Interim report
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(1 APRIL - 30 SEPTEMBER 2025) Matas A/S | Rørmosevej 1 | DK-3450 Allerød | Business reg. no. 27 52 84 06 Company announcement no. 34 2025/26, Allerød, 12 November 2025 Interim report H1 2025/26 Matas Group's Nordic strategy delivers profitable growth in Q2
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3 Matas Group's Nordic strategy delivers profitable growth – guidance maintained 4 Q2 2025/26 highlights 5 H1 2025/26 highlights 6 Key financials 8 Management’s review 10 Q2 2025/26 performance, costs and operating performance 14 H1 2025/26 performance, costs and operating performance 19 Statement by the Board of Directors and the Executive Committee 20 Statement of comprehensive income 21 Statement of cash flows 22 Statement of financial position 23 Statement of changes in equity 25 Notes 31 Interim financial highlights 32 Additional information Table of contents Webcast Matas Group will host a webcast for investors and analysts on Wednesday, 12 November at 10:00 a.m. CET. The webcast and the presentation can be accessed from Matas’ investor website: https://matasgroup.com/investors . Webcast access numbers for investors and analysts DK: +45 78 76 84 90 SE: +46 31 311 5003 NO: +47 2195 6342 UK: +44 203 769 6819 US: +1 646 787 0157 PIN for all countries: 915912 Link to webcast https://matas-events.eventcdn.net/ events/q2-report-202526 Interim report H1 2025/26 2
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Matas Group’s strategy to Win the Nordics continued to deliver profitable growth in Q2 2025/26 with 5.0% revenue growth (4.4% currency neutral) and EBITDA growing faster than revenue, delivering an EBITDA margin before special items of 12.7% adjusted for the currency impact on cost of goods. Customer transactions continued to increase, and more members joined the loyalty clubs. Matas Group continued the assortment expansion with the launch of in-house brand Nilens Jord, the number one make-up brand in Denmark, in KICKS in Sweden, Norway and Finland. Nilens Jord followed the successful launch of Matas Striber in KICKS one year ago. KICKS also launched the highly sought after beauty brand Charlotte Tilbury online in all markets. In-house brands grew 8.0% currency neutral in the quarter, after streamlining our offering to focus on key in-house brands. A common e-commerce platform was launched in Q2, ensuring all customer facing websites in Matas and KICKS are now on the same platform, enabling scaling of initiatives across the Group Matas Group's Nordic strategy delivers profitable growth – guidance maintained going forward. The e-commerce infrastructure transition had effect on campaign activity in Q2 2025/26, resulting in lower revenue growth of approximately one percentage point for the Group. With two automated logistic centers in operation and well stocked stores, Matas Group is now ready for the all-important third quarter with Black Week and Christmas trading. A trading update for Q3 2025/26 is scheduled for 9 January 2026. The initial synergies of DKK >100 million full run-rate by end of 2025/26 have been delivered. 5.0% Revenue growth in Q2 (4.4% currency neutral) 12.7% EBITDA margin before special items in Q2, adjusted for currency impact on cost of goods (12.4% reported) “We served 500,000 more shoppers in the first half of the financial year. We continue to execute our strategy, outgrow the market, and improve underlying margins – despite in-quarter headwinds from the planned launch of a common Nordic e-commerce platform, currency movements, and a warm Swedish summer impacting traffic to shopping malls. We maintain our financial guidance for 2025/26.” Gregers Wedell-Wedellsborg, Group CEO Further synergies of DKK >50 million run-rate by end of 2026/27 are on track. Matas Group’s share buy-back programme of up to DKK 140 million has been ongoing since June 2025. By end of Q2 2025/26, shares with a total value of DKK 64 million have been acquired. The programme is executed in accordance with the Safe Harbour Regulation. Financial guidance Matas Group maintains the guidance for the financial year 2025/26. Group revenue is expected to grow between 3% and 7% currency neutral*. The EBITDA margin before special items is expected at around 15%. Investments, excluding M&A, are expected to be around 3% to 4% of revenue, corresponding to DKK ~330 million, including approximately DKK 30 million for Matas' Logistics Center. * The guidance for 2025/26 is based on underlying growth assumptions across the markets on a currency neutral basis. Average rates for 2024/25 were SEK/DKK of 0.652 and NOK/DKK of 0.638. Actual exchange rates will impact revenues. Interim report H1 2025/26 3
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5.4 953 5.6 5.7 1,025 1,095 233 241 2.7 2.7 0.4 1470.3 1240.3 1152.9 702 703 659 8.6 8.88.6 1,851 1,945 2191,727 Q2 2023/24 proforma Q2 2023/24 proforma Q2 2023/24 proforma Q2 2024/25 Q2 2025/26 Q2 2024/25 Q2 2025/26 Q2 2024/25 Q2 2025/26 Other* KICKS Matas Matas Group • Matas Group's strategy to Win the Nordics is delivering as expected with revenue growth of 5.0% (4.4% currency neutral) in Q2. Excluding Skincity, revenue growth was 5.6%. EBITDA before special items, adjusted for the currency effect on cost of goods, grew 5.4%. • Matas stand-alone growth in Q2 was 6.8%, online was 16.8% and Matas stores grew 3.0% like-for-like. KICKS stand-alone declined 1.4% currency neutral. KICKS excluding Skincity grew 1.4% currency neutral, and KICKS online excluding Skincity grew 6.2% and stores declined 0.8% like-for-like due to a warm Swedish summer impacting traffic to shopping malls. Other segment (Firtal, Grænn and Web Sundhed) grew 18.3% with online growth at 13.4%. • The number of transactions increased by 1.8% to 8.8 million compared to 8.6 million in Q2 2024/25, while the average basket size increased by 2.0% to DKK 217 per transaction compared to Q2 last year currency neutral. • Gross profit for Q2 2025/26 amounted to DKK 889 million, up from DKK 852 million in Q2 2024/25 (DKK 858 million currency neutral). The gross margin was 45.7% in the quarter, Q2 2025/26 highlights compared to 46.0% last year (46.0% currency neutral). Drivers in the lower margin were higher cost of goods sold in KICKS, as the SEK strengthened against NOK and EUR decreasing the gross margin in Norway and Finland. Further, the gross margin in KICKS was impacted by price initiatives and closedown of Skincity. Matas improved the gross margin due to assortment expansion and product mix. • Other external costs amounted to DKK 249 million in Q2 2025/26, up from DKK 235 million in Q2 2024/25 (DKK 237 million currency neutral) driven primarily by higher marketing cost and variable costs related to online growth, both supporting long-term strategy. • Q2 2025/26 staff costs amounted to DKK 404 million, up from DKK 389 million in Q2 2024/25 (DKK 392 million currency neutral) driven by growth in volumes and wage inflation offset by cost synergies. • Special items amounted to DKK 11 million net expense in Q2 2025/26 related to the KICKS integration, compared to DKK 5 million net income from a reversal of an accrual for deferred acquisition cost in Q2 2024/25. • EBITDA before special items came to DKK 241 million in Q2 2025/26 compared to DKK 233 million last year (currency neutral DKK 234 million), and the EBITDA margin before special items was 12.4% in the quarter against 12.6% last year (12.5% currency neutral). Adjusted for the currency effect on cost of goods, EBITDA margin before special items was 12.7% in Q2. • The total depreciation, amortisation and impairment charges amounted to DKK 160 million in Q2 2025/26, up by DKK 3 million compared to last year. • Profit for the period amounted to DKK 24 million after tax compared to DKK 24 million last year (currency neutral DKK 24 million). • Free cash flow was an outflow of DKK 162 million in Q2 2025/26 compared with an outflow of DKK 105 million in Q2 2024/25. The increase in outflow was mainly driven by changes in working capital, reflecting wider assortment, better product availability and timing of inven - tory build-up for Q3. Customer transactions Millions Revenue DKKm EBITDA before special items DKKm * ”Other” represents Firtal, Grænn and Web Sundhed Interim report H1 2025/26 4
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11.4 1,991 11.4 11.6 2,138 2,267 526 543 5.5 5.7 0.7 2920.6 2530.6 2275.9 1,416 1,460 1,350 17.5 18.017.9 3,807 4,019 4893,568 H1 2023/24 proforma H1 2023/24 proforma H1 2023/24 proforma H1 2024/25 H1 2025/26 H1 2024/25 H1 2025/26 H1 2024/25 H1 2025/26 Other* KICKS Matas Matas Group • Revenue grew 5.6% (4.6% currency neutral) in H1 2025/26. Excluding Skincity, revenue grew 6.1%. EBITDA before special items grew 3.1% (2.7% currency neutral). EBITDA before special items, adjusted for the currency effect on cost of goods, grew in line with revenue at 5.6%. • Matas stand-alone growth in H1 was 6.0%. Growth online was 16.7% and stores grew 2.0% like-for-like. KICKS stand-alone grew 0.5% currency neutral in H1. KICKS excluding Skincity grew 4.6% currency neutral, and KICKS online excluding Skincity grew 13.8% and stores grew 0.7% like-for-like. Other segment (Firtal, Grænn and Web Sundhed) grew 15.3% in H1 with online growth at 11.3%. • For H1 2025/26, the number of transactions increased by 2.6%, while the average basket size grew 2.5% (1.5% currency neutral) to DKK 220 per transaction compared to H1 last year. The number of transactions came to 18.0 million for H1 compared to 17.5 million for H1 2024/25. • Gross profit for H1 2025/26 amounted to DKK 1,844 million, up from DKK 1,755 million in H1 2024/25 (DKK 1,772 million currency neutral). The gross margin was 45.9%, down from 46.1% in H1 2024/25 (46.1% currency neutral). H1 2025/26 highlights • The underlying gross margin was marginally positive, though headwinds on cost of goods sold in Norway and Finland for strengthened SEK towards NOK and EUR. Further, the gross margin in KICKS was impacted by price initi - atives and the closedown of Skincity. Matas improved its gross margin, due to assortment expansion and product mix. • Other external costs amounted to DKK 486 million in H1 2025/26, up from DKK 451 million in H1 2024/25 (DKK 456 million currency neutral), driven by incremental marketing to drive growth initiatives and IT cost. • H1 2025/26 staff costs amounted to DKK 826 million, up from DKK 788 million (DKK 798 million currency neutral) in H1 2024/25 driven by volume growth and wage inflation offset by cost synergies. • Special items amounted to DKK 16 million in H1 2025/26, compared to DKK 12 million in H1 2024/25, which mainly relates to the KICKS integration. • EBITDA before special items came to DKK 543 million in H1 2025/26 compared to DKK 526 million last year (currency neutral DKK 528 million), and the EBITDA margin before special items was 13.5% in H1 against 13.8% last year (13.7% currency neutral). EBITDA margin before special items, adjusted for the currency effect on cost of goods, was 13.9%. • The total depreciation, amortisation and impair- ment charges were DKK 321 million in H1 2024/25, up by DKK 6 million compared to last year. • Profit for the period amounted to DKK 88 million after tax compared to DKK 83 million last year (DKK 81 million currency neutral). The increase reflects the continued growth of Matas Group. • Free cash flow was an inflow of DKK 209 million in H1 2025/26, reflecting a more normalised invest- ment level in H1 2025/26, compared to an outflow of DKK 73 million in H1 2024/25 which included construction of Matas' Logistics Center. Customer transactions Millions Revenue DKKm EBITDA before special items DKKm * ”Other” represents Firtal, Grænn and Web Sundhed Interim report H1 2025/26 5
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Key financials (DKKm) Q2 2025/26 Q2 2024/25 Growth (%) Currency neutral Q2 2024/25 Growth currency neutral (%) H1 2025/26 H1 2024/25 Growth (%) Currency neutral H1 2024/25 Growth currency neutral (%) Statement of comprehensive income Revenue 1,945 1,851 5.0% 1,861 4.4% 4,019 3,807 5.6% 3,843 4.6% Gross profit 889 852 4.3% 858 3.7% 1,844 1,755 5.0% 1,772 4.0% EBITDA 230 238 (3.2)% 239 (3.5)% 527 514 2.5% 516 2.0% EBIT 70 81 (13.0)% 81 (12.5)% 206 199 3.8% 197 4.8% Net financials (39) (50) (21.2)% (50) (21.1)% (93) (92) 2.6% (92) 2.5% Profit before tax 31 31 0.4% 31 1.6% 113 107 4.9% 105 6.8% Profit for the period 24 24 1.7% 24 4.2% 88 83 5.5% 81 8.4% Special items included in EBITDA (11) 5 (322.5) 5 (322.5)% (16) (12) 32.5% (12) 32.5% EBITDA before special items 241 233 3.6% 234 3.3% 543 526 3.1% 528 2.7% Adjusted profit after tax 39 26 53.3% 27 50%% 113 111 2.6% 113 0.6% Statement of financial position Total assets 9,977 9,284 Total equity 3,668 3,501 Net working capital 916 656 Net interest-bearing debt 3,869 3,478 Statement of cash flows Cash flow from operating activities (61) 39 410 280 Cash flow from investing activities (101) (144) (201) (353) Free cash flow (162) (105) 209 (73) . Interim report H1 2025/26 6
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Key financials – continued (DKKm) Q2 2025/26 Q2 2024/25 Currency neutral Q2 2024/25 H1 2025/26 H1 2024/25 Currency neutral H1 2024/25 Ratios Revenue growth 5.0% 44.0% 44.0% 5.6% 56.3% 56.3%% Organic growth 5.0% 7.2% 7.2% 5.6% 6.7% 6.7% Gross margin 45.7% 46.0% 46.0% 45.9% 46.1% 46.1% EBITDA margin 11.8% 12.8% 12.8% 13.1% 13.5% 13.4% EBITDA margin before special items 12.4% 12.6% 12.5% 13.5% 13.8% 13.7% EBIT margin 3.6% 4.4% 4.3% 5.1% 5.2% 5.1% Cash conversion (68.9)% (49.2)% 37.4% (10.2)% Earnings per share, DKK 0.64 0.64 0.61 2.31 2.20 2.13 Diluted earnings per share, DKK 0.63 0.64 0.61 2.29 2.19 2.12 Share price, end of period, DKK 130.0 124.6 ROIC before tax including goodwill 8.7% 8.4% ROIC before tax excluding goodwill 19.3% 21.1% Net working capital as a percentage of LTM revenue 10.6% 8.1% Investments as a percentage of revenue 5.2% 7.8% 5.0 8.9% Net interest-bearing debt/LTM EBITDA before special items 3.1 3.0 Number of transactions (millions)* 8.8 8.6 8.6 18.0 17.5 17.5 Average basket size (DKK)* 217 212 213 220 214 216 Number of stores 496 496 Club members Matas and KICKS (millions) 6.1 5.8 Club Matas Plus members (thousands) 110.6 111.5 Average number of employees (FTE) 3,311 3,468 3,304 3,414 * For definitions of key financials, see page 210 of the Annual Report 2024/25. Interim report H1 2025/26 7
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On 28 May 2024, Matas Group announced its new strategy, Win the Nordics, in connection with the Annual Report for 2023/24 and the Capital Markets Day. Win the Nordics is a growth strategy with six customer centric strategic priorities for the mid-term to outgrow the market while improving margins and building the long-term platform. The strategy continued to progress as planned. The initial synergies of DKK >100 million full run-rate by 2025/26 have been delivered. Further synergies of DKK >50 million run-rate by end of 2026/27 are on track. The implementation of a new Nordic organisation was completed in April 2024. Matas Group has two automated logistic centers and is re-investing in growth and capabilities, as well as in IT to support future growth and margins. Management’s review Matas Group strategic priorities All for you Potential value creating M&A Expand and improve portfolio of in-house brands Roll out ”one-stop” offering and concept Take e-commerce market shares and fuel omni experience Refresh, upgrade and open stores Integrate and share to operate efficiently Build long-term platform and culture More for you Closer to you Stronger for you Interim report H1 2025/26 8
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Win the Nordics - Strategic initiatives in Q2 2025/26 Stronger for you 05 Integrate and share to operate efficiently • After realising the initial synergies of DKK >100 million within this financial year, we are on track to deliver further synergies in 2026/27. • Our new automated Matas Logistics Center (MLC) became operational in April 2025. MLC is improving month by month, and Matas Group now has two automated logistics centers ready for the the all-important third quarter with Black Week and Christmas trading. 06 Build long-term platform and culture • We continue to build a long-term platform and culture. This includes a consolidated Group IT platform to foster collaboration and scale benefits to among others drive enhanced investments in AI and analytics, both in the front-end and back-end as this is fundamental to maintain a competitive advantage. • A common e-commerce platform was launched in Q2, ensuring all customer facing websites in Matas and KICKS are now on the same platform, enabling scaling of initiatives across the Group going forward. The e-commerce infra - structure transition had effect on campaign activity in Q2 2025/26, resulting in lower revenue growth. Closer to you 03 Take e-commerce market shares and fuel omni experience • Group online growth excluding Skincity was 12.5% in Q2 currency neutral. Online growth in Matas was 16.8%. KICKS online excluding Skincity grew 6.2% in Q2. • Matas.dk is ranked the second most popular webshop in Denmark. • In total, Matas Group has 6.1 million club members, with Matas accounting for 2.1 million members and KICKS for 4.0 million members. 04 Refresh, upgrade and open stores • With ~500 stores across Denmark, Sweden, Norway and Finland, the stores play an important role in the omni-channel and still account for two thirds of revenues. • The Matas store NPS maintained the high level from Q2 last year. • Connected retail (sale of online products from the stores) grew by double digits in Matas in Q2 compared to the same period last year. • KICKS opened two new stores in Q2, one in Globen Shopping in Stockholm, with more than 1,000 people queuing outside, and one in Manglerud in Norway. KICKS also expanded one store in the shopping center Itis, Finland, doubling the size. More for you 01 Roll out "one-stop" offering and concept • Matas Group assortment expansion continued. Matas launched 21 new brands and KICKS launched 20 new brands in Q2 2025/26. • Matas launched make-up brands Benefit and Too Faced, as well as the Leander brand in the Baby and Parents category. • KICKS launched the highly sought after beauty brand Charlotte Tilbury online in all markets in September. In October, Charlotte Tilbury was also launced in 16 selected stores in Sweden. • KICKS also launched the Quai brand in the professional Hair category. 02 Expand and improve portfolio of in-house brands • KICKS launched Matas' in-house brand Nilens Jord, the number one make-up brand in Denmark, in Sweden, Norway and Finland. Nilens Jord followed the successful launch of Matas Striber in KICKS one year ago. • KICKS in-house brands grew 13.2% in Q2 2025/26. • Matas in-house brands grew 6.3% in Q2 2025/26, with Skin - care, Wellness and Health as the main drivers. Matas' key brands Matas Striber and Nilens Jord grew 12% and 9%, respectively. Interim report H1 2025/26 9
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Online Physical stores Wholesale High-end Beauty Other categories Mass Beauty Health and Wellbeing47 2 30 21 2025/26 Q2 66 32 2 2025/26 Q2 Q2 2025/26 performance, costs and operating performance Revenue Matas Group generated total revenue of DKK 1,945 million in Q2 2025/26, a year-on-year increase of 5.0% from DKK 1,851 million in Q2 2024/25. Retail sales were up by 4.5% to DKK 1,907 million, mainly driven by the online channel. Total revenue grew DKK 94 million compared to Q2 2024/25, Matas grew DKK 70 million or 6.8%. KICKS grew DKK 1 million but decreased by 1.4% currency neutral. KICKS excluding Skincity grew 1.4% currency neutral, and KICKS online excluding Skincity grew 6.2% in Q2 2025/26. Other segment grew DKK 23 million or 18.3% mainly driven by Firtal Group. The number of transactions increased by 1.8% to 8.8 million compared to 8.6 million in Q2 2024/25, while the average basket size increased by 2.0% to DKK 217 per transaction compared to Q2 last year currency neutral. Q2 2025/26 performance Q2 revenue by categories and sales channels (DKKm) Q2 2025/26 Q2 2024/25 Growth (%) Currency neutral Q2 2024/25 Growth currency neutral (%) Categories High-end Beauty 895 906 (1.2)% 913 (2.0)% Mass Beauty 579 536 8.2% 539 7.5% Health and Wellbeing 390 345 12.9% 345 12.9% Other categories 43 38 13.5% 38 13.5% Retail revenue 1,907 1,825 4.5% 1,835 3.9% Retail revenue by category (%) High-end Beauty 47% 50% 49% Mass Beauty 30% 29% 30% Health and Wellbeing 21% 19% 18% Other categories 2% 2% 3% 100% 100% 100% Sales channels Physical stores 1,275 1,247 2.3% 1,254 1.7% Online 632 578 9.3% 581 8.7% Wholesale 38 26 41.3% 27 41.3% Total revenue 1,945 1,851 5.0% 1,862 4.4% Revenue by sales channel (%) Physical stores 66% 67% 67% Online 32% 31% 31% Wholesale 2% 2% 2% 100% 100% 100% Revenue by sales channel (%) Retail revenue by category (%) Interim report H1 2025/26 10
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Performance by category High-end Beauty and Mass Beauty accounted for 77.3% or DKK 1,474 million of the retail revenue, compared to 79.0% in Q2 2024/25. Other categories grew DKK 5 million equal to 13.5% but from a low base in Q2. Health and Wellbeing was one of the primary growth drivers with DKK 45 million or 12.9% growth compared to Q2 2024/25. The in-house brands sales, including Striber, Nilens Jord, Flora Danica, Miild and BeautyAct by KICKS, accounted for DKK 195 million or 17.8% of the total revenue for Matas in Q2 2025/26, growing 6.3% compared to Q2 2024/25. For KICKS the in-house brands sales accounted for 5.5% of the KICKS total revenue for Q2 2025/26, growing 13.2% currency neutral compared to Q2 2024/25. Overall, in-house brands sales for the Group accounted for 12.5% of the total revenue in Q2 2025/26 compared to 12.1% in Q2 2024/25. In-house brands grew 8.0% currency neutral in the quarter. Categories Matas Group is characterised by its wide assortment of beauty, personal care, health, wellbeing and problem-solving household products. This broad product range creates a unique one-stop retail value proposition for the Group's customers in the shape of four categories. High-end Beauty Luxury beauty products, including cosmetics, skin and haircare prod - ucts and fragrances. High-end Beauty is the largest category in KICKS. Mass Beauty Everyday beauty products and personal care, including cosmetics, skin and haircare products. Health and Wellbeing MediCare (OTC medicine and nursing products). Vitamins, minerals, health supplements, specialty foods and herbal medicinal products. Sports, nutrition and exercise. Mother and child. Sexual wellness, Personal care products (oral, foot and intimate care and hair removal) and special skincare. Other Clothing and accessories (footwear, hair ornaments, jewellery, toilet bags, etc.). House and gardening (cleaning and maintenance, electrical pro- ducts, interior decoration and textiles) and other. Performance by sales channel Physical stores grew revenue by 2.3% or DKK 28 million to DKK 1,275 million compared to Q2 2024/25. Matas grew revenues in stores by 3.1%, with 1 store less than Q2 2024/25. KICKS revenues from stores declined 0.4% currency neutral in Q2. KICKS had 1 additional store since Q2 2024/25. The number of stores end of September was 265 in Matas and 231 in KICKS. Like-for-like, Matas stores grew 3.0% and KICKS stores declined 0.8% in the quarter due to a warm Swedish summer impacting traffic to shopping malls. Online sales were up by 9.3% or DKK 54 million to DKK 632 million for Q2 2025/26. Matas online business grew 16.8%. KICKS online business declined 3.7% currency neutral in Q2. KICKS online excluding Skincity grew 6.2% in Q2 currency neutral. Group online excluding Skincity grew 12.5% in Q2 currency neutral. The online business in the Other segment grew DKK 13 million or 13.4% mainly driven by Firtal Group. Overall, online sales accounted for 32.5% of Q2 2025/26 revenue against 31.2% in Q2 2024/25. In Q2 2025/26, wholesale increased by DKK 12 million to DKK 38 million, mainly driven by Web Sundhed. Interim report H1 2025/26 11
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Gross margin Gross profit for Q2 2025/26 amounted to DKK 889 million, up from DKK 852 million (DKK 858 million currency neutral) in Q2 2024/25. The gross margin was 45.7% in the quarter, compared to 46.0% last year (46.0% currency neutral). Drivers in the lower margin were higher cost of goods sold in KICKS, as the SEK strength - ened against NOK and EUR decreasing the gross margin in Norway and Finland. Further, the gross margin in KICKS was impacted by price initiatives and closedown of Skincity. Matas improved the gross margin due to assortment expansion and product mix. Total operating expenses Adjusted for special items, overall costs (other external costs and staff costs) increased in line with revenues and accounted for 33.6% of revenue in Q2 2025/26 against 33.7% the year before and 33.7% currency neutral Q2 2024/25. Other external costs Other external costs amounted to DKK 249 million in Q2 2025/26 or 12.8% of revenue, up from DKK 235 million in Q2 2024/25 equal to 12.7% of revenue, (currency neutral DKK 237 million or 12.7% of revenue in Q2 2024/25). Q2 2025/26 costs and operating performance This increase was driven primarily by higher marketing cost and variable costs related to online growth, both supporting long-term strategy. Staff costs Staff costs amounted to DKK 404 million or 20.8% of revenue in Q2 against DKK 389 million or 21.0% of revenue in the year-earlier period, (currency neutral DKK 392 million or 21.0% of revenue in Q2 2024/25). The Q2 2025/26 increase in staff costs was driven by growth in revenue and wage inflation offset by synergies. In Q2 2025/26, Matas Group had 3,311 full-time employees, against 3,468 in the year-earlier period. Other operating income Other operating income amounted to DKK 5 million in Q2 2025/26 and on par with Q2 2024/25. Other operating income is mainly income relating to media income from suppliers in respect of sale of data services. EBITDA before special items EBITDA before special items in Q2 2025/26 came to DKK 241 million against DKK 233 million in Q2 2024/25 (DKK 234 million currency neutral). EBITDA margin before special items was 12.4% in Q2 2025/26, against 12.6% in the year- earlier period Costs (DKKm) Q2 2025/26 Q2 2024/25 Growth (%) Currency neutral Q2 2024/25 Growth currency neutral (%) Other external costs 249 235 5.9% 237 5.1% As a percentage of revenue 12.8% 12.7% 12.7% Staff costs 404 389 3.8% 392 3.1% As a percentage of revenue 20.8% 21.0% 21.0% (12.5% currency neutral). Adjusted for the currency effect on cost of goods, the EBITDA margin before special items was 12.7% in Q2. Special items Special items amounted to DKK 11 million net expense in Q2 2025/26 related to the KICKS inte - gration, compared to DKK 5 million net income from a reversal of an accrual for deferred acquisi - tion cost in Q2 2024/25. EBITDA EBITDA came to DKK 230 million against DKK 238 million in Q2 2024/25 (DKK 239 million currency neutral). Depreciation, amortisation and impairment The total amortisation, depreciation and impair - ment charges were up by DKK 3 million to DKK 160 million in Q2 2025/26, whereof DKK 5 million can be allocated to Matas' Logistics Center. Net financials Net financial expenses decreased by DKK 11 million to a net expense of DKK 39 million in Q2 2025/26, due to lower interest level. Profit for the period Profit for the period amounted to DKK 24 million after tax, compared to DKK 24 million in Q2 2024/25 (DKK 24 million currency neutral). Adjusted profit for the period after tax Adjusted profit after tax amounted to DKK 39 million in Q2 2025/26 compared to DKK 26 million in Q2 2024/25 (DKK 27 million currency neutral). The increase compared to Q2 last year was mainly driven by special items. Interim report H1 2025/26 12
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Statement of cash flows Cash generated from operating activities was an outflow of DKK 61 million in Q2 2025/26 against an inflow of DKK 39 million in Q2 2024/25 corre- sponding to a decrease of DKK 100 million related to negative development in working capital, mainly due to increase in inventory in Q2 2025/26 reflecting wider assortment, better product availa - bility and timing of inventory build-up for Q3. For Q2 2025/26, cash flows from investing acti– vities were an outflow of DKK 101 million against an outflow of DKK 144 million in Q2 2024/25 which included construction of Matas' Logistics Center. The Q2 2025/26, free cash flow was an outflow of DKK 162 million compared to an outflow of DKK 105 million in Q2 2024/25 reflecting net effects of increased working capital and a more normalised investment level. Cash flows (DKKm) Q2 2025/26 Q2 2024/25 Cash generated from operating activities (61) 39 Cash flow from investing activities (101) (144) Free cash flow excl. acquisitions of subs. (162) (105) Acquisition of subsidiaries and operations - - Free cash flow (162) (105) Cash flows from financing activities 154 51 Interim report H1 2025/26 13
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Online Physical stores Wholesale High-end Beauty Other categories Mass Beauty Health and Wellbeing47 2 31 20 2025/26 H1 66 32 2 2025/26 H1 H1 2025/26 performance, costs and operating performance Revenue Revenue for H1 2025/26 amounted to DKK 4,019 million corresponding to an increase of DKK 212 million or 5.6% from the year-earlier period (currency neutral increase of 4.5%), while Matas sales grew by 6.0%, KICKS grew 0.5% currency neutral and Other segment grew 15.3%. Matas Group delivered growth within all catego - ries and channels in H1 2025/26 compared to H1 2024/25. For H1 2025/26, the number of transactions increased by 2.6%, while the average basket size grew 2.5% (1.5% currency neutral) to DKK 220 per transaction compared to H1 last year. The number of transactions came to 18.0 million for H1 compared to 17.5 million for H1 2024/25. Performance by category For H1 2025/26, the beauty categories had the highest absolute growth of DKK 106 million. For Matas, the in-house brands sales, including Striber, Nilens Jord, Flora Danica, Miild and BeautyAct by KICKS, accounted for DKK 394 million or 17.4% of the total revenue in H1 2025/26, growing 4.0% compared to H1 2024/25. H1 2025/26 performance H1 revenue by categories and sales channels (DKKm) H1 2025/26 H1 2024/25 Growth (%) Currency neutral H1 2024/25 Growth currency neutral (%) Categories High-end Beauty 1,873 1,865 0.4% 1,890 (0.9)% Mass Beauty 1,209 1,111 8.9% 1,121 7.9% Health and Wellbeing 772 699 10.5% 699 10.4% Other categories 90 76 17.5% 77 17.5% Retail revenue 3,944 3,751 5.2% 3,787 4.1% Retail revenue by category (%) High-end Beauty 47% 50% 50% Mass Beauty 31% 29% 30% Health and Wellbeing 20% 19% 18% Other categories 2% 2% 2% 100% 100% 100% Sales channels Physical stores 2,646 2,574 2.8% 2,599 1.8% Online 1,298 1,177 10.2% 1,189 9.2% Wholesale 75 56 32.2% 56 32.2% Total revenue 4,019 3,807 5.6% 3,844 4.5% Revenue by sales channel (%) Physical stores 66% 68% 68% Online 32% 31% 31% Wholesale 2% 1% 1% 100% 100% 100% Revenue by sales channel (%) Retail revenue by category (%) Interim report H1 2025/26 14
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For KICKS, the in-house brands sales accounted for 5.6% of the KICKS total revenue for H1 2025/26, growing 0.4% currency neutral compared to H1 2024/25. Overall, in-house brands sales for the Group accounted for 12.3% of the total revenue in H1 2025/26 compared to 12.4% in H1 2024/25. In-house brands grew 4.1% currency neutral in H1 2025/26 compared to H1 2024/25. Performance by sales channel Physical stores grew revenue by DKK 72 million or 2.8% (1.8% currency neutral), while online sales were up by DKK 121 million or 10.2% (9.2% currency neutral) and 14.8% currency neutral online growth in H1 2025/26 excluding Skincity. Like-for-like, Matas stores grew 2.0% and KICKS stores grew 0.7% in H1 2025/26. Matas online business grew DKK 94 million or 16.7% and KICKS online business grew DKK 4 million but declined 1.6% currency neutral in H1 2025/26. KICKS online excluding Skincity grew 13.8% in H1 2025/26. The online business in the Other segment grew DKK 23 million or 11.3% mainly driven by Firtal Group. Wholesale reported a revenue increase of DKK 19 million to DKK 75 million for H1 2025/26, mainly driven by Web Sundhed. Sales channels At 30 September 2025, Matas consisted of 265 physical stores – 264 stores in Denmark and one on the Faroe Islands. In addition, Matas has one associated store in Green - land. KICKS consisted of 231 physical stores at 30 September 2025. 66% of H1 2025/26 revenue was generated by the Group’s 496 physical stores (68% in H1 2024/25 currency neutral). The Group is present online through matas.dk and kicks.se/.no/.fi as well as nilensjord.dk and several web shops operated by Firtal. 32% of consol - idated revenue was in H1 2025/26 generated through Matas Group’s online channels (31% in H1 2024/25 currency neutral). Wholesale mainly consists of whole - sale from Web Sundhed, Grænn and international wholesale of Matas’ house brands in Germany. Wholesale accounted for 2% of revenue for H1 (1% in H1 2024/25 currency neutral). Interim report H1 2025/26 15
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Gross margin Gross profit for H1 2025/26 amounted to DKK 1,844 million, up from DKK 1,755 million (DKK 1,772 million currency neutral) in H1 2024/25. The gross margin was 45.9% in the quarter, compared to 46.1% last year (46.1% currency neutral). The underlying gross margin was margin - ally positive, though headwinds on cost of goods sold in Norway and Finland for strengthened SEK towards NOK and EUR. Further, the gross margin in KICKS was impacted by price initiatives and the closedown of Skincity. Matas improved the gross margin due to assortment expansion and product mix. Total operating expenses Adjusted for special items, overall costs (other external costs and staff costs) increased in line with revenues and accounted for 32.7% of revenue in H1 2025/26 against 32.6% the year before and 32.7% currency neutral H1 2024/25. Other external costs Other external costs amounted to DKK 486 million in H1 2025/26 or 12.1% of revenue, up from DKK 451 million in H1 2024/25 equal to 11.9% of revenue, (currency neutral DKK 456 million or 11.9% of revenue in H1 2024/25). This was driven by higher variable costs from Matas' and KICKS' continuing growth, incremental marketing to drive growth initiatives and IT cost. Staff costs Staff costs amounted to DKK 826 million or 20.6% of revenue in H1 against DKK 788 million or 20.7% of revenue in the year-earlier period, (currency neutral DKK 798 million or 20.8% of revenue in H1 2024/25). H1 2025/26 staff costs were negatively impacted by revenue growth and wage infla - tion offset by synergies, staffing in stores and ramp-up of Matas' Logistics Center. In H1 2025/26, Matas Group had 3,304 full-time employees, against 3,414 in the year-earlier period. Other operating income Other operating income amounted to DKK 11 million in H1 2025/26 against DKK 10 million in H1 2024/25. EBITDA before special items EBITDA before special items in H1 2025/26 came to DKK 543 million against DKK 526 million in H1 2024/25 (DKK 528 million currency neutral). EBITDA margin before special items was 13.5% in H1 2025/26, against 13.8% in the year- earlier H1 2025/26 costs and operating performance Costs (DKKm) H1 2025/26 H1 2024/25 Growth (%) Currency neutral H1 2024/25 Growth currency neutral (%) Other external costs 486 451 7.9% 456 6.6% As a percentage of revenue 12.1% 11.9% 11.9% Staff costs 826 788 4.8% 798 3.5% As a percentage of revenue 20.6% 20.7% 20.8% period (13.7% currency neutral). EBITDA margin before special items, adjusted for the currency effect on cost of goods, was 13.9% in H1. Special items Special items amounted to DKK 16 million in H1 2025/26, compared to DKK 12 million in H1 2024/25, which mainly relates to the KICKS integration. EBITDA EBITDA came to DKK 527 million against DKK 514 million in H1 2024/25 (DKK 516 million currency neutral). Depreciation, amortisation and impairment The total amortisation, depreciation and impair - ment charges were up by DKK 6 million to DKK 321 million in H1 2025/26, whereof DKK 10 million can be allocated to Matas' Logistics Center. Net financials Net financial expenses decreased by DKK 1 million to a net expense of DKK 93 million in H1 2025/26. Profit for the period Profit for the period amounted to DKK 88 million after tax, compared to DKK 83 million in H1 2024/25 (DKK 81 million currency neutral). Adjusted profit for the period after tax Adjusted profit after tax amounted to DKK 113 million in H1 2025/26 compared to DKK 111 million in H1 2024/25 (DKK 113 million currency neutral). Interim report H1 2025/26 16
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Cash flows (DKKm) H1 2025/26 H1 2024/25 Cash generated from operating activities 410 280 Cash flow from investing activities (201) (353) Free cash flow excl. acquisitions of subs. 209 (58) Acquisition of subsidiaries and operations - (15) Free cash flow 209 (73) Cash flows from financing activities (161) 41 Statement of cash flows Cash generated from operating activities was an inflow of DKK 410 million in H1 2025/26 against an inflow of DKK 280 million in H1 2024/25 corre- sponding to an increase of DKK 130 million related to positive development in working capital, mainly due to increase in trade payables in H1 2025/26. For H1 2025/26, cash flows from investing acti– vities were an outflow of DKK 201 million against an outflow of DKK 353 million in H1 2024/25 which included construction of Matas' Logistics Center. For H1 2025/26, free cash flow was an inflow of DKK 209 million compared to an outflow of DKK 73 million in H1 2024/25 reflecting decreased working capital and a more normalised investment level. Interim report H1 2025/26 17
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Statement of financial position (at 30 September 2025 vs. 30 September 2024) Total assets amounted to DKK 9,977 million on 30 September 2025, up from DKK 9,284 million at 30 September 2024. Non-current assets increased by DKK 271 million to DKK 6,850 million. Current assets totalled DKK 3,127 million, a year-on-year rise of DKK 422 million. Inventories amounted to DKK 2,733 million at 30 September 2025 which is an increase of DKK 337 million compared to the end of H1 2024/25. KICKS accounted for DKK 1,420 million. Inven - tories accounted for 31.7% of LTM revenue at 30 September 2025 compared to 29.7% at 30 September 2024. Matas stand-alone inventories accounted for 25.6% of LTM revenue at 30 September 2025 compared to Matas stand-alone 24.9% at 30 September 2024. The increase is reflecting wider assortment, better product availa- bility and timing of inventory build-up for Q3. Trade receivables increased by DKK 32 million to DKK 115 million. KICKS accounted for DKK 63 million. Trade payables were up by DKK 95 million year-on-year. KICKS accounted for DKK 740 million of total trade payables of DKK 1,566 million. Net working capital excluding deposits amounted to DKK 920 million at 30 September 2025 against DKK 656 million at 30 September 2024. Cash and cash equivalents amounted to DKK 126 million, up from DKK 102 million the year before. Equity amounted to DKK 3,668 million at 30 September 2025 compared to DKK 3,501 million at 30 September 2024. Net interest-bearing debt amounted to DKK 3,869 million at 30 September 2025, a year-on-year increase of DKK 391 million. The gearing ratio was 3.1 times LTM EBITDA before special items. Gearing is temporarily above 3 times. The long- term target between 2 and 3 remains unchanged. In May 2025, Matas Group successfully refi - nanced at competitive terms, securing funds for future growth, and improving our financing package with DKK 1,000 million. Matas Group’s credit facility is subject to cove - nants. Matas Group has complied with these covenants since raising the facility. The primary covenant that Matas Group has to comply with is ratio of net interest-bearing debt (NIBD) to LTM EBITDA before special items. The covenant is measured on a quarterly basis. The bank loans covered by the covenant are as of 30 September 2025 DKK 2,891 million (30 September 2024: DKK 2,457 million). Gross interest-bearing debt stood at DKK 3,995 million at 30 September 2025, including lease liabilities of DKK 1,104 million. At 30 September 2024, gross interest-bearing debt stood at DKK 3,580 million, including lease liabilities of DKK 1,123 million. At 30 September 2025, the Company’s share capital consisted of 38,291,492 shares of DKK 2.50 each, corresponding to a share capital of DKK 95,728,730. 471,113 own shares were purchased under the share buy-back programme announced on 16 June 2025. The purpose of the programme is to reduce the Company's share capital and meeting obligations under long-term incen - tive programmes. 287,672 treasury shares were vested in the period under review in connec - tion with the exercise of the 2022/23 incentive programme. Matas held 500,915 treasury shares at 30 September 2025. Return on invested capital The return on LTM invested capital before tax was 8.7% at 30 September 2025 against 8.4% at 30 September 2024. ROIC before tax excluding goodwill was 19.3% at 30 September 2025 against 21.1% at 30 September 2024. Events after the date of financial position No subsequent events have occurred that materi - ally affect the Matas Group's financial position. Significant risks Matas Group is exposed to operational risks affecting the retail industry in general as well as in the Health and Beauty industry. If the current macroeconomic environment leads to a slowing down of the economic activity, Matas Group’s business could suffer. In addition, Matas Group is to some extent exposed to financial risks such as interest rate, liquidity, currency and credit risk. Interim report H1 2025/26 18
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Statement by the Board of Directors and the Executive Committee The Board of Directors and the Executive Committee have today considered and approved the interim report of Matas A/S for the period 1 April to 30 September 2025. The interim report, which has been neither audited nor reviewed by the Company’s auditors, has been prepared in accordance with IAS 34 ‘Interim Financial Reporting’ as adopted by the EU and additional disclosure requirements of the Danish Financial Statements Act. In our opinion, the interim report gives a true and fair view of the Group’s assets and liabilities and financial position at 30 September 2025 and of the results of the Group’s operations and cash flows for the period 1 April to 30 September 2025. Furthermore, in our opinion, the Management’s review includes a fair review of the development and performance of the business, the results for the period and of the Group’s financial position in general and describes the principal risks and uncertainties that the Group faces. Executive Committee Gregers Wedell-Wedellsborg Group CEO Per Johannesen Madsen Group CFO Board of Directors Malou Aamund Chair Mette Maix Deputy Chair Espen Eldal Barbara Plucnar Jensen Henrik Taudorf Lorensen Kenneth Melchior Allerød, 12 November 2025 Interim report H1 2025/26 19
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(DKKm) Note Q2 2025/26 Q2 2024/25 H1 2025/26 H1 2024/25 Revenue 4, 5 1,945 1,851 4,019 3,807 Cost of goods sold (1,056) (999) (2,175) (2,052) Gross profit 889 852 1,844 1,755 Other external costs (249) (235) (486) (451) Staff costs (404) (389) (826) (788) Other operating income and expenses, net 5 5 11 10 EBITDA before special items 241 233 543 526 Special items (11) 5 (16) (12) EBITDA 230 238 527 514 Depreciation, amortisation and impairment (160) (157) (321) (315) EBIT 70 81 206 199 Share of profit or loss after tax of associates 0 0 0 0 Financial income 1 0 1 2 Financial expenses (40) (50) (94) (94) Profit before tax 31 31 113 107 Tax on profit for the period (7) (7) (25) (24) Profit for the period 24 24 88 83 Currency adjustment of foreign entities and loan 9 11 (2) 3 Fair value adjustment of hedging instruments - - (4) - Tax on other comprehensive income - (2) 1 - Other comprehensive income after tax 9 9 (5) 3 Total comprehensive income 33 33 83 86 Distributed as follows: Shareholders of Matas A/S 33 33 83 86 Minority shareholders - - - - 33 33 83 86 Earnings per share Earnings per share, DKK 0.64 0.64 2.31 2.20 Diluted earnings per share, DKK 0.63 0.64 2.29 2.19 Statement of comprehensive income Interim report H1 2025/26 20
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Statement of cash flows (DKKm) Q2 2025/26 Q2 2024/25 H1 2025/26 H1 2024/25 Profit before tax 31 31 113 107 Depreciation, amortisations and impairment 160 157 321 315 Other non-cash operating items, net 4 5 10 8 Share of profit or loss after tax of associates 0 0 0 0 Financial income (1) 0 (1) (2) Financial expenses 40 50 94 94 Cash generated from operations before changes in working capital 234 243 537 522 Changes in working capital (288) (204) (120) (242) Cash generated from operations (54) 39 417 280 Corporation tax paid (7) - (7) - Cash flow from operating activities (61) 39 410 280 Acquisition of intangible assets (18) (36) (58) (81) Acquisition of property, plant and equipment (83) (108) (143) (257) Acquisition of subsidiaries and operations - - - (15) Cash flow from investing activities (101) (144) (201) (353) (201 Free cash flow (162) (105) 209 (73) (DKKm) Q2 2025/26 Q2 2024/25 H1 2025/26 H1 2024/25 Debt raised with credit institutions 345 200 3,034 395 Debt settled with credit institutions - - (2,772) - Interest received 1 0 1 2 Interest paid (28) (50) (69) (94) Repayment of lease liabilities (108) (99) (215) (196) Dividend paid - - (76) (76) Option agreement, received - - - 10 Acquisition of own shares (56) (64) Cash flow from financing activities 154 51 (161) 41 Net cash flow from operating, investing and financing activities (8) (54) 48 (32) Currency adjustment (2) 2 2 3 Cash and cash equivalents, beginning of period 136 154 76 131 Cash and cash equivalents, end of period 126 102 126 102 The above cannot be derived directly from the statement of comprehensive income and the statement of financial position. Interim report H1 2025/26 21
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Statement of financial position (DKKm) Note 30 Sept. 2025 30 Sept. 2024 31 March 2025 ASSETS Non-current assets Goodwill 4,100 4,098 4,102 Trademarks and trade names 175 182 183 Software 237 251 253 Other intangible assets 75 138 86 Intangibles in progress 184 29 117 Total intangible assets 4,771 4,698 4,741 Property, plant and equipment Lease assets 6 1,012 1,062 1,178 Land and buildings 433 104 107 Other fixtures and fittings, tools and equipment 260 90 103 Leasehold improvements 240 205 243 Plant in progress 62 355 510 Total property, plant and equipment 2,007 1,816 1,732 Investments in associates 1 1 1 Deferred tax 23 17 22 Deposits 47 47 48 Other securities and equity investments 1 0 1 Total other non-current assets 72 65 83 Total non-current assets 6,850 6,579 6,965 Current assets Inventories 2,733 2,396 2,269 Trade receivables 115 83 93 Corporation tax receivable 8 6 19 Other receivables 8 21 22 Prepayments 137 97 130 Cash and cash equivalents 126 102 76 Total current assets 3,127 2,705 2,609 Total assets 9,977 9,284 9,574 (DKKm) Note 30 Sept. 2025 30 Sept. 2024 31 March 2025 EQUITY AND LIABILITIES Equity Share capital 96 96 96 Translation reserve 43 20 45 Treasury share reserve (68) (12) (39) Hedging reserve - - 3 Retained earnings 3,597 3,396 3,534 Dividend proposed for the financial year - - 76 Equity, shareholders in Matas A/S 3,668 3,500 3,715 Non-controlling interests (0) 1 1 Total equity 3,668 3,501 3,716 Liabilities Deferred tax 206 226 212 Lease liabilities 6 696 767 870 Provisions 7 27 28 28 Credit institutions 2,891 2,258 1,958 Other payables 8 - 5 5 Total non-current liabilities 3,820 3,284 3,073 Credit institutions - 199 670 Lease liabilities 6 408 356 404 Provisions 7 3 3 2 Prepayments from customers 224 212 235 Trade payables 1,566 1,471 1,090 Other payables 8 288 258 384 Total current liabilities 2,489 2,499 2,785 Total liabilities 6,309 5,783 5,858 Total equity and liabilities 9,977 9,284 9,574 Interim report H1 2025/26 22
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Statement of changes in equity (DKKm) Share capital Translation reserve Treasury share reserve Hedging reserve Proposed dividend Retained earnings Total Minority interests Total equity Equity at 1 April 2025 96 45 (39) 3 76 3,534 3,715 1 3,716 Other comprehensive income - (2) - (4) - - (6) - (6) Tax on other comprehensive income - - - 1 - - 1 - 1 Other comprehensive income - (2) - (3) - - (5) - (5) Profit for the period - - - - - 88 88 (1) 87 Total comprehensive income - (2) - (3) - 88 83 (1) 82 Transactions with owners Dividend paid - - - - (76) - (76) - (76) Dividend on treasury shares - - - - 0 - 0 - 0 Exercise of incentive programme - - 35 - - (35) - - - Acquisition of own shares - - (64) - - - (64) - (64) Share-based payment - - - - - 10 10 - 10 Total transactions with owners - - (29) - (76) (25) (130) - (130) Equity at 30 September 2025 96 43 (68) - - 3,597 3,668 (0) 3,668 Interim report H1 2025/26 23
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(DKKm) Share capital Translation reserve Treasury share reserve Proposed dividend Retained earnings Total Minority interests Total equity Equity at 1 April 2024 96 17 (43) 76 3,315 3,461 1 3,462 Other comprehensive income - 3 - - - 3 - 3 Tax on other comprehensive income - 0 - - - 0 - 0 Other comprehensive income - 3 - - - 3 - 3 Profit for the period - - - - 83 83 - 83 Total comprehensive income - 3 - - 83 86 - 86 Transactions with owners Dividend paid - - - (76) - (76) - (76) Dividend on treasury shares - - - (0) - (0) - (0) Exercise of incentive programme - - 21 - (21) - - - Option agreement * - - - - 10 10 - 10 Deferred acquisition ** - - 10 - - 10 - 10 Share-based payment - - - - 9 9 - 9 Total transactions with owners - - 31 (76) (2) (47) - (47) Equity at 30 September 2024 96 20 (12) - 3,396 3,500 1 3,501 * In april, Matas completed an option agreement with the former owners of Firtal Group ApS and received an option premium payment of DKK 10 million which is recognised in the equity. The option allows the former owners to acquire 20% of the shares in Firtal Group ApS for a predetermined amount. The option can be exercised from 1 May 2024 and expires 31 March 2029. After the option has been exercised, Matas has a right to acquire the shares at a consideration calculated based on a predetermined formula with a cap. There will not be any impact on the Matas Group profit and loss accounts from the option agreement nor the shareholder agreement. ** Related to Web Sundhed. Statement of changes in equity Interim report H1 2025/26 24
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Notes Note 1 – Accounting policies The unaudited condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and adopted by the EU and additional Danish disclosure requirements for interim financial reporting of listed companies. The accounting policies applied are consistent with the accounting policies set out in the Annual Report 2024/25. Due to rounding, numbers presented throughout this report may not add up precisely to the totals, and percent - ages may not precisely reflect the absolute figures. The interim financial report is presented in Danish kroner (DKK) and all amounts are in millions unless otherwise stated. Matas Group presents financial measures in the interim financial report that are not defined according to IFRS Accounting Standards. Matas Group believes these non-GAAP measures provide valuable information to investors and Matas Management when evaluating performance. Since other companies may calculate these differently from Matas, they may not be comparable to the measures used by other companies. These financial measures should therefore not be considered to be a replacement for measures defined under IFRS Accounting Standards. For definitions of the performance measures used by Matas, see page 210 Defitions of key financials in the Annual Report 2024/25. Changes of accounting policies Matas Group has adopted all new or amended IFRS Accounting Standards and interpretations (IFRS IC) as adopted by the EU and which are effective for the financial year beginning on 1 April 2025. The implementation of these new or amended standards and interpretations have had no material impact on the consolidated financial statements for the quarter. The new standards that are not yet effective are not expected to have any material impact on Matas Group, except for IFRS 18 Presentation and Disclosure in Financial Statements, which was issued in April 2024 and will be effective from 2027, impacting presentation and disclosure of the financial statements. Matas Group is currently evaluating the potential impact of this standard. Note 2 – Accounting estimates and judgments In preparing the condensed consolidated interim financial statements, Management makes various judgements, accounting estimates and assumptions that form the basis of the presentation, recognition and measurement of Matas Group’s assets and liabilities. Matas Group has evaluated the value of its non-current assets. Based on current market information and fore - casts, no indications of impairment were identified, and the most recent impairment test conducted as of 31 March 2025 is still considered to include sufficient headroom. Given the uncertain macroeconomic environment, Matas Group will continue assessing the value of the assets. Matas Group has also considered the recoverability of accounts receivable and the inventory value and has not identified any impairment writedown Note 3 – Seasonality The Group’s activities in the interim period were only to a limited extent affected by seasonal fluctuations. Note 4 – Segment information The Group's gross profit and assets are segmented in banners and on the basis of geographical regions in accordance with the Management reporting for the current year. Matas Group comprises of three segments; Matas, KICKS and Other (Firtal, Grænn and Web Sundhed). Manage - ment monitors the profitability of the operating segments separately for the purpose of making decisions about resource allocation and performance management. Segment results are measured at gross profit as presented in the table below. Group costs are currently not separated from the segments below gross profit, which is the reason why Management when looking at financial performance below gross profit is looking at the consolidated Group figures Interim report H1 2025/26 25
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Notes Note 4 – Segment information continued (DKKm) Matas Q2 2025/26 KICKS Q2 2025/26 Other Q2 2025/26 Total Q2 2025/26 Revenue 1,095 703 147 1,945 Cost of goods sold (566) (404) (86) (1,056) Gross profit 529 299 61 889 Gross margin 48.3% 42.5% 41.4% 45.7% Other external costs (249) Staff costs (404) Other operating income and expenses, net 5 EBITDA before special items 241 Special items (11) EBITDA 230 (DKKm) Matas Q2 2024/25 KICKS Q2 2024/25 Other Q2 2024/25 Total Q2 2024/25 Revenue 1,025 702 124 1,851 Cost of goods sold (534) (387) (78) (999) Gross profit 491 315 46 852 Gross margin 47.9% 44.7% 36.7% 46.0% Other external costs (235) Staff costs (389) Other operating income and expenses, net 5 EBITDA before special items 233 Special items 5 EBITDA 238 (DKKm) Matas H1 2025/26 KICKS H1 2025/26 Other H1 2025/26 Total H1 2025/26 Revenue 2,267 1,460 292 4,019 Cost of goods sold (1,170) (834) (171) (2,175) Gross profit 1,097 626 121 1,844 Gross margin 48.4% 42.8% 41.5% 45.9% Other external costs (486) Staff costs (826) Other operating income and expenses, net 11 EBITDA before special items 543 Special items (16) EBITDA 527 (DKKm) Matas H1 2024/25 KICKS H1 2024/25 Other H1 2024/25 Total H1 2024/25 Revenue 2,138 1,416 253 3,807 Cost of goods sold (1,115) (778) (159) (2,052) Gross profit 1,023 638 94 1,755 Gross margin 47.9% 45.0% 37.3% 46.1% Other external costs (451) Staff costs (788) Other operating income and expenses, net 10 EBITDA before special items 526 Special items (12) EBITDA 514 Interim report H1 2025/26 26
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Notes (DKKm) Matas Q2 2024/25 KICKS Q2 2024/25 Other Q2 2024/25 Total Q2 2024/25 High-end Beauty 367 539 - 906 Mass Beauty 354 162 20 536 Health and Wellbeing 268 1 76 345 Other categories 36 0 2 38 Wholesale sales, etc. 0 - 26 26 Total revenue 1,025 702 124 1,851 (DKKm) Matas H1 2025/26 KICKS H1 2025/26 Other H1 2025/26 Total H1 2025/26 Retail sales, physical stores 1,605 1,041 - 2,646 Retail sales, online 657 419 222 1,298 Wholesale 5 - 70 75 Total revenue 2,267 1,460 292 4,019 In H1 2025/26, 32% of Matas Group’s revenue was generated by its online channels, compared to 31% in the year-earlier period. (DKKm) Matas H1 2024/25 KICKS H1 2024/25 Other H1 2024/25 Total 2024/25 Retail sales, physical stores 1,572 1,002 - 2,574 Retail sales, online 564 414 199 1,177 Wholesale 2 - 54 56 Total revenue 2,138 1,416 253 3,807 Note 5 – Revenue (DKKm) Matas Q2 2025/26 KICKS Q2 2025/26 Other Q2 2025/26 Total Q2 2025/26 Retail sales, physical stores 778 497 - 1,275 Retail sales, online 315 206 111 632 Wholesale 2 - 36 38 Total revenue 1,095 703 147 1,945 In Q2 2025/26, 32% of Matas Group’s revenue was generated by its online channels, compared to 31% in the year-earlier period. (DKKm) Matas Q2 2024/25 KICKS Q2 2024/25 Other Q2 2024/25 Total Q2 2024/25 Retail sales, physical stores 755 492 - 1,247 Retail sales, online 270 210 98 578 Wholesale 0 - 26 26 Total revenue 1,025 702 124 1,851 Revenue break-down by product groups for Q2 is as follows: (DKKm) Matas Q2 2025/26 KICKS Q2 2025/26 Other Q2 2025/26 Total Q2 2025/26 High-end Beauty 369 526 - 895 Mass Beauty 384 175 20 579 Health and Wellbeing 298 2 90 390 Other categories 42 0 1 43 Wholesale sales, etc. 2 - 36 38 Total revenue 1,095 703 147 1,945 Interim report H1 2025/26 27
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Notes Note 5 – Revenue continued Revenue break-down by product groups for H1 is as follows: (DKKm) Matas H1 2025/26 KICKS H1 2025/26 Other H1 2025/26 Total H1 2025/26 High-end Beauty 790 1,083 - 1,873 Mass Beauty 800 366 43 1,209 Health and Wellbeing 591 4 177 772 Other categories 81 7 2 90 Wholesale sales, etc. 5 - 70 75 Total revenue 2,267 1,460 292 4,019 (DKKm) Matas H1 2024/25 KICKS H1 2024/25 Other H1 2024/25 Total H1 2024/25 High-end Beauty 781 1,084 - 1,865 Mass Beauty 740 331 40 1,111 Health and Wellbeing 542 1 156 699 Other categories 73 0 3 76 Wholesale sales, etc. 2 - 54 56 Total revenue 2,138 1,416 253 3,807 Revenue from sales of products through stores is recognised when a store sells the product to the customer. Payment is usually received when the customer receives the product, or, if the customer pays by credit card, a few days later. Revenue from sales through web shops is recognised and payment is received when the product is available for the customer. The Group does not have any sale of services. A small proportion of Matas Group’s revenue is invoiced, e.g. wholesale sales, in which connection a receivable is recognised. Income from the sale of gift vouchers is reconised as revenue upon redemption, alternatively upon expiry of the validity period. In estimating the redemption rate, Matas Group considers breakage which represents the portion of gift vouchers issued that will never be redeemed. For the customer loyalty programme at Matas and KICKS, a performance obligation is recognised at the date of recognition of the sale triggering the allocation of loyalty points. The performance obligation is measured at the estimated fair value of the points allocated and amounted to DKK 82 million at 30 September 2025 (30 September 2024: DKK 70 million). The estimated fair value is inherently subject to some uncertainty with respect to actual future redemption and considering the flexibility of the customer loyalty programme. Revenue is recognised when the customer uses points, usually over an average period of three months. Customers have the option of returning products, but the volume of returns at 30 September 2025 was insignifi - cant as was the amount of guarantee commitments, similar to last year. Interim report H1 2025/26 28
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Notes Note 6 – Leases Matas Group's lease assets are as follows: (DKKm) 30 Sept. 2025 30 Sept. 2024 31 March 2025 Store leases 858 908 993 Administration and warehouse buildings, etc. 142 147 179 Cars and other leases 12 7 6 Total lease assets 1,012 1,062 1,178 Matas Group’s lease liabilities are as follows: (DKKm) 30 Sept. 2025 30 Sept. 2024 31 March 2025 Non-current liabilities 696 767 870 Current liabilities 408 356 404 Total lease liabilities 1,104 1,123 1,274 Most store leases in Denmark are evergreen contracts as defined in the Danish Business Lease Act and are consequently subject to terms of notice of 3-12 months. Commercial renting of shops, etc., in the other Nordic countries are not similar to the practice in Denmark, as extensions take place at fixed intervals and with fixed deadlines for termination/extension. This has been accounted for in recognising the KICKS leases. Depreciation as set out below is recognised in the statement of comprehensive income: (DKKm) H1 2025/26 H1 2024/25 Store leases, etc. 169 158 Administration and warehouse buildings, etc. 16 19 Cars and other leases 3 2 Total depreciation of lease assets 188 178 Lease payments in the amount of DKK 215 million were made in H1 2025/26 (H1 2024/25: DKK 195 million). Interest in the amount of DKK 26 million was expensed in H1 2025/26 (H1 2024/25: DKK 26 million). Matas Group is the lessee of a limited number of premises. For some of these leases, the rent is fully or partially based on revenue. Revenue-based rent is not comprised by IFRS 16 and is therefore not included in the above tables. Revenue- based rent is, as before, recognised under other external costs and amounted to DKK 9 million in H1 2025/26 (H1 2024/25: DKK 11 million). A total of DKK 4 million in H1 2025/26 (H1 2024/25: DKK 1 million) was recognised in the statement of comprehen - sive income regarding short-term, leases and leases of low-value assets. Interim report H1 2025/26 29
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Notes Note 7 – Provisions (DKKm) 30 Sept. 2025 30 Sept. 2024 31 March 2025 Included in non-current liabilities Obligation for reinstatement of tenancies 27 28 28 Total provision, non-current 27 28 28 Included in current liabilities Restructuring provisions 3 3 2 Total provision, current 3 3 2 Note 8 – Other payables (DKKm) 30 Sept. 2025 30 Sept. 2024 31 March 2025 Other non-current payables Contingent consideration and deferred purchase price - 5 5 Total other non-current payables - 5 5 Other current payables VAT payable 29 26 79 Holiday pay obligations etc. 113 107 131 Pay-related liabilities (A tax/social security contributions) 133 109 173 Contingent consideration and deferred purchase price 5 3 - Other creditors 8 13 1 Total other current payables 288 258 384 Note 9 – Transactions with related parties Matas Group's related parties comprise the companies' board of directors and executive boards and their related family members. Further, related parties comprise companies in which the above-mentioned persons have significant interest as well as associates. Pursuant to Matas A/S’ Remuneration Policy, a total of 287,672 Performance Share Units (PSUs) related to the Company’s long-term incentive programme (LTIP) for 2022/23 were vested at 13 June 2025. PSUs were vested at 150% of the original grant. Based on a closing price at 12 June 2025 of DKK 137.8, the total value of vested PSUs amounted to DKK 40 million. On 30 June 2025, a total of 162,714 PSUs have been granted to the Executive Committee and other executives related to the long-term incentive programme for 2025/26. The value of the PSUs with the maximum achieve - ment of KPIs amounts to DKK 32 million at the closing price on 27 June 2025 of DKK 131.2 per share. Related party transactions with associates recognised in the income statement and the statement of financial position. (DKKm) H1 2025/26 H1 2024/25 Revenue 0 0 Other external costs (6) (6) Receivables 2 1 Trade payables 0 0 Note 10 – Subsequent events No subsequent events have occurred that materially affect the Matas Group's financial position. Interim report H1 2025/26 30
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Interim financial highlights (DKKm) Q2 2025/26 Q1 2025/26 Q4 2024/25 Q3 2024/25 Q2 2024/25 Statement of comprehensive income Revenue 1,945 2,074 1,878 2,694 1,851 Gross profit 889 955 870 1,245 852 EBITDA 230 297 202 473 238 EBIT 70 136 49 317 81 Net financials (39) (54) (38) (51) (50) Profit before tax 31 82 11 266 31 Profit for the period 24 64 (3) 201 24 Statement of financial position Total assets 9,977 9,629 9,574 9,604 9,284 Total equity 3,668 3,685 3,716 3,676 3,501 Net working capital 916 645 799 492 656 Net interest-bearing debt 3,869 3,622 3,825 3,235 3,478 Statement of cash flows Cash flow from operating activities (61) 471 (125) 560 39 Investments in tangible assets (83) (60) (94) (126) (108) Cash flow from investing activities (101) (100) (181) (183) (144) Free cash flow (162) 371 (306) 377 (105) Net cash flow from operating, investing and financing activities (8) 56 (378) 352 (54) (DKKm) Q2 2025/26 Q1 2025/26 Q4 2024/25 Q3 2024/25 Q2 2024/25 Key performance indicators Number of transactions (millions) 8.8 9.2 8.7 11.6 8.6 Average basket size (DKK) 217 222 211 230 212 Total retail floor space (thousands of square metres) * 108.8 107.9 108.0 107.3 106.9 Avg. revenue per square metre (DKK thousands) - LTM * 79.5 79.0 78.3 77.6 76.3 Proforma revenue currency neutral growth 4.4% 4.7% 7.2% 7.5% 6.8% Adjusted figures EBITDA 230 297 202 473 238 Special items included in EBITDA (11) (5) (14) (1) 5 EBITDA before special items 241 302 216 474 233 Depreciation of property, plant and equipment and amortisation of software (151) (152) (143) (147) (147) EBITA before special items 90 150 73 327 86 Adjusted profit after tax 39 74 15 210 26 Gross margin 45.7% 46.0% 46.4% 46.2% 46.0% EBITDA margin 11.8% 14.3% 10.7% 17.6% 12.8% EBITDA margin before special items 12.4% 14.5% 11.5% 17.6% 12.6% EBITA margin before special items 4.6% 7.2% 3.9% 12.1% 4.6% EBIT margin 3.6% 6.5% 2.6% 11.7% 4.4% * As a consequence of number of stores in KICKS end of Q1 2025/26 has been corrected to 229 from 230, the total retail floor space and average revenue per squaremeters has been corrected for Q1 2025/26. Interim report H1 2025/26 31
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Additional information Contacts Gregers Wedell-Wedellsborg Group CEO, phone +45 48 16 55 55 Per Johannesen Madsen Group CFO, phone +45 48 16 55 55 John Bäckman VP Investor Relations & Treasury, phone +45 22 43 12 54 Sille Beck Høyer VP Communication & Public Affairs, phone +45 40 99 10 96 Company information Matas A/S Rørmosevej 1 DK-3450 Allerød, Denmark Phone: +45 48 16 55 55 www.matasgroup.com Business reg. no.: 27 52 84 06 Financial calendar 2025/26 9 January 2026 Trading update for Q3 2025/26 5 February 2026 Interim Report - Q3 2025/26 4 May 2026 Deadline for the Company’s share - holders to submit in writing requests for specific proposals to be included on the agenda for the Annual General Meeting 19 May 2026 Annual Report 2025/26 16 June 2026 Annual General Meeting 2025/26 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 Manage - ment’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 commer - cial 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. Interim report H1 2025/26 32
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Design & production: Noted Matas A/S Rørmosevej 1 DK-3450 Allerød Phone: +45 48 16 55 55 www.matasgroup.com Business reg. no.: 27 52 84 06