Marimekko (MEKKO) Q2 2025 earnings summary

Executive summary

• Net sales in Q2 2025 increased by 2% to EUR 44.5 million, driven by strong retail sales in Finland and internationally, despite lower non-recurring promotional deliveries in Finnish wholesale.

• Comparable operating profit for Q2 2025 was EUR 6.5 million (14.6% margin), supported by higher sales and improved margins, but offset by increased fixed costs.

• For H1 2025, net sales rose 3% to EUR 84.1 million, with international sales up 7% and Finnish sales stable.

• Omnichannel retail sales increased 6% in Q2 and 8% in H1, with new store openings in Asia and Europe.

• Operating profit for H1 2025 was EUR 10.9 million (13% margin), down year-over-year due to higher costs and lower licensing income.

Financial highlights

• Q2 2025 net sales: EUR 44.5 million (+2% YoY); H1 2025 net sales: EUR 84.1 million (+3% YoY).

• Q2 2025 comparable operating profit: EUR 6.5 million (14.6% margin); H1 2025: EUR 10.9 million (13% margin).

• Comparable EPS in Q2 2025: EUR 0.11 (-11% YoY); H1 2025: EUR 0.19 (-13% YoY).

• Cash flow from operating activities in H1 2025: EUR 0.7 million, down from EUR 10.3 million YoY, mainly due to higher inventories and receivables.

• Gross investments in H1 2025: EUR 1.6 million (2% of net sales, +36% YoY), focused on store network and digital development.

Outlook and guidance

• Net sales for 2025 expected to grow from 2024 (EUR 182.6 million); comparable operating profit margin estimated at 16–19% (2024: 17.5%).

• International sales, especially in Asia-Pacific, are forecasted to increase; licensing income projected to be significantly below 2024.

• Fixed and marketing costs expected to rise; H2 is seasonally stronger for turnover and profit.

• 10–15 new stores planned for 2025, mainly in Asia.

• Ongoing uncertainties in global economy, trade policy, and supply chains may impact performance.