Slides
Page 1
Interim Report July–September 2026 Susanne Ehnbåge, CEO Henrik Henriksson, CFO 22 October 2026
Page 2
• Business update • Financial update • Way forward • Q&A Agenda 2
Page 3
Business update 3
Page 4
Consumer confidence varies across key markets -25 -20 -15 -10 -5 0 5 Jan 2025 Feb 2025 Mar 2025 Apr 2025 May 2025 Jun 2025 Jul 2025 Aug 2025 Sep 2025 Oct 2025 Nov 2025 Dec 2025 Jan 2026 Feb 2026 Mar 2026 Apr 2026 May 2026 Jun 2026 Jul 2026 Aug 2026 Sep 2026 Sweden Finland NorwaySources: Eurostat and Opinion Norway 4
Page 5
5 5 Key messages Guidance specifiedImproved cash generation Strong contributions from both divisions Group gross margin expansion Strategic assessment continues Strong improvement in Group profitability
Page 6
Group’s revenue increased • The Group’s revenue increased by 6.1% to EUR 241.5 million and by 5.6% in local currencies • Lindex division’s revenue increased by 3.7% and 3.0% in local currencies • Stockmann division’s revenue increased by 12.3% Group’s adjusted operating result grew strongly • Lindex division’s adjusted operating result increased mainly due to improved gross profit • Stockmann division’s adjusted operating result increased due to revenue growth and improved gross margin Lindex Group’s Q3: Strong adjusted operating result and revenue growth delivered 227.6 241.5 100.0 150.0 200.0 250.0 REVENUE, M€ 6.1% Q3 2025 Q3 2026 16.6 24.1 0.0 10.0 20.0 30.0 40.0 ADJUSTED OPERATING RESULT, M€ 7.5 M€ Q3 2025 Q3 2026 6
Page 7
• Growth supported by a strong offering • Womenswear the best performing category • Improved store sales and digital revenue • Optimisation phase for omnichannel distribution centre • Strengthening the foundations for future growth • Increased number of active customers • Investments in digital capabilities and personalisation • Continued market expansion – announcing opening of the fourth store in Denmark • Supporting women's health as part of the higher purpose Lindex division, Q3 2026 7
Page 8
• Earnings improvement continued supported by solid underlying revenue growth • Revenue increased throughout the reporting period • Growth reported across all channels and categories • Crazy Days, mainly held after the reporting period, performed in line with the previous year • Continued progress in strategic execution • Number of active and new loyal customers increased • New Stockmann app continued to gain traction • Strategic project at the Helsinki Flagship initiated Stockmann division, Q3 2026 8
Page 9
Guidance 2026 9 Specified on 22 October 2026: In 2026, Lindex Group expects its revenue to grow in local currencies compared to 2025. The Group’s adjusted operating result is estimated to be EUR 75−90 million. Foreign exchange rate fluctuations may have a significant effect on the adjusted operating result. Published on 6 February 2026: In 2026, Lindex Group expects its revenue to grow in local currencies compared to 2025. The Group’s adjusted operating result is estimated to be EUR 70−95 million. Foreign exchange rate fluctuations may have a significant effect on the adjusted operating result.
Page 10
10
Page 11
• Revenue increased by 3.7% and 3.0% in local currencies • Gross margin increased to 65.8% (62.7), due to favourable currency impacts and stronger underlying margin position • Comparable operating costs increased to EUR 66.9 (65.3) million, driven by higher sales volumes • Adjusted operating result was EUR 24.2 (20.2) million, mainly due to improved gross profit while operating costs remained controlled Q3: The Lindex division - higher revenue and stronger profitability 165.4 171.5 50.0 100.0 150.0 200.0 LINDEX DIVISION REVENUE, M€ 3.7% 20.2 24.2 0.0 10.0 20.0 30.0 40.0 LINDEX DIVISION ADJUSTED OPERATING RESULT, M€ 4.0 M€ Q3 2025 Q3 2026 Q3 2025 Q3 2026 11
Page 12
• Revenue increased strongly by 12.3%, supported by the first day of the Crazy Days campaign • Gross margin increased to 46.0 % (45.5), driven by improved clearance sales margins as well as effective campaign and margin management • Adjusted operating result improved due to improved gross profit and successfully implemented efficiency measures Q3: The Stockmann division continued to improve profitability 62.4 70.1 0.0 20.0 40.0 60.0 80.0 100.0 STOCKMANN DIVISION REVENUE, M€ 12.3% -2.6 1.0 -3.0 -2.0 -1.0 0.0 1.0 2.0 STOCKMANN DIVISION ADJUSTED OPERATING RESULT, M€ 3.6 M€ Q3 2025 Q3 2026 Q3 2025 Q3 2026 12
Page 13
Q3 2026: Changes in Group revenue and adjusted operating result 16.6 4.0 3.6 -0.1 24.1 Q3 2025 Lindex Stockmann Group costs Q3 2026 00 05 10 15 20 25 30 CHANGES IN ADJUSTED OPERATING RESULT, M€ 227.6 6.1 7.7 0.1 241.5 Q3 2025 Lindex Stockmann Elimination Q3 2026 100 120 140 160 180 200 220 240 260 280 CHANGES IN REVENUE, M€ Growth across all categories Gross profit improvement and continued efficiency measures Successful commercial actions and strengthened market development Improved gross profit, operating costs remained controlled 13
Page 14
Q3: Lindex Group key figures REVENUE, M€ ADJUSTED OPERATING RESULT, M€ 25.6 M€ (15.1) Operating result 60.1% (58.0) Gross margin 0.07 € (0.01) EPS, basic 12.1 M€ (1.9) Net result 227.6 241.5 0.0 100.0 200.0 300.0 Q3 2025 Q3 2026 16.6 24.1 0.0 10.0 20.0 30.0 40.0 Q3 2025 Q3 2026 14 7.5 M€ 6.1%
Page 15
1–9 2026: Changes in Group revenue and adjusted operating result 30.1 7.4 5.9 -0.7 42.6 1–9 2025 Lindex Stockmann Group costs 1–9 2026 00 05 10 15 20 25 30 35 40 45 50 CHANGES IN ADJUSTED OPERATING RESULT, M€ 667.5 20.8 5.5 0.1 693.9 1–9 2025 Lindex Stockmann Elimination 1–9 2026 100 200 300 400 500 600 700 800 CHANGES IN REVENUE, M€ Strong customer offering and commercial execution Gross profit improvement and successful efficiency measures Successful commercial tactics Improved gross profit and disciplined cost management 15
Page 16
The divisions’ profitability levels 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 72.1 68.1 75.5 79.5 -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 1.2 2.2 3.5 7.0 -60 -40 -20 0 20 40 60 80 100 120 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 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Lindex Stockmann EUR mill. ADJUSTED OPERATING RESULT, ROLLING TWELVE MONTHS, M€ 16
Page 17
• Inventories were EUR 187.8 (193.9) million • CAPEX, excluding the Lindex omnichannel distribution centre EUR 18.4 (17.4) million 1–9 2026: Operating free cash flow and capital expenditure OPERATING FREE CASH FLOW, M€* 1-9 2025 1-9 2026 By the end of September, EUR 105 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. 17 -35.5 -11.3 -40.0 -35.0 -30.0 -25.0 -20.0 -15.0 -10.0 -5.0 0.0 OPERATING FREE CASH FLOW ROLLING TWELVE MONTHS PER DIVISION , M€* 43.4 78.2 77.1 90.4 99.7 -14.0 -19.4 -19.9 -25.3 -16.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 100.0 120.0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Lindex Stockmann
Page 18
Changes in cash position 134.8 129.2 -33.5 -88.1 -20.7 -9.2 50.1 -83.3 0.1 1.2 80.6 Opening cash 1.1.2026 Adjusted EBITDA Change in NWC Lease payments CAPEX Paid/refund of taxes Proceeds from loans Repayments of loans Other adj. Currency diffs. Ending cash 30.9.2026 0.0 50.0 100.0 150.0 200.0 250.0 300.0 CHANGES IN CASH POSITION PER ITEM, M€ 80.6 M€ (53.6) Cash 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 … Proceeds from … Other adj. Currency diffs. Ending cash 30.9.2025 0.0 50.0 100.0 150.0 200.0 250.0 300.0 2026 1–9 2025 1–9 Opening cash 1.1.2026 Adjusted EBITDA Change in NWC Lease payments CAPEX Paid/refund of taxes Proceeds from loans Other adjustments Currency differences Ending cash 30.9.2026 Repayment of loans 18 Opening cash 1.1.2025 Adjusted EBITDA Change in NWC Lease payments CAPEX Paid/refund of taxes Other adjustments Currency differences Ending cash 30.9.2025 Proceeds from loans Restructuring payments
Page 19
-313 -274 -325 -234 -278 119 73 100 36 61 36 66 11 30 -7 32 -32 1 -31 52 -12 31 31 -400 -300 -200 -100 0 100 200 Q1/2021Q2/2021Q3/2021Q4/2021Q1/2022Q2/2022Q3/2022Q4/2022Q1/2023Q2/2023Q3/2023Q4/2023Q1/2024Q2/2024Q3/2024Q4/2024Q1/2025Q2/2025Q3/2025Q4/2025Q1/2026Q2/2026Q3/2026 Lindex Group’s financial position EUR mill. Conversion of unsecured debt to senior secured bonds Divestment of the property in T allinn Divestment of the property in Riga Divestment of the property in Helsinki 67.4% (64.3) Equity ratio (excl. IFRS 16) 34.1% (31.8) Equity ratio 577.1 M€ (579.7) Lease liabilities 50.0 M€ (84.1) Interest-bearing liabilities (excl. IFRS 16) NET DEBT EXCL. IFRS 16 ITEMS, M€ 19
Page 20
20 Financial highlights Profitability improvements continued Higher revenue and stronger profitability Revenue and adjusted operating result improved
Page 21
21 Way forward
Page 22
22 Accelerate growth Transform to a sustainable business Decouple cost from growth Lindex: Clear strategy for value creation
Page 23
• Reach more customers and support profitable growth through targeted investments in category and channel development • Leverage optimisation of the omnichannel distribution centre • Maintain disciplined cost and inventory management Lindex division - 2026, Accelerating growth 23
Page 24
24 Customer-centric strategy to ensure profitability and competitiveness Differentiate through curated offering Optimise omnichannel performance Improve operational efficiency Grow and leverage loyal customer base
Page 25
• Maintain cost discipline and operational efficiency • Strengthen differentiation through curated offering and own brands • Develop the Helsinki flagship and luxury proposition • Secure competitiveness in the Stockmann's DNA season Stockmann division - 2026, Continuous strategy execution with focus on competitiveness and profitable growth 25
Page 26
Further information lindexgroup.com investor.relations@stockmann.com Q&A