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 saw a slight revenue decline due to lower basket size and weak consumer confidence in Finland, but cost control improved EBIT.

• Dollarstore segment revenue rose 12.2% (EUR 148.5 million), driven by new store openings and currency effects, though EBIT margin declined due to higher expenses.

• Private label sales increased, now accounting for over 30% of group sales, mainly driven by Dollarstore.

• Integration of Tokmanni and Dollarstore advanced, with synergy benefits and joint commercial planning underway.

Financial highlights

• Q4 like-for-like revenue declined by 1.7% year-over-year.

• Comparable gross margin rose to EUR 183.8 million (36.0%) in Q4, up from last year.

• Q4 comparable EBIT reached EUR 48.2 million (9.4% margin), an all-time high, but full-year comparable EBIT declined 15% to EUR 84.8 million (4.9% margin), mainly due to Dollarstore.

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

• Diluted EPS for 2025 was EUR 0.62, down from EUR 0.82 in 2024.

Outlook and guidance

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

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

• 2026 focus on profitability improvement, Dollarstore turnaround, and SPAR store conversions.