Matas (MATAS) Q2 2025 earnings summary

Executive summary

• Achieved 6.8% pro forma, currency-neutral revenue growth year-over-year in Q2, with stable EBITDA margin at 12.6%, slightly ahead of internal expectations.

• Nordic strategy delivered strong revenue and earnings growth, with all channels and markets contributing; KICKS online up 24% (excluding Skincity), and Matas online up 18.7%.

• Revenue synergies from the Matas-KICKS integration are materializing, with growth across all retail channels and markets.

• Strategy execution focused on assortment expansion, brand launches, and leveraging Nordic scale, with strong customer and member growth, including over 1 million KICKS members in Norway and 2 million Matas members in Denmark.

• Early inventory build-up in Q3 to de-risk first Christmas at KICKS' new logistics center.

Financial highlights

• Q2 group revenue reached DKK 1,851m, up from DKK 1,727m proforma last year, a 6.8% currency neutral increase.

• Group e-commerce grew over 20% year-over-year, with KICKS Online up 24% (excluding Skincity) and Matas online up 18.7%.

• Like-for-like store growth was 2.4%, with net eight new stores, driving 4.5% total store growth.

• Gross profit margin at 46.0% (Q2 2023/24 proforma: 45.8%), with Matas at 46.8% and KICKS at 44.8%.

• Free cash flow from operations improved by DKK 151m in H1, with CapEx mainly for logistics investments.

Outlook and guidance

• Revenue guidance for FY 2024/25 raised to 5–7% currency neutral growth (from 4–7%), with EBITDA margin before special items expected at 14.5–15.5%.

• CapEx guidance maintained at DKK 650m, including DKK 325m for logistics center investments.

• Growth expected to continue through the Christmas season, supported by early inventory build and strong market demand.