Interim report
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(1 APRIL - 31 DECEMBER 2025) Matas A/S | Rørmosevej 1 | DK-3450 Allerød | Business reg. no. 27 52 84 06 Company announcement no. 51 2025/26, Allerød, 5 February 2026 Interim report 9M 2025/26 Record Q3 in Matas but KICKS challenged as consumers traded down
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3 Record Q3 in Matas but KICKS challenged as consumers traded down 4 Q3 2025/26 highlights 5 9M 2025/26 highlights 6 Key financials 8 Management’s review 10 Q3 2025/26 performance, costs and operating performance 14 9M 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 Thursday, 5 February 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.nexahub.io/events/ q3-202526 Interim report 9M 2025/26 2
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Revenue performance in Q3 2025/26 was mixed for Matas Group. Matas delivered yet another record quarter during the most important trading period, growing 4.8% excluding subsidiaries, supported by Black Friday and Christmas, while KICKS reported a decline of 3.8% as consumer behavior shifted. Across the Nordics, consumers increasingly traded down from High-end Beauty towards Mass Beauty. While this trend also impacted Matas, it was most pronounced in KICKS due to its higher exposure to High-end Beauty, resulting in a decline in the quarter. Despite the pressured topline, cost discipline was maintained, particularly through staff cost management in stores and higher efficiency in logistics operations, while investments in pricing and marketing initiatives were increased to protect competitiveness. The strategy and focus to Win the Nordics remain unchanged. In response to the market devel - opment, the strategy is being accelerated to broaden KICKS’ online and in store offer, strength - Record Q3 in Matas but KICKS challenged as consumers traded down ening value for money and reinforcing category leadership. The EBITDA margin before special items was 16.7% in Q3 (17.2% adjusted for currency effects). The KICKS integration continues; following the full delivery of the initial synergy targets, the next phase remains on track to further drive acquisi - tion value. The share buy-back programme announced in June 2025 continued during the quarter and reflects confidence in the Group’s long-term outlook. As per end of Q3, approximately DKK 109 million of 78% of the programme had been completed. 3.1% Revenue growth in Q3 (1.8% currency neutral) 16.7% EBITDA margin before special items in Q3, (17.2% adjusted for currency impact on cost of goods) “Matas delivered another record quarter in our most important trading period, while KICKS was more challenged as consumers traded down from High-end Beauty, particularly in Sweden. We are not satisfied with the quarter and are accelerating our plans for KICKS to strengthen value for money and relevance for consumers. At the same time, in-house brands strengthened performance across the Group, and the automated logistics centers delivered higher efficiency.” Per Johannesen Madsen, Interim Group CEO and Group CFO As announced in December 2025, the Board of Directors has appointed Mette Uglebjerg as new Group CEO, effective 1 May 2026. Until then, Per Johannesen Madsen continues as Interim Group CEO, providing stability and momentum through the transition. Financial guidance Due to the more challenging market conditions Matas Group's revenue guidance was adjusted downwards on 9 January 2026. Revenue is expected to grow in the range of 3% to 4%, currency neutral*. The EBITDA margin before special items was also revised and is expected to be between 14.0% and 14.5%. This adjustment reflects lower revenue expectations and continued margin pressure from the strengthening of the SEK. Investments, excluding M&A, are still expected to be around 3% to 4% of revenue, corresponding to DKK ~330 million, including approximately DKK 30 million for Matas' Logistics Center. Matas Group maintains the guidance for the financial year 2025/26 as announced on 9 January 2026. * Corresponding to ~4.1% to 5.1% growth assuming exchange rates as per 8 January 2026 for Q4. Currency neutral revenue guidance for 2025/26 is based on average rates for 2024/25: SEK/DKK of 0.652 and NOK/DKK of 0.638. Interim report 9M 2025/26 3
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6.9 1,399 7.2 7.2 1,503 1,575 474 465 4.1 3.7 0.4 1600.3 1420.3 126 3.9 1,049 1,041 983 11.6 11.311.1 2,694 2,776 4242,508 Q3 2023/24 Q3 2023/24 Q3 2023/24 Q3 2024/25 Q3 2025/26 Q3 2024/25 Q3 2025/26 Q3 2024/25 Q3 2025/26 Other* KICKS Matas Matas Group • Matas Group delivered revenue growth of 3.1% in Q3 2025/26 equal to 1.8% currency neutral and 2.1% currency neutral excluding Skincity. • Matas stand-alone growth in Q3 was 4.8%, online was 10.2% and Matas stores grew 2.3% (2.3% like-for-like). KICKS stand-alone declined 3.8% currency neutral. KICKS excluding Skincity declined 3.2% currency neutral, with online declining 2.5% and stores declining 3.5% (6.4% decline like-for-like). Other segment (Firtal, Grænn and Web Sundhed) grew 12.4% with online growth at 5.8%. • The number of transactions decreased by 2.4% to 11.3 million compared to 11.6 million in Q3 2024/25, while the average basket size increased by 3.9% to DKK 242 per transaction compared to Q3 last year currency neutral. • Gross profit for Q3 2025/26 amounted to DKK 1,243 million, down from DKK 1,245 million in Q3 2024/25 (DKK 1,260 million currency neutral). The gross margin was 44.8% in the quarter, compared to 46.2% last year (46.2% currency neutral). The gross margin in Matas and KICKS was impacted negatively by price initiatives and product mix as consumers traded down. Further, the gross margin continued to be Q3 2025/26 highlights impacted by higher cost of goods sold in KICKS, as the SEK continued to strengthen against NOK and EUR in Q3, decreasing the gross margin in Norway and Finland. Adjusted for the currency effect on cost of goods, the gross margin was 45.3% in Q3. • Other external costs amounted to DKK 347 million in Q3 2025/26, up from DKK 325 million in Q3 2024/25 (DKK 331 million currency neutral) driven by higher marketing cost to support customer traffic, and variable costs related to online growth. • Q3 2025/26 staff costs amounted to DKK 439 million, down from DKK 451 million in Q3 2024/25 (DKK 456 million currency neutral) driven by relative staff cost savings from the automated logistics centers, as well as strong staff cost management for the stores. • Special items amounted to DKK 22 million net expense in Q3 2025/26 related to the announced further synergies and Finance consolidation in Allerød, compared to DKK 1 million net expense in Q3 2024/25. • EBITDA before special items came to DKK 465 million in Q3 2025/26 compared to DKK 474 million last year (currency neutral DKK 477 million), and the EBITDA margin before special items was 16.7% in the quarter against 17.6% last year (17.5% currency neutral). Adjusted for the currency effect on cost of goods, EBITDA margin before special items was 17.2% in Q3. • The total depreciation, amortisation and impairment charges amounted to DKK 166 million in Q3 2025/26, up by DKK 10 million compared to last year. • Profit for the period amounted to DKK 186 million after tax compared to DKK 201 million last year (currency neutral DKK 201 million). • Free cash flow was an inflow of DKK 367 million in Q3 2025/26 compared with an inflow of DKK 377 million in Q3 2024/25. The decrease in inflow was mainly driven by changes in working capital, mainly decrease in payables. Customer transactions Millions Revenue DKKm EBITDA before special items DKKm * ”Other” represents Firtal, Grænn and Web Sundhed Interim report 9M 2025/26 4
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18.3 3,390 18.6 18.8 3,641 3,842 1,000 1,008 9.6 9.4 1.1 4520.9 395 0.9 353 9.8 2,465 2,501 2,333 29.1 29.329.0 6,501 6,795 9136,076 9M 2023/24 proforma 9M 2023/24 proforma 9M 2023/24 proforma 9M 2024/25 9M 2025/26 9M 2024/25 9M 2025/26 9M 2024/25 9M 2025/26 Other* KICKS Matas Matas Group • Revenue grew 4.5% in 9M 2025/26 equal to 3.4% currency neutral and 4.5% currency neutral excluding Skincity. • Matas stand-alone growth in 9M was 5.5%. Growth online was 13.7% and stores grew 2.2% (2.1% like-for-like). KICKS stand-alone declined 1.4% currency neutral in 9M. KICKS excluding Skincity grew 1.3% currency neutral, with KICKS online growing 6.1% and stores declining 0.7% (2.6% decline like-for-like). Other segment (Firtal, Grænn and Web Sundhed) grew 14.2% in 9M with online growth at 9.3%. • For 9M 2025/26, the number of transactions increased by 0.6%, while the average basket size grew 3.5% (2.4% currency neutral) to DKK 228 per transaction compared to 9M last year. The number of transactions came to 29.3 million for 9M compared to 29.1 million for 9M 2024/25. • Gross profit for 9M 2025/26 amounted to DKK 3,087 million, up from DKK 3,000 million in 9M 2024/25 (DKK 3,032 million currency neutral). The gross margin was 45.4%, down from 46.1% in 9M 2024/25 (46.1% currency neutral). The nega - tive gross margin development in Q3 impacted all of 9M 2025/26 due to the significant size of the quarter. The primary driver of the lower gross 9M 2025/26 highlights margin in 9M came from pricing pressure and product mix due to downtrading in Q3. Gross margin was also negatively impacted by the strengthening of SEK toward NOK and EUR over the financial year, which had an impact on cost of goods. Adjusted for the currency effect on cost of goods, gross margin was 45.8% in 9M. • Other external costs amounted to DKK 833 million in 9M 2025/26, up from DKK 776 million in 9M 2024/25 (DKK 787 million currency neutral), driven by incremental marketing to drive growth initiatives and IT cost. • 9M 2025/26 staff costs amounted to DKK 1,265 million, up from DKK 1,239 million (DKK 1,255 million currency neutral) in 9M 2024/25 driven by volume growth and wage inflation, though offset by relative staff cost savings from the automated logistics centers during Q3, as well as strong staff cost management for the stores. • Special items amounted to DKK 38 million in 9M 2025/26, compared to DKK 13 million in 9M 2024/25, which mainly relates to announced further synergies and the KICKS integration. • EBITDA before special items came to DKK 1,008 million in 9M 2025/26 compared to DKK 1,000 million last year (currency neutral DKK 1,005 million), and the EBITDA margin before special items was 14.8% in 9M against 15.4% last year (15.3% currency neutral). EBITDA margin before special items, adjusted for the currency effect on cost of goods, was 15.2%. • The total depreciation, amortisation and impair- ment charges were DKK 487 million in 9M 2025/26, up by DKK 16 million compared to last year. • Profit for the period amounted to DKK 274 million after tax compared to DKK 285 million last year (DKK 282 million currency neutral). • Free cash flow was an inflow of DKK 576 million in 9M 2025/26, reflecting a more normalised invest- ment level in 9M 2025/26, compared to an inflow of DKK 304 million in 9M 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 9M 2025/26 5
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Key financials (DKKm) Q3 2025/26 Q3 2024/25 Growth (%) Currency neutral Q3 2024/25 Growth currency neutral (%) 9M 2025/26 9M 2024/25 Growth (%) Currency neutral 9M 2024/25 Growth currency neutral (%) Statement of comprehensive income Revenue 2,776 2,694 3.1% 2,728 1.8% 6,795 6,501 4.5% 6,571 3.4% Gross profit 1,243 1,245 (0.1)% 1,260 (1.3)% 3,087 3,000 2.9% 3,032 1.8% EBITDA 443 473 (6.4)% 476 (7.0)% 970 987 (1.8)% 992 (2.3)% EBIT 277 317 (12.6)% 317 (12.8)% 483 516 (6.3)% 514 (6.1)% Net financials (38) (51) (25.4)% (51) (26.8)% (131) (142) (7.4)% (143) (8.1)% Profit before tax 239 266 (10.2)% 266 (10.1)% 352 374 (5.9)% 371 (5.3)% Profit for the period 186 201 (7.8)% 201 (7.3)% 274 285 (3.9)% 282 (2.8)% Special items included in EBITDA (22) (1) 1,493.4% (1) 1,493.4% (38) (13) 181.9% (13) 181.9% EBITDA before special items 465 474 (2.0)% 477 (2.7)% 1.008 1,000 0.7% 1,005 0.2% Adjusted profit after tax 212 210 1.2% 211 0.7% 326 320 1.7% 323 0.7% Statement of financial position Total assets 9,707 9,604 Total equity 3,809 3,676 Net working capital 841 492 Net interest-bearing debt 3,610 3,235 Statement of cash flows Cash flow from operating activities 449 560 859 840 Cash flow from investing activities (82) (183) (283) (536) Free cash flow 367 377 576 304 Interim report 9M 2025/26 6
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Key financials – continued (DKKm) Q3 2025/26 Q3 2024/25 Currency neutral Q3 2024/25 9M 2025/26 9M 2024/25 Currency neutral 9M 2024/25 Ratios Revenue growth 3.1% 7.4% 7.4% 4.5% 31.5% 31.5% Organic growth 3.1% 7.4% 7.4% 4.5% 7.0% 7.0% Gross margin 44.8% 46.2% 46.2% 45.4% 46.1% 46.1% EBITDA margin 16.0% 17.6% 17.5% 14.3% 15.2% 15.1% EBITDA margin before special items 16.7% 17.6% 17.5% 14.8% 15.4% 15.3% EBIT margin 10.0% 11.7% 11.6% 7.1% 7.9%% 7.8% Cash conversion 79.2% 94.5% 58.6% 39.4% Earnings per share, DKK 4.95 5.30 5.28 7.23 7.49 7.41 Diluted earnings per share, DKK 4.92 5.26 5.24 7.20 7.44 7.35 Share price, end of period, DKK 125.0 135.4 ROIC before tax including goodwill 9.9% 9.2% ROIC before tax excluding goodwill 23.2% 24.1% Net working capital as a percentage of LTM revenue 9.7% 6.0% Investments as a percentage of revenue 3.0% 6.8% 4.2% 8.2% Net interest-bearing debt/LTM EBITDA before special items 2.9 2.7 Number of transactions (millions)* 11.3 11.6 11.6 29.3 29.1 29.1 Average basket size (DKK)* 242 230 233 228 220 223 Number of stores 500 496 Club members Matas and KICKS (millions) 6.2 6.0 Club Matas Plus members (thousands) 121.4 117.9 Average number of employees (FTE) 3,564 3,734 3,388 3,523 * For definitions of key financials, see page 210 of the Annual Report 2024/25. Interim report 9M 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 9M 2025/26 8
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Win the Nordics - Strategic initiatives in Q3 2025/26 and accelerated plan for broadening of KICKS' offer 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 two automated logistic centers, located outside of Copenhagen and Stockholm respectively, operated well in Q3, delivering faster at lower cost in our biggest quarter. 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 for all customer facing websites in Matas and KICKS has been in place since Q2 2025/26, enabling scaling of initiatives across the Group going forward. • Matas Group Finance function has been consolidated to Allerød, realising synergies and building one center of excel - lence for Finance support to the Group. Closer to you 03 Take e-commerce market shares and fuel omni experience • Group online growth excluding Skincity was 5.0% in Q3 currency neutral. Online growth in Matas was 10.2%. KICKS online excluding Skincity declined 2.5% in Q3. • In total, Matas Group has 6.2 million club members, with Matas accounting for 2.2 million members and KICKS for 4.0 million members. 04 Refresh, upgrade and open stores • With around 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 Q3 last year and Connected Retail (sale of online products from the stores) grew by double digits in Matas in Q3 compared to the same period last year. • Matas reopened its largest store to date, 533 square meter, in one of Denmark’s most important retail destinations, Rosengårdscentret in Odense, on 7 November. Matas also opened a new and expanded store in Køge in October, relo - cating to a prime location with increased space. • KICKS opened four new stores across all markets in Q3, with successful openings of two stores in Norway (Stavanger and Moss), one in Turkuu in Finland and one in Malmö in Sweden. More for you 01 Roll out "one-stop" offering and concept • Matas Group assortment expansion continued. Matas launched 22 new brands and KICKS launched 11 new brands in Q3 2025/26. New categories with strong growth was Professional haircare, Sport & Wellness and Derma & Special Skin. • Matas launched Kilian Paris (Fragrance), Baby Brezza (Baby & Parent) and Amazing Space (Skin). • KICKS launched the affordable and strong skin brand Body Shop online in Sweden and Norway. KICKS also launched the popular K beauty skin brand Laneige online in Norway and Finland in late December. Both brands will be launched in select stores during spring in the respective markets. • We are accelerating the broadening of KICKS' offer both online and in stores to secure value for money and to drive category leadership. 02 Expand and improve portfolio of in-house brands • The launch of Matas' in-house brand Nilens Jord, the number one make-up brand in Denmark, in KICKS outperformed our expecta- tions in Q3. Nilens Jord followed the successful launch of Matas Striber in KICKS one year ago. • KICKS Beauty Act grew 9% despite overall business declining, reinforcing the strategy to fuel affordable and great value for money assortment with KICKS. • KICKS in-house brands grew 33.3% in Q3 2025/26. • Matas in-house brands grew 6.6% in Q3 2025/26, with Matas Striber as the key driver, supported but the launch of Sportstriber. Interim report 9M 2025/26 9
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Online Physical stores Wholesale High-end Beauty Other categories Mass Beauty Health and Wellbeing 53 2 29 16 2025/26 Q3 63 35 2 2025/26 Q3 Q3 2025/26 performance, costs and operating performance Revenue Matas Group generated total revenue of DKK 2,776 million in Q3 2025/26, a year-on-year increase of 3.1% from DKK 2,694 million in Q3 2024/25. Retail sales were up by 2.7% to DKK 2,735 million. Total revenue grew DKK 82 million compared to Q3 2024/25, Matas grew DKK 72 million or 4.8%. KICKS decreased by 3.8% currency neutral. KICKS excluding Skincity decreased by 3.2% currency neutral with online decreasing by 2.5% in Q3 2025/26. Other segment grew DKK 18 million or 12.4% mainly driven by Web Sundhed. Matas Group delivered growth within all catego - ries and all channels in Q3 2025/26 except for High-end Beauty declining compared to last year. The number of transactions decreased by 2.4% to 11.3 million compared to 11.6 million in Q3 2024/25, while the average basket size increased by 3.9% to DKK 242 per transaction compared to Q3 last year currency neutral. Q3 2025/26 performance Q3 revenue by categories and sales channels (DKKm) Q3 2025/26 Q3 2024/25 Growth (%) Currency neutral Q3 2024/25 Growth currency neutral (%) Categories High-end Beauty 1,459 1,481 (1.5)% 1,507 (3.2)% Mass Beauty 787 742 6.1% 751 4.9% Health and Wellbeing 424 385 10.3% 384 10.2% Other categories 65 56 16.0% 56 15.9% Retail revenue 2,735 2,664 2.7% 2,698 1.4% Retail revenue by category (%) High-end Beauty 53% 56% 56% Mass Beauty 29% 28% 28% Health and Wellbeing 16% 14% 14% Other categories 2% 2% 2% 100% 100% 100% Sales channels Physical stores 1,762 1,741 1.2% 1,764 (0.1)% Online 973 923 5.5% 934 4.1% Wholesale 41 30 38.6% 30 38.6% Total revenue 2,776 2,694 3.1% 2,728 1.8% Revenue by sales channel (%) Physical stores 63% 65% 66% Online 35% 34% 32% Wholesale 2% 1% 2% 100% 100% 100% Revenue by sales channel (%) Retail revenue by category (%) Interim report 9M 2025/26 10
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Performance by category Mass Beauty and Health & Wellbeing delivered strong growth in Q3 with Health and Wellbeing continuing to demonstrate resilience and outsized performance adding DKK 39 million or 10.3% growth compared to Q3 2024/25. High-end Beauty was impacted by change in customer behavior, trading down to Mass Beauty (6.1% growth). KICKS was impacted significantly more as High-end Beauty accounts for approx. 75% of revenues in KICKS. In-house brands sales for the Group accounted for 10.9% of the total revenue in Q3 2025/26 compared to 10.1% in Q3 2024/25, growing 10.9% currency neutral in the quarter. For Matas and Other, the in-house brands sales, including Striber, Nilens Jord, Flora Danica, Miild and BeautyAct by KICKS, accounted for DKK 244 million or 14.1% of the total revenue in Q3 2025/26, growing 6.6% compared to Q3 2024/25. For KICKS the in-house brands sales accounted for 5.6% of the KICKS total revenue for Q3 2025/26, growing 33.3% currency neutral compared to Q3 2024/25, mainly driven by Nilens Jord. 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 1.2% or DKK 21 million to DKK 1,762 million compared to Q3 2024/25. Matas grew revenues in stores by 2.3% (2.3% like-for-like), with 1 store less than Q3 2024/25. Even though KICKS had 5 additional stores end of Q3 2025/26 compared to last year KICKS revenues from stores declined 3.5% (6.4% decline like-for-like) currency neutral, mainly driven by lower traffic to shopping malls in Q3 2025/26. The number of stores end of December was 265 in Matas and 235 in KICKS. Online sales were up by 5.5% or DKK 50 million to DKK 973 million. Matas online business grew 10.2%. KICKS online business declined 4.6% currency neutral in Q3 (2.5% decline excluding Skincity). Group online excluding Skincity grew 5.0% in Q3 currency neutral. The online business in the Other segment grew DKK 7 million or 5.8% mainly driven by Firtal Group. Overall, online sales accounted for 35% of Q3 2025/26 revenue against 34% in Q3 2024/25. In Q3 2025/26, wholesale increased by DKK 11 million to DKK 41 million, mainly driven by Web Sundhed. Interim report 9M 2025/26 11
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Gross margin Gross profit for Q3 2025/26 amounted to DKK 1,243 million, down from DKK 1,245 million (DKK 1,260 million currency neutral) in Q3 2024/25. The gross margin was 44.8% in the quarter, compared to 46.2% last year (46.2% currency neutral). The gross margin in Matas and KICKS was impacted by price initiatives, and product mix as consumers traded down. Further, the gross margin continued to be impacted by higher cost of goods sold in KICKS, as the SEK continued to strengthen against NOK and EUR in Q3, decreasing the gross margin in Norway and Finland. Adjusted for the currency effect on cost of goods, the gross margin was 45.3% in Q3. Total operating expenses Adjusted for special items, overall costs (other external costs and staff costs) accounted for 28.3% of revenue in Q3 2025/26 against 28.8% the year before (28.8% currency neutral). Other external costs Other external costs amounted to DKK 347 million in Q3 2025/26 or 12.5% of revenue, up from DKK 325 million in Q3 2024/25 equal to 12.1% of revenue (DKK 331 million currency neutral). This increase was driven by higher marketing cost Q3 2025/26 costs and operating performance to support customer traffic, and variable costs related to online growth. Staff costs Staff costs amounted to DKK 439 million or 15.8% of revenue in Q3 against DKK 451 million or 16.7% of revenue in the year-earlier period, (currency neutral DKK 456 million or 16.7% of revenue in Q3 2024/25). The Q3 2025/26 decrease in staff costs was driven by strong performance by the automated logistics centers, and staffing in stores in line with revenue, though partly offset by wage inflation. In Q3 2025/26, Matas Group had 3,564 full-time employees, against 3,734 in the year-earlier period. Other operating income Other operating income amounted to DKK 8 million in Q3 2025/26, up from DKK 5 million in Q3 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 Q3 2025/26 came to DKK 465 million against DKK 474 million in Q3 2024/25 (DKK 477 million currency neutral). EBITDA margin before special items was 16.7% in Q3 2025/26, against 17.6% in the year- earlier period Costs (DKKm) Q3 2025/26 Q3 2024/25 Growth (%) Currency neutral Q3 2024/25 Growth currency neutral (%) Other external costs 347 325 6.6% 331 4.9% As a percentage of revenue 12.5% 12.1% 12.1% Staff costs 439 451 (2.3)% 456 (3.7)% As a percentage of revenue 15.8% 16.7% 16.7% (15.5% currency neutral). Adjusted for the currency effect on cost of goods, the EBITDA margin before special items was 17.2% in Q3. Special items Special items amounted to DKK 22 million net expense in Q3 2025/26 related to the announced further synergies and Finance consolidation in Allerød, compared to DKK 1 million net expense in Q3 2024/25. EBITDA EBITDA came to DKK 443 million against DKK 473 million in Q3 2024/25 (DKK 476 million currency neutral). Depreciation, amortisation and impairment The total amortisation, depreciation and impair - ment charges were up by DKK 10 million to DKK 166 million in Q3 2025/26, whereof DKK 5 million can be allocated to Matas' Logistics Center. Net financials Net financial expenses improved by DKK 13 million to a net expense of DKK 38 million in Q3 2025/26, due to lower interest level. Profit for the period Profit for the period amounted to DKK 186 million after tax, compared to DKK 201 million in Q3 2024/25 (DKK 201 million currency neutral). Adjusted profit for the period after tax Adjusted profit after tax amounted to DKK 212 million in Q3 2025/26 compared to DKK 210 million in Q3 2024/25 (DKK 211 million currency neutral). Interim report 9M 2025/26 12
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Statement of cash flows Cash generated from operating activities was an inflow of DKK 449 million in Q3 2025/26 against an inflow of DKK 560 million in Q3 2024/25 corre- sponding to a decrease of DKK 111 million related to negative development in working capital, mainly decrease in payables. For Q3 2025/26, cash flows from investing acti– vities were an outflow of DKK 82 million against an outflow of DKK 183 million in Q3 2024/25 which included construction of Matas' Logistics Center. A reallocation between asset types resulted in acquisitions of property, plant and equipment were net positive DKK 11 million in Q3 2025/26. In Q3 2025/26, free cash flow was an inflow of DKK 367 million compared to an inflow of DKK 377 million in Q3 2024/25. For Q3 2025/26, cash flows from financing acti– vities were an outflow of DKK 378 million against an outflow of DKK 25 million in Q3 2024/25, reflecting reduction of debt in Q3 2025/26 due to less investments compared to Q3 2024/25 with increase in debt due to construction of Matas' Logistics Center and a higher cash and cash equi- valent balance at 31 December 2024. Cash flows (DKKm) Q3 2025/26 Q3 2024/25 Cash generated from operating activities 449 560 Cash flow from investing activities excl. acquisitions of subs. (82) (183) Free cash flow excl. acquisitions of subs. 367 377 Acquisition of subsidiaries and operations - - Free cash flow 367 377 Cash flows from financing activities (378) (25) Interim report 9M 2025/26 13
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Online Physical stores Wholesale High-end Beauty Other categories Mass Beauty Health and Wellbeing 50 2 30 18 2025/26 9M 65 33 2 2025/26 9M 9M 2025/26 performance, costs and operating performance Revenue Revenue for 9M 2025/26 amounted to DKK 6,795 million corresponding to an increase of DKK 294 million or 4.5% from the year-earlier period (currency neutral increase of 3.4%), while Matas sales grew by 5.5%, KICKS declined 1.4% currency neutral and Other segment grew 14.2%. For 9M 2025/26, the number of transactions increased by 0.6%, while the average basket size grew 3.5% (2.4% currency neutral) to DKK 228 per transaction compared to 9M last year. The number of transactions came to 29.3 million for 9M compared to 29.1 million for 9M 2024/25. Performance by category Mass Beauty and Health and Wellbeing continued to deliver good growth in 9M like in Q3 with Health and Wellbeing adding DKK 112 million or 10.4% growth compared to 9M 2024/25. High-end Beauty was impacted by change in customer behavior, trading down to Mass Beauty (7.8% growth). KICKS was impacted significantly more as High-end Beauty accounts for approx. 75% of revenues in KICKS. For Matas, the in-house brands sales, including Striber, Nilens Jord, Flora Danica, Miild and 9M 2025/26 performance 9M revenue by categories and sales channels (DKKm) 9M 2025/26 9M 2024/25 Growth (%) Currency neutral 9M 2024/25 Growth currency neutral (%) Categories High-end Beauty 3,332 3,347 (0.4)% 3,398 (1.9)% Mass Beauty 1,996 1,852 7.8% 1,871 6.7% Health and Wellbeing 1,196 1,084 10.4% 1,084 10.4% Other categories 155 132 16.8% 132 16.8% Retail revenue 6,679 6,415 4.1% 6,485 3.0% Retail revenue by category (%) High-end Beauty 50% 52% 52% Mass Beauty 30% 29% 29% Health and Wellbeing 18% 17% 17% Other categories 2% 2% 2% 100% 100% Sales channels Physical stores 4,408 4,315 2.2% 4,363 1.0% Online 2,271 2,100 8.1% 2,123 7.0% Wholesale 116 86 34.4% 86 34.4% Total revenue 6,795 6,501 4.5% 6,572 3.4% Revenue by sales channel (%) Physical stores 65% 67% 67% Online 33% 32% 32% Wholesale 2% 1% 1% 100% 100% 100% Revenue by sales channel (%) Retail revenue by category (%) Interim report 9M 2025/26 14
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BeautyAct by KICKS, accounted for DKK 630 million or 16.4% of the total revenue in 9M 2025/26, growing 5.5% compared to 9M 2024/25. For KICKS, the in-house brands sales accounted for 5.6% of the KICKS total revenue for 9M 2025/26, growing 12.0% currency neutral compared to 9M 2024/25. Overall, in-house brands sales for the Group accounted for 11.7% of the total revenue in 9M 2025/26 compared to 11.4% in 9M 2024/25. In-house brands grew 6.6% currency neutral in 9M 2025/26 compared to 9M 2024/25. Performance by sales channel Physical stores grew revenue by DKK 93 million or 2.2% (1.0% currency neutral). Matas stores grew 2.2% (2.1 like-for-like) and KICKS stores declined 0.7% (2.6% decline like-for-like) currency neutral in 9M 2025/26, primarily driven in KICKS by lower traffic to shopping malls in Q3 2025/26. Online sales were up by DKK 171 million or 8.1% (7.0% currency neutral) and 10.4% excluding Skincity in 9M 2025/26. Matas online business grew DKK 140 million or 13.7% and KICKS online business grew DKK 1 million but declined 3.0% currency neutral in 9M 2025/26. KICKS online excluding Skincity grew 6.1% in 9M 2025/26. The online business in the Other segment grew DKK 30 million or 9.3% mainly driven by Firtal Group. Wholesale reported a revenue increase of DKK 30 million to DKK 116 million for 9M 2025/26, mainly driven by Web Sundhed. Sales channels At 31 December 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 235 physical stores at 31 December 2025. 65% of 9M 2025/26 revenue was gener- ated by the Group’s 500 physical stores (67% in 9M 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. 33% of consoli - dated revenue was in 9M 2025/26 generated through Matas Group’s online channels (32% in 9M 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 9M (1% in 9M 2024/25 currency neutral). Interim report 9M 2025/26 15
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Gross margin Gross profit for 9M 2025/26 amounted to DKK 3,087 million, up from DKK 3,000 million (DKK 3,031 million currency neutral) in 9M 2024/25. The gross margin was 45.4% in 9M 2025/26, compared to 46.1% last year (46.1% currency neutral). The negative gross margin development in Q3 has impacted all of 9M 2025/26 due to the significant size of the quarter. The main driver of the lower gross margin in 9M came from pricing pressure and product mix due to downtrading in Q3, but the gross margin was also lowered by the strengthening of SEK toward NOK and EUR throughout the financial year. Adjusted for the currency effect on cost of goods, gross margin was 45.8% in 9M. Total operating expenses Adjusted for special items, overall costs (other external costs and staff costs) remained unchanged in relation to revenues and accounted for 30.9% of revenue in 9M 2025/26 against 30.9% the year before (31.1% currency neutral 9M 2024/25). Other external costs Other external costs amounted to DKK 833 million in 9M 2025/26 or 12.3% of revenue, up from DKK 776 million in 9M 2024/25 equal to 11.9% of revenue, (currency neutral DKK 787 million or 12.0% of revenue in 9M 2024/25). This was driven by higher variable costs from Matas' and KICKS' continuing growth, incremental marketing to drive growth initiatives and IT cost. 9M 2025/26 costs and operating performance Costs (DKKm) 9M 2025/26 9M 2024/25 Growth (%) Currency neutral 9M 2024/25 Growth currency neutral (%) Other external costs 833 776 7.3% 787 5.8% As a percentage of revenue 12.3% 11.9% 12.0% Staff costs 1,265 1,239 2.2% 1,255 0.9% As a percentage of revenue 18.6% 19.0% 19.1% Staff costs Staff costs amounted to DKK 1,265 million or 18.6% of revenue in 9M against DKK 1,239 million or 19.0% of revenue in the year-earlier period, (currency neutral DKK 1,255 million or 19.1% of revenue in 9M 2024/25). The relative decline was driven by relative staff cost savings from the automated logistics centers during Q3, as well as strong staff cost management for the stores, despite wage inflation, while the Group CEO resignation also contributed positively. In 9M 2025/26, Matas Group had 3,388 full-time employees, against 3,523 in 9M 2024/25. Other operating income Other operating income amounted to DKK 19 million in 9M 2025/26 against DKK 15 million in 9M 2024/25. EBITDA before special items EBITDA before special items in 9M 2025/26 came to DKK 1,008 million against DKK 1,000 million in 9M 2024/25 (DKK 1,005 million currency neutral). EBITDA margin before special items was 14.8% in 9M 2025/26, against 15.4% in the year- earlier period (15.3% currency neutral). EBITDA margin before special items, adjusted for the currency effect on cost of goods, was 15.2% in 9M. Special items Special items amounted to DKK 38 million in 9M 2025/26, compared to DKK 13 million in 9M 2024/25, which mainly relates to announced further synergies and the KICKS integration. EBITDA EBITDA came to DKK 970 million against DKK 987 million in 9M 2024/25 (DKK 992 million currency neutral). Depreciation, amortisation and impairment The total amortisation, depreciation and impair - ment charges were up by DKK 16 million to DKK 487 million in 9M 2025/26, whereof DKK 15 million can be allocated to Matas' Logistics Center. Net financials Net financials improved by DKK 14 million to a net expense of DKK 131 million in 9M 2025/26, due to lower interest level. Profit for the period Profit for the period amounted to DKK 274 million after tax, compared to DKK 285 million in 9M 2024/25 (DKK 289 million currency neutral). Interim report 9M 2025/26 16
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Cash flows (DKKm) 9M 2025/26 9M 2024/25 Cash generated from operating activities 859 840 Cash flow from investing activities excl. acquisitions of subs. (283) (521) Free cash flow excl. acquisitions of subs. 576 319 Acquisition of subsidiaries and operations - (15) Free cash flow 576 304 Cash flows from financing activities (539) 16 Adjusted profit for the period after tax Adjusted profit after tax amounted to DKK 326 million in 9M 2025/26 compared to DKK 320 million in 9M 2024/25 (DKK 323 million currency neutral), mainly driven by special items. Statement of cash flows Cash generated from operating activities was an inflow of DKK 859 million in 9M 2025/26 against an inflow of DKK 840 million in 9M 2024/25 corre- sponding to an increase of DKK 19 million mostly related to development in working capital. For 9M 2025/26, cash flows from investing acti– vities were an outflow of DKK 283 million against an outflow of DKK 536 million including acquisi- tion of subsidiaries and operations and including construction of Matas' Logistics Center in 9M 2024/25. For 9M 2025/26, free cash flow was an inflow of DKK 576 million compared to an inflow of DKK 304 million in 9M 2024/25, reflecting a more normalised investment level. For 9M 2025/26, cash flows from financing activi- ties were an outflow of DKK 539 million against an inflow of DKK 16 million in 9M 2024/25, reflecting reduction of debt in 9M 2025/26 due to less investments compared to 9M 2024/25 with increase in debt due to construction of Matas' Logistics Center, but also a higher cash and cash equivalent balance at 31 December 2024. Interim report 9M 2025/26 17
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Statement of financial position (at 31 December 2025 vs. 31 December 2024) Total assets amounted to DKK 9,707 million on 31 December 2025, up from DKK 9,604 million at 31 December 2024. Non-current assets increased by DKK 144 million to DKK 6,795 million. Current assets totalled DKK 2,912 million, a year-on-year decline of DKK 41 million. Inventories amounted to DKK 2,450 million at 31 December 2025 which is an increase of DKK 217 million compared to the end of 9M 2024/25. KICKS accounted for DKK 1,161 million. Inven - tories accounted for 28.1% of LTM revenue at 31 December 2025 compared to 27.3% at 31 December 2024. Matas stand-alone inventories accounted for 23.8% of LTM revenue at 31 December 2025 compared to Matas stand- alone 24.3% at 31 December 2024. The increase is reflecting wider assortment and better product availability. Trade receivables increased by DKK 55 million to DKK 183 million. KICKS accounted for DKK 116 million. Trade payables were down by DKK 41 million year-on-year. KICKS accounted for DKK 206 million of total trade payables of DKK 1,134 million. Net working capital excluding deposits amounted to DKK 841 million at 31 December 2025 against DKK 492 million at 31 December 2024. The increase was driven by higher inventories combined with lower trade payables as a result of less purchase in the last part of Q3 due to low revenue growth. Cash and cash equivalents amounted to DKK 112 million, down from DKK 453 million the year before. Equity amounted to DKK 3,809 million at 31 December 2025 compared to DKK 3,676 million at 31 December 2024. Net interest-bearing debt amounted to DKK 3,610 million at 31 December 2025, a year-on-year increase of DKK 375 million. The gearing ratio was 2.9 times LTM EBITDA before special items. In May 2025, Matas Group successfully refinanced 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. Gross interest-bearing debt stood at DKK 3,722 million at 31 December 2025, including lease liabilities of DKK 1,030 million. At 31 December 2024, gross interest-bearing debt stood at DKK 3,688 million, including lease liabilities of DKK 1,076 million. At 31 December 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. 829,038 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 - tiveprogrammes. 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 858,840 treasury shares at 31 December 2025. Return on invested capital The LTM return on invested capital before tax was 9.9% at 31 December 2025 against 9.2% at 31 December 2024. ROIC before tax excluding goodwill was 23.2% at 31 December 2025 against 24.1% at 31 December 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 9M 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 31 December 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 31 December 2025 and of the results of the Group’s operations and cash flows for the period 1 April to 31 December 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 Per Johannesen Madsen Interim Group CEO and Group CFO Board of Directors Malou Aamund Chair Mette Maix Deputy Chair Espen Eldal Barbara Plucnar Jensen Henrik Taudorf Lorensen Kenneth Melchior Allerød, 5 February 2026 Interim report 9M 2025/26 19
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(DKKm) Note Q3 2025/26 Q3 2024/25 9M 2025/26 9M 2024/25 Revenue 4, 5 2,776 2,694 6,795 6,501 Cost of goods sold (1,533) (1,449) (3,708) (3,501) Gross profit 1,243 1,245 3,087 3,000 Other external costs (347) (325) (833) (776) Staff costs (439) (451) (1,265) (1,239) Other operating income and expenses, net 8 5 19 15 EBITDA before special items 465 474 1,008 1,000 Special items (22) (1) (38) (13) EBITDA 443 473 970 987 Depreciation, amortisation and impairment (166) (156) (487) (471) EBIT 277 317 483 516 Share of profit or loss after tax of associates 0 0 0 1 Financial income 0 0 0 2 Financial expenses (38) (51) (131) (145) Profit before tax 239 266 352 374 Tax on profit for the period (53) (65) (78) (89) Profit for the period 186 201 274 285 Currency adjustment of foreign entities and loan 9 (10) 7 (7) Fair value adjustment of hedging instruments (5) 5 (9) 5 Tax on other comprehensive income 1 1 2 1 Other comprehensive income after tax 5 (4) (0) (1) Total comprehensive income 191 197 274 284 Distributed as follows: Shareholders of Matas A/S 191 197 274 284 Minority shareholders - - - - Earnings per share Earnings per share, DKK 4.95 5.30 7.23 7.49 Diluted earnings per share, DKK 4.92 5.26 7.20 7.44 Statement of comprehensive income Interim report 9M 2025/26 20
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Statement of cash flows (DKKm) Q3 2025/26 Q3 2024/25 9M 2025/26 9M 2024/25 Profit before tax 239 266 352 374 Depreciation, amortisations and impairment 166 156 487 471 Other non-cash operating items, net (5) 5 5 13 Share of profit or loss after tax of associates 0 0 0 (1) Financial income 0 0 (1) (2) Financial expenses 38 51 132 145 Cash generated from operations before changes in working capital 438 478 975 1,000 Changes in working capital 83 157 (37) (85) Cash generated from operations 521 635 938 915 Corporation tax paid (72) (75) (79) (75) Cash flow from operating activities 449 560 859 840 Acquisition of intangible assets (93) (57) (151) (138) Acquisition of property, plant and equipment 11 (126) (132) (383) Acquisition of subsidiaries and operations - - - (15) Cash flow from investing activities (82) (183) (283) (536) Free cash flow 367 377 576 304 (DKKm) Q3 2025/26 Q3 2024/25 9M 2025/26 9M 2024/25 Debt raised with credit institutions - 155 3,034 550 Debt settled with credit institutions (198) - (2,970) - Interest received 0 0 1 2 Interest paid (26) (51) (95) (145) Repayment of lease liabilities (109) (102) (324) (298) Dividend paid - - (76) (76) Option agreement, received - - - 10 Acquisition of own shares (45) (27) (109) (27) Cash flow from financing activities (378) (25) (539) 16 Net cash flow from operating, investing and financing activities (11) 352 (37) 320 Currency adjustment (3) (1) (1) 2 Cash and cash equivalents, beginning of period 126 102 76 131 Cash and cash equivalents, end of period 112 453 112 453 The above cannot be derived directly from the statement of comprehensive income and the statement of financial position. Interim report 9M 2025/26 21
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Statement of financial position (DKKm) Note 31 Dec. 2025 31 Dec. 2024 31 March 2025 ASSETS Non-current assets Goodwill 4,102 4,096 4,102 Trademarks and trade names 176 177 183 Software 220 212 253 Other intangible assets 71 92 86 Intangibles-in-progress 219 118 117 Total intangible assets 4,788 4,695 4,741 Property, plant and equipment Lease assets 6 940 1,012 1,178 Land and buildings 428 107 107 Other fixtures and fittings, tools and equipment 247 75 103 Leasehold improvements 232 202 243 Plant-in-progress 88 495 510 Total property, plant and equipment 1,935 1,891 2,141 Investments in associates 1 1 1 Deferred tax 23 16 22 Deposits 47 47 48 Other securities and equity investments 1 1 1 Total other non-current assets 72 65 83 Total non-current assets 6,795 6,651 6,965 Current assets Inventories 2,450 2,233 2,269 Trade receivables 183 128 93 Corporation tax receivable 25 27 19 Other receivables 22 19 22 Prepayments 120 93 130 Cash and cash equivalents 112 453 76 Total current assets 2,912 2,953 2,609 Total assets 9,707 9,604 9,574 (DKKm) Note 31 Dec. 2025 31 Dec. 2024 31 March 2025 EQUITY AND LIABILITIES Equity Share capital 96 96 96 Translation reserve 52 12 45 Treasury share reserve (113) (39) (39) Hedging reserve (4) 4 3 Retained earnings 3,778 3,602 3,534 Dividend proposed for the financial year - - 76 Equity, shareholders in Matas A/S 3,809 3,675 3,715 Non-controlling interests (0) 1 1 Total equity 3,809 3,676 3,716 Liabilities Deferred tax 206 225 212 Lease liabilities 6 626 725 870 Provisions 7 28 28 28 Credit institutions 2,692 2,612 1,958 Other payables 8 - 5 5 Total non-current liabilities 3,552 3,595 3,073 Credit institutions - - 670 Lease liabilities 6 404 351 404 Provisions 7 8 1 2 Prepayments from customers 302 298 235 Trade payables 1,134 1,175 1,090 Other payables 8 498 508 384 Total current liabilities 2,346 2,333 2,785 Total liabilities 5,898 5,928 5,858 Total equity and liabilities 9,707 9,604 9,574 Interim report 9M 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 - 7 - (9) - - (2) - (2) Tax on other comprehensive income - - - 2 - - 2 - 2 Other comprehensive income - 7 - (7) - - (0) - (0) Profit for the period - - - - - 274 274 (1) 273 Total comprehensive income - 7 - (7) - 274 274 (1) 273 Transactions with owners Dividend paid - - - - (76) - (76) - (76) Dividend on treasury shares - - - - 0 (0) - - - Exercise of incentive programme - - 35 - - (35) - - - Acquisition of own shares - - (109) - - - (109) - (109 Share-based payment - - - - - 5 5 - 5 Total transactions with owners - - (74) - (76) (30) (180) - (180) Equity at 31 December 2025 96 52 (113) (4) - 3,778 3,809 (0) 3,809 Interim report 9M 2025/26 23
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(DKKm) Share capital Translation reserve Treasury share reserve Hedging 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 compehensive income - (7) - 5 - - (2) - (2) Tax on other comprehensive income - 2 - (1) - - 1 - 1 Other comprehensive income - (5) - 4 - - (1) - (1) Profit for the period - - - - - 285 285 - 285 Total comprehensive income - (5) - 4 - 285 284 - 284 Transactions with owners Dividend paid - - - - (76) - (76) - (76) Dividend on treasury shares - - - - 0 (0) - - - Exercise of incentive programme - - 21 - - (21) - - - Option agreement * - - - - - 10 10 - 10 Deferred acquisition ** - - 10 - - - 10 - 10 Acquisition of treasury shares - - (27) - - - (27) - (27) Share-based payment - - - - - 13 13 - 13 Total transactions with owners - - 4 - (76) 2 (70) - (70) Equity at 31 December 2024 96 12 (39) 4 - 3,602 3,675 1 3,676 * In April 2024, 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 9M 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 write-down. Note 3 – Seasonality The Group’s activities in the interim period were affected by Black Week and Christmas shopping, which is mate - rial to the Group's overall financial performance. 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 9M 2025/26 25
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Notes Note 4 – Segment information continued (DKKm) Matas Q3 2025/26 KICKS Q3 2025/26 Other Q3 2025/26 Total Q3 2025/26 Revenue 1,575 1,041 160 2,776 Cost of goods sold (862) (584) (87) (1,533) Gross profit 713 457 73 1,243 Gross margin 45.3% 43.9% 45.4% 44.8% Other external costs (347) Staff costs (439) Other operating income and expenses, net 8 EBITDA before special items 465 Special items (22) EBITDA 443 (DKKm) Matas Q3 2024/25 KICKS Q3 2024/25 Other Q3 2024/25 Total Q3 2024/25 Revenue 1,503 1,049 142 2,694 Cost of goods sold (792) (585) (72) (1,449) Gross profit 711 464 70 1,245 Gross margin 47.3% 44.2% 49.2% 46.2% Other external costs (325) Staff costs (451) Other operating income and expenses, net 5 EBITDA before special items 474 Special items (1) EBITDA 473 (DKKm) Matas 9M 2025/26 KICKS 9M 2025/26 Other 9M 2025/26 Total 9M 2025/26 Revenue 3,842 2,501 452 6,975 Cost of goods sold (2,032) (1,418) (258) (3,708) Gross profit 1,810 1,083 194 3,087 Gross margin 47.1% 43.3% 42.9% 45.4% Other external costs (833) Staff costs (1,265) Other operating income and expenses, net 19 EBITDA before special items 1,008 Special items (38) EBITDA 970 (DKKm) Matas 9M 2024/25 KICKS 9M 2024/25 Other 9M 2024/25 Total 9M 2024/25 Revenue 3,641 2,465 395 6,501 Cost of goods sold (1,906) (1,364) (231) (3,501) Gross profit 1,735 1,101 164 3,000 Gross margin 47.6% 44.7% 41.6% 46.1% Other external costs (776) Staff costs (1,239) Other operating income and expenses, net 15 EBITDA before special items 1,000 Special items (13) EBITDA 987 Interim report 9M 2025/26 26
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Notes (DKKm) Matas Q3 2024/25 KICKS Q3 2024/25 Other Q3 2024/25 Total Q3 2024/25 High-end Beauty 672 809 - 1,489 Mass Beauty 479 239 24 735 Health and Wellbeing 295 1 89 384 Other categories 54 - 2 56 Wholesale sales, etc. 3 - 27 30 Total revenue 1,503 1,049 142 2,694 (DKKm) Matas 9M 2025/26 KICKS 9M 2025/26 Other 9M 2025/26 Total 9M 2025/26 Retail sales, physical stores 2,659 1,749 - 4,408 Retail sales, online 1,175 752 344 2,271 Wholesale 8 - 108 116 Total revenue 3,842 2,501 452 6,795 In 9M 2025/26, 33% of Matas Group’s revenue was generated by its online channels, compared to 32% in the year-earlier period. (DKKm) Matas 9M 2024/25 KICKS 9M 2024/25 Other 9M 2024/25 Total 2024/25 Retail sales, physical stores 2,601 1,714 - 4,315 Retail sales, online 1,035 751 314 2,100 Wholesale 5 - 81 86 Total revenue 3,641 2,465 395 6,501 Note 5 – Revenue (DKKm) Matas Q3 2025/26 KICKS Q3 2025/26 Other Q3 2025/26 Total Q3 2025/26 Retail sales, physical stores 1,054 708 - 1,762 Retail sales, online 518 333 122 973 Wholesale 3 - 38 41 Total revenue 1,575 1,041 160 2,776 In Q3 2025/26, 35% of Matas Group’s revenue was generated by its online channels, compared to 34% in the year-earlier period. (DKKm) Matas Q3 2024/25 KICKS Q3 2024/25 Other Q3 2024/25 Total Q3 2024/25 Retail sales, physical stores 1,029 712 - 1,741 Retail sales, online 471 337 115 923 Wholesale 3 - 27 30 Total revenue 1,503 1,049 142 2,694 Revenue break-down by product groups for Q3 is as follows: (DKKm) Matas Q3 2025/26 KICKS Q3 2025/26 Other Q3 2025/26 Total Q3 2025/26 High-end Beauty 671 788 - 1,459 Mass Beauty 516 248 23 787 Health and Wellbeing 323 4 97 424 Other categories 62 1 2 65 Wholesale sales, etc. 3 - 38 41 Total revenue 1,575 1,041 160 2,776 Interim report 9M 2025/26 27
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Notes Note 5 – Revenue continued Revenue break-down by product groups for 9M is as follows: (DKKm) Matas 9M 2025/26 KICKS 9M 2025/26 Other 9M 2025/26 Total 9M 2025/26 High-end Beauty 1,461 1,871 - 3,332 Mass Beauty 1,316 614 66 1,996 Health and Wellbeing 914 8 274 1,196 Other categories 143 8 4 155 Wholesale sales, etc. 8 - 108 116 Total revenue 3,842 2,501 452 6,795 (DKKm) Matas 9M 2024/25 KICKS 9M 2024/25 Other 9M 2024/25 Total 9M 2024/25 High-end Beauty 1,453 1,893 - 3,346 Mass Beauty 1,219 570 64 1,853 Health and Wellbeing 837 2 245 1,084 Other categories 127 - 5 132 Wholesale sales, etc. 5 - 81 86 Total revenue 3,641 2,465 395 6,501 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 86 million at 31 December 2025 (31 December 2024: DKK 76 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 31 December 2025 was insignifi - cant as was the amount of guarantee commitments, similar to last year. Interim report 9M 2025/26 28
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Notes Note 6 – Leases Matas Group's lease assets are as follows: (DKKm) 31 Dec. 2025 31 Dec. 2024 31 March 2025 Store leases 774 863 993 Administration and warehouse buildings, etc. 155 143 179 Cars and other leases 11 6 6 Total lease assets 940 1,012 1,178 Matas Group’s lease liabilities are as follows: (DKKm) 31 Dec. 2025 31 Dec. 2024 31 March 2025 Non-current liabilities 626 725 870 Current liabilities 404 351 404 Total lease liabilities 1,030 1,076 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) 9M 2025/26 9M 2024/25 Store leases, etc. 256 240 Administration and warehouse buildings, etc. 24 28 Cars and other leases 4 2 Total depreciation of lease assets 284 270 Lease payments in the amount of DKK 324 million were made in 9M 2025/26 (9M 2024/25: DKK 288 million). Interest in the amount of DKK 37 million was expensed in 9M 2025/26 (9M 2024/25: DKK 39 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 19 million in 9M 2025/26 (9M 2024/25: DKK 16 million). A total of DKK 6 million in 9M 2025/26 (9M 2024/25: DKK 3 million) was recognised in the statement of compre - hensive income regarding short-term, leases and leases of low-value assets. Interim report 9M 2025/26 29
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Notes Note 7 – Provisions (DKKm) 31 Dec. 2025 31 Dec. 2024 31 March 2025 Included in non-current liabilities Obligation for reinstatement of tenancies 28 28 28 Total provision, non-current 28 28 28 Included in current liabilities Restructuring provisions 8 1 2 Total provision, current 8 1 2 Note 8 – Other payables (DKKm) 31 Dec. 2025 31 Dec. 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 173 218 79 Holiday pay obligations etc. 129 119 131 Pay-related liabilities (A tax/social security contributions) 180 151 173 Contingent consideration and deferred purchase price 5 3 - Other creditors 10 17 1 Total other current payables 498 508 384 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) 9M 2025/26 9M 2024/25 Revenue 0 0 Other external costs (11) (10) Receivables 1 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 9M 2025/26 30
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Interim financial highlights (DKKm) Q3 2025/26 Q2 2025/26 Q1 2025/26 Q4 2024/25 Q3 2024/25 Statement of comprehensive income Revenue 2,776 1,945 2,074 1,878 2,694 Gross profit 1,243 889 955 870 1,245 EBITDA 443 230 297 202 473 EBIT 277 70 136 49 317 Net financials (38) (39) (54) (38) (51) Profit before tax 239 31 82 11 266 Profit for the period 186 24 64 (3) 201 Statement of financial position Total assets 9,707 9,977 9,629 9,574 9,604 Total equity 3,809 3,668 3,685 3,716 3,676 Net working capital 841 916 645 799 492 Net interest-bearing debt 3,610 3,869 3,622 3,825 3,235 Statement of cash flows Cash flow from operating activities 449 (61) 471 (125) 560 Investments in tangible assets 11 (83) (60) (94) (126) Cash flow from investing activities (82) (101) (100) (181) (183) Free cash flow 367 (162) 371 (306) 377 Net cash flow from operating, investing and financing activities (11) (8) 56 (378) 352 (DKKm) Q3 2025/26 Q2 2025/26 Q1 2025/26 Q4 2024/25 Q3 2024/25 Key performance indicators Number of transactions (millions) 11.3 8.8 9.2 8.7 11.6 Average basket size (DKK) 242 217 222 211 230 Total retail floor space (thousands of square metres) * 99.5 98.2 97.7 97.8 97.3 Avg. revenue per square metre (DKK thousands) - LTM * 88.2 87.9 87.2 86.3 85.6 Proforma revenue currency neutral growth 1.8% 4.4% 4.7% 7.2% 7.5% Adjusted figures EBITDA 443 230 297 202 473 Special items included in EBITDA (22) (11) (5) (14) (1) EBITDA before special items 465 241 302 216 474 Depreciation of property, plant and equipment and amortisation of software (128) (151) (152) (143) (147) EBITA before special items 337 90 150 73 327 Adjusted profit after tax 212 39 74 15 210 Gross margin 44.8% 45.7% 46.0% 46.4% 46.2% EBITDA margin 16.0% 11.8% 14.3% 10.7% 17.6% EBITDA margin before special items 16.7% 12.4% 14.5% 11.5% 17.6% EBITA margin before special items 12.1% 4.6% 7.2% 3.9% 12.1% EBIT margin 10.1% 3.6% 6.5% 2.6% 11.7% * Total retail floor space has been updated historically due to previous reported figures by mistake included backoffice and inventory for some stores at KICKS. As a consequence the average revenue per squaremeters has also been corrected historically. Interim report 9M 2025/26 31
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Additional information Contacts Per Johannesen Madsen Interim Group CEO and 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 and 2026/27 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 12 August 2026 Interim Report - Q1 2026/27 5 November 2026 Interim Report - Q2 2026/27 3 February 2027 Interim Report - Q3 2026/27 26 April 2027 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 12 May 2027 Annual Report 2026/27 8 June 2027 Annual General meeting 2026/27 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 9M 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