AS MADARA Cosmetics publishes its management report on the unaudited financial statements for 2025, which can be seen in the attachment below (in English).
AS MADARA Cosmetics increases turnover by 12% to EUR 23.22 million in 2025; H2 EBITDA margin reaches 13%
In 2025, AS MADARA Cosmetics (the Group) achieved consolidated turnover of EUR 23.22 million, representing a 12% increase on a like-for-like basis. The achieved turnover level was within 2% of the Group’s published guidance of EUR 23.67 million. In the second half of 2025, the growth rate accelerated to 15%, with turnover in this period reaching EUR 11.84 million.
EBITDA in 2025 amounted to EUR 2.3 million, representing a margin of 10%. In the second half of the year, the EBITDA margin improved to 13% (compared to 7% in the first half of the year), reflecting implemented efficiency measures and disciplined cost management.
Strategic highlights of 2025
- Successful migration of the MÁDARA website to the Shopify platform, strengthening e-commerce infrastructure and ensuring full control of sales across all markets.
- Execution of the most successful “Black Friday” campaign in the Group’s history – EUR 1.4 million in direct revenue and more than 64% increase in conversion rate.
- Rapid development of TikTok Shop in the United Kingdom – EUR 223 thousand in turnover (28 times higher than in the first half of the year).
- Launch of cooperation with Al Dawaa in Saudi Arabia, establishing presence in more than 250 retail locations and online.
- Introduction of a new business direction – hospitality industry solutions with the Wild Woods product line and refill offering.
Chief Executive Officer Gunta Šulte comments:
"2025 marked a year of growth and discipline for the Group. We delivered 12% turnover growth and achieved a significant improvement in profitability in the second half of the year, with the EBITDA margin reaching 13%. Investments made in the first half of the year in e-commerce infrastructure, brand strengthening and new market expansion are beginning to generate measurable results.
The transition to Shopify is a strategically important long-term investment that strengthens our e-commerce infrastructure. Already in the fourth quarter, we saw early wins, including improved conversion rates and the most successful Black Friday campaign in the Group’s history. The TikTok channel in the United Kingdom has evolved from a pilot project into a meaningful sales driver."
For 2026, the Group aims for minimum turnover growth of 10%, corresponding to EUR 25.54 million, while maintaining a double-digit EBITDA margin. Management confirms that the Group has sufficient financial resources to implement growth initiatives while continuing dividend distribution to shareholders, subject to shareholder approval.
More detailed information on the Group’s financial results and operational performance is available in the 2025 Annual Report.
Management Board of AS MADARA Cosmetics
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.