AS MADARA Cosmetics (MDARA) H1 2024 earnings summary

Executive summary

• Achieved 9% year-over-year revenue growth in H1 2024 to €11.21 million, driven by core brand focus, innovation, and expansion in key export markets such as France, Germany, and the Netherlands.

• Completed strategic carve-out and sale of MOSSA and SELFNAMED.COM brands to streamline operations and focus on MÁDARA, with continued product development and supply agreements.

• Major product innovations, including Botanic Retinol Serum, pressed powders, and niacinamide alternatives, drove category growth and won industry awards.

• Entered new retail partnerships, notably with Marionnaud in France and Boozt.com, and launched a global brand campaign focused on tinted products.

• Strengthened sales force and expanded presence in key European markets, especially Germany and France.

Financial highlights

• H1 2024 revenue reached €11.21 million, up 9% year-over-year; adjusted for business model changes, growth would exceed 11%.

• EBITDA was €1.27 million, with an EBITDA margin of 11%, down 6 percentage points from last year.

• Profit before tax was €740,000 excluding one-time gains, but surged 253% to €4.63 million including the €4 million MOSSA sale.

• Gross profit increased 7% to €7.52 million; gross margin decreased by 1 percentage point due to product mix.

• Direct e-commerce revenue share decreased by 4 percentage points as other channels grew faster.

Outlook and guidance

• Adjusted full-year revenue target set at €21.41 million due to carve-outs, with a commitment to deliver at least 10% revenue growth for 2024.

• Ambition to outpace industry growth rates (6–8%) in coming years, focusing on sustainable, profitable expansion.

• Strong innovation pipeline includes men's skincare line, expanded pressed powder range, retinol line extension, and new launches in alternative retinol and makeup.

• Continued focus on expanding partnerships with global retailers and further brand expansion in France, Germany, and Sweden.