Matas (MATAS) Q4 2025 earnings summary

Executive summary

• Achieved 7% year-over-year revenue growth, with all markets and channels contributing positively; Q4 group revenue grew 7.2% YoY.

• EBITDA margin improved to 14.5% for the year, reflecting operational synergies and cost control.

• Strategy execution on track, including successful integration of KICKS and Skincity, logistics automation, and assortment expansion.

• Over 6 million Nordic Club members, supporting omni-channel growth and high engagement.

• Q4 was softer than expected, mainly due to gross margin pressure and consumer price sensitivity.

Financial highlights

• Full-year revenue reached DKK 8,379m, up 7% currency neutral; Matas stand-alone grew 8%.

• EBITDA margin before special items at 14.5%, with EBITDA up 9% currency neutral.

• Group gross margin improved to 46.2% (from 45.9%); Matas margin at 47.5%, KICKS at 44.0%.

• Online sales grew 24.3% in Q4 (excluding Skin City); core online sales up 22.2% YoY; store sales also increased.

• Free cash flow from operations improved; CAPEX mainly for logistics center, with normalization expected from 2025/26.

Outlook and guidance

• Revenue growth guidance for next year is 3%-7% (currency neutral), or 3.9%-7.9% excluding Skincity.

• EBITDA margin expected to improve to around 15%; CAPEX to be 3%-4% of revenue (~DKK 330m).

• Dividend proposed at DKK 2 per share and share buyback up to DKK 100 million, subject to AGM approval.

• Guidance reflects increased macroeconomic uncertainty and lower consumer confidence.