In the third quarter (Q3) of 2024 AS MADARA Cosmetics (the ‘Group’) reached EUR 4.9 million consolidated (unaudited) turnover, which like-for-like* is 20.5% y-o-y increase. For the first 9 months of 2024, the consolidated (unaudited) turnover of the Group was EUR 16.1 million, representing a 12.2% like-for-like increase compared to the same period last year.  

The Group demonstrated strong and consistent growth across its strategic markets in Q3: turnover in the EU (excluding Latvia) grew by 27%, led by key markets including Germany, France, and Finland. Sales in Latvia rose by a solid 14%, while performance outside the EU remained stable. These results reflect the Group's strategy to prioritize MÁDARA brand growth, supported by steady double-digit increases across both B2B and e-commerce channels. Alongside accelerating MÁDARA growth, the contract manufacturing segment, now incorporating Selfnamed.com and MOSSA, has also grown.

The MÁDARA brand portfolio expanded significantly in Q3, adding 14 new products and three product sets. Notably, MÁDARA launched its first-ever HIS! line for men, featuring a face cream, aftershave serum, and eye cream. The popular Retinol Alternative line was further enriched with four new products: Plant-Powered Day Cream, Night Cream, Eye Serum, and a limited-edition Bakuchiol oil. Additionally, an enhanced herbal deodorant was introduced.

In makeup, the brand added a range of MAGNETIC BLUSH Mineral Cheek Blushers in three shades and expanded its concealer line with three new shades. Three new product sets also launched to cater to the growing demand in the “gifting” segment.

Management initially projected a turnover growth target of at least 10% for 2024. Following the sale of the MOSSA brand, with product prices adjusted from May 1 under contract manufacturing terms, and the divestiture of SELFNAMED.COM (a subsidiary of COSMETICS Nord SIA) on July 1—both of which previously contributed positively to consolidated turnover—management reassessed its like-for-like turnover for 2023 at approximately EUR 19.46 million, assuming the same business structure as post-asset disposals. Consequently, by the end of August, the minimum growth target was revised to EUR 21.41 million, reflecting the updated comparative base. Management's turnover guidance remains unchanged. 

*In light of the divestiture of SELFNAMED.COM (COSMETICS Nord SIA), effective July 1, 2024, COSMETICS Nord SIA has been omitted from the AS MADARA Cosmetics consolidated turnover figures for the third quarter of 2023. This ensures a transparent, like-for-like comparison.

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.