Matas (MATAS) investor relations material

Executive summary

• Achieved 3.4% currency-neutral revenue growth in Q1, driven by strong online and in-house brand performance, with Matas banner up 5.6% and KICKS down 0.3%.

• Launched a new Nordic operating model, shifting from banner-led to country-led structure to enhance agility and local execution, targeting DKK 45–50 million in annual savings from 2027/28.

• EBITDA margin before special items was 12.2%, impacted by inventory write-downs and increased marketing investments.

• Maintained full-year guidance and initiated a DKK 100 million share buyback.

• Profit for the period was DKK 19 million, down from DKK 64 million last year.

Financial highlights

• Group revenue reached DKK 2,161 million in Q1 2026/27, with online sales up 9.7% and in-house brands up 9%.

• Gross margin declined to 44.3% from 46.0% last year, mainly due to KICKS inventory write-down and price adjustments.

• Free cash flow for the quarter was DKK 147 million, down year-over-year due to lower performance and less decrease in working capital.

• Staff costs as a percentage of revenue decreased by 0.5 points, reflecting logistics improvements.

• Gearing at quarter-end was 3.4x net debt/EBITDA, with a target to reduce to 2–3x by year-end.

Outlook and guidance

• Full-year revenue growth guidance maintained at 2–6% currency neutral.

• EBITDA margin guidance for the year remains at 14–14.5%.

• CapEx expected to be around 4.5% of revenue, reflecting investments in electronic shelf labeling.

• Special items of DKK 70–105 million expected in 2026/27, mainly for severance related to restructuring.

• Strategy refresh and new long-term financial ambitions to be presented later in the year.