Lindex Group: Revenue and adjusted operating result improved in the fourth quarter
LINDEX GROUP plc, Financial Statement Release 6.2.2026 at 8.30 EET
Lindex Group's Financial Statements Bulletin 2025
Lindex Group: Revenue and adjusted operating result improved in the fourth quarter
October-December 2025:
- Lindex Group's revenue increased by 4.0% to EUR 284.7 (273.7) million. The revenue increased by 2.7% in local currencies.
- The Lindex division's revenue was EUR 181.9 (169.1) million. The revenue increased by 7.6%, and by 5.3% in local currencies.
- The Stockmann division's revenue was EUR 102.9 (104.6) million. The revenue declined by 1.6% but grew in comparable terms. - The Group's gross margin was 59.1% (58.1).
- The Group's adjusted operating result increased to EUR 39.4 (36.1) million.
- The Lindex division's adjusted operating result, EUR 29.4 (26.8) million, increased due to the improved gross profit. At the same time, increased operating costs and depreciations affected the result.
- The Stockmann division's adjusted operating result improved to EUR 10.8 (10.5) million, mainly driven by successful cost efficiency measures. - Operating result was EUR 33.8 (33.1) million.
- Net result increased to EUR 29.6 (19.8) million, due to improvement in operating result and decreased tax expenses.
- Basic and diluted earnings per share were EUR 0.19 (0.12).
January-December 2025:
- Lindex Group plc's restructuring programme was concluded on 15 August 2025.
- Lindex Group's revenue was EUR 952.3 (940.1) million. The revenue was level with previous year in local currencies.
- The Lindex division's revenue increased to EUR 645.9 (628.8) million. The revenue increased by 1.3% in local currencies.
- The Stockmann division's revenue was EUR 306.8 (311.6) million. The revenue in comparable terms was on par with the previous year.
- The Group's gross margin was 58.2% (58.3).
- The Group's adjusted operating result declined to EUR 69.5 (74.9) million.
- The Lindex division's adjusted operating result declined to EUR 72.1 (82.9) million, due to increased depreciations and operating costs.
- The Stockmann division's adjusted operating result improved to EUR 1.2 (-3.9) million and was first time positive after many years. - Operating result improved to EUR 64.7 (60.9) million.
- Net result was EUR 24.4 (13.2) million.
- Basic and diluted earnings per share were EUR 0.16 (0.08).
Guidance for 2026:
In 2026, Lindex Group expects its revenue to grow in local currencies compared to 2025. The Group's adjusted operating result is estimated to be EUR 70-95 million. Foreign exchange rate fluctuations may have a significant effect on the adjusted operating result.
Market outlook for 2026:
The macroeconomic situation in Lindex Group's main markets has remained volatile as geopolitical uncertainty and the risks for global trade disturbances have prevailed. Potential unexpected negative developments might slow down the economic growth of the Group's key markets. While these risks remain elevated, GDP (Gross Domestic Product) growth forecasts for 2026 are estimated to improve in the Group's key markets. Consumer confidence shows some signs of gradual improvement, which, together with increasing household purchasing power, may support a more favourable development in consumer demand during the year. The situation may still vary across the Group's different markets, and disruptions in supply chains and international logistics during the year cannot be excluded.
CEO Susanne Ehnbåge:
During 2025, the Lindex Group team continued to work determinedly towards our strategic targets to build a solid foundation for the future of the Group. Both Lindex and Stockmann divisions implemented new digital solutions and renewed processes in stores and supply chains, improving customer experience and operational efficiency. The ramp up of Lindex division's highly automated omnichannel distribution centre progressed, supporting the division's strategic growth plans.
Despite the volatile market environment, we had a strong finish to the year, as in the fourth quarter, the Lindex Group revenue increased to EUR 284.7 (273.7) million and the adjusted operating result improved to EUR 39.4 (36.1) million, mainly driven by the improved gross profit. I'm very pleased to see us delivering revenue growth in a difficult market. During the quarter, both the Lindex and Stockmann division over-performed the fashion market in our key markets - Sweden, Finland and Norway. We also succeeded in delivering a strong cash flow improvement, supported by positive revenue development and good inventory management.
The Lindex division's revenue and adjusted operating result increased in the fourth quarter. In addition, we opened our first own Lindex store in Denmark, in line with the strategic growth journey of the division. When it comes to the Stockmann division, the fourth quarter marked the seventh consecutive quarter of the result improvement. The division's adjusted operating result increased, although the revenue was below the comparison period. However, the comparable revenue improved, excluding the impact of the Itis department store closure and the transfer of the furniture assortment to the new partner Vepsäläinen during the year. I'm especially pleased that both divisions were able to grow their digital business. Lindex's revenue from digital channels increased by 15.0%, while Stockmann's digital sales increased by 5.0%, supporting the divisions' strategic targets to enhance digital commerce as the driver of its omnichannel performance.
Regarding the full-year performance, the Group's revenue increased to EUR 952.3 (940.1) million. The adjusted operating result decreased to EUR 69.5 (74.9) million, mainly due to higher depreciations. Our year was impacted by the relatively weak consumer confidence and cautious buying behaviour, despite the slight recovery from the previous year. In addition, the Lindex division faced product availability limitations during the third quarter, impacting the performance. During the year, the number of Lindex division's active customers continued to grow and the number of Stockmann's active loyal customers increased significantly. This demonstrates the relevance of our powerful brands and offering, omnichannel business model and the strength of our team.
I also want to mention a couple of other positive highlights. The Stockmann division's adjusted operating result for the year improved to EUR 1.2 (-3.9) million, being for the first time positive after many years. I congratulate the Stockmann team for the consistent progress. In addition, the Group's good cash flow development contributed to the positive net debt excluding lease liabilities.
In December, the Board of Directors announced that the evaluation of the strategic alternatives for the Stockmann department store business will continue, and the outcome of the strategic assessment will be communicated when appropriate.
I want to extend my heartfelt thanks to everyone at Lindex and Stockmann for their hard work and dedication during the year. I look forward to continuing this journey with our fantastic personnel, loyal customers, and valued partners, strengthening our company, driving growth, and creating even more value for our customers and shareholders. I have full confidence in our team in driving the strategic transformation of Lindex Group and I'm grateful to be on this path with all of you!
KEY FIGURES
10-12 | 10-12 | 1-12 | 1-12 | |
Revenue, EUR mill. | 284.7 | 273.7 | 952.3 | 940.1 |
Revenue growth, % | 4.0 | -0.2 | 1.3 | -1.2 |
Local currency revenue growth, % | 2.7 | 0.8 | 0.3 | -1.3 |
Digital share of revenue, % | 20.6 | 18.9 | 19.3 | 18.1 |
Digital revenue growth in local currencies, % | 12.0 | 8.7 | 6.4 | 6.3 |
Gross profit, EUR mill. | 168.3 | 159.1 | 554.4 | 547.9 |
Gross margin, % | 59.1 | 58.1 | 58.2 | 58.3 |
Adjusted operating result, EUR mill. | 39.4 | 36.1 | 69.5 | 74.9 |
Adjusted operating margin, % | 13.9 | 13.2 | 7.3 | 8.0 |
Operating result, EUR mill. | 33.8 | 33.1 | 64.7 | 60.9 |
Operating margin, % | 11.9 | 12.1 | 6.8 | 6.5 |
Net result for the period, EUR mill. *) | 29.6 | 19.8 | 24.4 | 13.2 |
Net debt excluding IFRS 16, EUR mill. | -51.6 | -31.8 | ||
Equity ratio, % | 33.3 | 30.0 | ||
Equity ratio excluding IFRS 16, % | 64.8 | 61.9 | ||
Inventories, EUR mill. | 163.8 | 169.6 | ||
Operating free cash flow, EUR mill. | 90.5 | 60.8 | 55.0 | 20.3 |
Capital expenditure, EUR mill. | 7.8 | 20.5 | 31.1 | 45.7 |
EPS, basic and diluted, EUR | 0.19 | 0.12 | 0.16 | 0.08 |
Adjusted EPS, basic and diluted, EUR | 0.22 | 0.14 | 0.18 | 0.15 |
Number of employees, average | 5 940 | 6 014 |
*) The net result for the fourth quarter improved mainly due to utilisation of tax losses carried forward.
ITEMS AFFECTING COMPARABILITY (IAC)
EUR million | 10-12 | 10-12 | 1-12 | 1-12 |
Operating result | 33.8 | 33.1 | 64.7 | 60.9 |
Adjustments to operating result | ||||
Costs and reversals related to restructuring programme and other disputes | 0.0 | 0.3 | -5.0 | 10.9 |
Costs related to strategic projects and structural changes | 5.7 | 2.7 | 9.8 | 7.5 |
Insurance claim settlement for losses related to COVID-19 | 0.0 | -4.4 | ||
Adjusted operating result | 39.4 | 36.1 | 69.5 | 74.9 |
EUR million | 10-12 | 10-12 2024 | 1-12 | 1-12 |
Net result for the period | 29.6 | 19.8 | 24.4 | 13.2 |
Non-controlling interest | 1.8 | 1.8 | ||
Adjustments to operating result | 5.7 | 2.9 | 4.8 | 14.0 |
Adjustments to taxes | -1.2 | -0.6 | -1.0 | -2.8 |
Adjusted net result for the period | 35.9 | 22.1 | 30.0 | 24.4 |
STRATEGY
Lindex Group's two divisions, Lindex and Stockmann, have their own strategies targeting sustainable and profitable growth. The divisions share the view that customer-centricity, an omnichannel approach and strong brands are key strategic factors in building future growth. Lindex Group has ambitious sustainability targets, and sustainability is a central part of the Group's operations.
The Lindex division's strategy builds on Lindex's purpose of driving meaningful change for women. The division's three strategic must-win areas are to accelerate growth, transform into a sustainable business, and decouple cost from growth. The Lindex division's financial targets and outcomes are presented in the table below.
Financial targets for the Lindex division | 2025 | 2024 | 2023 | 2022 |
3-5% annual local currency revenue growth in the mid-term and reaching an annual revenue of SEK 10 billion by 2030, % | 1.3 | -0.9 | 2.7 | 10.9 |
30% digital share of revenue in the mid-term, % | 22.1 | 20.8 | 19.0 | 18.5 |
15% adjusted operating margin in the long-term, % | 11.2 | 13.2 | 14.3 | 13.6 |
The Stockmann division's customer-centric strategy builds on Stockmann's purpose of being a marketplace for a good life. The Stockmann division has four strategic must-win areas, which are to improve operational efficiency, differentiate through curated offering, grow and leverage loyal customer base and optimise omnichannel performance. The Stockmann division's financial targets and the outcomes are presented in the table below.
Financial targets for the Stockmann division | 2025 | 2024 | 2023 | 2022 |
Revenue growth in line with market *) growth in the mid-term, % | -1.5**) | -2.2 | -0.6 | 10.0 |
Reaching a positive operating free cash flow in the mid-term, EUR mill. ***) | -19.4 | -19.4 | -12.0 | -20.9 |
5% adjusted operating margin in the mid-term, % | 0.4 | -1.3 | -2.0 | -1.7 |
*) Stockmann's addressable market in Finland, Latvia and Estonia, comprising of fashion, beauty and home categories. Market growth was -0.6% in 2025, -1,5% in 2024, 2.7% in 2023 and 7.0% in 2022. (Source: Statistics Finland, Statistics Estonia and Statistics Latvia data)
**) The Stockmann division's revenue was negatively affected by the closure of the Stockmann Itis department store and the transfer of furniture assortment sales to Vepsäläinen. Comparable sales were on par with the comparison period.
***) Operating free cash flow is calculated as EBITDA - items affecting comparability - lease payments +/- changes in net working capital - capital expenditure.
Both divisions are committed to Lindex Group's science-based climate target to reduce greenhouse gas emissions from its own operations and value chain by 42% by 2030 compared to the year 2022. The Science Based Targets initiative (SBTi) has validated and approved the Group's climate target.
STRATEGIC ASSESSMENT
In September 2023, Lindex Group's Board of Directors initiated a strategic assessment aiming to crystallise shareholder value by refocusing the Group's business on Lindex. As part of the investigation of strategic alternatives for Stockmann's department stores business, the Board is evaluating the best environment for developing the business in the future. These options include increasing the business' independence within the Group, considering possible ownership changes or strategic partnerships, or continuing under the current structure.
In December 2025, Lindex Group announced that its Board of Directors continues the strategic assessment and the Group will communicate the outcome of this work when appropriate.
EVENTS AFTER THE REPORTING PERIOD
On 5 February 2026, Lindex Group plc signed a EUR 50 million secured revolving credit facility agreement. The revolving credit facility matures in May 2027, subject to a 15-month extension option.
Financial Statements Bulletin 2025
This company announcement is a summary of the Lindex Group's Financial Statements Bulletin 2025 and includes the most relevant information of the report. The complete report is attached to this release as a pdf file and is also available on the company's website lindexgroup.com.
Annual reporting 2025
Lindex Group's Annual Report, which includes Business review, Financial Review, the Report of the Board of Directors and Sustainability Statement, Remuneration Report and Corporate Governance Statement will be published during the week beginning of 2 March 2026 (week 10).
Financial releases in 2026
The Annual General Meeting is planned to be held on 26 March 2026.
The financial reports will be released in 2026 as follows:
- Interim Report, January-March 2026: 28 April 2026
- Half Year Financial Report, January-June 2026: 17 July 2026
- Interim Report, January-September 2026: 22 October 2026
Webcast for analysts and the media
A media and analyst briefing will be held in English as a live webcast today, on 6 February 2026 at 10:00 a.m. EET. The event can be followed via this link. The recording and presentation material will be available on the company's website after the event.
LINDEX GROUP plc
Susanne Ehnbåge
CEO
Further information:
Susanne Ehnbåge, CEO
Henrik Henriksson, CFO
Contact via Lindex Group's MediaDesk info@stockmann.com, tel. +358 50 389 0011
Marja-Leena Dahlskog, Head of Communications & IR, tel. + 358 50 502 0060
Distribution:
Nasdaq Helsinki
Principal media
Lindex Group plc is an international multichannel retail group with two divisions: Lindex and Stockmann. Lindex is a global fashion company with a purpose to drive meaningful change for women. Its three strong categories include women's and kids' wear as well as lingerie, where it is a market leader in the Nordics. Stockmann is a premium multi-brand retailer with department stores in Finland and the Baltics. Its purpose is to be a marketplace for a good life. In 2025, the Lindex Group's revenue was EUR 952 million and it had some 5 940 employees. The Group's roots lie in the Stockmann company founded in 1862 and its shares are listed on the Nasdaq Helsinki Ltd. in Finland. www.lindexgroup.com
