In the third quarter (Q3) of 2025, AS MADARA Cosmetics (the “Group”) achieved a consolidated unaudited turnover of EUR 5.5 million, representing 11% year-on-year growth. During the first nine months of 2025, the Group’s consolidated (unaudited) turnover amounted to EUR 16.8 million, a 10% like-for-like increase compared to the same period in 2024.
The growth in Q3 was mainly driven by the Group’s strong performance outside the European Union and solid outcomes in several key EU markets. Turnover in the EU (excluding Latvia) grew by 8%, while sales in Latvia remained at the previous year’s level. The most dynamic development was observed outside the EU, where turnover more than doubled (+111%). The Group also expanded its international footprint outside the European Union, entering a new partnership with Al Daawa – the leading parapharmacy chain in Saudi Arabia, thus starting to build a presence in the Middle East region with the first 200 physical locations and online.
In Q3 among individual markets, Germany, the Group's biggest export market, demonstrated 38% growth, with B2B sales increasing by 70%. The presence in Müller continues to increase, and by the end of the year MÁDARA will be available in more than 100 stores across Germany. In addition, MÁDARA entered GALERIA department stores in Q3 to further grow brand availability and visibility. Meanwhile, the e-commerce channel in Germany declined by 7%, aligning with the overall e-commerce sentiment.
Spain continued its rapid expansion with 190% year-on-year growth, while France grew by 20% overall, with B2B sales up 27%, further reinforced by the launch of MÁDARA products in Carrefour’s new parapharmacy store-in-store concept.
Conversely, Finland experienced a 35% decrease in Q3, which impacted overall growth results. The Group’s e-commerce segment declined by 8% in Q3 y-o-y, mainly due to weaker performance in Latvia and several other EU markets.
In Q3, the MÁDARA brand also achieved Bronze Tier 3 TSP (TikTOK Shop Partner) status on TikTok, marking an important milestone in this channel’s development. This recognition highlights MÁDARA’s effective and responsible engagement on the TikTok platform, including consistent brand presence, content quality, and alignment with the platform’s best practices.
Among product highlights of the quarter, MÁDARA introduced the Kojic Acid Alternative Serum, a next-generation brightening product formulated with gentle, plant-based active ingredients designed to target hyperpigmentation and uneven skin tone. In addition, several limited edition products were also presented in Q3.
The management maintains its previously announced minimum growth target of 10% for 2025, which would correspond to an expected annual turnover of EUR 23.67 million.
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.
About AS MADARA Cosmetics
Founded in 2006, AS MADARA Cosmetics is the largest cosmetics manufacturer in Latvia. The Company develops and produces natural skincare and decorative cosmetics, certified by ECOCERT/COSMOS, and exports to more than 35 countries. Since 2017, MADARA shares have been listed on Nasdaq Baltic’s alternative market First North. The Company and the MÁDARA brand have received multiple awards for innovation, sustainability, design, and product excellence, both in Latvia and internationally.
In 2025, MADARA obtained B Corp certification, affirming its commitment to responsible, sustainable, and transparent business practices. It has also been recognised as a family-friendly workplace (2023) and a top employer in the manufacturing sector (2023, 2024), while the MÁDARA brand was named the greenest brand in the Baltics (2023).
In 2024, AS MADARA Cosmetics reported a consolidated turnover of EUR 21.52 million, marking an 11% like-for-like year-over-year increase.