MADARA Cosmetics AS publishes its management report on the unaudited financial statements for 2023, which can be seen in the attachment below (in English).

In 2023, the Company achieved consolidated turnover of EUR 20.23 million, which is 8% more than the consolidated turnover level attained in the previous year. The Company’s consolidated turnover in the second half of 2023 amounted to EUR 9.95 million, which represents an increase of 17.5% compared to the same period last year.

The management expects to achieve turnover growth of at least 10% in 2024 compared to the previous year (EUR 22.25 million).

Management Board of AS “MADARA Cosmetics”

The shares of 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.