Marimekko (MEKKO) Q2 2026 earnings summary

Executive summary

• Q2 2026 net sales were EUR 43.9 million, nearly matching the previous year's record, with strong international growth, especially in APAC, offsetting weaker Finnish retail sales.

• International sales rose 7% in Q2, led by a 16% increase in APAC, while Finnish sales declined 7%.

• Comparable operating profit for Q2 was EUR 5.1 million (11.7% margin), down year-over-year due to increased fixed costs.

• Cash flow from operating activities improved significantly, and the financial position remains robust.

• Six new stores and three pop-ups converted to permanent stores in APAC, expanding the global footprint and entering new markets in the Philippines and Indonesia.

Financial highlights

• Q2 net sales: EUR 43.9 million (-1% YoY); H1 net sales: EUR 85.3 million (+2% YoY).

• Q2 comparable operating profit: EUR 5.1 million (11.7% margin); H1: EUR 10.4 million (12.2% margin).

• Q2 net result: EUR 3.6 million; H1 net result: EUR 7.7 million.

• Cash flow from operating activities in H1: EUR 7.7 million (up from EUR 0.7 million YoY).

• Gross investments in H1: EUR 0.9 million, mainly for digital and store network development.

Outlook and guidance

• Full-year 2026 net sales expected to grow, with a comparable operating profit margin of 16–19%; guidance unchanged despite market volatility.

• International and APAC sales are projected to increase; Finnish sales may remain flat or decrease slightly.

• Licensing income outlook for 2026 upgraded; expected to grow year-over-year.

• Fixed and marketing costs are expected to rise due to inflation and pay increases.

• Medium-term (3–5 years) targets: annual net sales growth of 10%, operating profit margin of 20%.