Matas (MATAS) Q2 2026 earnings summary

Executive summary

• Profitable growth in Q2 2025/26 driven by the Nordic strategy, successful KICKS integration, and market share gains across all markets and channels.

• Customer transactions increased by 500,000 in H1, with loyalty club membership exceeding 6 million and strong engagement among younger demographics.

• Unified digital platform launched across the Nordics, supporting future synergies and improved customer experience, though temporarily reducing revenue growth by about one percentage point.

• Initial synergies of over DKK 100 million achieved, with a further DKK 50 million on track for 2026/27.

• Ongoing share buyback program and refinancing completed, providing financial headroom and supporting shareholder returns.

Financial highlights

• Group revenue grew 4.4% year-over-year currency neutral (5.0% reported) in Q2 2025/26, reaching DKK 1,945 million; H1 revenue was DKK 4,019 million (+5.6% YoY).

• EBITDA margin before special items was 12.4% (12.7% FX adjusted), slightly up from 12.5% last year; Q2 EBITDA before special items: DKK 241 million (+3.6% YoY).

• Gross margin for the group was 45.7% in Q2 (down from 46.0% YoY); Matas at 47.5%, KICKS at 42.5%.

• Free cash flow in Q2 was negative, mainly due to increased inventory for Q3 sales and assortment expansion; Q2 outflow DKK 162 million.

• Gearing at 3.1x NIBD/LTM EBITDA, above target due to inventory build-up, but expected to fall below 3.0x in Q3.

Outlook and guidance

• Full-year 2025/26 guidance maintained: revenue growth of 3–7% currency neutral, EBITDA margin around 15%, and CAPEX of 3–4% of revenue (~DKK 330 million).

• Guidance reflects macroeconomic uncertainty and a drop in consumer confidence, but long-term ambitions and strategy remain unchanged.

• Investments (excluding M&A) include DKK 30 million for logistics center.