Marimekko (MEKKO) Q2 2026 earnings summary

Executive summary

• Q2 net sales were €43.9m, down 1% year over year; international growth, led by APAC, offset weaker Finnish sales.

• Q2 comparable operating profit was €5.1m, down 21%, while operating profit was €4.7m, down 26%, as higher fixed costs and lower domestic sales weighed on results.

• H1 net sales grew 2% to €85.3m, driven by international markets; operating cash flow improved to €7.7m from €0.7m.

• Full-year guidance was unchanged, with net sales expected to grow and comparable operating profit margin forecast at 16%–19%.

Financial highlights

• Q2 net sales were €43.9m (-1% YoY); H1 net sales were €85.3m (+2% YoY).

• Q2 comparable operating profit was €5.1m, with an 11.7% margin; H1 comparable operating profit was €10.4m, with a 12.2% margin.

• Q2 operating profit was €4.7m (-26% YoY); H1 operating profit was €9.9m (-7% YoY).

• H1 net result was €7.7m; earnings per share were €0.19, flat year over year.

• H1 operating cash flow was €7.7m, up from €0.7m; gross investments were €0.9m, down 44% year over year.

Outlook and guidance

• FY2026 net sales are expected to grow from 2025; comparable operating profit margin guidance remains 16%–19%.

• International sales, particularly in APAC, are expected to grow; Finnish sales are expected to remain at the prior-year level or decrease slightly.

• Licensing income is forecast to grow; fixed and marketing costs are expected to rise due to inflation and pay increases.

• 10–15 store and shop-in-shop openings are targeted for 2026, mostly in Asia; Finnish promotional wholesale deliveries are expected to grow and be weighted to H2.