Slides
Page 1
Record Q3 in Matas but KICKS challenged as consumers traded down Q3 2025/26 5 February 2026
Page 2
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
Page 3
3 Agenda 01 Interim Group CEO comments and strategy update 02 Financial results for Q3 2025/26 03 Q&A
Page 4
01 Interim Group CEO comments and strategy update Per Johannesen Madsen Interim Group CEO and Group CFO 4
Page 5
Q3: Record quarter in Matas but KICKS challenged as consumers traded down. Guidance maintained after being revised on 9 January 2026. Q3 growth and margin Q3 highlights Guidance 2025/26 maintained 1.8% growth YoY Group currency neutral 3.1% reported growth YoY 16.7% EBITDA margin before special items 17.2% FX adjusted (vs. 17.5% currency neutral in Q3 2024/25) ✓ Guidance was updated on 9 January 2026 ✓ Revenue growth of 3% to 4% (from 3% to 7%) ✓ 14.0% to 14.5% EBITDA margin before special items (from ~15%) ✓ CAPEX of 3-4% of revenue (DKK ~330 million including DKK ~30 million for Matas Logistics Center) ✓ Share buyback ongoing 5 Mixed performance: ✓ Matas record Q3, growth driven by Mass Beauty, Health and Wellbeing and online ✓ KICKS decline, as consumer trade- down and very high campaign pressure affected High-end Beauty segment Gross margin: ✓ Matas and KICKS gross margins impacted by price initiatives and product mix as consumers traded down ✓ KICKS also impacted by FX effect on COGS Continued cost control and synergies: ✓ Strict cost control in Q3 ✓ ~DKK 50 million in 2026/27 on track Matas and KICKS logistic centers performed well in Q3
Page 6
6 Financial highlights Q3 2025/26: Growth of 1.8% currency neutral and EBITDA margin of 16.7% before special items after 0.5% EBITDA margin FX impact on input costs in Norway and Finland Matas (including subsidiaries*) Revenue, DKKm 1,735 Revenue growth 5.5% (Matas stand-alone 4.8%) KICKS Revenue, DKKm 1,041 Currency neutral growth (3.8)% (3.2)% excl. Skincity Matas Group Q3 2025/26 Gross profit margin 45.3% (Q3 2024/25: 47.5%) Gross profit margin 43.9% (45.2% FX adjusted vs. 44.2% Q3 2024/25) Revenue, DKKm 2,776 Currency neutral growth 1.8% (3.1% growth reported) EBITDA margin before special items 16.7% (17.2% FX adjusted vs. 17.5% currency neutral in Q3 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.
Page 7
7 Win the Nordics – Strategic progress in Q3 and accelerated plan for broadening of KICKS’ offer 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 in place since Q2, enabling scaling of initiatives ✓ Group Finance function consolidated to Allerød, one center of excellence ✓ Two automated logistics centers operating with higher efficiency ✓ Synergy realisation on track for 2025/26, plus further synergies by 2026/27 ✓ KICKS opened 4 stores across Norway, Sweden and Finland in Q3 ✓ Matas reopened one store (533 sqm.) and relocated one store to a prime location ✓ Club: 6.2 million Nordic members ✓ Online growth 10.2% in Matas and decline of 2.5% in KICKS (excluding Skincity) ✓ Nilens Jord launch in KICKS outperformed in Q3 ✓ In-house brands grew 10.9% currency neutral in Q3 ✓ Brand launches continued across banners, markets and categories ✓ Strong performance in Professional haircare, Sport and Wellness and Derma and Special skincare
Page 8
Matas Q3, 22 new brands including: Matas Group Q3 KICKS Q3: 11 new brands including: More for you: Brand launches continued across banners, markets and categories in Q3. Newly launched Nilens Jord, Matas’ in-house makeup brand, outperformed in KICKS in Q3. 8 Matas launched 22 new brands in Q3, including in Baby and Parent, Skincare and Fragrance KICKS 11 new brands, including brands to strengthen our position within Skincare and Fragrance Laneige (Skincare), Norway and Finland The Body Shop (Skincare), Sweden and Norway Milk Shake (Professional haircare), launched in Matas and KICKS Nilens Jord, Matas’ in-house makeup brand, outperformed in KICKS in Q3 Baby Brezza (Baby & Parent) Amazing Space (Skincare)
Page 9
Closer to you: 500 stores and better deals and value for our 6.2 million Nordic club members 9 Now 6.2 million club members: ✓ Matas: 2.2 million ✓ KICKS: 4 million members, including >1 million in Norway Common e-commerce platform in place since Q2, enabling scaling of initiatives 500 stores across the Nordics 6 store openings in Q3: • Matas reopened its largest store to date, 533 square meter, in Rosengårdscentret in Odense • Matas relocated to a prime location in Køge, with a new and expanded store • KICKS opened 4 stores across markets: • 2 in Norway (Stavanger and Moss) • 1 in Finland (Turkuu) • 1 in Sweden (Malmö)
Page 10
Stronger for Y ou: Two automated logistics centers – our platform for long-term profitable growth – with higher efficiency, delivering faster at lower cost in our largest quarter 10 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
Page 11
Accelerated plan for broadening of KICKS’ offer both online and in stores to strengthen value for money and category leadership ~75% of KICKS is High-end Beauty (Revenue % by category, FY 2024/25) Consumers trading down (Group revenue growth y/y by category, currency neutral) Accelerated plan to broaden KICKS’ offer Plan addresses the following areas, which to some extent are linked: ✓ Marketing efficiency ✓ Pricing ✓ Assortment ✓ In-store productivity While maintaining Group cost discipline 35 32 29 4 Matas including subsidiaries 76 24 KICKS High-end Beauty Mass Beauty Health and Wellbeing Other Q3 2024/25 Q3 2025/26 9.8% 2.2% 7.7% -3.2% 4.9% 10.2% High-end Beauty Mass Beauty Health and Wellbeing
Page 12
02 Financial results Q3 2025/26 Per Johannesen Madsen Interim Group CEO and Group CFOByt bild Byt bild 12
Page 13
13 Group revenue performance Q3: Growth of 1.8% currency neutral, impacted by consumer trade-down affecting the High-end Beauty segment, especially in Sweden Group core online Q3 growth of 5.0% • Assortment driven online growth in Matas of 10.2% • KICKS online declined 2.5% excluding Skincity Store growth in Matas while KICKS impacted by consumer trade-down • Like-for-like growth in Matas stores of 2.3%. • Revenue from KICKS stores declined 6.4% like-for-like, mainly driven by lower traffic to shopping malls • Net 5 more stores vs. Q3 last year: KICKS opened 4 new stores in Q3 (plus one in Q2), Matas reopened one store and relocated one store in Q3 Skincity impact in Q3 • DKK 8 million revenue in Q3 2024/25 Revenue by banner (currency neutral) 1608 1,503 Q3 2024/25 0 1,575 Q3 2025/26 2,728 2,776 142 1,0411,075 1.8% Matas KICKS excl. Skincity Skincity Other DKKm Revenue by channel (currency neutral) 934 973 30 1,764 Q3 2024/25 41 1,762 Q3 2025/26 2,728 2,776 1.8% Stores Online Wholesale DKKm Mixed performance in Q3 Matas +4.8% Other* +12.4% KICKS total (3.8)% KICKS excl. Skincity (3.2)% Stores (0.1)% Online +4.1% Online excl. Skincity +5.0% Wholesale +38.6% * 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
Page 14
14 Gross margin of 44.8% in Q3 against 46.2% last year, underlying gross margin improvement in KICKS but FX impacted COGS. Matas and KICKS impacted by price initiatives and product mix from trade-down 42% 43% 44% 45% 46% 47% 48% 49% 0 200 400 600 800 1,000 1,200 1,400 46.2%46.2% Q3 2024/25 44.8% 45.3% Q3 2025/26 1,260 1,243 -1.3% Gross profit Gross margin FX adjusted Gross margin reported Group gross margin (currency neutral)Gross margin by banner (currency neutral) 47.0% DKKm 711 713 47.3% Matas Q3 2024/25 45.3% Matas Q3 2025/26 0.3% Gross profit Gross margin ✓ Gross margins in Matas and KICKS impacted by price initiatives and product mix as consumers traded down ✓ KICKS also impacted by FX effect on COGS: SEK strengthening against NOK and EUR, impacting gross margin in Norway and Finland: FX equals 1.3% gross margin loss in Q3 for KICKS (0.5% for Group). 479 457 40% 42% 44% 46% 48% 50% 52% 54% 56% 58% 60% 0 50 100 150 200 250 300 350 400 450 500 44.2%44.2% KICKS Q3 2024/25 43.9% 45.2% KICKS Q3 2025/26 -4.6% Gross profit Gross margin FX adjusted Gross margin reported 70 73 49.2% Other Q3 2024/25 45.4% Other Q3 2025/26 4.3% Gross profit Gross margin
Page 15
15 Q3 costs: Higher efficiency in logistics operations and disciplined staff cost management in stores, while investments in pricing and marketing to protect competitiveness DKKm 456 439 331 347 -100 0 100 200 300 400 500 600 700 800 -5 Q3 2024/25 -8 Q3 2025/26 782 778 -0.5% Other external costs Staff costs Other operating income, net Group costs (currency neutral) Staff costs Other external costs Growth and inflation offset by disciplined staffing in stores and synergies • Staff cost below last year currency neutral (15.8% of revenue vs. 16.7% 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 • Higher efficiency, delivering faster at lower cost in our largest quarter Online growth driving variable costs • Shipping costs driven by order volumes • Faster deliveries • Execution of assortment expansion Higher marketing costs • Supporting customer traffic and to protect competitiveness Other • Nordic efficiencies and synergies
Page 16
16 Q3 EBITDA before special items impacted by SEK strengthening against NOK and EUR. DKKm 477 465 13% 14% 15% 16% 17% 18% 19% 20% 0 50 100 150 200 250 300 350 400 450 500 17.5% Q3 2024/25 16.7% Q3 2025/26 -2.5% EBITDA margin before special items EBITDA before special items EBITDA and margin before special items (currency neutral) Summary for Q3 2025/26 Revenues • Core online growth of 5.0% (excluding Skincity, currency neutral) • Record Q3 in Matas but KICKS impacted by consumer trade-down in High-end Beauty segment. We are accelerating our plans to broaden KICKS’ offer both online and in stores to strengthen value for money and category leadership Gross margin • KICKS impacted by SEK strengthening against NOK and EUR, impacting gross margin in Norway and Finland • Matas and KICKS impacted by price initiatives and product mix as consumers traded down Costs • Higher efficiency in logistics operations • Growth and inflation driving costs, offset by cost discipline and synergies EBITDA growth and margin • EBITDA decreased by 0.5% from strengthening SEK against NOK and EUR FX Adj. Cogs 17.2%
Page 17
Inventories increase Y oY driven by increased sales, assortment expansion, MLC opening and better product availability in KICKS. Change in inventories DKKmInventories per quarter in % of LTM revenue (excl. KICKS) 17 157 End Q3 2024/25 Matas, including new logistics setup KICKS, including new logistics setup End Q3 2025/26 2,233 2,450 60 +217 Q1 Q2 22.8% Q3 21.8% Q4 21.2% 21.9% 23.1% 24.0% 22.8% 23.0% 24.7% 25.6% 21.9% 24.3% 20.3% 22.9% 23.8% 2022/23 2023/24 2024/25 2025/26 Compared to end Q2 2025/26, inventory decreased by DKK 283 million in Q3
Page 18
Free cash flow: Q3 inflow reflects normalised CAPEX while working capital was impacted by decreased payables. Matas Group free cash flow development Q3 2024/25 – Q3 2025/26 DKKm 18 • Cash flow from operations before special items decreased in Q3 2025/26, as FX impacted profitability and depreciation charge increased while net financial expenses were lower • Working capital increased by DKK 71 million, mainly due to decrease in payables • CAPEX decrease 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 2025/26 377 388 367 101 Free cash flow Q3 2024/25 -19 Cash flow operations, before special items Working capital and tax CAPEX Free cash flow before special items Special items developm. Free cash flow Q3 2025/26 -71 -21
Page 19
Gearing: Down to 2.9x in Q3. Focus to reduce gearing in 2026/27 Matas Group NIBD / LTM EBITDA before special items Q3 2023/24 – Q3 2025/26 19 • Gearing decreased from last quarter to 2.9x in Q3 2025/26 • Gearing expected to increase at end of Q4 2025/26 due to adjustment of lease liabilities • Focus to reduce gearing in 2026/27 • 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 Q3 2023/24 Q4 2023/24 Q1 2024/25 Q2 2024/25 Q3 2024/25 Q4 2024/25 Q1 2025/26 Q2 2025/26 2.2x 2.8x 2.9x 3.0x 2.7x 3.1x 3.0x 3.1x Q3 2025/26 2.9x
Page 20
20 Financial guidance 2025/26 maintained after being revised down on 9 January 2026 Financial guidance 2025/26 3-4% Underlying revenue growth (currency neutral*) Baseline: 2024/25 8,379 Revenue, DKKm 14.0-14.5% 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. The currency neutral guidance corresponds to ~4.1% to 5.1% revenue growth assuming exchange rates as per 8 January 2026 for NOK/DKK of 0.633 and SEK/DKK of 0.695 for Q4 2025/26. CAPEX, excl. M&A, DKKm 702 Incl. DKK ~321m to Matas Logistic Center ~3.9-4.9% Excluding Skincity, currency neutral growth (revised from 3-7% on 9 January 2026) (revised from ~15% on 9 January 2026)
Page 21
03 Q&A 21
Page 22
Thank you!