Matas (MATAS) Q4 24/25 earnings summary

Executive summary

• Achieved 7% year-over-year revenue growth, with strong online and store performance across all Nordic markets and channels.

• EBITDA margin improved to 14.5% for the year, reflecting operational synergies and cost control, though Q4 margin pressures were noted.

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

• Customer satisfaction and membership numbers reached record highs, with over 6 million members across the Nordics, supporting omni-channel growth.

Financial highlights

• Revenue reached DKK 8,379 million, up 7% currency neutral year-over-year; Matas stand-alone grew 8%.

• EBITDA margin before special items at 14.5%, up from 14.3% year-over-year.

• Q4 growth was 7.2%, but gross margin declined due to price investments and consumer sensitivity; full-year gross margin improved to 46.2%.

• Online sales grew 24.3% in Q4 (excluding SkinCity), with e-commerce as the main growth driver; core online sales up 22.2% for the year.

• Store sales grew 3.8% for the year, while e-commerce grew 22% (excluding SkinCity); net 6 new stores opened.

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% as synergies are realized.

• CapEx to normalize at 3%-4% of revenue (DKK 330 million), including DKK 30 million for logistics center completion.

• Dividend proposed at DKK 2 per share, with a share buyback of up to DKK 100 million, raising payout policy to at least 40% of adjusted net profit.

• Guidance reflects increased macroeconomic uncertainty and lower consumer confidence.