Interim report
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Interim Report Q3 2025
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Lindex Group’s Interim Report Q3 2025 2 LINDEX GROUP plc, Interim Report 24.10.2025 at 8:30 EEST Lindex Group’s third quarter revenue and adjusted operating result improved, Stockmann division’s result improved for the sixth consecutive quarter July–September 2025: • Lindex Group plc’s restructuring programme was concluded on 15 August 2025. • Lindex Group’s revenue increased by 2.5% to EUR 227.6 (222.1) million. The revenue was at the previous year’s level in local currencies. - The Lindex division’s revenue was EUR 165.4 (159.3) million. The revenue increased by 3.8%, and by 1.0% in local currencies. - The Stockmann division’s revenue, EUR 62.4 (62.9) million, stood at the previous year’s level. • The Group’s gross margin was 58.0% (58.2). • The Group’s adjusted operating result increased to EUR 16.6 (15.8) million. - The Lindex division’s adjusted operating result, EUR 20.2 (21.1) million, was impacted by a decrease in gross margin, increased operating costs and depreciations. The Lindex division’s performance was impacted by temporary supply limitations. - The Stockmann division’s adjusted operating result improved to EUR -2.6 (-4.5) million, mainly thanks to the impact of systematic operational and cost efficiency measures. • Operating result was on par with the comparison period, at EUR 15.1 (15.0) million. • Net result was on par with the comparison period, at EUR 1.9 (1.8) million. • Basic and diluted earnings per share were EUR 0.01 (0.01). January–September 2025: • Lindex Group’s revenue was EUR 667.5 (666.5) million. The revenue was at the previous year’s level in local currencies. - The Lindex division’s revenue increased to EUR 464.0 (459.7) million. In local currencies, the revenue was at the previous year’s level. - The Stockmann division’s revenue was EUR 203.9 (206.9) million. • The Group’s gross margin was 57.8% (58.3). • The Group’s adjusted operating result declined to EUR 30.1 (38.8) million. - The Lindex division’s adjusted operating result declined to EUR 42.7 (56.1) million. - The Stockmann division’s adjusted operating result improved to EUR -9.7 (-14.5) million. • Operating result improved to EUR 31.0 (27.7) million. • Net result was EUR -5.2 (-6.5) million. • Basic and diluted earnings per share were EUR -0.03 (-0.04). Guidance for 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. Previous guidance for 2025 (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. Market outlook for 2025: The macroeconomic situation in Lindex Group’s main markets has been volatile throughout the year as continuing geopolitical uncertainty, together with the risks for global trade disturbances, have slowed down the economic recovery. Despite lower interest rates and decreased inflation, GDP (Gross Domestic Product) growth forecasts for 2025 have remained very cautious. However, consumer confidence shows some signs of gradual improvement, which, together with increasing household purchasing power, may support a more favourable development in consumer demand during the remaining part of the year. The situation may still vary across the Group’s different markets, and disruptions in supply chains and international logistics during the year cannot be excluded.
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Lindex Group’s Interim Report Q3 2025 3 CEO Susanne Ehnbåge: The key highlight of the third quarter was the conclusion of Lindex Group’s five-year long corporate restructuring programme. We reached this significant milestone on 15 August 2025 and are now well-positioned to develop our business on a long term and focus on achieving sustainable growth. When it comes to the strategic assessment of the Stockmann department store business, the Board of Directors continues to evaluate the strategic alternatives for the business. The outcome of this evaluation will be communicated during the fourth quarter. A gradual improvement of consumer confidence continued during the third quarter in most of our key markets. This development was reflected also in the recovery of the fashion market, which represents the single biggest category of Lindex Group. The fashion market started to pick up during the quarter in our biggest home markets, which contributed positively to the Group’s revenue. Lindex Group’s revenue increased to EUR 227.6 (222.1) million and adjusted operating result to EUR 16.6 (15.8) million during the third quarter. I am pleased that we were able to deliver growth, supported by the gradually recovering fashion market. In addition, we started the preparations for opening our first own store in Denmark, which supports well the strategic growth journey of the Lindex division. The Lindex division’s third-quarter revenue was EUR 165.4 (159.3) million and adjusted operating result stood at EUR 20.2 (21.1) million. The Lindex division’s financial performance was impacted by a temporary technical issue at the new omnichannel distribution centre in August, which resulted in longer supply lead times, and impacted product availability in all our sales channels. The division’s supply capability was stabilised after the reporting period. The Stockmann division’s revenue was EUR 62.4 (62.9) million and its adjusted operating result improved to EUR -2.6 (-4.5) million. I am very pleased with the Stockmann division’s result improvement, which already marked the sixth consecutive quarter of improving results. The Stockmann division’s rolling 12-month adjusted operating result, EUR 0.9 million, was also the first positive rolling 12-month result for the division in many years. The team’s focused efforts on Stockmann’s strategic priorities paid off as the operational and cost efficiency measures improved profitability. In addition, Stockmann achieved a 14% increase in digital sales during the third quarter, supporting its strategic target to enhance digital commerce as the driver of Stockmann’s omnichannel performance. Stockmann’s Crazy Days campaign, which was held after the reporting period, performed better than in the previous year. This is a great achievement, considering that Stockmann is today operating with seven department stores instead of the eight stores during the comparison period. As we step into the holiday season, I’m filled with optimism and energy. This time of the year offers us a unique opportunity to shine – by delivering exceptional service, showcasing the best of what we offer, and creating moments that truly matter to our customers. Our success is built on the dedication and passion of our people. Together, we can make this season not only successful, but genuinely memorable.
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Lindex Group’s Interim Report Q3 2025 4 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 empowering and inspiring women everywhere. 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 elevate offering by increasing focus on premium and luxury, grow and leverage loyal customer base, optimise omnichannel performance, and improve operational efficiency. Both divisions are committed to Lindex Group’s science-based climate target to reduce greenhouse gas emissions from its own operations and value chain by 42% by 2030 compared to the year 2022. The Science Based Targets initiative (SBTi) has validated and approved the Group’s climate target. 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 ITEMS AFFECTING COMPARABILITY (IAC) KEY FIGURES EUR million 7–9/2025 7–9/2024 1–9/2025 1–9/2024 1–12/2024 Operating result 15.1 15.0 31.0 27.7 60.9 Adjustments to operating result Costs and reversals related to restructuring programme and other disputes 0.2 0.2 -5.0 10.7 10.9 Costs related to strategic projects and structural changes 1.3 0.6 4.1 4.9 7.5 Insurance claim settlement for losses related to COVID-19 -4.4 -4.4 Adjusted operating result 16.6 15.8 30.1 38.8 74.9 7–9/2025 7–9/2024 1–9/2025 1–9/2024 1–12/2024 Revenue, EUR mill. 227.6 222.1 667.5 666.5 940.1 Revenue growth, % 2.5 -2.1 0.2 -1.6 -1.2 Local currency revenue growth, % 0.5 -2.6 -0.6 -2.2 -1.3 Digital share of revenue, % 18.0 17.8 18.8 17.7 18.1 Digital revenue growth in local currencies, % 1.3 6.7 4.0 5.3 6.3 Gross profit, EUR mill. 132.0 129.3 386.1 388.8 547.9 Gross margin, % 58.0 58.2 57.8 58.3 58.3 Adjusted operating result, EUR mill. 16.6 15.8 30.1 38.8 74.9 Adjusted operating margin, % 7.3 7.1 4.5 5.8 8.0 Operating result, EUR mill. 15.1 15.0 31.0 27.7 60.9 Operating margin, % 6.6 6.8 4.6 4.2 6.5 Net result for the period, EUR mill. 1.9 1.8 -5.2 -6.5 13.2 Net debt excluding IFRS 16, EUR mill. 30.5 7.2 -31.8 Equity ratio, % 31.8 29.2 30.0 Equity ratio excluding IFRS 16, % 64.3 61.9 61.9 Inventories, EUR mill. 193.9 198.6 169.6 Operating free cash flow, EUR mill. -18.3 -24.7 -35.5 -40.5 20.3 Capital expenditure, EUR mill. 7.3 8.4 23.3 25.2 45.7 EPS, basic and diluted, EUR 0.01 0.01 -0.03 -0.04 0.08 Number of employees, average 5 954 6 109 5 746 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 June 2025, Lindex Group announced that its Board of Directors continues the strategic assessment, and the Group will communicate the outcome of this work during the second half of 2025. REVENUE AND EARNINGS, LINDEX GROUP July–September 2025 Lindex Group’s revenue for the third quarter increased to EUR 227.6 (222.1) million and was on par with the previous year in local currencies (0.5%). Gradual improvement of consumer confidence continued during the third quarter, which was reflected in fashion market recovery in our biggest home markets. The Lindex division’s revenue improved by 3.8% and by 1.0% in local currencies. The revenue development was affected by longer supply lead times as well as lower product availability due to a temporary technical issue at the Lindex division’s new omnichannel distribution centre. The Stockmann division’s revenue was on par with the comparison period. Stockmann’s fashion category sales strengthened, which compensated the revenue impact of the Itis department store closure in June and the transfer of the furniture assortment to Vepsäläinen in September. Vepsäläinen is Stockmann division’s new partner in premium and design furniture.
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Lindex Group’s Interim Report Q3 2025 5 Lindex Group’s gross profit increased to EUR 132.0 (129.3) million thanks to good revenue development. The Lindex division’s gross profit stood at EUR 103.7 (100.9) million, and Stockmann’s gross profit was in line with the comparison period. The Group’s gross margin was 58.0% (58.2). The Lindex division’s gross margin decreased mainly due to increased promotional activities. The Stockmann division’s gross margin was at the comparison period’s level. The Group’s comparable operating costs were on par with the comparison period, totalling EUR 89.3 (90.0) million. The Lindex division’s comparable operating costs increased slightly, which was mainly due to increased goods handling costs. The Stockmann division’s comparable operating costs decreased due to continued successful efficiency measures. Lindex Group continues to invest in automation and digital solutions as well as supply chain enhancements, which are expected to further improve cost efficiency. The Group’s adjusted operating result increased to EUR 16.6 (15.8) million. The Lindex division’s adjusted operating result decreased to EUR 20.2 (21.1) million, mainly explained by lower gross margin, increased operating costs, and depreciations. The Stockmann division’s adjusted operating result improved to EUR -2.6 (-4.5) million, which marked the sixth consecutive quarter of Stockmann’s result improvement and the first rolling 12-month positive result after many years. Successful efficiency measures and revenue growth in comparable terms contributed to the positive development. The Group’s operating result was on par with the comparison period, at EUR 15.1 (15.0) million. The Group’s net result for the third quarter was on par with the comparison period, at EUR 1.9 (1.8) million. January–September 2025 In January–September, Lindex Group’s revenue stood at EUR 667.5 (666.5) million. In local currencies, the revenue decreased by 0.6%. The Lindex division’s revenue increased by 0.9% and was at the previous year’s level in local currencies. Dampened consumer demand and fashion market volatility during the first half of the year, combined with supply delays related to a temporary technical issue at the new omnichannel distribution centre during the third quarter, impacted the revenue. The Stockmann division’s revenue decreased by 1.5% driven by soft consumer confidence and the market decline of its biggest category, fashion, during the first half of the year. Lindex Group’s gross profit decreased to EUR 386.1 (388.8) million. The Group’s gross margin was 57.8% (58.3). The comparable operating costs were on par with the comparison period, totalling EUR 278.6 (279.1) million. The Group’s adjusted operating result decreased to EUR 30.1 (38.8) million. The decrease was mainly due to lower gross margin. The operating result increased to EUR 31.0 (27.7) million. The operating result included restructuring programme related costs impacting comparability both in the reporting and the comparison period. The Group’s net result for the period was EUR -5.2 (-6.5) million. FINANCING AND CASH FLOW Cash and cash equivalents totalled EUR 53.6 (65.9) million at the end of September. The third quarter generated a total cash flow of EUR -31.4 (-37.2) million. During the quarter, Lindex Group’s operating free cash flow excluding the investment in the Lindex omnichannel distribution centre was EUR -18.3 (-24.7) million, mainly driven by a decrease in working capital as inventories were lower than during the comparison period. Cash flow from investments was EUR 5.9 (8.4) million during the period. At the end of September, total inventories were EUR 193.9 (198.6) million. The Lindex division faced continuing high inventory levels caused by omnichannel distribution centre related supply limitations, whereas the Stockmann division’s inventories declined due to active inventory management. The planned transfer of Stockmann’s furniture assortment to the division’s newly introduced partner Vepsäläinen also lowered Stockmann’s inventories. At the end of September, the Group had an interest-bearing liability of a non-current senior secured bond of EUR 73.1 (73.1) million. The lease liabilities in accordance with IFRS 16 reporting standard totalled EUR 579.7 (612.2) million. The lease liabilities related to the Lindex division were EUR 267.9 (289.5) million. In the Stockmann division, the lease liabilities were EUR 311.7 (322.7) million. Excluding the IFRS 16 lease liabilities, the interest-bearing net debt was EUR 30.5 (7.2) million. The Group has a revolving credit facility of EUR 40 million, which has not been used. The equity ratio was 31.8% (29.2) and net gearing 150.1% (163.6) at the end of September. IFRS 16 items had a significant impact on the equity ratio and net gearing. Excluding the IFRS 16 items, the equity ratio was 64.3% (61.9) and net gearing 5.8% (1.4). The Group’s capital employed at the end of September was EUR 1 070.3 (1 063.8) million and EUR 611.9 (572.4) million excluding the IFRS 16 items. CAPITAL EXPENDITURE In the third quarter, capital expenditure totalled EUR 7.3 (8.4) million. It was mainly used for digitalisation projects and omnichannel development. The Lindex omnichannel distribution centre is the division’s largest-ever investment. It will be an important enabler for continued growth, improved efficiency, and addressing the division’s capacity constraints. The total investment amounts to approximately EUR 110 million between 2022 and 2025. By the end of September, EUR 102 million had been used for the project. The launch of the distribution centre took place in November 2024, followed by an extensive ramp-up and transition phase. Today, all Lindex’s central stock garments are being handled at the new centre, and the old main warehouse in Partille was closed during the reporting period. During the third quarter, the new centre encountered a temporary technical issue that affected the product availability of the Lindex division. To secure stable supply capability during the commercially important year-end festive season, the final transfer of Lindex’s e-commerce warehouse operations from Borås to the new centre will take place in the first half of 2026. The gradual transfer of e-commerce order handling is ongoing and proceeding well. Initially the Group planned to close both warehouses during 2025. The new omnichannel distribution centre is expected to be fully operational during the first half of 2026 supporting the Lindex division’s strategic growth plans, along with efficiency improvements and savings. REVENUE AND EARNINGS BY DIVISION Lindex Group’s reporting segments are the Lindex and Stockmann divisions. The segments are reported in accordance with IFRS 8. Unallocated items include Corporate Management, Group Finance Management, Group Treasury, Internal Audit and Investor Relations.
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Lindex Group’s Interim Report Q3 2025 6 LINDEX DIVISION July–September 2025 The Lindex division’s revenue increased by 3.8% and was EUR 165.4 (159.3) million. In local currencies, the revenue increased by 1.0%. The revenue from physical stores increased from the previous year by 1.6%, while the revenue from the digital channels decreased by 0.6%. The Lindex division’s revenue was clearly impacted by supply delays during the third quarter. Digital revenue accounted for 21.3% (21.6) of Lindex’s revenue. The best performing categories were lingerie and kidswear, which together contributed the most to the revenue development. The gross profit increased to EUR 103.7 (100.9) million. During the third quarter, the omnichannel distribution centre project encountered a temporary technical issue that affected product availability and revenue development. Lindex is actively monitoring the ongoing phased transition of all logistic operations to the new distribution centre and implementing actions to mitigate risks for supply limitations. Inventories at the end of the quarter were EUR 121.8 (120.5) million. The Lindex division’s gross margin decreased to 62.7% (63.3%) due to increased promotional activities. The comparable operating costs, EUR 64.6 (63.5) million, were mainly impacted by goods handling costs. Lindex continues to focus on cost-efficiency and process automation to ensure efficient operations. The Lindex division’s adjusted operating result was EUR 20.2 (21.1) million and the operating result stood at 19.3 (20.6) million. Profitability decreased mainly due to a decline in gross margin, increased operating costs, and depreciations. Capital expenditure was EUR 5.7 (6.7) million, which was mostly related to a digital store programme, omnichannel projects, and the ongoing ramp-up phase of the new omnichannel distribution centre. The Lindex division continued to invest in strategic growth initiatives across markets, channels, and customer REVENUE BY MARKET 1–9/2025 REVENUE BY CHANNEL 1–9/2025 Sweden 52% Norway 21% Finland 12% Other 15% Stores 78% Digital channels 22% 7–9/2025 7–9/2024 1–9/2025 1–9/2024 1–12/2024 Revenue, EUR mill. 165.4 159.3 464.0 459.7 628.8 Revenue growth, % 3.8 -1.8 0.9 -1.1 -0.7 Local currency revenue growth, % 1.0 -2.5 -0.2 -2.0 -0.9 Digital share of revenue, % 21.3 21.6 21.6 20.8 20.8 Digital revenue growth in local currencies, % -0.6 8.6 3.7 6.0 8.3 Gross profit, EUR mill. 103.7 100.9 295.3 297.5 409.1 Gross margin, % 62.7 63.3 63.6 64.7 65.1 Adjusted operating result, EUR mill. 20.2 21.1 42.7 56.1 82.9 Adjusted operating margin, % 12.2 13.2 9.2 12.2 13.2 Operating result, EUR mill. 19.3 20.6 40.3 58.8 85.1 Operating margin, % 11.7 12.9 8.7 12.8 13.5 Inventories, EUR mill. 121.8 120.5 113.8 Capital expenditure, EUR mill. 5.7 6.7 19.3 21.0 39.9 Stores 441 442 442 propositions. Digital transformation efforts progressed, with ongoing enhancements of customer-facing touchpoints and internal capabilities. The number of Lindex division’s active customers continued to grow during the quarter. At the end of September, Lindex had 441 stores in total, of which 411 are own stores and 30 franchise stores. Lindex opened one new store and closed one store during the third quarter. In addition to the Lindex division’s physical stores and the own digital store, the company also sells its products on third parties’ digital fashion platforms and in physical stores. In October, after the reporting period, Lindex continued its growth journey by opening its first own store in Denmark, further strengthening Lindex’s Nordic presence. January–September 2025 The Lindex division’s revenue stood at EUR 464.0 (459.7) million and was on par with the comparison period in local currencies. Revenue from stores declined by 1.1% whereas digital channels showed an increase of 3.7%. The revenue was mainly impacted by cautious consumer behaviour during the first half of the year, combined with lower stock availability. Digital revenue accounted for 21.6% (20.8) of Lindex’s revenue. The gross profit decreased and totalled EUR 295.3 (297.5) million, and the gross margin decreased to 63.6% (64.7). The lower gross profit was explained by lower gross margin. The comparable operating costs increased to EUR 196.9 (192.9) million mainly due to higher goods handling costs and depreciations. The Lindex division’s adjusted operating result decreased to EUR 42.7 (56.1) million. The operating result for Lindex was EUR 40.3 (58.8) million. Profitability decreased mainly due to lower gross margin. The operating result of the comparison period included an insurance claim settlement, which was treated as an item affecting comparability. Capital expenditure was EUR 19.3 (21.0) million. The comparison period included higher investments in the Lindex omnichannel distribution centre.
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Lindex Group’s Interim Report Q3 2025 7 STOCKMANN DIVISION July–September 2025 The Stockmann division’s revenue, EUR 62.4 (62.9) million, was on par with the comparison period. The division’s revenue totalled EUR 46.6 (47.3) million in Finland and EUR 15.8 (15.6) million in the Baltics. Digital sales grew significantly by 14.1% and accounted for 9.2% (8.0) of total revenue. Comparable revenue, excluding the impact of the Itis department store closure in June and the transfer of the furniture assortment to the Stockmann division’s new partner Vepsäläinen in September, grew clearly compared to the comparison period. The fashion, food and home categories contributed well to the division’s revenue development. Stockmann’s main category fashion performed in line with the overall fashion market that experienced a growth in the division’s home markets. The number of Stockmann’s active and new loyal customers increased significantly during the quarter, and the share of revenue from loyal customers grew as well. The gross profit was EUR 28.4 (28.5) million, and on par with the comparison period. The gross margin increased to 45.5% (45.3), mainly due to improved clearance and promotional sales margins. The inventories at the end of the quarter decreased to EUR 72.1 (78.1) million due to continued active inventory management. The inventories were also lowered by the planned transfer of Stockmann’s furniture assortment to the division’s new partner Vepsäläinen. The comparable operating costs decreased to EUR 23.8 (25.8) million as a result of successfully implemented efficiency measures, which also mitigated the impacts of salary and other cost inflation. Going forward, the ongoing investments as well as the continuous development of the organisation, processes, and business models are expected to further improve cost efficiency. The adjusted operating result improved to EUR -2.6 (-4.5) million, which marked the sixth consecutive quarter of Stockmann’s result improvement. The Stockmann division’s rolling 12-month adjusted operating result, EUR 0.9 million, was also the first positive rolling 12-month result in many years. Stockmann’s focused efforts on the division’s strategic priorities continued to pay off, as operational and cost efficiency measures improved profitability. REVENUE BY MARKET 1–9/2025 REVENUE BY CHANNEL 1–9/2025 Finland 75% Baltics 25% Department stores 77% Digital channels 12% Service and rental income 11% 7–9/2025 7–9/2024 1–9/2025 1–9/2024 1–12/2024 Revenue, EUR mill. 62.4 62.9 203.9 206.9 311.6 Revenue growth, % -0.8 -2.8 -1.5 -2.6 -2.2 Digital share of revenue, % 9.2 8.0 12.4 11.6 12.7 Digital revenue growth, % 14.1 -4.9 5.4 2.5 0.2 Gross profit, EUR mill. 28.4 28.5 90.9 91.3 138.8 Gross margin, % 45.5 45.3 44.6 44.1 44.5 Adjusted operating result, EUR mill. -2.6 -4.5 -9.7 -14.5 -3.9 Adjusted operating margin, % -4.2 -7.2 -4.7 -7.0 -1.3 Operating result, EUR mill. -2.8 -4.5 -4.9 -24.7 -14.2 Operating margin, % -4.4 -7.1 -2.4 -11.9 -4.6 Inventories, EUR mill. 72.1 78.1 55.8 Capital expenditure, EUR mill. 1.6 1.7 4.1 4.2 5.8 The operating result for the quarter improved to EUR -2.8 (-4.5) million. Capital expenditure during the quarter was EUR 1.6 (1.7) million and was mainly related to investments in department store renovations in Turku, Riga and Helsinki, digital growth, and operational efficiency solutions. Renovations of the Turku and Riga department stores were finalised successfully during the quarter, supporting improved customer experience. In September, Stockmann and Vepsäläinen – a premium furniture and home decoration company – launched an important partnership. Vepsäläinen joined Stockmann in Helsinki, Jumbo, Tampere, Turku and eCommerce to elevate the offering and experience as well as to improve competitiveness of the premium furniture category. Stockmann’s Crazy Days campaign took place at the beginning of October, after the reporting period. The Crazy Days campaign performed better than the previous year, despite the fact that Stockmann was operating with seven department stores instead of eight during the comparison period. January–September 2025 The Stockmann division’s revenue was EUR 203.9 (206.9) million. The division’s revenue totalled EUR 152.2 (156.0) million in Finland and EUR 51.7 (50.9) million in the Baltics. Digital revenue increased by 5.4% and accounted for 12.4% (11.6) of total revenue. The gross profit was at the level of the comparison period, at EUR 90.9 (91.3) million. The gross margin increased to 44.6% (44.1) mainly due to improved inventory levels. The comparable operating costs decreased to EUR 78.8 (83.4) million due to the successfully implemented cost efficiency measures which also mitigated the impact of inflation. The adjusted operating result improved to EUR -9.7 (-14.5) million due to successful cost savings. The operating result improved to EUR -4.9 (-24.7) million. The operating result included restructuring programme related costs impacting comparability both in the reporting and the comparison period. Capital expenditure was EUR 4.1 (4.2) million and was mainly related to investments in digital growth and department store renovations.
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Lindex Group’s Interim Report Q3 2025 8 SUSTAINABILITY Lindex Group’s key sustainability themes are climate, circularity and human rights. The Lindex and Stockmann divisions have sustainability strategies which define action plans and targets for the key themes. Lindex’s sustainability promise is to make a difference for future generations and Stockmann is aiming at resource-wise retail business. Lindex Group aims to reduce absolute greenhouse gas emissions from its own operations and value chain by 42% by 2030 compared to 2022. The target has been validated by the Science Based Targets initiative (SBTi). PERSONNEL Lindex Group’s average number of personnel during the the reporting period was 5 954 (6 109). In terms of full-time equivalents, the average number of employees was 4 005 (4 207). At the end of September, Lindex Group’s personnel numbered 5 783 (6 060), of whom 1 454 (1 549) were working in Finland, 2 010 (2 104) in Sweden and 2 319 (2 407) in other countries. The Group’s wages and salaries amounted to EUR 38.5 (37.2) million in the third quarter of 2025. CHANGES IN MANAGEMENT Niklas Lindholm, Ph.D. (Econ) started as the company’s new Chief People Officer (CPO) and a member of the Group Leadership Team after the reporting period, on 1 October 2025. In addition to his role as Group CPO, Lindholm also acts as the Lindex division’s Chief People and Communications Officer. ANNUAL GENERAL MEETING 2025 The Annual General Meeting (AGM), held on 2 April 2025, adopted the financial statements for the financial year 1 January–31 December 2024, granted discharge from liability to the persons who had acted as members of the Board of Directors and as CEO during the financial year and resolved that no dividend would be paid for the financial year 2024. The decisions by the AGM were published in full as a stock exchange release on 2 April 2025. SHARES AND SHARE CAPITAL At the end of September, Lindex Group plc had a total of 164 041 391 shares. The total of 2 306 171 Conversion Shares subscribed for in the Share Issue was registered in the Finnish Trade Register maintained by the Finnish Patent and Registration Office on 21 July 2025. At the end of September, the share capital was EUR 77.6 million and the market capitalisation stood at EUR 470.8 (478.4) million. The price of a LINDEX share was EUR 2.87 (2.96) at the end of September 2025. In January–September, the highest price of a LINDEX share was EUR 3.31 (3.51) and the lowest price was EUR 2.56 (2.64). A total of 27.0 million shares were traded on Nasdaq Helsinki in January– September. This corresponds to 16.6% of the average number of shares. The company does not hold any of its own shares, and the Board of Directors has no valid authorisations to purchase company shares. At the end of September, Lindex Group had 40 414 (41 254) shareholders. Foreign ownership was 28.2% (27.1). BUSINESS CONTINUITY, RISKS AND NEAR-TERM UNCERTAINTIES Lindex Group operates in a dynamic and complex environment that exposes the company to a range of risks that may affect its financial performance, operations, and reputation. These risks arise from macroeconomic factors, seasonal variations, complex supply chains, information security threats, and increasing sustainability risks, among others. More detailed information on Lindex Group’s risks is given in the Annual Report 2024 at www.lindexgroup.com/ wp-content/uploads/sites/5/2025/03/Lindex_Group_AR2024_ ENG.pdf. CONCLUSION OF THE RESTRUCTURING PROCESS On 15 August 2025, Lindex Group plc announced that the company’s restructuring programme had concluded. The commencement of restructuring proceedings was confirmed in April 2020, and the corporate restructuring programme was approved in February 2021 by the Helsinki District Court. The last remaining dispute of the restructuring programme was settled between LähiTapiola Keskustakiinteistöt Ky and Lindex Group plc on 9 June 2025, which enabled the Lindex Group plc to seek ending the restructuring programme. The Helsinki District Court approved the amendment to the restructuring programme on 27 June 2025, after which Lindex Group plc proceeded to fulfil the obligations agreed in the settlement agreement and the restructuring programme by paying all undisputed debts, confirmed in their final amounts. After the actions were implemented, the supervisor of Lindex Group plc’s restructuring programme prepared a final report on the implementation of the programme, which ended the restructuring process on 15 August 2025. Lindex Group’s balance sheet at the end of September does not include any provisions related to the restructuring programme. The provision for the last disputed claim was EUR 15.9 million and it was partially offset against the final compensation for damages during the second quarter. The unused portion was released through the income statement. The settlement of the last dispute has not affected Lindex Group’s adjusted operating result in 2025, but it has had a positive impact on the operating result. EVENTS AFTER THE REPORTING PERIOD There were no significant events after the reporting period. WEBCAST FOR ANALYSTS AND THE MEDIA A media and analyst briefing will be held in English as a live webcast today, on 24 October 2025 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, 23 October 2025 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 Marja-Leena Dahlskog, Head of Communications & IR, tel. + 358 50 502 0060
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Lindex Group’s Interim Report Q3 2025 9 CONDENSED FINANCIAL STATEMENTS This Interim Report has been prepared in compliance with IAS 34. The figures are unaudited. CONSOLIDATED INCOME STATEMENT CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME EUR mill. 1.1.–30.9.2025 1.1.–30.9.2024 1.1.–31.12.2024 REVENUE 667.5 666.5 940.1 Other operating income 4.5 4.5 Materials and services -281.4 -277.7 -392.3 Employee benefit expenses -158.3 -154.6 -208.4 Depreciation, amortisation and impairment losses -77.4 -75.0 -99.0 Other operating expenses -119.4 -135.9 -184.1 Total expenses -636.6 -643.2 -883.7 OPERATING PROFIT/LOSS 31.0 27.7 60.9 Financial income 1.8 3.8 5.2 Financial expenses -29.4 -27.1 -37.6 Total financial income and expenses -27.5 -23.3 -32.3 PROFIT/LOSS BEFORE TAX 3.5 4.4 28.6 Income taxes -8.6 -11.0 -15.3 NET PROFIT/LOSS FOR THE PERIOD -5.2 -6.5 13.2 Profit/loss for the period attributable to: Equity holders of the parent company -5.2 -6.5 13.2 Earnings per share, EUR: From the period result, basic -0.03 -0.04 0.08 From the period result, diluted -0.03 -0.04 0.08 EUR mill. 1.1.–30.9.2025 1.1.–30.9.2024 1.1.–31.12.2024 PROFIT/LOSS FOR THE PERIOD -5.2 -6.5 13.2 Other comprehensive income: Items that may be subsequently reclassified to profit and loss Exchange differences on translating foreign operations, before tax 17.0 -10.6 -17.1 Exchange differences on translating foreign operations, net of tax 17.0 -10.6 -17.1 Cash flow hedges, before tax -1.5 1.3 3.4 Cash flow hedges, net of tax -1.5 1.3 3.4 Other comprehensive income for the period, net of tax 15.5 -9.3 -13.7 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 10.3 -15.8 -0.5 Total comprehensive income attributable to: Equity holders of the parent company 10.3 -15.8 -0.5
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Lindex Group’s Interim Report Q3 2025 10 CONSOLIDATED STATEMENT OF FINANCIAL POSITION EUR mill. 30.9.2025 30.9.2024 31.12.2024 ASSETS NON-CURRENT ASSETS Intangible assets Goodwill 251.5 246.0 242.6 Trademark 82.2 80.5 79.3 Intangible rights 36.2 32.5 33.3 Other intangible assets 0.1 0.2 0.2 Advance payments and construction in progress 0.6 1.2 1.0 Intangible assets, total 370.7 360.4 356.4 Property, plant and equipment Land and water 0.8 0.2 0.2 Buildings and constructions 42.0 Machinery and equipment 39.7 44.5 48.6 Modification and renovation expenses for leased premises 14.5 3.5 3.6 Right-of-use assets 433.3 467.0 456.8 Advance payments and construction in progress 51.4 79.9 88.3 Property, plant and equipment, total 581.6 595.0 597.5 Investment properties 0.5 0.5 0.5 Non-current receivables 3.4 3.3 3.3 Other investments 0.4 0.4 0.4 Deferred tax assets 27.9 30.3 30.6 NON-CURRENT ASSETS, TOTAL 984.5 989.9 988.8 CURRENT ASSETS Inventories 193.9 198.6 169.6 Current receivables Interest-bearing receivables 0.0 Income tax receivables 6.6 0.8 0.4 Non-interest-bearing receivables 40.5 42.8 42.3 Current receivables, total 47.1 43.6 42.7 Cash and cash equivalents 53.6 65.9 114.7 CURRENT ASSETS, TOTAL 294.5 308.1 326.9 ASSETS, TOTAL 1 279.0 1 298.0 1 315.7 EUR mill. 30.9.2025 30.9.2024 31.12.2024 EQUITY AND LIABILITIES EQUITY Share capital 77.6 77.6 77.6 Invested unrestricted equity fund 80.7 78.6 78.6 Other funds 0.3 -0.3 1.8 Translation differences -17.5 -27.9 -34.4 Retained earnings 265.4 250.6 270.5 Equity attributable to equity holders of the parent company 406.5 378.5 394.0 EQUITY, TOTAL 406.5 378.5 394.0 NON-CURRENT LIABILITIES Deferred tax liabilities 52.6 49.8 52.3 Non-current interest-bearing financing liabilities 73.1 76.1 Non-current lease liabilities 489.3 522.3 512.9 Non-current non-interest-bearing liabilities and provisions 0.2 0.4 0.4 NON-CURRENT LIABILITIES, TOTAL 542.1 645.6 641.6 CURRENT LIABILITIES Current interest-bearing financing liabilities 84.1 6.8 Current lease liabilities 90.3 89.9 90.3 Current non-interest-bearing liabilities Trade payables and other current liabilities 153.2 161.3 164.1 Income tax liabilities 2.8 6.8 3.1 Current provisions 15.9 15.9 Current non-interest-bearing liabilities, total 156.0 184.0 183.1 CURRENT LIABILITIES, TOTAL 330.4 273.9 280.1 LIABILITIES, TOTAL 872.5 919.5 921.7 EQUITY AND LIABILITIES, TOTAL 1 279.0 1 298.0 1 315.7
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Lindex Group’s Interim Report Q3 2025 11 CONSOLIDATED CASH FLOW STATEMENT EUR mill. 1.1.–30.9.2025 1.1.–30.9.2024 1.1.–31.12.2024 CASH FLOWS FROM OPERATING ACTIVITIES Profit/loss for the period -5.2 -6.5 13.2 Adjustments for: Depreciation, amortisation and impairment losses 77.4 75.0 99.0 Gains (-) and losses (+) of disposals of fixed assets and other non-current assets 0.1 0.0 0.0 Interest and other financial expenses 29.4 27.1 37.6 Interest income -1.8 -3.8 -5.2 Income taxes 8.6 11.0 15.3 Other adjustments -5.5 9.5 9.7 Working capital changes: Increase (-) /decrease (+) in inventories -20.1 -37.3 -10.0 Increase (-) / decrease (+) in trade and other current receivables 4.0 -1.3 -1.1 Increase (+) / decrease (-) in current liabilities -30.2 -23.2 -15.2 Interest expenses paid -26.6 -27.3 -38.1 Interest received from operating activities 1.3 2.5 3.4 Income taxes paid from operating activities -14.6 -13.0 -18.7 Net cash from operating activities 16.9 12.7 90.0 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of tangible and intangible assets 0.0 Purchase of tangible and intangible assets -21.9 -25.1 -38.4 Security deposit 0.1 -0.1 -0.2 Other investments 0.0 Dividends received from investing activities 0.1 0.0 0.0 Net cash used in investing activities -21.8 -25.2 -38.6 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from current liabilities 0.5 Proceeds from non-current liabilities 3.0 Payment of lease liabilities -59.7 -56.6 -73.9 Net cash used in financing activities -59.2 -56.6 -70.8 NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS -64.1 -69.2 -19.5 Cash and cash equivalents at the beginning of the period 114.7 137.5 137.5 Net increase/decrease in cash and cash equivalents -64.1 -69.2 -19.5 Effects of exchange rate fluctuations on cash held 3.0 -2.5 -3.4 Cash and cash equivalents at the end of the period 53.6 65.9 114.7
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Lindex Group’s Interim Report Q3 2025 12 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY EUR mill. Share capital Invested unrestricted equity fund Hedging reserve Other reserves Translation differences Retained earnings Total EQUITY 1.1.2024 77.6 75.9 -1.8 0.2 -17.3 256.9 391.5 Profit/loss for the period 13.2 13.2 Exchange differences on translating foreign operations -17.1 -17.1 Cash flow hedges 3.4 3.4 Total comprehensive income for the period 3.4 -17.1 13.2 -0.5 Share issue to creditors for unsecured restructuring debt 2.6 2.6 Share-based payments 0.3 0.3 Other changes in equity total 2.6 0.3 3.0 EQUITY 31.12.2024 77.6 78.6 1.5 0.2 -34.4 270.5 394.0 EUR mill. Share capital Invested unrestricted equity fund Hedging reserve Other reserves Translation differences Retained earnings Total EQUITY 1.1.2025 77.6 78.6 1.5 0.2 -34.4 270.5 394.0 Profit/loss for the period -5.2 -5.2 Exchange differences on translating foreign operations 17.0 17.0 Cash flow hedges -1.5 -1.5 Total comprehensive income for the period -1.5 17.0 -5.2 10.3 Share issue to creditors for unsecured restructuring debt 2.1 2.1 Share-based payments 0.1 0.1 Other changes in equity total 2.1 0.1 2.2 EQUITY 30.9.2025 77.6 80.7 0.1 0.2 -17.5 265.4 406.5 EUR mill. Share capital Invested unrestricted equity fund Hedging reserve Other reserves Translation differences Retained earnings Total EQUITY 1.1.2024 77.6 75.9 -1.8 0.2 -17.3 256.9 391.5 Profit/loss for the period -6.5 -6.5 Exchange differences on translating foreign operations -10.6 -10.6 Cash flow hedges 1.3 1.3 Total comprehensive income for the period 1.3 -10.6 -6.5 -15.8 Share issue to creditors for unsecured restructuring debt 2.6 2.6 Share-based payments 0.2 0.2 Other changes in equity total 2.6 0.2 2.8 EQUITY 30.9.2024 77.6 78.6 -0.6 0.2 -27.9 250.6 378.5
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Lindex Group’s Interim Report Q3 2025 13 NOTES TO THE FINANCIAL STATEMENTS, CONDENSED ACCOUNTING POLICIES This interim report has been prepared in compliance with IAS 34. The accounting policies and calculation methods are consistent with those of the annual financial statements for 2024. The figures are unaudited. Corporate restructuring programme The last remaining dispute of the restructuring programme was settled in June 2025, which enabled the Lindex Group plc to seek ending the restructuring programme. The Helsinki District Court approved the amendment to the restructuring programme in June 2025 after which, Lindex Group plc proceeded to fulfil the obligations agreed in the settlement agreement and the restructuring programme by paying all undisputed debts, confirmed in their final amounts. After the actions were implemented, the supervisor of Lindex Group plc’s restructuring programme prepared a final report on the implementation of the programme, which ended the restructuring process in August 2025. The company’s application for the commencement of restructuring proceedings was filed in April 2020, which was followed by the Helsinki District Court a decision on the commencement of restructuring proceedings in April 2020. The corporate restructuring programme was approved on 9 February 2021 by the Helsinki District Court. Business continuity Lindex Group’s Consolidated Financial Statements have been prepared based on the principle of business continuity. The Group’s ability to continue its operations relies on the profitability of its business, which in turn is influenced by future market conditions and the successful execution of the Group’s business plan. Lindex Group operates in a dynamic and complex environment that exposes the company to a range of risks that may affect its financial performance, operations, and reputation. These risks arise from macroeconomic factors, seasonal variations, complex supply chains, information security threats, and increasing sustainability risks, among others. To manage these challenges, management and the Board of Directors regularly assess the operational and strategic risks associated with the current situation. Lindex Group does not currently have any legal disputes or claims not already reported in the financial statements and there are no further indications of material threats for continuing operations or cash outflows. Because the Group serves a wide range of customers, the risk associated with any single customer is minimal and does not pose a significant threat to overall cash flow. The Board of Directors of Lindex Group has carefully analysed the company’s overall situation with respect to the uncertainty due to changes in the general economic situation, and its analysis confirms the adequacy of liquidity and financing for the following twelve months and thus supports the preparation of these consolidated financial statements in accordance with the principle of business continuity. Accounting judgements, estimates and assumptions The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require material adjustment to the carrying amount of assets or liabilities affected in future periods. Management has assessed that the most significant effects on the amounts recognised in the consolidated financial statements are particularly related to business continuity, valuations of assets, exercising lease options, contingent liabilities, and recognised provisions. With respect to the carrying amounts of the Group’s assets, management has concluded that there is no indication of impairment. The estimates and assumptions for the consolidated financial statements are based on management’s best knowledge at the time of preparation of the financial statements. The key uncertainties, estimates and assumptions are otherwise presented in the consolidated financial statements for 2024.
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Lindex Group’s Interim Report Q3 2025 14 GROUP’S OPERATING SEGMENTS Revenue, EUR mill. Q3 2025 Q3 2024 1.1.–30.9.2025 1.1.–30.9.2024 1.1.–31.12.2024 Lindex 165.4 159.3 464.0 459.7 628.8 Stockmann 62.4 62.9 203.9 206.9 311.6 Unallocated and eliminations -0.1 -0.1 -0.3 -0.1 -0.2 Group total 227.6 222.1 667.5 666.5 940.1 Reported operating profit/loss, EUR mill. Q3 2025 Q3 2024 1.1.–30.9.2025 1.1.–30.9.2024 1.1.–31.12.2024 Lindex 19.3 20.6 40.3 58.8 85.1 Stockmann -2.8 -4.5 -4.9 -24.7 -14.2 Unallocated and eliminations -1.5 -1.2 -4.4 -6.4 -10.0 Group total 15.1 15.0 31.0 27.7 60.9 Financial income -0.2 0.4 1.8 3.8 5.2 Financial expenses -9.6 -9.1 -29.4 -27.1 -37.6 Consolidated profit/loss before taxes 5.3 6.3 3.5 4.4 28.6 Adjustments to Operating profit/loss, EUR mill. Q3 2025 Q3 2024 1.1.–30.9.2025 1.1.–30.9.2024 1.1.–31.12.2024 Lindex -0.8 -0.5 -2.4 2.7 2.2 Stockmann -0.2 0.0 4.8 -10.2 -10.3 Unallocated -0.6 -0.3 -1.5 -3.5 -6.0 Group total -1.5 -0.8 0.9 -11.0 -14.0 Adjusted Operating profit/loss, EUR mill. Q3 2025 Q3 2024 1.1.–30.9.2025 1.1.–30.9.2024 1.1.–31.12.2024 Lindex 20.2 21.1 42.7 56.1 82.9 Stockmann -2.6 -4.5 -9.7 -14.5 -3.9 Unallocated and eliminations -0.9 -0.8 -3.0 -2.9 -4.0 Group total 16.6 15.8 30.1 38.8 74.9 Depreciation, amortisation and impairment losses, EUR mill. Q3 2025 Q3 2024 1.1.–30.9.2025 1.1.–30.9.2024 1.1.–31.12.2024 Lindex 18.9 17.7 55.7 52.6 69.7 Stockmann 7.2 7.2 21.7 22.4 29.2 Unallocated 0.0 0.0 0.0 0.0 0.0 Group total 26.1 24.9 77.4 75.0 99.0 Capital expenditure *), EUR mill. Q3 2025 Q3 2024 1.1.–30.9.2025 1.1.–30.9.2024 1.1.–31.12.2024 Lindex 2.9 19.9 46.6 93.9 114.4 Stockmann 1.6 1.9 4.1 11.8 25.5 Unallocated 0.0 0.0 Group total 4.5 21.8 50.7 105.7 139.9 *) Including right-of-use-assets Assets, EUR mill. 30.9.2025 30.9.2024 31.12.2024 Lindex 946.3 942.9 959.4 Stockmann 335.1 354.8 356.0 Unallocated -2.4 0.3 0.3 Group total 1 279.0 1 298.0 1 315.7 IFRS 16 Lease liabilities, EUR mill. 30.9.2025 30.9.2024 31.12.2024 Lindex 267.9 289.5 272.9 Stockmann 311.7 322.7 330.2 Unallocated 0.0 0.1 0.0 Group total 579.7 612.2 603.1
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Lindex Group’s Interim Report Q3 2025 15 INFORMATION ON MARKET AREAS *) includes franchising income Revenue, EUR mill. Q3 2025 Q3 2024 1.1.–30.9.2025 1.1.–30.9.2024 1.1.–31.12.2024 Finland 68.1 68.3 209.6 214.2 313.6 Sweden*) 85.2 82.5 243.0 241.6 329.9 Norway 33.6 31.5 95.0 92.0 126.2 Other countries 40.8 39.8 119.9 118.6 170.4 Market areas total 227.6 222.1 667.5 666.5 940.1 Finland % 29.9% 30.7% 31.4% 32.1% 33.4% International operations % 70.1% 69.3% 68.6% 67.9% 66.6% Operating profit/loss, EUR mill. Q3 2025 Q3 2024 1.1.–30.9.2025 1.1.–30.9.2024 1.1.–31.12.2024 Finland -3.2 -4.6 -6.9 -28.0 -22.7 Sweden*) 14.3 16.6 25.9 48.0 67.4 Norway 1.8 1.4 5.0 3.7 6.2 Other countries 2.3 1.6 7.0 4.0 10.0 Market areas total 15.1 15.0 31.0 27.7 60.9 Non-current assets, EUR mill. 30.9.2025 30.9.2024 31.12.2024 Finland 234.7 240.4 246.2 Sweden 609.1 596.7 595.6 Norway 58.5 59.6 58.4 Other countries 54.3 63.0 58.0 Market areas total 956.6 959.6 958.2 Finland % 24.5% 25.1% 25.7% International operations % 75.5% 74.9% 74.3%
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Lindex Group’s Interim Report Q3 2025 16 KEY FIGURES OF THE GROUP DEFINITIONS OF KEY FIGURES Performance measures according to IFRS Earnings per share = Result for the period attributable to the parent company’s shareholders Average number of shares (basic or diluted) Alternative performance measures Equity ratio, % = Equity total Total assets – advance payments received Net gearing, % = Interest-bearing liabilities – cash and cash equivalents – interest-bearing receivables Equity total Cash flow from operating = Cash flow from operating activities activities per share Average number of shares excluding own shares owned by the company Interest-bearing net debt = Interest-bearing liabilities – cash and cash equivalents – interest-bearing receivables Operating margin, % = Operating result Revenue Market capitalisation = Number of shares at period end multiplied by the market quotation on the balance sheet date Equity per share = Equity attributable to the parent company’s shareholders Number of shares on the balance sheet date Return on equity, % = Result for the period (12 months) Equity total (average over 12 months) Return on capital employed, % = Result before taxes + interest and other financial expenses Capital employed (average over 12 months) Capital employed = Total assets – deferred tax liabilities and other non-interest-bearing liabilities (average over 12 months) Operating free cash flow = Adjusted EBITDA – lease payments +/- changes in net working capital – capital expenditure (excl. restructuring payments and investments in Lindex division’s omnichannel distribution centre) x 100 x 100 x 100 x 100 x 100 *) Excluding right-of-use-assets EXCHANGE RATES OF EURO Closing rate for the period 30.9.2025 30.9.2024 31.12.2024 NOK 11.7265 11.7645 11.7950 SEK 11.0565 11.3000 11.4590 Average rate for the period 1.1.–30.9.2025 1.1.–30.9.2024 1.1.–31.12.2024 NOK 11.7073 11.5757 11.6214 SEK 11.1012 11.4032 11.4267 30.9.2025 30.9.2024 31.12.2024 Equity ratio, % 31.8 29.2 30.0 Net gearing, % 150.1 163.6 145.0 Cash flow from operating activities per share, year-to-date, EUR 0.10 0.08 0.56 Interest-bearing net debt, EUR mill. 610.2 619.3 571.4 Number of shares at the end of the period, thousands 164 041 161 623 161 623 Average no of shares, thousands 162 292 159 934 160 359 Market capitalisation, EUR mill. 470.8 478.4 434.8 Operating margin, % 4.6 4.2 6.5 Equity per share, EUR 2.48 2.34 2.44 Return on equity, rolling 12 months, % 3.7 0.8 3.4 Return on capital employed, rolling 12 months, % 6.3 6.0 6.2 Average number of employees, converted to full-time equivalents 4 005 4 207 4 216 Capital expenditure, year-to-date, EUR mill. *) 23.3 25.2 45.7
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Lindex Group’s Interim Report Q3 2025 17 INFORMATION PER QUARTER *) Includes franchising income Consolidated income statement per quarter EUR mill. Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Continuing operations Revenue 227.6 253.9 186.0 273.7 222.1 251.6 192.8 274.3 Other operating income 0.0 0.0 0.0 0.0 0.0 0.0 4.5 2.1 Materials and services -95.6 -106.7 -79.2 -114.6 -92.8 -100.6 -84.3 -116.5 Employee benefit expenses -50.6 -55.2 -52.5 -53.8 -48.9 -53.3 -52.4 -55.5 Depreciation, amortisation and impairment losses -26.1 -26.0 -25.3 -23.9 -24.9 -24.7 -25.4 -24.6 Other operating expenses -40.2 -40.6 -38.5 -48.2 -40.5 -52.6 -42.8 -51.0 Total expenses -212.6 -228.4 -195.6 -240.5 -207.1 -231.2 -204.9 -247.6 Operating profit/loss 15.1 25.5 -9.5 33.1 15.0 20.3 -7.6 28.9 Financial income -0.2 1.3 0.7 1.4 0.4 0.8 2.6 1.2 Financial expenses -9.6 -7.4 -12.4 -10.4 -9.1 -8.9 -9.1 -10.0 Total financial income and expenses -9.8 -6.1 -11.6 -9.0 -8.7 -8.1 -6.5 -8.9 Profit/loss before tax 5.3 19.4 -21.2 24.1 6.3 12.2 -14.1 20.0 Income taxes -3.3 -6.3 1.0 -4.4 -4.5 -5.2 -1.3 -10.3 Net profit/loss for the period 1.9 13.1 -20.2 19.8 1.8 7.0 -15.4 9.7 Earnings per share per quarter EUR Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 From the period result, basic 0.01 0.08 -0.13 0.12 0.01 0.04 -0.10 0.06 From the period result, diluted 0.01 0.08 -0.12 0.12 0.01 0.04 -0.10 0.06 Segment information per quarter EUR mill. Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Revenue Lindex 165.4 172.3 126.3 169.1 159.3 169.7 130.6 168.2 Stockmann 62.4 81.7 59.8 104.6 62.9 81.9 62.2 106.1 Unallocated and eliminations -0.1 -0.1 -0.1 -0.1 -0.1 -0.0 Group total 227.6 253.9 186.0 273.7 222.1 251.6 192.8 274.3 Reported operating profit/loss Lindex 19.3 21.7 -0.7 26.3 20.6 30.5 7.6 21.7 Stockmann -2.8 5.2 -7.3 10.4 -4.5 -8.3 -11.9 9.3 Unallocated and eliminations -1.5 -1.4 -1.5 -3.6 -1.2 -1.9 -3.3 -2.2 Group total 15.1 25.5 -9.5 33.1 15.0 20.3 -7.6 28.9 Adjustments to Operating profit/loss Lindex -0.8 -1.1 -0.5 -0.4 -0.5 -0.3 3.4 -0.6 Stockmann -0.2 5.0 -0.1 0.0 -7.8 -2.4 0.4 Unallocated -0.6 -0.6 -0.3 -2.4 -0.3 -1.1 -2.1 -1.2 Group total -1.5 3.3 -0.8 -3.0 -0.8 -9.1 -1.1 -1.4 Adjusted Operating profit/loss Lindex 20.2 22.8 -0.3 26.8 21.1 30.8 4.2 22.3 Stockmann -2.6 0.2 -7.3 10.5 -4.5 -0.6 -9.4 9.0 Unallocated and eliminations -0.9 -0.9 -1.2 -1.2 -0.8 -0.8 -1.2 -1.0 Group total 16.6 22.2 -8.7 36.1 15.8 29.5 -6.5 30.2 Information on market areas EUR mill. Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Revenue Finland 68.1 83.0 58.6 99.4 68.3 85.1 60.9 101.8 Sweden*) 85.2 91.6 66.2 88.3 82.5 88.3 70.8 88.0 Norway 33.6 35.9 25.5 34.2 31.5 35.9 24.6 34.0 Other countries 40.8 43.4 35.7 51.7 39.8 42.3 36.5 50.5 Group total 227.6 253.9 186.0 273.7 222.1 251.6 192.8 274.3 Finland % 29.9% 32.7% 31.5% 36.3% 30.7% 33.8% 31.6% 37.1% International operations % 70.1% 67.3% 68.5% 63.7% 69.3% 66.2% 68.4% 62.9% Operating profit/loss Finland -3.2 3.9 -7.6 5.2 -4.6 -9.8 -13.6 3.1 Sweden*) 14.3 16.4 -4.7 19.4 16.6 26.8 4.6 19.0 Norway 1.8 1.8 1.5 2.5 1.4 1.2 1.1 1.2 Other countries 2.3 3.4 1.3 6.0 1.6 2.1 0.3 5.5 Group total 15.1 25.5 -9.5 33.1 15.0 20.3 -7.6 28.9
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Lindex Group’s Interim Report Q3 2025 18 CONTINGENT LIABILITIES AND DERIVATIVE CONTRACTS CONSOLIDATED ASSETS AND GOODWILL RIGHT-OF-USE ASSETS Contingent liabilities of the Group, EUR mill. 30.9.2025 30.9.2024 31.12.2024 Pledged subsidiary shares *) 303.4 303.4 303.4 Pledged loan receivables **) 375.1 371.7 398.5 Rental guarantees 9.5 8.9 10.1 Other guarantees 0.1 0.1 0.1 Electricity commitments 0.2 1.0 0.5 Total 688.3 685.1 712.6 *) Bookvalue of subsidiary shares **) Bookvalue of subsidiary loan receivables Lease agreements on the Group's business premises, EUR mill. 30.9.2025 30.9.2024 31.12.2024 Within one year 10.6 8.6 6.1 After one year 16.1 24.0 12.4 Total 26.7 32.6 18.5 Group's lease payments, EUR mill. 30.9.2025 30.9.2024 31.12.2024 Within one year 0.1 0.1 0.1 After one year 0.3 0.2 0.2 Total 0.4 0.3 0.3 Group's derivative contracts, EUR mill. 30.9.2025 30.9.2024 31.12.2024 Nominal value Currency derivatives 27.3 28.2 45.6 Total 27.3 28.2 45.6 Assets, EUR mill. 30.9.2025 30.9.2024 31.12.2024 Acquisition cost at the beginning of the period 1 924.8 1 877.4 1 877.4 Translation difference +/- 49.1 -28.8 -49.3 Increases during the period 50.7 105.7 139.9 Decreases during the period -17.8 -34.4 -43.2 Transfers between items during the period 0.0 0.0 0.0 Acquisition cost at the end of the period 2 006.8 1 919.9 1 924.8 Accumulated depreciation and impairment losses at the beginning of the period -970.4 -948.8 -948.8 Translation difference +/- -24.0 16.8 27.3 Depreciation on reductions during the period 17.8 43.1 50.1 Transfers between items during the period 0.0 0.0 0.0 Depreciation, amortisation and impairment losses during the period -77.4 -75.0 -99.0 Accumulated depreciation and impairment losses at the end of the period -1 054.0 -964.0 -970.4 Carrying amount at the beginning of the period 954.5 928.5 928.5 Carrying amount at the end of the period 952.8 956.0 954.5 The calculation of consolidated assets includes following changes in consolidated goodwill: Goodwill, EUR mill. 30.9.2025 30.9.2024 31.12.2024 Carrying amount at the beginning of the period 242.6 250.6 250.6 Translation difference +/- 8.9 -4.6 -8.0 Carrying amount at the end of the period 251.5 246.0 242.6 EUR mill. 30.9.2025 30.9.2024 31.12.2024 Acquisition cost at the beginning of the period 777.0 715.7 715.7 Translation difference +/- 13.7 -7.9 -14.9 Increases during the period 27.4 80.5 94.2 Decreases during the period -10.8 -13.3 -18.0 Acquisition cost at the end of the period 807.2 775.1 777.0 Accumulated depreciation and impairment losses at the beginning of the period -320.3 -275.2 -275.2 Translation difference +/- -5.2 3.9 7.4 Depreciation on reductions during the period 10.9 22.0 24.9 Depreciation, amortisation and impairment losses during the period -59.4 -58.8 -77.4 Accumulated depreciation and impairment losses at the end of the period -373.9 -308.1 -320.3 Carrying amount at the beginning of the period 456.8 440.5 440.5 Carrying amount at the end of the period 433.3 467.0 456.8
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Lindex Group’s Interim Report Q3 2025 19 FINANCIAL ASSETS AND LIABILITIES BY MEASUREMENT CATEGORY AND HIERARCHICAL CLASSIFICATION OF FAIR VALUES The Group uses the following hierarchy of valuation techniques to determine and disclose the fair value of financial instruments: Level 1: Quoted (unadjusted) prices for identical assets or liabilities in active markets Level 2: The valuation techniques use as input data quoted market prices which are regularly available from stock exchanges, brokers or pricing services. Level 2 financial instruments are over-the-counter derivative contracts which are classified either for recognition at fair value on the income statement or as hedging instruments Level 3: Techniques which require most management’s judgment. There were no transfers between levels during the financial year. Financial assets on level 3 are investments in shares of unlisted companies. The fair value of the shares is determined by techniques based on the managements’ judgement. Profits or losses from the investments are recorded to other operating income or expenses in the income statement, because acquisition and divestment decisions on the investments are made for business reasons. The following calculation illustrates changes in financial assets valuated at fair value during the reporting period. Financial assets, EUR mill. Level Carrying amount Fair value Carrying amount Fair value Carrying amount Fair value 30.9.2025 30.9.2025 30.9.2024 30.9.2024 31.12.2024 31.12.2024 Derivative contracts, hedge accounting applied 2 0.1 0.1 0.0 0.0 1.5 1.5 Financial assets at amortised cost Non-current receivables 3.4 3.4 3.3 3.3 3.3 3.3 Current receivables, non-interest-bearing 40.4 40.4 42.8 42.8 40.8 40.8 Cash and cash equivalents 53.6 53.6 65.9 65.9 114.7 114.7 Other investments 3 0.4 0.4 0.4 0.4 0.4 0.4 Financial assets by measurement category, total 97.9 97.9 112.4 112.4 160.7 160.7 Financial liabilities, EUR mill. Level Carrying amount Fair value Carrying amount Fair value Carrying amount Fair value 30.9.2025 30.9.2025 30.9.2024 30.9.2024 31.12.2024 31.12.2024 Derivative contracts, hedge accounting applied 2 0.1 0.1 0.6 0.6 Financial liabilities at amortised cost Non-current liabilities, interest- bearing 2 73.1 67.7 76.1 71.2 Non-current lease liabilities 489.3 489.3 522.3 522.3 512.9 512.9 Non-current liablities, non-interest-bearing 0.2 0.2 0.4 0.4 0.4 0.4 Current liabilities, interest-bearing 2 84.1 81.1 6.8 6.8 Current lease liabilities 90.3 90.3 89.9 89.9 90.3 90.3 Current liabilities, non-interest-bearing 153.1 153.1 160.7 160.7 164.1 164.1 Financial liabilities by measurement category, total 817.2 814.2 847.0 841.6 850.5 845.6 Change in fair value of other investments, EUR mill. 30.9.2025 30.9.2025 31.12.2024 Carrying amount at the beginning of the period 0.4 0.4 0.4 Translation difference +/- 0.0 0.0 0.0 Increases during the period 0.0 Carrying amount at the end of the period 0.4 0.4 0.4
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Lindex Group’s Interim Report Q3 2025 20 CASH FLOWS BASED ON AGREEMENTS IN FINANCIAL LIABILITIES In July 2021 EUR 66.1 mill. of the restructuring debt was converted into a new bond, which will be repaid in 2026 and to which annual interest of EUR 0.1 mill. will be paid. In 2022 more bonds were converted with EUR 1.5 mill., in 2023 with EUR 4.4 mill. and in January 2024 with EUR 1.1 mill.. Carrying amount of lease liabilities is discounted in accordance with IFRS 16. Annual cash flows are presented in nominal values. RESTRUCTURING DEBT In 2024 the provisions consisted of a disputed landlord’s claim related to a terminated lease agreement. FINANCIAL INCOME AND EXPENSES EUR mill. 30.9.2025 1.10.2025– 30.9.2026 1.10.2026– 30.9.2027 1.10.2027– 30.9.2028 1.10.2028– 30.9.2029 1.10.2029– Total Current liablities Bond (5-y Bullet) 73.1 -73.2 -73.2 Current liabilities 11.0 -11.0 -11.0 Current trade payables and other current liabilities 88.6 -88.6 -88.6 Non-current lease liabilities 489.3 -103.6 -91.5 -82.7 -385.6 -663.4 Current lease liabilities 90.3 -112.9 -112.9 Lease liabilities, total 579.7 -112.9 -103.6 -91.5 -82.7 -385.6 -776.3 Total 752.4 -285.7 -103.6 -91.5 -82.7 -385.6 -949.2 EUR mill. 30.9.2025 30.9.2024 31.12.2024 Provisions related to restructuring debt 15.9 15.9 Total 15.9 15.9 EUR mill. 1.1.–30.9.2025 1.1.–30.9.2024 1.1.–31.12.2024 Dividend income from other investments 0.0 0.0 0.1 Interest income on bank deposits, other investments and currency derivatives 1.3 2.5 3.4 Other financial income 0.5 0.5 0.4 Foreign exchange differences 0.1 0.8 1.4 Financial income, total 1.8 3.8 5.2 Interest expenses on financial liabilities measured at amortised cost -1.4 -1.1 -1.6 Interest expenses from lease contracts -28.0 -26.0 -36.0 Financial expenses, total -29.3 -27.1 -37.6 Financial income and expenses, total -27.5 -23.3 -32.3
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Lindex Group plc Aleksanterinkatu 52 B. P.O. Box 220 FI-00101 HELSINKI, FINLAND Tel. +358 9 1211 lindex-group.com