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MATA Matas Group delivers Q1 growth and launches new Nordic operating model Q1 2026/27 12 August 2026 S GR ROUP
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Disclaimer Forward-looking statements This interim report contains statements relating to the future, including statements regarding Matas Group’s future operating results, financial position, cash flows, business strategy and future targets. Such statements are based on Management’s reasonable expectations and forecasts at the time of release of this report. Forward-looking statements are subject to risks and uncertainties and a number of other factors, many of which are beyond Matas Group’s control. This may have the effect that actual results may differ significantly from the expectations expressed in the report. Without being exhaustive, such factors include general economic and commercial factors, including market and competitive conditions, supplier issues and financial and regulatory issues, IT failures as well as any effects of healthcare measures that are not specifically mentioned above. 2
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3 Agenda 01 Group CEO comments Mette Uglebjerg 02 Financial results Q1 2026/27 Per Johannesen Madsen 03 Q&A Mette Uglebjerg & Per Johannesen Madsen
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01 Group CEO comments Mette Uglebjerg Group CEO 4
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Q1 growth driven by Matas banner. New Nordic operating model launched. Guidance unchanged and share buyback launched Q1 highlights New Nordic operating model Guidance and capital distribution 3.4% growth YoY Group revenue currency neutral ✓ Revenue growth of 5.6% in Matas (incl. subsidiaries) while KICKS declined 0.3% currency neutral ✓ Online grew 9.7% currency neutral and in- house brands grew 9% 12.2% EBITDA margin before special items (vs. 14.5% currency neutral Q1 2025/26) ✓ Gross margin decline due to inventory write- down in KICKS and pressure from pricing initiatives and unfavourable product mix, particular in KICKS, as consumers traded down ✓ Guidance maintained ✓ Revenue growth of 2% to 6% Guidance reflects uncertain macroeconomic outlook ✓ 14.0-14.5% EBITDA margin before special items ✓ CAPEX of ~4.5% of revenue (DKK ~410 million including frontloaded investment in electronic shelf labelling) ✓ Capital distributions ✓ Dividend of DKK 2.00 per share paid in Q1 ✓ Share buyback of up to DKK 100 million launched 5 ✓ Strategy to Win the Nordics unchanged ✓ New Nordic operating model to sharpen execution across the Nordics ✓ Going from banner-led to country-led model ✓ Long-term strategic step that will: ✓ Strengthen local execution ✓ Enable better use of Nordic scale, shared capabilities and synergies ✓ Leaner organisation with: ✓ clearer roles ✓ fewer layers ✓ Stronger accountability in each market ✓ Annual run-rate savings of DKK ~45-50 million from 2027/28
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6 Financial highlights Q1 2026/27: Growth of 3.4% currency neutral and EBITDA margin of 12.2% before special items Matas (including subsidiaries*) Revenue, DKKm 1,391 Revenue growth 5.6% KICKS Revenue, DKKm 770 Currency neutral revenue growth (0.3)% (Q1 2025/26: 2.3%) Matas Group Q1 2026/27 Gross profit margin 46.9% (Q1 2025/26: 47.7%) Gross profit margin 39.6% (38.7% FX adjusted vs. 43.1% in Q1 2025/26) Revenue, DKKm 2,161 Currency neutral growth 3.4% In line with guidance EBITDA margin before special items 12.2% (11.9% FX adjusted vs. 14.5% in Q1 2025/26) * From Q4 2024/25 onwards, Management has aggregated the operational segments Firtal, Grænn and Web Sundhed as one reportable segment called "Other" due to similarities in operations
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7 Six strategic priorities to Win the Nordics – Strategic progress in Q1 2026/27: Launch of Wellness category in KICKS and launch of new Nordic operating model 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 ✓ New Nordic operating model ✓ Building one consolidated Group IT platform, including investments in AI and analytics ✓ Matas’ and KICKS’ automated Logistics Centers delivering ✓ Synergy realisation on track for further synergies in 2026/27 ✓ Net 9 more stores vs. Q1 of last year (now 503), driven by KICKS ✓ Stores play an important role in omni-channel and account for two thirds of revenue ✓ Membership club: 6 million Nordic members ✓ Group online growth of 9.7% currency neutral in Q1 (Matas +17.4%, KICKS decline of 0.6%) ✓ In-house brands grew 9% in Q1 (KICKS +6.7%, Matas +10.8%) ✓ Matas Striber became the #1 Hair brand by units sold in KICKS Finland and Norway ✓ Launch of Wellness category in KICKS (its 5th category) ✓ Launch of Chanel for the first time in KICKS in Sweden (now in all countries)
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Simplify to grow – stronger value proposition and leaner operating model Sharper customer value proposition We are developing a stronger and more coherent Group customer value proposition, based on shared Nordic customer needs and adapted to local market preferences A simpler, market-led operating model The new model brings clearer mandates, stronger local ownership and better use of Group scale & Win in each market and use our Group scale more effectively We will host a Strategy update and present new long-term financial ambitions later in the financial year – timing and agenda will follow in due course 8
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9 New Nordic operating model to sharpen execution and secure future profitable growth EVP Matas – Denmark ~63% of revenue* EVP KICKS Group ~37% of revenue Since September 2023, Matas Group has had a banner-led model We are moving to a market-led model (from October 2026) Rationale for change ✓ Since joining forces, we have come a long way ✓ Consumer needs are changing ✓ We are sharpening our customer value proposition ✓ and our operating model → Country manager DK ~63% of revenue Country manager SE and FI ~22% of revenue (SE) and ~4% (FI) Country manager NO ~11% of revenue → Benefits of new model ✓ Long-term strategic step that will: ✓ Strengthen local execution ✓ Better use of Nordic scale, shared capabilities and synergies ✓ Leaner organisation with stronger capabilities, clearer roles, fewer layers and stronger accountability in each market ✓ Annual run-rate savings of DKK ~45-50 million from 2027/28 * Including subsidiaries
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Tints Slate Dark Mauve Teal Peach Soft Slate Soft Mauve Soft Teal Soft Peach Core colours Night blue Mauve Sky blue Lacquer red Stone Executive Leadership Team E X E C U T I V E C O M M I T T E E Mette Uglebjerg Group CEO Stefan Kirkedal Country Manager, DK Helena Karlinder-Östlundh Country Manager, SE/FI Erik Ringen Skjærstad Country Manager, NO Appointment in progress Marketing & Customer Brian Gøbel Poulsen Category & Merchandizing David Heeroma Digital, Tech & AI Transformation Per Johannesen Madsen Group CFO Tonje Gulbrandsen Jensen People, ESG, Communications & Org. Transformation
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02 Results Q1 2026/27 Per Johannesen Madsen Group CFO 11
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12 Financial impact of new Nordic operating model • Special items of DKK 70-105 million in 2026/27 are primarily related to implementation and severance pay • In-year cost savings of DKK ~15 million, followed by annual run-rate savings of DKK ~45-50 million from 2027/28 DKK 2026/27 2027/28 Previously communicated: Synergies, fully phased run-rate + 50 million New Nordic operating model: Special items 70-105 million Savings ~15 million ~45-50 million (run-rate) We will host a Strategy update and present new long-term financial ambitions later in the financial year – timing and agenda will follow in due course Synergies and special items impact Comments
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13 Q1 revenue performance: Group revenue growth of 3.4% currency neutral driven by Matas banner. Group online growth of 9.7% also driven by Matas banner. Group online growth of 9.7% currency neutral • Assortment-driven online growth in Matas: +17.4% • KICKS online decline of 0.6% Store performance – in line with LY • Matas broadly in line with last year (-0.1%), KICKS stores declined 0.3% like-for-like currency neutral • The average basket size was DKK 237 versus DKK 222 in Q1 last year (+6%) • Net 9 more stores vs. last year, driven by KICKS opening net 9 more stores 772 770 145 161 1,172 Q1 2025/26 1,230 Q1 2026/27 2,089 2,161 3.4% Matas KICKS Other 670 735 37 1,382 Q1 2025/26 45 1,381 Q1 2026/27 2,089 2,161 3.4% Stores Online Wholesale Matas +4.9% Other* +10.8% KICKS (0.3)% Stores (0.1)% Online +9.7% Wholesale +22.6% * 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 Revenue by banner (currency neutral) DKKm Revenue by channel (currency neutral) DKKm Online growth
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14 Gross margin at 44.3% against 46.0% last year, half of the decline due to inventory write-down in KICKS 961 958 40% 42% 44% 46% 48% 50% 0 200 400 600 800 1,000 46.0%46.0% Q1 2025/26 44.3% 44.0% Q1 2026/27 -0.3% Gross profit Gross margin FX adjusted Gross margin reported 568 592 45% 46% 47% 48% 49% 50% 0 100 200 300 400 500 600 48.5% Matas Q1 2025/26 48.1% Matas Q1 2026/27 4.2% Gross profit Gross margin 333 305 43.1%43.1% KICKS Q1 2025/26 39.6% 38.7% KICKS Q1 2026/27 -8.4% Gross profit Gross margin FX adjusted Gross margin reported 60 61 41.6% Other Q1 2025/26 38.0% Other Q1 2026/27 1.7% Gross profit Gross margin Gross margin by banner (currency neutral) DKKm Group gross margin (currency neutral) DKKm Gross margin development in Matas: Decrease in gross margin due to unfavourable product mix Gross margin development in KICKS: Inventory write-down in KICKS (1.9pp impact YoY), price initiatives and product mix. Positive FX impact of 0.9pp in KICKS
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15 Q1 cost increase driven by online growth and marketing investments 425 428 238 272 -100 0 100 200 300 400 500 600 700 -6 Q1 2025/26 -6 Q1 2026/27 657 694 5.6% Other external costs Staff costs Other operating income, net Growth and inflation offset by productivity gains in Matas Logistic Center and KICKS Logistic Center • Staff cost reduced as % of revenue versus last year currency neutral (19.8% of revenue vs. 20.3% last year) Mitigating salary inflation • Workforce planning – stores and online • Streamlined approach Building capabilities to drive growth • Nordic operating Model initiated • AI Online growth driving variable costs • Shipping costs driven by order volumes • Faster deliveries • Execution of assortment expansion Marketing investments • Higher marketing investments aimed at driving customer traffic across channels • Assortment expansion awareness Other • Higher investments in IT • Nordic efficiencies and synergies Group costs (Currency neutral) DKKm Staff costs DKKm Other external costs
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16 Q1 EBITDA margin before special items decline due to inventory write-down in KICKS and higher marketing investments 302 264 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% 0 50 100 150 200 250 300 350 14.5%14.5% Q1 2025/26 12.2% 11.9% Q1 2026/27 -12.6% EBITDA margin before special items EBITDA margin before special items (currency neutral) EBITDA before special items (currency neutral) Revenue • Online growth of 9.7% (currency neutral), driven by Matas • Stores like-for-like small decline Gross margin • Decline in gross margin due to inventory write-down in KICKS, pricing initiatives and product mix Cost • Costs up due to online growth and higher marketing investments • Investments supporting growth and our strategy to Win the Nordics EBITDA margin • EBITDA margin before special items below last year due to inventory write-down in KICKS and higher marketing investments EBITDA and EBITDA margin before special items DKKm Summary for Q1 2026/27
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Inventories increase Y oY driven by increased sales, assortment expansion and first year of operating MLC 17 Q1 2025/26 111 Matas 70 KICKS Q1 2026/27 2,316 2,497 +181 Q1 Q2 22.8% Q3 21.8% Q4 21.9% 23.1% 24.0% 23.2% 23.0% 24.7% 25.6% 24.3% 23.8% 22.9% 21.7% 2023/24 2024/25 2025/26 2026/27 Inventories per quarter in % of LTM revenue (excl. KICKS) Inventories as % sales improved in Q1 of 2026/27 Change in inventories DKKm Compared to Q4 2025/26, inventories increased by DKK 117 million in Q1
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18 371 220 161 147 39 Free cash flow Q1 2025/26 Cash flow operations, before special items Working capital and tax -98 CAPEX Free cash flow before special items -14 Special items Free cash flow Q1 2026/27 Matas Group free cash flow Q1 2025/26 and Q1 2026/27 movements, DKKm • Free cash flow reduced by DKK 224 million in Q1 2026/27, the key drivers were: • Lower performance • Higher changes in working capital, last year • Capex in line with last year in Q1 • The normalised CAPEX level of 3-4% of revenue will, all else equal, generate significant free cash flow, however, in 2026/27, guided CAPEX is ~4.5% of revenue. • The incremental investment is due to frontloading of investment in electronic shelf labelling in all remaining stores. CAPEX for 2026/27 and 2027/28 combined within range Comments Free cash flow: DKK 147 million of free cash flow in Q1, decrease Y oY reflecting lower performance and less decrease in working capital
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Gearing: Plan to reduce gearing in 2026/27 19 • Gearing increased to 3.4x at end of Q1 2026/27 and remains higher than normal as lower sales impacted inventories and EBITDA • Plan to reduce gearing in 2026/27 • Long-term target remains unchanged with a gearing of between 2.0x and 3.0x • Share buyback of up to DKK 100 million adds ~0.1x to gearing ratio, all else equal Q1 2024/25 Q2 2024/25 Q3 2024/25 Q4 2024/25 Q1 2025/26 Q2 2025/26 Q3 2025/26 Q4 2025/26 Q1 2026/27 2.9x 3.0x 2.7x 3.1x 3.0x 3.1x 2.9x 3.3x 3.4x Matas Group NIBD / LTM EBITDA before special items Q1 2024/25 – Q1 2026/27 Comments
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20 Financial guidance 2026/27: Guidance unchanged and reflects uncertain macroeconomic outlook. CAPEX overspend in 2026/27 due to frontloading of investment in electronic shelf labelling 8,776 Revenue, DKKm 14.1% EBITDA margin (before special items) * The currency neutral financial guidance is based on average rates in 2025/26 for NOK/DKK of 0.660 and SEK/DKK of 0.685. Exchange rate adjusted revenue growth for 2026/27 is ~2.2% to ~6.2% based on exchange rates for NOK/DKK of 0.682 and SEK/DKK of 0.680 as of 11 August 2026. CAPEX, excl. M&A, DKKm 404 (14.4% FX adjusted) Incl. DKK ~30 million to complete Matas Logistic Center (3.5% currency neutral revenue growth) Baseline 2025/26 Financial guidance 2026/27 2-6% Underlying revenue growth (currency neutral*) 14.0-14.5% EBITDA margin (before special items) CAPEX, excluding M&A, of revenue ~4.5% Equivalent to DKK ~410 million at mid-point of revenue guidance, including frontloading investment in electronic shelf labelling
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03 Q&A 21
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Thank you! 22