INTERIM REPORT OF MARIMEKKO CORPORATION, 1 January–30 September 2025: Marimekko’s net sales and operating profit increased in the third quarter

Marimekko Corporation, Interim Report, 31 October 2025 at 8.00 a.m. EET

INTERIM REPORT OF MARIMEKKO CORPORATION, 1 January–30 September 2025: Marimekko’s net sales and operating profit increased in the third quarter

This release is a summary of Marimekko’s interim report for the January–September period of 2025. 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 third quarter in brief

• Marimekko’s net sales increased by 8 percent and totaled EUR 50.8 million (47.2). Net sales were boosted in particular by increased wholesale sales both in Finland and internationally.
• Net sales in Finland grew by 7 percent especially as wholesale sales increased. Increase in Finnish wholesale sales was partly supported by non-recurring promotional deliveries, which in the comparable year were strongly weighted on the first half of the year. International sales grew by 8 percent as both wholesale and retail sales increased. 
• Operating profit improved and amounted to EUR 12.5 million (11.1). Comparable operating profit totaled EUR 12.7 million (11.1) equaling to 24.9 percent of net sales (23.5).
• Operating profit was boosted by increased net sales. On the other hand, weakened relative sales margin and higher fixed costs had a negative impact on operating profit.

January–September in brief

• The company’s net sales grew by 5 percent and amounted to EUR 134.8 million (128.6). Net sales were boosted especially by the growth of wholesale sales in Europe and the Asia-Pacific region as well as increased retail sales in Scandinavia and Finland. As previously estimated, net sales were weakened by licensing income being considerably below the comparison year.
• Net sales in Finland increased by 3 percent due to, in particular, the positive development of retail sales. International sales grew by 8 percent with both wholesale sales and retail sales increasing.
• Operating profit improved to EUR 23.1 million (22.3). Comparable operating profit increased to EUR 23.5 million (22.7) equaling to 17.5 percent of net sales (17.6).
• Operating profit was boosted by increased net sales. On the other hand, weakened relative sales margin and higher fixed costs had a negative impact on operating profit.

Financial guidance for 2025

The Marimekko Group's net sales for 2025 are expected to grow from the previous year (2024: EUR 182.6 million). Comparable operating profit margin is estimated to be approximately some 16–19 percent (2024: 17.5 percent). Rapid changes and uncertainties in the global trade policy, development of consumer confidence and purchasing power in the company’s main markets as well as possible disruptions in global supply chains, among others, cause volatility to the outlook for 2025.

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 Interim Report.

Key Figures

(EUR million)	7–9/ 2025	7–9/ 2024	Change, %	1–9/ 2025	1–9/ 2024	Change, %	1–12/ 2024
Net sales	50.8	47.2	8	134.8	128.6	5	182.6
International sales	23.3	21.5	8	63.3	58.9	8	81.6
% of net sales	46	46		47	46		45
EBITDA	15.0	13.4	12	30.5	29.3	4	40.7
Comparable EBITDA	15.2	13.5	13	30.9	29.7	4	41.3
Operating profit	12.5	11.1	13	23.1	22.3	4	31.4
Operating profit margin, %	24.6	23.5		17.1	17.3		17.2
Comparable operating profit	12.7	11.1	14	23.5	22.7	4	31.9
Comparable operating profit margin, %	24.9	23.5		17.5	17.6		17.5
Result for the period	9.9	8.4	17	17.4	17.1	2	24.4
Earnings per share, EUR	0.24	0.21	17	0.43	0.42	2	0.60
Comparable earnings per share, EUR	0.25	0.21	18	0.44	0.43	2	0.61
Cash flow from operating activities	11.4	4.4	160	12.1	14.7	-18	29.1
Gross investments	0.5	0.6	-5	2.2	1.8	23	2.3
Return on capital employed (ROCE), %				33.0	32.5		31.4
Equity ratio, %				57.9	58.3		58.7
Gearing, %				21.5	0.7		-12.9
Net debt / EBITDA (rolling 12 months)				0.34	0.01		-0.24
Personnel at the end of the period				480	459	5	480
outside Finland				89	75	19	84
Brand sales*	99.9	119.1	-16	286.9	309.5	-7	419.2
outside Finland	60.3	85.2	-29	186.4	218.8	-15	287.1
proportion of international sales, %	60	72		65	71		68
Number of stores				169	166	2	168

* 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. 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 Interim Report.

Tiina Alahuhta-Kasko, President and CEO, in conjunction with the report:

”Marimekko’s net sales increased both in Finland and internationally in the third quarter, and our operating profit improved despite the continued challenging market situation.

Marimekko’s net sales in the third quarter increased by eight percent and amounted to EUR 50.8 million (47.2). In particular, the growth of wholesale sales both in Finland and internationally increased net sales, and wholesale sales increased by 15 percent in total. Growth in Finland was partly supported by non-recurring promotional deliveries in domestic wholesale sales, which were heavily focused on the first half of the year in the comparison year. In July–September, our omnichannel retail sales were on par with the good level of the comparison period: sales in Scandinavia and Europe increased, while retail sales in Finland fell short of the strong comparison period. Cumulative retail sales also increased in Finland in January–September. Total net sales in Finland grew by seven percent in the third quarter, while international net sales increased by eight percent. 

Net sales growth increased operating profit, and in July–September our comparable operating profit improved by 14 percent to EUR 12.7 million (11.1), representing 24.9 percent of net sales (23.5).

In January–September, our net sales grew by five percent and amounted to EUR 134.8 million (128.6). Net sales growth improved our comparable operating profit, which increased to EUR 23.5 million (22.7), representing 17.5 percent of net sales (17.6).

In the third quarter, we continued our consistent work in building our international brand and growing and nurturing our customer community. The launch of the capsule collection featuring Maija Isola's prints curated by Laila Gohar, originally presented with an impressive installation at Milan Design Week, was celebrated with in-store events in Stockholm and New York as well as a pop-up store in Paris. In Helsinki, events were organized for our customers during Helsinki Design Week in honor of our Artek collaboration collection and Marimekko’s Field of Flowers exhibition showcased at the Habitare design fair.

The Field of Flowers touring exhibition, which started in Japan early this year, presents Marimekko’s latest floral prints designs – the classics of the future – and continues to introduce new audiences to Marimekko’s art of printmaking. In the third quarter, in addition to Helsinki, the exhibition visited Taipei, Tokyo, Ho Chi Minh City and Osaka. Floral prints from the Field of Flowers exhibition were also seen at the fashion show featuring Marimekko's summer 2026 collection held during Copenhagen Fashion Week in August, which attracted a large audience of international media, industry influencers and friends of Marimekko. In September, a Marimekko fashion show was held in Bangkok to celebrate our brand’s tenth anniversary in Thailand.

Omnichannel retail sales represents the core of Marimekko’s distribution strategy. Marimekko stores and online stores are either operated by our company itself or – especially in Asia – by our loose franchise partners. Store locations that cater to Marimekko’s target audience are essential for us, which is why we are constantly developing our store network. The third quarter saw the opening of a new Marimekko store in Taipei and six pop-up stores across Asia. After the review period, the opening of a new flagship store was celebrated in Hong Kong when the Marimekko store, opened on Leighton Road in the busy Causeway Bay area in 2012, found a renewed home on the same street. Asia plays an important role in our international growth strategy, and together with our partners, we continue to invest in the Asian markets, even though at the moment the uncertainty in the global economy is reflected in consumer behavior, especially in China. We see significant growth opportunities for Marimekko in Asia in the long-term.

In August, we launched Marimekko’s French-language online store well in advance of the first-ever Marimekko Paris flagship store opened in late October. Located in the popular area of Le Marais, the goal of the store is to strengthen our global brand awareness and support long-term growth across different channels and international markets.

At Marimekko, we believe that the winning brands of the future will be determined in challenging market conditions. We will continue our determined work and investments to expand the global Marimekko phenomenon and scale our profitable growth. Our good financial position and the positive development of our business provide us with excellent premises for this.”

Market outlook and growth targets for 2025

There are still significant uncertainties related to the development of the global economy, such as tensions related to geopolitics and trade relations. The indirect impacts of these tensions and other uncertainties, as well increasing tariffs, on the general economic situation may be reflected in consumer confidence, purchasing power and behavior and, as a result, can have a weakening impact on Marimekko’s business in 2025. Possible disruptions in production and logistics chains 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 2025 are impacted by the weak general economy and low consumer confidence as well as the development of purchasing power and behavior. In addition, the tactical operating environment continues to 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 2025, the non-recurring promotional deliveries in wholesale sales are expected to be significantly lower than in the comparable year and weighted clearly in the second half of the year. Despite the weak market situation, net sales in Finland are expected to be approximately at the level of the previous year or increase slightly.

International sales are estimated to grow in 2025. In the strategy period 2023–2027, Marimekko focuses on Asia as the most important geographical area for international growth. In 2025, net sales in the Asia-Pacific region, Marimekko’s second-largest market, are expected to be approximately at the level of the previous year or increase slightly. A significant part of Marimekko’s licensing income in 2024 was recorded as net sales in the Asia-Pacific region, and as a result, the forecast decrease in licensing income in 2025 is estimated to have a weakening impact on net sales in the market area. Wholesale sales in the Asia-Pacific region, which include sales to loose franchise partners, are expected to also increase in 2025 despite the private consumption in China becoming more cautious during the year following the general economic uncertainties. Marimekko’s long-term growth prospects in the Asia-Pacific region remain unchanged. All brick-and-mortar Marimekko stores and most online stores in Asia are partner-owned. In 2025, 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 2025 is forecasted to be significantly below the previous year’s record level.

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 2025, fixed costs are expected to be up on the previous year. The general cost inflation continues to also affect Marimekko in 2025. Personnel expenses are impacted, for example, by general pay increases in different markets. Marketing expenses are expected to increase (2024: EUR 10.6 million).

Increased tariffs in the United States have a direct impact on only a small part of Marimekko’s business, as the entire North American market accounted for 6 percent of the Group’s net sales in 2024. Based on current information, the increases in tariffs are expected to grow the procurement costs of Marimekko products sold in the US market, but the company has initiated diverse measures to mitigate the negative impacts of the tariffs.

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, which also increases risks related to sales, relative profitability, inventory management and cash flow. This also hampers responding to the increasing tariffs in the US. There are also uncertainties related to global production and logistic chains, which may cause delays, for example, and thus have an impact on the company’s sales and profitability. Marimekko works actively in various ways to ensure functioning production and logistics chains, to mitigate increased costs and other negative impacts, to avoid delays, and to enhance inventory management.

Marimekko is closely monitoring the development of global trade policy and tariffs between countries, general economic situation, the development of consumer confidence and purchasing power and the impacts of possible 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 31 October 2025 at 2.00 p.m. EET. A live webcast of the conference can be followed at https://marimekko.videosync.fi/q3-2025, 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 2024, the company's net sales totaled EUR 183 million and comparable operating profit margin was 17.5 percent. Globally, there are roughly 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 480 people. The company’s share is quoted on Nasdaq Helsinki Ltd. www.marimekko.com

Attachment

• Marimekko Corporation Interim Report 1-9_2025