Tokmanni Group (TOKMAN) Q4 2025 earnings summary

Executive summary

• Group revenue grew by 2.8% year-over-year in Q4 to EUR 510.8 million, reaching an all-time high, mainly driven by Dollarstore segment growth and FX tailwinds.

• Tokmanni segment profit improved due to strong cost control, despite a slight revenue decline from lower basket size amid weak consumer confidence in Finland.

• Dollarstore segment revenue rose 12.2% (EUR 148.5 million in Q4), with growth from new store openings and currency effects, but EBIT margin declined due to higher expenses and transformation projects.

• Group comparable EBIT for Q4 reached EUR 48.2 million, an all-time high, but full-year EBIT declined 15% to EUR 84.8 million, mainly due to Dollarstore costs.

• Integration of Tokmanni and Dollarstore advanced, with synergy benefits of EUR 22.9 million achieved.

Financial highlights

• Q4 like-for-like revenue decreased by 1.7%.

• Comparable gross margin increased to EUR 183.8 million (36.0%) in Q4.

• Operating cash flow in Q4 was EUR 108.6 million, up over EUR 30 million year-over-year.

• Earnings per share for Q4 was EUR 0.52; full-year diluted EPS was EUR 0.62.

• Full-year capital expenditure was EUR 30.4 million, focused on network expansion and digital services.

Outlook and guidance

• 2026 revenue guidance: EUR 1,780–1,860 million; comparable EBIT: EUR 85–105 million.

• Board proposes a maximum dividend of EUR 0.34 per share for 2025, to be paid in two installments.

• Focus for 2026 is on profitability improvement, Dollarstore turnaround, and SPAR store conversions.