AS MADARA Cosmetics (MDARA) H1 2026 earnings summary

Executive summary

• Group revenue grew by 17.5% year-over-year in H1 2026, reaching EUR 13.36 million, with EBITDA nearly doubling compared to the same period last year.

• E-commerce, including own store, marketplaces, and B2B pure players, was the main growth engine, now representing 40% of revenue with direct e-commerce turnover up 24% year-over-year.

• Hair care revenue nearly tripled across online channels, with Micro-Keratin Silk Hair Mist volume up 900%, boosting the hair care category.

• Expanded TikTok Shop operations in the UK and Germany, enabling Latvian businesses to access TikTok Shop Europe, and entered new markets in Saudi Arabia and Singapore.

• B2B remains a key pillar, with growth in most markets and new partnerships in France and the Netherlands.

Financial highlights

• Revenue reached EUR 13.36 million, up 17.5% year-over-year, surpassing the annual guidance of +10%.

• EBITDA was EUR 1.51 million, a 99% increase year-over-year, with EBITDA margin rising to 11% from 7% in the prior year.

• Profit before tax was EUR 1.1 million, up 286% year-over-year.

• Gross profit increased by 19% to EUR 9.14 million, with gross margin rising to 68%.

• Administration costs decreased and sales cost growth was lower than revenue growth, reflecting improved cost discipline.

Outlook and guidance

• Management maintains a full-year revenue target of at least EUR 25.54 million and a double-digit EBITDA margin.

• Focus for the second half includes further e-commerce acceleration, new product launches in lip care, eyelash treatment, and a core line relaunch.

• Continued investment in process automation and AI to enhance operational efficiency.