HALF-YEAR FINANCIAL REPORT OF MARIMEKKO, 1 Jan-30 June 2026: Marimekko's Q2 net sales nearly at previous year's record level, driven by strong growth in APAC; operating profit behind comparison period. Full year guidance unchanged.
Marimekko Corporation, Half-year Financial Report, 13 August 2026 at 8.00 a.m. EEST
HALF-YEAR FINANCIAL REPORT OF MARIMEKKO, 1 Jan–30 June 2026: Marimekko's Q2 net sales nearly at previous year's record level, driven by strong growth in APAC; operating profit behind comparison period. Full year guidance unchanged.
This release is a summary of Marimekko’s half-year financial report for the January–June period of 2026. The complete report is attached to this release as a pdf file and it is also available on the company’s website at company.marimekko.com under Releases & publications.
The second quarter in brief
- Marimekko’s net sales in the second quarter were nearly at the record level of the comparison period amounting to EUR 43.9 million (44.5). Net sales were weakened by a decrease in retail sales in Finland. On the other hand, net sales were boosted by the excellent development of retail sales in all international market areas.
- Net sales in Finland decreased by 7 percent as retail sales declined in a challenging market situation due to certain sales campaigns performing weaker than expected. On the other hand, domestic wholesale sales increased, partly supported by non-recurring promotional deliveries.
- International sales increased by 7 percent. The strongest growth came from the Asia-Pacific region.
- Operating profit in the second quarter was EUR 4.7 million (6.3). Comparable operating profit totaled EUR 5.1 million (6.5) equaling to 11.7 percent of net sales (14.6).
- Operating profit was weakened in particular by increased fixed costs. In addition, the decrease in net sales had a negative impact on operating profit. On the other hand, improved relative sales margin had a positive effect on the operating profit development.
- Cash flow from operating activities increased and the company’s financial position remained strong.
January–June in brief
- The company’s net sales in the first half of the year increased by 2 percent and totaled EUR 85.3 million (84.1). Net sales were boosted in particular by the growth of retail sales in the Asia-Pacific region and other international market areas. On the other hand, net sales were weakened by decreased retail sales in Finland.
- Net sales in Finland decreased by 4 percent as retail sales declined in the challenging operating environment. On the other hand, wholesale sales in Finland increased, partly supported by domestic non-recurring promotional deliveries.
- International sales grew by 8 percent with all international market areas increasing net sales. Most growth was accrued in the Asia-Pacific region.
- Operating profit amounted to EUR 9.9 million (10.6). Comparable operating profit totaled EUR 10.4 million (10.9) equaling to 12.2 percent of net sales (13.0).
- Operating profit was weakened by increased fixed costs. On the other hand, improved relative sales margin and an increase in net sales affected positively operating profit development.
- Cash flow from operating activities increased significantly in the first half of the year.
Financial guidance for 2026 (unchanged)
The Marimekko Group's net sales for 2026 are expected to grow from the previous year (2025: EUR 189.6 million). Comparable operating profit margin is estimated to be approximately some 16–19 percent (2025: 17.1 percent). Development of consumer confidence and purchasing power in the company’s main markets, in particular, cause significant volatility to the outlook for 2026. This development is strongly impacted by rapid changes and uncertainties in geopolitics and global trade policy, among others. In addition, different disruptions in global supply chains can cause volatility to the outlook.
Uncertainties related to the development of net sales and result are described in more detail in the Major risks and factors of uncertainty section of the Half-year Financial Report.
Key figures
| (EUR million) | 4–6/ 2026 | 4–6/ 2025 | Change, % | 1–6/ 2026 | 1–6/ 2025 | Change, % | 1–12/ 2025 |
| Net sales | 43.9 | 44.5 | -1 | 85.3 | 84.1 | 2 | 189.6 |
| International sales | 20.5 | 19.2 | 7 | 43.1 | 40.0 | 8 | 87.2 |
| % of net sales | 47 | 43 | 51 | 48 | 46 | ||
| EBITDA | 7.4 | 8.8 | -16 | 15.3 | 15.5 | -1 | 41.9 |
| Comparable EBITDA | 7.8 | 9.0 | -13 | 15.8 | 15.8 | 0 | 42.3 |
| Operating profit | 4.7 | 6.3 | -26 | 9.9 | 10.6 | -7 | 31.8 |
| Operating profit margin, % | 10.8 | 14.3 | 11.5 | 12.6 | 16.8 | ||
| Comparable operating profit | 5.1 | 6.5 | -21 | 10.4 | 10.9 | -5 | 32.3 |
| Comparable operating profit margin, % | 11.7 | 14.6 | 12.2 | 13.0 | 17.1 | ||
| Result for the period | 3.6 | 4.3 | -15 | 7.7 | 7.5 | 2 | 24.4 |
| Earnings per share, EUR | 0.09 | 0.11 | -15 | 0.19 | 0.19 | 2 | 0.60 |
| Comparable earnings per share, EUR | 0.10 | 0.11 | -10 | 0.20 | 0.19 | 5 | 0.61 |
| Cash flow from operating activities | 7.9 | 3.9 | 101 | 7.7 | 0.7 | 34.5 | |
| Gross investments | 0.3 | 0.8 | -67 | 0.9 | 1.6 | -44 | 2.9 |
| Return on capital employed (ROCE), % | 35.6 | 34.9 | 30.0 | ||||
| Equity ratio, % | 54.7 | 54.1 | 57.7 | ||||
| Gearing, % | 12.3 | 33.9 | -9.3 | ||||
| Net debt / EBITDA (rolling 12 months) | 0.19 | 0.48 | -0.17 | ||||
| Personnel at the end of the period | 516 | 511 | 1 | 493 | |||
| outside Finland | 89 | 85 | 5 | 92 | |||
| Brand sales* | 84.1 | 84.3 | 0 | 168.1 | 187.0 | -10 | 385.1 |
| outside Finland | 51.0 | 50.6 | 1 | 107.7 | 126.1 | -15 | 240.7 |
| proportion of international sales, % | 61 | 60 | 64 | 67 | 62 | ||
| Number of stores | 183 | 171 | 7 | 174 |
* Brand sales are given as an alternative non-IFRS key figure, representing the reach of the Marimekko brand through different distribution channels. An unofficial estimate of sales of Marimekko products at consumer prices, brand sales are calculated by adding together the company’s own retail net sales and the estimated retail value of Marimekko products sold by other retailers. The estimated retail value is based on the company’s realized wholesale sales and licensing income. The estimates based on wholesale sales and licensing income do not typically include possible retail discounts. Brand sales do not include VAT, and the key figure is not audited. Some licensees provide exact retail figures, in which case these figures are used in reporting brand sales. For other licensing agreements, Marimekko’s own retail coefficients for different markets are used. Licensing income is reported as brand sales when licensed products are sold.
The change percentages in the table were calculated on exact figures before the amounts were rounded to millions of euros. The figure for comparable earnings per share takes account of similar items as comparable operating profit; tax effect included. Reconciliation of alternative key figures to IFRS and management’s discretion regarding items affecting comparability are presented in the table section of the Half-year Financial Report.
Tiina Alahuhta-Kasko, President and CEO, in conjunction with the report:
”Marimekko’s net sales were nearly at the previous year’s record level, with international sales continuing growth in the second quarter, driven by the Asia-Pacific region. The challenging market situation affected retail sales in Finland.
Marimekko’s net sales for the second quarter amounted to EUR 43.9 million (44.5). In Finland, the operating environment remained very price-sensitive and tactical, and Marimekko’s domestic retail sales declined year-on-year against the strong comparison period due to certain sales campaigns performing weaker than expected. For example, one of our main campaigns of the year, our summer launch which includes the Esplanade Park fashion shows in Helsinki, was impacted by the rainy weather. At the same time, wholesale sales continued to grow, partly supported by non-recurring promotional deliveries, and net sales in Finland decreased by seven percent. In our international market areas, the development of retail sales, in particular, was excellent, and our total international net sales grew by seven percent in the second quarter. Geographically, our growth was strongest in the Asia-Pacific region.
Our comparable operating profit in April–June amounted to EUR 5.1 million (6.5), representing 11.7 percent of net sales (14.6). Operating profit was weakened by an increase in fixed costs in particular. The decrease in net sales also affected operating profit. Our improved relative sales margin, in turn, had a positive impact on the development of operating profit. Cash flow from operating activities increased in the second quarter, and our financial position remained strong.
In January–June, our net sales increased by two percent, driven by the growth of international sales, and amounted to EUR 85.3 million (84.1). Our comparable operating profit came to EUR 10.4 million (10.9), representing 12.2 percent of net sales (13.0). Our financial guidance for 2026 remains unchanged: net sales for 2026 are expected to grow from the previous year, and the comparable operating profit margin is estimated to be approximately some 16–19 percent.
Marimekko's spring was colored by flowers and iconic prints. The floral patterns featured at the Osteria Fiori di Marimekko event during Milan Design Week in April were also in the spotlight in the Marimekko Day activities in Helsinki and Tokyo. In addition, we showcased our latest collections and art of printmaking to our community at events held in Paris, New York and Bangkok, for example. We also delighted our customer community in Helsinki with our second Marimekko & Friends concert of the spring, featuring the chart-topping Finnish artist Ares performing on the roof of our Aleksinkulma store. In Taipei, our collaboration with Kimpton Da An Hotel offered guests an immersive Marimekko experience. Creative events and experiences that build the Marimekko universe and cultural relevance are an important part of our continuous brand work and strengthen customer relationships.
In the second quarter, three collaboration collections were launched in stores, supporting the growth of Marimekko’s brand awareness around the world. Marimekko's floral patterns adorn not only the jewelry collection we launched together with Kalevala Jewelry but also our limited-edition capsule with the global tech and lifestyle accessory brand CASETiFY, which comprises products ranging from phone and tablet cases to smartwatch straps and cardholders. Our collaboration with the US-based rug manufacturer Ruggable, in turn, includes both flowers as well as other abstract prints characteristic of Marimekko.
In April–June, our store network expanded further when six new Marimekko stores were opened in various parts of Asia and three pop-up stores were converted into permanent stores. We now have over 100 Marimekko stores and shop-in-shops in the Asia-Pacific region. We also introduced Marimekko to two new markets: in May, our first small shop-in-shops in the Philippines opened in three department stores in Manila, and after the review period, two shop-in-shops were opened in Indonesia. The launch of Marimekko in Indonesia and the Philippines is a natural step for us to strengthen our presence in the dynamic markets of Southeast Asia.
The operating environment continued as uncertain in all market areas during the second quarter due to geopolitical and trade policy tensions, which reflects in consumer confidence in many countries. Despite the recent positive development of the Finnish export industry, consumer confidence in Finland is still at a weak level, although it improved slightly towards the end of the quarter, which in itself is promising. The long-sustained challenging general market situation requires even more creative and agile operating practices, which the use of AI and new technologies, for example, will enable for us. At Marimekko, we believe that the winning brands of the future are determined in challenging market conditions. The long-term financial goals set a few years ago are unchanged and provide us with clear longer-term direction. Given the current challenging operating environment, the company’s Board of Directors has today decided to set new, medium-term financial goals, under which the company aims to achieve annual net sales growth of 10%. The goal for the comparable operating profit margin remains 20% also in the medium term.
Marimekko’s original lifestyle brand, which resonates with a broad customer base, paired with our strong financial position provide us an excellent foundation to continue our consistent work and investments in growth – both in Finland and in international markets. I would like to thank our employees and partners for their purposeful work. We enter the autumn season with determination."
Financial goals
After the review period, the Board of Directors of Marimekko set new, medium-term (3–5 years) financial goals for the company, given the current challenging operating environment. In line with these goals, the company aims to achieve annual net sales growth of 10% and a comparable operating profit margin of 20%. Marimekko’s long-term financial goals, set in 2022, remain unchanged.
| Marimekko’s financial goals | Medium-term (3–5 years) | Long-term |
| Annual growth in net sales | 10% | 15% |
| Comparable operating profit margin | 20% | 20% |
| Ratio of net debt to EBITDA at year end | max. 2 | max. 2 |
| The intention is to pay a yearly dividend; percentage of earnings per share allocated to dividends | at least 50% | at least 50% |
Market outlook and growth targets for 2026
There are significant uncertainties related to the development of the global economy, such as tensions related to geopolitics and trade relations. The war in Iran, rapid changes in trade policies as well as other uncertainties are reflected in consumer confidence, purchasing power and behavior and, as a result, can have a weakening impact on Marimekko’s business in 2026. In addition, different disruptions in production and logistics chains as well as changes in these chains caused by uncertainties may also have a negative impact on the company’s sales, profitability and cash flow.
Finland, Marimekko’s important domestic market, traditionally represents about half of the company’s net sales. Sales in Finland in 2026 are impacted by the uncertain general economy as well as the development of consumer confidence, purchasing power and behavior. While there are early signs of general economic recovery, the operating environment in Finland has remained tactical and price-sensitive, and consumer confidence continues to be weak, which have an impact on the business. The timing between quarters of the non-recurring promotional deliveries in Finnish wholesale sales and their size typically vary on an annual basis. In 2026, the non-recurring promotional deliveries in wholesale sales are expected to grow from the comparable year and be weighted in the second half of the year. Due to uncertainties in the market environment, net sales in Finland in 2026 are expected to be approximately at the level of the previous year or decrease slightly.
International sales are estimated to grow in 2026. In addition, net sales in the Asia-Pacific region, Marimekko’s second-largest market area, are expected to increase. All brick-and-mortar Marimekko stores and most online stores in Asia are partner-owned. In 2026, the aim is to open approximately 10–15 new Marimekko stores and shop-in-shops, and most of the planned openings will be in Asia.
Licensing income in 2026 is forecasted to grow.
Due to the seasonal nature of Marimekko’s business, a major portion of the company’s euro-denominated net sales and operating result are traditionally generated during the second half of the year.
Marimekko develops its business with a long-term view and aims to continue scaling its profitable growth in the upcoming years. In 2026, fixed costs are expected to be up on the previous year. The general cost inflation continues to also affect Marimekko in 2026. Personnel expenses are impacted, for example, by general pay increases in different markets. Marketing expenses are expected to increase (2025: EUR 10.5 million).
Early commitments to product orders from partner suppliers, typical of the industry and partly further emphasized due to different factors, undermine the company’s ability to optimize product orders and respond to rapid changes in demand and supply environment and thus increases business risks. There are also uncertainties related to global production and logistic chains, which may, for example, increase costs or cause delays, and thus have an impact on the company’s sales and profitability. The ongoing war in Iran may, especially if prolonged, increase production and logistics costs. Marimekko works actively in various ways to ensure competitive and functioning production and logistics chains, to mitigate increased costs and other negative impacts, to avoid delays, and to enhance inventory management.
Marimekko is monitoring particularly closely the changes in consumer confidence and purchasing power but also the development in global tensions and trade policy, the general economic situation as well as the impacts of different exceptional situations and disruptions, and adjusts its operations and plans accordingly.
Media and investor conference
A media and investor conference will be held in English on 13 August 2026 at 2.00 p.m. EEST. A live webcast of the conference can be followed at https://marimekko.videosync.fi/q2-2026, and a recording of the webcast will be available at the same address later. Questions can be asked during the live webcast in writing.
Further information:
Tiina Alahuhta-Kasko, President and CEO, tel. +358 9 758 71
Elina Anckar, CFO, tel. +358 9 758 7261
MARIMEKKO CORPORATION
Corporate Communications
Anna Tuominen
Tel. +358 40 5846944
anna.tuominen@marimekko.com
DISTRIBUTION:
Nasdaq Helsinki Ltd
Key media
Marimekko is a Finnish lifestyle design company renowned for its original prints and colors. The company’s product portfolio includes high-quality clothing, bags and accessories as well as home décor items ranging from textiles to tableware. When Marimekko was founded in 1951, its unparalleled printed fabrics gave it a strong and unique identity. In 2025, the company's net sales totaled EUR 190 million and comparable operating profit margin was 17.1 percent. Globally, there are over 170 Marimekko stores, and online store serves customers in 39 countries. The key markets are Northern Europe, the Asia-Pacific region and North America. The Group employs about 490 people. The company’s share is quoted on Nasdaq Helsinki Ltd. www.marimekko.com
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