Lindex Group: Strong adjusted operating result and revenue growth in both divisions
LINDEX GROUP plc, Interim report 22.10.2026 at 8:30 EEST
Lindex Group's Interim Report 1 January-30 September 2026
Lindex Group: Strong adjusted operating result and revenue growth in both divisions
July-September 2026:
- Lindex Group's revenue increased by 6.1% to EUR 241.5 (227.6) million and by 5.6% in local currencies.
- The Lindex division's revenue increased by 3.7% to EUR 171.5 (165.4) million and by 3.0% in local currencies.
- The Stockmann division's revenue increased by 12.3% to EUR 70.1 (62.4) million. - The Group's gross margin improved to 60.1% (58.0).
- The Group's adjusted operating result increased to EUR 24.1 (16.6) million.
- The Lindex division's adjusted operating result increased to EUR 24.2 (20.2) million, mainly driven by higher gross profit.
- The Stockmann division's adjusted operating result improved to EUR 1.0 (-2.6) million, driven by increased revenue and gross margin.
- Operating result increased to EUR 25.6 (15.1) million.
- Net result was EUR 12.1 (1.9) million.
- Basic and diluted earnings per share were EUR 0.07 (0.01).
January-September 2026:
- Lindex Group's revenue increased by 3.9% to EUR 693.9 (667.5) million and by 2.6% in local currencies.
- The Lindex division's revenue increased by 4.5% to EUR 484.8 (464.0) million and by 2.6% in local currencies.
- The Stockmann division's revenue increased by 2.7% to EUR 209.4 (203.9) million. - The Group's gross margin improved to 60.1% (57.8).
- The Group's adjusted operating result increased to EUR 42.6 (30.1) million.
- The Lindex division's adjusted operating result increased to EUR 50.1 (42.7) million, mainly due to increased gross profit.
- The Stockmann division's adjusted operating result improved to EUR -3.8 (-9.7) million, driven by increased gross profit and lower operating costs.
- Operating result was EUR 42.4 (31.0) million.
- Net result was EUR 7.6 (-5.2) million.
- Basic and diluted earnings per share were EUR 0.05 (-0.03).
Guidance for 2026 (specified on 22 October 2026):
Lindex Group has specified its guidance within the range based on the January-September 2026 performance.
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 75-90 million. Foreign exchange rate fluctuations may have a significant effect on the adjusted operating result.
Previous guidance for 2026 (published on 6 February 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 continued to be volatile as geopolitical uncertainty and the risks for global trade disturbances have remained elevated. Potential unexpected or prolonged negative developments, such as increasing energy prices resulting from increased geopolitical tensions, could add to inflationary pressures and slow economic growth in the Group's key markets. While GDP (Gross Domestic Product) growth forecasts for 2026 remain moderate in the Group's key markets, the development varies between countries and the outlook remains uncertain. Consumer confidence remains fragile, although signs of gradual improvement were visible during the quarter. Disruptions in supply chains and international logistics during the year cannot be excluded.
CEO Susanne Ehnbåge:
I am pleased with Lindex Group's performance in the third quarter, with broad-based revenue growth and a strong improvement in profitability. Group revenue increased by 6.1% to EUR 241.5 million, with both divisions contributing to growth across all categories. This is a positive, particularly considering the varying and partly fragile consumer sentiment across our key markets.
The Group's adjusted operating result increased to EUR 24.1 (16.6) million. The improvement was seen across all categories in both divisions and benefited from gross margin improvements. The development reflects continued progress as the divisions advanced their strategic priorities.
Alongside delivering the quarter, we continued to strengthen the foundations for future profitable growth. In Lindex, we are broadening our reach across channels and markets, further developing the digital and partnership capabilities and continuing the expansion in Denmark. After the reporting period, we opened our third store in Denmark, Aarhus, with a fourth store planned for the first half of 2027.
The optimisation of Lindex's new omnichannel distribution centre continued according to plan. Our focus is on realising the long-term value of this investment through improved efficiency, cost savings and increased capacity to support future growth.
Stockmann continued to make progress across its strategic priorities, strengthening its loyal customer base, brand offering and omnichannel capabilities. Revenue developed positively throughout the quarter, with growth recorded in each month. The Crazy Days campaign, which was mainly held after the reporting period, also contributed positively to revenue development.
Financial discipline remains an important priority for the Group. After the first nine months of the year, the Group financial position has improved from the comparison period, with cash and cash equivalents exceeding interest-bearing debt.
Based on our performance to date and our current outlook for the remainder of the year, we have specified our guidance for 2026. Lindex Group expects revenue to grow in local currencies compared with 2025, and the Group's adjusted operating result is estimated at EUR 75-90 million, subject to the impact of foreign exchange rate fluctuations.
As we enter the commercially important fourth quarter, our priorities remain clear: driving profitable growth, maintaining strong cost and inventory discipline, and continuing to execute our strategic agenda to strengthen the Group's long-term competitiveness. Market conditions remain uncertain, but the progress we have made provides a solid foundation for moving forward.
I would like to thank our customers, shareholders and partners for their continued trust, and our employees for their commitment and contribution.
KEY FIGURES
7-9 | 7-9 | 1-9 | 1-9 | 1-12 | |
Revenue, EUR mill. | 241.5 | 227.6 | 693.9 | 667.5 | 952.3 |
Revenue growth, % | 6.1 | 2.5 | 3.9 | 0.2 | 1.3 |
Local currency revenue growth, % | 5.6 | 0.5 | 2.6 | -0.6 | 0.3 |
Digital share of revenue, % | 17.6 | 18.0 | 17.4 | 18.8 | 19.3 |
Digital revenue growth in local currencies, % | 4.2 | 1.3 | -4.1 | 4.0 | 6.4 |
Gross profit, EUR mill. | 145.2 | 132.0 | 417.2 | 386.1 | 554.4 |
Gross margin, % | 60.1 | 58.0 | 60.1 | 57.8 | 58.2 |
Adjusted operating result, EUR mill. | 24.1 | 16.6 | 42.6 | 30.1 | 69.5 |
Adjusted operating margin, % | 10.0 | 7.3 | 6.1 | 4.5 | 7.3 |
Operating result, EUR mill. | 25.6 | 15.1 | 42.4 | 31.0 | 64.7 |
Operating margin, % | 10.6 | 6.6 | 6.1 | 4.6 | 6.8 |
Net result for the period, EUR mill. | 12.1 | 1.9 | 7.6 | -5.2 | 24.4 |
Net debt excluding IFRS 16, EUR mill. | -30.6 | 30.5 | -51.6 | ||
Equity ratio, % | 34.1 | 31.8 | 33.3 | ||
Equity ratio excluding IFRS 16, % | 67.4 | 64.3 | 64.8 | ||
Inventories, EUR mill. | 187.8 | 193.9 | 163.8 | ||
Operating free cash flow, EUR mill. | 0.1 | -18.3 | -11.3 | -35.5 | 55.0 |
Capital expenditure, EUR mill. | 6.2 | 7.3 | 20.2 | 23.3 | 31.1 |
EPS, basic, EUR | 0.07 | 0.01 | 0.05 | -0.03 | 0.16 |
EPS, diluted, EUR | 0.07 | 0.01 | 0.05 | -0.03 | 0.16 |
Number of employees, average | 5 956 | 5 954 | 5 940 |
ITEMS AFFECTING COMPARABILITY (IAC)
EUR million | 7-9 | 7-9 | 1-9 | 1-9 | 1-12 |
Operating result | 25.6 | 15.1 | 42.4 | 31.0 | 64.7 |
Adjustments to operating result | |||||
Costs related to strategic projects and structural changes | 0.5 | 1.3 | 2.2 | 4.1 | 9.8 |
Costs and reversals related to restructuring programme and other disputes | 0.2 | -5.0 | -5.0 | ||
Gain on lease modifications of sale-and-leaseback items | -2.0 | -2.0 | |||
Adjusted operating result | 24.1 | 16.6 | 42.6 | 30.1 | 69.5 |
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 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.
Both divisions are committed to Lindex Group's science-based climate target to reduce greenhouse gas emissions from energy and industrial sources in its own operations and value chain by 42% by 2030 compared to the year 2022. The Group is also committed to reducing absolute Scope 3 greenhouse gas FLAG (Forest, Land, Agriculture) emissions by 30.3% 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.
Interim Report
This company announcement is a summary of the Lindex Group's Interim Report 1 January-30 September 2026 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.
Webcast for analysts and the media
A media and analyst briefing will be held in English as a live webcast today, on 22 October 2026 at 10:00 a.m. EEST. The event can be followed via this link. The recording and presentation material will be available on the company's website after the event.
Helsinki, 21 October 2026
LINDEX GROUP plc
Board of Directors
Further information:
Susanne Ehnbåge, CEO
Henrik Henriksson, CFO
Contact via Lindex Group's MediaDesk info@stockmann.com, tel. +358 50 389 0011
Anna Appelqvist, Director, Communications & IR, tel. +46 734 244527
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
