Marimekko Corporation, Interim Report, 4 November 2026 at 8.00 a.m. EET
INTERIM REPORT OF MARIMEKKO, 1 Jan-30 Sept 2026: Marimekko's net sales and operating profit increased in the third quarter due to the excellent development of international sales
This release is a summary of Marimekko's interim report for the January-September period of 2026. The complete report is attached to this release as a pdf file and it is also available on the company's website at company.marimekko.com under Releases & publications.
The third quarter in brief
- Marimekko's net sales in the third quarter increased by 3 percent and amounted to EUR 52.1 million (50.8). Net sales were boosted especially by the excellent development of wholesale and retail sales in all international market areas. On the other hand, net sales development was weakened by the decrease in domestic sales.
- Net sales in Finland decreased by 9 percent as especially wholesale sales declined in the continued challenging operating environment. In a price-sensitive market situation, retail sales in Finland also decreased.
- International sales increased by 16 percent following the excellent development of net sales in all market areas.
- Marimekko's operating profit in the third quarter was EUR 12.7 million (12.5). Comparable operating profit totaled EUR 13.0 million (12.7) equaling to 25.0 percent of net sales (24.9).
- Operating profit was increased by growth of net sales and improved relative sales margin. On the other hand, increased fixed costs had a negative impact on the operating profit.
January-September in brief
- The company's cumulative net sales increased by 2 percent and totaled EUR 137.5 million (134.8). Net sales were boosted in particular by the growth of retail and wholesale sales in all international market areas. On the other hand, net sales were weakened by decreased sales in Finland.
- Net sales in Finland decreased by 6 percent as the continued challenging market situation impacted negatively particularly domestic retail sales.
- International sales grew by 11 percent with all international market areas reporting excellent development. Most growth was accrued in the Asia-Pacific region.
- Marimekko's operating profit amounted to EUR 22.6 million (23.1). Comparable operating profit totaled EUR 23.4 million (23.5) equaling to 17.0 percent of net sales (17.5).
- Operating profit was weakened, in particular, by increased fixed costs. On the other hand, improved relative sales margin and an increase in net sales had a positive impact on operating profit development.
Financial guidance for 2026 (unchanged)
The Marimekko Group's net sales for 2026 are expected to grow from the previous year (2025: EUR 189.6 million). Comparable operating profit margin is estimated to be approximately some 16-19 percent (2025: 17.1 percent). Development of consumer confidence and purchasing power in the company's main markets, in particular, cause significant volatility to the outlook for 2026. This development is strongly impacted by rapid changes and uncertainties in geopolitics and global trade policy, among others. In addition, different disruptions in global supply chains can cause volatility to the outlook.
Uncertainties related to the development of net sales and result are described in more detail in the Major risks and factors of uncertainty section of the Interim Report.
Key Figures
| (EUR million) | 7-9/ 2026 | 7-9/ 2025 | Change, % | 1-9/ 2026 | 1-9/ 2025 | Change, % | 1-12/ 2025 |
| Net sales | 52.1 | 50.8 | 3 | 137.5 | 134.8 | 2 | 189.6 |
| International sales | 27.1 | 23.3 | 16 | 70.2 | 63.3 | 11 | 87.2 |
| % of net sales | 52 | 46 | 51 | 47 | 46 | ||
| EBITDA | 15.5 | 15.0 | 3 | 30.7 | 30.5 | 1 | 41.9 |
| Comparable EBITDA | 15.7 | 15.2 | 4 | 31.5 | 30.9 | 2 | 42.3 |
| Operating profit | 12.7 | 12.5 | 2 | 22.6 | 23.1 | -2 | 31.8 |
| Operating profit margin, % | 24.4 | 24.6 | 16.4 | 17.1 | 16.8 | ||
| Comparable operating profit | 13.0 | 12.7 | 3 | 23.4 | 23.5 | -1 | 32.3 |
| Comparable operating profit margin, % | 25.0 | 24.9 | 17.0 | 17.5 | 17.1 | ||
| Result for the period | 10.2 | 9.9 | 4 | 17.9 | 17.4 | 3 | 24.4 |
| Earnings per share, EUR | 0.25 | 0.24 | 4 | 0.44 | 0.43 | 3 | 0.60 |
| Comparable earnings per share, EUR | 0.26 | 0.25 | 5 | 0.46 | 0.44 | 5 | 0.61 |
| Cash flow from operating activities | 5.3 | 11.4 | -53 | 13.0 | 12.1 | 8 | 34.5 |
| Gross investments | 0.3 | 0.5 | -46 | 1.2 | 2.2 | -44 | 2.9 |
| Return on capital employed (ROCE), % | 32.0 | 33.0 | 30.0 | ||||
| Equity ratio, % | 60.0 | 57.9 | 57.7 | ||||
| Gearing, % | 7.8 | 21.5 | -9.3 | ||||
| Net debt / EBITDA (rolling 12 months) | 0.13 | 0.34 | -0.17 | ||||
| Personnel at the end of the period | 481 | 480 | 0 | 493 | |||
| outside Finland | 75 | 89 | -16 | 92 | |||
| Brand sales* | 103.4 | 99.9 | 4 | 271.6 | 286.9 | -5 | 385.1 |
| outside Finland | 68.1 | 60.3 | 13 | 175.8 | 186.4 | -6 | 240.7 |
| proportion of international sales, % | 66 | 60 | 65 | 65 | 62 | ||
| Number of stores | 184 | 169 | 9 | 174 |
* Brand sales are given as an alternative non-IFRS key figure, representing the reach of the Marimekko brand through different distribution channels. An unofficial estimate of sales of Marimekko products at consumer prices, brand sales are calculated by adding together the company's own retail net sales and the estimated retail value of Marimekko products sold by other retailers. The estimated retail value is based on the company's realized wholesale sales and licensing income. The estimates based on wholesale sales and licensing income do not typically include possible retail discounts. Brand sales do not include VAT, and the key figure is not audited. Some licensees provide exact retail figures, in which case these figures are used in reporting brand sales. For other licensing agreements, Marimekko's own retail coefficients for different markets are used. Licensing income is reported as brand sales when licensed products are sold.
The change percentages in the table were calculated on exact figures before the amounts were rounded to millions of euros. The figure for comparable earnings per share takes account of similar items as comparable operating profit; tax effect included. Reconciliation of alternative key figures to IFRS and management's discretion regarding items affecting comparability are presented in the table section of the Interim Report.
Tiina Alahuhta, President and CEO, in conjunction with the report:
"Marimekko's net sales grew and operating profit improved in the third quarter, as a result of the excellent development of international sales. The continued challenging market situation affected sales in Finland.
Marimekko's net sales for the third quarter increased by three percent and amounted to EUR 52.1 million (50.8). The development of both our wholesale as well as retail sales was excellent in all of our international market areas, and our total international sales grew by 16 percent. The operating environment in Finland remained challenging and, in the price-sensitive market conditions, domestic net sales decreased by nine percent as wholesale sales, in particular, decreased year-on-year.
Our results in July-September were boosted by net sales growth and our improved relative sales margin. Our comparable operating profit increased by three percent to EUR 13.0 million (12.7), representing 25.0 percent of net sales (24.9).
In January-September, our net sales increased by two percent to EUR 137.5 million (134.8), as both retail and wholesale sales increased across all of our international market areas. Our comparable operating profit came to EUR 23.4 million (23.5), representing 17.0 percent of net sales (17.5). As is typical for our industry, the fourth quarter is important for Marimekko in terms of sales. The operating environment is highly volatile, and the development of consumer confidence and consumer purchasing behavior, especially in our domestic market, naturally has an impact on our business. Thus, we now expect our net sales in Finland to decrease in 2026, while we estimate our international net sales to grow on the comparable year. Our financial guidance for 2026 remains unchanged: the Marimekko Group's net sales for 2026 are expected to grow from the previous year, and the comparable operating profit margin is estimated to be approximately some 16-19 percent.
The excellent development of international net sales in a globally challenging general market situation is a testament to the strong appeal of our brand and the results of our systematic brand-building work in the highly competitive fashion and design market. In the third quarter, we continued our consistent efforts to expand the global Marimekko phenomenon and scale our profitable growth. In July, an exhibition showcasing extensively Marimekko's design philosophy was opened in Kyoto. The exhibition will tour Japanese museums for the next two years. Marimekko's Art of Flowers tour, which features floral designs, also made its way around key cities in Asia. At the beginning of August, we launched our Spring/Summer 2027 collection with an impressive show at Copenhagen Fashion Week gathering an audience of several hundred influencers, journalists and buyers from around the world. In Helsinki, new prints created for Marimekko by the Danish textile designer Vibeke Rohland were showcased to industry professionals and the broader Marimekko community: The prints were featured in the interior decor of the Futuro House seen at Helsinki Design Week and as part of a limited-edition capsule collection created by the fashion designer Rolf Ekroth. In addition to brand events that generate interest, brand ambassadors play a significant role in building awareness, especially in Asia, which is an important market for Marimekko. In July, Thai actor and TV host Toey Jarinporn became Marimekko's first-ever brand ambassador.
Our store network was expanded further in the third quarter with the opening of four new Marimekko stores or shop-in-shops, along with 11 smaller shop-in-shops or pop-up stores, across Asia. A large part of these larger and smaller openings was in the Philippines and Indonesia, which are new markets for Marimekko. In Indonesia, the grand opening of the new shop-in-shops was celebrated in style in September with a fashion show, among others. In addition, a Marimekko pop-up store delighted customers in the iconic Galeries Lafayette department store in Paris.
After the summer, uncertainties in the global economy have escalated further, and consumer confidence in Finland, for example, has sunken again after temporarily improving. Although the Finnish economy has grown, driven by exports and investments, it is not yet widely reflected in the daily life of consumers, which is influenced by factors such as growing fear of unemployment, increased fuel prices, expectations for resurgent inflation and higher interest rates. Surveys indicate that women, in particular, have reduced their spending on specialty retail purchases over the past year. This has also been reflected in Marimekko's sales in Finland, where the significance of price in purchasing decisions has been emphasized further. With this domestic market economic climate in mind, we are continuously developing our collections so that our lifestyle assortment covers an even wider range of price points - without compromising on quality - and thereby serves customers even better than before in a more price-sensitive operating environment. Naturally, we hope that the strengthened economic growth in Finland will gradually begin to be reflected favorably in consumer buying behavior also in the premium segment in which we operate.
I want to thank our customers in both Finland and the international markets for their trust in the Marimekko brand. The trust we build every day through our products, actions and choices is also reflected in Marimekko being ranked among Finland's ten most reputable companies for the ninth consecutive time in the Trust & Reputation survey conducted by Reputation and Trust Analytics. I want to express my gratitude to all of our employees and partners around the world for their determined work to grow the Marimekko phenomenon."
Market outlook and growth targets for 2026
There are significant uncertainties related to the development of the global economy, such as tensions related to geopolitics and trade relations. The war in Iran, rapid changes in trade policies as well as other uncertainties are reflected in consumer confidence, purchasing power and behavior and, as a result, can have a weakening impact on Marimekko's business in 2026. In addition, different disruptions in production and logistics chains as well as changes in these chains caused by uncertainties may also have a negative impact on the company's sales, profitability and cash flow.
Finland, Marimekko's important domestic market, traditionally represents about half of the company's net sales. Sales in Finland in 2026 are impacted by the uncertain general economy as well as the development of consumer confidence, purchasing power and behavior. While there are early signs of general economic recovery, the operating environment in Finland has remained price-sensitive and campaign-driven, and consumer confidence has weakened further, which have an impact on the business. The timing between quarters of the non-recurring promotional deliveries in Finnish wholesale sales and their size typically vary on an annual basis. In 2026, non-recurring promotional deliveries in wholesale sales are expected to grow from the comparable year and be weighted in the second half of the year, with the growth of promotional deliveries taking place in the fourth quarter of the year. Due to uncertainties in the market environment, net sales in Finland in 2026 are expected to decrease.
International sales are estimated to grow in 2026. In addition, net sales in the Asia-Pacific region, Marimekko's second-largest market area, are expected to increase. All brick-and-mortar Marimekko stores and most online stores in Asia are partner-owned. In 2026, the aim is to open approximately 15-20 new Marimekko stores and shop-in-shops, and most of the planned openings will be in Asia.
Licensing income in 2026 is forecasted to grow.
Due to the seasonal nature of Marimekko's business, a major portion of the company's euro-denominated net sales and operating result are traditionally generated during the second half of the year.
Marimekko develops its business with a long-term view and aims to continue scaling its profitable growth in the upcoming years. In 2026, fixed costs are expected to be up on the previous year. The general cost inflation continues to also affect Marimekko in 2026. Personnel expenses are impacted, for example, by general pay increases in different markets. Marketing expenses are expected to increase (2025: EUR 10.5 million).
Early commitments to product orders from partner suppliers, typical of the industry and partly further emphasized due to different factors, undermine the company's ability to optimize product orders and respond to rapid changes in demand and supply environment and thus increases business risks. There are also uncertainties related to global production and logistic chains, which may, for example, increase costs or cause delays, and thus have an impact on the company's sales and profitability. The ongoing war in Iran may increase production and logistics costs. Marimekko works actively in various ways to ensure competitive and functioning production and logistics chains, to mitigate increased costs and other negative impacts, to avoid delays, and to enhance inventory management.
Marimekko is monitoring particularly closely the changes in consumer confidence and purchasing power but also the development in global tensions and trade policy, the general economic situation as well as the impacts of different exceptional situations and disruptions, and adjusts its operations and plans accordingly.
Investor and media conference
A conference for institutional investors and media will be held in English on 4 November 2026 at 2.00 p.m. EET. A live webcast of the conference can be followed at https://marimekko.videosync.fi/q3-2026, and a recording of the webcast will be available at the same address later. Questions can be asked during the live webcast in writing.
Further information:
Tiina Alahuhta, President and CEO, tel. +358 9 758 71
Elina Anckar, CFO, tel. +358 9 758 7261
MARIMEKKO CORPORATION
Corporate Communications
Anna Tuominen
Tel. +358 40 5846944
anna.tuominen@marimekko.com
DISTRIBUTION:
Nasdaq Helsinki Ltd
Key media
Marimekko is a Finnish lifestyle design company renowned for its original prints and colors. The company's product portfolio includes high-quality clothing, bags and accessories as well as home décor items ranging from textiles to tableware. When Marimekko was founded in 1951, its unparalleled printed fabrics gave it a strong and unique identity. In 2025, the company's net sales totaled EUR 190 million and comparable operating profit margin was 17.1 percent. Globally, there are over 170 Marimekko stores, and online store serves customers in 39 countries. The key markets are Northern Europe, the Asia-Pacific region and North America. The Group employs about 490 people. The company's share is quoted on Nasdaq Helsinki Ltd. www.marimekko.com
Attachment
- Marimekko Corporation Interim Report 1-9_2026
