Business
Matas A/S : Annual Report 2025/26
Matas A/S : Annual Report
About this update from Matas A/s
AnnuaL Report 2025/26 1 APRIL 2025 - 31 MARCH 2026 Matas A/S | Rørmosevej 1 | DK-3450 Allerød | Business reg. no. 27 52 84 06 Management's Review | TabLe of contents Management's Review FinanciaL statements 04 Introducing Matas Group 16 Strategy and guidance 24 ResuLts 34 Governance 49 SustainabiLity statement 123 Statements 132 ConsoLidated financiaL statements 181 Parent Company financiaL statements 199 Other Annual Report 2025/26 Read more in our Corporate Governance Report → Read more in our Remuneration Report → 2 Our purpose Matas Group …for beautifuL Lives Annual Report 2025/26 3 Introducing Matas Group → To our shareholders → Highlights 2025/26 → This is Matas Group → Our business model → Financial highlights 2025/26 → 5-year key financials → Investment case Annual Report 2025/26 4 Management's Review | Introducing Matas Group To our sharehoLders Strategy to Win the Nordics - increased focus on execution In 2025/26, we continued to move forward as a Group, but it was aLso a year where we cLearLy saw shifts in consumer behaviour, particuLarLy impacting KICKS. This has sharpened our focus. Our strategy to Win the Nordics remains unchanged. What has changed is the pace and prioritisation of how we execute - especiaLLy in KICKS, where we are acceLerating initiatives to strengthen our vaLue proposition across price points, categories and channeLs. Per Johannesen Madsen Group CFO Mette Uglebjerg Group CEO Malou Aamund Chair Dear shareholders, Today, Matas Group stands as the leading beauty and wellbeing destination in the Nordics, serving millions of customers across physical stores and digital channels. Over the past year, we have continued to strengthen our position through a broader assortment, growing online presence and high customer engagement across all markets. Our scale, strong customer relationships and omnichannel model provide us with a solid foundation - and we remain firmly on track in our ambition to Win the Nordics. Results and execution: Solid performance in a changing market 2025/26 marked another year of sales growth and improved free cash flow for the Group. Revenue grew 3.5% currency neutral and the EBITDA margin was 14.1%, impacted by foreign exchange rates. At the same time, the year was marked by a shift in consumer behaviour as geopolitical tensions impacted the macroeconomic environment. We saw increasing price sensitivity, with some customers trading down - particularly within high-end beauty. This had a more visible impact on KICKS, where high-end categories account for ~75% of the business. Matas continued to deliver stable growth, supported by a strong value proposition, continued expansion of the assortment and solid performance online. Across the Group, we maintained high customer satisfaction and saw continued growth in both stores and e-commerce - underlining the strength of our omnichannel model. We also continued to integrate sustainability into our business, working closely with partners and suppliers to progress on our climate ambitions. Annual Report 2025/26 5 Management's Review | Introducing Matas Group Our strategy remains intact, with accelerated plans Our long-term ambition to Win the Nordics remains unchanged: To become the leading beauty and wellbeing player across all Nordic markets, all More for you We continued to expand our assortment across both Matas and KICKS, offering customers more choice across brands, categories and price points. "We continue to invest in our Long-term ambition from a position of strength." channels and core categories. The market remains attractive, and we continue to see significant opportunities to grow - by improving the customer experience, strengthening our position across channels and expanding into more categories. What has changed over the past year is not our direction, but our pace. We are accelerating our strategy with a clear focus on faster execution and delivering results. Our strategy is centred around three pillars: More for you, Closer to you and Stronger for you. During 2025/26, we made solid progress across all pillars. #1 Nordic market leader We introduced a number of high-demand brands and continued to strengthen our in-house brands, including expanding them across markets. At the same time, we have initiated a more focused effort to strengthen KICKS' competitiveness - with clear actions across pricing, assortment, marketing efficiency and in-store execution. Closer to you We continued to invest in both our physical and digital presence. Across the Nordics, we opened and expanded stores, while also improving the online experience through faster delivery, stronger content and increased personalisation. Customer engagement remains high and with growth in our loyalty programmes among Gen Z. Stronger for you We have continued to build a more scalable and efficient platform for future growth. This includes strengthening our logistics setup, further developing our shared Nordic e-com-merce platform and realising synergies across the Group. At the same time, we have maintained strong cost discipline, ensuring that we invest where it matters while protecting profitability. Looking ahead The past year has underlined that market conditions can change quickly. Consumer confidence remains uncertain, and this is reflected in our expectations for the coming year. However, our direction is clear. We will continue to execute on our strategy with greater focus and speed - particularly in areas where we see the biggest potential to strengthen our market position. We would like to thank our colleagues across stores, logistics and offices for their commitment and efforts throughout the year. We also wish to thank our customers for their engagement, partners for the fruitful collaboration and our shareholders for the continued support. We continue to return a significant share of our profits to shareholders, with a target of at least 40% of adjusted profit after tax. The Board of Directors proposes to maintain the dividend at DKK 2.00 per share. Subject to approval at the Annual General Meeting, we also plan to launch a share buyback programme of up to DKK 100 million, depending on investment opportunities and our financial position. With strong free cash flow and a solid financial position, we have the flexibility to both invest in growth and return capital to shareholders. In April, we welcomed Mette Uglebjerg as new Group CEO. With her extensive retail and international experience and strong operational focus, she is well positioned to lead the next phase of our growth journey. We look forward to continuing our dialogue with you and look forward to meeting our shareholders at the Annual General Meeting on 16 June. Malou Aamund, Chair Mette Uglebjerg, Group CEO Per Johannesen Madsen, Group CFO Annual Report 2025/26 6 HighLights 2025/26 Market position Matas Group the Nordic market leader #1 Our markets Denmark Sweden Norway Finland KICKS Matas EBITDA improvement from further synergies of DKK million 50 on track to be fully phased by 2026/27 Financial highlights Revenue growth (Group, currency neutral) 3.5% EBITDA margin before special items 14.1% in line with guidance. 14.4% adjusted for currency effects on COGS. Proposed dividend per share of DKK 2.00 for approval at the Annual General Meeting Strategy execution New brands launched in Matas / KICKS ~143 / ~67 Online growth continued 8.2% 11.2% excluding Skincity Two automated and scaleable warehouses a platform for future Growth ESG highlights Scope 1 and Scope 2 emission reductions 37.5% Scope 3, category 1, emissions covered by suppliers with science-based targets 31.7% Mental health training satisfaction score 66NPS Read more in the sustainability section of this report → Annual Report 2025/26 7 Matas Group The Nordic Leader Matas and KICKS joined forces as Matas Group in 2023. Together, we are weLL positioned to create even better experiences for our customers. By combining two highLy compLementary businesses, with a compeLLing strategic rationaLe, we are aLso weLL positioned to buiLd on our Nordic Leadership position within beauty and weLLbeing and bring vaLue to our customers, partners and investors. 34 Stores 0.6 4.9 3.3 8.8 Revenue (DKK billion) 6.0 2.2 3.8 Club members, millions 150 KICKS Matas Other 1 2,031 1,193 3,374 Full-time employees KICKS Matas incl. Group HQ Other 1 KICKS Matas 264 236 500 Stores KICKS Matas 264 73 Stores 129 Stores ESRS 2, 40 a-iii Headcounts 1 "Other" represents Firtal, Grænn and Web Sundhed. Stores Annual Report 2025/26 8 This is Matas Group Complementary footprint Matas Group is connecting a big and attractive Nordic market and 6 million members in loyalty programmes with brands through online and offline retail on a shared platform. Strong omnichannel leadership position Through a combination of 500 stores and >30% of revenue from online, Matas Group is the Nordic leader in beauty and wellbeing. 14.1% EBITDA margin 1 ~12% Estimated Nordic market share2 Top-of-mind brand Both Matas and KICKS are the strongest top-of-mind brands in respective geographies with well-trained beauty experts and unique offering, including a combination of exclusive distribution rights, brands and in-house products. #1 Nordic market position ~700 Suppliers 34% Share of revenues from online +75,000 SKU base 1 EBITDA margin before special items 2025/26 2 Based on Euromonitor data for Nordic beauty and wellbeing market 3 "Other" represents Firtal, Grænn and Web Sundhed. Annual Report 2025/26 9 Revenue split by Matas/KICKS/Other 2025/26, % 7% 37% Matas KICKS Other 3 56% Revenue split by channel 2025/26, % 2% 34% Stores Online Wholesale 64% Management's Review | Introducing Matas Group Our business modeL Matas Group has a proven and scalable business model to deliver the best customer experience. We are connecting 6 million loyal club members to brands in a big and attractive Nordic market while being the top-of-mind brand with high customer satisfaction. Loved "only in" brands High-margin in-house brands in multiple categories Proven model Matas Group has a proven and scalable business model, with competitive advantage througout the value chain to deliver the best customer experience. Strongest supplier relations Decade-long supplier relationships Good terms and access to brands, news, and exclusives Loyal customers Selective distribution/ authorised retailer 6 million loyal club members Own media suite with national reach Lower marketing cost ratio Automated supply chain New centralised and highly automated warehouses Low fulfillment cost Top-of-mind brand and high customer satisfaction When customers are asked where to buy beauty they say "Matas"/"KICKS". Customer satisfaction is measured continously for stores and online. ESRS 2, 42a-c Biusiness model and value chain ESRS 2, 40 a-ii Significant markets and customer groups Beauty experts ~3,400 full-time colleagues and beauty professionals Value beyond the product Powerful omni-channel presence Leading store network of 500 stores and leading online sites Cost advantages in customer acquisition and fulfillment Annual Report 2025/26 10 Management's Review | Introducing Matas Group Business modeL High margins sustained by hard-to-copy business modeL with competitive advantages National top-of-mind banners and brands One-stop beauty and wellbeing offering Health and wellbeing Everyday beauty High-end beauty Value-adding sourcing set-up Own brands portfolio Brand-building partner Third-party - Supplier relations Omni-channel specialty retail Customer relations and loyalty Stores Trained advisors App Club E-commerce Own media Competitive operating platform Culture of results and relations ESG action and accountability Scalable and stable IT platform and data capability Efficient automated warehouses ESRS 2, 40 a-i Products and services offered Annual Report 2025/26 11 Management's Review | Introducing Matas Group FinanciaL highLights 2025/26 Matas (including Other segment) KICKS Matas Group Revenue (DKKm) Revenue (DKKm) Revenue (DKKm) 5,529 3,247 8,776 in line with guidance Revenue growth Revenue growth, currency neutral Revenue growth, currency neutral 5.8% 0.0% 3.5% (2024/25: 8.0%) with continued growth in all channels (2024/25: 5.3% proforma currency neutral) (2024/25: 7.0% proforma currency neutral) Gross profit margin Gross profit margin EBITDA margin before special items 46.8% 41.6% 14.1% (2024/25: 47.5%) adjusted for currency effects on COGS 42.6% (2024/25: 44.0%) adjusted for currency effects on COGS 14.4% in line with updated guidance of 14.0%-14.5% (2024/25: 14.5%) Annual Report 2025/26 12 Management's Review | Introducing Matas Group 5-year key financiaLs (DKKm) 2025/26 2024/25 Matas incl. KICKS 7 months 2023/24 2022/23 2021/22 Revenue DKKm 6,701 8,379 8,776 Statement of comprehensive income Revenue 8,776 8,379 6,701 4,489 4,344 Gross profit 3,937 3,870 3,078 2,076 2,000 EBITDA 1,178 1,189 904 804 810 EBIT 514 565 379 423 388 Net financials (162) (181) (131) (50) (37) Profit before tax 352 384 248 373 351 Profit for the period after tax 243 282 169 281 277 Special items 56 27 102 5 (7) EBITDA before special items 1,234 1,216 1,006 809 803 Adjusted profit after tax 317 336 302 322 358 Statement of financial position Total assets 9,831 9,574 8,668 6,280 6,055 Total equity 3,749 3,716 3,462 3,363 3,152 Net working capital 991 799 378 23 (12) Net interest-bearing debt 4,041 3,825 3,140 1,642 1,649 Statement of cash flows Cash flow from operating activities 951 715 645 678 505 Investments in tangible assets excluding IFRS 16 lease assets (182) (477) (250) (92) (51) Cash flow from investing activities (406) (717) (1,021) (256) (232) Free cash flow 545 (2) (376) 422 273 2023/24 2024/25 2025/26 EBIT DKKm 379 565 514 2023/24 2024/25 2025/26 Free cash flow DKKm 545 See page 200 → for definitions of key financials. (2) (376) 2023/24 2024/25 2025/26 Annual Report 2025/26 13 Management's Review | Introducing Matas Group 5-year key financiaLs, ratios Ratios Revenue growth 1 4.7% 25.0% 49.3% 3.3% 4.3% Gross margin 44.9% 46.2% 45.9% 46.2% 46.0% EBITDA margin 13.4% 14.2% 13.5% 17.9% 18.6% EBITDA margin before special items 14.1% 14.5% 15.0% 18.0% 18.5% EBIT margin 5.9% 6.7% 5.7% 9.4% 8.9% Cash conversion 53.4% 8.9% 42.6% 59.9% 54.5% Adjusted earnings per share 8.40 8.84 7.94 8.50 9.40 Earnings per share, DKK 6.44 7.42 4.45 7.41 7.27 Diluted earnings per share, DKK 6.41 7.37 4.43 7.37 7.20 Dividend per share (proposed), DKK 2.00 2.00 2.00 2.00 2.00 Share price, end of year, DKK 105.4 132.0 117.0 84.2 96.3 ROIC before tax including goodwill 9.6% 8.8% 11.3% 9.4% 9.9% ROIC before tax excluding goodwill 21.2% 20.4% 35.4% 45.0% 50.1% Net working capital as a percentage of LTM revenue 11.3% 9.5% 4.8% 0.5% (0.3)% Investments 2 as a percentage of revenue 4.6% 8.6% 15.2% 5.7% 5.3% Investments excluding acquisitions as a percentage of revenue 4.6% 8.4% 6.1% 5.7% 4.2% Net interest-bearing debt/EBITDA before special items 3.3 3.1 2.8 2.0 2.1 Number of transactions (millions) 37.8 37.8 31.9 23.2 22.0 Average basket size (DKK) 228.2 218.3 206.3 188.8 192.2 Number of stores 500 497 491 260 260 Club members Matas and KICKS (millions) 5.99 6.07 5.68 1.87 1.74 Club Matas Plus members (thousands) 124.1 118.8 100.7 68.9 52.6 Average number of employees (FTE) 3,374 3,504 2,931 2,124 2,164 (DKKm) 1 Revenue growth proforma currency neutral 2024/25: 7.0%. 2 Total investments, i.e. CAPEX, acquisitions, etc. excluding IFRS 16 lease assets. 2025/26 2024/25 Matas incl. KICKS 7 months 2023/24 2022/23 2021/22 14.1% EBITDA margin before special items DKK 7.48 Earnings per share DKK 228.2 Average basket size 3,374 FTEs Average number of employees Annual Report 2025/26 14 Management's Review | Introducing Matas Group Investment case A Long-term growth journey to buiLd the #1 Nordic beauty and weLLbeing destination Starting point Growth potential Growth strategy to be the clear 1 in all markets, channels and core categories Nordic leader Matas Group is the Nordic leader in beauty and wellbeing Big and growing market Operating in a big and attractive Nordic market estimated at DKK ~76 billion in 2025 (Euromonitor) Annual Report 2025/26 High profit margins Matas Group has a scalable platform and business model to increase market share (from ~12%) while maintaining profit margins Ambition and capital allocation DKK >10 biLLion Revenue in 2027/28, fuelled by continued assortment expansion and e-commerce proposition, improving the customer experience both in store and online 15.0-16.0% EBITDA margin in 2027/28, supported by operating leverage, synergies and automated warehouses Significant free cash flow generation from 2025/26 after completion of large investments in logistics and IT. Allowing for further investments in growth 2-3X Gearing will remain between 2-3x (Net interest-bearing debt/EBITDA before special items) >40% Dividend and share buyback, distribution of minimum 40% of adjusted profit after tax. 15 Strategy and guidance → The market → Strategy execution → Financial guidance 2026/27 Annual Report 2025/26 16 The Nordic market is big and attractive, and Matas Group continues to reinforce its position as a leading Nordic destination within beauty. The market Matas Group continues to reinforce its position as a Leading Nordic destination within beauty. The category remains structuraLLy attractive, but the market is currentLy characterised by softer demand than past years. Consumers are more price-conscious and increasingLy seeking better vaLue-for-money, whiLe heightened price transparency and campaign intensity are reshaping competitive dynamics. Despite this, underLying demand remains resiLient, supported by Long-term trends and continued channeL shift toward omnichanneL speciaLty retaiL. Highlights 01 Long-term trends continue to create a growing market 03 Soft consumer demands increase price sensitivity 02 Fragmented market with international entrants 04 Summary Annual Report 2025/26 17 Long-term trends continue to create a growing market The Nordic beauty market remains sizeable and resilient, with an estimated value of DKK ~76 billion in 2025 (Euromonitor). While growth has softened as consumers prioritise value and react more to promotions, the category is still expected to outgrow regional GDP from 2026 and onwards. Sweden is the largest market, followed by Norway, Denmark and Finland. Norway has the highest spend per capita, and Sweden is expected to deliver the strongest growth, while higher price sensitivity increases volatility in premium segments and raises the importance of clear price-value positioning. Beauty in the Nordics continues to be characterised by attractive margins over time, supported by innovation, brand loyalty and consumers appreciation for good advice. Skincare, Fragrance and Professional haircare remain structurally margin-supportive categories. Social media continues to accelerate trend cycles and shape discovery and purchase behaviour, increasing the premium on strong curation, credible advice and fast execution-especially as price comparison becomes easier and switching costs decline. In Health and Wellbeing, demand for vitamins, supplements and functional nutrition continues to grow as consumers prioritise preventive health, holistic wellness and longevity. Preference for natural, organic and plant-based products is increasing, supported by digital access to information and growing adoption of wearable and digital health solutions. Soft consumer demand increase price sensitivity Consumers remain focused on performance and efficiency, but are more deliberate about when and where they spend. Mature consumers increasingly prioritise ageing well, while younger consumers enter beauty routines earlier and engage more frequently with trends. Category dynamics are mixed. Premium beauty is more exposed when consumers trade down or defer purchases, while Mass beauty is more for everyday use. Demand continues to shift toward high-efficacy Skincare and Dermatological beauty, supported by interest in science-backed products and trusted guidance. Fragrance and Make-up benefit from "affordable indulgence" behaviour, while Haircare remains supported by at-home routines. At the same time, rising campaign intensity and deeper discounting risk shifting competition from brand-led to price-led dynamics. This may support short-term volume but increases structural margin pressure. Disciplined promotions, clear price architecture and strong loyalty ecosystems are increasingly important to protect value creation. Fragmented market with international entrants The Nordic beauty landscape remains fragmented, particularly in Sweden, Norway and Finland, while consumers increasingly expect seamless omnichannel experiences. Online-first players continue to expand reach, and competitive intensity is increasing as international entrants scale in the region. Some traditional channels remain under pressure. Cross-border e-commerce and parallel imports have increased, raising price transparency and intensifying price pressure. This creates structural value pressure that the market will need to address to protect long-term brand equity and maintain value across the beauty value chain. Summary The Nordic beauty market remains attractive and structurally supported but is operating in a softer demand environment with increasing structural value pressure driven by higher price sensitivity and greater promotional intensity. With leading positions across the Nordics, Matas Group is well placed to capture growth while protecting longterm brand and category value through scale, omnichannel capabilities and deep category expertise. Annual Report 2025/26 18 Strategy execution Matas Group strategic priorities All for you Matas Group's strategy to Win the Nordics is built around three core pillars with six customer-centric priorities to outgrow the market while strengthening margins and building a scalable long-term platform. This year was impacted by a softer consumer backdrop and higher price sensitivity, especially in high-end beauty, requiring sharper focus on value-for-money and relevance. Against this, we accelerated our strategy and continued to expand assortment and in-house brands, strengthen loyalty and omnichannel execution, and improve efficiency through a shared operating platform. Win the Nordics remains a winning formula, and accelerating the strategy remains our priority going forward. More for you Closer to you Stronger for you Roll out "one-stop" offering and concept Expand and improve portfolio of in-house brands 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 Potential value creating M&A Company-wide ESG commitment Read more about Matas Group's ESG strategy on page 56 → 19 Annual Report 2025/26 ~12% Matas Group has ~12% market share within beauty and wellbeing and significant growth potential in a growing market More for you Widening and deepening the offering and growing in-house brands Over the past year, we continued to broaden the "one-stop" beauty offer across Matas and KICKS to secure stronger value-for-money and category leadership. Assortment expansion remained a key lever, with Matas launching 143 new brands and KICKS launching 67 new brands. Growth was particularly strong in professional haircare, sport and wellness and derma and special skincare. We also strengthened relevance in key sub-catego-ries with launches such as Kilian Paris (Fragrance), Baby Brezza (Baby and parent) and Amazing Space (Skin). KICKS accelerated the broadening of the online and store offer, including the launch of Charlotte Tilbury online, The Body Shop online in Sweden and Norway and Laneige online in Norway and Finland, with selected in-store roll-outs planned. In-house brands remained a core differentiator and margin driver. Nilens Jord was launched in KICKS and outperformed expectations, building on the earlier success of Matas Striber in KICKS. In-house performance was strong with KICKS' in-house brands up 15.7% and Matas' in-house brands up 6.7%, driven by Matas Striber and supported by the launch of Sportsstriber. BeautyAct also grew 5.8% despite a weaker overall market backdrop, reinforcing the role of affordable, high-value own brands. Key milestones during the year: Assortment expansion: 143 new brands in Matas and 67 new brands in KICKS Category strengthening in Professional Haircare, Sport and Wellness, Derma and Special Skincare Launches including Kilian Paris, Baby Brezza, Amazing Space and Bubble KICKS roll-out: The Body Shop online (Sweden and Norway) and Laneige online (Norway and Finland), with selected in-store launches planned and Charlotte Tilbury online (Sweden, Norway and Finland) In-house acceleration: Nilens Jord launched in KICKS, KICKS in-house brands +15.7%, Matas in-house brands +6.7% Annual Report 2025/26 20 Closer to you Strenghtening customer engagement and reaching +6 million members Matas Group continued to strengthen customer engagement through a strong loyalty base and improved omnichannel execution. The Group now has 6.0 million club members, with 2.2 million in Matas and 3.8 million in KICKS. In Q4, we launched the KICKS app, using the same backbone as the Club Matas app, enabling new features developed to benefit all members across markets. Online performance was positive despite a softer market backdrop. Group online growth excluding Skincity was 11.2% (currency neutral), driven by Matas online growth of 12.7%, while KICKS online (excluding Skincity) grew 8.4%. Stores remain central to the omnichannel model, with 500 stores across the Nordics and approximately two-thirds of revenues still generated in physical retail. Matas maintained a high store NPS, and Connected Retail (online sales fulfilled from stores) grew by double digits, supporting better availability and service. We also continued to invest in store quality and footprint. Matas reopened its largest store to date (533 sqm) in Rosengårdcentret, Odense, and opened/expanded stores in Kgs. Lyngby, Aarhus, Køge and Holte. KICKS opened 8 new stores (Moss, Oslo, Molde and Stavanger in Norway; Turku and Helsinki Forum in Finland; and Stock- holm and Malmô in Sweden), and expanded significantly (+140-200 m 2 ) in 4 stores (Glasmagasinet and Strömmen in Norway, Itis in Finland, and Emporia in Sweden) and closed 2 stores. Key milestones during the year: 6.0 million members across the Nordics (2.2 million in Matas and 3.8 million KICKS) Group online growth excl. Skincity: +11.2% (currency neutral) Matas online +12.7%; KICKS online excl. Skincity +8.4% Store NPS in Matas increased and Connected Retail grew by double digits Matas store investments: 533 sqm flagship reopening in Odense, expansion in Kgs. Lyngby KICKS store openings: 8 new stores (Moss, Oslo, Molde, Stavanger, Turku, Helsinki, Stockholm and Malmö) and 2 store closures Stronger for you Step-change in logistics and operating model Over the past year, Matas Group strengthened its operating platform to support scalable growth and improved efficiency. Following delivery of more than DKK 100 million in initial synergies within the financial year, the Group has secured the delivery of additional synergies of DKK 50 million in 2026/27. Operational execution has been reinforced through logistics scale and automation. The Group now operates two automated logistics centres, located outside Copenhagen and Stockholm, which performed very well and supported faster delivery at lower cost during the high season. We also strengthened the foundations for shared execution across the Group. A common e-com-merce platform has been operational since Q2 2025/26, enabling more efficient scaling of initiatives across Matas and KICKS going forward. Key milestones during the year: Delivered more than DKK 100 million initial synergies; further synergies on track for 2026/27 Two automated logistics centres operational (outside Copenhagen and Stockholm) with improving cost per order and faster delivery Common e-commerce platform live since Q2 2025/26, enabling scalable execution across the Group Outlook and next steps Looking ahead, the strategy to Win the Nordics continues, but execution is accelerated where market dynamics demand it - most notably to broaden KICKS' offer and protect competitiveness as consumers trade down. With more than DKK 100 million synergies delivered, a common e-commerce platform live, and two automated logistics centres operating, we have strengthened the foundation for scalable, profitable growth. This positions Matas Group to keep winning market share while protecting long-term brand and category value across the Nordics. Annual Report 2025/26 21 Matas Group financial guidance 2026/27 2-6% Revenue growth, currency neutral 1 14.0-14.5% EBITDA margin before special items ~4.5%/~410m CAPEX as % of Group revenue and in DKKm FinanciaL guidance 2026/27 TotaL consoLidated revenue is expected to grow between 2% and 6% currency neutraL in 2026/27. The EBITDA margin before speciaL items is expected to be in the range from 14.0% to 14.5%. CAPEX, excLuding MNA, is expected to be around 4.5% of revenue, corresponding to DKK ~410 miLLion with acceLerated investment in eLectronic sheLf LabeLLing across aLL markets. Consolidated revenue Reported consolidated revenue for 2025/26 amounted to DKK 8,776 million, in line with our revenue guidance for the year which was revised on 9 January 2026 following consumers trading down in the Christmas quarter. The consolidated revenue for 2025/26 is the base for the revenue guidance for 2026/27. Assuming the same exchange rates as in 2025/26, the currency neutral consolidated revenue growth for 2026/27 is expected to range from 2% to 6% 1 . Consolidated revenue growth in 2026/27 is expected to be driven by moderate market growth and our assortment expansion together with continued growth in e-commerce as well as the execution of our Win the Nordics strategy across our markets. The macroeconomic outlook remains uncertain, reflected in declining consumer confidence which may impact consumer spending and market growth. Our wider revenue guidance range for 2026/27 reflects this uncertainty. 1 Based on 2025/26 revenue and assuming the same exchange rates as in 2025/26: NOK/DKK of 0.660 and SEK/DKK of 0.685. Annual Report 2025/26 22 Consolidated EBITDA margin The reported EBITDA margin before special items for 2025/26 at 14.1%, in line with our margin guidance for the year which was revised on 9 January 2026, is the starting point for the consolidated EBITDA margin guidance for 2026/27. For 2026/27, the consolidated EBITDA margin before special items is expected to be in the range of 14.0% to 14.5%. The consolidated EBITDA margin in 2026/27 is expected to be driven by operating leverage and synergies. In addition to the DKK 140 million in synergies and stand-alone improvements already delivered from the KICKS acquisition, further cost synergies with an annual EBITDA impact of around DKK 50 million as previously communicated has been secured to be fully phased in 2026/27. Negative margin impact is expected from continued investments in assortment expansion, channel mix and increased competition in the market. Matas' new automated Logistic Center opened in April 2025, and a positive effect on margin is expected also in 2026/27. CAPEX CAPEX, excluding M&A, is expected to be around 4.5% of revenue, above the long-term ambition of 3 to 4%, and corresponding to DKK ~410 million at mid-point of the revenue guidance, including accelerated investment in electronic shelf labelling across all markets. The investments supports Matas Group's long-term competitiveness, efficiency and growth. Financial ambitions for 2027/28 In connection with the publication of the 2023/24 Annual Report, Matas Group presented the growth strategy, "Win the Nordics" as well as financial ambitions: Revenue of above DKK 10 billion in 2027/28 and an EBITDA margin before special items of 15.0 to 16.0% in 2027/28. Annual CAPEX, excluding M&A, is expected to be 3 to 4% of revenue. Gearing policy is unchanged at 2-3x (Net interest-bearing debt / EBITDA before special items). The policy for distribution by way of dividends and share buybacks is minimum 40% of adjusted net profit. Forward-looking statements The Annual 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 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. Annual Report 2025/26 23 ResuLts → Revenue Q4 2025/26 → Costs and operating performance Q4 2025/26 → Revenue 2025/26 → Costs and operating performance 2025/26 Annual Report 2025/26 24 Growth Currency currency Q4 Q4 Growth neutral Q4 neutral 2025/26 2024/25 (%) 2024/25 (%) Revenue Q4 2025/26 Matas Group generated total revenue of DKK 1,981 million in Q4 2025/26 1 , a year-on-year increase of 5.5% from DKK 1,878 million in Q4 2024/25 (4.0% currency neutral). Retail sales were up by 5.2% to DKK 1,941 million. Total revenue grew DKK 103 million compared to Q4 2024/25, Matas segment grew DKK 28 million or 2.6%. KICKS segment increased by 4.7% currency neutral. KICKS excluding Skincity increased by 5.9% currency neutral with online increasing by 16.0% in Q4 2025/26. Other 2 segment grew DKK 15 million or 10.8% mainly driven by Firtal Group. Matas Group delivered growth within all categories and all channels in Q4 2025/26 except for the Other category declining compared to last year. The number of transactions decreased by 2.6% to 8.5 million compared to 8.7 million in Q4 2024/25, while the average basket size increased by 6.5% to DKK 228 per transaction compared to Q4 last year currency neutral. 1 See page 201-202 for Interim financial highlights. 2 "Other" represents Firtal, Grænn and Web Sundhed. Retail revenue by category (%) 2 20 2025/26 47 31 Revenue by sales channel (%) 2 36 2025/26 62 High-end Beauty Mass Beauty Health and Wellbeing Other categories Physical stores Online Wholesale (DKKm) Categories High-end Beauty 911 857 6.3% 877 3.9% Mass Beauty 596 555 7.5% 562 6.1% Health and Wellbeing 400 380 5.3% 380 5.3% Other categories 34 53 (36.9)% 53 (37.3)% Retail revenue 1,941 1,845 5.2% 1,872 3.7% Retail revenue by category (%) High-end Beauty 47% 46% 47% Mass Beauty 31% 30% 30% Health and Wellbeing 20% 21% 20% Other categories 2% 3% 3% Sales channels Physical stores 1,220 1,211 0.8% 1,230 (0.8)% Online 721 634 13.7% 642 12.3% Wholesale 40 33 23.0% 33 23.0% Total revenue 1,981 1,878 5.5% 1,905 4.0% Revenue by sales channel (%) Physical stores 62% 64% 64% Online 36% 34% 34% Wholesale 2% 2% 2% Annual Report 2025/26 25 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: Other Clothing and accessories (footwear, hair ornaments, jewellery, toilet bags, etc.). House and gardening (cleaning and maintenance, electrical products, interior decoration and textiles) and other. Health and Wellbeing MediCare (OTC medicine and nursing products). Vitamins, minerals, health supplements, specialty foods and herbal medicinal products. Sports, nutrition and exercise. Baby and parent. Sexual wellness, Personal care products (oral, foot and intimate care and hair removal) and special skincare. Mass Beauty Everyday beauty products and personal care, including cosmetics, skin and haircare products. High-end Beauty Luxury beauty products, including cosmetics, skin and haircare products and fragrances. High-end Beauty is the largest category in KICKS. Performance by category High-end Beauty was after a decline in Q3 showing a growth of 6.3% in Q4 2025/26 compared to Q4 2024/25. Mass Beauty delivered strong growth in Q4 demonstrating resilience and outsized performance adding DKK 41 million or 7.5% growth compared to Q4 2024/25. In-house brands sales for the Group accounted for 13.0% of the total revenue in Q4 2025/26 compared to 12.0% in Q4 2024/25, growing 13.6% currency neutral in the quarter. For Matas and Other, the in-house brands sales, including million to DKK 40 million, mainly driven by Web Sundhed. 26 Striber, Nilens Jord, Flora Danica, Miild and Beau-tyAct by KICKS, accounted for DKK 209 million or 16.9% of the total revenue in Q4 2025/26, growing 10.8% compared to Q4 2024/25. For KICKS the in-house brands sales accounted for 6.6% of the KICKS total revenue for Q4 2025/26, growing 27.7% currency neutral from a modest level compared to Q4 2024/25, mainly driven by Nilens Jord. Performance by sales channel Physical stores grew revenue by 0.8% or DKK 9 million to DKK 1,220 million compared to Q4 2024/25. Matas revenue in stores declined by 2.4% (2.2% decline like-for-like), with 3 stores less than Q4 2024/25. KICKS revenues from stores increased by 1.6% (2.5% increase like-for-like) currency neutral, with 6 additional stores end of Q4 2025/26. The number of stores end of March was 264 in Matas and 236 in KICKS. Online sales were up by 13.7% or DKK 87 million to DKK 721 million. Matas online business grew 15.3%. KICKS online business increased 11.6% currency neutral in Q4 (16.0% increase excluding Skincity). Group online excluding Skincity grew 13.8% in Q4 currency neutral. The online business in the Other segment grew DKK 7 million or 5.9% mainly driven by Firtal Group. Overall, online sales accounted for 36.4% of Q4 2025/26 revenue against 33.8% in Q4 2024/25. In Q4 2025/26, wholesale increased by DKK 7 Annual Report 2025/26 Currency Growth currency (DKKm) Q4 2025/26 Q4 2024/25 Growth neutral Q4 (%) 2024/25 neutral (%) Costs and operating performance Q4 2025/26 Gross margin Gross profit for Q4 2025/26 amounted to DKK 850 million, down from DKK 870 million (DKK 882 million currency neutral) in Q4 2024/25. The gross margin was 42.9% in the quarter, compared to 46.4% last year (46.4% currency neutral), driven by higher cost of goods sold in KICKS, as the SEK strengthened against NOK and EUR decreasing the gross margin in Norway and Finland. Further, the gross margin in KICKS was impacted by price initiatives and closedown of Skincity. Matas improved the gross margin due to assortment expansion and product mix. Total operating expenses Adjusted for special items, overall costs (other external costs and staff costs) increased less than revenues and accounted for 31.8% of revenue in Q4 2025/26 against 35.2% the year before and 35.2% currency neutral Q4 2024/25. Other external costs Other external costs amounted to DKK 248 million in Q4 2025/26 or 12.5% of revenue, up from DKK 245 million in Q4 2024/25 equal to 13.0% of revenue, (currency neutral DKK 247 million or 13.0% of revenue in Q4 2024/25). This increase was primarily driven by higher marketing costs and variable costs related to online growth, both supporting long-term strategy. Staff costs Staff costs amounted to DKK 381 million or 19.3% of revenue in Q4 against DKK 415 million or 22.2% of revenue in the year-earlier period, (currency neutral DKK 423 million or 22.2% of revenue in Q4 2024/25). The Q4 2025/26 increase in staff costs was driven by growth in revenue and wage inflation offset by synergies. In Q4 2025/26, Matas Group had 3,374 full-time employees, against 3,450 in the year-earlier period. Other operating income and expenses, net Other operating income amounted to DKK 5 million in Q4 2025/26, compared to DKK 6 million in Q4 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 Q4 2025/26 came to DKK 226 million against DKK 216 million in Q4 2024/25 (DKK 217 million currency neutral). EBITDA margin before special items was 11.4% in Q4 2025/26, against 11.5% in the year-earlier period. Other external costs 248 245 1.6% 248 0.0% As a percentage of revenue 12.5% 13.0% 13.0% Staff costs 381 415 (8.3)% 423 (9.9)% As a percentage of revenue 19.3% 22.2% 22.2% Special items Special items amounted to DKK 18 million net expense in Q4 2025/26 related to the KICKS integration and acceleration of further synergies, compared to DKK 14 million net expense in Q4 2024/25. EBITDA EBITDA came to DKK 208 million against DKK 202 million in Q4 2024/25 (DKK 202 million currency neutral) and EBITDA margin was 10.5%, against 10.6% in the year earlier period currency neutral. Depreciation, amortisation, and impairment The total amortisation, depreciation and impairment charges were up by DKK 24 million to DKK 177 million in Q4 2025/26 (DKK 153 million in Q4 2024/25). DKK 6 million can be allocated to Matas' Logistics Center. Net financials Net financial expenses decreased by DKK 7 million to a net expense of DKK 31 million in Q4 2025/26 (net expense of DKK 38 million in 2024/25), due to lower interest level secured by interest swap. Profit for the period after tax Profit for the period amounted to a loss of DKK 31 million after tax, compared to a loss of DKK 2 million in Q4 2024/25 (loss of DKK 1 million currency neutral). Annual Report 2025/26 27 Adjusted profit for the period after tax Adjusted profit after tax amounted to a loss of DKK 8 million in Q4 2025/26 compared to a profit of DKK 15 million in Q4 2024/25 (DKK 15 million currency neutral). Statement of cash flows Cash generated from operating activities was an inflow of DKK 92 million in Q4 2025/26 against an outflow of DKK 125 million in Q4 2024/25 corresponding to a increase of DKK 217 million related to negative development in working capital last year. For Q4 2025/26, cash flows from investing activities were an outflow of DKK 123 million against an outflow of DKK 181 million in Q4 2024/25 which included construction of Matas' Logistics Center. A contingent consideration of DKK 2 million (cash settlement) concerning the acquisition Miild A/S (which later merged with Grænn A/S) was paid in Q4 2025/26. For Q4 2025/26, free cash flow was an outflow of DKK 31 million compared to an outflow of DKK 306 million in Q4 2024/25 reflecting effects of less increased working capital and a more normalised investment level. For Q4 2025/26, cash flow from financing activities was an outflow of DKK 24 million compared to an outflow of DKK 72 million in Q4 2024/25. Cash flows (DKKm) Q4 2025/26 Q4 2024/25 Cash generated from operating activities 92 (125) Cash flow from investing activities excl. acquisitions of subsidiaries (121) (181) Free cash flow excl. acquisitions of subsidiaries (29) (306) Acquisition of subsidiaries and operations (2) - Free cash flow (31) (306) Cash flows from financing activities (24) (72) Annual Report 2025/26 28 Revenue 2025/26 Revenue for full-year 2025/26 amounted to DKK 8,776 million corresponding to an increase of DKK 397 million or 4.7% from 2024/25 (currency neutral increase of 3.5%), while Matas sales grew by 4.9%, KICKS remained on the same level currency neutral and Other 1 segment grew 13.3%. For full-year 2025/26, the number of transactions were unchanged 37.8 million for 2025/26 compared to 37.8 million for 2024/25, while the average basket size grew 4.5% (3.3% currency neutral) to DKK 228 per transaction compared to full-year last year. Performance by category Mass Beauty and Health and Wellbeing delivered high growth for full-year with Health and Wellbeing adding DKK 132 million or 9.1% growth compared to full-year 2024/25 (9.1% currency neutral). 1 "Other" represents Firtal, Grænn and Web Sundhed. Retail revenue by category (%) 2 19 2025/26 49 30 Revenue by sales channel (%) 2 34 2025/26 64 High-end Beauty Mass Beauty Health and Wellbeing Other categories Physical stores Online Wholesale Growth Currency Growth currency neutral neutral (%) 2024/25 (%) (DKKm) 2025/26 2024/25 Categories High-end Beauty 4,243 4,203 0.9% 4,275 (0.7)% Mass Beauty 2,592 2,408 7.7% 2,433 6.5% Health and Wellbeing 1,596 1,464 9.1% 1,463 9.1% Other categories 189 185 1.5% 186 1.4% Retail revenue 8,620 8,260 4.4% 8,357 3.1% Retail revenue by category (%) High-end Beauty 49% 51% 51% Mass Beauty 30% 29% 29% Health and Wellbeing 19% 18% 18% Other categories 2% 2% 2% Sales channels Physical stores 5,628 5,526 1.9% 5,593 0.6% Online 2,992 2,734 9.4% 2,764 8.2% Wholesale 156 119 31.2% 119 31.2% Total revenue 8,776 8,379 4.7% 8,476 3.5% Revenue by sales channel (%) Physical stores 64% 66% 66% Online 34% 33% 33% Wholesale 2% 1% 1% Annual Report 2025/26 29 High-end Beauty increased revenues by 0.9% (decline 0.7% currency neutral), mainly impacted by change in customer behavior, trading down to Mass Beauty with 7.7% growth (6.5% currency neutral). KICKS was impacted significantly more as High-end Beauty accounts for approximately 75% of revenues in KICKS. In-house brands sales for the Group accounted for 12.0% of the total revenue in full-year 2025/26 compared to 11.6% in full-year 2024/25. In-house brands grew 8.2% currency neutral for full-year 2025/26 compared to full-year 2024/25. For Matas and Other, the in-house brands sales, including Striber, Nilens Jord, Flora Danica, Miild and BeautyAct by KICKS, accounted for DKK 867 million or 15.7% of the total revenue for full-year 2025/26, growing 6.7% compared to full-year 2024/25. For KICKS, the in-house brands sales accounted for 5.8% of the KICKS total revenue for full-year 2025/26, growing 15.7% currency neutral compared to full-year 2024/25. Performance by sales channel Physical stores grew revenue by DKK 102 million or 1.9% (0.6% currency neutral). Matas stores grew 1.2% (1.2% like-for-like) and KICKS stores declined 0.2% (0.1% decline like-for-like) currency neutral for full-year 2025/26, primarily driven in KICKS by lower traffic to shopping malls. Online sales were up by DKK 258 million or 9.4% (8.2% currency neutral) and 11.2% excluding Skincity for full-year 2025/26. Matas online business grew DKK 188 million or 14.1% and KICKS online business grew DKK 33 million (0.3% currency neutral) in full-year 2025/26. KICKS online excluding Skincity grew 8.4% in full-year 2025/26. The online business in the Other segment grew DKK 37 million or 8.3% mainly driven by Firtal Group. Wholesale reported a revenue increase of DKK 37 million to DKK 156 million for full-year 2025/26, mainly driven by Web Sundhed. Annual Report 2025/26 Sales channels At 31 March 2026, Matas consisted of 264 physical stores (31 March 2025: 267 stores) - 263 stores in Denmark and one on the Faroe Islands. In addition, Matas has one associated store in Greenland. KICKS consisted of 236 physical stores at 31 March 2026 (31 March 2025: 230 stores). 64% of revenue for 2025/26 was generated by the physical stores (66% in 2024/25). In total, the Group had 500 stores at 31 March 2026 (31 March 2025: 497 stores). The Group is presented online through matas.dk and kicks.se/.no/.fi as well as nilensjord.dk and several web shops operated by Firtal. 34% of revenue was generated through Matas Group's online channels (33% in 2024/25). Wholesale mainly consists of wholesale from Web Sundhed, Grænn and international wholesale of Matas' house brands in Germany and UK. Wholesale accounted for 2% of revenue for the year (1% in 2024/25). 30