AS MADARA Cosmetics (MDARA) H2 2025 earnings summary

Executive summary

• 2025 was split into experimentation in H1 and focused execution in H2, emphasizing an e-commerce-first strategy and digital channel expansion.

• Achieved 12% like-for-like turnover growth to €23.22 million, with H2 growth accelerating to 15%.

• Major e-commerce migration from Magento to Shopify enabled faster, more agile operations and supported the largest Black Friday campaign.

• TikTok became a key sales and discovery channel, with UK turnover scaling 28-fold in H2 and Level 4 seller status achieved.

• Expansion into hospitality and B2B channels, including entry into the Middle East and South Asia, and partnerships with large retail chains, drove diversification.

Financial highlights

• Revenue reached €23.22 million, a 12% like-for-like increase year-over-year, with H2 growth at 15%.

• EBITDA was €2.3 million (10% margin), down 5% from 2024, with margin improving from 7% in H1 to 13% in H2.

• Gross profit was €15.1 million, maintaining a 65% gross margin.

• One-time income of €4 million from the sale of MOSSA brand in 2024 impacted comparability.

• Write-off of previous e-store assets resulted in a €570,000–€571,000 one-time cost, affecting 2025 profitability.

Outlook and guidance

• Management targets minimum 10% revenue growth for 2026, aiming for €25.5 million consolidated revenue.

• Commitment to sustainable double-digit EBITDA margin, with a cleaner slate expected in 2026 after one-off impacts in 2025.

• Sufficient financial resources are available to support growth and ongoing dividend distributions.

• Continued focus on e-commerce, TikTok, and further channel and geographic diversification, especially outside the EU.

• Investment in new manufacturing machinery to support innovation in stick/solid format products, especially for the lip category.