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Matas Group Q2 growth driven by online and in-house brands Q2 2026/27 5 November 2026
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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 Q2 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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Matas Group in transition to future profitable growth - Q2 growth drivers were online and in-house brands Q2 highlights Strengthening Matas Group Guidance and capital distribution 1.5% growth YoY Group revenue currency neutral ✓ Revenue growth of 1.9% in Matas including subsidiaries, driven by Web Sundhed, while KICKS grew 0.9% currency neutral ✓ Online grew 4.2% currency neutral, driven by Matas (+5.6%), and in-house brands grew 6.6% 11.6% EBITDA margin before special items (vs. 12.4% currency neutral Q2 2025/26) ✓ Gross margin decline due to pricing initiatives and unfavourable product mix. Consumer focus on promos and campaigns. Positive FX effect. ✓ We are not satisfied with performance in Q2 but are taking steps to strengthen Matas Group Guidance maintained – trending towards lower end of the guided range ✓ 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 ✓ Share buyback of up to DKK 100 million ongoing 5 ✓ Important steps in the long-term business transformation towards a stronger Matas Group, advancing the integration of KICKS ✓ New Nordic operating model to sharpen execution across the Nordics went live 1 October ✓ Annual run-rate savings of DKK ~45-50 million from 2027/28 ✓ Deeper collaboration with our partners – assortment & growth opportunities ✓ Lower campaign activity in Q2 from delay in IT implementation ✓ Increased our pricing agility by investing in electronic shelf labelling in stores in Denmark, Sweden and Finland ✓ Member club: Planned re-consent initiative removed mainly inactive members but inflow of new members at record level ✓ Ready for peak season trading ✓ Strategy update and new long-term financial ambitions planned for 12 March 2027 ✓ Venue and agenda to follow
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6 Financial highlights Q2 2026/27: Growth of 1.5% currency neutral and EBITDA margin of 11.6% before special items Matas (including subsidiaries*) Revenue, DKKm 1,265 Revenue growth 1.9% KICKS Revenue, DKKm 726 Currency neutral revenue growth 0.9% (Q2 2025/26: 1.4% excl. Skincity) Matas Group Q2 2026/27 Gross profit margin 46.4% (Q2 2025/26: 47.5%) Gross profit margin 42.0% (41.6% FX adjusted vs. 42.5% in Q2 2025/26) Revenue, DKKm 1,991 Currency neutral growth 1.5% (2.5% in H1 2026/27) EBITDA margin before special items 11.6% (11.5% FX adjusted vs. 12.4% in Q2 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 Q2 2026/27: Investment in electronic shelf labelling and new Nordic operating model live from 1 October 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 live from 1 October ✓ Building one consolidated Group IT platform. Delay in some IT features in Q2 ✓ Matas’ and KICKS’ automated Logistics Centres delivering ✓ Synergy realisation on track for further synergies in 2026/27 ✓ Net 6 more stores vs. Q2 last year (now 502), driven by KICKS ✓ Stores play an important role in omni-channel and account for ~2/3 of revenue ✓ Investment in electronic shelf labelling ✓ Membership club: 5.5 million Nordic members ✓ Group online growth of 4.2% currency neutral in Q2 (Matas +5.6%, KICKS +1.8%) ✓ In-house brands grew 6.6% in Q2 (KICKS +19.4%, Matas +4.6%) ✓ Matas Striber The Core was the #1 selling SKU in units KICKS Finland in September ✓ Launch of affordable Japanese Beauty skincare brand Curel in KICKS ✓ Launch of hyped K Beauty brand Aestura in Matas (already in KICKS)
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8 New Nordic operating model to sharpen execution and secure future profitable growth – live from 1 October From 1 October 2026, we have moved to a market-led 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 complete 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 Michael Stenderup 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 Q2 2026/27 Per Johannesen Madsen Group CFO 10
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11 Financial impact of new Nordic operating model • Special items of DKK ~100 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 ~100 million Savings ~15 million ~45-50 million (run-rate) We will host a Strategy update and present new long-term financial ambitions on 12 March 2027 – venue and agenda will follow in due course Synergies and special items impact Comments
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12 Q2 revenue performance: Group revenue growth of 1.5% currency neutral driven by Group online growth of 4.2% mainly from Matas • Matas online growth +5.6% • KICKS online growth +1.8% Stores down 0.6% currency neutral • Matas stores declined 1.3% while KICKS stores declined 2.3% like-for-like • Net 6 more stores vs. Q2 last year, driven by KICKS opening net 8 more stores and Matas closing net 2 stores Transactions down and basket size up • Transactions declined 3.7% • The average basket size was DKK 230 versus DKK 217 in Q2 last year (+4.8%) 719 726 147 162 1,095 Q2 2025/26 1,103 Q2 2026/27 1,961 1,991 1.5% Matas KICKS Other 637 663 38 1,286 Q2 2025/26 49 1,279 Q2 2026/27 1,961 1,991 1.5% Stores Online Wholesale Matas 0.7% Other* 10.2% KICKS 0.9% Stores (0.6)% Online +4.2% Wholesale +29.4% * 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 Group online growth of 4.2% (currency neutral )
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13 Gross margin at 44.8% against 45.7% last year, decline due to pricing initiatives and unfavourable product mix. Consumer focus on promos and campaigns. Positive FX effect 895 892 40% 42% 44% 46% 48% 50% 0 200 400 600 800 1,000 45.7%45.7% Q2 2025/26 44.8% 44.7% Q2 2026/27 -0.3% Gross profit Gross margin FX adjusted Gross margin reported 529 522 48.3% Matas Q2 2025/26 47.4% Matas Q2 2026/27 -1.3% Gross profit Gross margin 305 305 42.5% KICKS Q2 2025/26 42.0% KICKS Q2 2026/27 42.5% 41.6% 0.0% Gross profit Gross margin FX adjusted Gross margin reported 61 65 41.4% Other Q2 2025/26 39.9% Other Q2 2026/27 6.6% 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: Decrease due to price initiatives and product mix. FX impact of 0.4pp in KICKS
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14 Q2 cost increase driven by increased staff costs (activity levels, wage inflation, productivity gains), offset by Group indirect cost synergies 406 434 252 233 -100 0 100 200 300 400 500 600 700 -5 Q2 2025/26 -6 Q2 2026/27 653 661 1.2% Other external costs Staff costs Other operating income, net Insourcing and wage inflation offset by productivity gains in Matas Logistic Center and KICKS Logistic Center • Staff cost 21.8% of revenue versus 20.7% last year currency neutral 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 Other • Higher investments in IT • Group indirect cost synergies Group costs (Currency neutral) DKKm Staff costs DKKm Other external costs
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15 Q2 EBITDA margin before special items decline due to lower sales, decline in gross margin and higher staff costs, partly offset by productivity gains and indirect cost synergies 243 231 0 50 100 150 200 250 10% 11% 12% 13% 14% 15% 16% 12.4%12.4% Q2 2025/26 11.6% 11.5% Q2 2026/27 -4.9% EBITDA margin before special items EBITDA margin before special items (currency neutral) EBITDA before special items (currency neutral) Revenue • Online growth of 4.2% (currency neutral), driven by Matas • Stores like-for-like decline Gross margin • Decline in gross margin due to pricing initiatives and product mix Cost • Costs up due to activity levels and wage inflation, offset by productivity gains and Group indirect cost synergies EBITDA margin • EBITDA margin before special items below last year due to lower sales, decline in gross margin and cost inflation EBITDA and EBITDA margin before special items DKKm Summary for Q2 2026/27
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Inventories: Small increase Y oY driven by Matas, inventory as percent of sales declining. Inventory management focus combined with readiness for peak trading season 16 Q2 2025/26 105 Matas -58 KICKS Q2 2026/27 2,733 2,780 +47 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% 23.3% 2023/24 2024/25 2025/26 2026/27 Inventories per quarter in % of LTM revenue (excl. KICKS) Inventories as % sales improved in Q2 of 2026/27 Change in inventories DKKm Compared to Q1 2025/26, inventories increased by DKK 283 million in Q2. Last year in Q2, inventories increased DKK 417 million quarter-on-quarter.
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17 -160 332 -1 -60 -59 Free cash flow Q2 2025/26 Cash flow operations, before special items -212 Working capital and tax -121 CAPEX Free cash flow before special items Special items Free cash flow Q2 2026/27 +100 Matas Group free cash flow Q2 2025/26 and Q2 2026/27 movements, DKKm • Free cash flow increased by DKK 100 million YoY in Q2 2026/27, the key drivers were: • Higher cash flow from operations • Improvement in net working capital • Capex higher than last year in Q2 due to frontloading the investment in electronic shelf labelling • 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 due to frontloading of investment in electronic shelf labelling. • CAPEX for 2026/27 and 2027/28 combined within range Comments Free cash flow: DKK 60 million of free cash outflow in Q2, Y oY movement reflecting higher cash flow from operations, improved net working capital and higher CAPEX
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Gearing: Plan to reduce gearing in 2026/27 18 • Gearing increased to 3.5x at end of Q2 2026/27 and remains higher than normal as lower sales impacted both net working capital and EBITDA • Plan to reduce gearing in 2026/27 and onwards • 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 Q2 2024/25 Q3 2024/25 Q4 2024/25 Q1 2025/26 Q2 2025/26 Q3 2025/26 Q4 2025/26 Q1 2026/27 3.0x 2.7x 3.1x 3.0x 3.1x 2.9x 3.3x 3.4x Q2 2026/27 3.5x Matas Group NIBD / LTM EBITDA before special items Q2 2024/25 – Q2 2026/27 Comments
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19 Financial guidance 2026/27: Guidance unchanged, however currently trending towards lower end of the guidance range 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. 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 20
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Thank you! 21