AS MADARA Cosmetics (MDARA) H1 2025 earnings summary

Executive summary

• Like-for-like turnover grew 9% to €11.37 million in H1 2025, with the core brand representing 86% of the portfolio and e-commerce accounting for 38% of turnover.

• Active testing of new growth verticals, including Amazon and TikTok expansion, and transition to Shopify for ecommerce efficiency.

• Strategic shift from fragmented retail to consolidated partnerships with major European retailers, including expansion in B2B with Müller, Druni, Nocibé, and Oh My Cream.

• 17 new products launched, including the Age Pro line and SPF50 sunscreen stick, boosting brand visibility; received significant unpaid endorsements from global influencers.

• Achieved B Corp certification, reinforcing commitment to sustainability and responsible business practices.

Financial highlights

• Like-for-like revenue grew 9% year-over-year to €11.37 million; reported growth was just above 1% due to prior year one-time transactions.

• EBITDA fell 60% year-over-year to €759,000 (7% margin), with net profit at €282,000 (2% margin), both down from last year.

• Gross profit margin stable at 67% (€7.66 million).

• Profitability impacted by over €300,000 invested in pilot projects, reducing EBITDA margin by four percentage points.

• Pretax profit decreased 38% to €284,000, with pilot project costs reducing profitability by about three percentage points.

Outlook and guidance

• Management targets at least 10% like-for-like revenue growth and a return to double-digit EBITDA margin for the full year, with a minimum turnover growth target of €23.67 million.

• Focus on scaling in Spain, entering Italy, tripling TikTok UK channel, and further Amazon expansion.

• Pausing unprofitable pilot projects in the US and Brandlab Cosmetics to improve profitability.

• Efficiency measures underway to improve profitability.