CEO’s review
CEO Susanne Ehnbåge, Lindex Group’s Half-year Financial Report Q2 2026, published on 17 July 2026.
The second quarter was characterised by solid progress across the Group, with revenue growth, improved gross margin and a significantly stronger adjusted operating result compared to the previous year. I am very pleased with the positive customer response to our attractive offering and the good execution of our strategic initiatives. While the market environment remained challenging, our disciplined focus on profitability supported a strong performance in both divisions. We maintain our full-year guidance and remain well positioned to continue executing our strategy and delivering long-term value.
The Group reported revenue growth of 2.2% with the Lindex division increasing its revenue by 4.2%. The development was supported by a well-received customer offering and successful commercial execution. Revenue in the Stockmann division declined marginally, but comparable revenue showed a slight increase. Despite the cautious consumer sentiment and the challenging market environment in our main markets, the fashion market development supported both divisions. We saw some encouraging signs of improving confidence towards the end of the quarter, particularly in Finland and Sweden. The number of active loyal customers increased in both divisions.
The Group’s adjusted operating result improved to EUR 30.5 (22.2) million. Lindex division’s adjusted operating result increased and was EUR 30.2 (22.8) million, mainly driven by increased gross profit and disciplined cost management. The progress of Stockmann division’s result improvement continued and the adjusted operating result stood at EUR 1.5 (0.2) million, supported by the strong performance of the fashion category, firm margin management and targeted efficiency measures.
The transition phase of the Lindex division’s new omnichannel distribution centre to reach full operations progressed during the second quarter. While the transition continued to impact digital sales compared to the previous year, operations remained stable and at the end of the quarter, the focus shifted from stabilisation of operations to optimising them. The first efficiency improvements have been achieved, marking an important milestone in the development of this strategically important facility. We remain focused on realising the long-term benefits of increased efficiency, cost savings and future growth opportunities enabled by the new distribution centre. At the end of the reporting period, the related property development plan was completed, and the facility is now fully owned by Lindex.
During the reporting period, the Lindex division continued to advance its international growth journey by expanding its physical presence and strengthening the strategic partnerships. In Denmark, we signed an agreement to open our third store, in Aarhus in October, and continued strengthening our partnership with Magasin du Nord to reach new customers. In Iceland, we opened two new stores in Reykjavik, further strengthening our Nordic presence and making the Lindex brand more accessible across markets.
I am pleased that our financial position improved year-on-year, with solid liquidity and a stronger equity ratio. These developments underline our ability to invest in growth and navigate market uncertainty with confidence.
I would like to sincerely thank our employees, customers, shareholders and partners for their commitment and collaboration during the first half of 2026. We remain focused on driving growth across markets and channels, strengthening customer relationships and continuing to execute our strategy with discipline. As we enter the second half of the year, we do so from a stronger position, while remaining mindful of the continued uncertainty in the market.
2026 . All rights reserved.