contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  createdAt
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
    forum {
      threadUrl
    }
    defaultInstrument {
      symbol
      id
    }
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    pageUrl
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
  ... on Webcast {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        threadUrl
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        symbol
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
      researchContent {
        title
        lang
        pdfUrl
        relatedContent {
          __typename
          ...PublishingDetails
          ...Reactions
          id
        }
        content {
          title
          lang
          htmlBody
          publishedAt
          createdAt
          changedAt
          isOutdated
          isPremium
        }
      }
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


lindex-group-oyj-publishing-of-lindex-groups-financial-statements-bulletin-2025

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

Lindex Group operates in the retail sector. The Group manages a number of stores in major shopping centres and large commercial premises located throughout the Nordic market. The Group is a retailer of several brands and the range consists of clothing, shoes and related accessories. The company has its headquarters in Helsinki.

Give Stockmann a large enough dowry and start focusing on Lindex. This is the best way to create shareholder value, which the board emphasized in their December communication. Focusing on Stockmann is detrimental to the development of Lindex, which is, after all, the crown jewel.

The discussion about lease liabilities started from Carnegie’s analysis, which Opa linked here. According to Carnegie, there is a significant risk involved in them—why shouldn’t we be allowed to comment on that here?  True, that 4.2% is not entirely impossible, but it doesn’t really tell us much about this matter. If Stockmann had sold that property to KEVA for 200 million, the rent would be significantly lower. In practice, KEVA financed Stockmann through that real estate transaction, and the repayment of that financing is handled through a long-term lease agreement. Breaking the contract prematurely comes at a cost, and that is the core of the whole issue.

Stockmann’s biggest challenge regarding expenses is likely not specifically administration, marketing, or procurement, but rather personnel costs as a whole. Compared to so-called discount chains, whose personnel costs are typically 10-15%, the costs for Stockmann and department stores are significantly higher (15-20%). The department store business is based, among other things, on customer experience and the fact that there are sales assistants in every department. This is something that cannot be compromised on, and Stockmann also communicated this at the beginning of the restructuring. Personally, I think this is something that cannot be changed and must be lived with. The key tools for Stockmann and other department stores in optimizing profitability are revenue and gross margin. Saving alone will not help.

Well, exactly so; the comments here about the rent levels are a bit strange. According to the company, all department stores are profitable in their own right. There is no sense in terminating leases in this situation because it would weaken the company’s finances; when you terminate a lease, you pay contract penalties, and going forward, central administration costs would be borne by a smaller group. Stockmann’s problem is the large shared costs, i.e., administration, marketing, procurement, etc. A larger operator could manage these and achieve clear economies of scale in this regard, which would improve Stockmann’s profitability. The easiest thing would indeed be to spin off Stockmann, but that would require the bottom line to be in the black. Perhaps if the economy in Finland starts to grow now, this could happen—who knows.

When the Helsinki property was sold, it was reported that the purchase price would result in a 4.2% net yield for Keva.  That is not entirely impossible. The fact that Stockmann is unable to generate enough money to cover those rents (or whatever term IFRS uses for them) is—judging by the rent level—more a reflection of Stockmann’s poor performance than an overpriced rent/property. Indeed, an industrial buyer could use synergies and expertise to increase sales and bring costs down.  But so far, there has been no appetite for that.  The value of the transaction is EUR 400 million, of which the amount payable at closing is approximately EUR 391 million. The remainder will be accounted for in the rent for the coming years. The estimated net yield is approximately 4.2 percent.  Stockmann has agreed to sell its Helsinki city center department store property and has entered into a long-term leaseback agreement - LindexGroup https://share.google/nnVCeeLaKa8gjRiu6

Ok, so in your opinion, the value of the property was actually only about 200 million?

The current rent level is based on the transaction between Stockmann and KEVA, where the property’s price was set at 400 million euros. In practice, KEVA financed a collapsing Stockmann with that sum, and Stockmann committed to a long-term lease agreement based on that 400 million valuation of the property. It quickly became clear that it’s impossible to run a profitable retail business even at a prime location in Helsinki with a rent level based on that 400 million euro valuation. Half of the current rent could be a good guess for a level where the business would be profitable.

Lindex Group

LINDEX GROUP plc, Press release 30.1.2026 at 11.30 EETPublishing of Lindex Group's Financial Statements Bulletin 2025Lindex Group plc will publish its Financial Statements Bulletin 2025 on Friday...

LINDEX GROUP plc, Press release 30.1.2026 at 11.30 EETPublishing of Lindex Group's Financial Statements Bulletin 2025Lindex Group plc will publish its Financial Statements Bulletin 2025 on Friday 6 February 2026 at 8:30 EET. A media and analyst briefing will be held in English the same day at 10:00 EET as a live webcast that can be followed via <a href="https://lindex-group.events.inderes.com/q4-2025/register">this link</a>. The recording and presentation material will be available on the company's website after the event.Further information: Group Communications, MediaDesk Mon-Fri 9-16 EET tel. +358 50 389 0011 <a href="mailto:info@stockmann.com">info@stockmann.com</a>LINDEX GROUP plcMarja-Leena Dahlskog Head of Communications &amp; IRDistribution: Principal media<div></div>

Lindex Group Oyj: Publishing of Lindex Group's Financial Statements Bulletin 2025

Lindex Group Oyj: Publishing of Lindex Group's Financial Statements Bulletin 2025