Tokmanni Group Corporation Business Review Unaudited 6 November 2026 at 8:00 am
New guidance for 2026 issued on 5 November 2026
In 2026, Tokmanni Group expects its revenue to be EUR 1,780-1,830 million. Comparable EBIT is expected to be EUR 75-90 million.
Previous guidance for 2026 issued on 6 March 2026
In 2026, Tokmanni Group expects its revenue to be EUR 1,780-1,860 million. Comparable EBIT is expected to be EUR 85-105 million.
Second instalment of the dividend
Tokmanni Group Corporation's Board of Directors has decided on the payment of the second instalment of the dividend for the financial year ended 31 December 2025. The dividend to be paid is EUR 0.17 per share and the decision is based on the authorisation granted to the Board of Directors by the Annual General Meeting on 28 April 2026. The company has already paid a dividend of EUR 0.17 per share for the financial year ended 31 December 2025 on 13 May 2026.
The second dividend instalment will be paid on 19 November 2026 to the shareholders listed in the company's shareholder register maintained by Euroclear Finland Ltd on the record date of 11 November 2026.
In the third quarter of 2026, the Group's revenue increased, driven particularly by Dollarstore's positive like-for-like sales growth and store network expansion. The Group's comparable gross profit and gross margin improved. At the same time, higher operating expenses, mainly due to store network expansion and renovation, resulted in comparable EBIT being slightly below the level of the corresponding period in the previous year.
Tokmanni Group's revenue grew by 2.9% to EUR 445.2 million, and like-for-like revenue declined by 0.5%. Revenue growth was driven by Dollarstore segment, supported by both positive like-for-like sales development and new store openings. In the third quarter, Tokmanni segment's revenue increased by 0.2% to EUR 315.4 million, and like-for-like revenue decreased by 1.7%. At the same time, Dollarstore segment's revenue grew by 10.2% to EUR 131.2 million, and like-for-like revenue grew by 3.0%.
Tokmanni Group's comparable EBIT was EUR 25.8 million (26.4), representing a comparable EBIT margin of 5.8% (6.1%). The decline in profitability reflected the lower comparable EBIT in Tokmanni segment, which decreased to EUR 25.3 million (26.3), while the comparable EBIT margin declined to 8.0% (8.4%). In Dollarstore segment, comparable EBIT improved slightly to EUR 1.3 million (1.1), and the comparable EBIT margin increased to 1.0% (0.9%).
Tokmanni segment: improved gross margin despite softer like-for-like sales
Tokmanni segment's revenue remained flat in the third quarter, while like-for-like sales declined. The Finnish market remained challenging during the quarter, with tough competition continuing and consumer sentiment remained weak. Customers were cautious in their non-grocery spending. This was reflected in declining non-grocery sales and a 2.2% decrease in the like-for-like average basket size, while grocery sales increased. Sales were also affected by cooler summer weather particularly in July. Towards the end of the third quarter, sales development improved, with like-for-like customer traffic increasing slightly. However, the market environment remained challenging.
We maintained a disciplined approach to pricing, and margins improved in both grocery and non-grocery products, contributing to the improvement in the comparable gross margin. However, higher operating expenses resulted in slightly lower EBIT. Operating expenses increased by EUR 0.9 million due to new EUROSPAR and Tokmanni store build-ups and renovations. Personnel costs were also impacted by the 2.5% collectively agreed wage increase in Finland that took effect on 1 August. Property expenses also rose, primarily due to higher energy prices and increased property maintenance costs.
Our focus is on building on the improvement in like-for-like customer traffic, increasing the average basket size and restoring profitable like-for-like sales growth. We are strengthening Tokmanni's customer proposition through competitive pricing, more relevant assortments and targeted campaigns. EUROSPAR supermarkets broaden our grocery offering, while Tokmanni Klubi and our digital channels support a more seamless customer journey and increasingly targeted marketing.
Dollarstore segment: encouraging progress in sales and profitability
Performance in the Dollarstore segment was encouraging during the quarter. Revenue, comparable gross margin and comparable EBIT improved compared to the comparison period last year. Importantly, positive like-for-like sales showed that growth was not driven solely by store network expansion. Operating expenses increased due to new store openings and higher personnel expenses. The collectively agreed wage increase of 2.7% in Sweden took effect on 1 May.
Ever-closer cooperation across the Group is becoming increasingly visible in sourcing and product assortments. The rollout of shared private label products continued during the quarter, with these products delivering strong sales and higher margins than the rest of the assortment. We will continue to expand the shared assortment and leverage our purchasing scale to strengthen price competitiveness and gross margins.
We continued to strengthen our customer proposition through attractive campaigns, competitive pricing and an even broader assortment. New product categories in the joint assortment with Tokmanni contributed to positive sales development, particularly in DIY and car accessories, toys and hobbies, apparel and food products. The development provides encouraging indications of their commercial potential.
Our systematic measures to develop Dollarstore segment's business are progressing in the right direction. The improvement in sales, gross margin and comparable EBIT was encouraging, but profitability remains low. We continue to focus on translating sales growth and improved gross margin into sustainably stronger profitability. The turnaround is a long-term effort, and we expect the full impact of the changes to become visible over time.
Building on the Group's strengths
Overall, the third quarter demonstrated both the strengths of our business and the areas in which we need to improve. We need to restore like-for-like sales growth in Finland, improve Dollarstore segment's profitability and ensure that improvements in gross margin translate more effectively into higher EBIT and stronger cash flow.
We will continue to strengthen our price position, develop our assortments and customer experience as well as cost control, and deepen cooperation across the Group. These are central to improving our competitiveness and supporting profitable growth over time.
We made good progress in our Group strategy process during the quarter. The work will continue through the remainder of the year and into early 2027. We will present our strategy and financial targets for our next strategy period 2027-2031 at our Capital Markets Day on 27 January 2027. Further details about the event will be provided later.
As we enter the final and most important quarter of the year, the market environment remains challenging. Consumer confidence declined in Finland and Sweden in October, which impacted our sales, and we have lowered our earnings guidance for 2026. At the same time, our preparations for the Christmas season are well on track, with no significant product availability issues. Our focus is on executing the Christmas season successfully while continuing cost control and strengthening the foundations for profitable growth across Tokmanni Group.
| 7-9/ 2026 | 7-9/ 2025 | Change, % | 1-9/ 2026 | 1-9/ 2025 | Change, % | 1-12/ 2025 | |
| Revenue, MEUR | 445.2 | 432.8 | 2.9 | 1,266.5 | 1,217.5 | 4.0 | 1,728.3 |
| Like-for-like revenue development, % | -0.5 | 0.7 | 0.7 | 0.4 | -0.2 | ||
| Customer visit development, % | 3.4 | 1.4 | 2.8 | 2.0 | 1.8 | ||
| Gross profit, MEUR | 157.5 | 151.8 | 3.7 | 425.4 | 422.7 | 0.7 | 606.4 |
| Gross margin, % | 35.4 | 35.1 | 33.6 | 34.7 | 35.1 | ||
| Comparable gross profit, MEUR | 157.8 | 150.4 | 4.9 | 436.5 | 423.5 | 3.1 | 607.3 |
| Comparable gross margin, % | 35.4 | 34.7 | 34.5 | 34.8 | 35.1 | ||
| Operating expenses, MEUR | -98.7 | -91.9 | 7.4 | -302.8 | -291.6 | 3.9 | -394.9 |
| Comparable operating expenses, MEUR | -98.7 | -91.7 | 7.6 | -302.8 | -291.4 | 3.9 | -394.7 |
| EBITDA, MEUR | 60.2 | 60.7 | -0.8 | 126.2 | 134.7 | -6.3 | 217.1 |
| EBITDA margin, % | 13.5 | 14.0 | 10.0 | 11.1 | 12.6 | ||
| Comparable EBITDA, MEUR | 60.5 | 59.6 | 1.6 | 137.2 | 135.8 | 1.1 | 218.2 |
| Comparable EBITDA margin, % | 13.6 | 13.8 | 10.8 | 11.2 | 12.6 | ||
| EBIT, MEUR | 25.8 | 27.5 | -6.4 | -2.0 | 35.5 | -105.6 | 83.6 |
| EBIT margin, % | 5.8 | 6.4 | -0.2 | 2.9 | 4.8 | ||
| Comparable EBIT, MEUR | 25.8 | 26.4 | -2.2 | 33.1 | 36.5 | -9.5 | 84.8 |
| Comparable EBIT margin, % | 5.8 | 6.1 | 2.6 | 3.0 | 4.9 | ||
| Net financial items, MEUR | -11.1 | -9.7 | 15.2 | -33.1 | -28.2 | 17.5 | -38.1 |
| Capital expenditure, MEUR | 5.7 | 6.6 | -13.6 | 19.3 | 18.3 | 5.5 | 30.4 |
| Net cash from operating activities, MEUR *** | 16.1 | 31.6 | 48.1 | 31.7 | 147.3 | ||
| Net debt, MEUR *** | 914.2 | 931.4 | 874.1 | ||||
| Net debt without lease liabilities, MEUR *** | 298.4 | 318.0 | 233.2 | ||||
| Net debt / comparable EBITDA */ *** | 4.16 | 4.32 | 4.01 | ||||
| Net debt / comparable EBITDA without lease liabilities */ *** | 3.49 | 3.53 | 2.57 | ||||
| Return on capital employed, % | 4.2 | 7.7 | 7.4 | ||||
| Return on equity, % | -0.9 | 14.1 | 14.3 | ||||
| Equity ratio, % | 16.4 | 17.3 | 19.1 | ||||
| Number of shares, weighted average during the financial period (thousands) | 58,125 | 58,744 | 58,361 | 58,817 | 58,747 | ||
| Diluted number of shares, weighted average during the financial period (thousands) | 58,871 | 58,874 | 58,871 | 58,874 | 58,874 | ||
| Earnings per share, basic (EUR/share) | 0.20 | 0.24 | -0.56 | 0.10 | 0.62 | ||
| Earnings per share, diluted (EUR/share) | 0.20 | 0.24 | -0.56 | 0.10 | 0.62 | ||
| Personnel at the end of the period | 6,765 | 6,619 | 6,443 | ||||
| Personnel on average in the period (FTE) ** | 5,077 | 4,912 | 4,799 | 4,683 | 4,606 | ||
| * Rolling 12 months comparable EBITDA | |||||||
| ** The FTE calculation has been revised from the beginning of the 2026 financial year | |||||||
| *** Reclassification of unsettled card receivables | |||||||
| MEUR | 7-9/2026 | 7-9/2025 | 1-9/2026 | 1-9/2025 | 1-12/2025 |
| Gross profit | 157.5 | 151.8 | 425.4 | 422.7 | 606.4 |
| Changes in fair value of currency derivatives | 0.4 | -1.4 | -0.8 | 0.8 | 0.9 |
| Non-recurring expenses, inventory write-down | -0.1 | 0.0 | 11.9 | 0.0 | 0.0 |
| Comparable gross profit | 157.8 | 150.4 | 436.5 | 423.5 | 607.3 |
| Operating expenses | -98.7 | -91.9 | -302.8 | -291.6 | -394.9 |
| Non-recurring expenses, other | 0.0 | 0.2 | 0.0 | 0.2 | 0.2 |
| Comparable operating expenses | -98.7 | -91.7 | -302.8 | -291.4 | -394.7 |
| EBITDA | 60.2 | 60.7 | 126.2 | 134.7 | 217.1 |
| EBIT | 25.8 | 27.5 | -2.0 | 35.5 | 83.6 |
| Changes in fair value of currency derivatives | 0.4 | -1.4 | -0.8 | 0.8 | 0.9 |
| Non-recurring expenses, business arrangements | 0.0 | 0.1 | 0.0 | 0.1 | 0.1 |
| Non-recurring expenses, inventory write-down | -0.1 | 0.0 | 11.9 | 0.0 | 0.0 |
| Non-recurring expenses, other | 0.0 | 0.2 | 0.0 | 0.2 | 0.2 |
| Goodwill impairment | -0.2 | 0.0 | 24.0 | 0.0 | 0.0 |
| Comparable EBITDA | 60.5 | 59.6 | 137.2 | 135.8 | 218.2 |
| Comparable EBIT | 25.8 | 26.4 | 33.1 | 36.5 | 84.8 |
According to the statistics of the Finnish Grocery Trade Association FGTA (https://www.pty.fi/en/), the total sales of department store and hypermarket chains in Finland increased by 2.4% in the third quarter of 2026. It is important to note that the statistics compiled by the FGTA only cover part of the market relevant for Tokmanni segment.
According to the statistics of the Swedish Food Retailers' Federation (https://www.svenskdagligvaruhandel.se/), the Food Retail Index in Sweden increased by 4.0% in total in the third quarter of 2026. Sales in-store increased by 3.8% and e-commerce sales by 7.7%. The Food Retail Index measures sales growth in the grocery trade and does not include specialised food stores or service trade. It is important to note that the statistics compiled by the Swedish Food Retailers' Federation only cover part of the market relevant for Dollarstore store chain.
At the end of September 2026, Tokmanni Group had a total of 399 stores (31 December 2025: 392). In Finland, the Group had 208 Tokmanni stores and a total of 35 Click Shoes and Shoe House stores. In Sweden, Tokmanni Group had 143 Dollarstore stores, and in Denmark, 13 Big Dollar stores.
| Tokmanni Group stores | 30 September 2026 | 30 September2025 | 31 December2025 |
| Tokmanni segment | 243 | 240 | 242 |
| Tokmanni | 208 | 204 | 206 |
| Click Shoes and Shoe House | 35 | 36 | 36 |
| Dollarstore segment | 156 | 145 | 150 |
| Dollarstore | 143 | 135 | 139 |
| Big Dollar | 13 | 10 | 11 |
| Total | 399 | 385 | 392 |
At the end of September 2026, there was a EUROSPAR supermarket located alongside the Tokmanni store in Ylöjärvi, Masku, Tornio, Järvenpää, Raatekangas in Joensuu and Iisalmi.
Tokmanni's next four EUROSPAR supermarkets will open in Lehtikangas in Kajaani, Vanhakylä (Gammelby) in Loviisa, Tervaharju in Kemi, and Mäntsälä. The opening celebrations will already take place this year. This will expand Tokmanni's EUROSPAR network to ten locations by the end of the year.
More information about Tokmanni Group's store network is available on the Group's website.
Tokmanni Group consists of Tokmanni and Dollarstore segments as well as Group functions and eliminations. Tokmanni segment consists of Tokmanni stores, Click Shoes stores and Shoe House stores, as well as Tokmanni and Click Shoes online stores. Dollarstore segment consists of Dollarstore and Big Dollar stores.
Tokmanni Group's business is subject to seasonality, which has a significant effect on its revenue, profitability, and cash flow. In general, Tokmanni Group's revenue, profitability and cash flow are lowest in the first quarter and highest in the fourth quarter due to Christmas sales.
| Revenue, MEUR | 7-9/ 2026 | 7-9/ 2025 | Change, % | 1-9/ 2026 | 1-9/ 2025 | Change, % | 1-12/ 2025 |
| Tokmanni | 315.4 | 314.6 | 0.2 | 903.3 | 879.5 | 2.7 | 1,243.7 |
| Dollarstore | 131.2 | 119.1 | 10.2 | 367.9 | 339.2 | 8.5 | 487.7 |
| Group functions and eliminations | -1.4 | -0.9 | 0.0 | -4.7 | -1.2 | 0.0 | -3.0 |
| Total | 445.2 | 432.8 | 2.9 | 1,266.5 | 1,217.5 | 4.0 | 1,728.3 |
In the third quarter of 2026, Tokmanni Group's revenue grew by 2.9% (4.0%) to EUR 445.2 million (432.8). Revenue growth was driven by like-for-like sales growth and new store openings in Dollarstore segment.
Sales of Tokmanni Group's grocery products grew by 4.6% compared to the corresponding period of the previous year. The proportion of grocery sales was 53.3% (52.4%) of total sales.
Tokmanni Group's like-for-like revenue decreased by 0.5% (+0.7%). Tokmanni Group's like-for-like customer visits in stores increased by 0.2% (-0.7%), and the total number of customers grew by 3.4% (1.4%) compared to the corresponding period of the previous year. The like-for-like average basket size decreased by 0.7% to EUR 19.89 (20.03).
The brands managed by Tokmanni Group (private label products, exclusive brands and non-branded products) represented 29.1% (27.5%) of third quarter sales.
In January-September 2026, Tokmanni Group's revenue grew by 4.0% (3.4%) to EUR 1,266.5 million (1,217.5). Sales of Tokmanni Group's grocery products grew by 4.2% compared to the corresponding period of the previous year. The proportion of grocery sales was 55.0% (54.7%) of total sales.
Tokmanni Group's like-for-like revenue increased by 0.7% (0.4%). Tokmanni Group's like-for-like customer visits in stores increased by 0.2% (0.2%), and the total number of customers grew by 2.8% (2.0%) compared to the corresponding period of the previous year. The like-for-like average basket size increased by 0.5% to EUR 19.83 (19.73).
The brands managed by Tokmanni Group (private label products, exclusive brands and non-branded products) represented 27.5% (25.6%) of January-September sales.
| Comparable EBIT, MEUR | 7-9/ 2026 | 7-9/ 2025 | Change, % | 1-9/ 2026 | 1-9/ 2025 | Change, % | 1-12/ 2025 |
| Tokmanni | 25.3 | 26.3 | -3.9 | 45.4 | 44.7 | 1.7 | 85.6 |
| Dollarstore | 1.3 | 1.1 | 19.9 | -9.6 | -5.0 | -90.9 | 3.3 |
| Group functions and eliminations | -0.8 | -1.1 | 21.1 | -2.7 | -3.1 | 12.5 | -4.1 |
| Total | 25.8 | 26.4 | -2.2 | 33.1 | 36.5 | -9.5 | 84.8 |
In the third quarter of 2026, Tokmanni Group's gross profit amounted to EUR 157.5 million (151.8), and the gross margin was 35.4% (35.1%). Comparable gross profit was EUR 157.8 million (150.4), corresponding to a comparable gross margin of 35.4% (34.7%).
Tokmanni Group's operating expenses were EUR 98.7 million (91.9), or 22.2% of revenue (21.2%). Personnel expenses represented EUR 59.9 million (56.1), or 13.5% of revenue (13.0%). Comparable operating expenses were EUR 98.7 million (91.7), or 22.2% of revenue (21.2%).
The Group's EBITDA totalled EUR 60.2 million (60.7), corresponding to an EBITDA margin of 13.5% (14.0%). Comparable EBITDA totalled EUR 60.5 million (59.6), and the comparable EBITDA margin was 13.6% (13.8%).
Tokmanni Group's depreciation amounted to EUR 34.7 million (33.2). Depreciation excluding depreciation of tangible and intangible assets (PPA) arising from acquisitions amounted to EUR 33.9 million (32.4). EUR 0.8 million (0.8) was recognised for depreciation of tangible and intangible assets (PPA) arising from acquisitions.
The Group's EBIT in the third quarter totalled EUR 25.8 million (27.5), corresponding to an EBIT margin of 5.8% (6.4%). Comparable EBIT was EUR 25.8 million (26.4), and the comparable EBIT margin was 5.8% (6.1%). The decline in profitability reflected the lower comparable EBIT in Tokmanni segment.
Tokmanni Group's net financial items totalled EUR -11.1 million (-9.7). The result before taxes was EUR 14.6 million (17.9). Taxes for the review period were EUR -2.9 million (-3.6). The net result was EUR 11.8 million (14.3).
Diluted earnings per share were EUR 0.20 (0.24).
In January-September 2026, Tokmanni Group's gross profit amounted to EUR 425.4 million (422.7), and the gross margin was 33.6% (34.7%). Comparable gross profit was EUR 436.5 million (423.5), corresponding to a comparable gross margin of 34.5% (34.8%).
Tokmanni Group's operating expenses were EUR 302.8 million (291.6), or 23.9% of revenue (23.9%). Personnel expenses represented EUR 184.4 million (178.5), or 14.6% of revenue (14.7%). Comparable operating expenses were EUR 302.8 million (291.4), or 23.9% of revenue (23.9%).
The Group's EBITDA totalled EUR 126.2 million (134.7), corresponding to an EBITDA margin of 10.0% (11.1%). Comparable EBITDA totalled EUR 137.2 million (135.8), and the comparable EBITDA margin was 10.8% (11.2%).
Tokmanni Group's depreciation amounted to EUR 104.2 million (99.2). Depreciation excluding depreciation of tangible and intangible assets (PPA) arising from acquisitions amounted to EUR 101.9 million (97.0). EUR 2.3 million (2.3) was recognised for depreciation of tangible and intangible assets (PPA) arising from acquisitions.
Tokmanni Group recognised a non-cash goodwill impairment of EUR 24.3 million and an inventory-related write-down of EUR 12.0 million in Dollarstore segment in its financial results for the second quarter of 2026. The goodwill impairment follows updated impairment testing of Dollarstore segment's cash-generating unit. The inventory write-down related to actions supporting the ongoing renewal of the segment's assortment and commercial concept. Both items are treated as items affecting comparability and therefore have no impact on Tokmanni Group's comparable operating profit, although they affected reported operating profit for the second quarter of 2026.
The Group's EBIT totalled EUR -2.0 million (+35.5), corresponding to an EBIT margin of -0.2% (+2.9%). The goodwill impairment and inventory write-down impacted the EBIT. Comparable EBIT was EUR 33.1 million (36.5), and the comparable EBIT margin was 2.6% (3.0%).
Tokmanni Group's net financial items totalled EUR -33.1 million (-28.2). The result before taxes was EUR -35.1 million (+7.3). Due to the negative result, taxes for the review period were positive at EUR 2.3 million (-1.3). The net result was EUR -32.8 million (+6.0). The weaker result compared to the corresponding period of the previous year was mainly due to the goodwill impairment and inventory write-down.
Diluted earnings per share were EUR -0.56 (+0.10).
At the end of September 2026, Tokmanni Group's inventories amounted to EUR 476.4 million (477.7). The inventory includes products held in warehouses and stores as well as goods in transit. At the end of September, Tokmanni segment's inventories amounted to EUR 331.0 million (331.9) and Dollarstore segment's inventories amounted to EUR 145.6 million (145.8).
Group's net cash flow from operating activities amounted to EUR 16.1 million (31.6) in the third quarter of 2026. The negative development of net cash flow from operating activities was mainly driven by the relative change in net working capital compared to the previous year. In January-September, the net cash flow from operating activities amounted to EUR 48.1 million (31.7). The development in the cash flow from operating activities was affected especially by the change in the working capital year-on-year.
At the end of September 2026, Tokmanni Group had a total of EUR 221.9 million (173.0) available in credit facilities, consisting of loan agreements with credit institutions and a commercial paper programme. Cash and cash equivalents amounted to EUR 9.1 million (14.1) at the end of September 2026.
At the end of September 2026, Tokmanni Group's interest-bearing debt totalled EUR 923.3 million (945.5), including EUR 160.0 million (220.0) in non-current loans from credit institutions, and a bond loan of EUR 100.0 million (0.0) (excluding amortised issue expenses). Short-term credit facility loans and commercial papers amounted to EUR 49.1 million (113.0). The remainder of the liabilities mainly consist of lease agreement liabilities reported under IFRS 16. The Group's net debt excluding lease liabilities amounted to EUR 298.4 million (318.0). The decrease was primarily due to healthy operating cash flow.
Tokmanni Group's ratio of net debt to comparable EBITDA excluding the impact of IFRS 16 was 3.49 at the end of September 2026 (3.53). Tokmanni Group's target is an efficient capital structure. The long-term goal is to keep the ratio of net debt to comparable EBITDA, excluding the impact of IFRS 16, below 2.25 at year-end.
Tokmanni Group's equity ratio was 16.4% (17.3%) at the end of September 2026.
Tokmanni Group's capital expenditure in the third quarter of 2026 totalled EUR 5.7 million (6.6). Capital expenditure was related to the expansion, development and maintenance of the store network, as well as the development of digital services. In January-September 2026, the capital expenditure totalled EUR 19.3 million (18.3).
Tokmanni segment includes Tokmanni, Click Shoes and Shoe House stores, as well as Tokmanni and Click Shoes online stores.
| 7-9/ 2026 | 7-9/ 2025 | 1-9/ 2026 | 1-9/ 2025 | 1-12/ 2025 | |
| Revenue, MEUR | 315.4 | 314.6 | 903.3 | 879.5 | 1,243.7 |
| Like-for-like revenue, % | -1.7 | 1.5 | 1.0 | -0.2 | -0.7 |
| Comparable gross profit, MEUR | 109.6 | 106.8 | 305.3 | 300.8 | 428.9 |
| Comparable gross margin, % | 34.8 | 33.9 | 33.8 | 34.2 | 34.5 |
| Comparable EBIT, MEUR | 25.3 | 26.3 | 45.4 | 44.7 | 85.6 |
| Comparable EBIT margin, % | 8.0 | 8.4 | 5.0 | 5.1 | 6.9 |
| Comparable return on capital employed, %, rolling 12 months | 0.0 | 0.0 | 11.3 | 10.8 | 11.0 |
| Inventories at the end of period, MEUR | 331.0 | 331.9 | 293.1 | ||
| Capital expenditure, MEUR | 3.4 | 4.7 | 14.5 | 11.8 | 20.4 |
| Personnel on average in the period (FTE) | 3,496 | 3,475 | 3,377 | 3,307 | 3,249 |
| Number of stores at the end of period | 0 | 0 | 243 | 240 | 242 |
In the third quarter of 2026, Tokmanni segment's revenue grew by 0.2% (3.5%) to EUR 315.4 million (314.6). Sales were also affected by cooler summer weather than in the comparison period, when a heatwave supported seasonal demand especially in July. Sales of grocery products grew by 1.8%. The proportion of grocery sales was 51.9% (51.0%) of Tokmanni segment's total sales.
Tokmanni segment's like-for-like revenue decreased by 1.7% (+1.5%). Like-for-like customer visits in stores increased by 0.5% (1.3%), and the total number of customers grew by 2.0% (2.6%). The like-for-like average basket size decreased by 2.2% to EUR 20.74 (21.21).
Direct imports accounted for 26.9% of Tokmanni segment's sales (27.4%). These can be broken down into products purchased using the sourcing company in Shanghai, China, which accounted for 21.2% (21.8%), and other direct imports, which accounted for 5.7% (5.6%).
In January-September 2026, Tokmanni segment's revenue grew by 2.7% (1.3%) to EUR 903.3 million (879.5). Sales of grocery products grew by 2.8%. The proportion of grocery sales was 54.1% (53.8%) of Tokmanni segment's total sales.
Tokmanni segment's like-for-like revenue increased by 1.0% (-0.2%). Like-for-like customer visits in stores increased by 2.0% (0.7%), and the total number of customers grew by 3.1% (1.6%). The like-for-like average basket size decreased by 1.0% to EUR 20.68 (20.89).
Direct imports accounted for 25.8% of Tokmanni segment's sales (25.5%). These can be broken down into products purchased using the sourcing company in Shanghai, China, which accounted for 19.5% (19.6%), and other direct imports, which accounted for 6.2% (5.9%).
Higher margins in both grocery and non-grocery products contributed to the increase in the comparable gross margin. In the third quarter of 2026, Tokmanni segment's gross profit amounted to EUR 109.4 million (107.9), and the gross margin was 34.7% (34.3%). Comparable gross profit was EUR 109.6 million (106.8), corresponding to a comparable gross margin of 34.8% (33.9%).
Tokmanni segment's operating expenses totalled EUR 65.2 million (61.2), or 20.7% of revenue (19.5%). Personnel expenses were EUR 38.3 million (35.9) of total operating expenses, or 12.2% of revenue (11.4%). Operating expenses increased by EUR 0.9 million due to new EUROSPAR and Tokmanni store build-ups and renovations. Personnel costs were also impacted by the 2.5% collectively agreed wage increase in Finland that took effect on 1 August. Property expenses also rose, primarily due to higher energy prices and increased property maintenance costs. Comparable operating expenses were EUR 65.2 million (61.1), or 20.7% of revenue (19.4%).
Tokmanni segment's EBITDA totalled EUR 45.5 million (47.5), which corresponds to an EBITDA margin of 14.4% (15.1%). Comparable EBITDA totalled EUR 45.8 million (46.7), and the comparable EBITDA margin was 14.5% (14.8%).
Tokmanni segment's EBIT totalled EUR 25.1 million (27.2), corresponding to an EBIT margin of 8.0% (8.6%). Comparable EBIT was EUR 25.3 million (26.3), and the comparable EBIT margin was 8.0% (8.4%).
Tokmanni segment's capital expenditure in the third quarter totalled EUR 3.4 million (4.7).
In January-September 2026, Tokmanni segment's gross profit amounted to EUR 305.7 million (300.0), and the gross margin was 33.8% (34.1%). Comparable gross profit was EUR 305.3 million (300.8), corresponding to a comparable gross margin of 33.8% (34.2%).
Tokmanni segment's operating expenses totalled EUR 202.2 million (198.5), or 22.4% of revenue (22.6%). Personnel expenses were EUR 118.9 million (116.1) of total operating expenses, or 13.2% of revenue (13.2%). Comparable operating expenses were EUR 202.2 million (198.4), or 22.4% of revenue (22.6%).
Tokmanni segment's EBITDA totalled EUR 107.0 million (104.7), which corresponds to an EBITDA margin of 11.8% (11.9%). Comparable EBITDA totalled EUR 106.6 million (105.8), and the comparable EBITDA margin was 11.8% (12.0%).
Tokmanni segment's EBIT totalled EUR 45.8 million (43.6), corresponding to an EBIT margin of 5.1% (5.0%). Comparable EBIT was EUR 45.4 million (44.7), and the comparable EBIT margin was 5.0% (5.1%).
Tokmanni segment's capital expenditure totalled EUR 14.5 million (11.8).
Dollarstore segment consists of Dollarstore and Big Dollar stores.
| 7-9/ 2026 | 7-9/ 2025 | 1-9/ 2026 | 1-9/ 2025 | 1-12/ 2025 | |
| Revenue, MEUR | 131.2 | 119.1 | 367.9 | 339.2 | 487.7 |
| Like-for-like revenue, % | 3.0 | -1.4 | -0.1 | 2.1 | 1.2 |
| Comparable gross profit, MEUR | 48.7 | 43.8 | 132.5 | 123.0 | 180.0 |
| Comparable gross margin, % | 37.1 | 36.8 | 36.0 | 36.3 | 36.9 |
| Comparable EBIT, MEUR | 1.3 | 1.1 | -9.6 | -5.0 | 3.3 |
| Comparable EBIT margin, % | 1.0 | 0.9 | -2.6 | -1.5 | 0.7 |
| Comparable return on capital employed, %, rolling 12 months | -0.3 | 1.5 | 0.7 | ||
| Inventories at the end of period, MEUR | 145.6 | 145.8 | 131.7 | ||
| Capital expenditure, MEUR | 2.3 | 2.0 | 4.8 | 6.5 | 10.0 |
| Personnel on average in the period (FTE) | 1,568 | 1,423 | 1,410 | 1,362 | 1,343 |
| Number of stores at the end of period | 156 | 145 | 150 |
In the third quarter of 2026, Dollarstore segment's revenue was EUR 131.2 million (119.1). The strengthening of the Swedish krona against the euro contributed positively to the euro-denominated revenue development. In local currencies, revenue grew by 10.5% (3.0%) compared to the corresponding period of the previous year.
Sales of grocery products grew by 11.3% (2.1%) compared to the corresponding period of the previous year in local currencies. The proportion of grocery sales was 56.7% (56.3%) of Dollarstore segment's total sales.
Dollarstore segment's like-for-like revenue increased by 3.0% (-1.4%) in local currencies. Like-for-like customer visits in stores decreased by 0.4% (-4.9%), and the total number of customers grew by 6.2% (-1.0%) year-on-year. The like-for-like average basket size increased by 3.4% to EUR 17.93 (17.33).
In January-September 2026, Dollarstore segment's revenue was EUR 367.9 million (339.2). In local currencies, revenue grew by 6.9% (6.3%) compared to the corresponding period of the previous year.
Sales of grocery products grew by 7.5% (5.5%) compared to the corresponding period of the previous year in local currencies. The proportion of grocery sales was 57.3% (57.0%) of Dollarstore segment's total sales.
Dollarstore segment's like-for-like revenue decreased by 0.1% (+2.1%) in local currencies. Like-for-like customer visits in stores decreased by 3.8% (-0.9%), and the total number of customers grew by 2.3% (2.8%) year-on-year. The like-for-like average basket size increased by 3.9% to EUR 17.82 (17.15).
In the third quarter of 2026, Dollarstore segment's gross profit amounted to EUR 48.6 million (44.1), and the gross margin was 37.1% (37.0%). Comparable gross profit was EUR 48.7 million (43.8), corresponding to a comparable gross margin of 37.1% (36.8%).
Dollarstore segment's operating expenses totalled EUR 33.5 million (30.0), or 25.5% of revenue (25.2%). The increase was mainly due to new store openings and higher personnel expenses, the latter partly reflecting the 2.7% collectively agreed wage increase in Sweden that took effect on 1 May. Personnel expenses were EUR 21.0 million (19.4) of total operating expenses, or 16.0% of revenue (16.3%). Comparable operating expenses were EUR 33.5 million (30.0), or 25.5% of revenue (25.2%).
Dollarstore segment's EBITDA in the third quarter totalled EUR 15.5 (14.3) million, which corresponds to an EBITDA margin of 11.8% (12.0%). Comparable EBITDA totalled EUR 15.6 million (14.0), and the comparable EBITDA margin was 11.9% (11.7%).
Dollarstore segment's EBIT totalled EUR 1.5 (1.4), corresponding to an EBIT margin of 1.2% (1.2%). Comparable EBIT was EUR 1.3 million (1.1), and the comparable EBIT margin was 1.0% (0.9%). The increase in operating expenses was mainly due to the opening of new Dollarstore and Big Dollar stores and various development projects.
Dollarstore segment's capital expenditure totalled EUR 2.3 million (2.0).
In January-September 2026, Dollarstore segment's gross profit amounted to EUR 121.1 million (123.0), and the gross margin was 32.9% (36.3%). Comparable gross profit was EUR 132.5 million (123.0), corresponding to a comparable gross margin of 36.0% (36.3%).
Dollarstore segment's operating expenses totalled EUR 100.0 million (90.8), or 27.2% of revenue (26.8%). Personnel expenses were EUR 63.5 million (60.1) of total operating expenses, or 17.3% of revenue (17.7%). Comparable operating expenses were EUR 100.0 million (90.8), or 27.2% of revenue (26.8%).
Dollarstore segment's EBITDA totalled EUR 21.9 (33.1) million, which corresponds to an EBITDA margin of 6.0% (9.8%). Comparable EBITDA totalled EUR 33.3 million (33.1), and the comparable EBITDA margin was 9.1% (9.8%).
Dollarstore segment's EBIT totalled EUR -45.1 million (-5.1), corresponding to an EBIT margin of -12.3% (-1.5%). Comparable EBIT was EUR -9.6 million (-5.0), and the comparable EBIT margin was -2.6% (-1.5%).
Dollarstore segment's capital expenditure totalled EUR 4.8 million (6.5).
Personnel
| Personnel | 7-9/2026 | 7-9/2025 | 1-9/2026 | 1-9/2025 | 1-12/2025 |
| At the end of the period | 6,765 | 6,619 | 6,443 | ||
| Finland | 4,456 | 4,370 | 4,316 | ||
| Sweden | 2,082 | 2,094 | 1,957 | ||
| Denmark | 227 | 155 | 170 | ||
| Personnel on average (FTE) * | 5,077 | 4,912 | 4,799 | 4,683 | 4,606 |
| Finland | 3,509 | 3,489 | 3,389 | 3,321 | 3,263 |
| Sweden | 1,434 | 1,330 | 1,289 | 1,282 | 1,255 |
| Denmark | 134 | 93 | 121 | 80 | 88 |
| * The FTE calculation has been revised from the beginning of the 2026 financial year | |||||
Tokmanni Group's risks and uncertainties are discussed in detail on Tokmanni Group's website.
Martin Sörenhag started as a Managing Director of the Dollarstore segment and a member of the Executive Team as of 1 November 2026.
Mäntsälä 6 November 2026
Tokmanni Group Corporation
Board of Directors
Tokmanni Group's CEO Sampo Päällysaho and CFO Tapio Arimo will present the report to analysts, investors and media representatives on the publication day at 10:00 am (Finnish time).
The live webcast can be accessed via Tokmanni Group's website at https://tokmannigroup.com/en/investors/ or through the link below. A recording will be available after the event on Tokmanni Group's website.
Link to webcast page: https://rajucast.tv/en/tokmanni-group/business-review-for-january-september-2026/
The participants can ask questions by joining the Teams meeting that is arranged in conjunction with the live webcast. The link to Teams can be found on the webcast page mentioned above.
Sampo Päällysaho, CEO, tel. +358 20 728 5033, sampo.paallysaho(at)tokmanni.fi
Tapio Arimo, CFO, tel. +358 20 728 7390, tapio.arimo(at)tokmanni.fi
Maarit Mikkonen, Group Head of IR and Communications, tel. +358 40 562 2282, maarit.mikkonen(at)tokmanni.fi
This Business Review has been prepared using the same accounting policies and methods of computation as in the Financial Statements for 2025. This is not an interim report under IAS 34. All figures in the accounts have been rounded. Consequently, the sum of individual figures can deviate from the presented sum figure. The figures in the Business Review are presented in millions of euros.
Tokmanni Group has revised the classification of unsettled card receivables by reclassifying them from trade and other receivables to cash and cash equivalents. As these balances are settled in cash within a few days and now represent a more significant proportion of customer payments, the reclassification provides a more appropriate presentation. The change has been applied retrospectively, and the comparative figures have been restated accordingly.
Tokmanni Group's business is subject to seasonality, which has a significant effect on its revenue, profitability, and cash flow. In general, Tokmanni Group's revenue, profitability and cash flow are lowest in the first quarter and highest in the fourth quarter due to Christmas sales.
The preparation of the Business Review in accordance with IFRS requires the management to make estimates and assumptions that affect the amounts of assets and liabilities on the balance sheet, the reporting of contingent assets and liabilities, and the amounts of income and expenses. Although the estimates are based on the management's best knowledge of current events and actions, the actual results may differ from the estimates.
This report is unaudited.
The IFRS 18 standard was issued on 9 April 2024 and is effective for annual reporting periods beginning on or after 1 January 2027. Adoption of the standard requires the restatement and reclassification of comparative period information. IFRS 18 introduces significant changes to the structure of the statement of profit or loss by requiring two mandatory subtotals, namely operating profit or loss and profit or loss before financing and income taxes, and by requiring income and expenses to be classified into five categories: operating, investing, financing, income taxes, and discontinued operations.
During 2025, the Group performed an IFRS 18 impact assessment. Based on the assessment, the new standard is expected to affect the presentation of the Group's statement of profit or loss and related disclosures. In particular, the share of profit or loss of associates and joint ventures, as well as investment-related income and gains or losses on disposals, will in the future be presented within the investing category. In addition, certain finance income, finance expenses and changes in the fair value of hedging instruments will, in accordance with the standard, be classified within either the operating or investing category.
The Group also uses alternative performance measures (APMs) in its reporting, some of which are expected to meet the definition of management-defined performance measures (MPMs) under IFRS 18. For these measures, the Group will be required to provide explanations of their purpose and relevance, as well as reconciliations to the most directly comparable IFRS measures. The Group will continue its preparations for the implementation of IFRS 18 during 2026 and will further refine the presentation changes required by the standard.
| Consolidated income statement (MEUR) | 1 Jul-30 Sep 2026 | 1 Jul-30 Sep 2025 | 1 Jan-30 Sep 2026 | 1 Jan-30 Sep 2025 | 1 Jan-31 Dec 2025 |
| Revenue | 445.2 | 432.8 | 1,266.5 | 1,217.5 | 1,728.3 |
| Other operating income | 1.4 | 0.9 | 3.6 | 3.7 | 5.6 |
| Gain on disposal of discontinued operations and revaluation to fair value | - | 0.2 | - | 0.2 | 0.1 |
| Materials and services | -287.7 | -281.0 | -841.1 | -794.8 | -1,121.9 |
| Employee benefits expenses | -59.9 | -56.1 | -184.4 | -178.5 | -240.0 |
| Depreciation, amortisation and impairment charges | -34.4 | -33.2 | -128.2 | -99.2 | -133.5 |
| Other operating expenses | -38.8 | -35.8 | -118.4 | -113.1 | -155.0 |
| Loss on disposal of discontinued operations and revaluation to fair value | - | -0.3 | - | -0.3 | -0.2 |
| Share of profit in joint ventures | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 |
| Operating profit | 25.8 | 27.5 | -2.0 | 35.5 | 83.6 |
| Financial income | 1.1 | 0.6 | 2.7 | 4.0 | 5.4 |
| Financial expenses | -12.2 | -10.2 | -35.8 | -32.1 | -43.5 |
| Profit/loss before tax | 14.6 | 17.9 | -35.1 | 7.3 | 45.5 |
| Income taxes | -2.9 | -3.6 | 2.3 | -1.3 | -9.2 |
| Net result for the financial period | 11.8 | 14.3 | -32.8 | 6.0 | 36.3 |
| Profit for the year attributable to | |||||
| Equity holders of the parent company | 11.8 | 14.3 | -32.8 | 6.0 | 36.3 |
| Consolidated statement of comprehensive income (MEUR) | 1 Jul-30 Sep 2026 | 1 Jul-30 Sep 2025 | 1 Jan-30 Sep 2026 | 1 Jan-30 Sep 2025 | 1 Jan-31 Dec 2025 |
| Net result for the financial period | 11.8 | 14.3 | -32.8 | 6.0 | 36.3 |
| Other comprehensive income | |||||
| Items that may be reclassified subsequently to profit or loss | |||||
| Exchange differences on translating foreign operations | -2.7 | 1.3 | -5.3 | 5.7 | 9.1 |
| Comprehensive income for the financial period, net of tax | -2.7 | 1.3 | -5.3 | 5.7 | 9.1 |
| Comprehensive income for the financial period | 9.1 | 15.5 | -38.1 | 11.7 | 45.4 |
| Comprehensive income for the financial period attributable to | |||||
| Equity holders of the parent company | 9.1 | 15.5 | -38.1 | 11.7 | 45.4 |
| Earnings per share | 1 Jul-30 Sep 2026 | 1 Jul-30 Sep 2025 | 1 Jan-30 Sep 2026 | 1 Jan-30 Sep 2025 | 1 Jan-31 Dec 2025 |
| Equity holders of the parent company | 11.8 | 14.3 | -32.8 | 6.0 | 36.3 |
| Earnings per share, basic (EUR/share) | 0.20 | 0.24 | -0.56 | 0.10 | 0.62 |
| Earnings per share, diluted (EUR/share) | 0.20 | 0.24 | -0.56 | 0.10 | 0.62 |
| Revenue by segment, EUR million | 1 Jul-30 Sep2026 | 1 Jul-30 Sep2025 | 1 Jan-30 Sep2026 | 1 Jan-30 Sep2025 | 1 Jan-31 Dec2025 |
| Tokmanni segment | 315.4 | 314.6 | 903.3 | 879.5 | 1,243.7 |
| of which between the segments in total | 1.4 | 0.9 | 4.6 | 1.2 | 3.0 |
| Dollarstore segment | 131.2 | 119.1 | 367.9 | 339.2 | 487.7 |
| of which between the segments in total | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 |
| Group functions and eliminations | -1.4 | -0.9 | -4.7 | -1.2 | -3.0 |
| Group total | 445.2 | 432.8 | 1,266.5 | 1,217.5 | 1,728.3 |
| Gross profit by segment, EUR million | 1 Jul-30 Sep2026 | 1 Jul-30 Sep2025 | 1 Jan-30 Sep2026 | 1 Jan-30 Sep2025 | 1 Jan-31 Dec2025 |
| Tokmanni segment | 109.4 | 107.9 | 305.7 | 300.0 | 428.1 |
| Dollarstore segment | 48.6 | 44.1 | 121.1 | 123.0 | 179.8 |
| Group functions and eliminations | -0.5 | -0.2 | -1.4 | -0.4 | -1.5 |
| Group total | 157.5 | 151.8 | 425.4 | 422.7 | 606.4 |
| EBIT by segment, EUR million | 1 Jul-30 Sep2026 | 1 Jul-30 Sep2025 | 1 Jan-30 Sep2026 | 1 Jan-30 Sep2025 | 1 Jan-31 Dec2025 |
| Tokmanni segment | 25.1 | 27.2 | 45.8 | 43.6 | 84.5 |
| Dollarstore segment | 1.5 | 1.4 | -45.1 | -5.1 | 3.1 |
| Group functions and eliminations | -0.8 | -1.1 | -2.7 | -3.1 | -4.1 |
| Group total | 25.8 | 27.5 | -2.0 | 35.5 | 83.6 |
| Comparable EBIT by segment, EUR million | 1 Jul-30 Sep2026 | 1 Jul-30 Sep2025 | 1 Jan-30 Sep2026 | 1 Jan-30 Sep2025 | 1 Jan-31 Dec2025 |
| Tokmanni segment | 25.3 | 26.3 | 45.4 | 44.7 | 85.6 |
| Dollarstore segment | 1.3 | 1.1 | -9.6 | -5.0 | 3.3 |
| Group functions and eliminations | -0.8 | -1.1 | -2.7 | -3.1 | -4.1 |
| Group total | 25.8 | 26.4 | 33.1 | 36.5 | 84.8 |
| Comparable EBIT by segment, % | 1 Jul-30 Sep2026 | 1 Jul-30 Sep2025 | 1 Jan-30 Sep2026 | 1 Jan-30 Sep2025 | 1 Jan-31 Dec2025 |
| Tokmanni segment | 8.0 | 8.4 | 5.0 | 5.1 | 6.9 |
| Dollarstore segment | 1.0 | 0.9 | -2.6 | -1.5 | 0.7 |
| Group functions and eliminations | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Group total | 5.8 | 6.1 | 2.6 | 3.0 | 4.9 |
| Comparable return on capital employed, %, rolling 12 months | 1 Jul-30 Sep2026 | 1 Jul-30 Sep2025 | 1 Jan-30 Sep2026 | 1 Jan-30 Sep2025 | 1 Jan-31 Dec2025 |
| Tokmanni segment | 0.0 | 0.0 | 11.3 | 10.8 | 11.0 |
| Dollarstore segment | 0.0 | 0.0 | -0.3 | 1.5 | 0.7 |
| Group functions and eliminations | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Group total | 0.0 | 0.0 | 6.8 | 7.3 | 7.1 |
| Inventories at the end of period, EUR million | 1 Jul-30 Sep2026 | 1 Jul-30 Sep2025 | 1 Jan-30 Sep2026 | 1 Jan-30 Sep2025 | 1 Jan-31 Dec2025 |
| Tokmanni segment | 0.0 | 0.0 | 331.0 | 331.9 | 293.1 |
| Dollarstore segment | 0.0 | 0.0 | 145.6 | 145.8 | 131.7 |
| Group functions and eliminations | 0.0 | 0.0 | -0.2 | 0.0 | -0.1 |
| Group total | 0.0 | 0.0 | 476.4 | 477.7 | 424.8 |
| Capital expenditure by segment, EUR million | 1 Jul-30 Sep2026 | 1 Jul-30 Sep2025 | 1 Jan-30 Sep2026 | 1 Jan-30 Sep2025 | 1 Jan-31 Dec2025 |
| Tokmanni segment | 3.4 | 4.7 | 14.5 | 11.8 | 20.4 |
| Dollarstore segment | 2.3 | 2.0 | 4.8 | 6.5 | 10.0 |
| Group functions and eliminations | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Group total | 5.7 | 6.6 | 19.3 | 18.3 | 30.4 |
| Like-for-like revenue development, % | = | Like-for-like revenue development is calculated by taking into account the revenue growth of stores that are not considered to be net-new and the revenue growth of relocated stores, as defined by Tokmanni Group to include: (i) new stores opened; (ii) store relocations where the store size changes by 30 per cent or more and the assortment increases or is reduced substantially; and (iii) store expansions where the store size changes by 30 per cent or more. If the store falls in one of these categories, it is regarded as a net-new or relocated store in its opening year and in the following calendar year. Tokmanni Group reduces the net amount of stores closed during the financial year from new and relocated stores. |
| Customer visit development, % | = | Number of customer transactions development |
| Gross profit | = | Revenue - Materials and services |
| Comparable gross profit | = | Gross profit - Changes in the fair value of currency derivatives - Other non-recurring expenses |
| Operating expenses | = | Employee benefits expenses + Other operating expenses |
| Comparable operating expenses | = | Operating expenses - Changes in fair value of electricity derivatives - Other non-recurring expenses |
| EBITDA | = | EBIT + Depreciation, amortisation and impairment charges |
| Comparable EBITDA | = | EBITDA - Changes in fair value of currency and electricity derivatives - Other non-recurring expenses |
| Comparable EBIT | = | EBIT - Changes in fair value of currency and electricity derivatives - Other non-recurring expenses |
| Net financial items | = | Financial income - Financial expenses |
| Capital expenditure | = | Investments in tangible and intangible assets + Purchased subsidiary shares |
| Net debt | = | Interest-bearing debt - Cash and cash equivalents |
| Net debt without lease liabilities | = | Net debt - IFRS 16 lease liabilities |
| Net debt / Comparable EBITDA | = | Net debt |
| Comparable EBITDA for the preceding 12 months | ||
| Net debt / Comparable EBITDA without lease liabilities | = | Net debt - IFRS 16 lease liabilities |
| Comparable EBITDA without IFRS 16 liabilities for the preceding 12 months | ||
| Capital employed | = | Non-current assets - Deferred tax assets + Inventories + Trade and other receivables + Cash and cash equivalents - Non-current non-interest-bearing liabilities - Trade payables and other current liabilities |
| Comparable return on capital employed, %, rolling 12 months | = | Comparable EBIT for the preceding 12 months |
| Capital employed, average for the preceding 12 months | ||
| Invested capital | = | Balance sheet total - Deferred tax liability and other non-interest-bearing liabilities |
| Return on invested capital, % | = | Profit before taxes + Interest and other financial expenses (preceding 12 months) |
| Invested capital, average for the preceding 12 months | ||
| Return on equity, % | = | Net result for the preceding 12 months |
| Equity, average for the preceding 12 months | ||
| Number of personnel | = | Number of personnel at the end of the period |
| Number of personnel on average, converted into full-time employees | = | Average number of personnel converted into full-time employees |
| Equity ratio | = | Equity |
| Balance sheet total - Advances received |
| Earnings per share, basic | = | Net profit |
| Number of shares, weighted average during the period | ||
| Earnings per share, diluted | = | Net profit |
| Diluted number of shares, weighted average during the period |