AS MADARA Cosmetics reports a consolidated (unaudited) turnover of EUR 5.74 million for the first three months of 2025, representing a 15.8% like-for-like increase compared to the same period in 2024.

“We have started 2025 with strong growth, driven by new product launches, the development of e-commerce and the strengthening of our management team. Expanding our team with professionals experienced in international markets is a key step toward achieving our strategic goals, and we are already seeing results in the form of record-high turnover in key markets,” comments Gunta Sulte, CEO of AS MADARA Cosmetics.

Turnover in EU markets (excluding Latvia) increased by 13%, while the Latvian market saw a 33% rise. This notable growth in Latvia is largely attributed to the divestment of the subsidiary SIA Cosmetics Nord — as of July 1, 2024, all sales transactions with SIA Cosmetics Nord are recognised as Latvian market revenue. The MÁDARA brand’s turnover in Latvia alone grew by 6% in Q1 2025. Substantial growth was also achieved in Sweden, where turnover rose by 43%, in Germany by 33%, and in France by 18%. In Germany, the expansion of MÁDARA cosmetics in the physical stores of the Müller retail chain contributed significantly to turnover growth, with products placed in 19 additional stores, including one in Austria.

In the first months of the year, the Company successfully expanded its presence in the digital space by launching its first TikTok Shop in the United Kingdom. This step has proven significant in reaching new audiences, strengthening brand awareness, and expanding online sales channels. Overall, e-commerce turnover increased by 15% in the first quarter compared to the same period last year, illustrating the Company’s historically recognised expertise in online commerce.

Continuing to diversify its product range, the Company launched 12 new products at the beginning of 2025. The H2O TINT tinted serums with hyaluronic acid in five different shades expand MÁDARA’s tinted product category. The brand’s decorative cosmetics range was also supplemented with an entirely new product category — natural eye and brow pencils, as well as a mineral bronzer. A new SPF50 mineral sunscreen with improved and more compact - stick format packaging also entered the market, offering even greater convenience in use.

In Q1 2025, MADARA Cosmetics’ management team was reinforced by two new members with prior experience at international companies (Printful and Aerones), further enhancing the Company’s strategic development capabilities.

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 an unaudited consolidated turnover of EUR 21.52 million, marking an 11% like-for-like year-over-year increase.