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Matas Group’s Nordic strategy delivers profitable growth in Q2 Q2 2025/26 12 November 2025
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Disclaimer Forward-looking statements This interim report contains statements relating to the future, including statements regarding Matas Group’s future operating results, financial position, cash flows, business strategy and future targets. Such statements are based on Management’s reasonable expectations and forecasts at the time of release of this report. Forward- looking statements are subject to risks and uncertainties and a number of other factors, many of which are beyond Matas Group’s control. This may have the effect that actual results may differ significantly from the expectations expressed in the report. Without being exhaustive, such factors include general economic and commercial factors, including market and competitive conditions, supplier issues and financial and regulatory issues, IT failures as well as any effects of healthcare measures that are not specifically mentioned above. 2
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3 Agenda 01 Group CEO comments and strategy update Gregers Wedell-Wedellsborg 02 Financial results for Q2 2025/26 Per Johannesen Madsen 03 Q&A Gregers Wedell-Wedellsborg & Per Johannesen Madsen
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01 Group CEO comments and strategy update Gregers Wedell-Wedellsborg Group CEO 4
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Two years after the acquisition of KICKS, we are in the next stage of Win the Nordics 5 ✓ Sustained market share gains with growth in all markets and channels ✓ Membership growth to >6 million members ✓ DKKm 140 synergies with DKKm ~50 more coming 2026/27 ✓ Nordic organisation and leadership team established ✓ IT Integration on plan with first Nordic wins delivered ✓ One Nordic Digital Platform launched ✓ KLC and MLC on time, on budget, and fully operational ✓ Refinancing completed on competitive terms with more headroom ✓ Share buyback programme ongoing ➢ Growth in uncertain times driven by assortment expansion, online growth and moderate store expansion: Transactions up by 500,000 in H1 ➢ Operational excellence, 2026/27 synergies, Nordic ‘House Brands’ and Nordic retail media offering to drive margin improvement and margin headroom to stay competitive on value: Underlying margin improvement ➢ Significant cash generation allowing for deleveraging, investments in growth, and distribution to shareholders ➢ Full-year guidance and long-term financial ambitions maintained Growth, Operational Excellence, Cash GenerationGrowth, Integration, Investment in Automation
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Q2: Continued growth and underlying margin up Y oY despite negative in-quarter effects in KICKS. Guidance maintained. Q2 growth and margin Q2 highlights Guidance 2025/26 maintained 4.4% growth YoY Group currency neutral 5.0% reported growth YoY 12.4% EBITDA margin before special items 12.7% FX adjusted (vs. 12.5% Q2 2024/25) ✓ Revenue growth of 3% to 7% Excluding Skincity 3.9% to 7.9% Guidance reflects more uncertain outlook ✓ Around 15% EBITDA margin before special items ✓ CAPEX of 3-4% of revenue (DKK ~330 million including DKK ~30 million for Matas Logistics Center) ✓ Share buyback ongoing 6 Growth despite ~1% in-quarter drag: ✓ Matas growth driven by assortment expansion, suncare, stores and online ✓ KICKS gaining share, but dragged by in- quarter effects: launch of one digital platform, Skincity, and hot summer Underlying gross margin flat: ✓ Matas gross margin up driven by COGS improvements and in-house brands ✓ KICKS gross margin down due to FX effect on COGS, channel/category mix, Skincity. Continued cost control and synergies: ✓ Confirming ~DKK 50 million in 2026/27 MLC fully operational → ready for Q3
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7 Financial highlights Q2 2025/26: Growth of 4.4% currency neutral and EBITDA margin of 12.4% before special items after 0.3% EBITDA margin impact from input costs in Norway and Finland Matas (including subsidiaries*) Revenue, DKKm 1,242 Revenue growth 8.1% (Matas stand-alone 6.8%) KICKS Revenue, DKKm 703 Currency neutral growth (1.4)% (+1.4% excl. Skincity)) Matas Group Q2 2025/26 Gross profit margin 47.5% (Q2 2024/25: 46.7%) Gross profit margin 42.5% (43.2% FX adjusted vs. 44.7% Q2 2024/25) Revenue, DKKm 1,945 Currency neutral growth 4.4% (5.0% growth reported) EBITDA margin before special items 12.4% (12.7% FX adjusted vs. 12.5% Q2 2024/25) * From Q4 2024/25 onwards, Management has aggregated the operational segments Firtal, Grænn and Web Sundhed as one reportable segment called "Other" due to similarities in operations.
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8 Win the Nordics – Strategic progress in Q2 Expand and improve portfolio of in-house brands Roll out ”one-stop” offering and concept Take e-commerce market shares and fuel omni-experience Closer to you Integrate and share to operate efficiently Refresh, upgrade and open stores Build long-term platform and culture All for you More for you Stronger for you ✓ Common e- commerce platform launched in Q2, enabling scaling of initiatives but impacting campaign activity in Q2 ✓ Synergy realisation on track for 2025/26, plus further synergies by 2026/27 ✓ Two automated logistics centers ready for Q3 ✓ KICKS opened 2 stores in Q2: Sweden and Norway ✓ New country manager Norway onboard to drive expansion ✓ Club: 6.1 million Nordic members ✓ Matas.dk ranked the 2nd most popular webshop in DK ✓ Core online growth 12.5% (excluding Skincity) ✓ KICKS launched Matas’ in-house brand Nilens Jord in Sweden, Norway and Finland ✓ In-house brands grew 13.2% in KICKS and 6.3% in Matas in Q2 ✓ Launch of high- demand brands in both Matas and KICKS ✓ KICKS launched Charlotte Tilbury online in Sweden, Norway and Finland
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Matas Q2, 21 new brands including: More for you: Brand launches continue: KICKS launched Matas’ in-house brand Nilens Jord. KICKS launched highly sought after beauty brand Charlotte Tilbury 9 Matas launched 21 new brands in Q2 and KICKS 20 new brands, including brands to strengthen our position within haircare. KICKS Q2: 20 new brands including: Matas in-house brand Nilens Jord launched in KICKS (SE, NO and FIN)
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Closer to you: Better deals and value for our 6.1 million Nordic club members 10 ✓ 500,000 more transactions in H1 ✓ More than 6 million club members: ✓ Matas: 2.1 million ✓ KICKS: 4 million members, including >1 million in Norway ✓ Member satisfaction (NPS) continues to improve ✓ Mainly younger demographics ✓ Shopping across more categories and channels
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Stronger for Y ou: One Nordic Digital Platform launched – dragging Group in-quarter growth by ~1%, but enabling customer and business value, strategic progress and Nordic Scale Better Customer Experience: Speed, personalisation, community discovery, convenience Unlocking Nordic Scale: Invest once, get returns in four markets, fast best practice sharing Enabling Win the Nordics Strategy: Eg. Retail Media, KICKS App, Social Media Better Business Performance: Eg. conversion, category upsell and in-store sales Successful store openings with massive queues
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Stronger for Y ou: Ready for Q3 with well stocked stores and two automated logistics centers – our platform for long-term profitable growth 12 KICKS automated logistics center in Rosersberg, outside Stockholm Fully operational, omni-channel Matas automated logistics center in Lynge, outside Copenhagen Fully operational since spring 2025, serving e-commerce
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Impact of macroeconomic uncertainty and drop in consumer confidence reflected in revenue growth guidance for 2025/26 No impact Limited impact No impact Signs of slowdown – temporary? Unchanged Unchanged/Improving? Unchanged Unchanged/in-quarter effects Q4 2024/25 & Q1 2025/26 comment Q2 2025/26 comment
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02 Financial results Q2 2025/26 Per Johannesen Madsen Group CFOByt bild Byt bild 14
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15 Group revenue performance Q2: Growth of 4.4% currency neutral, impacted by lower traffic in Sweden due to warm summer and lower campaign activity due to the common e-commerce platform launch Group core online Q2 growth of 12.5% • Common e-commerce platform launched in Q2, enabling scaling of initiatives but impacting campaign activity in KICKS in Q2 • Assortment driven online growth in Matas: 16.8% Store growth in Matas, warm summer in Sweden impacted traffic in KICKS • Like-for-like growth in Matas stores of 3.0%. KICKS stores declined 0.8% as warm summer impacted traffic to shopping malls • Net same number of stores vs. last year: KICKS +1 and Matas -1. KICKS opened 2 new stores in the quarter Skincity impact in Q2 • DKK 20 million revenue in Q2 2024/25 Revenue by banner (currency neutral) 693 703 124 147 20 1,025 Q2 2024/25 0 1,095 Q2 2025/26 1,862 1,945 4.4% Matas KICKS excl. Skincity Skincity Other DKKm Revenue by channel (currency neutral) 581 632 27 1,254 Q2 2024/25 38 1,275 Q2 2025/26 1,862 1,945 4.4% Stores Online Wholesale DKKm High growth in both banners Matas +6.8% Other* +18.3% KICKS total -1.4% KICKS excl. Skincity +1.4% Stores +1.7% Online +8.7% Online excl. Skincity +12.5% Wholesale +41.3% * From Q4 2024/25 onwards, Management has aggregated the operational segments Firtal, Grænn and Web Sundhed as one reportable segment called "Other" due to similarities in operations
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16 Gross margin of 45.7% against 46.0% in Q2 last year, underlying gross margin improvement but FX impacted COGS in KICKS in the quarter 852 889 42% 43% 44% 45% 46% 47% 48% 49% 0 100 200 300 400 500 600 700 800 900 46.0% Q2 2024/25 45.7% Q2 2025/26 4.3% Gross profit Gross margin Group gross marginGross margin by banner 47.0% DKKm 491 529 47.9% Matas Q2 2024/25 48.3% Matas Q2 2025/26 7.7% Gross profit Gross margin Gross margin improvement in Matas: New assortment and product mix driving improved margin Gross margin development in KICKS: SEK strengthening against NOK and EUR, impacting gross margin in Norway and Finland: FX equals 0.7% gross margin loss in Q2 for KICKS (0.3% for Group). Further, KICKS’ gross margin was impacted by planned price initiatives and the closure of Skincity 315 299 44.7% KICKS Q2 2024/25 42.5% KICKS Q2 2025/26 -5.1% Gross profit Gross margin 46 61 36.7% Other Q2 2024/25 41.4% Other Q2 2025/26 32.6% Gross profit Gross margin
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17 Q2 cost growth reflects investments supporting growth and our strategy to Win the Nordics DKKm 392 404 237 249 -50 0 50 100 150 200 250 300 350 400 450 500 550 600 650 700 -5 Q2 2024/25 -5 Q2 2025/26 624 648 3.8% Other external costs Staff costs Other operating income, net Group costs (currency neutral) Staff costs Other external costs Growth and inflation offset by synergies • Staff cost on par with last year currency neutral (20.8% of revenue vs. 21.0% last year) Mitigating salary inflation • Workforce planning – stores and online • Streamlined approach Building capabilities to drive growth • Pricing excellence – electronic shelf labels • Assortment specialists • AI Logistics Centers efficiencies • Progressing towards efficiency targets, (learning curve) Online growth driving variable costs • Shipping costs driven by order volumes • Faster deliveries • Execution of assortment expansion Higher marketing costs • Supporting new assortment awareness and launch of Nilens Jord in KICKS end September Other • Nordic efficiencies and synergies
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18 Q2 EBITDA before special items impacted by SEK strengthening against NOK and EUR DKKm 233 241 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% 0 50 100 150 200 250 12.6% Q2 2024/25 12.4% Q2 2025/26 +3.4% EBITDA margin before special items (currency neutral) EBITDA before special items (currency neutral) EBITDA and EBITDA margin before special items Summary for Q2 2025/26 Revenues • Core online growth of 12.5% (excluding Skincity, currency neutral) • Revenue growth impacted by lower traffic in Sweden due to warm summer and lower campaign activity due to the common e- commerce platform launch Gross margin • Improved margin in Matas from assortment expansionand product mix • KICKS impacted by SEK strengthening against NOK and EUR, impacting gross margin in Norway and Finland, price initiatives and Skincity closure Costs • Costs reflects investments supporting growth and our strategy to Win the Nordics • Growth and inflation driving costs, offset by synergies EBITDA growth and margin • EBITDA impacted by 0.3% from strengthening SEK against NOK and EUR FX Adj. Cogs 12.7%
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Inventories increase Y oY driven by increased sales, assortment expansion, MLC opening and better product availability in KICKS. We are ready for Black Week and Christmas sales Change in inventories DKKmInventories per quarter in % of LTM revenue (excl. KICKS) 19 260 End Q2 2024/25 Matas, including new logistics setup KICKS, including new logistics setup End Q2 2025/26 2,396 2,733 77 +337 Q1 Q2 22.8% Q3 21.8% Q4 21.2% 21.9% 23.1% 24.0% 22.8% 23.0% 24.7% 21.9% 24.3% 20.3% 22.9% 25.6% 2022/23 2023/24 2024/25 2025/26 Compared to end Q1 2025/26, inventory increased by DKK 417 million in Q2, mainly due to timing of inventory build-up for Q3
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Free cash flow: Q2 outflow driven by increased working capital, mainly due to increased inventory reflecting wider assortment, better product availability and timing of build-up for Q3 Matas Group free cash flow development Q2 2024/25 – Q2 2025/26 DKKm 20 • Cash flow from operations before special items increased in Q2 2025/26 • Working capital increased by DKK 93 million, mainly due to higher inventory reflecting wider assortment, better product availability and timing of inventory build-up for Q3 • CAPEX spend mainly reflects that large investment in Matas Logistics Center is complete • The normalised CAPEX of 3-4% of revenue will, all else equal, generate significant free cash in 2025/26 -105 -146 -162 -162 -93 -16 Free cash flow excl. acquisitions Q2 2024/25 Cash flow operations, before special items Working capital and tax 43 CAPEX Free cash flow before special items Special items developm. Free cash flow excl. acquistions Q2 2025/26 0 Acquisitions Free cash flow Q2 2025/26 9
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Gearing: temporarily above 3.0x in Q2 but expected below 3.0x again in Q3 Matas Group NIBD / LTM EBITDA before special items Q2 2023/24 – Q2 2025/26 21 • Gearing increased from last quarter to 3.1x in Q2 2025/26 • Gearing expected below 3.0x at end of Q3 2025/26 • Long-term target remains unchanged with a gearing of between 2.0x and 3.0x • In May 2025, Matas Group successfully refinanced at competitive terms, securing the financing of future growth and improved headroom Q2 2023/24 Q3 2023/24 Q4 2023/24 Q1 2024/25 Q2 2024/25 Q3 2024/25 Q4 2024/25 Q1 2025/26 2.8x 2.2x 2.8x 2.9x 3.0x 2.7x 3.1x 3.0x Q2 2025/26 3.1x
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22 Financial guidance 2025/26 unchanged Financial guidance 2025/26 3-7% Underlying revenue growth (currency neutral*) Baseline: 2024/25 8,379 Revenue, DKKm Around 15% EBITDA margin (before special items) 14.5% EBITDA margin (before special items) CAPEX, excluding M&A, of 3-4% of revenue Equivalent to DKK ~330 million, including DKK 30 million for MLC Based on actual exchange rates * The currency neutral financial guidance is based on actual rates in 2024/25 for NOK/DKK of 0.638 and SEK/DKK of 0.652. Reported revenue growth for 2025/26 is ~3.9% to 7.9% based on forwards rates for NOK/DKK of 0.629 and SEK/DKK of 0.678 as of 11 November 2025. CAPEX, excl. M&A, DKKm 702 Incl. DKK ~321m to Matas Logistic Center ~3.9-7.9% Excluding Skincity, currency neutral growth
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03 Q&A 23
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Thank you!