Matas (MATAS) Q2 2026 earnings summary

Executive summary

• Profitable growth achieved in Q2 2025/26, driven by the Nordic strategy, successful integration of KICKS and Matas, and market share gains across all markets and channels.

• Membership base exceeded 6 million, with 500,000 more transactions in H1 and improved member satisfaction, especially among younger demographics.

• Transition to a new phase focused on operational excellence, cash generation, and continued growth ambitions.

• CEO transition underway with strong leadership continuity and no disruption to strategy execution.

• E-commerce platform consolidation completed, supporting future scalability but temporarily reducing revenue growth by about one percentage point.

Financial highlights

• Q2 revenue: DKK 1,945 million (+5.0% YoY, 4.4% currency neutral); H1 revenue: DKK 4,019 million (+5.6% YoY).

• EBITDA margin before special items at 12.4% (12.7% FX-adjusted), up from 12.5% last year.

• Gross margin for the group was 45.7% in Q2 (Matas: 47.5%, KICKS: 42.5%), impacted by FX and product mix.

• Free cash flow in Q2 was negative, mainly due to increased inventory for Q3 sales and assortment expansion; Q2 outflow DKK 162 million.

• Gearing temporarily at 3.1x NIBD/LTM EBITDA, expected to normalize post-peak season.

Outlook and guidance

• Full-year 2025/26 guidance maintained: revenue growth of 3–7% currency neutral, EBITDA margin around 15%, CapEx 3–4% of revenue (~DKK 330 million).

• Guidance reflects macroeconomic uncertainty and a drop in consumer confidence, but long-term ambitions and strategy remain unchanged.