In the third quarter of 2026, Dollarstore segment's revenue and comparable EBIT improved while Group's comparable EBIT declined slightly

Third quarter 2026 highlights

• Tokmanni Group's revenue grew by 2.9% (4.0%) and was EUR 445.2 million (432.8)
• Like-for-like revenue decreased by 0.5% (+0.7%)
• Comparable gross profit was EUR 157.8 million (150.4) and comparable gross margin was 35.4% (34.7%)
• Comparable EBIT amounted to EUR 25.8 million (26.4), 5.8% of revenue (6.1%)
• Cash flow from operating activities amounted to EUR 16.1 million (31.6)
• Earnings per share, diluted was EUR 0.20 (0.24)

January-September 2026 highlights

• Tokmanni Group's revenue grew by 4.0% (3.4%) and was EUR 1,266.5 million (1,217.5)
• Like-for-like revenue increased by 0.7% (0.4%)
• Comparable gross profit was EUR 436.5 million (423.5) and comparable gross margin was 34.5% (34.8%)
• Comparable EBIT amounted to EUR 33.1 million (36.5), 2.6% of revenue (3.0%)
• A goodwill impairment of EUR 24.3 million and EUR 12.0 million inventory related write-down were recognised in the second quarter 2026. Both are non-cash items and relate to Dollarstore segment. Both are reported as items affecting comparability and therefore have no impact on Tokmanni Group's comparable operating profit.
• Cash flow from operating activities amounted to EUR 48.1 million (31.7)
• Earnings per share, diluted was EUR -0.56 (+0.10)

Outlook for 2026

New guidance for 2026 issued on 5 November 2026

In 2026, Tokmanni Group expects its revenue to be EUR 1,780-1,830 million. Comparable EBIT is expected to be EUR 75-90 million.

Previous guidance for 2026 issued on 6 March 2026

In 2026, Tokmanni Group expects its revenue to be EUR 1,780-1,860 million. Comparable EBIT is expected to be EUR 85-105 million.

Second instalment of the dividend

Tokmanni Group Corporation's Board of Directors has decided on the payment of the second instalment of the dividend for the financial year ended 31 December 2025. The dividend to be paid is EUR 0.17 per share and the decision is based on the authorisation granted to the Board of Directors by the Annual General Meeting on 28 April 2026. The company has already paid a dividend of EUR 0.17 per share for the financial year ended 31 December 2025 on 13 May 2026.

The second dividend instalment will be paid on 19 November 2026 to the shareholders listed in the company's shareholder register maintained by Euroclear Finland Ltd on the record date of 11 November 2026.

Tokmanni Group CEO Sampo Päällysaho

In the third quarter of 2026, the Group's revenue increased, driven particularly by Dollarstore's positive like-for-like sales growth and store network expansion. The Group's comparable gross profit and gross margin improved. At the same time, higher operating expenses, mainly due to store network expansion and renovation, resulted in comparable EBIT being slightly below the level of the corresponding period in the previous year.

Tokmanni Group's revenue grew by 2.9% to EUR 445.2 million, and like-for-like revenue declined by 0.5%. Revenue growth was driven by Dollarstore segment, supported by both positive like-for-like sales development and new store openings. In the third quarter, Tokmanni segment's revenue increased by 0.2% to EUR 315.4 million, and like-for-like revenue decreased by 1.7%. At the same time, Dollarstore segment's revenue grew by 10.2% to EUR 131.2 million, and like-for-like revenue grew by 3.0%.

Tokmanni Group's comparable EBIT was EUR 25.8 million (26.4), representing a comparable EBIT margin of 5.8% (6.1%). The decline in profitability reflected the lower comparable EBIT in Tokmanni segment, which decreased to EUR 25.3 million (26.3), while the comparable EBIT margin declined to 8.0% (8.4%). In Dollarstore segment, comparable EBIT improved slightly to EUR 1.3 million (1.1), and the comparable EBIT margin increased to 1.0% (0.9%).

Tokmanni segment: improved gross margin despite softer like-for-like sales

Tokmanni segment's revenue remained flat in the third quarter, while like-for-like sales declined. The Finnish market remained challenging during the quarter, with tough competition continuing and consumer sentiment remained weak. Customers were cautious in their non-grocery spending. This was reflected in declining non-grocery sales and a 2.2% decrease in the like-for-like average basket size, while grocery sales increased. Sales were also affected by cooler summer weather particularly in July. Towards the end of the third quarter, sales development improved, with like-for-like customer traffic increasing slightly. However, the market environment remained challenging.

We maintained a disciplined approach to pricing, and margins improved in both grocery and non-grocery products, contributing to the improvement in the comparable gross margin. However, higher operating expenses resulted in slightly lower EBIT. Operating expenses increased by EUR 0.9 million due to new EUROSPAR and Tokmanni store build-ups and renovations. Personnel costs were also impacted by the 2.5% collectively agreed wage increase in Finland that took effect on 1 August. Property expenses also rose, primarily due to higher energy prices and increased property maintenance costs.

Our focus is on building on the improvement in like-for-like customer traffic, increasing the average basket size and restoring profitable like-for-like sales growth. We are strengthening Tokmanni's customer proposition through competitive pricing, more relevant assortments and targeted campaigns. EUROSPAR supermarkets broaden our grocery offering, while Tokmanni Klubi and our digital channels support a more seamless customer journey and increasingly targeted marketing.

Dollarstore segment: encouraging progress in sales and profitability

Performance in the Dollarstore segment was encouraging during the quarter. Revenue, comparable gross margin and comparable EBIT improved compared to the comparison period last year. Importantly, positive like-for-like sales showed that growth was not driven solely by store network expansion. Operating expenses increased due to new store openings and higher personnel expenses. The collectively agreed wage increase of 2.7% in Sweden took effect on 1 May.

Ever-closer cooperation across the Group is becoming increasingly visible in sourcing and product assortments. The rollout of shared private label products continued during the quarter, with these products delivering strong sales and higher margins than the rest of the assortment. We will continue to expand the shared assortment and leverage our purchasing scale to strengthen price competitiveness and gross margins.

We continued to strengthen our customer proposition through attractive campaigns, competitive pricing and an even broader assortment. New product categories in the joint assortment with Tokmanni contributed to positive sales development, particularly in DIY and car accessories, toys and hobbies, apparel and food products. The development provides encouraging indications of their commercial potential.

Our systematic measures to develop Dollarstore segment's business are progressing in the right direction. The improvement in sales, gross margin and comparable EBIT was encouraging, but profitability remains low. We continue to focus on translating sales growth and improved gross margin into sustainably stronger profitability. The turnaround is a long-term effort, and we expect the full impact of the changes to become visible over time.

Building on the Group's strengths

Overall, the third quarter demonstrated both the strengths of our business and the areas in which we need to improve. We need to restore like-for-like sales growth in Finland, improve Dollarstore segment's profitability and ensure that improvements in gross margin translate more effectively into higher EBIT and stronger cash flow.

We will continue to strengthen our price position, develop our assortments and customer experience as well as cost control, and deepen cooperation across the Group. These are central to improving our competitiveness and supporting profitable growth over time.

We made good progress in our Group strategy process during the quarter. The work will continue through the remainder of the year and into early 2027. We will present our strategy and financial targets for our next strategy period 2027-2031 at our Capital Markets Day on 27 January 2027. Further details about the event will be provided later.

As we enter the final and most important quarter of the year, the market environment remains challenging. Consumer confidence declined in Finland and Sweden in October, which impacted our sales, and we have lowered our earnings guidance for 2026. At the same time, our preparations for the Christmas season are well on track, with no significant product availability issues. Our focus is on executing the Christmas season successfully while continuing cost control and strengthening the foundations for profitable growth across Tokmanni Group.

Key figures

Adjustments affecting comparability

Tokmanni Group reports EBITDA and EBIT as its key performance indicators and makes adjustments to improve comparability and provide a better view of Tokmanni Group's operational performance. EBITDA is not a key indicator according to IFRS accounting standards and it represents EBIT before depreciation, amortisation and impairment charges. Comparable EBITDA and EBIT represent the same indicators excluding items that Tokmanni Group's management considers to be exceptional and non-recurring. The items include changes in the fair value of currency derivatives, which are adjusted by Tokmanni Group as they are unrealised gains or losses related to Tokmanni Group's open cash flow hedge positions, and hence not related to Tokmanni Group's operational performance during the review periods. In addition, items affecting comparability include significant impairment losses related to goodwill and other assets, other non-recurring costs related to acquired businesses and companies, as well as other non-recurring expenses such as costs related to damages.

Tokmanni Group's management uses the comparable EBITDA margin and comparable EBIT margin as key performance indicators when evaluating Tokmanni Group's and its segments' underlying operational performance.

Adjustments affecting comparability

Market development

According to the statistics of the Finnish Grocery Trade Association FGTA (https://www.pty.fi/en/), the total sales of department store and hypermarket chains in Finland increased by 2.4% in the third quarter of 2026. It is important to note that the statistics compiled by the FGTA only cover part of the market relevant for Tokmanni segment.

According to the statistics of the Swedish Food Retailers' Federation (https://www.svenskdagligvaruhandel.se/), the Food Retail Index in Sweden increased by 4.0% in total in the third quarter of 2026. Sales in-store increased by 3.8% and e-commerce sales by 7.7%. The Food Retail Index measures sales growth in the grocery trade and does not include specialised food stores or service trade. It is important to note that the statistics compiled by the Swedish Food Retailers' Federation only cover part of the market relevant for Dollarstore store chain.

Tokmanni Group's store network

At the end of September 2026, Tokmanni Group had a total of 399 stores (31 December 2025: 392). In Finland, the Group had 208 Tokmanni stores and a total of 35 Click Shoes and Shoe House stores. In Sweden, Tokmanni Group had 143 Dollarstore stores, and in Denmark, 13 Big Dollar stores.

At the end of September 2026, there was a EUROSPAR supermarket located alongside the Tokmanni store in Ylöjärvi, Masku, Tornio, Järvenpää, Raatekangas in Joensuu and Iisalmi.

Tokmanni's next four EUROSPAR supermarkets will open in Lehtikangas in Kajaani, Vanhakylä (Gammelby) in Loviisa, Tervaharju in Kemi, and Mäntsälä. The opening celebrations will already take place this year. This will expand Tokmanni's EUROSPAR network to ten locations by the end of the year.

More information about Tokmanni Group's store network is available on the Group's website.

Financial development

Reporting structure

Tokmanni Group consists of Tokmanni and Dollarstore segments as well as Group functions and eliminations. Tokmanni segment consists of Tokmanni stores, Click Shoes stores and Shoe House stores, as well as Tokmanni and Click Shoes online stores. Dollarstore segment consists of Dollarstore and Big Dollar stores.

Seasonality

Tokmanni Group's business is subject to seasonality, which has a significant effect on its revenue, profitability, and cash flow. In general, Tokmanni Group's revenue, profitability and cash flow are lowest in the first quarter and highest in the fourth quarter due to Christmas sales.

Tokmanni Group

Revenue

July-September 2026

In the third quarter of 2026, Tokmanni Group's revenue grew by 2.9% (4.0%) to EUR 445.2 million (432.8). Revenue growth was driven by like-for-like sales growth and new store openings in Dollarstore segment.

Sales of Tokmanni Group's grocery products grew by 4.6% compared to the corresponding period of the previous year. The proportion of grocery sales was 53.3% (52.4%) of total sales.

Tokmanni Group's like-for-like revenue decreased by 0.5% (+0.7%). Tokmanni Group's like-for-like customer visits in stores increased by 0.2% (-0.7%), and the total number of customers grew by 3.4% (1.4%) compared to the corresponding period of the previous year. The like-for-like average basket size decreased by 0.7% to EUR 19.89 (20.03).

The brands managed by Tokmanni Group (private label products, exclusive brands and non-branded products) represented 29.1% (27.5%) of third quarter sales.

January-September 2026

In January-September 2026, Tokmanni Group's revenue grew by 4.0% (3.4%) to EUR 1,266.5 million (1,217.5). Sales of Tokmanni Group's grocery products grew by 4.2% compared to the corresponding period of the previous year. The proportion of grocery sales was 55.0% (54.7%) of total sales.

Tokmanni Group's like-for-like revenue increased by 0.7% (0.4%). Tokmanni Group's like-for-like customer visits in stores increased by 0.2% (0.2%), and the total number of customers grew by 2.8% (2.0%) compared to the corresponding period of the previous year. The like-for-like average basket size increased by 0.5% to EUR 19.83 (19.73).

The brands managed by Tokmanni Group (private label products, exclusive brands and non-branded products) represented 27.5% (25.6%) of January-September sales.

Profitability

July-September 2026

In the third quarter of 2026, Tokmanni Group's gross profit amounted to EUR 157.5 million (151.8), and the gross margin was 35.4% (35.1%). Comparable gross profit was EUR 157.8 million (150.4), corresponding to a comparable gross margin of 35.4% (34.7%).

Tokmanni Group's operating expenses were EUR 98.7 million (91.9), or 22.2% of revenue (21.2%). Personnel expenses represented EUR 59.9 million (56.1), or 13.5% of revenue (13.0%). Comparable operating expenses were EUR 98.7 million (91.7), or 22.2% of revenue (21.2%).

The Group's EBITDA totalled EUR 60.2 million (60.7), corresponding to an EBITDA margin of 13.5% (14.0%). Comparable EBITDA totalled EUR 60.5 million (59.6), and the comparable EBITDA margin was 13.6% (13.8%).

Tokmanni Group's depreciation amounted to EUR 34.7 million (33.2). Depreciation excluding depreciation of tangible and intangible assets (PPA) arising from acquisitions amounted to EUR 33.9 million (32.4). EUR 0.8 million (0.8) was recognised for depreciation of tangible and intangible assets (PPA) arising from acquisitions.

The Group's EBIT in the third quarter totalled EUR 25.8 million (27.5), corresponding to an EBIT margin of 5.8% (6.4%). Comparable EBIT was EUR 25.8 million (26.4), and the comparable EBIT margin was 5.8% (6.1%). The decline in profitability reflected the lower comparable EBIT in Tokmanni segment.

Tokmanni Group's net financial items totalled EUR -11.1 million (-9.7). The result before taxes was EUR 14.6 million (17.9). Taxes for the review period were EUR -2.9 million (-3.6). The net result was EUR 11.8 million (14.3).

Diluted earnings per share were EUR 0.20 (0.24).

January-September 2026

In January-September 2026, Tokmanni Group's gross profit amounted to EUR 425.4 million (422.7), and the gross margin was 33.6% (34.7%). Comparable gross profit was EUR 436.5 million (423.5), corresponding to a comparable gross margin of 34.5% (34.8%).

Tokmanni Group's operating expenses were EUR 302.8 million (291.6), or 23.9% of revenue (23.9%). Personnel expenses represented EUR 184.4 million (178.5), or 14.6% of revenue (14.7%). Comparable operating expenses were EUR 302.8 million (291.4), or 23.9% of revenue (23.9%).

The Group's EBITDA totalled EUR 126.2 million (134.7), corresponding to an EBITDA margin of 10.0% (11.1%). Comparable EBITDA totalled EUR 137.2 million (135.8), and the comparable EBITDA margin was 10.8% (11.2%).

Tokmanni Group's depreciation amounted to EUR 104.2 million (99.2). Depreciation excluding depreciation of tangible and intangible assets (PPA) arising from acquisitions amounted to EUR 101.9 million (97.0). EUR 2.3 million (2.3) was recognised for depreciation of tangible and intangible assets (PPA) arising from acquisitions.

Tokmanni Group recognised a non-cash goodwill impairment of EUR 24.3 million and an inventory-related write-down of EUR 12.0 million in Dollarstore segment in its financial results for the second quarter of 2026. The goodwill impairment follows updated impairment testing of Dollarstore segment's cash-generating unit. The inventory write-down related to actions supporting the ongoing renewal of the segment's assortment and commercial concept. Both items are treated as items affecting comparability and therefore have no impact on Tokmanni Group's comparable operating profit, although they affected reported operating profit for the second quarter of 2026.

The Group's EBIT totalled EUR -2.0 million (+35.5), corresponding to an EBIT margin of -0.2% (+2.9%). The goodwill impairment and inventory write-down impacted the EBIT. Comparable EBIT was EUR 33.1 million (36.5), and the comparable EBIT margin was 2.6% (3.0%).

Tokmanni Group's net financial items totalled EUR -33.1 million (-28.2). The result before taxes was EUR -35.1 million (+7.3). Due to the negative result, taxes for the review period were positive at EUR 2.3 million (-1.3). The net result was EUR -32.8 million (+6.0). The weaker result compared to the corresponding period of the previous year was mainly due to the goodwill impairment and inventory write-down.

Diluted earnings per share were EUR -0.56 (+0.10).

Balance sheet, financing and cash flow

At the end of September 2026, Tokmanni Group's inventories amounted to EUR 476.4 million (477.7). The inventory includes products held in warehouses and stores as well as goods in transit. At the end of September, Tokmanni segment's inventories amounted to EUR 331.0 million (331.9) and Dollarstore segment's inventories amounted to EUR 145.6 million (145.8).

Group's net cash flow from operating activities amounted to EUR 16.1 million (31.6) in the third quarter of 2026. The negative development of net cash flow from operating activities was mainly driven by the relative change in net working capital compared to the previous year. In January-September, the net cash flow from operating activities amounted to EUR 48.1 million (31.7). The development in the cash flow from operating activities was affected especially by the change in the working capital year-on-year.

At the end of September 2026, Tokmanni Group had a total of EUR 221.9 million (173.0) available in credit facilities, consisting of loan agreements with credit institutions and a commercial paper programme. Cash and cash equivalents amounted to EUR 9.1 million (14.1) at the end of September 2026.

At the end of September 2026, Tokmanni Group's interest-bearing debt totalled EUR 923.3 million (945.5), including EUR 160.0 million (220.0) in non-current loans from credit institutions, and a bond loan of EUR 100.0 million (0.0) (excluding amortised issue expenses). Short-term credit facility loans and commercial papers amounted to EUR 49.1 million (113.0). The remainder of the liabilities mainly consist of lease agreement liabilities reported under IFRS 16. The Group's net debt excluding lease liabilities amounted to EUR 298.4 million (318.0). The decrease was primarily due to healthy operating cash flow.

Tokmanni Group's ratio of net debt to comparable EBITDA excluding the impact of IFRS 16 was 3.49 at the end of September 2026 (3.53). Tokmanni Group's target is an efficient capital structure. The long-term goal is to keep the ratio of net debt to comparable EBITDA, excluding the impact of IFRS 16, below 2.25 at year-end.

Tokmanni Group's equity ratio was 16.4% (17.3%) at the end of September 2026.

Capital expenditure

Tokmanni Group's capital expenditure in the third quarter of 2026 totalled EUR 5.7 million (6.6). Capital expenditure was related to the expansion, development and maintenance of the store network, as well as the development of digital services. In January-September 2026, the capital expenditure totalled EUR 19.3 million (18.3).

Tokmanni segment

Tokmanni segment includes Tokmanni, Click Shoes and Shoe House stores, as well as Tokmanni and Click Shoes online stores.

Revenue

July-September 2026

In the third quarter of 2026, Tokmanni segment's revenue grew by 0.2% (3.5%) to EUR 315.4 million (314.6). Sales were also affected by cooler summer weather than in the comparison period, when a heatwave supported seasonal demand especially in July. Sales of grocery products grew by 1.8%. The proportion of grocery sales was 51.9% (51.0%) of Tokmanni segment's total sales.

Tokmanni segment's like-for-like revenue decreased by 1.7% (+1.5%). Like-for-like customer visits in stores increased by 0.5% (1.3%), and the total number of customers grew by 2.0% (2.6%). The like-for-like average basket size decreased by 2.2% to EUR 20.74 (21.21).

Direct imports accounted for 26.9% of Tokmanni segment's sales (27.4%). These can be broken down into products purchased using the sourcing company in Shanghai, China, which accounted for 21.2% (21.8%), and other direct imports, which accounted for 5.7% (5.6%).

January-September 2026

In January-September 2026, Tokmanni segment's revenue grew by 2.7% (1.3%) to EUR 903.3 million (879.5). Sales of grocery products grew by 2.8%. The proportion of grocery sales was 54.1% (53.8%) of Tokmanni segment's total sales.

Tokmanni segment's like-for-like revenue increased by 1.0% (-0.2%). Like-for-like customer visits in stores increased by 2.0% (0.7%), and the total number of customers grew by 3.1% (1.6%). The like-for-like average basket size decreased by 1.0% to EUR 20.68 (20.89).

Direct imports accounted for 25.8% of Tokmanni segment's sales (25.5%). These can be broken down into products purchased using the sourcing company in Shanghai, China, which accounted for 19.5% (19.6%), and other direct imports, which accounted for 6.2% (5.9%).

Profitability

July-September 2026

Higher margins in both grocery and non-grocery products contributed to the increase in the comparable gross margin. In the third quarter of 2026, Tokmanni segment's gross profit amounted to EUR 109.4 million (107.9), and the gross margin was 34.7% (34.3%). Comparable gross profit was EUR 109.6 million (106.8), corresponding to a comparable gross margin of 34.8% (33.9%).

Tokmanni segment's operating expenses totalled EUR 65.2 million (61.2), or 20.7% of revenue (19.5%). Personnel expenses were EUR 38.3 million (35.9) of total operating expenses, or 12.2% of revenue (11.4%). Operating expenses increased by EUR 0.9 million due to new EUROSPAR and Tokmanni store build-ups and renovations. Personnel costs were also impacted by the 2.5% collectively agreed wage increase in Finland that took effect on 1 August. Property expenses also rose, primarily due to higher energy prices and increased property maintenance costs. Comparable operating expenses were EUR 65.2 million (61.1), or 20.7% of revenue (19.4%).

Tokmanni segment's EBITDA totalled EUR 45.5 million (47.5), which corresponds to an EBITDA margin of 14.4% (15.1%). Comparable EBITDA totalled EUR 45.8 million (46.7), and the comparable EBITDA margin was 14.5% (14.8%).

Tokmanni segment's EBIT totalled EUR 25.1 million (27.2), corresponding to an EBIT margin of 8.0% (8.6%). Comparable EBIT was EUR 25.3 million (26.3), and the comparable EBIT margin was 8.0% (8.4%).

Tokmanni segment's capital expenditure in the third quarter totalled EUR 3.4 million (4.7).

January-September 2026

In January-September 2026, Tokmanni segment's gross profit amounted to EUR 305.7 million (300.0), and the gross margin was 33.8% (34.1%). Comparable gross profit was EUR 305.3 million (300.8), corresponding to a comparable gross margin of 33.8% (34.2%).

Tokmanni segment's operating expenses totalled EUR 202.2 million (198.5), or 22.4% of revenue (22.6%). Personnel expenses were EUR 118.9 million (116.1) of total operating expenses, or 13.2% of revenue (13.2%). Comparable operating expenses were EUR 202.2 million (198.4), or 22.4% of revenue (22.6%).

Tokmanni segment's EBITDA totalled EUR 107.0 million (104.7), which corresponds to an EBITDA margin of 11.8% (11.9%). Comparable EBITDA totalled EUR 106.6 million (105.8), and the comparable EBITDA margin was 11.8% (12.0%).

Tokmanni segment's EBIT totalled EUR 45.8 million (43.6), corresponding to an EBIT margin of 5.1% (5.0%). Comparable EBIT was EUR 45.4 million (44.7), and the comparable EBIT margin was 5.0% (5.1%).

Tokmanni segment's capital expenditure totalled EUR 14.5 million (11.8).

Dollarstore segment

Dollarstore segment consists of Dollarstore and Big Dollar stores.

Revenue

July-September 2026

In the third quarter of 2026, Dollarstore segment's revenue was EUR 131.2 million (119.1). The strengthening of the Swedish krona against the euro contributed positively to the euro-denominated revenue development. In local currencies, revenue grew by 10.5% (3.0%) compared to the corresponding period of the previous year.

Sales of grocery products grew by 11.3% (2.1%) compared to the corresponding period of the previous year in local currencies. The proportion of grocery sales was 56.7% (56.3%) of Dollarstore segment's total sales.

Dollarstore segment's like-for-like revenue increased by 3.0% (-1.4%) in local currencies. Like-for-like customer visits in stores decreased by 0.4% (-4.9%), and the total number of customers grew by 6.2% (-1.0%) year-on-year. The like-for-like average basket size increased by 3.4% to EUR 17.93 (17.33).

January-September 2026

In January-September 2026, Dollarstore segment's revenue was EUR 367.9 million (339.2). In local currencies, revenue grew by 6.9% (6.3%) compared to the corresponding period of the previous year.

Sales of grocery products grew by 7.5% (5.5%) compared to the corresponding period of the previous year in local currencies. The proportion of grocery sales was 57.3% (57.0%) of Dollarstore segment's total sales.

Dollarstore segment's like-for-like revenue decreased by 0.1% (+2.1%) in local currencies. Like-for-like customer visits in stores decreased by 3.8% (-0.9%), and the total number of customers grew by 2.3% (2.8%) year-on-year. The like-for-like average basket size increased by 3.9% to EUR 17.82 (17.15).

Profitability

July-September 2026

In the third quarter of 2026, Dollarstore segment's gross profit amounted to EUR 48.6 million (44.1), and the gross margin was 37.1% (37.0%). Comparable gross profit was EUR 48.7 million (43.8), corresponding to a comparable gross margin of 37.1% (36.8%).

Dollarstore segment's operating expenses totalled EUR 33.5 million (30.0), or 25.5% of revenue (25.2%). The increase was mainly due to new store openings and higher personnel expenses, the latter partly reflecting the 2.7% collectively agreed wage increase in Sweden that took effect on 1 May. Personnel expenses were EUR 21.0 million (19.4) of total operating expenses, or 16.0% of revenue (16.3%). Comparable operating expenses were EUR 33.5 million (30.0), or 25.5% of revenue (25.2%).

Dollarstore segment's EBITDA in the third quarter totalled EUR 15.5 (14.3) million, which corresponds to an EBITDA margin of 11.8% (12.0%). Comparable EBITDA totalled EUR 15.6 million (14.0), and the comparable EBITDA margin was 11.9% (11.7%).

Dollarstore segment's EBIT totalled EUR 1.5 (1.4), corresponding to an EBIT margin of 1.2% (1.2%). Comparable EBIT was EUR 1.3 million (1.1), and the comparable EBIT margin was 1.0% (0.9%). The increase in operating expenses was mainly due to the opening of new Dollarstore and Big Dollar stores and various development projects.

Dollarstore segment's capital expenditure totalled EUR 2.3 million (2.0).

January-September 2026

In January-September 2026, Dollarstore segment's gross profit amounted to EUR 121.1 million (123.0), and the gross margin was 32.9% (36.3%). Comparable gross profit was EUR 132.5 million (123.0), corresponding to a comparable gross margin of 36.0% (36.3%).

Dollarstore segment's operating expenses totalled EUR 100.0 million (90.8), or 27.2% of revenue (26.8%). Personnel expenses were EUR 63.5 million (60.1) of total operating expenses, or 17.3% of revenue (17.7%). Comparable operating expenses were EUR 100.0 million (90.8), or 27.2% of revenue (26.8%).

Dollarstore segment's EBITDA totalled EUR 21.9 (33.1) million, which corresponds to an EBITDA margin of 6.0% (9.8%). Comparable EBITDA totalled EUR 33.3 million (33.1), and the comparable EBITDA margin was 9.1% (9.8%).

Dollarstore segment's EBIT totalled EUR -45.1 million (-5.1), corresponding to an EBIT margin of -12.3% (-1.5%). Comparable EBIT was EUR -9.6 million (-5.0), and the comparable EBIT margin was -2.6% (-1.5%).

Dollarstore segment's capital expenditure totalled EUR 4.8 million (6.5).

Personnel

Risks and business uncertainties

Tokmanni Group's risks and uncertainties are discussed in detail on Tokmanni Group's website.

Events after the review period

Martin Sörenhag started as a Managing Director of the Dollarstore segment and a member of the Executive Team as of 1 November 2026.

Mäntsälä 6 November 2026

Tokmanni Group Corporation

Board of Directors

Analyst and press conference

Tokmanni Group's CEO Sampo Päällysaho and CFO Tapio Arimo will present the report to analysts, investors and media representatives on the publication day at 10:00 am (Finnish time).

The live webcast can be accessed via Tokmanni Group's website at https://tokmannigroup.com/en/investors/ or through the link below. A recording will be available after the event on Tokmanni Group's website.

Link to webcast page: https://rajucast.tv/en/tokmanni-group/business-review-for-january-september-2026/

The participants can ask questions by joining the Teams meeting that is arranged in conjunction with the live webcast. The link to Teams can be found on the webcast page mentioned above.

For further information, please contact

Sampo Päällysaho, CEO, tel. +358 20 728 5033, sampo.paallysaho(at)tokmanni.fi
Tapio Arimo, CFO, tel. +358 20 728 7390, tapio.arimo(at)tokmanni.fi
Maarit Mikkonen, Group Head of IR and Communications, tel. +358 40 562 2282, maarit.mikkonen(at)tokmanni.fi

Tokmanni Group Corporation's Business Review for 1 January-30 September 2026

Accounting policies

This Business Review has been prepared using the same accounting policies and methods of computation as in the Financial Statements for 2025. This is not an interim report under IAS 34. All figures in the accounts have been rounded. Consequently, the sum of individual figures can deviate from the presented sum figure. The figures in the Business Review are presented in millions of euros.

Tokmanni Group has revised the classification of unsettled card receivables by reclassifying them from trade and other receivables to cash and cash equivalents. As these balances are settled in cash within a few days and now represent a more significant proportion of customer payments, the reclassification provides a more appropriate presentation. The change has been applied retrospectively, and the comparative figures have been restated accordingly.

Seasonality

Tokmanni Group's business is subject to seasonality, which has a significant effect on its revenue, profitability, and cash flow. In general, Tokmanni Group's revenue, profitability and cash flow are lowest in the first quarter and highest in the fourth quarter due to Christmas sales.

Use of estimates 

The preparation of the Business Review in accordance with IFRS requires the management to make estimates and assumptions that affect the amounts of assets and liabilities on the balance sheet, the reporting of contingent assets and liabilities, and the amounts of income and expenses. Although the estimates are based on the management's best knowledge of current events and actions, the actual results may differ from the estimates.

This report is unaudited.

Adoption of IFRS 18 and its impacts

The IFRS 18 standard was issued on 9 April 2024 and is effective for annual reporting periods beginning on or after 1 January 2027. Adoption of the standard requires the restatement and reclassification of comparative period information. IFRS 18 introduces significant changes to the structure of the statement of profit or loss by requiring two mandatory subtotals, namely operating profit or loss and profit or loss before financing and income taxes, and by requiring income and expenses to be classified into five categories: operating, investing, financing, income taxes, and discontinued operations.

During 2025, the Group performed an IFRS 18 impact assessment. Based on the assessment, the new standard is expected to affect the presentation of the Group's statement of profit or loss and related disclosures. In particular, the share of profit or loss of associates and joint ventures, as well as investment-related income and gains or losses on disposals, will in the future be presented within the investing category. In addition, certain finance income, finance expenses and changes in the fair value of hedging instruments will, in accordance with the standard, be classified within either the operating or investing category.

The Group also uses alternative performance measures (APMs) in its reporting, some of which are expected to meet the definition of management-defined performance measures (MPMs) under IFRS 18. For these measures, the Group will be required to provide explanations of their purpose and relevance, as well as reconciliations to the most directly comparable IFRS measures. The Group will continue its preparations for the implementation of IFRS 18 during 2026 and will further refine the presentation changes required by the standard.

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