Matas (MATAS) Q3 2026 earnings summary

Executive summary

• Q3 saw record sales in Matas, driven by Mass Beauty, Health and Wellbeing, and online channels, while KICKS faced a 3.8% revenue decline due to consumer trade-down and high campaign pressure in High-end Beauty, especially in Sweden.

• Group sales grew 1.8% year-over-year currency-neutral (3.1% reported), with EBITDA margin before special items at 16.7% (17.2% FX-adjusted), slightly below last year, impacted by FX and consumer behavior shifts.

• Cost discipline was maintained, with staff cost savings and logistics efficiency, but higher marketing spend to support competitiveness.

• The strategy to win the Nordics remains intact, with acceleration in assortment expansion, digital platforms, and store network, and a focus on broadening KICKS' offer.

• The share buy-back program continued, with DKK 109 million completed by end of Q3.

Financial highlights

• Q3 revenue: DKK 2,776 million (+3.1% YoY), gross profit: DKK 1,243 million, gross margin: 44.8% (down from 46.2%).

• EBITDA before special items: DKK 465 million (margin 16.7%), profit for the period: DKK 186 million.

• Free cash flow for the quarter was DKK 367 million, impacted by increased working capital and normalized CAPEX.

• Inventories reduced by almost DKK 300 million during the quarter, though still above last year due to assortment expansion and logistics improvements.

• Cost base declined 0.5% year-over-year despite 3.1% sales growth, reflecting strong cost control.

Outlook and guidance

• Full-year guidance reaffirmed and then revised in January: revenue growth of 3–4% (currency neutral), EBITDA margin before special items of 14.0–14.5%, and CAPEX at 3–4% of revenue.

• Confident in delivering within guidance after Q3 results, despite challenging market conditions.