Marimekko (MEKKO) Q4 2025 earnings summary

Executive summary

• Net sales for Q4 2025 increased by 1% to EUR 54.7 million, with international sales up 5% and Finnish sales down 1%.

• Full-year 2025 net sales rose 4% to EUR 189.6 million, driven by international expansion, especially in Asia-Pacific and Europe, and strong retail growth in Scandinavia.

• International sales grew 7%, with 62% of net sales from outside Finland.

• The company expanded its omnichannel network to 174 stores globally, launched a new app, and renewed its loyalty program.

• The Board proposes a dividend of EUR 0.42 per share for 2025, above the stated policy.

Financial highlights

• Q4 comparable operating profit was EUR 8.8 million (16.1% margin); full-year comparable operating profit margin reached 17.1%.

• Full-year EBITDA was EUR 41.9 million (+3%), operating profit EUR 31.8 million (+1%), and net result EUR 24.4 million (flat year-over-year).

• Earnings per share for 2025 were EUR 0.61.

• Cash flow from operating activities increased 19% to EUR 34.5 million.

• Gross investments rose 24% to EUR 2.9 million.

Outlook and guidance

• Net sales and comparable operating profit margin for 2026 are expected to grow, with the margin estimated at 16–19%.

• Domestic and international sales are both forecast to increase, with most new store openings planned in Asia.

• Licensing income in 2026 is expected to remain at 2025 levels.

• Fixed and marketing costs are expected to rise in euro terms to support long-term growth.

• Significant volatility in outlook due to consumer confidence, geopolitics, and global trade policy.