Matas (MATAS) Q3 2025 earnings summary

Executive summary

• Achieved 7.7% year-over-year revenue growth in Q3, outpacing the market, with all channels and markets contributing and over 6 million Nordic club members.

• EBITDA before special items rose 11.5%–11.9% to DKK 474 million, with margin improving to 17.6%, driven by synergies and operational execution.

• Gross margin improved to 46.2% in Q3, supported by assortment expansion and supplier support.

• Membership base surpassed six million, with 150,000 new members added in the quarter, supporting engagement and cross-category shopping.

• Profit after tax increased 23.4% to DKK 201 million in Q3.

Financial highlights

• Group Q3 revenue reached DKK 2,694 million, up 7.7% year-over-year currency neutral; 9M revenue was DKK 6,501 million, up 31.5% (6.9% proforma currency neutral).

• Core online revenue grew 19.4% in Q3, with KICKS online up 23.3% and Matas online up 17.3%.

• Inventory closed at 24.3% of sales, with DKK 163 million reduction in the quarter.

• Free cash flow for 9M was DKK 304 million, compared to an outflow of DKK 20 million last year.

• Leverage reduced to 2.7x net debt/EBITDA, within target range.

Outlook and guidance

• Full-year guidance reaffirmed/upgraded: revenue growth of 6.5%-7.5% currency neutral, EBITDA margin of 14.5%-15.5%, and CapEx at ~DKK 650 million, including DKK 325 million for the new logistics center.

• Q4 margin expansion expected due to a soft comparison base and ongoing operational improvements.

• Synergies of over DKK 100 million targeted for full run-rate by 2025/26.

• Transition to new automated logistics center may cause temporary double costs, all included in guidance.