Marimekko Oyj

In Q2, Marimekko reported net sales of EUR 43.9 million and comparable operating profit of EUR 5.1 million, equal to 11.7% of net sales; operating profit was weaker mainly due to higher fixed costs. For the first half, net sales increased 2% to EUR 85.3 million and comparable operating profit was EUR 10.4 million, or 12.2% of net sales. International net sales rose 7% in Q2, APAC net sales rose 16%, Finland net sales fell 7% in Q2 and 4% in H1, and 2026 guidance was reiterated for net sales growth and a comparable operating profit margin of approximately 16% to 19%. Management also updated 2026 licensing income guidance to growth versus the previous year.

Tiina Alahuhta-Kasko framed the quarter as one of resilient top-line performance in a difficult environment, emphasizing that international growth—especially in Asia-Pacific—offset weak domestic demand. She repeatedly pointed to uncertainty from geopolitics, trade policy and weak consumer confidence, but stressed that Marimekko is continuing its scale strategy with long-term discipline. Her tone was confident but cautious, with an emphasis on brand-building, creativity and international expansion.

Elina Anckar highlighted that profitability was pressured by higher fixed costs, particularly personnel expenses from general pay increases and higher marketing costs. She also noted that relative sales margin improved from unrealized FX differences, lower logistics costs and higher licensing income, partly offset by higher discount costs. On balance sheet and working capital, she said operating cash flow improved, the financial position remained strong, and inventory at the end of H1 was slightly down versus last year while still being managed to support growth.

Analysts focused on the split between retail and wholesale in North America and Asia-Pacific, the inventory level heading into H2, the weaker Finland outlook, and the upgraded licensing income view. Management said North American retail sales rose 8% in Q2, while wholesale can fluctuate by client ordering patterns and had already shown some H1 growth. For Asia-Pacific, management said Q2 growth was driven by 43% retail sales growth and 6% wholesale growth, with new openings in the Philippines and Indonesia seen as early, small-scale steps for longer-term market learning rather than immediate major contributors.