Annual Report 2025/26

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

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

8.8

Revenue (DKK billion)

6.0

Club members, millions

150

KICKS

Matas

Other1

3,374

Full-time employees

KICKS

Matas incl. Group HQ Other1

KICKS

Matas

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 margin1

~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

Other3

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

Omni-channel specialty retail

Customer relations and loyalty

ESRS 2, 40 a-i Products and services offered

Annual Report 2025/26

11

Management's Review | Introducing Matas Group

FinanciaL highLights 2025/26

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

2023/24 2024/25 2025/26

EBIT

DKKm

2023/24 2024/25 2025/26

Free cash flow

DKKm

See page 200 → for definitions of key financials.

(2)

2023/24 2024/25 2025/26

Annual Report 2025/26

13

Management's Review | Introducing Matas Group

5-year key financiaLs, ratios

(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

15

‌

Strategy and guidance

→ The market

→ Strategy execution

→ Financial guidance 2026/27

Annual Report 2025/26

16

‌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

1. 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.

2. 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.

3. 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.

4. 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

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.

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

1. 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
     
     
2. 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 m2) 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

3. 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 neutral1

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.

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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

‌Revenue Q4 2025/26

Matas Group generated total revenue of DKK 1,981 million in Q4 2025/261, 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. Other2 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)

Annual Report 2025/26

25

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

‌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.

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

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 Other1 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 (DKKm) 2025/26 2024/25

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).

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