Matas (MATAS) Q1 24/25 earnings summary

Executive summary

• Group revenue grew 6.2% year-over-year proforma, reaching DKK 1,956 million, with strong performance in both Matas and KICKS banners across all channels.

• EBITDA margin before special items improved to 15.0%, up from 14.7% proforma last year.

• Integration of KICKS and Skincity, as well as strategic investments in logistics centers, are progressing as planned.

• High employee engagement and satisfaction maintained despite significant organizational changes.

• Profit after tax reached DKK 59 million, up from DKK 49 million last year.

Financial highlights

• Group revenue reached DKK 1,956 million, up from DKK 1,841 million proforma in Q1 2023/24.

• Organic growth in Matas was 8%, with online sales up 21% and stores up 3%.

• KICKS revenue grew 2.9% currency neutral (6.9% excluding Skincity), with online up 21%.

• Gross margin improved to 46.7% (from 45.4% restated), driven by product mix and higher supplier subsidies.

• EBITDA before special items increased 9% proforma, with margin rising to 15.0%.

Outlook and guidance

• Revenue growth guidance for FY 2024/25 maintained at 4–7% (3.2–6.2% FX-adjusted).

• EBITDA margin guidance unchanged at 14.5–15.5% before special items.

• CapEx guidance reiterated at DKK 650 million, including DKK 325 million for logistics centers.