Tokmanni Group Corporation Half-Year Financial Report Unaudited 15 August 2025 at 8:00 am
SECOND QUARTER 2025 HIGHLIGHTS
- Tokmanni Group's revenue grew by 4.8% (32.5%) and was EUR 442.9 million (422.5)
- Like-for-like revenue grew by 1.9 % (-2.4 %)
- Comparable gross profit was EUR 157.7 million (155.2) and comparable gross profit % was 35.6% (36.7%)
- Comparable EBIT amounted to EUR 21.4 million (27.9), 4.8% of revenue (6.6%)
- Cash flow from operating activities amounted to EUR 73.1 million (43.9)
- Earnings per share, diluted was EUR 0.17 (0.25)
JANUARY-JUNE 2025 HIGHLIGHTS
- Tokmanni Group's revenue grew by 3.0% (36.7%) and was EUR 784.7 million (761.7)
- Like-for-like revenue increased by 0.2 % (-0.6 %)
- Comparable gross profit was EUR 273.1 million (270.6) and comparable gross profit % was 34.8% (35.5%)
- Comparable EBIT amounted to EUR 10.2 million (22.8), 1.3% of revenue (3.0%)
- Cash flow from operating activities amounted to EUR -0.8 million (4.0)
- Earnings per share, diluted was EUR -0.14 (0.05)
GUIDANCE FOR 2025
In 2025, Tokmanni Group expects its revenue to be EUR 1,700-1,790 million. Comparable EBIT is expected to be EUR 85-105 million.
TOKMANNI GROUP CEO MIKA RAUTIAINEN
During the second quarter of 2025, Tokmanni Group's revenue grew, driven especially by Dollarstore's strong performance in non-grocery sales. Dollarstore segment's revenue grew by 8.8% in local currencies, with like-for-like revenue up by 5.1%. Tokmanni segment's like-for-like revenue grew by 0.8%, mainly due to higher sales of groceries and Easter products, while demand for spring and summer season products was weak. Nevertheless, customer visits increased across Finland, Sweden, and Denmark.
The development of Tokmanni Group's gross margin was twofold. We succeeded in improving Dollarstore segment's gross margin after a weak first quarter, with comparable gross profit rising by EUR 5.0 million compared to the corresponding period of the previous year. On the other hand, Tokmanni segment's comparable gross margin declined by 1.4 percentage points. The decline was mainly due to decreased sales of higher-margin non-grocery sales, particularly spring and summer season products and increased share of grocery sales compared to the corresponding period of the previous year.
We were not able to manage our operating expenses in line with our targets. As a result, fixed costs in both segments increased faster than revenue, largely due to higher personnel and marketing expenses. Personnel costs were driven up by wage increases, new store openings, and increased working hours partly because of the harmonisation of replenishment and warehouse management systems at the Group level. The Group's weaker result compared to the corresponding period of the previous year was mainly due to these increased operating expenses and the lower gross margin percentage mentioned earlier.
Measures to improve profitability at Tokmanni and Dollarstore are proceeding. These actions include strict cost control, particularly regarding personnel and marketing expenses, as well as efforts to enhance the efficiency of supply chain and store operations. We are also continuing the integration of Dollarstore into Tokmanni Group. In addition, we continue to develop our store network in Finland, Sweden, and Denmark.
Key figures
| 4-6/ 2025 | 4-6/ 2024 | Change % | 1-6/ 2025 | 1-6/ 2024 | Change % | 1-12/ 2024 | |
| Revenue, MEUR | 442.9 | 422.5 | 4.8% | 784.7 | 761.7 | 3.0% | 1,675.0 |
| Like-for-like revenue development, % | 1.9 | -2.4 | 0.2 | -0.6 | 1.0 | ||
| Customer visit development, % | 3.7 | -0.2 | 2.3 | 0.6 | 2.8 | ||
| Gross profit, MEUR | 156.7 | 155.2 | 1.0% | 270.9 | 270.6 | 0.1% | 596.4 |
| Gross profit, % | 35.4 | 36.7 | 34.5 | 35.5 | 35.6 | ||
| Comparable gross profit, MEUR | 157.7 | 155.2 | 1.7% | 273.1 | 270.6 | 0.9% | 596.2 |
| Comparable gross profit, % | 35.6 | 36.7 | 34.8 | 35.5 | 35.6 | ||
| Operating expenses, MEUR | -104.7 | -96.4 | 8.6% | -199.7 | -185.7 | 7.5% | -374.1 |
| Comparable operating expenses, MEUR | -104.7 | -96.4 | 8.6% | -199.7 | -185.7 | 7.5% | -373.7 |
| EBITDA, MEUR | 53.5 | 59.6 | -10.2% | 74.0 | 86.4 | -14.4% | 227.2 |
| EBITDA, % | 12.1 | 14.1 | 9.4 | 11.3 | 13.6 | ||
| Comparable EBITDA, MEUR | 54.6 | 59.6 | -8.4% | 76.2 | 86.4 | -11.8% | 227.4 |
| Comparable EBITDA, % | 12.3 | 14.1 | 9.7 | 11.3 | 13.6 | ||
| Operating profit (EBIT), MEUR | 20.4 | 27.8 | -26.9% | 7.9 | 22.8 | -65.3% | 99.6 |
| Operating profit (EBIT), % | 4.6 | 6.6 | 1.0 | 3.0 | 5.9 | ||
| Comparable EBIT, MEUR | 21.4 | 27.9 | -23.2% | 10.2 | 22.8 | -55.4% | 99.7 |
| Comparable EBIT, % | 4.8 | 6.6 | 1.3 | 3.0 | 6.0 | ||
| Net financial items, MEUR | -9.9 | -9.8 | 0.5% | -18.5 | -18.9 | -2.3% | -38.8 |
| Capital expenditure, MEUR | 7.1 | 12.8 | -44.6% | 11.7 | 18.6 | -37.4% | 39.4 |
| Net cash from operating activities, MEUR | 73.1 | 43.9 | -0.8 | 4.0 | 89.1 | ||
| Net debt, MEUR | 915.9 | 824.2 | 816.3 | ||||
| Net debt without lease liabilities, MEUR | 337.1 | 250.0 | 255.3 | ||||
| Net debt / comparable EBITDA * | 4.22 | 3.81 | 3.59 | ||||
| Net debt / comparable EBITDA without lease liabilities * | 3.59 | 2.41 | 2.39 | ||||
| Return on capital employed, % | 8.1 | 8.9 | 9.7 | ||||
| Return on equity, % | 14.9 | 16.8 | 19.5 | ||||
| Equity ratio, % | 16.8 | 17.8 | 19.1 | ||||
| Number of shares, weighted average during the financial period (thousands) | 58,857 | 58,849 | 58,854 | 58,823 | 58,844 | ||
| Diluted number of shares, weighted average during the financial period (thousands) | 58,873 | 58,877 | 58,874 | 58,861 | 58,872 | ||
| Earnings per share, basic (EUR/share) | 0.17 | 0.25 | -0.14 | 0.05 | 0.82 | ||
| Earnings per share, diluted (EUR/share) | 0.17 | 0.25 | -0.14 | 0.05 | 0.82 | ||
| Personnel at the end of the period | 7,599 | 7,299 | 6,613 | ||||
| Personnel on average in the period (FTE) | 4,683 | 4,695 | 4,489 | 4,457 | 4,611 | ||
| * Rolling 12 months comparable EBITDA |
ANALYST AND PRESS CONFERENCE
???????Tokmanni Group's CEO Mika Rautiainen and CFO Tapio Arimo will present the report to analysts, investors and media representatives on the publication day at 10:00 am (Finnish time). The live webcast can be accessed via Tokmanni Group's website at https://ir.tokmanni.fi/en/investors or through the link below. A recording will be available after the event on Tokmanni Group's website.
Link to the webcast page: https://rajucast.tv/en/tokmanni-group/half-year-financial-review-for-january-june-2025/.
The participants can ask questions by joining a Teams meeting that is arranged in conjunction with the live webcast. The link to the Teams can be found on the webcast page mentioned above.
For further information, please contact
Mika Rautiainen, CEO, tel. +358 20 728 6061, mika.rautiainen(at)tokmanni.fi
Tapio Arimo, CFO, tel. +358 20 728 7390, tapio.arimo(at)tokmanni.fi
Maarit Mikkonen, Head of IR and Communications, tel. +358 40 562 2282, maarit.mikkonen(at)tokmanni.fi
Tokmanni Group in brief
Tokmanni Group Corporation is one of the leading variety discount retailers in the Nordics. More than 6,000 employees in Finland, Sweden and Denmark make customers' everyday life and special occasions easier by offering a versatile and up-to-date assortment of nordic and international brand-name products and other high-quality products at prices that are always affordable. With more than 380 Tokmanni, Dollarstore, Big Dollar, Click Shoes and Shoe House stores and online stores, the Group is always close to its customers. In addition, the Tokmanni Group has had exclusive rights to sell SPAR products and operate the SPAR brand in Finland since 2025. In 2024, the Group's revenue was EUR 1,675 million and comparable EBIT amounted to EUR 100 million. The Tokmanni Group Corporation's shares are listed on Nasdaq Helsinki.
Distribution
Nasdaq Helsinki
Key Media
