AS MADARA Cosmetics (the ‘Group’) has surpassed its management revenue guidance for 2024. The Group’s turnover (unaudited) reached EUR 21.51 million, exceeding the guidance of EUR 21.41 million. This reflects a like-for-like* year-on-year (y-o-y) increase of 11%.

The final quarter of the year delivered the strongest sales performance for the MADARA brand so far. Germany has firmly established itself as MADARA’s leading export market by demonstrating a notable 28% revenue increase in Q4 (y-o-y) and a full-year revenue increase of 15%. The growth is a direct result of the Group’s strategic expansion across both B2B and B2C segments. Strengthening its presence in the region, the MADARA brand secured a listing in the MÜLLER retail chain online and in traditional retail stores, marking a significant milestone in its expansion endeavours within the German market.

Building on the success of MADARA’s best-selling Retinol Alternative serum, the newly launched Retinol Alternative line introduced in Q3 2024, experienced strong momentum in Q4, attracting significant attention and delivering robust initial sales performance. In 2024, the Retinol Alternative line generated revenue of nearly EUR 1 million.

Looking ahead to 2025, management has set a minimum revenue growth target of a 10% increase y-o-y, equating to revenue guidance of EUR 23.67 million. The management affirms that the Group maintains ample financial resources to support its growth initiatives while also ensuring the distribution of dividends to its shareholders. This reflects the Group’s healthy financial position and commitment to delivering long-term value to shareholders. Management will provide a dividend proposal when the annual report (audited) is published.

*Management reassessed its like-for-like revenue for 2023 at approximately EUR 19.46 million, assuming the same business structure as post-asset disposals of MOSSA brand and SELFNAMED.COM. Consequently, by the end of August, the revenue guidance was revised to EUR 21.41 million, reflecting the updated comparative base.

Management Board of AS “MADARA Cosmetics”

The shares of AS Madara Cosmetics are admitted to trading on Nasdaq Baltic First North Market.

The Certified Adviser for AS Madara Cosmetics is ZAB Eversheds Sutherland Bitāns SIA.

AS MADARA Cosmetics was founded in 2006 and has become one of the leading cosmetics manufacturers in Northern Europe and a leader in Latvia. The company' s brand MÁDARA is a pioneer in the natural skincare and make-up segment in Latvia. Since November 2017, the company's shares have been listed on the Nasdaq Baltic alternative market First North. For more information, visit investors.madaracosmetics.com.