INTERIM REPORT OF MARIMEKKO, 1 Jan–31 Mar 2026: Marimekko’s net sales and operating profit in the first quarter grew despite the continued challenging market situation
Marimekko Corporation, Interim Report, 13 May 2026 at 8.00 a.m. EEST
INTERIM REPORT OF MARIMEKKO, 1 Jan–31 Mar 2026: Marimekko’s net sales and operating profit in the first quarter grew despite the continued challenging market situation
This release is a summary of Marimekko’s interim report for the January–March period of 2026. 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 first quarter in brief
- Marimekko’s net sales increased by 5 percent and totaled EUR 41.4 million (39.6). Net sales were boosted in particular by increased wholesale sales in Scandinavia and Finland. In total, international sales increased by 9 percent as retail sales grew in all and wholesale sales in nearly all international market areas.
- Net sales in Finland were on par with the comparison period. Retail sales in Finland decreased, but domestic wholesale sales grew as a result of non-recurring promotional deliveries.
- Operating profit improved by 20 percent and amounted to EUR 5.1 million (4.3). Comparable operating profit totaled EUR 5.3 million (4.4) equaling to 12.7 percent of net sales (11.1).
- Operating profit was increased by improved relative sales margin and the growth of net sales. On the other hand, increased fixed costs had a negative impact on operating profit.
Financial guidance for 2026 (unchanged)
The Marimekko Group's net sales for 2026 are expected to grow from the previous year (2025: EUR 189.6 million). Comparable operating profit margin is estimated to be approximately some 16–19 percent (2025: 17.1 percent). Development of consumer confidence and purchasing power in the company’s main markets, in particular, cause significant volatility to the outlook for 2026. This development is strongly impacted by rapid changes and uncertainties in geopolitics and global trade policy, among others. In addition, different disruptions in global supply chains can cause volatility to the outlook.
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) | 1–3/ 2026 | 1–3/ 2025 | Change, % | 1–12/ 2025 |
| Net sales | 41.4 | 39.6 | 5 | 189.6 |
| International sales | 22.6 | 20.8 | 9 | 87.2 |
| % of net sales | 55 | 53 | 46 | |
| EBITDA | 7.8 | 6.7 | 18 | 41.9 |
| Comparable EBITDA | 8.0 | 6.8 | 17 | 42.3 |
| Operating profit | 5.1 | 4.3 | 20 | 31.8 |
| Operating profit margin, % | 12.4 | 10.8 | 16.8 | |
| Comparable operating profit | 5.3 | 4.4 | 19 | 32.3 |
| Comparable operating profit margin, % | 12.7 | 11.1 | 17.1 | |
| Result for the period | 4.1 | 3.3 | 25 | 24.4 |
| Earnings per share, EUR | 0.10 | 0.08 | 25 | 0.60 |
| Comparable earnings per share, EUR | 0.10 | 0.08 | 24 | 0.61 |
| Cash flow from operating activities | -0.2 | -3.2 | 94 | 34.5 |
| Gross investments | 0.7 | 0.9 | -22 | 2.9 |
| Return on capital employed (ROCE), % | 30.0 | 29.9 | 30.0 | |
| Equity ratio, % | 60.9 | 61.5 | 57.7 | |
| Gearing, % | -2.4 | -5.6 | -9.3 | |
| Net debt / EBITDA (rolling 12 months) | -0.04 | -0.11 | -0.17 | |
| Personnel at the end of the period | 479 | 477 | 0 | 493 |
| outside Finland | 87 | 86 | 1 | 92 |
| Brand sales* | 84.1 | 102.7 | -18 | 385.1 |
| outside Finland | 56.7 | 75.5 | -25 | 240.7 |
| proportion of international sales, % | 67 | 74 | 62 | |
| Number of stores | 176 | 170 | 4 | 174 |
* 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. The estimates based on wholesale sales and licensing income do not typically include possible retail discounts. 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 grew, driven by higher international sales, and our operating profit improved despite continued uncertainty in the operating environment in the first quarter.
Marimekko’s net sales in the first quarter increased by five percent and amounted to EUR 41.4 million (39.6). Net sales were boosted particularly by the growth of wholesale sales in Scandinavia and Finland. Total international sales increased by nine percent, with retail sales rising by 20 percent with growth in all market areas, and international wholesale sales increased by four percent. The uncertainty in the operating environment continued, and consumer confidence, for example, is weak in many countries. Nevertheless, our net sales in Finland for January–March were on par with the comparison period, as non-recurring promotional deliveries increased domestic wholesale sales. The challenging market situation in Finland had an impact on retail sales, which declined by four percent from the strong comparison period. Globally, our omnichannel retail sales grew by three percent and wholesale sales increased by five percent.
Our comparable operating profit for the first quarter increased by 19 percent and amounted to EUR 5.3 million (4.4), representing 12.7 percent of net sales (11.1). Operating profit was increased by the improved relative sales margin and higher net sales. At the same time, higher fixed costs had a negative effect on operating profit.
Credit for succeeding in this challenging operating environment goes to the entire Marimekko personnel. Marimekko is a value-driven company, and we believe that when we feel well at work, it transmits to our customers and, consequently, shows also in our financial performance. We systematically develop our working environment and leadership culture, and we measure employee well-being and gather feedback from our personnel through a variety of ways. According to the results of the comprehensive employee survey conducted at the beginning of the year, which was completed by 90% of our employees, overall employee satisfaction at Marimekko is at a good level and has further improved. Leadership skills are also assessed as strong across the organization, and willingness to recommend Marimekko as a workplace is at an excellent level. Building on these positive results, we will continue to further develop our working community and culture into an even bigger strength going forward.
We kicked off the year 2026 in style by debuting the Winter ‘26 ready-to-wear collection in our hometown of Helsinki to mark Marimekko’s 75th anniversary. Marimekko’s art of printmaking, including both our iconic prints and more recently introduced designs, will also be showcased in completely new kinds of products in our collections throughout the anniversary year.
Optimism and colorful prints also take center stage in our collaboration collections. In March, we announced a new jewelry collection created in collaboration with Kalevala Jewelry. The collection is based on floral prints launched as part of the Field of Flowers exhibition that toured Asia last year. After the review period, a limited-edition collaboration collection with the global tech and lifestyle accessory brand CASETiFY was unveiled. The products range from phone and tablet covers to smartwatch straps and cardholders. Brand collaborations grow Marimekko’s brand phenomenon and brand awareness around the world, this way supporting our SCALE strategy.
At the beginning of March, we offered a glimpse into our rich print archives at the MATTER and SHAPE design event in Paris to introduce our unique aesthetic to industry professionals and design enthusiasts. After the review period, we created a warm and authentic Marimekko lifestyle experience for the media and professional audience at Milan Design Week, the leading international design event. Osteria Fiori di Marimekko celebrated not only colorful floral prints but also togetherness through food and bocce tournaments, for example.
Our store network grew in the first quarter: for example, two new stores were opened in Japan, and additionally six pop-up stores delighted customers across Asia. At the end of March, we also announced our expansion into two new markets in Southeast Asia. The first Marimekko shop-in-shops in Indonesia and the Philippines will open this summer. Marimekko will operate in both countries under the loose franchise partnership model, which is customary to Marimekko in Asia.
Our strong start to 2026 demonstrates our international competitiveness and puts us in a good position to continue to invest in, for example, increasing brand awareness, digitization, the development of our omnichannel retail network and sustainability, even in the constantly changing and challenging operating environment. We are excited to continue building the global Marimekko phenomenon together with all of our personnel and partners."
Market outlook and growth targets for 2026
There are significant uncertainties related to the development of the global economy, such as tensions related to geopolitics and trade relations. The war in Iran, rapid changes in trade policies as well as other uncertainties are reflected in consumer confidence, purchasing power and behavior and, as a result, can have a weakening impact on Marimekko’s business in 2026. In addition, different disruptions in production and logistics chains as well as changes in these chains caused by uncertainties 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 2026 are impacted by the continued uncertain general economy and low consumer confidence as well as the development of purchasing power and behavior. The operating environment remains tactical and price-sensitive, which 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 2026, the non-recurring promotional deliveries in wholesale sales are expected to grow from the comparable year and be weighted clearly in the second half of the year as in 2025. Despite the weak market situation, net sales in Finland are expected to increase in 2026.
International sales are estimated to grow in 2026. In addition, net sales in the Asia-Pacific region, Marimekko’s second-largest market area, are expected to increase. All brick-and-mortar Marimekko stores and most online stores in Asia are partner-owned. In 2026, 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 2026 is forecasted to be approximately at the level of the previous year.
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 2026, fixed costs are expected to be up on the previous year. The general cost inflation continues to also affect Marimekko in 2026. Personnel expenses are impacted, for example, by general pay increases in different markets. Marketing expenses are expected to increase (2025: EUR 10.5 million). Due to timing reasons, the increase in fixed costs is expected to be significantly stronger in the second quarter of 2026 than in the first quarter of the year.
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 and thus increases business risks. There are also uncertainties related to global production and logistic chains, which may, for example, increase costs or cause delays, and thus have an impact on the company’s sales and profitability. The ongoing war in Iran may, especially if prolonged, significantly increase in particular logistics costs. Marimekko works actively in various ways to ensure competitive and functioning production and logistics chains, to mitigate increased costs and other negative impacts, to avoid delays, and to enhance inventory management.
Marimekko is monitoring particularly closely the changes in consumer confidence and purchasing power but also the development in global tensions and trade policy, the general economic situation as well as the impacts of different exceptional situations and disruptions, and adjusts its operations and plans accordingly.
Media and investor conference
A conference for media and institutional investors will be held in English on 13 May 2026 at 2.00 p.m. EEST. A live webcast of the conference can be followed at https://marimekko.videosync.fi/q1-2026, 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 2025, the company's net sales totaled EUR 190 million and comparable operating profit margin was 17.1 percent. Globally, there are over 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 490 people. The company’s share is quoted on Nasdaq Helsinki Ltd. www.marimekko.com
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