HALF-YEAR FINANCIAL REPORT OF MARIMEKKO CORPORATION, 1 January–30 June 2025: Marimekko’s net sales in the second quarter grew and operating profit improved

Marimekko Corporation, Half-year Financial Report, 14 August 2025 at 8.00 a.m. EEST

HALF-YEAR FINANCIAL REPORT OF MARIMEKKO CORPORATION, 1 January–30 June 2025: Marimekko’s net sales in the second quarter grew and operating profit improved

This release is a summary of Marimekko’s half-year financial report for the January–June 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 second quarter in brief

• Marimekko’s net sales increased by 2 percent and totaled EUR 44.5 million (43.7). Net sales were boosted in particular by increased retail sales both in Finland and internationally. On the other hand, net sales development was weakened, as anticipated, by non-recurring promotional deliveries in Finnish wholesale sales being considerably lower than in the strong comparison period.
• Net sales in Finland grew by 3 percent as retail sales increased. International sales grew by 1 percent even with licensing income decreasing significantly, as previously estimated.
• Operating profit improved and amounted to EUR 6.3 million (6.1). Comparable operating profit totaled EUR 6.5 million (6.4) equaling to 14.6 percent of net sales (14.6).
• Operating profit was boosted by increased net sales and improved relative sales margin. On the other hand, higher fixed costs had a negative impact on operating profit.

January–June in brief

• The company’s net sales grew by 3 percent and amounted to EUR 84.1 million (EUR 81.3). Net sales were boosted especially by the growth of wholesale sales in Europe and increased retail sales in Finland. As previously estimated, net sales were weakened by non-recurring promotional deliveries in Finnish wholesale sales and licensing income being considerably below the strong comparison period.
• Net sales in Finland were on par with the comparison period as retail sales increased. International sales grew by 7 percent with both wholesale sales and retail sales increasing. In line with earlier estimates, licensing income decreased significantly.
• Operating profit totaled to EUR 10.6 million (11.2). Comparable operating profit was EUR 10.9 million (11.6) equaling to 13.0 percent of net sales (14.2).
• Weakened relative sales margin and higher fixed costs decreased operating profit. On the other hand, increased net sales supported 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 Half-year Financial Report.

Key figures

* 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 Half-year Financial Report.

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

”The positive development of Marimekko's omnichannel retail sales continued, and our net sales and operating profit increased in the second quarter in spite of the continued challenging market situation.

Marimekko’s net sales in the second quarter increased by two percent and amounted to EUR 44.5 million (43.7). Net sales were boosted particularly by the growth of retail sales in Finland and internationally. The positive development of retail sales in a weak and unstable economic environment reflects not only our long-term brand building efforts but also the resilience and agility of our company. As previously estimated, the development of Marimekko’s wholesale sales was affected by non-recurring promotional deliveries in Finnish wholesale sales being considerably lower than in the strong comparison period. Nevertheless, net sales in Finland increased by three percent thanks to the positive development of retail sales. International net sales increased by one percent in spite of licensing income decreasing significantly, as anticipated. 

Our comparable operating profit in April–June amounted to EUR 6.5 million (6.4), representing 14.6 percent of net sales (14.6). Operating profit improved due to the growth of net sales and the improved relative sales margin. Higher fixed costs, in turn, had a negative effect on operating profit.

In January–June, our net sales increased by three percent and totaled EUR 84.1 million (81.3). Our comparable operating profit was EUR 10.9 million (11.6), representing 13.0 percent of net sales (14.2).

Marimekko’s spring was full of colorful events that surprised and delighted our community. In April, the limited-edition collaboration collection with the global footwear brand Crocs became available in stores around the world. The bright and colorful sandals and clogs as well as accessories were enthusiastically received, and many of the styles quickly sold out.  Collaboration collections like this, which are widely available around the world, play a significant role in introducing new customers to Marimekko. Our collaboration with the Blue Bottle Coffee café chain brought Marimekko prints to a total of 10 cafés and related events in the United States and a number of countries in Asia, deepening our relationship with the Marimekko community and building our brand awareness in a more targeted manner in our key cities. In June, the 3 Days of Design event in Copenhagen featured a first look at the limited-edition furniture collection created in collaboration with another iconic Finnish design company, Artek. The collection will be available in stores in September.

In April, Marimekko and the New York-based artist and influencer Laila Gohar joined forces at Milan Design Week for an impressive installation that invited guests into a larger-than-life sleeping space. The event, which introduced a capsule collection curated by Laila Gohar featuring Maija Isola's prints, gained significant visibility and was highlighted by the media as one of the key events of the week. The capsule collection will be available in stores in September. In May, we celebrated Marimekko Day, an event with a rich tradition that culminated in fashion shows in Helsinki's Esplanade Park that drew record audiences. In addition to the fashion shows, the start of summer was celebrated in stores and events around the world.  Field of Flowers, a touring exhibition that started in Japan in March, presented Marimekko's latest prints in Kuala Lumpur and Hong Kong in the second quarter.

We are very pleased about the sustained growth of our omnichannel retail sales, as it demonstrates the significance of our consistent development efforts. Marimekko stores and the online store provide our customers with the most inspiring and immersive way to experience our lifestyle concept. We continuously develop our store network and customer experience. In total, our omnichannel retail sales increased by six percent in April–June. In the second quarter, new Marimekko stores were opened in Osaka and Kuala Lumpur, and an outlet store was opened in Espoo. In addition, eight pop-up stores served customers in selected Asian metropolises and in Finland. In April, we launched the Marimekko online store in New Zealand. In June, we introduced a German language version of our online store. The new technology platform we deployed for our online store last September not only provides an even more personalized customer experience, it also offers plenty of opportunities for automation, for example.

After the review period, we announced that we will open our first ever Marimekko flagship store in Paris in fall 2025, and that will be preceded by the launch of pop-up stores in the iconic Parisian department stores: Le Bon Marché and Galeries Lafayette. The flagship store, which represents Marimekko's latest, continuously evolving store concept, will be a showcase for Marimekko's art of printmaking and optimistic lifestyle philosophy, and it also serves as a meeting place for the Marimekko community. Paris is one of the most important cities on the global fashion scene. Its impact in terms of building brand awareness and positioning extends beyond Europe to Asia and North America. This means that the flagship store in Paris supports the broader scaling of the Marimekko brand phenomenon and long-term growth across different channels and international markets. Our strong financial position and the sustained positive development of our business give us an excellent opportunity to make strategic growth investments that strengthen our competitiveness in spite of the weak general market situation."

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 increase. 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. Net sales and operating profit development in the first quarter of 2025 was negatively impacted by timing differences from the comparison period. In the comparable year, a large amount of non-recurring promotional deliveries in Finnish wholesale sales occurred exceptionally during the first quarter of the year. In addition, a significant part of licensing income in 2024 was recorded already during the first quarter of the year, unlike in 2025.

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).

Increasing 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 increase 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 14 August 2025 at 2.00 p.m. EEST. A live webcast of the conference can be followed at , 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.

Elina Anckar, CFO, tel.

MARIMEKKO CORPORATION

Corporate Communications

Anna Tuominen

Tel.

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.

Attachment