AS MADARA Cosmetics (MDARA) H1 2025 earnings summary

Executive summary

• Like-for-like revenue grew 9% year-over-year to €11.37 million in H1 2025, with e-commerce accounting for 38% of turnover and the core brand representing 86% of the portfolio.

• Significant expansion in direct e-commerce and new channels, including Amazon (turnover up 107–207% y-o-y) and TikTok (UK channel launched, doubled quarter-on-quarter).

• 17 new products launched, including the AGE PRO line and SPF50 sunscreen stick, generating over €800,000 in turnover and boosting brand visibility.

• Achieved B Corp certification, reinforcing commitment to sustainability and responsible business practices.

• Investments in pilot projects and new markets had a short-term negative impact on profitability, but strategic focus remains on growth and innovation.

Financial highlights

• Like-for-like revenue grew 9% to €11.37 million; reported growth was just above 1% due to one-time transactions and divestments.

• EBITDA fell 60% year-over-year to €759,000 (7% margin), with net profit at €282,000 (2% margin), both down from last year.

• Gross profit margin stable at 67% (€7.66 million).

• Pretax profit decreased 38% to €284,000, with pilot project costs reducing profitability by about three to four percentage points.

• Over €300,000 invested in pilot projects, reported as period expenses.

Outlook and guidance

• Management targets at least 10% like-for-like revenue growth for 2025, aiming for €23.67 million and a return to double-digit EBITDA margin.

• Focus on scaling in Spain, entering Italy, tripling TikTok UK channel, and further Amazon expansion.

• Pausing unprofitable pilot projects in the US and Brandlab Cosmetics to improve profitability.

• Efficiency measures and cost revision underway to restore profitability.

• Continued investment in e-commerce, new product launches, and expansion in key European markets.