MATAS A/S
Consumer goods·MATAS · Nasdaq Copenhagen·Fiscal year to 31/03/2026
This had a more visible impact on KICKS, where high-end categories account for ~75% of the business.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Consumer spending
Macro
DriverNegative impact: weakens
“At the same time, the year was marked by a shift in consumer behaviour as geopolitical tensions impacted the macroeconomic environment. We saw increasing price sensitivity, with some customers trading down - particularly within high-end beauty.”
Annual report 2026A · The company itself
DriverPositive impact: strengthens
“Customer engagement remains high and with growth in our loyalty programmes among Gen Z.”
Annual report 2026A · The company itself
DriverNegative impact: weakens
“Consumer confidence remains uncertain, and this is reflected in our expectations for the coming year.”
Annual report 2026A · The company itself
DriverNegative impact: weakens
“Consumers are more price-conscious and increasingly seeking better value-for-money, while heightened price transparency and campaign intensity are reshaping competitive dynamics.”
Annual report 2026A · The company itself
DriverNegative impact: weakens
“Premium beauty is more exposed when consumers trade down or defer purchases, while Mass beauty is more for everyday use.”
Annual report 2026A · The company itself
DriverPositive impact: strengthens
“The Group now has 6.0 million club members, with 2.2 million in Matas and 3.8 million in KICKS.”
Annual report 2026A · The company itself
DriverNegative impact: weakens
“The macroeconomic outlook remains uncertain, reflected in declining consumer confidence which may impact consumer spending and market growth.”
Annual report 2026A · The company itself
DriverNegative impact: weakens
“High-end Beauty increased revenues by 0.9% (decline 0.7% currency neutral), mainly impacted by change in customer behavior, trading down to Mass Beauty with 7.7% growth (6.5% currency neutral). KICKS was impacted significantly more as High-end Beauty accounts for approximately 75% of revenues in KICKS.”
Annual report 2026A · The company itself
DriverNegative impact: weakens
“Further, the gross margin in KICKS was impacted by price initiatives and the closedown of Skincity.”
Annual report 2026A · The company itself
DriverNegative impact: weakens
“Risk Description Mitigation Macroeconomic development Matas Group operates in a discretionary consumer spending category and is exposed to changes in the macroeconomic environment within Matas Group’s geographical areas and general changes in consumer behaviour, which may affect Matas Group’s business in terms of demand for health and beauty products.”
Annual report 2026A · The company itself
DriverNegative impact: weakens
“Change in consumer preferences During the year and accelerating in Q3 2025/26, consumer demands changed as consumers traded down. This has affected sales in Matas as well as in KICKS.”
Annual report 2026A · The company itself
StrategyPositive impact: strengthens
“Malou Aamund, Chair Mette Uglebjerg, Group CEO Per Johannesen Madsen, Group CFO More for you We continued to expand our assortment across both Matas and KICKS, offering customers more choice across brands, categories and price points. We introduced a number of high-demand brands and continued to strengthen our in-house brands, including expanding them across markets.”
Annual report 2026A · The company itself
StrategyPositive impact: strengthens
“At the same time, we have initiated a more focused effort to strengthen KICKS’ competitiveness - with clear actions across pricing, assortment, marketing efficiency and in-store execution.”
Annual report 2026A · The company itself
Market
“Complementary footprint Matas Group is connecting a big and attractive Nordic market and 6 million members in loyalty programmes with brands through online and offline retail on a shared platform.”
Annual report 2026A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
E-commerce
Technology
DriverNegative impact: weakens
“Cross-border e-commerce and parallel imports have increased, raising price transparency and intensifying price pressure.”
Annual report 2026A · The company itself
DriverNegative impact: weakens
“E-commerce acceleration: Significant shift of beauty and wellness category to e-commerce leading to pricing and delivery pressure, where e-commerce pure-players are at an advantage due to lowercost operating model.”
Annual report 2026A · The company itself
StrategyPositive impact: strengthens
“Matas continued to deliver stable growth, supported by a strong value proposition, continued expansion of the assortment and solid performance online.”
Annual report 2026A · The company itself
StrategyPositive impact: strengthens
“Cl oser to you We continued to invest in both our physical and digital presence. Across the Nordics, we opened and expanded stores, while also improving the online experience through faster delivery, stronger content and increased personalisation.”
Annual report 2026A · The company itself
Market
“Online performance was positive despite a softer market backdrop. Group online growth excluding Skincity was 11.2% (currency neutral), driven by Matas online growth of 12.7%, while KICKS online (excluding Skincity) grew 8.4%.”
Annual report 2026A · The company itself
Market
“Online sales were up by DKK 258 million or 9.4% (8.2% currency neutral) and 11.2% excluding Skincity for full-year 2025/26. Matas online Sales channels At 31 March 2026, Matas consisted of 264 physical stores (31 March 2025: stores) – 263 stores in Denmark and one on the Faroe Islands.”
Annual report 2026A · The company itself
Market
“Strong omnichannel leadership position Through a combination of 500 stores and >30% of revenue from online, Matas Group is the Nordic leader in beauty and wellbeing.”
Annual report 2026A · The company itself
Retail
End markets
StrategyPositive impact: strengthens
“Cl oser to you We continued to invest in both our physical and digital presence. Across the Nordics, we opened and expanded stores, while also improving the online experience through faster delivery, stronger content and increased personalisation.”
Annual report 2026A · The company itself
Market
“Performance by sales channel Physical stores grew revenue by DKK 102 million or 1.9% (0.6% currency neutral). Matas stores grew 1.2% (1.2% like-for-like) and KICKS stores declined 0.2% (0.1% decline like-for-like) currency neutral for full-year 2025/26, primarily driven in KICKS by lower traffic to shopping malls.”
Annual report 2026A · The company itself
Market
“Strong omnichannel leadership position Through a combination of 500 stores and >30% of revenue from online, Matas Group is the Nordic leader in beauty and wellbeing.”
Annual report 2026A · The company itself
Market
“Revenue split by Matas/KICKS/Other 2025/26, % Revenue split by channel 2025/26, % 37% 56% 7% Matas KICKS Other 3 34% 2% 64% Stores Online Wholesale Our business model Our business model Matas Group has a proven and scalable business model to deliver the best customer experience.”
Annual report 2026A · The company itself
Chains in: Consumer spending strengthens
Consumer preference shifts
End markets
DriverPositive impact: strengthens
“In Health and Wellbeing, demand for vitamins, supplements and functional nutrition continues to grow as consumers prioritise preventive health, holistic wellness and longevity. Preference for natural, organic and plant-based products is increasing, supported by digital access to information and growing adoption of wearable and digital health solutions.”
Annual report 2026A · The company itself
DriverPositive impact: strengthens
“Demand continues to shift toward high-efficacy Skincare and Dermatological beauty, supported by interest in science-backed products and trusted guidance.”
Annual report 2026A · The company itself
Market
“Health and Wellbeing MediCare (OTC medicine and nursing products). Vitamins, minerals, health supplements, specialty foods and herbal medicinal products. Sports, nutrition and exercise.”
Annual report 2026A · The company itself
Chains out: this mixed effect Beer and beverages
Automation and robotics
Technology
StrategyPositive impact: strengthens
“Stronger for you We have continued to build a more scalable and efficient platform for future growth. This includes strengthening our logistics setup, further developing our shared Nordic e-commerce platform and realising synergies across the Group.”
Annual report 2026A · The company itself
StrategyPositive impact: strengthens
“Operational execution has been reinforced through logistics scale and automation. The Group now operates two automated logistics centres, located outside Copenhagen and Stockholm, which performed very well and supported faster delivery at lower cost during the high season.”
Annual report 2026A · The company itself
Digitalisation
Technology
StrategyPositive impact: strengthens
“Stronger for you We have continued to build a more scalable and efficient platform for future growth. This includes strengthening our logistics setup, further developing our shared Nordic e-commerce platform and realising synergies across the Group.”
Annual report 2026A · The company itself
StrategyPositive impact: strengthens
“A common e-commerce platform has been operational since Q2 2025/26, enabling more efficient scaling of initiatives across Matas and KICKS going forward.”
Annual report 2026A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
Premium consumers
End markets
Market
“Complementary footprint Matas Group is connecting a big and attractive Nordic market and 6 million members in loyalty programmes with brands through online and offline retail on a shared platform.”
Annual report 2026A · The company itself
Chains in: Consumer spending strengthens
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“At the same time, the year was marked by a shift in consumer behaviour as geopolitical tensions impacted the macroeconomic environment. We saw increasing price sensitivity, with some customers trading down - particularly within high-end beauty.”
Annual report 2026A · The company itself
DriverNegative impact: weakens
“The macroeconomic outlook remains uncertain, reflected in declining consumer confidence which may impact consumer spending and market growth.”
Annual report 2026A · The company itself
DriverNegative impact: weakens
“Changes to macroeconomic factors within Matas Group’s geographical areas may affect Matas Group through changes in overall retail demand, specifically in the health and beauty market, and by supply chain disruptions.”
Annual report 2026A · The company itself
DriverNegative impact: weakens
“Risk Description Mitigation Macroeconomic development Matas Group operates in a discretionary consumer spending category and is exposed to changes in the macroeconomic environment within Matas Group’s geographical areas and general changes in consumer behaviour, which may affect Matas Group’s business in terms of demand for health and beauty products.”
Annual report 2026A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Labour and wages
Raw materials and inputs
InputNegative impact: weakens
“Strongest supplier relations Decade-long supplier relationships Good terms and access to brands, news, and exclusives Loved “only in” brands High-margin in-house brands in multiple categories Selective distribution/ authorised retailer Automated supply chain New centralised and highly automated warehouses Low fulfillment cost Powerful omni-channel presence Leading store network of 500 stores and leading online sites Cost advantages in customer acquisition and fulfillment Beauty experts ~3,400 full-time colleagues and beauty professionals Value beyondthe product Top-of-mind brand and high customer satisfaction When customers are asked where to buy beauty they say "Matas"/"KICKS".”
Annual report 2026A · The company itself
InputNegative impact: weakens
“Staff costs Staff costs amounted to DKK 381 million or 19.3% of revenue in Q4 against DKK 415 million or 22.2% of revenue in the year-earlier period, (currency neutral DKK 423 million or 22.2% of revenue in Q4 2024/25). The Q4 2025/26 increase in staff costs was driven by growth in revenue and wage inflation offset by synergies.”
Annual report 2026A · The company itself
InputNegative impact: weakens
“Staff costs were negatively impacted by revenue growth and wage inflation offset by synergies, staffing in stores and ramp-up of Matas' Logistics Center.”
Annual report 2026A · The company itself
Other currencies
Macro
DriverNegative impact: weakens
“The gross margin was 42.9% in the quarter, compared to 46.4% last year (46.4% currency neutral), driven by higher cost of goods sold in KICKS, as the SEK strengthened against NOK and EUR decreasing the gross margin in Norway and Finland. Further, the gross margin in KICKS was impacted by price initiatives and closedown of Skincity.”
Annual report 2026A · The company itself
DriverNegative impact: weakens
“The gross margin was impacted by headwinds on cost of goods sold in Norway and Finland for strengthened SEK towards NOK and EUR. Adjusted for the currency effect on cost of goods, gross margin was 45.2% in 2025/26.”
Annual report 2026A · The company itself
Ageing population
Geography
DriverPositive impact: strengthens
“Mature consumers increasingly prioritise ageing well, while younger consumers enter beauty routines earlier and engage more frequently with trends.”
Annual report 2026A · The company itself
Chains out: this strengthens Healthcare and hospitals, strengthens Medical devices, strengthens Hearing aids and hearing care
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“Risk management Risk Description Mitigation Cyber and IT security Reliable IT systems and infrastructure are critical to Matas Group's daily operation. Protection of customer data is imperative for legal reasons and in order to maintain the trust of our consumers.”
Annual report 2026A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
Financial regulation
Regulation
DriverNegative impact: weakens
“Such tools are meticulously regulated, e.g. by Data Protection, Marketing and other consumer protection laws. A finding of compliance issues in these areas could affect the Group's ability to drive sales and to maintain the level of trust which is currently a strong part of the value proposition in the eyes of the consumers.”
Annual report 2026A · The company itself
Global trade volumes
Macro
DriverNegative impact: weakens
“Supply chain disruption A global supply chain disruption may cause delays or absence in delivery of specific goods. In order to meet any changes in terms of delivery or reduced access to important product categories, Matas Group deals with a large number of different suppliers and markets a broad range of different brands within each product category.”
Annual report 2026A · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
Nordics
Geography
Geography
“To our shareholders Dear shareholders, Today, Matas Group stands as the leading beauty and wellbeing destination in the Nordics, serving millions of customers across physical stores and digital channels. Over the past year, we have continued to strengthen our position through a broader assortment, growing online presence and high customer engagement across all markets.”
Annual report 2026A · The company itself
Geography
“The Nordic leader Matas Group 500 Stores 73 Stores 129 Stores 34 Stores 8.8 Revenue (DKK billion) 6.0 Club members, millions 264 Stores Matas and KICKS joined forces as Matas Group in 2023.”
Annual report 2026A · The company itself
Geography
“Long-term trends continue to create a growing market The Nordic beauty market remains sizeable and resilient, with an estimated value of DKK ~76 billion in 2025 (Euromonitor).”
Annual report 2026A · The company itself
Geography
“Sweden is the largest market, followed by Norway, Denmark and Finland.”
Annual report 2026A · The company itself
Geography
“Norway has the highest spend per capita, and Sweden is expected to deliver the strongest growth, while higher price sensitivity increases volatility in premium segments and raises the importance of clear price-value positioning.”
Annual report 2026A · The company itself
Competitors mentioned in the report
Europris ASA
Financial figures
| Revenue latest fiscal year | 8.78 bn DKK |
| Revenue growth vs. the year before, same method | 4.7 % |
| EBITDA reported by the company | 1.18 bn DKK |
| Net debt debt incl. leasing minus cash | 4.04 bn DKK |
| Diluted EPS per share | 6.41 DKK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | ✗ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.