Marimekko Oyj

Q2 net sales were EUR 43.9 million. Comparable operating profit was EUR 5.1 million, equal to 11.7% of net sales, and operating profit was hurt mainly by increased fixed costs. On the first half, net sales rose 2% to EUR 85.3 million and comparable operating profit margin was 12.2%. International sales increased 7% in Q2, with Asia-Pacific up 16%; Finland sales fell 7% in Q2 and 4% in the first half. For 2026, Marimekko reiterated that net sales are expected to grow, comparable operating profit margin is estimated at approximately 16% to 19%, and licensing income is now expected to grow from the previous year. The company also said it plans to open approximately 10 to 15 new Marimekko stores and shop-in-shops in 2026, mostly in Asia.

Tiina Alahuhta-Kasko said the quarter showed Marimekko’s international momentum even as the operating environment stayed uncertain. She emphasized strong APAC growth, brand-building events, and new market entries in Southeast Asia as part of scaling the brand globally. Her tone was constructive but cautious, repeatedly pointing to weak consumer confidence, geopolitical tensions, and trade policy uncertainty as constraints.

Elina Anckar’s main financial message was that the balance sheet and inventory position remained under control, with cash flow from operating activities improved and financial position strong. She said inventory at the end of H1 was a little down versus last year and highlighted the need to keep inventory optimal for growth. On costs, management said fixed costs rose due to general pay increases, higher personnel expenses, and higher marketing spend, while the relative sales margin benefited from unrealized FX differences, lower logistics costs, and higher licensing income.

Analysts pressed management on North America, Asia-Pacific, inventory, Finland’s weak outlook, the upgraded licensing income view, and the new medium-term targets. Management said North American retail sales rose 8% in Q2, while wholesale can fluctuate by client ordering timing; Asia-Pacific growth came mainly from retail, which grew 43%, with wholesale up 6%, and new markets like the Philippines and Indonesia are still early-stage brand-building moves. On Finland, management said consumer confidence remains weak and the outlook reflects that, but nonrecurring promotional wholesale deliveries are expected to be weighted to H2. They also said the licensing income outlook improved and that AI, digital capabilities, and market-specific online ecosystems are increasingly important for agility and growth.