CEO’s review
CEO Susanne Ehnbåge, Lindex Group’s Financial Statements Bulletin 2025, published on 6 February 2026.
During 2025, the Lindex Group team continued to work determinedly towards our strategic targets to build a solid foundation for the future of the Group. Both Lindex and Stockmann divisions implemented new digital solutions and renewed processes in stores and supply chains, improving customer experience and operational efficiency. The ramp up of Lindex division’s highly automated omnichannel distribution centre progressed, supporting the division’s strategic growth plans.
Despite the volatile market environment, we had a strong finish to the year, as in the fourth quarter, the Lindex Group revenue increased to EUR 284.7 (273.7) million and the adjusted operating result improved to EUR 39.4 (36.1) million, mainly driven by the improved gross profit. I’m very pleased to see us delivering revenue growth in a difficult market. During the quarter, both the Lindex and Stockmann division over-performed the fashion market in our key markets – Sweden, Finland and Norway. We also succeeded in delivering a strong cash flow improvement, supported by positive revenue development and good inventory management.
The Lindex division’s revenue and adjusted operating result increased in the fourth quarter. In addition, we opened our first own Lindex store in Denmark, in line with the strategic growth journey of the division. When it comes to the Stockmann division, the fourth quarter marked the seventh consecutive quarter of the result improvement. The division’s adjusted operating result increased, although the revenue was below the comparison period. However, the comparable revenue improved, excluding the impact of the Itis department store closure and the transfer of the furniture assortment to the new partner Vepsäläinen during the year. I’m especially pleased that both divisions were able to grow their digital business. Lindex’s revenue from digital channels increased by 15.0%, while Stockmann’s digital sales increased by 5.0%, supporting the divisions’ strategic targets to enhance digital commerce as the driver of its omnichannel performance.
Regarding the full-year performance, the Group’s revenue increased to EUR 952.3 (940.1) million. The adjusted operating result decreased to EUR 69.5 (74.9) million, mainly due to higher depreciations. Our year was impacted by the relatively weak consumer confidence and cautious buying behaviour, despite the slight recovery from the previous year. In addition, the Lindex division faced product availability limitations during the third quarter, impacting the performance. During the year, the number of Lindex division’s active customers continued to grow and the number of Stockmann’s active loyal customers increased significantly. This demonstrates the relevance of our powerful brands and offering, omnichannel business model and the strength of our team.
I also want to mention a couple of other positive highlights. The Stockmann division’s adjusted operating result for the year improved to EUR 1.2 (-3.9) million, being for the first time positive after many years. I congratulate the Stockmann team for the consistent progress. In addition, the Group’s good cash flow development contributed to the positive net debt excluding lease liabilities.
In December, the Board of Directors announced that the evaluation of the strategic alternatives for the Stockmann department store business will continue, and the outcome of the strategic assessment will be communicated when appropriate. I want to extend my heartfelt thanks to everyone at Lindex and Stockmann for their hard work and dedication during the year. I look forward to continuing this journey with our fantastic personnel, loyal customers, and valued partners, strengthening our company, driving growth, and creating even more value for our customers and shareholders. I have full confidence in our team in driving the strategic transformation of Lindex Group and I’m grateful to be on this path with all of you!
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