenging market conditions.

• Strategy remains unchanged: "Win the Nordics" with sharper prioritization, faster execution, and adapting to evolving consumer behavior.

• Strong foundation with leading brands, omnichannel platform, and high customer engagement across Nordic markets.

• Accelerated initiatives and strict cost control contributed to performance.

Financial highlights

• Revenue reached an all-time high of DKK 8.8 billion, up 4.7% (3.5% currency neutral) year-over-year, in line with guidance.

• Operational EBITDA before special items was DKK 1.23 billion; EBITDA margin at 14.1% (14.4% adjusted for currency effects).

• Gross profit margin at 44.9%, down from 46.2% last year, mainly due to product mix, FX, and price competition.

• Free cash flow improved from DKK -2 million to DKK +547 million year-over-year, driven by working capital improvements and reduced CAPEX.

• Online business grew 13.8% in Q4; full-year online growth was 11% excluding Skincity.

Outlook and guidance

• Revenue growth guidance for next year set at 2%-6% currency neutral, reflecting macroeconomic and market uncertainties.

• EBITDA margin expected between 14%-14.5%; CapEx to be slightly higher due to front-loaded investments in electronic shelf labeling.

• Long-term ambition remains sales above DKK 10 billion and EBITDA margin of 15%-16% by 2027/2028.

• CAPEX guided at ~4.5% of revenue, normalizing to 3–4% post-logistics center investment.