MATASNasdaq CopenhagenSpecialty RetailIFRS · DKK

Matas A/S

Matas A/S is a Danish consumer health and beauty retailer, operating a network of stores and digital channels across Denmark. Through Matas Group, the company also serves Nordic beauty and personal-care markets with branded products, owned brands, and retail concepts including the KICKS banner.

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Revenue2,776m DKK
−57.3 %y/y
Operating profit (EBIT)277m DKK
−46.3 %y/y
EBIT margin10.0%
+2.0 ppy/y
Net income273m DKK
−4.2 %y/y
Free cash flow727m DKK
+59.1 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

02,0004,0006,0008,000m DKK2020: 4,164 m DKK2020: EBIT 380 m DKK20202021: 4,344 m DKK2021: EBIT 388 m DKK20212022: 4,490 m DKK2022: EBIT 423 m DKK20222023: 4,943 m DKK2023: EBIT 249 m DKK20232024: 6,501 m DKK2024: EBIT 516 m DKK20242025: 2,776 m DKK2025: EBIT 277 m DKK20252,776277
RevenueOperating profit (EBIT)
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Business

Share of revenue
Beauty and personal care retail55 %

In-store and online retail of cosmetics, fragrances, skin care, hair care, and related products.

Consumer health products15 %

Over-the-counter wellness, health, and self-care products sold through the retail network.

Owned brands / private label20 %

Matas-branded and other in-house products sold across the group's retail channels.

E-commerce10 %

Online sales across digital storefronts and omnichannel fulfillment.

Customers

The company serves everyday consumers purchasing beauty, grooming, and self-care products for personal use. It also reaches value-conscious shoppers looking for trusted private-label alternatives and customers who prefer convenient online ordering and store pickup or delivery. Across the Nordic footprint, the customer base is shaped by brand preference, convenience, and price sensitivity.

Individual consumers

Buy beauty, grooming, and personal-care products for household use and routine replenishment.

Omnichannel shoppers

Buy online and through stores for convenience, availability, and flexible fulfillment.

Value-seeking customers

Buy private-label and owned-brand products for price/value balance and trusted quality.

Nordic beauty customers

Buy through regional retail banners and assortments tailored to local preferences.

Strategy

The company is focused on sharpening its customer value proposition and operating with a more market-led model. It is also using Nordic scale, shared capabilities, and owned brands to strengthen execution across its retail banners and digital channels.

Strengthen customer value propositionShort term

A clearer offer helps defend share in competitive beauty retail and supports repeat purchasing.

Build a market-led organizationMedium term

Local decision-making can improve execution in different Nordic consumer markets.

Expand the role of owned brandsMedium term

Proprietary products can deepen customer loyalty and support differentiation.

Geography

Matas is anchored in Denmark and operates as part of a broader Nordic retail platform. The report also references KICKS markets across the Nordics, showing that the company’s performance and execution are influenced by consumer trends, competition, and local market conditions across the region. Its digital channels and shared capabilities are designed to support scale across these Nordic markets.

Risks

Matas is exposed to intense competition in beauty retail, where pricing, assortment, and convenience can quickly shift market share. The business is also sensitive to consumer spending, especially in discretionary categories, and to execution risk across multiple Nordic markets and channels. Retail accounting and seasonal demand patterns can also affect comparability and inventory management.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Competitive pressure in Nordic beauty retail1Weak consumer spending2Cross-market execution risk3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Competitive pressure in Nordic beauty retailImpact: HighLikelihood: High

    Customers can switch quickly among chains, online players, and brands based on price and convenience.

    ExposureStore trafficPricingMarket share
  2. Weak consumer spendingImpact: HighLikelihood: High

    Beauty and personal care includes discretionary purchases that soften when households tighten budgets.

    Exposure: Demand for cosmetics and premium items

  3. Cross-market execution riskImpact: MediumLikelihood: Medium

    Operating across Nordic markets requires local assortment, pricing, and marketing execution.

    Exposure: KICKS and broader Nordic operations

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Accounting

Judgemental items
Revenue recognition timing

Store and online sales can be recognized at different delivery points, affecting quarterly comparability.

Inventory provisions

Perishable, trend-sensitive, or slow-moving products may require write-downs or markdowns.

Impact: Affects gross margin and working capital

Lease accounting

A retail footprint typically creates significant right-of-use assets and lease liabilities.

Impact: Affects EBITDA-to-profit bridge and leverage perception

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Last updated: 24/10/2026