Tokmanni Group Corporation Financial Statement Bulletin 6 March 2026 at 8:00 am
FOURTH QUARTER 2025 HIGHLIGHTS
- Tokmanni Group's revenue grew by 2.8% (5.5%) and was EUR 510.8 million (496.9)
- Like-for-like revenue decreased by 1.7% (+3.6%)
- Comparable gross profit was EUR 183.8 million (177.3) and comparable gross profit % was 36.0% (35.7%)
- Comparable EBIT amounted to EUR 48.2 million (47.5), 9.4% of revenue (9.6%)
- Cash flow from operating activities amounted to EUR 108.6 million (76,5)
- Earnings per share, diluted was EUR 0.52 (0.50)
JANUARY-DECEMBER 2025 HIGHLIGHTS
- Tokmanni Group's revenue grew by 3.2% (20.3%) and was EUR 1,728.3 million (1,675.0)
- Like-for-like revenue decreased by 0.2% (+1.0%)
- Comparable gross profit was EUR 607.3 million (596.2) and comparable gross profit % was 35.1% (35.6%)
- Comparable EBIT amounted to EUR 84.8 million (99.7), 4.9% of revenue (6.0%)
- Cash flow from operating activities amounted to EUR 139.5 million (89.1)
- Earnings per share, diluted was EUR 0.62 (0.82)
DIVIDEND PROPOSAL
The Board of Directors proposes to the Annual General Meeting that a maximum dividend of EUR 0.34 per share be distributed for 2025. The Board of Directors proposes that the dividend be paid in two instalments.
The Board proposes that the first instalment of the dividend, EUR 0.17 per share, be paid to shareholders who are registered in the company's shareholder register maintained by Euroclear Finland Ltd, on the record date of the first dividend instalment, 30 April 2026. The Board proposes that the first dividend payment date is 13 May 2026.
In addition, the Board of Directors proposes that the 2026 Annual General Meeting authorise the Board of Directors to later decide, at its discretion, on the distribution of a maximum dividend of EUR 0.17 per share in one instalment during fall 2026.
OUTLOOK FOR 2026
In 2026, Tokmanni Group expects its revenue to be EUR 1,780-1,860 million. Comparable EBIT is expected to be EUR 85-105 million.
TOKMANNI GROUP CEO MIKA RAUTIAINEN
The year 2025 was full of work for Tokmanni Group in many respects. The harmonisation and integration of the Group's operations progressed rapidly, particularly during the second half of the year. The most significant part of the integration was the launch of the Nordic sourcing and buying organisation in September. Thanks to the Group's shared assortment of already around 5,900 products, purchasing volumes increased and purchase prices declined. Customers in the Dollarstore segment are being offered new product choices, and it's natural that it will take some time for them to get used to and adopt these options. Harmonisation of the supply chain and systems progressed in an orderly manner.
In Finland, consumer confidence over the overall economic situation remained weak, and the improvement in purchasing power was reflected mainly in a higher savings rate. In addition, competitors opened several new stores in Tokmanni's market areas in Finland. Our customers were cautious in their Christmas shopping because of the general economic uncertainty and Tokmanni segment's basket size declined in the fourth quarter. However, through efficient cost control and gross margin management, we succeeded in maintaining Tokmanni segment's profitability at a good level. Tokmanni segment's revenue in the fourth quarter declined by 0.4%. Comparable EBIT improved to EUR 40.9 million (37.0).
In Sweden and Denmark, the overall economic development was positive. Dollarstore segment's sales increased, but profitability remained modest. Dollarstore's operational development efforts to integrate the company into Tokmanni Group caused significant additional costs during 2025. After a weak first half of the year, we were nevertheless able to improve our performance in the second half. Driven by new store openings, Dollarstore segment's fourth-quarter revenue increased by 12.2% measured in euros. Comparable EBIT amounted to EUR 8.3 million (11.4).
During 2026, the harmonisation of operations between Tokmanni and Dollarstore will continue. With shared back-end systems and the organisation further strengthened, we can focus on improving profitability and accelerating sales growth in both segments. A unified assortment strategy will enhance the efficiency of our operations going forward. We believe that through our own actions we are well positioned to drive our success during the current year.
Dollarstore is clearly a turnaround company, and we are working hard to drive its growth and improve its profitability. We are focusing, among other things, on marketing to strengthen the low-price image and the new product assortment, expanding and developing the assortment, enhancing the efficiency of the supply chain, and improving the consumer perception. We are also investing in improving operational efficiency, for example, by developing and upgrading IT systems. We believe that our determined development efforts will turn the company on a clear growth path and lead to improved profitability. In the Tokmanni segment, we are focusing particularly on developing the SPAR business, from which we have already achieved excellent results.
Warm thanks to all our employees, customers, shareholders and partners for your cooperation.
Key figures
| 10-12/ 2025 | 10-12/ 2024 | Change % | 1-12/ 2025 | 1-12/ 2024 | Change % | |
| Revenue, MEUR | 510.8 | 496.9 | 2.8% | 1,728.3 | 1,675.0 | 3.2% |
| Like-for-like revenue development, % | -1.7 | 3.6 | -0.2 | 1.0 | ||
| Customer visit development, % | 1.3 | 6.8 | 1.8 | 2.8 | ||
| Gross profit, MEUR | 183.8 | 178.0 | 3.3% | 606.4 | 596.4 | 1.7% |
| Gross profit, % | 36.0 | 35.8 | 35.1 | 35.6 | ||
| Comparable gross profit, MEUR | 183.8 | 177.3 | 3.7% | 607.3 | 596.2 | 1.9% |
| Comparable gross profit, % | 36.0 | 35.7 | 35.1 | 35.6 | ||
| Operating expenses, MEUR | -103.3 | -100.2 | 3.1% | -394.9 | -374.1 | 5.6% |
| Comparable operating expenses, MEUR | -103.3 | -99.8 | 3.5% | -394.7 | -373.7 | 5.6% |
| EBITDA, MEUR | 82.4 | 80.0 | 3.0% | 217.1 | 227.2 | -4.5% |
| EBITDA, % | 16.1 | 16.1 | 12.6 | 13.6 | ||
| Comparable EBITDA, MEUR | 82.5 | 79.7 | 3.5% | 218.2 | 227.4 | -4.0% |
| Comparable EBITDA, % | 16.1 | 16.0 | 12.6 | 13.6 | ||
| Operating profit (EBIT), MEUR | 48.1 | 47.8 | 0.7% | 83.6 | 99.6 | -16.1% |
| Operating profit (EBIT), % | 9.4 | 9.6 | 4.8 | 5.9 | ||
| Comparable EBIT, MEUR | 48.2 | 47.5 | 1.5% | 84.8 | 99.7 | -15.0% |
| Comparable EBIT, % | 9.4 | 9.6 | 4.9 | 6.0 | ||
| Net financial items, MEUR | -9.9 | -11.4 | -12.8% | -38.1 | -38.8 | -1.9% |
| Capital expenditure, MEUR | 12.1 | 13.8 | -12.4% | 30.4 | 39.4 | -22.9% |
| Net cash from operating activities, MEUR | 108.6 | 76.5 | 139.5 | 89.1 | ||
| Net debt, MEUR | 886.4 | 816.3 | ||||
| Net debt without lease liabilities, MEUR | 245.6 | 255.3 | ||||
| Net debt / comparable EBITDA * | 4.06 | 3.59 | ||||
| Net debt / comparable EBITDA without lease liabilities * | 2.71 | 2.39 | ||||
| Return on capital employed, % | 7.4 | 9.7 | ||||
| Return on equity, % | 14.3 | 19.5 | ||||
| Equity ratio, % | 19.1 | 19.1 | ||||
| Number of shares, weighted average during the financial period (thousands) | 58,541 | 58,849 | 58,747 | 58,844 | ||
| Diluted number of shares, weighted average during the financial period (thousands) | 58,875 | 58,876 | 58,874 | 58,872 | ||
| Earnings per share, basic (EUR/share) | 0.52 | 0.50 | 0.62 | 0.82 | ||
| Earnings per share, diluted (EUR/share) | 0.52 | 0.50 | 0.62 | 0.82 | ||
| Personnel at the end of the period | 6,443 | 6,613 | ||||
| Personnel on average in the period (FTE) | 4,374 | 4,564 | 4,606 | 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://tokmannigroup.com/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/financial-statements-review-for-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.
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 390 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 2025, the Group's revenue was EUR 1,728.3 million and comparable EBIT amounted to EUR 84.8 million. Tokmanni Group Corporation's shares are listed on Nasdaq Helsinki.
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, Group Head of IR and Communications, tel. +358 40 562 2282, maarit.mikkonen(at)tokmanni.fi
Distribution
Nasdaq Helsinki
Key Media
