(1 APRIL - 31 DECEMBER 2024)
Matas A/S | Rørmosevej 1 | DK-3450 Allerød | Business reg. no. 27 52 84 06
Company announcement no. 12 2024/25, Allerød, 5 February 2025
Interim report 9M 2024/25
Nordic strategy drives revenue and earnings growth in the largest
quarter
Table of contents
3 Nordic strategy drives revenue and earnings
growth in the largest quarter
4 Q3 2024/25 highlights
5 9M 2024/25 highlights
6 Key financials
8 Management’s review
10 Q3 2024/25 sales performance
12 9M 2024/25 sales performance
14 Q3 2024/25 costs and operating performance
16 9M 2024/25 costs and operating performance
19 Statement by the Board of Directors and the
Executive Committee
20 Statement of comprehensive income
21 Statement of cash flows
22 Statement of financial position
23 Statement of changes in equity
25 Notes
29 Interim financial highlights
30 Additional information
Webcast
Matas Group will host a webcast for
investors and analysts on Wednesday,
5 February at 10:00 a.m. CET. The
webcast and the presentation can be
accessed from Matas’ investor website:
https://matasgroup.com/investors.
Webcast access numbers
for investors and analysts
DK: +45 78 76 84 90
SE: +46 8 1241 0952
NO: +47 2195 6342
UK: +44 203 769 6819
US: +1 646 787 0157
PIN for all countries: 915912
Link to webcast
https://matas-events.eventcdn.net/
events/q3-report-2024
Interim report 9M 2024/25
2
Q3
2022/23
Q3
2022/23
Q3
2022/23
6.8
1,396
296
7.2
1,525
7.5
1,645
474
4.1
3.9
1,049
983
11.6
11.1
2,694
424
2,508
Q3
2023/24
Q3
2023/24
Q3
2023/24
Q3
2024/25
Q3
2024/25
Q3
2024/25
KICKS Matas Matas Group
• Matas Group generated a total revenue of DKK
2,694 million in Q3 2024/25 corresponding
to a year-on-year increase of 7.4% from DKK
2,508 million in Q3 2023/24. Matas stand-alone
growth in Q3 was 7.9% and KICKS stand-alone
7.3% currency neutral (14.2% excluding Skincity).
Group currency neutral growth came to 7.7%.
• Gross margin was 46.2% in the quarter,
compared to 44.5% currency neutral last
year. Key drivers in the improved margin were
matured assortment expansion and more
support from suppliers on growth initiatives,
offset by price initiatives, discontinuation of
certain in-house brands, and Skincity impact
at KICKS.
Nordic strategy drives revenue and earnings
growth in the largest quarter
• EBITDA before special items came to DKK 474
million in Q3 2024/25 compared to DKK 424
million last year. The EBITDA margin before
special items was 17.6% in the quarter against
17.0% currency neutral last year.
• Profit for the period amounted to DKK 201
million after tax compared to DKK 163 million
last year. Q3 2024/25 was impacted by special
items of DKK 1 million, compared to special
items of DKK 20 million in Q3 2023/24.
• Free cash flow was an inflow of DKK 377 million
in Q3 2024/25, reflecting higher NWC in Q3 and
the construction of Matas' Logistics Center,
compared with an inflow of DKK 560 million in
Q3 2023/24.
Customer transactions
Millions
Revenue
DKKm
EBITDA before special items
DKKm
“Our colleagues delivered high growth in all markets and channels, and we have also improved our margins
due to stellar execution and realisation of synergies. As one Nordic Group, we are offering more and more
brands, opening new stores, delivering faster online, and securing even better deals for our customers
and now over 6 million members. The KICKS' Logistics Center is operating as planned and, in January, we
shipped the first test orders from our state-of-the-art Matas' Logistics Center and are on track to ramp up
on time. Based on the strong growth in Q3, we upgraded our revenue guidance for the financial year on 7
January.”
Gregers Wedell-Wedellsborg, Group CEO
* Based on actual exchange rates for 9M 2024/25 and forward rates for Q4 2024/25 for NOK/DKK of 0.634 and SEK/DKK of 0.651 as of 6 January 2025.
• Synergies are on plan to deliver plus DKK
100 million full run-rate for the financial year
2025/26, through execution of organisational
changes, sourcing and growth initiatives with
suppliers as well as revenue synergies from
best practice sharing on e-commerce and
loyalty. A significant part of the synergies
is reinvested in the market, through pricing,
marketing, and capabilities.
• Matas Group maintains its guidance for the
financial year 2024/25. Group revenue guid-
ance was adjusted upwards on 7 January to
between 6.5% and 7.5% (from 5% to 7%) growth
currency neutral, corresponding to ~6.3%
to 7.3% exchange rate adjusted* (previously
~4.6% to 6.6%), from the proforma revenue for
2023/24 of DKK 7.8 billion. The EBITDA margin
before special items in 2024/25 is expected
to be in the range of 14.5% and 15.5% (from
proforma base of 14.3% in 2023/24). Invest-
ments, excluding M&A, are expected to be DKK
~650 million, including approximately DKK 325
million for Matas' Logistics Center.
Interim report 9M 2024/25
3
• Matas Group's strategy to Win the Nordics is
delivering as expected with revenue growth
of 7.7% currency neutral in Q3 2024/25 and
EBITDA before special items growth of 11.5%
currency neutral.
• Matas stand-alone growth in Q3 2024/25 was
7.9%, online segment growth was 17.4% and
Matas stores grew with 2.3% like-for-like. KICKS
stand-alone grew 7.3% currency neutral. KICKS
excluding Skincity grew 14.2% currency neutral,
and KICKS online excluding Skincity grew 23.3%
and stores grew 10.3%, while like-for-like growth
was 10.1%.
• Customer traffic was good, and the number of
transactions came to 11.6 million in Q3 2024/25
which were 4.0% higher compared to Q3
2023/24. The average basket size increased by
3.1% to DKK 230 per transaction compared to
Q3 last year.
Q3 2024/25 highlights
• Gross margin was 46.2% in the quarter,
compared to 44.5% currency neutral last
year. Key drivers in the improved margin were
matured assortment expansion and more
support from suppliers on growth initiatives,
offset by price initiatives, discontinuation of
certain in-house brands, and Skincity impact at
KICKS.
• Other external costs amounted to DKK 325
million in Q3 2024/25, up from DKK 279 million
in Q3 2023/24, reflecting variable cost of
sales from KICKS' and Matas' continuing digital
growth and execution of the assortment expan-
sion, as well as incremental marketing to drive
growth initiatives.
• Q3 2024/25 staff costs amounted to DKK
451 million, up from DKK 418 million in Q3
2023/24, driven by volume growth and wage
inflation offset by cost synergies. The staff
cost accounted for 16.7% of the revenue in Q3
2024/25 and on par with the same period last
year currency neutral.
• Special items amounted to DKK 1 million in Q3
2024/25, compared to DKK 20 million in Q3
2023/24 related to the KICKS acquisition.
• EBITDA before special items came to DKK 474
million in Q3 2024/25 compared to DKK 424
million last year. The EBITDA margin before
special items was 17.6% in the quarter against
16.9% last year (17.0% currency neutral).
• The total depreciation, amortisation and
impairment charges amounted to DKK 156
million in Q3 2024/25, up by DKK 1 million.
• Profit for the period amounted to DKK 201
million after tax compared to DKK 163 million
last year.
• Free cash flow was an inflow of DKK 377 million
in Q3 2024/25, reflecting higher NWC in Q3 and
the construction of Matas' Logistics Center,
compared with an inflow of DKK 560 million in
Q3 2023/24.
Interim report 9M 2024/25
4
• Matas Group's strategy to Win the Nordics is
delivering as expected with proforma revenue
growth of 6.9% currency neutral in 9M 2024/25
and proforma EBITDA before special items
growth of 9.4% currency neutral.
• Matas stand-alone growth in 9M 2024/25 was
7.8%. Growth online was 18.8% and stores grew
2.9%. KICKS stand-alone grew 5.5% currency
neutral in 9M 2024/25. KICKS excluding Skincity
grew 11.0% currency neutral, and KICKS online
excluding Skincity grew 22.8% and stores grew
6.8% currency neutral.
• Customer traffic was good and the number of
transactions came to 29.1 million in 9M 2024/25,
a growth of 1.3% compared to proforma
numbers for 9M 2023/24. The average basket
size grew by 5.5% to DKK 220 per transaction
compared to proforma 9M last year.
• Gross profit in 9M 2024/25 amounted to DKK
3,000 million, up from DKK 2,234 million in 9M
2023/24 (DKK 2,749 million proforma currency
neutral). The gross margin was 46.1%, up from
44.0% in 9M 2023/24 (45.2% proforma currency
neutral). Key drivers in the improved margin
9M 2024/25 highlights
were matured assortment expansion, more
support from suppliers on growth initiatives and
synergies, offset by price initiatives, discontin-
uation of certain in-house brands and Skincity
impact at KICKS.
• Other external costs amounted to DKK 776
million in 9M 2024/25, up from DKK 537 million
in 9M 2023/24 (DKK 691 million proforma
currency neutral), driven by the KICKS acqui-
sition, high digital growth in both Matas and
KICKS as well as continued assortment expan-
sion.
• 9M 2024/25 staff costs amounted to DKK
1,239 million, up from DKK 904 million (DKK
1,153 million proforma currency neutral) in 9M
2023/24 driven by the KICKS acquisition, salary
increases, supply chain transformation at KICKS
and increased online sales as well as recruit-
ment of new competencies.
• Special items amounted to DKK 13 million in 9M
2024/25, compared to DKK 80 million in 9M
2023/24, which related to the acquisition of
KICKS.
• EBITDA before special items came to DKK
1,000 million in 9M 2024/25 compared to DKK
802 million last year (DKK 914 million proforma
currency neutral), and the EBITDA margin
before special items was 15.4% in 9M against
16.2% reported last year (15.0% proforma
currency neutral).
• The total depreciation, amortisation and
impairment charges were DKK 471 million in 9M
2024/25, up from DKK 359 million and mainly
attributable to the acquisition of KICKS.
• Profit for the period amounted to DKK 285
million after tax compared to DKK 214 million
last year (DKK 211 million proforma currency
neutral). The increase reflects the continued
growth of Matas Group and the improved gross
margin.
• Free cash flow was an inflow of DKK 304 million
in 9M 2024/25, reflecting broader assortment
and higher minimum inventory at KICKS and
the construction of Matas' Logistics Center,
compared with an outflow of DKK 20 million in
9M 2023/24, which related to the acquisition of
KICKS.
Interim report 9M 2024/25
5
Key financials
(DKKm)
Q3
2024/25
Q3
2023/24
Growth
(%)
Currency
neutral
Q3
2023/24
Growth
currency
neutral
(%)
9M
2024/25
9M
2023/24
Growth
(%)
Proforma
currency
neutral
9M
2023/24
Growth
proforma
currency
neutral
(%)
Statement of comprehensive income
Revenue 2,694 2,508 7.4% 2,502 7.7% 6,501 4,943 31.5% 6,079 6.9%
Gross profit * 1,245 1,115 11.6% 1,114 11.7% 3,000 2,234 34.3% 2,749 9.1%
EBITDA 473 404 16.9% 406 16.5% 987 722 36.7% 835 18.3%
EBIT 317 249 26.9% 253 25.2% 516 363 41.9% 377 36.6%
Net financials (51) (29) 71.6% (29) 71.0% (142) (74) 91.4% (92) 54.3%
Profit before tax 266 220 20.9% 224 19.1% 374 289 29.2% 285 30.9%
Profit for the period 201 163 23.4% 166 21.1% 285 214 33.3% 211 34.8%
Special items included in EBITDA (1) (20) (93.0)% (20) (93.0)% (13) (80) (83.3)% (80) (83.3)%
EBITDA before special items 474 424 11.9% 425 11.5% 1,000 802 24.7% 914 9.4%
Adjusted profit after tax 210 190 10.0% 191 9.9% 320 316 1.5% 305 4.9%
Statement of financial position
Total assets 9,604 8,879
Total equity 3,676 3,527
Net working capital 492 (46)
Net interest-bearing debt 3,235 2,490
Statement of cash flows
Cash flow from operating activities 560 702 840 880
Cash flow from investing activities (183) (142) (536) (900)
Free cash flow 377 560 304 (20)
9M 2023/24 includes KICKS acquired and consolidated as of 1 September 2023, and Proforma 9M 2023/24 includes KICKS as if Matas Group had owned KICKS since 1 April 2023.
* Gross profit and other external costs for Q3 and 9M 2023/24 have been restated in accordance with the change in accounting policies in 2023/24 as described in the Annual Report for 2023/24 note 1.
Interim report 9M 2024/25
6
Key financials
(DKKm)
Q3
2024/25
Q3
2023/24
Currency
neutral
Q3
2023/24
9M
2024/25
9M
2023/24
Proforma
currency
neutral
9M
2023/24
Ratios
Revenue growth 7.4% 79.6% 7.7% 31.5% 43.8% 6.9%
Gross margin 46.2% 43.7% 44.5% 46.1% 44.0% 45.2%
EBITDA margin 17.6% 16.1% 16.2% 15.2% 14.6% 13.7%
EBITDA margin before special items 17.6% 16.9% 17.0% 15.4% 16.2% 15.0%
EBIT margin 11.7% 9.9% 10.1% 16.1% 7.3% 6.2%
Cash conversion 94.5% 138.7% 39.4% 84.7%
Earnings per share, DKK 5.30 4.29 4.38 7.49 5.62 5.56
Diluted earnings per share, DKK 5.26 4.25 4.33 7.44 5.56 5.50
Share price, end of period, DKK 135.4 115.4
ROIC before tax including goodwill 9.2% 12.8%
ROIC before tax excluding goodwill 24.1% 48.0%
Net working capital as a percentage of
LTM revenue 6.0% (0.8)%
Investments as a percentage of revenue 6.8% 5.7% 8.2% 18.2%
Net interest-bearing debt/LTM EBITDA before special items 2.7 2.2
Number of transactions (millions)* 11.6 11.1 29.1 23.7
Average basket size (DKK)* 230 223 220 205
Number of stores 496 490
Club members Matas and KICKS (millions) 6.0 5.7
Club Matas Plus members (thousands) 117.9 94.2
Average number of employees (FTE) 3,734 3,614 3,523 2,766
* For definitions of key financials, see page 106 of the 2023/24 Annual Report.
Interim report 9M 2024/25
7
On 28 May 2024, Matas Group announced its
new strategy, Win the Nordics, in connection with
the Annual Report for 2023/24 and the Capital
Markets Day.
Win the Nordics is a growth strategy with six
customer centric strategic priorities for the
mid-term to outgrow the market while improving
margins and building the long-term platform. The
strategy continued to progress as planned.
Synergies are on track to deliver improvements
of DKK >100 million fully phased in by 2025/26.
The implementation of a new Nordic organisation
was completed in April 2024, while synergies
from the Group sourcing setup and other effects
from scale and best practice sharing are on track.
Matas Group is re- investing in growth and capa-
bilities, as well as in Matas' Logistics Center (MLC)
and IT to support future growth and margins.
Management’s review
Matas Group strategic priorities
All for you
Potential value creating M&A
Expand and
improve
portfolio of
in-house
brands
Roll out
”one-stop”
offering and
concept
Take
e-commerce
market shares
and fuel omni
experience
Refresh,
upgrade
andopen
stores
Integrate
and share
to operate
efficiently
Build
long-term
platform and
culture
More for you Closer to you Stronger for you
8
Interim report Q3 2024/25
Win the Nordics - Strategic initiatives in Q3 2024/25
Stronger for you
05 Integrate and share to operate efficiently
• As of 1 April 2024, our new organisational structure was
implemented with focus on closeness to the markets
and with three Nordic Groupwide functions to drive
efficiency, synergies and leverage our scale.
• Our new automated distribution centers are a platform
for long-term profitable growth across the Nordics. The
two logistics centers will facilitate expanded assortment,
strengthen fast and efficient deliveries and contribute
to reducing overall logistic costs.
• KICKS' Logistics Center outside of Stockholm is opera-
tional and delivered as planned in Q3.
• The construction phase of Matas' Logistics Center (MLC),
which will more than double Matas overall capacity
of web orders when fully operational in 2025, is now
completed. MLC is now in a planned test phase.
06 Build long-term platform and culture
• We continue to build a long-term platform and culture.
This includes a consolidated Group IT platform to foster
collaboration and scale benefits to among others drive
enhanced investments in AI and analytics, both in the
front-end and back-end as this is fundamental to main-
tain a competitive advantage.
Closer to you
03 Take e-commerce market shares
and fuel omni experience
• Group online growth was 12.9% in Q3, despite continued integra-
tion of Skincity into KICKS online offering. Online growth in Matas
was 17.3%. KICKS online excluding Skincity grew 23.3% in Q3.
• Skincity on track to be fully integrated into KICKS by year-end.
• In total, Matas Group has more than 6 million club members,
with Matas accounting for more than 2 million members and
KICKS for 3.9 million members.
04 Refresh, upgrade and open stores
• With ~500 stores across Denmark, Sweden, Norway and
Finland, the stores play an important role in the omni-channel
and still account for two thirds of revenues.
• During the quarter, Matas relocated two stores (Copenhagen and
Glostrup) to better locations, one of which was also expanded.
Both reopened as Life concept stores.
• The store NPS maintained the high level from Q3 last year.
• Both connected retail (sale of online products from the stores)
and click and collect grew by double digits in Q3 compared to
the same period last year.
• KICKS opened the new flagship store in Helsinki in a prime
location in October 2024, and reopened two stores in Norway
(Bergen and Fredrikstad), with a broader and deeper assortment,
during Q3.
More for you
01 Roll out "one-stop" offering and concept
• Matas Group launched an updated niche fragrance universe
on Matas.dk and a new niche fragrance universe online in
KICKS ahead of the gifting season, targeted to the Gen Z
customers.
• Matas launched highly anticipated TikTok brand Tirtir (founda-
tion) and well-known baby brand Moonboon (dropship), both
in October. Matas also launched Everlast (sport) and Aveeno
(derma skincare). In total, Matas launched 61 new brands in Q3
2024/25.
• KICKS launched popular pharmacy brand ACO online in
Sweden in December, broadening the skincare assortment
and was the first retailer to launch ACO outside the pharmacy
channel. This is an important step in strenghtening KICKS'
position as a skincare destination. In total, KICKS launched 16
new brands in Q3 2024/25.
02 Expand and improve portfolio of in-house brands
• KICKS activation of Matas Striber (haircare and bodycare)
continued in stores and online across Sweden, Norway and
Finland, following the launch in September 2024.
• Matas launched Striber The Core in Matas. Matas also
launched KICKS in-house brand Atelier Rouge (makeup, nail-
polish) under the Matas banner.
Interim report 9M 2024/25
9
Online
Physical stores
Wholesale
High-end Beauty
Other
Mass Beauty
Health and Wellbeing
56
2
28
14
2024/25
Q3
65
34
1
2024/25
Q3
Revenue
Matas Group generated total revenue of DKK
2,694 million in Q3 2024/25, a year-on-year
increase of 7.4% from DKK 2,508 million in Q3
2023/24. Retail sales were up by 7.2% to DKK
2,664 million.
Total revenue grew DKK 186 million compared to
Q3 2023/24, Matas stand-alone grew DKK 120
million or 7.9%. The remaining growth of DKK 66
million derives from KICKS, and KICKS stand-alone
grew 7.3% currency neutral. KICKS growth was
impacted by the integration of Skincity into KICKS.
KICKS excluding Skincity grew 14.2% currency
neutral, and KICKS online excluding Skincity grew
23.3% in Q3 2024/25.
High-end and Mass Beauty grew in total DKK
140 million or 6.7% compared to Q3 2023/24.
KICKS mainly operates within High-end Beauty,
supporting the growth of 9.0%
The number of transactions increased by 4.0% to
11.6 million compared to 11.1 million in Q3 2023/24,
while the average basket size increased by 3.1% to
DKK 230 per transaction in the quarter compared
to DKK 223 in Q3 2023/24.
Q3 2024/25 sales performance
Q3 revenue by categories and sales channels
(DKKm)
Q3
2024/25
Q3
2023/24
Growth
(%)
Currency
neutral
Q3
2023/24
Growth
currency
neutral
(%)
Categories
High-end Beauty 1,489 1,366 9.0% 1,357 9.8%
Mass Beauty 735 718 2.4% 719 2.2%
Health and Wellbeing 384 357 7.7% 357 7.7%
Other 56 44 27.8% 46 21.0%
Retail revenue 2,664 2,485 7.2% 2,479 7.5%
Retail revenue by category (%)
High-end Beauty 56% 55% 55%
Mass Beauty 28% 29% 29%
Health and Wellbeing 14% 14% 14%
Other 2% 2% 2%
100% 100% 100%
Sales channels
Physical stores 1,741 1,668 4.5% 1,647 5.7%
Online 923 817 12.9% 832 11.0%
Wholesale 30 23 27.0% 23 27.0%
Total revenue 2,694 2,508 7.4% 2,502 7.7%
Revenue by sales channel (%)
Physical stores 65% 66% 66%
Online 34% 33% 33%
Wholesale 1% 1% 1%
100% 100% 100%
Revenue by sales channel (%)
Retail revenue by category (%)
Interim report 9M 2024/25
10
Performance by category
The Beauty segment accounted for 83.5% of the
retail revenue, compared to 83.9% in Q3 2023/24.
High-end Beauty was one of the primary growth
drivers with 9.0% growth compared to Q3
2023/24.
Sales of make-up, women’s fragrances and
professional haircare recorded ongoing signi-
ficant growth during the quarter, with the new
brand Dyson being the number 5 biggest brand in
December for Matas stand-alone.
Performance by sales channel
Physical stores grew revenue by 4.5% or DKK
73 million to DKK 1,741 million compared to Q3
2023/24. Matas stand-alone grew revenues in
stores by 2.7%, including three additional stores.
KICKS stand-alone grew 10.3% currency neutral
in Q3, with no additional stores. The number of
stores end of December was 266 in Matas and
230 in KICKS.
Like-for-like Matas stores grew 2.3% and KICKS
stores grew 10.1%.
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.
High-end Beauty
Luxury beauty products, including
cosmetics, skin and haircare prod-
ucts and fragrances. High-end
beauty is the largest category in
KICKS.
Mass Beauty
Everyday beauty products and
personal care, including cosmetics,
skin and haircare products.
Health and Wellbeing
MediCare (OTC medicine and nursing
products). Vitamins, minerals, health
supplements, specialty foods and
herbal medicinal products. Sports,
nutrition and exercise. Mother and
child. Sexual wellness, Personal care
products (oral, foot and intimate
care and hair removal) and special
skincare.
Other
Clothing and accessories (footwear,
hair ornaments, jewellery, toilet bags,
etc.). House and gardening (cleaning
and maintenance, electrical pro-
ducts, interior decoration and
textiles) and other.
Online sales were up by 12.9% or DKK 106 million
to DKK 923 million. Matas stand-alone online
business grew 17.3%. KICKS stand-alone grew 1.5%
currency neutral in Q3. KICKS online excluding
Skincity grew 23.3% in Q3. Overall, online sales
accounted for 34.2% of Q3 2024/25 revenue
against 32.6% in Q3 2023/24.
In Q3 2024/25 wholesale increased by DKK 7
million to DKK 30 million.
Interim report 9M 2024/25
11
Online
Physical stores
Wholesale
High-end Beauty
Other
Mass Beauty
Health and Wellbeing
52
2
29
17
2024/25
9M
67
32
1
2024/25
9M
9M revenue by categories and sales channels
(DKKm)
9M
2024/25
9M
2023/24
Growth
(%)
Proforma
currency
neutral
9M
2023/24
Growth
proforma
currency
neutral
(%)
Categories
High-end Beauty 3,347 2,230 50.1% 3,059 9.4%
Mass Beauty 1,852 1,544 20.0% 1,836 0.9%
Health and Wellbeing 1,084 992 9.2% 994 9.0%
Other 132 95 38.7% 109 22.0%
Retail revenue 6,415 4,861 32.0% 5,998 7.0%
Retail revenue by category (%)
High-end Beauty 52% 46% 51%
Mass Beauty 29% 32% 31%
Health and Wellbeing 17% 20% 16%
Other 2% 2% 2%
100% 100% 100%
Sales channels
Physical stores 4,315 3,344 29.0% 4,133 4.5%
Online 2,100 1,517 38.4% 1,864 12.5%
Wholesale 86 82 5.3% 82 5.3%
Total revenue 6,501 4,943 31.5% 6,079 6.9%
Revenue by sales channel (%)
Physical stores 67% 67% 68%
Online 32% 31% 31%
Wholesale 1% 2% 1%
100% 100% 100%
Revenue by sales channel (%)
Retail revenue by category (%)
Revenue
Revenue in 9M 2024/25 amounted to DKK 6,501
million corresponding to an increase of 31.5%
from the year-earlier period (proforma increase
of 6.9%), while Matas stand-alone sales grew by
7.8% and KICKS stand-alone grew 5.5% proforma
currency neutral.
In 9M 2024/25, the number of transactions
increased by 22.6% (1.3% proforma), while the
average basket size grew 7.6%. The increase was
mainly attributable to the KICKS transaction. The
number of transactions came to 29.1 million in 9M
2024/25 compared to 28.7 million for proforma
9M 2023/24. The average basket size grew by
5.5% to DKK 220 per transaction compared to
proforma 9M last year.
Performance by category
In 9M 2024/25, the beauty categories had the
highest absolute growth partly due to the acqui-
sition of KICKS.
For Matas stand-alone, the in-house brands sales,
including Striberne, Nilens Jord, Flora Danica, Miild
and now also BeautyAct by KICKS, accounted for
16.4% of the revenue in 9M 2024/25, a decrease of
0.5 percentage points compared to 9M 2023/24.
9M 2024/25 sales performance
Interim report 9M 2024/25
12
Sales channels
At 31 December 2024, Matas
consisted of 266 physical stores –
265 stores in Denmark and one on
the Faroe Islands. In addition, Matas
has one associated store in Green-
land. KICKS consisted of 230 physical
stores at 31 December 2024. 65%
of Q3 2024/25 revenue was gener-
ated by the Group’s 496 physical
stores (68% in 9M proforma currency
neutral).
In addition, the Group was present
online through matas.dk, nilensjord.
dk and several web shops operated
by Firtal. KICKS is present online
through kicks.se/.no/.fi and skincity.
com/se/no/fi. 34% of consolidated
revenue was in Q3 2024/25 gener-
ated through Matas Group’s online
channels (31% in 9M proforma
currency neutral).
Wholesale mainly consists of whole-
sale from Web Sundhed, Grænn and
international wholesale of Matas’
house brands in Germany. Wholesale
accounted for 1% of revenue for the
quarter (1% in 9M proforma currency
neutral).
For KICKS the private label sales accounted for
4.9% of the KICKS retail revenue for 9M 2024/25.
Performance by sales channel
Revenue in 9M 2024/25 amounted to DKK 6,501
million corresponding to an increase of 31.5% from
the year earlier period (6.9% proforma currency
neutral). Physical stores grew revenue by 29.0%
(4.5% proforma currency neutral), while online
sales were up by 38.4% (12.5% proforma currency
neutral). The increase was mainly attributable to
the KICKS transaction.
Wholesale reported a revenue increase of DKK 4
million to DKK 86 million for 9M 2024/25.
Interim report 9M 2024/25
13
Gross margin
Gross profit for Q3 2024/25 amounted to
DKK 1,245 million, up from DKK 1,115 million in
Q3 2023/24 (DKK 1,114 million currency neutral).
The gross margin was 46.2% in the quarter,
compared to 44.5% currency neutral last year.
Key drivers in the improved margin were matured
assortment expansion, more support from
suppliers on growth initiatives and synergies,
offset by price initiatives, discontinuation of
certain in-house brands and Skincity impact at
KICKS.
Total operating expenses
Adjusted for special items, overall costs (other
external costs and staff costs) accounted for
28.8% of revenue in Q3 2024/25 against 27.6% in
the year-earlier period currency neutral.
Other external cost
Other external costs amounted to DKK 325
million in Q3 2024/25 or 12.1% of revenue, up from
DKK 279 million in Q3 2023/24 equal to 10.9% of
revenue currency neutral.
Q3 2024/25 costs and operating performance
Other external costs increased by DKK 46 million
reflecting variable cost of sales from KICKS' and
Matas' continuing digital growth and execution of
the assortment expansion, as well as incremental
marketing to drive growth initiatives.
Staff cost
Staff cost amounted to DKK 451 million in Q3
2024/25 against DKK 418 million in year-earlier
period. The staff cost accounted for 16.7% of the
revenue in Q3 2024/25 and on par with the same
period last year currency neutral.
Other operating income
Other operating income amounted to DKK 5
million in Q3 2024/25, up by DKK 1 million in Q3
2023/2024. Other operation income is mainly
income relating to media income from suppliers
relating to sale of data services.
EBITDA before special items
EBITDA before special items came to DKK 474
million in Q3 2024/25 against DKK 424 million
in Q3 2023/24, and the EBITDA margin before
special items was 17.6%, against 17.0% in the
year-earlier period currency neutral.
Costs
(DKKm)
Q3
2024/25
Q3
2023/24
Growth
(%)
Currency
neutral Q3
2023/24
Growth
currency
neutral (%)
Other external costs 325 279 16.2% 273 19.3%
As a percentage of revenue 12.1% 11.1% 10.9%
Staff costs 451 418 7.9% 417 7.9%
As a percentage of revenue 16.7% 16.7%% 16.7%
Special items
Special items for the Group amounted to 1 million
in Q3 2024/25, down from DKK 20 million in
2023/24. The costs relate to other external costs
and personal costs associated with the integra-
tion of KICKS.
EBITDA
EBITDA came to DKK 473 million against DKK 404
million in Q3 2023/24, and the EBITDA margin
was 17.6%, against 16.2% in the year-earlier period
currency neutral.
Depreciation, amortisation
and impairment
The total depreciation, amortisation and impair-
ment charges were up by DKK 1 million to DKK 156
million in Q3 2024/25, and thereby on the same
level as the same period last year.
Net financials
Net financial expenses were up by DKK 22 million
to DKK 51 million in Q3 2024/25 due to higher
bank debt and higher interest expense.
Interim report 9M 2024/25
14
Profit for the period after tax
Profit for the period amounted to DKK 201 million
after tax, against DKK 163 million in Q3 2023/24
(DKK 166 million currency neutral).
Adjusted profit for the period after tax
Adjusted profit after tax amounted to DKK 210
million in Q3 2024/25 compared to DKK 190
million in the year earlier period (DKK 191 million
proforma currency neutral).
Cash flows
(DKKm)
Q3
2024/25
Q3
2023/24
Cash generated from operations 635 713
Cash flow from investing activities excl. acquisitions of subsidiaries (183) (142)
Free cash flow excl. acquisitions of subsidiaries 377 560
Acquisition of subsidiaries and operations - -
Free cash flow 377 560
Cash flows from financing activities (25) (411)
Statement of cash flows
Cash generated from operations was an inflow of
DKK 635 million in Q3 2024/25 against an inflow
of DKK 713 million in Q3 2023/24 corresponding
to a decrease of DKK 78 million related to higher
working capital, mainly due to lower trade paya-
bles.
For Q3 2024/25, cash flows from investing activi-
ties were an outflow of DKK 183 million against an
outflow of DKK 142 million in Q3 2023/24.
The Q3 2024/25 free cash flow was an inflow of
DKK 377 million compared to an inflow of DKK 560
million in Q3 2023/24 driven by lower cash from
operations and investing activities.
Interim report 9M 2024/25
15
Gross margin
Gross profit for 9M 2024/25 amounted to DKK
3,000 million, up by DKK 766 million from DKK
2,234 in 9M 2023/24 (DKK 2,749 million proforma
currency neutral).
The gross margin was 46.1%, up from 44.0% in
9M 2023/24 (45.2% proforma currency neutral).
Key drivers in the improved margin were matured
assortment expansion, more support from
suppliers on growth initiatives and synergies,
offset by price initiatives, discontinuation of
certain in-house brands and Skincity impact at
KICKS.
Total operating expenses
Adjusted for special items, overall costs (other
external costs and staff costs) accounted for
30.9% of revenue in 9M 2024/25 against 29.2%
the year before (30.4% proforma currency
neutral).
Other external cost
Other external costs amounted to DKK 776 million
in 9M 2024/25 or 11.9% of revenue, up by DKK
239 million from DKK 537 million in 9M 2023/24
equal to 10.9% of revenue (9M 2023/24 proforma
currency neutral DKK 691 million, equal to 11.4% of
revenue).
The increase was driven by the KICKS acquisition,
high digital growth in both Matas and KICKS as
well as continued assortment expansion.
Staff cost
Staff costs amounted to DKK 1,239 million for 9M
2024/25, up from DKK 904 million for 9M 2023/24
(9M 2023/24 currency neutral DKK 1,153 million
equal to 19.0% of revenue as in 9M 2024/25).
At 31 December 2024, Matas Group had
3,523 full-time employees, against 2,766 at 31
December 2023.
Other operating income
Other operating income amounted to DKK 5
million in 9M 2024/25, up from DKK 1 million in 9M
2023/2024.
EBITDA before special items
EBITDA before special items for 9M in 2024/25
came to DKK 1,000 million against DKK 802 million
for 9M in 2023/24 and DKK 914 million proforma
9M 2023/24 currency neutral. EBITDA margin
before special items was 15.4% in 9M 2024/25,
against 16.2% in the year-earlier period (15.0%
proforma currency neutral).
Costs
(DKKm)
9M
2024/25
9M
2023/24
Growth
(%)
Proforma
currency
neutral 9M
2023/24
Growth
proforma
currency
neutral (%)
Other external costs 776 537 44.5% 691 12.3%
As a percentage of revenue 11.9% 10.9% 11.4%
Staff costs 1,239 904 37.0% 1,153 7.4%
As a percentage of revenue 19.0% 18.3% 19.0%
9M 2024/25 costs and operating performance
Special items
Special items amounted to a net expense of DKK
13 million for 9M in 2024/25 compared to DKK 80
million for 9M in 2023/24.
In 9M 2024/25, DKK 10 million of the special items
related to integration cost and DKK 10 million
to celebrating Matas' 75-year anniversary, less
income of DKK 7 million from reversal of accrual
for deferred acquisition cost. In 9M 2023/24,
special items amounted to DKK 80 million and
were related to the KICKS acquisition.
Since the acquisition of KICKS, DKK 83 million of
integration cost has been expensed and up to DKK
17 million is expected as integration cost in the
remaining of the financial year 2024/25.
EBITDA
EBITDA came to DKK 987 million against DKK 722
million in 9M 2023/24 (DKK 835 million proforma
currency neutral) and EBITDA margin was 15.2%,
against 14.6% in the year-earlier period (13.7%
proforma currency neutral).
Interim report 9M 2024/25
16
Cash flows
(DKKm)
9M
2024/25
9M
2023/24
Cash generated from operations 915 891
Cash flow from investing activities excl. acquisitions of subsidiaries (521) (283)
Free cash flow excl. acquisitions of subsidiaries 319 597
Acquisition of subsidiaries and operations (15) (617)
Free cash flow 304 (20)
Cash flows from financing activities 16 392
Depreciation, amortisation
and impairment
The total amortisation, depreciation and impair-
ment charges were up by DKK 112 million to DKK
471 million in 9M 2024/25, mainly attributable to
KICKS.
Net financials
In 9M in 2024/25, net financial expenses
increased by DKK 68 million to a net expense
of DKK 142 million compared to the year-earlier
period. Mainly driven by higher interest bearing
debt reflecting the acquisition of KICKS.
Profit for the period after tax
Profit for the period 9M 2024/2025 amounted to
DKK 285 million after tax, against DKK 214 million
in 9M 2023/24.
Adjusted profit for the period after tax
In 9M 2024/25, adjusted profit after tax amounted
to DKK 320 million against DKK 316 million for 9M
in 2023/24.
Statement of cash flows
In 9M in 2024/25, cash generated from operations
was an inflow of DKK 915 million compared to an
inflow of DKK 891 million in 9M 2023/24 corre-
sponding to an increase of DKK 24 million.
In 9M 2024/25, cash flows from investing activ-
ities and acquisitions were an outflow of DKK
536 million against an outflow of DKK 900 million
in 9M 2023/24. In 2024/25, the outflow mainly
related to construction of Matas' Logistics Center
while the outflow in the year-earlier period mainly
related to the KICKS acquisition.
Interim report 9M 2024/25
17
The 9M 2024/25 free cash flow was an inflow of
DKK 304 million, compared to an outflow of DKK
20 million in 9M 2023/24.
Statement of financial position
31December 2024 vs 31 December 2023
Total assets amounted to DKK 9,604 million on
31 December 2024, up from DKK 8,879 million
at 31 December 2023.
Non-current assets increased by DKK 255 million
to DKK 6,651 million. Current assets totalled DKK
2,953 million, a year-on-year rise of DKK 471 million.
Inventories amounted to DKK 2,233 million at
31 December 2024 which is an increase of DKK
415 million compared to the end of 9M 2023/24.
KICKS accounted for DKK 1,004 million. Inven-
tories accounted for 27.3% of LTM revenue at
31 December 2024 compared to 23.3% at 31
December 2023. Matas stand-alone inventories
accounted for 24.3% of LTM revenue at 31
December 2024 compared to Matas stand-alone
22.8% at 31 December 2023. The inventory in -
crease mainly reflects the supply chain trans-
formation at KICKS, with central warehouse and
improved product availability in KICKS stores.
Trade receivables decreased by DKK 15 million
to DKK 128 million. KICKS accounted for DKK 74
million. Trade payables were down by DKK 135
million year-on-year. KICKS accounted for DKK 271
million of total trade payables of DKK 1,175 million.
Net working capital excluding deposits amounted
to DKK 492 million at 31 December 2024 against a
negative amount of DKK 46 million at 31 December
2023. The increase is due to higher inventory of
which more than half was financed with supplier
debt.
Cash and cash equivalents amounted to DKK 453
million, up from DKK 421 million the year before.
Equity amounted to DKK 3,676 million at 31
December 2024 compared to DKK 3,527 million at
31 December 2023.
Net interest-bearing debt amounted to DKK 3,235
million at 31 December 2024, a year-on-year
increase of DKK 745 million. The gearing ratio
was 2.7 times LTM EBITDA before special items,
which is in line with our long-term target of a
level between 2 and 3. In November 2024, Matas
increased its Revolving Credit Facility.
Gross interest-bearing debt stood at DKK 3,688
million at 31 December 2024, including lease
liabilities of DKK 1,076 million. At 31 December
2023 gross interest-bearing debt stood at DKK
2,912 million, including lease liabilities of DKK 1,155
million.
At 31 December 2024, the Company’s share
capital consisted of 38,291,492 shares of DKK
2.50 each, corresponding to a share capital of
DKK 95,728,730. 210,000 treasury shares were
purchased for future incentive programmes and
190,241 treasury shares were vested in the period
under review in connection with the exercise of
the 2021/22 incentive programme, Matas held
317,474 treasury shares at 31 December 2024.
Return on invested capital
The return on LTM invested capital before tax was
9.2% at 31 December 2024 against 12.8% at 31
December 2023.
ROIC before tax excluding goodwill was 24.1% at
31 December 2024 against 48.0% at 31 December
2023.
Events after the date of financial position
No subsequent events have occurred that materi-
ally affect the Matas Group's financial position.
Significant risks
Matas Group is exposed to operational risks
affecting the retail industry in general as well as
in the health and beauty industry. If the current
macroeconomic environment leads to a slowing
down of the economic activity, Matas Group’s
business could suffer. In addition, Matas Group is
to some extent exposed to financial risks such as
interest rate, liquidity, currency and credit risk.
Interim report 9M 2024/25
18
Executive Committee
Group CEO
Group CFO
Board of Directors
Interim report 9M 2024/25
19
(DKKm) Note
Q3
2024/25
Q3
2023/24
9M
2024/25
9M
2023/24
Revenue 4, 5 2,694 2,508 6,501 4,943
Cost of goods sold (1,449 ) (1,393 ) (3,501 ) (2,709 )
Gross profit 1,245 1,115 3,000 2,234
Other external costs (325 ) (279 ) (776 ) (537 )
Staff costs (451 ) (418 ) (1,239 ) (904 )
Other operating income and expenses, net 5 6 15 9
EBITDA before special items 474 424 1,000 802
Special items (1 ) (20 ) (13 ) (80 )
EBITDA 473 404 987 722
Depreciation, amortisation and impairment (156 ) (155 ) (471 ) (359 )
EBIT 317 249 516 363
Share of profit or loss after tax of associates 0 0 1 0
Financial income 0 5 2 8
Financial expenses (51 ) (34 ) (145 ) (82 )
Profit before tax 266 220 374 289
Tax on profit for the period (65 ) (57 ) (89 ) (75 )
Profit for the period 201 163 285 214
Currency adjustment of foreign entities and loan (10 ) 24 (7 ) 50
Fair value adjustment of hedging instruments 5 - 5 -
Tax on other comprehensive income 1 (5 ) 1 (10 )
Other comprehensive income after tax (4 ) 19 (1 ) 40
Total comprehensive income 197 182 284 254
Distributed as follows:
Shareholders of Matas A/S 197 182 284 254
Minority shareholders - - - -
Earnings per share
Earnings per share, DKK 5.30 4.29 7.49 5.62
Diluted earnings per share, DKK 5.26 4.25 7.44 5.56
Statement of comprehensive income
Interim report 9M 2024/25
20
Statement of cash flows
(DKKm)
Q3
2024/25
Q3
2023/24
9M
2024/25
9M
2023/24
Profit before tax 266 220 374 289
Depreciation, amortisations and impairment 156 155 471 359
Other non-cash operating items, net 5 3 13 8
Share of profit or loss after tax of associates 0 0 (1 ) 0
Financial income 0 (5 ) (2 ) (8 )
Financial expenses 51 34 145 82
Cash generated from operations before
changes in working capital 478 407 1,000 730
Changes in working capital 157 306 (85 ) 161
Cash generated from operations 635 713 915 891
Corporation tax paid (75 ) (11 ) (75 ) (11 )
Cash flow from operating activities 560 702 840 880
Acquisition of intangible assets (57 ) (33 ) (138 ) (107 )
Acquisition of property, plant and equipment (126 ) (109 ) (383 ) (176 )
Acquisition of subsidiaries and operations - - (15 ) (617 )
Cash flow from investing activities (183 ) (142 ) (536 ) (900 )
Free cash flow 377 560 304 (20 )
(DKKm)
Q3
2024/25
Q3
2023/24
9M
2024/25
9M
2023/24
Debt raised with credit institutions 155 - 550 1,121
Debt settled with credit institutions - (283 ) - (393 )
Interest received 0 - 2 3
Interest paid (51 ) (36 ) (145 ) (80 )
Repayment of lease liabilities (102 ) (70 ) (298 ) (161 )
Dividend paid - - (76 ) (76 )
Option agreement, received - - 10 -
Acquisition of shares (27 ) (22 ) (27 ) (22 )
Cash flow from financing activities (25 ) (411 ) 16 392
Net cash flow from operating, investing
and financing activities 352 149 320 372
Currency adjustment (1 ) 11 2 13
Cash and cash equivalents, beginning
of period 102 261 131 36
Cash and cash equivalents, end of period 453 421 453 421
The above cannot be derived directly from the statement of comprehensive income and the statement of
financial position.
Interim report 9M 2024/25
21
Statement of financial position
(DKKm) Note 31 Dec. 2024 31 Dec. 2023 31 March 2024
ASSETS
Non-current assets
Goodwill 4,096 4,104 4,096
Trademarks and trade names 177 186 184
Software 212 260 258
Other intangible assets 194 140 132
Total intangible assets 4,679 4,690 4,670
Property, plant and equipment
Lease assets 6 1,012 1,116 1,157
Land and buildings 107 91 108
Other fixtures and fittings, tools and equipment 75 82 89
Leasehold improvements 202 71 208
Plant in progress 511 289 170
Total property, plant and equipment 1,907 1,649 1,732
Investments in associates 1 1 1
Deferred tax 16 9 17
Deposits 47 46 47
Other securities and equity investments 1 1 1
Total other non-current assets 65 57 66
Total non-current assets 6,651 6,396 6,468
Current assets
Inventories 2,233 1,818 1,864
Trade receivables 128 143 76
Corporation tax receivable 27 - 17
Other receivables 19 32 38
Prepayments 93 69 74
Cash and cash equivalents 453 421 131
Total current assets 2,953 2,483 2,200
Total assets 9,604 8,879 8,668
(DKKm) Note 31 Dec. 2024 31 Dec. 2023 31 March 2024
EQUITY AND LIABILITIES
Equity
Share capital 96
Translation reserve 12
Treasury share reserve (39 )
(43 )
(43 )
Hedging reserve 4
Retained earnings 3,602
Dividend proposed for the financial year -
Equity, shareholders in Matas A/S 3,675
Non-controlling interests 1
Total equity 3,676
Liabilities
Deferred tax 225
Lease liabilities 6 725
Provisions 7 28
Credit institutions 2,612
Other payables 8 5
Total non-current liabilities 3,595
Credit institutions -
Lease liabilities 6 351
Provisions 7 1
Prepayments from customers 298
Dividend -
Trade payables 1,175
Corporation tax payable -
Other payables 8 508
Total current liabilities 2,333
Total liabilities 5,928
Total equity and liabilities 9,604
Interim report 9M 2024/25
22
Statement of changes in equity
(DKKm)
Share
capital
Translation
reserve
Treasury
share
reserve
Hedging
reserve
Proposed
dividend
Retained
earnings Total
Minority
interests Total equity
Equity at 1 April 2024 96 17 (43 ) - 76 3,315 3,461 1 3,462
Other compehensive income - (7 ) - 5 - - (2 ) - (2 )
Tax on other comprehensive income - 2 - (1 ) - - 1 - 1
Other comprehensive income - (5 ) - 4 - - (1 ) - (1 )
Profit for the period - - - - - 285 285 - 285
Total comprehensive income - (5 ) - 4 - 285 284 - 284
Transactions with owners
Dividend paid - - - - (76 ) - (76 ) - (76 )
Dividend on treasury shares - - - - (0 ) 0 - - -
Exercise of incentive programme - - 21 - - (21 ) - - -
Option agreement * - - - - - 10 10 - 10
Deferred acquisition ** - - 10 - - - 10 - 10
Acquisition of treasury shares - - (27 ) - - - (27 ) - (27 )
Share-based payment - - - - - 13 13 - 13
Total transactions with owners - - 4 - (76 ) 2 (70 ) - (70 )
Equity at 31 December 2024 96 12 (39 ) 4 - 3,602 3,675 1 3,676
* In april 2024, Matas completed an option agreement with the former owners of Firtal Group ApS and received an option premium payment of DKK 10 million which is recognised in the equity. The option allows the former owners to
acquire 20% of the shares in Firtal Group ApS for a predetermined amount. The option can be exercised from 1 May 2024 and expires 31 March 2029. After the option has been exercised, Matas has a right to acquire the shares at a
consideration calculated based on a predetermined formula with a cap. There will not be any impact on the Matas Group profit and loss accounts from the option agreement nor the shareholder agreement.
** Related to Web Sundhed.
Interim report 9M 2024/25
23
(DKKm)
Share
capital
Translation
reserve
Treasury
share
reserve
Proposed
dividend
Retained
earnings Total
Minority
interests Total equity
1 April 2023 96 - (44 ) 76 3,234 3,362 1 3,363
Other comprehensive income - 40 - - - 40 - 40
Profit for the period - - - - 214 214 - 214
Total comprehensive income - 40 - - 214 254 - 254
Transactions with owners
Dividend paid - - - (76 ) - (76 ) - (76 )
Dividend on treasury shares - - - - - - - -
Exercise of incentive programme - - 23 - (23 ) - - -
Acquisition of treasury shares - - (22 ) - - (22 ) - (22 )
Share-based payment - - - - 8 8 - 8
Total transactions with owners - - 1 (76 ) (5 ) (90 ) - (90 )
Equity at 31 December 2023 96 40 (43 ) - 3,433 3,526 1 3,527
Statement of changes in equity
Interim report 9M 2024/25
24
Notes
Note 1 – Accounting policies
This interim report is presented in accordance with IAS 34, Interim Financial Reporting as adopted by the EU and
additional disclosure requirements under the Danish Financial Statements Act.
Matas Group supports its suppliers with a range of activities, such as marketing of brands, advertising and
promotions etc. These costs have previously been deducted in other external cost. Support from suppliers not
directly linked to a specific activity was in the consolidated financial statements for 2023/24 reclassified to a
reduction in cost of goods sold in accordance with the standards.
This change has resulted in a reallocation of the comparison figures in the statement of comprehensive income
decreasing cost of goods sold for Q3 2023/24 by DKK 20 million (9M 2023/24 by DKK 60 million) and increasing
other external cost with the same amount. Consequently, gross profit for Q3 2023/24 improved by DKK 20
million increasing the gross margin by 0.8 percentage points (9M 2023/24 improved by DKK 60 million increasing
the gross margin by 1.2 percentage points), but there is no impact on EBITDA for neither Q3 2023/24 nor 9M
2023/24.
Except as set out below, the accounting policies are consistent with the accounting policies applied in the
Annual Report for 2023/24 to which reference is made.
Changes of accounting policies
Matas Group has implemented amendments to the IFRS accounting standards effective as of 1 April 2024 as
adopted by the EU.
None of those amendments have significantly affected recognition and measurement, nor are they expected to
have a material effect on Matas Group's financial statements in the near future.
Note 2 – Accounting estimates and judgments
The preparation of interim financial statements requires Management to make accounting judgments and esti-
mates that affect the application of accounting policies and recognised assets, liabilities, income and expenses.
Actual results may differ from these estimates.
The critical accounting estimates and judgments applied are consistent with those applied in the Annual Report
for 2023/24.
Note 3 – Seasonality
The Group’s activities in the interim period were affected by Black Week and Christmas shopping, which is mate-
rial to the Group's overall financial performance.
Note 4 – Segment information
Matas Group is segmented in two reportable segments Matas and KICKS. Management monitors the profitability
of the operating segments separately for the purpose of making decisions about resource allocation and perfor
-
mance management. Management has aggregated the operational segments Matas, Firtal, Grænn and Web
Sundhed as one reportable segment due to similarities in operations. Segment results are measured at gross
profit as presented in the table below. Group costs are currently not separated from the segments below gross
profit, why Management when looking at financial performance below gross profit is looking at the consolidated
Group figures.
(DKKm)
Matas
Q3 2024/25
KICKS
Q3 2024/25
Total
Q3 2024/25
Matas
Q3 2023/24
KICKS
Q3 2023/24
Total
Q3 2023/24
Revenue 1,645 1,049 2,694 1,525 983 2,508
Cost of goods sold (864) (585) (1,449) (832) (561) (1,393)
Gross profit 781 464 1,245 693 422 1,115
Gross margin 47.5% 44.2% 46.2% 45.5% 43.0% 44.5%
Other external costs (325) (279)
Staff costs (451) (418)
Other operating income
and expenses, net 5 6
EBITDA before special
items 474 424
Special items (1) (20)
EBITDA 473 404
Interim report 9M 2024/25
25
Notes
Note 4 – Segment information continued
(DKKm)
Matas
9M 2024/25
KICKS
9M 2024/25
Total
9M 2024/25
Matas
9M 2023/24
KICKS
9M 2023/24
Total
9M 2023/24
Revenue 4,035 2,466 6,501 3,743 1,200 4,943
Cost of goods sold (2,137) (1,364) (3,501) (2,034) (675) (2,709)
Gross profit 1,898 1,102 3,000 1,709 525 2,234
Gross margin 47.0% 44.7% 46.1% 45.7% 43.7% 45.2%
Other external costs (776) (537)
Staff costs (1,239) (904)
Other operating income
and expenses, net 15 9
EBITDA before special
items 1,000 802
Special items (13) (80)
EBITDA 987 722
9M 2023/24 includes KICKS with only 4 months as of 1 September 2023.
Note 5 – Revenue
(DKKm)
Q3
2024/25
Q3
2023/24
9M
2024/25
9M
2023/24
Retail sales, physical stores 1,741 1,668 4,315 3,344
Retail sales, online 923 817 2,100 1,517
Wholesale 30 23 86 82
Total revenue 2,694 2,508 6,501 4,943
In Q3 2024/25, 34% of Matas Group’s revenue was generated by its online channels, compared to 33% in the
year-earlier period.
Note 5 – Revenue continued
Revenue break-down by product groups is as follows:
(DKKm)
Q3
2024/25
Q3
2023/24
9M
2024/25
9M
2023/24
High-end Beauty 1,489 1,366 3,347 2,230
Mass Beauty 735 718 1,852 1,544
Health and Wellbeing 384 357 1,084 992
Other 56 44 132 95
Wholesale sales, etc. 30 23 86 82
Total revenue 2,694 2,508 6,501 4,943
Revenue from sales of products through Matas Group stores is recognised when a store sells the product to
the customer. Payment is usually received when the customer receives the product, or, if the customer pays by
credit card, a few days later. Revenue from sales through web shops is recognised and payment is received when
the product is sent to the customer.
A small proportion of Matas Group’s revenue is invoiced, e.g. wholesale sales, in which connection a receivable is
recognised.
Income from the sale of gift vouchers is reconised as revenue upon redemption, alternatively upon expiry of the
validity period. In estimating the redemption rate, Matas Group considers breakage which represents the portion
of gift vouchers issued that will never be redeemed.
For the customer loyalty programme at Matas and KICKS, a performance obligation is recognised at the date of
recognition of the sale triggering the allocation of loyalty points. The performance obligation is measured at the
estimated fair value of the points allocated and amounted to DKK 76 million at 31 December 2024 (31 December
2023: DKK 75 million). The estimated fair value is inherently subject to some uncertainty with respect to actual
future redemption and considering the flexibility of the customer loyalty programme. Revenue is recognised
when the customer uses points, usually over an average period of three months.
Customers have the option of returning products, but the volume of returns at 31 December 2024 was insignifi
-
cant as was the amount of guarantee commitments, similar to last year.
Interim report 9M 2024/25
26
Notes
Note 6 – Leases
Matas Group's lease assets are as follows:
(DKKm)
31 Dec.
2024
31 Dec.
2023
31 March
2024
Store leases 863 928 986
Administration and warehouse buildings, etc. 143 182 164
Cars and other leases 6 6 7
Total lease assets 1,012 1,116 1,157
Matas Group’s lease liabilities are as follows:
(DKKm)
31 Dec.
2024
31 Dec.
2023
31 March
2024
Non-current liabilities 725 792 850
Current liabilities 351 363 360
Total lease liabilities 1,076 1,155 1,210
Most store leases in Denmark are evergreen contracts as defined in the Danish Business Lease Act and are
consequently subject to terms of notice of 3-12 months. Commercial renting of shops, etc., in the other Nordic
countries are not similar to the practice in Denmark, as extensions take place at fixed intervals and with fixed
deadlines for termination/extension. This has been accounted for in recognising the KICKS leases.
Depreciation as set out below is recognised in the statement of comprehensive income:
(DKKm)
9M
2024/25
9M
2023/24
Store leases, etc. 240 157
Administration and warehouse buildings, etc. 28 20
Cars and other leases 2 2
Total depreciation of lease assets 270 179
Lease payments in the amount of DKK 288 million were made in 9M 2024/25 (9M 2023/24: DKK 191 million).
Interest in the amount of DKK 39 million was expensed in 9M 2024/25 (9M 2023/24: DKK 30 million).
Matas Group is the lessee of a limited number of premises. For some of these leases, the rent is fully or partially
based on revenue.
Revenue-based rent is not comprised by IFRS 16 and is therefore not included in the above tables. Revenue-
based rent is, as before, recognised under other external costs and amounted to DKK 32 million in 9M 2024/25
(9M2023/24: DKK 28 million).
A total of DKK zero million in 9M 2024/25 (9M 2023/24: DKK zero million) was recognised in the statement of
comprehensive income regarding short-term, leases and leases of low-value assets. Lease liabilities relating to
non- recognised short- term leases and leases of low-value assets amounted to DKK zero at 31 December 2024
(31 December 2023: DKK zero million).
Interim report 9M 2024/25
27
Notes
Note 7 – Provisions
(DKKm)
31 Dec.
2024
31 Dec.
2023
31 March
2024
Included in non-current liabilities
Obligation for reinstatement of tenancies 28 28 28
Total provision, non-current 28 28 28
Included in current liabilities
Restructuring provisions 1 2 19
Total provision, current 1 2 19
Note 8 – Other payables
(DKKm)
31 Dec.
2024
31 Dec.
2023
31 March
2024
Other non-current payables
Contingent consideration and
deferred purchase price 5 13 5
T
otal other non-current payables 5 13 5
Other current payables
VAT payable 218 183 56
Holiday pay obligations etc. 119 123 122
Pay-related liabilities
(A tax/social security contributions) 1
51 163 136
Contingent consideration and deferred purchase price 3 35 34
Other creditors 17 17 16
Total other current payables 508 521 364
Note 9 – Transactions with related parties
Matas Group's related parties comprise the companies' board of directors and executive boards and their
related family members. Further, related parties comprise companies in which the above-mentioned persons
have significant interest as well as associates.
Pursuant to Matas A/S’ Remuneration Policy, a total of 190,241 Performance Share Units (PSUs) related to the
Company’s long-term incentive programme (LTIP) for 2021/22 were vested at 14 June 2024.
PSUs were vested at 150% of the original grant. Based on a closing price at 13 June 2024 of DKK 121.4, the total
value of vested PSUs amounted to DKK 23.1 million.
On 30 June 2024, a total of 181,823 PSUs have been granted related to the long-term incentive programme for
2024/25. A total of 53,196 PSUs were granted to Group CEO Gregers Wedell-Wedellsborg and a total of 29,258
PSUs were granted to Group CFO Per Johannesen Madsen.
Related party transactions with associates recognised in the income statement and the statement of financial
position.
(DKKm)
9M
2024/25
9M
2023/24
Revenue 0 0
Other external costs (10) (9)
Receivables 1 1
Trade payables 0 0
Note 10 – Subsequent events
No subsequent events have occurred that materially affect the Matas Group's financial position.
Interim report 9M 2024/25
28
Interim financial highlights
(DKKm)
Q3
2024/25
Q2
2024/25
Q1
2024/25
Q4
2023/24
Q3
2023/24
Statement of
comprehensive income
Revenue 2,694 1,851 1,956 1,758 2,508
Gross profit 1,245 852 903 845 1,115
EBITDA 473 238 276 182 404
EBIT 317 81 118 16 249
Net financials (51) (50) (42) (58) (29)
Profit before tax 266 31 76 (42) 220
Profit for the period 201 24 59 (45) 163
Statement of financial position
Total assets 9,604 9,284 8,943 8,668 8,879
Total equity 3,676 3,501 3,462 3,462 3,527
Net working capital 492 656 441 378 (46)
Net interest-bearing debt 3,235 3,478 3,262 3,140 2.490
Statement of cash flows
Cash flow from operating activities 560 39 241 (235) 702
Investments in tangible assets (126) (108) (149) (75) (109)
Cash flow from investing activities (183) (144) (209) (121) (142)
Free cash flow 377 (105) 32 (356) 560
Acquisitions of subsidiaries and
operations - - (15) 2 -
Free cash flow excl. acquisitions of
subsidiaries and operations 377 (105) 47 (358) 560
Net cash flow from operating,
investing and financing activities 352 (54) 22 (282) 149
(DKKm)
Q3
2024/25
Q2
2024/25
Q1
2024/25
Q4
2023/24
Q3
2023/24
Key performance indicators
Number of transactions (millions) 11.6 8.6 8.9 8.2 11.1
Average basket size (DKK) 230 212 217 211 223
Total retail floor space
(thousands of square metres) 107.3 106.9 106.1 105.2 104.9
Avg. revenue per square metre
(DKK thousands) - LTM 77.6 76.3 74.9 79.7 83.3
Proforma revenue currency neutral
growth 7.5% 6.8% 6.1% 2.7% 7.4%
Adjusted figures
EBITDA 473 238 276 182 404
Special items included in EBITDA (1) 5 (17) (22) (20)
EBITDA before special items 474 233 293 204 424
Depreciation of property, plant and
equipment and amortisation of
software (147) (147) (148) (151) (140)
EBITA before special items* 327 86 145 53 284
Adjusted profit after tax 210 26 85 (13) 190
Gross margin 46.2% 46.0% 46.1% 48.0% 43.7%
EBITDA margin 17.6% 12.8% 14.1% 10.3% 16.1%
EBITDA margin before special items 17.6% 12.6% 15.0% 11.6% 16.9%
EBITA margin before special items* 12.1% 4.6% 7.4% 3.0% 11.3%
EBIT margin 11.7% 4.4% 6.0% 0.9% 9.9%
* Historical figures for EBITA before special items and EBITA margin before special items have been adjusted for amortisation of soft-
ware in alignment with definitions of key financials as described in the Annual Report for 2023/24 page 106.
Interim report 9M 2024/25
29
Additional information
Contacts
Gregers Wedell-Wedellsborg
Group CEO, phone +45 48 16 55 55
Per Johannesen Madsen
Group CFO, phone +45 48 16 55 55
John Bäckman
Head of Investor Relations & Treasury,
phone +45 22 43 12 54
Company information
Matas A/S
Rørmosevej 1
DK-3450 Allerød,
Denmark
Phone: +45 48 16 55 55
www.matasgroup.com
Business reg. no.: 27 52 84 06
Forward-looking statements
This interim 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 commer-
cial 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.
Financial calendar 2024/25
and 2025/26
2 May 2025 Deadline for the Company’s share-
holders to submit in writing requests
for specific proposals to be included
on the agenda for the Annual General
Meeting
23 May 2025 Annual Report 2024/25
16 June 2025 Annual General Meeting 2024/25
13 August 2025 Interim Report - Q1 2025/26
12 November 2025 Interim Report - Q2 2025/26
9 January 2026 Trading update for Q3 2025/26
5 February 2026 Interim Report - Q3 2025/26
4 May 2026 Deadline for the Company’s share
-
holders to submit in writing requests
for specific proposals to be included
on the agenda for the Annual General
Meeting
19 May 2026 Annual Report 2025/26
16 June 2026 Annual General meeting 2025/26
Interim report 9M 2024/25
30
