Slides
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Interim Report July–September 2025 Susanne Ehnbåge, CEO Henrik Henriksson, CFO 24 October 2025
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• Business update • Financial update • Way forward • Q&A Agenda 2
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Business update 3
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Consumer confidence remained low, but a slight upward trend may support gradual recovery in consumer spending -25 -20 -15 -10 -5 0 5 Jul 2024 Aug 2024 Sep 2024 Oct 2024 Nov 2024 Dec 2024 Jan 2025 Feb 2025 Mar 2025 Apr 2025 May 2025 Jun 2025 Jul 2025 Aug 2025 Sep 2025 Sweden Finland NorwaySources: Eurostat and Opinion Norway 4
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5 5 Key messages Stockmann division : Profitability improvement continued, positive rolling 12-month result Strategic assessment continues, expected to be finalised in H2 2025 Corporate restructuring programme completed in August Lindex Group’s revenue and adj. operating result improved in Q3 Lindex division: Omnichannel distribution centre ramp-up progressed Lindex Group’s full-year guidance specified
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Group’s revenue increased • The Group’s revenue increased by 2.5% and was at the previous year’s level i n local currencies • Lindex division’s revenue increased by 3.8% and 1.0% in local currencies • Stockmann division’s revenue was on par with the comparison period Group’s adjusted operating result increased • Lindex division’s adjusted operating result declined mainly due to decreased gross margin, increased operating costs and depreciations. Temporary supply limitations impacted the performance. • Stockmann division’s adjusted operating result continued to improve due to systematic operational and cost efficiency measures Lindex Group’s Q3: Revenue and adjusted operating result improved 222.1 227.6 100.0 150.0 200.0 250.0 REVENUE, M€ 2.5% Q3 2024 Q3 2025 15.8 16.6 0.0 10.0 20.0 30.0 ADJUSTED OPERATING RESULT , M€ 0.9 M€ Q3 2024 Q3 2025 6
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• Revenue increased by 3.8% • Sales growth in physical stores • Lingerie best performing category • The ramp-up of new, highly automated omnichannel warehouse continued at full intensity • All central stock garments being handled at the new centre, old warehouse in Partille closed • E-commerce ramp-up is progressing steadily – app. 20% of e-com orders processed at the new centre • Further progress within circular transformation • Development of Digital Product Passport (DPP) • T aking the lead in extended producer responsibility • Recognised as ‘Leader’ Textile Exchange Materials Benchmark • After the reporting period, successful opening of first own store in Denmark Lindex division, Q3 2025 7
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• Performance improvement continued • Sixth consecutive quarter of improving results • Positive rolling 12-month adjusted operating result of 0.9 MEUR - first in many years • Fashion, food & home categories performed well • Digital sales grew by 14% • Vepsäläinen partnership launched in multiple department stores and e -com • Successful renovations in Turku and Riga strengthening premium omnichannel experience • Number of active & new loyal customers and their share of revenue continued to increase clearly • After the reporting period, Crazy Days campaign performed better than last year Stockmann division, Q3 2025 8
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Guidance 2025 Specified on 24 October 2025: In 2025, Lindex Group expects its revenue to increase by 0−2% in local currencies compared to 2024. The Group’s adjusted operating result is estimated to be EUR 70−80 million. Foreign exchange rate fluctuations may have a significant effect on the adjusted operating result. Published on 7 February 2025: In 2025, Lindex Group expects its revenue to increase by 0−4% in local currencies compared to 2024. The Group’s adjusted operating result is estimated to be EUR 70−90 million. Foreign exchange rate fluctuations may have a significant effect on the adjusted operating result. 9
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10 Financial update 10
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• Revenue increased by 3.8% and 1.0% in local currencies • Gross margin stood at 62.7% (63.3), due to increased promotional activities • Comparable operating costs increased slightly to EUR 64.6 (63.5) million, mainly impacted by goods handling costs • Adjusted operating result was EUR 20.2 (21.1) million mainly due to a decrease in gross margin, increased operating costs and depreciations Q3: The Lindex division’s revenue increased despite the supply delays 159.3 165.4 50.0 100.0 150.0 200.0 LINDEX DIVISION REVENUE, M€ 3.8% 21.1 20.2 0.0 10.0 20.0 30.0 40.0 LINDEX DIVISION ADJUSTED OPERATING RESULT , M€ -0.9 M€ Q3 2024 Q3 2025 Q3 2024 Q3 2025 11
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• Revenue was on par with the PY • Comparable revenue, excluding the impact of the Itis department store closure and the transfer of the furniture category to Vepsäläinen, grew clearly compared to the comparison period • Gross margin stood at 45.5% (45.3), mainly due to improved clearance and promotional sales margins • Adjusted operating result improved due to successfully implemented efficiency measures Q3: The Stockmann division improved profitability, revenue on par 62.9 62.4 0.0 50.0 100.0 STOCKMANN DIVISION REVENUE, M€ -0.8% -4.5 -2.6 -5.0 -4.0 -3.0 -2.0 -1.0 0.0 STOCKMANN DIVISION ADJUSTED OPERATING RESULT , M€ 1.9 M€ Q3 2024 Q3 2025 Q3 2024 Q3 2025 12
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Q3: Changes in Group revenue and adjusted operating result 15.8 -0.9 1.9 -0.1 16.6 Q3 2024 Lindex Stockmann Group costs Q3 2025 00 02 04 06 08 10 12 14 16 18 CHANGES IN ADJUSTED OPERATING RESULT, M€ 222.1 6.1 -0.5 227.6 Q3 2024 Lindex Stockmann Q3 2025 100 120 140 160 180 200 220 240 260 280 CHANGES IN REVENUE, M€ Supply delays related to OCDC Successful efficiency measures continuedClosure of Itis department store and the transfer of the furniture category to Vepsäläinen Lower gross margin, increased operating costs and depreciations 13 Group costs
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Q3: Group key figures REVENUE, M€ 2.5% ADJUSTED OPERATING RESULT , M€ 0.9 M€ 15.1 M€ (15.0) Operating result 58.0% (58.2) Gross margin 0.01 € (0.01) EPS, basic 1.9 M€ (1.8) Net result 222.1 227.6 100.0 150.0 200.0 250.0 300.0 Q3 2024 Q3 2025 15.8 16.6 0.0 10.0 20.0 30.0 Q3 2024 Q3 2025 14
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The divisions’ profitability levels 36.2 33.5 42.9 39.6 47.1 62.1 70.8 80.3 93.3 100.0 91.3 90.0 90.0 87.3 91.0 90.3 88.9 83.5 78.4 82.9 78.4 70.4 69.5 -1.8 -16.8 -17.8 -48.2 -49.7 -38.7 -33.7 -9.9 -5.1 -2.5 -2.3 -5.4 -5.1 -7.0 -12.0 -6.3 -8.7 -5.8 -5.5 -3.9 -1.8 -1.0 0.9 -60 -40 -20 0 20 40 60 80 100 120 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Lindex Stockmann EUR mill. ADJUSTED OPERATING RESULT ROLLING TWELVE MONTHS, M€ 15
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• CAPEX, excluding the Lindex omnichannel distribution centre EUR 17.4 (19.4) million • Omnichannel distribution centre EUR 5.8 (5 .8) million 1–9 2025: Operating free cash flow and capital expenditure -40.5 -35.5 -50.0 -40.0 -30.0 -20.0 -10.0 0.0 OPERATING FREE CASH FLOW, M€* 25.2 23.3 0.0 10.0 20.0 30.0 CAPITAL EXPENDITURE (EXCL. IFRS 16 ITEMS), M€ 1-9 2024 1-9 2025 1-9 2024 1-9 2025 • Inventories were EUR 193.9 (198.6) million By the end of September, EUR 102 million of the total omnichannel distribution centre investment of EUR 110 million has been used * The operating free cash flow is excluding Lindex omnichannel distribution centre and IAC. 16
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Changes in cash position 114.7 107.5 -37.9 -87.7 -21.9 -14.6 -8.4 0.5 -4.1 5.6 53.6 Opening cash 1.1.2025 Adjusted EBITDA Change in NWC Lease payments CAPEX Paid/refund of taxes Restructuring payments Proceeds from loans Other adj. Currency diffs. Ending cash 30.9.2025 00 50 100 150 200 CHANGES IN CASH POSITION PER ITEM, M€ 53.6 M€ (65.9) Cash 137.5 113.8 -52.3 -82.7 -25.1 -13.0 -9.5 0.1 -2.9 65.9 Opening cash 1.1.2024 Adjusted EBITDA Change in NWC Lease payments CAPEX Paid/refund of taxes Restructuring … Other adj. Currency diffs. Ending cash 30.9.2024 00 50 100 150 200 2025 1–9 2024 1–9 Opening cash 1.1.2025 Adjusted EBITDA Change in NWC Lease payments CAPEX Paid/refund of taxes Proceeds from loans Other adjustments Currency differences Ending cash 30.9.2025 17 Restructuring payments Opening cash 1.1.2024 Adjusted EBITDA Change in NWC Lease payments CAPEX Paid/refund of taxes Restructuring payments Other adjustments Currency differences Ending cash 30.9.2024
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-313 -274 -325 -234 -278 119 73 100 36 61 36 66 11 30 -7 32 -32 1 -31 -400 -300 -200 -100 0 100 200 Q1/2021 Q2/2021 Q3/2021 Q4/2021 Q1/2022 Q2/2022 Q3/2022 Q4/2022 Q1/2023 Q2/2023 Q3/2023 Q4/2023 Q1/2024 Q2/2024 Q3/2024 Q4/2024 Q1/2025 Q2/2025 Q3/2025 Lindex Group’s financial position EUR mill. Conversion of unsecured debt to senior secured bonds Divestment of the property in Tallinn Divestment of the property in Riga Divestment of the property in Helsinki 64.3% (61.9) Equity ratio (excl. IFRS 16) 31.8% (29.2) Equity ratio 579.7 M€ (612.2) Lease liabilities 84.1 M€ (73.1) Interest-bearing liabilities (excl. IFRS 16) NET DEBT EXCL. IFRS 16 ITEMS, M€ 18
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19 Financial highlights Adjusted operating result improved – rolling 12-months positive for the first time in many years Lindex division’s revenue improved, but was impacted by supply delays Revenue increased and fashion market saw some recovery
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20 Way forward
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Lindex: Clear strategy for value creation Accelerate growth Transform to a sustainable business Decouple cost from growth 21
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• Advancing the new omnichannel warehouse towards full operation – a key enabler of our strategic long-term growth plan • Accelerate growth by deepening our presence in existing markets and expanding into new ones through strategic partnerships • Denmark – a key growth market • Finalising Digital Store Programme rollout • Continue digitalising the supply chain • Driving sustainability transformation Lindex division - 2025, Geared for growth 22
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Stockmann: Customer-centric strategy to ensure profitability and future growth Elevate offering: Increase focus on premium and luxury Grow and leverage loyal customer base Optimise omnichannel performance Improve operational efficiency 23
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• Continue systematic work with cost and operational efficiency to secure profitability development • Continuous development of the organization for efficient and agile commercial operations, focused on excellent retail • Strengthen digital commerce as the main driver for omnichannel competitiveness, supporting all channels • Secure most important retail moments in Q4 with unique fairytale window, Christmas shops and inspiring offering • Activate and inspire loyal customers with increasing personalization and automation Stockmann division - 2025, Systematic strategy execution with focus on profitability 24
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25 Further information lindexgroup.com investor.relations@stockmann.com Q&A