Tokmanni Group Aktie

Good morning and welcome to Tokmanni Group first quarter 2026 results presentation. My name is Mika Rautiainen, and today, together with me is -- presenting the key figures from the first quarter is Tokmanni Group CFO, Mr. Tapio Arimo.

I will first go through the key topics for the first quarter for Tokmanni Group and then Tapio will come and open up the key figures a little bit more detailed. Afterwards, it's time for questions. So let's get started.

The first quarter for Tokmanni Group revenue growth continued. Of course, the concentration is a lot on Dollarstore in Sweden and in Denmark. The turnaround is in progress. Let's take a little bit closer look at that.

This slide, we've been using already now for some time. As you can see, the revenue growth for both segments were basically on the same level. That's why there are no changes with the share of the revenues between -- with the 2 segments.

However, I'd like to point out on the right-hand side, the sales share of private labels, which is already 26.9% compared with previous year's 23.5%. So remarkable growth with the private label sales. And of course, if you compare the amount of the shared products at the moment, it's 5,700 when last year at this time, it was 2,000.

And about the store network, there was basically 1 opening during the first quarter. That was a Dollarstore opening in Sweden. In 1 year time, there is the net increase with the store network was 11 stores altogether.

Tokmanni Group first quarter. The revenue increased by 6.4%. Increased customer visits drove especially Tokmanni segment revenue to the growth of 6.5%. Dollarstore segment revenue increased by 7.3% and the like-for-like basket size increased. However, the customer visits declined. I will come back to this a little bit later.

Operating expenses increased, especially in Dollarstore due to new store openings and development actions. The group EBIT decreased especially due to increased operating expenses, which I will also touch a little bit later with Dollarstore segment.

Cash flow for the quarter was almost in the all-time best level. It was minus -- however, minus during the first quarter, minus EUR 13.7 million compared to previous year's minus EUR 75.2 million.

Now the Middle East conflict is -- well, first of all, it didn't have any impact during the first quarter. However, starting actually already in March, but basically already in April, there are some increasing costs. And this is especially for the fuel surcharges, meaning that the outbound freight services are already on a higher level for the whole group.

Later on, there will be also like purchase price increases, especially in those products which are related to oil prices, basically plastic, polyester and so on. These price -- purchase price increases we will be facing mainly during the second half of this year. But basically, the fluctuation of the oil prices will, of course, affect on the outbound freight services.

Obviously, at the moment, it looks as the fuel prices are a little bit coming down. But obviously, it's varying basically daily as we all know. So this is the situation or these are the effects for Tokmanni Group when it comes to the Middle East conflict.

And then about the Tokmanni segment for the first quarter. Revenue increased by 6.5% due to increased customer visits. The like-for-like customer visits was 5.2%. So we were actually very happy regarding the Tokmanni segment performance during the first quarter.

Sales of apparel due to, well, traditional good winter and outdoor products, these were very good. Of course, the timing of Easter was supporting also Tokmanni segment sales.

However, in March, the garden season is still on a very low level. So the effect wasn't that strong. But anyway, of course, Easter chocolates and so on, they were selling, of course, a lot more during the first quarter compared this year with the second quarter. And of course, Easter decorations. These were the product groups which grew most.

The low-price program, actually, you can see the picture, the Suomen Halvin, the lowest price in Finland, we started this at the beginning of the year, actually in February. It was very, very successful.

But of course, it had a slightly negative impact on gross margin. But this is something that a discounter has to, every now and then, keep reminding the customers about the discounted price level. This was very successful with Tokmanni during the first quarter. And of course, it has -- we've continued with this during the second quarter as well.

Comparable gross profit improved by EUR 2.1 million. Operating expenses were well in control. Comparable EBIT improved for the third consecutive quarter for Tokmanni segment. And this is, of course, something we're very happy about, even though it was a small improvement and still the EBIT for the first quarter is traditionally on minus, but we're able to improve the performance of Tokmanni segment.

And then, of course, an important thing also for Tokmanni segment is the SPAR operations. Tokmanni EUROSPAR stores are performing very well. Sales growth has been double digit during the first quarter 2026.

And if we take a look -- a little bit closer look on the EUROSPAR supermarkets together with Tokmanni, we had a first opening last year June, then in October and in November.

So obviously, right after the starting -- right after the openings, we -- of course, we faced very good sales increase. But obviously, it's more important how the sales look at the moment. And as I said, this year, during the first quarter, the first 3 stores, which were basically the pilot stores for Tokmanni SPAR operations, the sales increase has been double digit. That's something we're extremely happy.

We opened the fourth store in Jarvenpaa in March. And actually yesterday in Joensuu, we opened the fifth store. And in Iisalmi, we will open the sixth Tokmanni EUROSPAR in June next month.

So basically, the SPAR operations are proceeding. And as we call it ourselves, the first 3 were basically testing, learning, of course, the fourth as well. But at the moment, it looks very promising and that's why we will be proceeding even faster now after -- especially -- well, after the Iisalmi in June and then after the summer holidays.

And then let's step to Dollarstore segment. Revenue grew by 7.3% and reached EUR 106.4 million, supported by the new store openings. In local currencies, revenue increased by 3.1%. With Dollarstore, the sales of leisure, home electronics and obviously, the same story with Easter timing, the Easter chocolate and decoration grew most during the first quarter.

The issue actually for Dollarstore during the first quarter was the like-for-like customer visits, which decreased by 7.4%. And this was basically mainly coming from January and February, where basically last year, we were having very, very strong sales operations and we were not able to reach the same customer levels as previous year.

Then, of course, in March already, while the launch of the Billigast campaign started, then we were able to perform much better.

Comparable gross profit improved to EUR 36.5 million from EUR 33.4 million, but the operating expenses increased mainly due to these store openings and the development actions. So the comparable EBIT was negative EUR 10.5 million compared with previous year's negative EUR 7.8 million.

Basically, the development actions, they have been causing especially during -- well, during the last 6 months, quite a lot of additional costs. The development actions are basically concerning the commercial process, the supply chain process, the store operations and of course, IT development as well.

So there has been quite a lot of additional costs, especially while putting the same process in place in Dollarstore that we have in Tokmanni at the moment.

Let's take a little bit closer look at this Dollarstore turnaround. So we started the Billigast campaign in March and obviously, the results from March were already very, very promising. And the results also from March were already better compared with previous year.

The broader assortment as well as the new elements of the concept, we've been working on this for -- now for a bit over -- well, obviously, we've been working for 1.5 years, but -- especially with the new concepts, but we opened the first concept in Erikslund last September. And the second pilot store was opened in March in Kallered, close to Gothenburg.

Now we had very good start with Erikslund store, but the Erikslund store is actually -- it's -- compared the average size for Dollarstore, it was quite big, 4,000 square meters. With Kallered, we obviously made some amendments because that's clearly smaller, 2,600 square meters, which is the average size for Dollarstore.

And I have to say that the results from these 2 pilot stores are very promising, both in sales and in margin, especially this Kallered is quite important for us because it represents basically an average Dollarstore. And Kallered at the moment is on the top sellers of Dollarstore and the profitability level is on the very top.

So we're very satisfied with, let's say, the concept development in Dollarstore and we will start rolling out the new assortment and the new elements in the concept in phases, in different phases during '26, '27.

Actually, the first phase will start next week. And then the second phase will be done after -- right after the summer holidays. And then the first -- the third phase will take place in the beginning of next year when especially products coming from Far East, apparel, DIY, home electronics, we are able to launch them in this new concept.

Something else regarding the development of Dollarstore, the commercial planning process is ongoing. And nowadays, we're doing this together, Tokmanni and Dollarstore segment. And the first joint commercial plan will be launched actually next week together with the launch of the first phase of this rollout of the new concept.

The group supply chain management is proceeding also very well. First steps of harmonizing data systems and processes are already in place. Obviously, we still have a lot to do, but we are very confident regarding the fact that we're able to do this harmonization during this year. Obviously, part of this will be done during the second half, but during the first half, we are able to proceed already very well.

And of course, last but definitely not least, the group IT is rolling out, for example, the common store IT infrastructure and harmonizing applications, which is obviously a big job. So the turnaround process is definitely speeding up and we will be very happy with the new launch -- the phases of the new launch of the new concept with the broader assortment with these Dollarstores and of course, Big Dollar in Denmark.

That's about the Dollarstore. And Tapio, please, could you please join me and share some light with the key figures?

All right. Thank you, Mika and good morning, everyone, on my behalf as well. So looking at our key figures, like Mika mentioned, we had a pretty good quarter in terms of revenue growth. So total growth, 6.4% compared to last year's 0.8% growth.

And our total sales reached EUR 363.6 million. Also, our like-for-like revenue on a group level increased by 2.5% as compared to the slight decline of 1.9% last year. And this like-for-like revenue growth was driven by Tokmanni segment.

Also, our comparable gross margin or gross profit increased by EUR 4.8 million from a year ago and was EUR 120.2 million. And the gross margin declined slightly to 33.1 percentage points.

Our comparable EBIT, which is normal to be negative on the first quarter was negative EUR 13.7 million this year compared to EUR 11.2 million last year and the margin was negative 3.8% of revenue.

One of the most positive things about this quarter, obviously, was our cash flow, which continued to be extremely strong and amounted to minus EUR 13.7 million as opposed to minus EUR 75 million a year ago. And our earnings per share diluted was on last year's level, at EUR 0.32 negative.

So moving on to the revenue components. So as said, the majority of the growth came from Tokmanni segment and the percentage growth in Tokmanni segment was 6.5 percentage points. And in the Dollarstore, in local currencies, the revenue grew by 3.1%. And like said, on a like-for-like basis, on the Dollarstore, the revenue growth was clearly negative for last quarter.

Then when we look at our sales mix, so both Tokmanni and Dollarstore visible here and really positive development in Tokmanni segment that the share of the non-grocery sales actually increased slightly in quarter 1 and this was driven by the, I would say, more normal or even good winter season in Finland and which increased obviously the sale of winter-related products.

For example, clothing and gear related to shoveling snow and so on. And that drove up the percentage slightly.

Dollarstore, also the share of non-grocery increased slightly and similar reasons there as well compared to last year. And obviously, we also had more of the Tokmanni private label assortment on sale at Dollarstore, which is mostly non-grocery.

Looking at our private label sales. So there, we had a very good quarter. Again, the share of private labels increased by more than 3 percentage points to 26.9%. And again, driven by the strong performance of winter-related products, for example, clothing, which is -- a majority is private label sales.

Then when you look at our gross profit, as said, the absolute gross profit increased by EUR 4.8 million and the relative gross margin declined slightly. At Tokmanni, the decline was more marked, but the absolute comparable gross profit, of course, grew and the very successful campaigning that we did during the quarter, especially since we launched the Suomen Halvin, that had a slightly negative impact on the comparable gross margin.

And also our customers continue to be very cautious with the purchasing and the proportion of purchases of discount products was on a quite high level in Q1 and that just sort of highlights the tough economic situation in Finland.

In Dollarstore, the gross margin also increased clearly, EUR 3.1 million and also the gross margin increased by 0.6 percentage points. And that, of course, is good development. And hopefully, we see that trend continuing also going forward. And that change obviously driven in large part by the share of increase in the private label sales at Dollarstore.

Then our operating expenses. So there, the development on a group level is slightly positive as relating to net sales. And that again has been driven by Tokmanni segment, where the percentage of expenses to revenue declined to 26 percentage points from 26.8% a year ago.

Whereas in Dollarstore, the expenses continue to grow faster than sales. As Mika explained, we have had obviously a lot of cost in all the development activities we are doing there. And of course, we have many new stores from a year ago. So that obviously drives up expenses as well.

Then when you look at our comparable EBIT, so for Tokmanni segment, EBIT was negative minus or negative EUR 2.2 million, which is a slight improvement from a year ago. Obviously, we're very happy with the direction of the improvement and this is now the third quarter in a row that we've been able to improve the comparable EBIT in the Tokmanni segment.

Then the development was different at Dollarstore where the losses grew to EUR 10.5 million. And obviously, we're not happy with that kind of development. So we are doing a lot of activities to turn around Dollarstore, as Mika was highlighting earlier.

Then on inventory management. So that continued to be on a very good level. So the inventories are still clearly lower than a year ago, even though we have 11 more stores today than we had a year ago.

And we've been able to improve the inventory management with work and with improvement in our systems and fine-tuning the parameters in the system, so to speak, so that we actually have more inventory in the stores relative to the central warehouses because, obviously, the stores need to be full and enticing to consumers.

So we want to have the stores as much inventory as possible. And of course, in the warehouse is where the good sign available for sale, we want to minimize the inventories in the warehouses.

And the total inventory was EUR 456.5 million compared to EUR 481.2 million a year ago. And actually, both segments managed to decrease their inventories, which is obviously good news.

Then when we look at our financing, also here, I would say we're making steady progress, especially with the interest-bearing debt. You can see the last 5 quarters, there is a fairly steady decline in the amount of debt from banks and financial institutions. And as we've said, we are working to bring that down over time.

And then the, let's say, the IFR lease debt, that has a little bit of a life of its own depending on new leases and renewals of leases and so on. But this quarter, it came down slightly.

Of course, the way it's structured, we are paying down interest-bearing lease liability around EUR 10 million every month and then new leases and renewals of leases, of course, then increase that figure as they happen. So we are doing some operational activities to ensure that also that number stays in control.

So it will fluctuate somewhat and it may go up or down a little bit, but we are trying to, let's say, contain that number also. And also, of course, continuing to work on the bank debt slowly coming down over the coming quarters.

Our net debt to comparable EBITDA, which is the only covenant on our net debt. Again, that increased slightly from Q4. So it's now at 4.17, but I would say, a very modest increase.

So we are on -- let's say, financial position for us is good and we have flexibility if need be to increase that number also. But obviously, that's not what we are aiming to do.

And our net debt, including IFRS liabilities, was EUR 279 million at the end of Q1, which is down significantly from a year ago of EUR 355.5 million. And also worth to note here, we made a slight adjustment in the definition of cash.

So previously, we had credit card receivables that have a duration of typically 1 business day. We had classified those in other receivables. And now we have made a change to classify them as cash. So there's a slight change in the historic figures starting from Q4 2024, but it's a very minor impact.

Then looking at our cash flow. Again, I'm very happy with the cash flow. So negative $13.7 million compared to last year of negative EUR 75.2 million and the year before that of negative $40 million. So that is a reflection of the hard work that we are doing in managing our working capital.

Then looking at our capital expenditure, that is on a, I would say, normal level. So total was $5.3 million in the first quarter, divided to Dollarstore $1.4 million and Tokmanni $3.9 million. And again, this fluctuates a little bit quarter-over-quarter, but that's sort of annualized total level expect to be somewhere around EUR 30 million plus/minus some million. So nothing out of the ordinary here.

Then I'll invite Mika back to talk a little bit about our guidance and actions.

Sure. Thanks, Tapio, for opening up the figures. Please don't go any place because, like, I think that we're ending up soon with the questions.

Yes, regarding the Tokmanni Group's guidance for 2026. Based on the progress for 2026, the beginning of 2026, we keep the guidance unchanged, meaning that we expect the revenue to be in the range of EUR 1.78 billion to EUR 1.86 billion. And EBIT, we expect to be in the range of EUR 85 million to EUR 105 million.

And this is basically the actions we're concentrating during 2026. The actions are to -- basically to improve Tokmanni Group profitability. There are the action points regarding -- related to sources of growth, which are low price program. We already -- both -- we spoke about it, about Dollarstore, which we also told during this presentation and SPAR.

Obviously, the profitability will be improved while putting the -- combining the volumes and doing the joint buying together. Obviously, cost control is in the DNA for discounters and inventory management. As Tapio was explaining, it's very well in control at the moment. So these are exactly the actions that we are concentrating.

Obviously, there are also sources of success, which is like one company, which is especially important for Tokmanni Group. The work transformation and productivity, obviously, with several different ways is affecting also Tokmanni Group and we're taking here quite a lot of actions at the moment. And one of our basically most important values, better together, of course, is guiding all the work that we're doing.

So this is basically the first quarter 2026 result presentation. And now it's time for questions.

Please let's get started. And the first one to have questions, it's Maria Wikstrom.

Yes. Perfect. I have 3 questions. I'd like to start with the Dollarstore. And of course, I mean, the traffic figure was disappointing. And wanting to see if you have made a better analysis, I mean, from the credit card data that if you actually have lost these clients? Or is it more that the clients don't come into your store as often as they did in the past?

Well, in Dollarstore, we -- the biggest loss of customers took place in January, February. Last year, we were selling out basically a lot of Christmas winter products during January, February with minus 70% discount.

We had a lot of customers coming in. And this year, we didn't have this strong sales. So obviously, that had the biggest effect on the customer visits. Again, in March already where we were a little bit like referring already closer to the -- to previous year's numbers, we were able to have a lot better month. So that's basically the background situation.

Now with Dollarstore, as I was explaining, we've had this pilot store and we are now rolling out towards this kind of store concept with broader assortment and so on. Obviously, we need to do quite a lot of work to get, of course, all the old customers back to visit Dollarstore.

Already in Kallered, we -- even though it's a new store, we were -- we are very happy. And based on the customers' reactions also to the store, we are very happy regarding that. But we -- obviously, we need to do quite a lot of work with marketing and that's also part of the plan starting from next week. It was a pretty wide answer to your first question. I hope that was okay.

Yes. And I actually wanted to continue from there. I'm curious about your initial experiences, I mean, from 2 pilot stores. What are currently the products from Tokmanni assortment that are also selling well in Sweden?

Yes. Well, first of all, if I go a little bit back with the pilot stores. In Erikslund, we had -- well, there, we got some reactions from customers or yes, also feedback, which product groups were not working that well and that we changed to Kallered.

And now we're very happy with the Kallered operations. It's -- we've added almost 50% with the SKU level compared with Dollarstore -- with a typical Dollarstore, meaning that the SKU level is closer to 18,000.

And well, it's -- obviously, Dollarstore has very, very -- traditionally very strong product groups like washing papers and cleaning, this kind of -- and party, this kind of product groups, but the strong product groups from Tokmanni are also now doing pretty well in Kallered.

And that is apparel, which is basically everyday clothing, DIY, storage, outdoor leisure, car accessories. It's basically in several categories where we are having a very, very good sales growth compared with, let's say, a typical Dollarstore.

And then my final question is your inventory levels are now down year-over-year, I mean, just ahead of the kind of high season for your sales. So is the balance sheet driving your business decisions, I mean, having lower inventories? Or is it -- I mean, deliberately, you just wanted to bring down the inventory levels?

The balance sheet is not driving the business. So it's the business that's driving the business. So -- but of course, the fact that, for example, we have implemented RELEX a year ago now at Tokmanni and -- or over a year ago, it started and we're continuing to fine-tune it and improve the, let's say, forecasting capabilities.

So obviously, the better we are able to forecast, the better -- the less inventory we need of specific products because we can be more sure that we have the right amount in a way.

And it's also, like I was discussing the balance between -- because you always want to have the stores full of products. If you can do that with less central warehouse inventory, that obviously helps in managing the total inventory. So roughly 2/3 of the inventory is in stores and then 1/3 is in the warehouse or on the way. So that's roughly the split.

Yes. If I may add to that, that's -- the launch of RELEX a year ago has been improving Tokmanni segment inventory management a lot. And especially with Dollarstore, we've changed the business model where basically we're not using the local traders that much, the local wholesalers that much, but we're importing directly to our Orebro warehouse.

I think this inventory management, especially with -- starting from the Orebro warehouse has been on an extremely good level this year. So I think that the -- as Tapio mentioned, the balance sheet is not driving the business, but very happy about the inventory management that Tokmanni Group is now doing in -- both in Finland and in Sweden.

I think that both -- the stores in all countries, whether it's in Denmark, Sweden or in Finland, I think that they have more products at the moment, or the inventory values are on a higher level compared with previous year. But the warehouses are on a lower level. That's, of course, a good sign.

And the next one is Arttu Heikura.

It's Arttu at Inderes. A couple of questions. Could you elaborate on the Dollarstore concept renewal phases? And how many stores are renewed during this year?

Well, we're actually doing that -- it's not like store by store. It's product group by product group. So the first phase, we're able to do -- now starting from next week or actually, we've been preparing that for quite some time now.

Unfortunately, a big part of that has been done manually because we don't have the systems in place yet. But anyway, we're able to do the first phase to all stores now during the first half. And that, of course, has -- that includes new product groups for Dollarstore and also products from Tokmanni.

And then the second phase will take place and that's also like product groups, that will take place after summer and then we'll already have the systems in place. So the whole process will be automated.

And then the third phase, in the beginning of next year when we'll have the products coming from Far East, as I mentioned, apparel, home electronics, DIY, that's the third phase and that they will always come to all stores. So we will basically be increasing the assortment of all Dollarstores in 3 phases.

Okay. That's clear. And then do you expect fixed costs to further increase due to this renewal process?

There's always some slight extra cost, of course, when you do these things.

Especially in IC, yes, there is.

Yes. Yes. But I don't expect significant increase, let's put it that way.

Okay. And then about Tokmanni segment, it seems that the price program has been harming the segment's gross margin during the Q1. So do you think that the same pattern will continue also in Q2 and going forward?

Well, as you noticed that -- yes, well, it has been working -- from our perspective, it has been working very well. The competition, of course, in Finland is very, very hard and the situation, let's say, the economic situation in Finland hasn't been that good.

So from a discounter point, the Suomen Halvin has been -- we consider it a success because more than 5% like-for-like customer growth, very good sales increase in the Finnish environment.

And yes -- but yes, there has been -- the gross margin has been lower. Of course, we're able to -- the more we learn about it, the more we are able to manage it as well because let's put it this way, the Suomen Halvin and all the products that we've been labeling with Suomen Halvin, they've been extremely popular among our customers.

So now we know a lot more about it. But yes, maybe it shows also a little bit the situation in Finland that, let's say, the customers' concentration is very much on price at the moment.

All right. Then about the increased purchase prices, which are kind of going to affect you in H2. So what is your appetite to increase customer prices due to that?

Well, it's -- especially when it's like products which are related to the oil price like plastic, for example and things like this, I believe that the same goes with all retailers in this area.

So we'll be following quite closely what's happening in the market. And yes, we -- at the moment, we're all the time having basically the price negotiations and there are a lot of issues regarding this, but it's not that simple and not that clear.

We're talking about, let's say, with -- at the moment, my estimation, that's my personal estimation, but just yesterday when I was having the discussion with our Far East personnel, we were talking about like with, let's say, plastic-related products, 2% to 3%, maybe 4% increase with price.

So it's not that significant price increase. I'd say that the bigger impact at the moment comes via the outbound freight services, because that's happening right at the moment.

Okay. Okay. That's clear. Well, then about the assumptions behind the guidance. So Q1 was -- I mean, your profit decreased, so -- and you are kind of expecting your profit to improve. So has there been any changes behind the assumptions on the guidance? And if you could elaborate more about how do you think that your profit will improve going forward?

Well, basically, as already mentioned with the guidance part, based on the progress of -- in the beginning of 2026, we keep the guidance unchanged. Obviously, that basically includes the turnaround happened also in Dollarstore and we're confident that that's what's happening at the moment.

And the next one is Miika Ihamaki.

It's Miika from DNB Carnegie. Just on the confidence on the turnaround at Dollarstores. So I understand that you've been now testing those broader assortments in -- at 2 pilot stores, mentioned early results look promising in both sales and margin.

That said, we're talking about around 150 stores. So it will likely take time before these improvements show up meaningfully in your overall numbers, as you discussed as well, separated into those bases. And then presumably, there can be also some extra costs.

And after the deeper losses this quarter and with around 10 new Dollarstore openings this year, adding to that underlying cost base. So my key question here is that, what gives you confidence that Dollarstore profitability will improve this year?

Yes. Well, first of all, as I mentioned, this Kallered opening, we've been very satisfied with that. We had to change the assortment from the Erikslund, which is also like one of the biggest stores in sales for Dollarstore.

However, it's also like -- the size of the store is one of the biggest in Dollarstore. But anyway, with Kallered, we're happy with the progress. It might be a little bit too early to say, but it's the most profitable store in Dollarstore. So that's, of course, giving us quite a lot of confidence.

And yes, of course, it would be nice to be able to roll out everything, all stores to this, let's say, to this Kallered type of a store as soon as possible, but we have to take it in phases.

And we do believe that when we are doing that in phases, the stores are able to deliver and execute changes. And obviously, we will be inviting quite a lot of new customers with the new assortment. Based on all these things, that's what's making us pretty confident with the situation.

Then my second question is on timing of Easter, which likely benefited your Q1 sales. So do you have any estimate, or can you quantify how much was the contribution to Q1 revenue and gross profit? And how should we think about the magnitude of reversal heading into Q2 2026, especially on Tokmanni Finland?

Yes. Well, first of all, obviously, the Easter, let's say, Easter chocolates and decorations, that was definitely giving positive impact on the first quarter. But I have to say that during this, let's say, spring time -- for retailers like Tokmanni Group, let's say, the spring seasonal effects, in this case, meaning weather, has quite a lot to do with the total picture.

For example, previous year, we didn't have a springtime at all. Actually, in the beginning of April, last year was pretty good. And then May, June in the whole of Nordics were pretty lousy weather-wise. And since we are very strong with garden, the garden has an effect. And especially if Easter is -- the timing is in April and the weather is good, it has a very, very strong effect on business.

In this case, when it's actually affecting on more towards March, then the garden effect is not that strong. But definitely, Easter chocolates, decoration, things like this were positive on the first quarter side.

Then at the moment, the second quarter and let's say, the spring season, luckily enough, it looks pretty promising at the moment. So it's very difficult to start quantifying it in any ways. But yes, let's put it this way. Of course, development for the spring season in all Nordic countries is very good at the moment.

Okay. My final question is that if you can remind of your covenants tied to your net debt-to-EBITDA ratio?

Yes. We haven't disclosed that number, but let's say there is still some headroom in the figures. So...

And the next one is Svante Krokfors.

A couple of questions left from my side. First one is, you mentioned about the negative development in like-for-like customer visits for Dollarstore has some effects from that -- or very strong comps.

But have you made some investigations or surveys into why customers should come to your store in the same manner as in previous years, apart from what you can read from your credit card data?

Well, yes, as already mentioned, we didn't have the sales -- we didn't have as strong sales as we had actually previous year. That had a lot to do with the fact. And obviously, based on what the customers, especially in Sweden, are telling us, it's -- they are missing some of the entry-level products, which unfortunately, we're not able to continue selling due to the fact that these are -- the quality level is quite, let's put it this way, questionable.

So in a way, we've increased the quality level and at the same time, the price level has been slightly higher. At the same time, the customers coming to our stores are basically very happy regarding the new assortment.

And that's why, for example, the basket size is increasing very well in Dollarstore. But basically, it is a little bit of a change from an entry-level operator to more quality operator. And this, of course, will take some time. But at the moment, the first results and especially I'm referring again to the pilot stores, these are so good that like we are confident with the future.

And apart from changing to a bit higher quality, is there some other measures that you have to increase the customer traffic from perhaps consumers with slightly more purchasing power than Dollarstore customers have had?

Well, obviously, we are in a very interesting position with Dollarstore because we are now launching new products for all Swedish and Danish customers and we will be telling about that very strongly to all customers in Sweden and in Denmark. So we will expect to have quite a positive impact with the strong marketing plans that we're having.

And then about the rollout of new products phase by phase into Dollarstore network. Have you made some analysis on how -- I mean, I think you said that you do it on product group level. So do you have an estimation of how much the kind of average price will go up in the different categories after this has been done?

It's like new products. It's not necessarily higher-priced products. It's almost like 50% more SKUs when we're talking about after 3 phases.

So I'm not sure. For example, there will be some coming from some dry food products, which actually Tokmanni is also having in Finland. So these are one of -- these are very, let's say, low-priced or let's say, the price point is very low for these products.

So we are having -- so I don't consider the price point to go higher. Assortment will be broader and more interesting.

And are there any more questions?

I guess not. So thank you very much. This actually happens to be my last result presentation. So thank you very much. And the next one in August will be led by the new Tokmanni Group CEO, Mr. Sampo Paallysaho. Thank you very much.

Good morning, and a warm welcome to Tokmanni Group's Fourth Quarter 2025 Results Presentation. My name is Mika Rautiainen. And today, together with me is Tokmanni Group's CFO, Mr. Tapio Arimo. I will first go through the main points of the fourth quarter. Tapio will come and explain a little bit more specifically the financial figures.

I will come back with the 2026 guidance and proposal for dividend. After that, it's time for questions. So let's get started. Yes. First of all, Tokmanni segment was performing well regarding the profit.

And on the other hand, Dollarstore segment has a lot of room for improvement, but the actions are ongoing. Let's take a look a little bit closer on this. Familiar picture, I would like to point out a couple of things from here. First of all, the revenue of Dollarstore segment is growing in the group, and it was -- during the last quarter, it was already 28% compared with previous year's 26%. The sale of groceries for the whole group was 53.5%, and it was growing actually, and it's something to do with the economic situation in both countries, but especially in Finland.

The sale of private labels was 27.5%. It's a very nice increase over there, mainly coming from Sweden and Denmark. Previous year, the figure for private labels was 26.8%.

At the moment, we're having in the whole group, 5,900 shared products. During the Christmas season, it was already more than 6,000 due to the Christmas seasonal products. But at the moment, it's more than 5,900 shared products. And this is, of course, something we're very happy with. And then about the store network, yes, we're developing the store network, all the time, mainly in Sweden and Denmark.

So 12 new stores compared with previous year. These Dollarstore segment new stores, especially in the end of the year, they include new pilot stores for the joint assortment together with Tokmanni. But I will be coming back to that part a little bit later.

And then about the fourth quarter figures regarding the group. First of all, Tokmanni Group's revenue increased by 2.8%. Tokmanni segment's revenue declined due to lower basket size, which is basically the end result from the very weak consumer trust basically on the economic situation.

Dollarstore segment revenue grew and the average basket size increased, but the comparable customer visits declined. The gross margin percent improvement was driven by Tokmanni segment during the fourth quarter and also the cost management was very successful in Finland, but expenses at Dollarstore segment increased due to the new store openings and development actions.

These 2 new store openings, as I mentioned, they included the new pilot stores where we're basically testing the joint larger assortment in Sweden actually. And obviously, this was -- since we don't have the same database yet. So mainly all of the work was done manually.

And of course, it caused us quite a lot of additional expenses. However, we're extremely satisfied with the new store openings. The new pilot stores are almost double with the sales regarding the average Dollarstore stores. And well, the other development actions we're working on the IT and the supply chain very hard at the moment.

For example, the master data operations is very crucial for our future success and efficiencies as well as the warehouse management, which we basically renewed almost like totally during 2025. Anyway, the group's EBIT improved, especially due to the good cost control in Finland.

The group EBIT actually was the all-time high for the fourth quarter for Tokmanni Group when you look at the absolute euros. Then a couple of words about Tokmanni segment. The revenue declined, as already mentioned, due to the customers' lower basket size. We could clearly see that there were like very careful customers during the fourth quarter for the Christmas season.

Unfortunately, the economic situation in Finland was on a very, let's say, low level and also the belief in the personal economy was on a very low level, very high unemployment rate and things like this, they affect customers' behavior quite a lot. The comparable gross profit improved by EUR 1.5 million, compared with the previous year.

The operating expenses decreased due to very successful cost control. We were very satisfied with cost control in Finland in general. So the EBIT -- comparable EBIT improved by EUR 3.9 million to EUR 40.9 million during the fourth quarter. The first -- in Finland, the first 3 Tokmanni Eurospar stores are performing very well. These were the first one was opened last June.

And then in October and November, the openings, obviously, they were very successful and double-digit sales increase in all the 3 stores. I'm especially very happy about the fact that, for example, during this year, the double-digit development for both food and the whole stores, it's continued.

So this is obviously a way for growth also for Tokmanni segment. And actually, the next Eurospar opening will be happening in Järvenpää in the southern part of Finland in March, so in a couple of weeks' time.

And then, of course, we will move on with other food stores in Tokmanni chain, and we will convert basically all of the food selling stores to SPAR stores. But we'll come back to that then later on. But I have to say that -- we -- basically, we've been learning and studying the SPAR way of doing the food business with these first 3 stores. We're very happy of the learnings and now we're basically ready to move on faster.

And then Dollarstore segment. Revenue grew by 12.2% in euros. It reached EUR 148.5 million, supported by the new store openings and the stronger Swedish krona against euro. In local currencies, the revenue increased by 6.8%. And as you can see, the difference with foreign exchange is quite dramatic. So the Swedish krona is definitely stronger.

Tapio might touch this slightly when it comes to the financial figures later on. The total number of customers increased by 2.2%, but the comparable customers visit decreased. Basket size grew by 3.4%. Grocery sales increased by 7.8%. So also like in Dollarstore, the development in groceries were higher compared with previous year.

And the comparable gross profit improved by EUR 5.4 million, but the operating expenses coming from the store openings and the development project, whether it was like the pilot stores, the master data or the warehouse management, they caused additional expenses, and that's why the comparable EBIT was clearly lower compared with previous year, EUR 8.3 million.

A couple of words about Dollarstore. First of all, we consider this as a turnaround company. At the time of the acquisition, summer 2023, Dollarstore had the lowest price level in Sweden and was absolutely the place to buy entry-level products. And the aim of the company was to offer the cheapest alternatives in all products.

This, of course, is for a discounter, it's a fantastic strategy. But if you don't have the highest volumes, it's -- you end up in a situation where there needs to be some compromises with the product quality. For Tokmanni Group, these kind of issues are basically a no-go situation.

So we needed to start to change to more sustainable products because for the whole group, we basically couldn't continue with very poor quality, not sustainable products. Of course, it shows with -- for our customers like the change is actually quite dramatic in some areas.

But today, Dollarstore is offering still the best-in-class in terms of price. So we're very compatible -- competitive with the prices as the local newspaper, Aftonbladet also approved in January with the price comparison. But now we can rely and especially the customers can rely on the quality of the products. At the moment, as already mentioned, Dollarstore is offering more than 5,900 common SKUs with Tokmanni. This is basically definitely the direction we're going.

We're already seeing with the pilot stores that similar type of assortment works actually very well. However, we definitely do need to take into consideration the Swedish consumption habits. So there will be like the local assortment in Sweden and the local assortment in Denmark as well.

And as we know, there is a local assortment in Finland. In this case, for example, SPAR products. By the way, there are at the moment in Finland in all Tokmanni stores, there are almost like 200 SPAR SKUs for sale at the moment.

So yes, there will be like a joint assortment with the local assortments. Now what I'm very happy is the next bullet point. During the last weeks, we've been working for the first time with the joint commercial planning and implementation for both Tokmanni and Dollarstore.

And obviously, this is basically the first time we're really able to basically use the strength from the volumes that we have altogether. And in Dollarstore, we'll also concentrate on improving the Dollarstore's operational efficiency with joint IT systems and streamlined supply chain operations.

We have started already last year. It will take time, but we're already seeing like very good development in these areas. But these are some fundamental base building for the future success for Dollarstore and the whole group.

The next one, a couple of comments regarding the strategy period, which ended by the end of 2025. So when we look at the strategic targets for the strategy period '21, '25 and how we succeeded with that. As you can see, the revenue, which was actually lifted during the acquisition of Dollarstore, we're quite close with the revenue target. Obviously, the next one, the comparable EBIT is something where we're extremely disappointed.

It's only on the level of a little bit less than EUR 85 million, where the target was EUR 150 million. Now in when we were basically building this or setting the strategic targets for the strategy period, it was end 2020, beginning of 2021. Obviously, the world was very different at that time. We were in the middle of pandemic. Obviously, when the pandemic time was actually very, very good for the retailers.

After that, a huge inflation increase. the war in Ukraine, a lot of things have happened. But still, it's -- we should have performed much better with the EBIT level. And now, of course, all the actions are for this year. And I could imagine that also for the next category -- for the next strategy period, it will be on profitability.

With the store network, the target was 360 stores in Nordics. Now we're in 356. So actually, that's quite okay. With the net debt divided by comparable EBITDA, the target was less than 2.25. So we're slightly over that with 2.71.

Dividend, the target was about 70% of net result for the financial year. For '21, '22, '23, I think we were doing very well with this. But for '24, '25, it's clearly less than the 70% due to the target of strengthening the group's balance sheet. So this is basically the setup with the strategic period.

Obviously, one of the key issues regarding this strategic period that we just ended was that we will also enter the Nordic countries, and that, of course, has happened.

Now our job is to focus on the profitability on the whole group level and to move on from here. So that's about the strategy period, which ended. And the next one is the financial figures. Tapio, please, could you come and explain them a little bit more specifically? Thank you.

Thank you, Mika. So good morning, everybody, on my behalf as well. So let's jump a little bit deeper into the figures. First, just the headline numbers for the fourth quarter.

So our total group revenue grew by 2.8%, reaching EUR 510 million. And as Mika mentioned, that is our all-time high naturally. Our like-for-like revenue decreased slightly, about 1.7% for the fourth quarter, and our comparable gross margin increased to EUR 183.8 million and also the comparable gross margin percent increased slightly to 36.0% for the fourth quarter.

And our comparable EBIT totaled EUR 48.2 million. And that again is an all-time high for the group for any quarter in the history of the company, so not a bad result as such.

And the EBIT margin was 9.4%, a slight decline from last year. Also, our cash flow during the fourth quarter was very strong. Operating cash flow totaled EUR 108.6 million, an increase of over EUR 30 million from a year ago.

And our earnings per share for the fourth quarter was EUR 0.52 per share. Then going a bit deeper into the revenues, both for the quarter and for the year. So as I said, for the quarter, we had EUR 510.8 million, a growth of about 2.8% and the growth really coming from Dollarstore segment, and that growth was helped partially by the foreign exchange rate, obviously.

Our like-for-like revenue again decreased by 1.7%. And then if you look at the total year, so Tokmanni segment grew by EUR 10 million, roughly the revenues for the full year, while Dollarstore grew around EUR 45 million for the whole year.

And again, there, partly due to the more favorable exchange rate. In percentage terms, the Dollarstore revenue increased by 12.2% and by 6.8% on comparable currencies.

Then looking at our revenue split. So Tokmanni in Q4 was, you could say, perfect balance, so 50-50 grocery and non-groceries, while Dollarstore, the percentage of non-groceries grew slightly from a year ago and reached 52.2 percentage points.

Then looking at our private labels. So here again, we saw a very good development during the fourth quarter. So our private labels share of total sales reached over 30%, so 30.7% during the fourth quarter, an increase of 3.1 percentage points.

And this, again, was driven mainly by Dollarstore, where we continue to increase the common offering and introduce Tokmanni private labels into the Dollarstore offering.

Then when you look at our comparable gross profit, again, on a Q4 basis, the gross profit grew to EUR 183.8 million and the gross margin to 36.0 percentage points, a slight increase from a year ago.

And then when you look at the full year, our gross margin increased, but the gross margin percent declined slightly from 35.6% to 35.1%. And of course, the Dollarstore growth in the gross profit was quite good in the fourth quarter, so reaching EUR 56.9 million, so growth of EUR 5.4 million and the gross margin percent at Dollarstore during the fourth quarter declined slightly to 38.3 percentage points.

Then when you look at our operating expenses, the picture is a bit different. So the operating expenses were 20.2% of revenue in the fourth quarter, a very slight increase of 0.1% from the previous year.

And this was driven by the Dollarstore segment. Our personnel expenses, which are a major part, of course, of the operating expenses also grew slightly to 12% of revenue from a year ago of 11.8% of revenue.

On the Tokmanni segment side, we're very happy with the results. We managed to decrease the absolute operating expenses during the fourth quarter and of course, also then the relative percent of sales, declined also.

So Tokmanni segment, the comparable operating expenses were EUR 68.4 million during the fourth quarter, a decline of EUR 1.8 million.

Dollarstore segment, on the other hand, the operating expenses grew quite a bit and also the percent of sales grew quite a bit. And obviously, we continue to work very hard with Dollarstore to ensure the future growth and profitability of the business.

And for the Dollarstore segment, the operating expenses in euro terms were EUR 35.4 million in the fourth quarter, compared to EUR 29.5 million a year ago. Then when you look at our comparable EBIT -- and again, the fourth quarter EBIT reached EUR 48.2 million, which is the all-time high result for the group, which is, of course, we're happy with that.

The group functions expenses increased also slightly to [ EUR 1 million ]. And then when you look at the full year, the picture is not so great, unfortunately. So our comparable EBIT declined during the whole year to EUR 84.8 million, and the EBIT margin was 4.9% decline from 6% a year ago.

And again, the decline was mainly driven by the Dollarstore segment, but also Tokmanni segment declined slightly and really the decline in the Tokmanni segment was during the first half of last year.

Then our inventories. So we've been working quite hard with the inventory during the past 6 to 9 months, and I'm very happy with the results. So we actually managed to decrease the inventory slightly from a year ago, about EUR 4 million in absolute terms.

But you have to remember here that we have 12 more stores at the end of last year compared to a year ago. So if you take that into account, the result is actually very good. And in the Tokmanni segment, the inventories declined by almost EUR 6 million.

And in the Dollarstore segment, the inventories increased by a little bit more than EUR 2 million. And again, you remember that most of the 12 new stores were in the Dollarstore segment. So 10 new stores at Dollarstore segment and only EUR 2 million increase in the inventory from a year ago situation, and you couple that with the fact that we continue to increase our own direct imports, which naturally leads to a sort of an increase in the inventories if everything is constant.

So we've been doing extremely well with the inventory management also at Dollarstore last year. Then a little bit about our financial situation. So here, you can see our group debt situation in total.

And as you can see, the lease liabilities continue their upward trend. And at the end of last year, our total interest-bearing debt was EUR 955.9 million. That's a growth of over EUR 120 million, and the majority of that is coming from the lease liabilities.

If you look at our total debt, excluding the lease liabilities, there's a slight increase from last year. But during the last year, starting from Q1, we managed to decrease the total debt quarter-over-quarter.

So it's now 3 quarters of declining debt and the interest-bearing debt at the end of last year, excluding lease liabilities, totaled EUR 315 million. And we also did a little bit of a shuffling of our debt during the fourth quarter last year. So we launched a bond to the investor community, our first bond ever, which was EUR 100 million in nominal value.

And part of that money we used to repay down our bank debt and then part of the money is going to working capital purposes. And if you look at our net debt, then I'm very happy that our net debt has actually gone down from last year. So it's down about EUR 10 million.

And if you look at our net debt to comparable EBITDA ratios, we had a very strong decline during the fourth quarter as is the case usually. We're still above our long-term target of 2.25 and slightly above last year.

But again, that is really driven by this IFRS leasing calculations. So the actual bank net debt is down about EUR 10 million from a year ago, including the cash part.

And here again, our operating cash flow. And again, this was a very good quarter for us, this fourth quarter last year. So our operating cash flow was EUR 108.6 million. And again, that was driven mainly by a good management of our inventory.

And also, if you look at the full year, we had a quite decent cash flow from the full year from the operating perspective, EUR 139.5 million, which is about EUR 50 million more than we had the previous year, so '24.

Then our capital expenditure. And here, we continue to see the sort of normal trend. So our total capital expenditure for last year was about EUR 30 million. And for the fourth quarter, the total capital expenditure was EUR 12.1 million. And out of that, the Tokmanni segment was EUR 8.6 million and the Dollarstore segment, EUR 3.5 million. And as previously, our capital expenditure continues to be related to our network expansion, development and maintenance of our store network and our digital services.

And we expect the sort of the cash capital expenditure to remain roughly on the same level in the coming years as well. Then I'll hand the stage back over to Mika to talk about our guidance.

Thank you, Tapio. Please don't go too far because we're going to soon start with the questions. But yes, first, Tokmanni Group's guidance. We expect Tokmanni Group's revenue to be in the range of EUR 1.78 billion to EUR 1.86 billion. And the comparable EBIT, we expect to be in the range of EUR 85 million to EUR 105 million.

And the payment of the dividend, the Board of Directors proposes to the AGM that the maximum dividend of EUR 0.34 per share be paid for 2025. And the BOD proposes that the dividend will be paid in 2 installments. The first one, EUR 0.17 per share would be on the payment date would be the 13th of May 2026.

And the BOD proposes that the 2026 AGM authorizes BOD to later decide on the distribution of maximum dividend of EUR 0.17 per share in another installment during fall 2026. So this is the guidance and the proposal for the dividend for Tokmanni Group. As already mentioned, the strategy period ended with -- in the end of for Tokmanni Group. So -- but during 2026, Tokmanni Group will publish the new strategy for the next strategy period.

And obviously, the coming CEO will be explaining this by the end of this year. But meanwhile, we -- just a couple of words, we're concentrating on the strategic projects or actions to improve Tokmanni Group profitability this year. And obviously, it starts from the sources of growth, as we call it, the low price program, which is extremely good, and it's already launched for both segments.

And the performance seems to be actually very good. And as already mentioned, in Dollarstore, we have a lot of actions ongoing. And obviously, we expect this year to be the turnaround year for Dollarstore.

Also, I mentioned SPAR as a source of growth for Tokmanni. And already in a couple of weeks' time, the next SPAR store will be open, and we will speed up the conversion of the current food stores to SPAR during this year.

The sources of profitability, obviously, joined buying and sourcing. And then the more we do things together, the more we have the same assortment, the more volume we have with joint buying.

So obviously, we're going to continue with that. Cost control seems to work very well in Finland. And also, we are taking the same actions in Sweden and Denmark. The inventory management, as Tapio was explaining just a while ago, is working pretty well.

We will continue with that and especially in Sweden with the new warehouse management system, the supply chain are doing -- is doing very, very good. The sources of success, as we talk about, as we call it one company, obviously, it's like 3 countries, but it is one company, and we -- all the time, we do actions to make this look like one company, even though it's like 3 countries at the moment. And of course, with the different kind of AI projects, they will affect the work and cost transformation over there and also improve the productivity.

These are probably issues that we'll touch a little bit later. One of our key values is that we do things together, and we -- especially with SPAR, we call it nowadays Better Together.

So these are the actions to improve Tokmanni Group profitability during this year. Thank you very much. And I think now it's time for questions.

So let's move on. And if I see correct the first one to set the questions is Arttu Heikura from Inderes.

It's Arttu Heikura, Inderes. First of all, could you elaborate on your actions regarding the low price program?

Sure. It's actually already going on in Tokmanni, we're talking about like -- we're talking about this [indiscernible] the lowest price in Finland operations, and we have already started that at the beginning of this year with very good results as a discounter.

And as you are also very well aware of the economic situation in Finland, especially right now with quite strong winter and high electric bills, it's very, very good for Tokmanni to offer the lowest prices in Finland, and we'll continue with that.

In Sweden, actually, the Aftonbladet has been helping us with the billigast low-price program, which is like the cheapest or lowest price in Sweden and in Denmark.

And we've started that already also a couple of weeks ago, or actually a month ago, the price comparisons, price comparison done by Aftonbladet was done in January. And basically, in -- from the competitor group Dollarstore was clearly the cheapest retailer. So that's giving us a pretty good setup for the so-called billigast program.

Then about the guidance for this year. What is the main driver for the profit growth? Do you believe that Dollarstore is able to improve its results? And if so, how?

Yes, first of all, from the group -- from the whole group point of view, year 2025 wasn't good at all for Tokmanni Group. I think or maybe you also remember that especially the first half of 2025 was very bad for Tokmanni segment. And yes, I don't think that -- or we believe that this year, the first half will be much better compared with previous year.

Obviously, especially in Finland for Tokmanni segment, it is quite weather-related, especially with the spring season, but we don't believe that we'll have like -- we will be missing the spring season 2 years in row in Finland.

So that's why we believe that Tokmanni will be on a better position than this year. And regarding the Dollarstore, we've been working so hard with Dollarstore. It has been causing some additional costs. And then probably, it will still be on like -- let's say, the work will be in progress, but we are very confident that there will be a turnaround this year.

Then about the spring season and maybe on the products and inventory. Have you already gotten crucial part of spring products in your inventory?

Yes. Or they're basically -- they are in the ports or the last one, the containers are on their way. We don't see any problems at the moment with the spring/summer season, containers.

Everything is basically set with that. Obviously, Sweden, due to the fact that the spring time in Sweden, especially in the southern part of Sweden and in Denmark, is obviously ahead of Finland, so there the -- basically the seasonal products are already over there. And the last containers coming to Finland.

And so yes, we're quite confident that we're able to deliver the spring/summer season as planned.

That's good to hear. Then maybe about Dollarstore and its decline in like-for-like customer flows. So have you analyzed deeply that what is causing this negative effect? And I think -- well, maybe you can say in your own words, please?

Thank you. Yes, well, first of all, it's -- obviously, it's a big change for Dollarstore customers. As mentioned, it used to be the entry-level product and very, very low-priced products. The biggest part, absolutely the biggest part of the business was done with the product which cost either SEK 10 or SEK 20, meaning like EUR 0.90 or EUR 1.80. These products, we had quite a lot of problems with -- especially with the quality and the sustainability with these products.

Now we've -- basically, we've cleared a big part of this assortment in Dollarstore -- in the stores. And nowadays, it's a lot of Tokmanni private labels, which are -- all are tested and sustainable products. And we know where they're coming from, we know exactly how they are and we can rely on the quality as well as the customers can rely on the quality.

As we, well, had the price comparison with Aftonbladet, we're able to compete with the price level as well, even though the price level is slightly higher due to the better quality, but it is a big change for customers.

Obviously, we've been interviewing customers on how they see the change. Obviously, they don't know the product. Yes, there are, like, for example, Kotikulta products, which actually are considered good quality products, but it's Kotikulta. It's a completely new brand in the Swedish market. And obviously, the customers they need to get used with Tokmanni private labels.

But with the pilot stores that we've opened, we're very happy with the sales. And these stores are even bigger joint assortment than the 6,000 products. Some of the product groups where we are actually even surprised that they are working or performing that well are, for example, apparel.

So the Tokmanni private label brands, Pola, you have the picture over here, and Catmandoo and Vaeltaja, they're actually doing pretty well in Sweden and in Denmark. So these are very, let's say, convincing development.

But yes, it is new products for customers, a new setup. So it's not -- doesn't happen like this that the customers will be right away happy with everything. But we are doing some -- a lot of commercial actions to ensure customers and encourage them to buy the new products. That was a long answer, sorry for that.

I guess you are aware of the situation with [ ÖoB ] and Europris, they have kind of similar concept change in Sweden. Q4 was good for them in like-for-like terms. How do you see the market environment in Sweden and competitive perspective of that?

Yes. First of all, competition is obviously very hard in Sweden as it's all over. That's no news basically. And yes, of course, [ ÖoB ] is one of the competitors, but so there are much bigger competitors as well.

And yes, obviously, we're very well aware of the development with Europris and ÖoB could imagine actually that the Europris and ÖoB is slightly ahead of Tokmanni Dollarstore with the development.

But as we are going to the same direction. And I think that Swedish market, if we compare, for example, with Finland, it's more positive. There's room for -- well, in this case, both retailers for ÖoB and Dollarstore.

And yes, there are much bigger competitors where we can also like win some market share, actually to both companies. But yes, of course, the competition is there. We have slightly different strategies with Europris and Tokmanni regarding Sweden. But I think there is plenty of room for both companies.

Then my last question is, you had some legal situation in Denmark. Is it just limited to 1 store or could that be kind of larger impact from the legal perspective? Could you maybe open up the situation for us?

Yes, it's considering 1 store. But yes, of course, it could affect on the -- well, basically, the whole Danish market. It's not only big dollar that we have in Denmark, but it's the whole Danish market. And it's about the grocery sales.

First of all, I think that it will take some time before the decisions will be over there, and we have plenty of time to adapt the situation. Obviously, we're happy to sell nonfood products, and we've been studying the Danish market as well, like, okay, where can we especially invest with the nonfood products and how can we be successful with the nonfood product, if we need to limit the groceries?

But, of course, it's very -- well, it needs to, first of all, for example, define like what is considered groceries and this kind of things. So it's going to take some time. But I think we're pretty well prepared with the future situation in Denmark. And of course, it -- we do have like a limited amount of stores in Denmark, at the moment 12 stores, so we are able to make quick moves over there as well.

Then we take the next one, Miika Ihamaki.

This is Miika from DNB Carnegie. So quickly on the sales guidance for '26, which implies approximately 3% to 8% growth from last year, even though like-for-like revenue declined in both segments now in Q4, whilst we see the reported revenue growing 3% mainly due to new openings and FX tailwinds. So I would like to understand how much of the '26 sales growth expectation is driven by new store openings and improvement in like-for-like sales?

Because given that we're seeing the like-for-like customer flows decreasing a Dollarstore now second quarter in a row and in fact, quite deeply given these assortment changes, why should we expect the sales to return to positive territory already next year?

Or this year, actually.

Yes, this year.

Yes. Well, as I already mentioned several times, Dollarstore is -- it's a lot of things over there under construction. And we feel that we've done some very, very good action points, for example, especially with the pilot stores. As mentioned, already, it's almost like double the sales with the pilot stores, which we will go to -- I mean, we will be developing Dollarstore to that direction because the results with sales are very encouraging.

So yes, we definitely do believe that we are able to make the change in Dollarstore.

But of course, as already mentioned, year 2025 was -- sales wise very bad also in Finland and especially in the first half and the second half wasn't that good either. We expect the economic atmosphere to improve during 2026.

And obviously, we expect a better development from Tokmanni as well. But of course, the main -- and as you also mentioned, the main focus is on Dollarstore and I think that we know pretty well what to do as soon as we get the IT systems and the supply chain working efficiently, then we're able to also speed up with conversion with this kind of new concept that we've been testing now for a while already in Sweden.

Right. And then second question is on your SPAR performance. You said that the stores have delivered excellent results. Can you further elaborate on this one and confirm whether their Q4 sales growth exceeded the market growth of 1.9%?

Sorry, could you please repeat? I kind of missed one part of your question.

Yes. So the question was that as you say, SPAR stores in Finland have delivered excellent results. Can you further elaborate on this one and then confirm whether the SPAR Q4 sales growth exceeded the market growth of 1.9%?

Yes. Well, if I touch the last point, as I mentioned last year, both the food sales in the SPAR stores, the food sales and the total sales, it was like double-digit sales increase. It has continued this year as well. So hopefully, that answers your questions regarding the market situation.

And yes, we're very happy with that. Obviously, we are learning a lot from SPAR at the moment. There are actually a bunch of SPAR people this week and more coming next week to Finland since they're supporting us with the Jarvenpaa opening.

I think it's -- that is the very crucial point for the learning for Tokmanni Group regarding the SPAR. SPAR International is like -- it's a global retailer -- global retailer group with more than 14,000 stores all over the world. And of course, they have a huge amount of professionalism and expertise and they've been studying also, together with us, the Finnish market.

And obviously, we have been learning quite a lot with this new -- with the first 3 stores, and now we will be speeding up the conversion of the current stores. Let's see how it happens. We don't publish any, let's say, market share targets. We are working 1 store at the moment, one by one. But we're happy with the development. It looks very good for us at the moment.

Thank you, Miika. And the next one is Maria Wikstrom.

Yes. I also wanted to touch on the sales growth guidance for 3% to 8% for this year. And I wonder that I mean, if the development in the beginning of the year gives you a guidance, I mean, that gives you confidence to guide for growth within that range despite the negative like-for-like development for both of the concepts during Q4?

Yes. Of course, the first quarter for the whole Tokmanni Group, it's absolutely -- sales-wise, the lowest and most difficult when it comes to the results. So obviously, cannot really make too big conclusions from the first quarter, but the second quarter, of course, is the second most important for Tokmanni. So at the moment, based on the first 2 months, it's too early to say that much. Let's see how the spring starts. At the moment, it looks pretty well -- pretty good actually for the coming weekend.

And then also here, I think, I mean Kesko commented that they had like a negative mix in the hypermarket nonfood sales during Q4, which I interpret that the winter actually started only after Christmas here in Finland, and you as well, I mean, sell a lot of winter clothes. So what do you see -- what's the impact in Q4? And do you see that you have more items on sale now during the Q1 that we should be worried about the gross margin development in the first quarter?

Well, first of all, you're absolutely right with the winter, as I call it, a strong winter, but that's been in January, February and until Christmas, obviously, we had an extremely warm weather. And yes, they were actually in the beginning, and Tapio might remember better than I do, but we did have pretty strong sales over there, especially with the winter products.

Basically, we sold out, for example, heaters and this kind of products, also the winter clothing. We were able to clear the inventory pretty nicely. Yes, it affected the fourth quarter, but -- my, let's say, gut feeling is that the low sales, let's say, the lower basket size during the fourth quarter, especially for Tokmanni, that was due to the carefulness of our customers.

The atmosphere, if you remember during the end of last year, was very, very negative. I think it's slightly improving at the moment, but it showed it was the -- we could see, and of course, we were doing some surveys as well, where we basically noticed that the customers are really careful.

That was probably one of the key drivers for the lower basket in Tokmanni. The comparable customer visits in Tokmanni during the fourth quarter was basically on par with previous year. So yes, but that's how I feel the difference with the winter timing, but I don't think that we could draw any special conclusions regarding the gross margin with the first quarter. But Tapio may answer that.

Yes. So obviously, we have the January results and February sales when we, let's say, confirm the guidance, if that's what you're asking about. But of course, we don't comment on the future performance more than the guidance, which is set for the whole year. And I think like Mika said, Dollarstore is a turnaround case at the moment, and of course, we expect it to turn around during the year.

Yes. And then I wanted to go -- I mean, more deeply on the sales performance of the Dollarstore. And I mean you mentioned that, I mean the pilot stores have been successful, I mean, with the new assortment. But if we think about like more broader perspective, then where the sales performance very different like in a normal store if you compare the private label assortment versus like the branded or the previous assortment of a Dollarstore?

So which product group, you mean?

Yes. So I'm kind of interested in the performance of the private label assortment outside these pilot stores. So the ones where you have a smaller assortment, and I think still a lot of the products that you sell in the Dollarstore has really -- has not been adjusted for the -- like the Swedish market, so that they would have like the Swedish product name and product title at first, but like a lot of product, I think, I mean, has also the Finnish titles, like mentioned first in the product.

So kind of interested if the Swedish consumer comfortable buying a product that has the Finnish title with like a bigger letters? Very difficult to ask the question, but hopefully, you understand what I mean.

Okay. Well, it's clear with Tokmanni that -- with the whole Tokmanni Group that our, let's say, our aim is to find a competitive advantage with the price level and the wider assortment.

And yes, you're absolutely right, it's a lot of new products for -- with the Finnish titles, but like -- as you, especially, Maria, you know that we're a bilingual country, so we always have like in Swedish as well, the product labels, but they've been the average Dollarstores, the private labels, they've been successful.

As you can see, the basket size is higher. But basically, the customers are missing very, very low-priced products. And yes, we've added some of those products to basically to bridge the situation, but we cannot compromise with the quality. We think that when we're able to offer even wider assortment and show in several different categories, as we've done in the pilot stores, that the assortment is wider and the price level is very competitive, we believe that, that will be the successful way forward.

And then finally, on the adjusted EBIT guidance range of EUR 85 million to EUR 105 million. First of all, can you discuss, I mean, what happens? I mean, if you end up on a -- I mean, this very low level that what was reached in 2025?

And then how much this guidance range? I mean, what is the -- how much is -- I mean, if we end up in the middle of the range, which has a EUR 10 million growth, how much of that is based on the Tokmanni brand and how much on the successful turnaround of the Dollarstore?

Well, Tapio, maybe if I first comment and you may continue then. Yes, first of all, if you take a look at the Tokmanni segment and year 2025, the first 2 halves were -- sorry, the first 2 quarters, meaning the first half of 2025, as already mentioned several times, was very difficult for Tokmanni segment.

But with the second half of 2025, we have been improving the results basically during the both quarters and especially the fourth quarter was actually quite good improvement with Tokmanni segment profit.

So obviously, we're confident that we will continue with this. The cost control is very tight at the moment. And obviously, we're working on this growth issues like the low price program and SPAR and so on. So yes, we're -- first of all, we're quite confident with Tokmanni. Now for Dollarstore, it has -- the performance has been for the whole year of 2025, it was basically very bad and much worse than the previous year.

Basically, we've done already better business, and we are very much on the building phase, but we definitely believe that this year, we are already able to get better results and also bring new customers to see the Dollarstore with a wider assortment and with a very competitive pricing and the price level. So it's -- we believe that the result improvement for this year comes from both segments. But Tapio...

Yes. So of course we have -- we built scenarios for both segments individually and then the guidance is a combination of those 2. So if everything goes well, then we're at the high end, and if everything goes not so well, then we're at the low end, it's pretty simple. It's not super difficult to think like that.

Thank you, Maria. And the next one is Svante Krokfors.

A couple of questions. I know we are a bit overdue here. But regarding Dollarstore and I mean in a concept change that you are implementing, it's understandable that average or like-for-like customers, we see decline and you try to get like-for-like basket size up. But how long do you think that this process and adjustment will take until the basket size like-for-like exceeds the decline in like-for-like customer visits?

How long? I wish I could tell you the date and knowing my situation, I wouldn't -- as you can understand, I wouldn't like to promise anything that I won't be myself responsible. But maybe, Tapio, would you like to comment on this one?

Yes, of course, it's very difficult to say exact date, but we have, of course, a firm belief that all the actions that we are doing, they will result in the, let's say, turnaround of the business. Of course, I expect that to happen during this year.

Okay. And then regarding the -- could you elaborate a bit on the gross margin development in Dollarstore, which has been a bit on a negative trend? And what's the reason behind that? And what your actions are to improve that?

Well, still in the end of last year, I think that we were having quite a lot of sales regarding the old inventory and things like this. At the moment, we're pretty confident with the gross margin with Dollarstore. Obviously, the first quarter last year was quite a dramatic drop with Dollarstore gross margin.

So that's, of course, something that we don't want to have like dramatic drops with gross margin anymore. So obviously, we're taking care of that. Yes, it might be that we -- or we -- obviously, we want more customers in the stores, and we will be investing on that, but I think we're managing that part pretty well at the moment.

Okay, I think that's all the questions. So thank you very much. There is one more question from [ Oscar Matheson ].

I was curious about, can you say anything about how you expect leverage to develop going forward, given that your net debt-to-EBITDA ratio is still above your target and that you're now entering your low season?

Of course, it jumps up always, so Q4 is the lowest. So it will go up. But of course, we are managing that very carefully. And inventory management that we are doing at the moment, it will help in the leverage.

But of course, the other flip side of the coin is, especially if you look at the -- including the lease liabilities, we do have 12 more stores compared to last year, that drives up the lease liabilities.

So we expect that to continue to creep up slowly as we add new stores. But let's say, the leverage, excluding the lease liabilities there, we expect that to go down during the year, not like super fast, but slowly.

Okay. I think that, that was all the questions. Thank you very much. Have a sunny and commercial weekend. Thank you.

Thank you.

Good morning, and welcome to Tokmanni Group's Third Quarter 2025 Results Presentation. My name is Mika Rautiainen and during this presentation, I will first go through the key facts for the third quarter. And after that, Tokmanni Group's CFO, Mr. Tapio Arimo will come and present the financial figures in a little bit more detail. And after that, it's time for questions.

So after the first half, a difficult first half of 2025, Tokmanni Group had a twofold quarter. On the other hand, in Finland, Tokmanni segment had record high revenues and also EBIT and at the same time, we could say from Tokmanni segment that we're -- after this difficult first half, we're back on track. But unfortunately, the transition period takes a little bit more time in Dollarstore in Sweden and in Denmark. And Dollarstore's result declined, and that was, of course, a disappointment.

So let's take a little bit closer, look at this. Yes, this is a familiar slide. Last year, during the third quarter, Dollarstore's share of the revenues was 26%. So now it's slightly higher with 27%. Two more -- 2 new stores compared with the end of June situation. About the group and the key facts during the third quarter, Tokmanni Group's revenue increased by 4%, which was taken into consideration the market situation, well, satisfying sales result. Tokmanni segment's revenue increased due to a good end of summer sales.

Basically, in Finland, we didn't have like a real summer until the end of June. So actually, for the inventories for summer, spring and summer products, it was very good that July was actually a very nice summer. So we were able to also do a very good sales for the summer products. And at Dollarstore segment, the customers purchased more higher-value items. Basically, the share of Tokmanni private labels increased very well. And these are, of course, it's not like entry-level products there more towards best value for money products. Anyway, this resulted in an increased basket size. The gross margin percentage declined, especially due to Tokmanni segment's heavy summer clearance sales, what we were actually taking through, especially in July and in the beginning of August. Cost management was very successful in Finland, but expenses at Dollarstore segment increased due to the opening of the new stores compared with previous year. And of course, during the fourth quarter, we also are opening 4 new stores in Sweden and in Denmark.

So obviously, all the preparation costs for these new stores came to the third quarter. The group's EBIT was lower than in the previous year and as the gross margin percentage declined and due to Dollarstore segment's cost, they were increasing.

So let's take a look at the Tokmanni segment. Comparable customer visits increased by 1.3% and like-for-like revenue by 1.5%. So the average basket size increased by 0.2%. Grocery sales increased by 2.5%, and actually this is for the first time for several quarters where the non-grocery sales actually grew faster compared with groceries. And that was 4.3%. This was mainly due to the fact that, especially in July and beginning of August, we were selling the summer products with big discounts. And that, of course, was successful sales. Gross margin-wise, it wasn't that good, of course. As I said over here, it's the comparable gross margin percentage declined by 1 percentage points, mainly due to the discount sales of summer and spring season products.

Operating expenses decreased due to successful cost control, particularly the focus was on the personnel costs and marketing costs, and that was well managed by the team. And Tokmanni's EBIT improved and actually it was on the record high level. So from Tokmanni Group's perspective, of course, it was good that we were able to get segment back on track. But then when we look at the -- well, before we look at the Dollarstore, something regarding the store network. Yes, we still continue to expand also in Finland. During the third quarter, we actually closed one store in Turku and opened a new store in Kemiönsaari. Now during the fourth quarter, we've already opened a store in Naantali, and we will be opening a new store in Tuusula and also a new bigger store. It's a relocation in Nilsiä, Kuopio.

In the middle of January this year, we signed a license agreement with SPAR International. And at that time, we also basically told to the market that we will start testing the EUROSPAR supermarkets in 3 stores in Finland by the end of the year.

The first store was opened in Ylöjärvi in June, the second one in Masku in October. And last week, we opened a third store in Tornio. It's in northern part of Finland. I have to say that we've been able to get a lot of information learnings from SPAR and of course, something which is like very important for us is that these 3 stores are nowadays and they all are in top 10 stores in Tokmanni. So sales-wise, they've been a success for Tokmanni, we've been getting extremely valuable information. knowledge regarding the grocery business from SPAR International and also from the retail business in general. And this was, of course, one of the biggest targets for the start with the cooperation with SPAR International. And of course, we, at the moment, we have SPAR private label products in all Tokmanni stores in Finland. They've been extremely welcomed by our customers and the sales for these private label products are very good.

So actually, we're pretty satisfied with the SPAR experiences with these 3 stores and also the private labels. And next year, of course, for Tokmanni, we will start to roll out for all other grocery stores in Finland.

And then it's time to go to Dollarstore segment. Total revenue increased by 6% and like-for-like revenue decreased by minus 1.4%. In local currencies, the increase was 3%. The same story goes with Dollarstore. Actually grocery sales increased by 2.1% and non-groceries by 4.3% in local currencies. Like-for-like average basket size grew by 3.6%. But as already mentioned, there is a transition period going on with Dollarstore. Dollarstore has been known -- very well-known for the entry-level products, which is like a very, very low-priced products with SEK 10, SEK 20. The biggest part of the sales come from SEK 10, SEK 20 products, which is basically EUR 0.90 or EUR 1.80. And yes, we've been replacing these with the best value for money, Tokmanni private labels, which are slightly well, higher priced. And that's, of course, something that has slowed down a little bit, the customers who used to be shopping in Dollarstore, but the aim for Dollarstore basically is that we will get new customers. And of course, one of the key factors that we're trying to improve with Dollarstores, the customer confidence. And with this very well tested and very good quality Tokmanni private label products, we believe that we are able to also improve the customer confidence in Dollarstore.

But obviously, these products, the previous entry-level products, especially with some quality issues. These will be taken out from the assortment, and that shows a little bit with the sales in Dollarstore. But at the moment, the assortment of the joint product range for both -- for Dollarstore and Tokmanni, it's more than 4,300 SKUs. I consider this as a very, very good direction. Comparable gross profit improved by EUR 1.5 million compared to the corresponding period of previous year. The gross margin percentage was lower compared with last year. And operating expenses, as already mentioned, increased mainly due to the new store openings and the preparation for the new store openings during the fourth quarter.

Dollarstore and Big Dollar in Denmark continue to expand fast, actually. There were like 2 store openings, one Big Dollar in Skive, Denmark or during the third quarter and in Västerås in Sweden for the third quarter, and actually if I said 4 new openings, it's actually 5 new openings during the fourth quarter and Östhammar and the Hälla store in Västerås we've already opened. And there will be like 2 more store openings in Gothenburg and then one more in Guldborgsund Big Dollar store in Denmark during the fourth quarter. So 5 more stores coming before the end of this year. So very active operations in Dollarstore.

And this renewed Dollarstore concept is basically part of the transition process that we're having in Dollarstore. Actually, during the third quarter, we launched this pilot store in Sweden to test an assortment of over 30,000 SKUs. Basically combining the approximately 20,000 SKUs from Tokmanni and 10,000 SKUs from Dollarstore. And of course, the target is to test a more unified and attractive product range and especially the unified product range is something what we are seriously looking for with this development. Actually, so we opened this, if I remember correct, it was by the end of September. And this is actually one of the best-selling stores for Dollarstore in total. So it's been very successful. Obviously, the transition is to take Tokmanni and Dollarstore more towards the same product assortment, and even the concepts we are looking for taking to the same direction. And obviously, from here, we have from this renewed concept. We have very good experiences, but we will be opening a couple of more pilot stores to get more information regarding the Swedish and Danish market also for this new concept.

But this will be happening in the beginning of next year. So the next one will be Tokmanni Group's key figures, and I will invite Tapio to come over to tell more about the financial figures. Tapio, please go ahead.

Thank you, Mika, and good morning on my behalf as well. So let's dive a little bit deeper into the numbers. So as Mika pointed out, our revenue growth in all in all was acceptable at 4% and reached EUR 432.8 million. Our like-for-like revenue also increased a little bit, 0.7 percentage points. Our gross profit also grew during the third quarter and reached EUR 150.4 million. And like Mika said, our comparable gross margin declined somewhat, and that was really driven mostly by the high summer sales during the July and early August frame at discounted prices. And our comparable EBIT came in at EUR 26.4 million, which is a decline from the previous year and the comparable EBIT margin was 6.1 percentage points.

Our cash flow was very good during the quarter, thanks to our good management of our inventories and totaled EUR 31.8 million. And our diluted earnings per share was EUR 0.24 per share. Looking a little bit deeper into our revenue. So as I said, our revenue grew by 4% during the quarter. When you look at the segments, so on the Tokmanni segment side, the revenue increased by 3.5%, decent growth. At Dollarstore, unfortunately, the revenue only grew by 3% in local currencies, and that also means that the like-for-like was slightly negative. On the euro terms, the Dollarstore revenue actually increased by 6%. So we got some positive tailwinds from the exchange rate during this quarter.

When you look at our product mix, so that moved in the sort of a favorable way for the first time in some time for Tokmanni segment. So we managed to increase slightly the share of non-groceries during the quarter compared to a year ago. And again, that was also driven by the good sales of our non-grocery products during the July and early August sales period. And at Dollarstore, we also continued to increase the share of non-grocery business, and that is really mostly driven by the increased share of Tokmanni private label products, which are mostly non-grocery products.

And our private labels continued to support our growth. So as a total for the group, we did increase the private labels clearly from a year ago. And again, that was mostly driven by the increased share of private label at Dollarstore. And as you can see, we have many private labels that we work with, and we do see a lot of further potential to increase the sales of private label over time, especially at Dollarstore, but also at Tokmanni. Then when you look at our gross profit, as I said, we managed to increase our absolute gross profit from a year ago. But unfortunately, the comparable gross profit margin declined slightly. And for the Tokmanni segment, the gross profit was almost on par, so a slight increase of EUR 800,000 from a year ago and the gross profit margin declined by 1 percentage point. And at Dollarstore, the increase was EUR 1.5 million in absolute terms and also there, the gross profit margin declined slightly, and that was mainly driven by the product mix from the very low products that typically have a slightly higher gross margin to the higher average price Tokmanni private label products.

In terms of the comparable operating expenses, a very mixed quarter. So we were working hard to control the costs and at Tokmanni segment, we managed to do that quite well. And the share of operating expenses relative to sales declined clearly by almost 1 percentage point. So from 20.3% a year ago to 19.4%. Unfortunately, Dollarstore the direction was the other way, a quite large increase as a percent of sales, which is partly driven by the let's say, slightly lower sales growth than hope for. And like Mika said, the large number of stores that we have opened during the past year, and also the ones that we have just recently opened or opening, the sort of opening costs contribute to this number. And the total operating expenses for the Tokmanni segment, EUR 61.1 million, which is actually a decline from a year ago of EUR 600,000, which is a very good result. And then for Dollarstore, the operating expense totaled EUR 30 million, an increase of EUR 4.5 million, which was really the key factor driving down there absolute EBIT Dollarstore during the quarter.

Then we will look at the EBIT and the EBIT margin. So I said the total comparable EBIT declined to EUR 26.4 million from EUR 29.5 million from a year ago. And that also included EUR 1.1 million of group functions costs, an increase of EUR 300 million over last year. But as Mika said, the Tokmanni segment actually reached an all-time high EBIT margin of EUR 26.3 million during the third quarter and the comparable EBIT margin also increased slightly from a year ago to 8.4%. And for Dollarstore, obviously, a different story. So the EBIT declined to EUR 1.1 million, a decline of EUR 4 million, and the comparable EBIT margin was unsatisfactory at 0.9 percentage points.

Then when we look at our inventories, like we said last quarter announcement, we've been working quite hard on inventory management, and that shows good results. So if you look at our 2 previous quarters, the inventory is essentially flat over the last 6 months. And typically, during these 6 months in a normal year, we see a quite significant increase in inventory. So we've actually done a very good job in containing the inventory growth and working very hard to increase the efficiency of our supply chain. And we do see a clear decrease in the fourth quarter as well on the inventories.

And the overall inventory level was EUR 477.7 million, which is an increase of EUR 32 million roughly from a year ago. But as said, only a slight increase from a quarter ago and essentially flat with 6 months ago situation. Then looking at our financing. Our total interest-bearing debt, EUR 945.5 million, which is an increase of EUR 100 million from a year ago and a slight increase also from the previous quarter, but the actual net debt that is excluding the IFRS 16 has actually gone down over the past 2 quarters, which we contribute, obviously, mostly due to good inventory management. And the total lease liabilities are, at the moment, EUR 613.3 million, and that's really a reflection of the increase in the number of stores that we have.

Then our net debt to comparable EBITDA ratios. The IFRS 16 number was 4.35 at the end of the quarter, a slight increase from the previous quarters. Our financial position continues to be good and net debt, excluding IFRS liabilities, EUR 323 million, an increase of about EUR 50 million from a year ago.

And our cash flow, as mentioned before, we're very happy with the cash flow for the third quarter, which stood at EUR 31.8 million and close to the number 2 years ago, and much better than a year ago number of EUR 8.1 million. And this, again, driven by the inventories compared to the comparison period. And for the total for the first 9 months also, we had better cash flow than last year at EUR 31 million compared to EUR 12.1 million a year ago. And our capital expenditure continues to be well under control. Our total for the quarter was EUR 6.6 million, a slight decrease from a year ago. And this, as previously, is most related to our network expansion, development, maintenance of the store network and development of our digital services. So with that, I invite Mika back to talk about our guidance.

Thank you, Tapio, and don't go too far because it's time for questions soon. Yes, about the Tokmanni Group's guidance, First of all, we've specified the guidance for 2025. We basically expect the revenues to be in the range of EUR 1.71 billion to EUR 1.75 billion. And the EBIT, we expect to be in the range of EUR 85 million to EUR 95 million. So this is specified from the previous guidance. And then the payment of the second dividend installment, well, basically, the Tokmanni Group Board decided that Tokmanni group won't be -- or basically, yes, it's decided that it won't be exercising the authorization to pay the second dividend installment for the financial year ending 31st December 2024. And the aim is to strengthen the company's balance sheet and to ensure the funding of investments and growth.

Basically, the investments and growth are the new store locations, strategic projects and IT systems as well as the current structure of, basically, company's balance sheet. So this is, basically, a decision from the Board of Directors of Tokmanni Group. And at the moment, in Tokmanni Group, we have the full focus on profitability. Actions are ongoing, especially in Tokmanni segment, they've been successful and we're working on Dollarstore segment very hard. Basically, for the whole Tokmanni Group, the strategy period which is actually 2021 to 2025, it will obviously end by the end of this year. And the new strategy period will start with full focus on profitability. Both segments -- both Tokmanni and Dollarstore segments will concentrate on increasing sales, optimizing gross profit gross margin and, of course, tight cost control.

And then a new CEO for Tokmanni Group. Mr. Sampo Päällysaho will start in the beginning of July. So one of his first job is to start working on the group strategy during the -- sorry, during the second half of 2026, and it will be launched before the end of the year 2026 as well. But at the moment until July, Tokmanni Group will fully focus on improving profitability. So thank you very much. And right now, it's time for questions.

So please raise your hand with the teams and then we'll start right away. Very good. And Joonas is the first one. So Joonas, please go ahead.

It's Joonas Häyhä from OP. So firstly, regarding Dollarstore, you had less seasonal promotions in Dollarstore yet the gross margin weakened even though you should have some synergies in. So can you elaborate the situation around the gross margin in Dollarstore?

Yes. So obviously, there's many factors contributing to that. So if you compare to last year, we had a lot of sales. But obviously, those were focused on very much on the old products which were already written off to some extent. So there was a sort of a mitigating impact on the gross margin from the sale of the, let's say, the very old products because typically, you sort of write off the products as they age. So that was one thing that is different this year, obviously. The second thing is the product mix. So we have a clearly higher-value product mix and that impact with the increase of the Tokmanni private label has a very positive impact.

But then the negative impact is that typically the very low products actually have a very high gross margin percent. So when you sell less of the low-value products and you lose the volume there, that has a negative impact. And it's a mix of those things and also some, let's say, logistical costs have obviously increased as we changed the business model. So most of those costs also go above the gross margin. But we don't feel very worried about this small decline. So we do see that by bringing more and more the Tokmanni private labels, the long-term effect will be clearly positive. And of course, it will drive up also the sales per store, which is the key to driving the profitability and customer confidence, yes.

All right. And then continuing on Dollarstore. So it looks that the personnel count was slightly lower in Q2 versus Q3 versus last year. yet the personnel costs grew quite much in Dollarstore? Can you elaborate this development?

Yes. So there's, again, many factors. There one of the things we have used more, let's say, these sort of externals, especially in the logistics side. So they don't actually count in our own personnel. So that's one of the key reasons that change is there.

Okay. And then regarding Finland, you had the -- you sold the seasonal inventories at a discount. I was wondering what kind of impact did that have on the average basket size in Finland? Was that supportive or dilutive in Q3?

It was supportive, yes. Because basically, especially with the summer season products, they are slightly higher ticket products especially in barbecue, in garden. So yes, it had a positive impact also on the average basket.

Are you able to quantify how much?

We are able, but we don't disclose such level of detail, but let's say it was clearly a positive impact.

Thank you, Joonas. And then it's Maria Wikstrom.

My first question is, I mean, on the current trading conditions, given that I think it was a disappointment that Dollarstore like-for-like sales growth was negative in the quarter. Because, I mean, despite you have had some profitability issues, I mean, your sales have developed very favorably. So can you comment, I mean, how has -- I mean how has the sales developed so far in Q4? So is there a change in the trend? Or is this something that we should expect, I mean, for the final quarter as well?

Well, we can't comment on the Q4, but obviously, we are doing whatever we can to drive the sales. And I don't think we need to say that we are not happy with the Q3 sales at Dollarstore. So we are doing things as I think we mentioned in the previous earnings call, we are increasing the leaflet size and the distribution. So we have now every week this weekly leaflet that we had when we acquired Dollarstore, they were doing once-a-month leaflet.

So we've now gradually increased the leaflet rate to now once per week, which is essentially the same as for Tokmanni. And that, of course, has an impact on the marketing costs, but we feel that, that will drive -- help drive sales. And like I said, the change in the product mix, it does have some impact on the short term in the customer base. So we are, of course, trying to keep the old customers. But at the same time, we are definitely seeking also new customer segments. Like Mika mentioned, we have this pilot store and we will definitely use that experience to see what kind of new customer groups we get to -- get us customers in this kind of selection, which is much more close resembling the current Tokmanni selection than the current Dollarstore selection.

And then my second question would be, I mean, given that the performance, I mean since your acquisition of Dollarstore has been -- I mean, I would describe it maybe a lackluster. What gives you the confidence actually to continue rolling out new stores? I mean, before you have actually fixed the existing concept.

Yes. Well, as I told before, we are also like we are also like testing this kind of a new concept, and we have very good experiences from that. So with these coming stores, we will also increase the Tokmanni private labels and increase the assortment. So we are basically on the way towards like more joint assortment together with Tokmanni and Dollarstore. And since actually with let's say, with the increased assortment stores in Sweden and in Denmark, the sales are better. So that gives us the confidence that we are on the right track also with the Dollarstore and with the new store openings.

And well, obviously, it's a valid point that like maybe we should slow down. But with this store network issues and store sites, basically, the decisions are done 12 months before. So yes, it's like it's -- that's also something that we have like obligations over there. But in this case, when we know that actually the more -- the bigger assortment stores are bringing more sales, that's, of course, a good sign.

It's not like they will go to waste the new stores. So once you change the assortment, it's not that much extra investment in especially the new stores, the layouts have been designed. So that is not so difficult then to convert them into whatever concept we then decide. So it's not like we invest 10 now and then have to invest another 10 if we do change the concept over time. So it doesn't go to waste in a way the investment.

And then my final question is on the balance sheet. And I think you, Tapio mentioned that the financial situation continues to be good, which I think, I mean, I would love you to elaborate a bit because, I mean, given that the Board decided not to pay the second installment of the dividend, I obviously would think that, I mean, there are reasons behind which links to the strength of the balance sheet. And then I would be happy to hear a bit more on the covenants that we are now approaching the covenants why you decided not to pay the second installment of the dividend.

Well, let's put it this way that we want to be ready for growth going forward. So as Mika mentioned, we'll focus this next year on profitability, but I think we are, let's say, strengthening the balance sheet a bit so that we are ready for growth then of course, the new strategy will be then published in due course, but Tokmanni is a very growth-oriented company. So I don't see that the new strategy would mean that we would decrease our growth ambitions. Quite the opposite. We have a lot of opportunities with the SPAR brand in Finland, and we have a lot of opportunities to take Dollarstore further both in Denmark and Sweden and then potentially also other markets.

Like we said, we are thinking about our potential markets around the Baltic Sea. So there are still quite many countries around where we're not present in at all at the moment. So -- and given the Dollarstore acquisition was done with basically all cash or all debt, however, you put it, that, of course, changed the leverage position of the company quite significantly. So we want to be sure that when the time comes, we are ready for the growth. So this is not done to, in some way that there's some kind of crisis on the balance sheet. It's been quite stable over the last 6 months, but we want to ensure that we have then the firepower to grow in the future as well.

For the new strategy period.

So if I read you right, there is still some leeway, I mean to the covenants.

Yes. There is some leeway. Like I've said before, there is still some leeway. But of course, it's come down the leeway from -- before the Dollarstore acquisition.

Yes. Thank you, Maria. And yes, I guess we will take next Miika. Please go ahead.

This is Miika from DNB Carnegie. And I think that Maria touched really the key points there or earlier questions. So well, I'm first trying to understand that -- you are now carrying more direct import Tokmanni private labels versus this traditional Dollarstore ranges. So do you see any risk that what if the Swedish customers do not embrace this shift? And that's really my first question.

Well, basically, like I've said several times in this quarterly reports that -- or presentations that a Dollarstore is actually it's built on the entry-level products. And it has been in the -- well, in history, it's been mainly entry-level products. And this is, of course, for a very price-oriented customers. It's very good. But with this SEK 10 products or SEK 20 products, it's quite difficult to increase the sales per store. And as you probably know, Miika, that actually Tokmanni is double the sales per store compared with Dollarstore. So yes, we decided to bring some higher-ticket products from Tokmanni private label ranges.

And actually at the amount of the private labels from Tokmanni, it's actually quite big already and getting bigger all the time. And actually, as Tapio was also presenting the private label sales, they're increasing, especially in Dollarstore. So we're actually quite satisfied. Personally, I was mostly, let's say, worried, for example, for this kind of private labels like Kotikulta from Tokmanni because Kotikulta is a very traditional Finnish name. But actually, it's the best selling private label range in Sweden at the moment. So it's a little bit like a shift. And for those customers who have been coming to Dollarstore for mainly -- for the lowest price level products, it's a slightly bad news. But for those customers who haven't been -- who haven't had the confidence on Dollarstore, like old products. These new products are, of course, very, very nice alternative because the quality level is clearly higher. And there are no quality issues as in the previous assortment of Dollarstore.

So yes, there is a transition period where the, let's say, the old customers are getting a little bit worried, like, okay, how are the price levels in Dollarstore at the moment. But at the same time, we are able to invite like new customers to buy also like bigger basket sizes to Dollarstore. Hopefully, this was a little bit like an explanation for you. But yes, we are in the middle of a transition period in Dollarstore.

Yes. I understand completely the rationale there. But just it is slightly concerning as now you might be changing the concept and that might imply also different competition that you were previously experiencing. But to my next question. So you mentioned that in Tokmanni, Finland, sales were driven especially by strong sales in July, implying that August and September slowed down from the July level. So I'm wondering if either August or September saw any negative sales trend actually there? And if you can comment how Q4 has started in Finland.

Yes. Well, actually, first of all, I'll come back to your previous question when you said that the competition is harder. Actually, we believe that with Tokmanni Group volumes, we are pretty strong with, let's say, the private label ranges in the Nordics actually because based on our information, we are definitely, well, quite a big buyer of these products. And obviously, we're testing and comparing them all the time, and we're following the price levels all the time. And I think that we're very, very competitive. And of course, we see that also in Finland with, let's say, for example, Swedish retailers like how we are competing with them.

Regarding the sales part in July, that was, of course, very, very successful except the gross margin part. I'd say that -- let's say, the atmosphere in the Finnish market has been quite negative as you probably know as well as I do. And obviously, it shows in the market as well. But yes, we do actually get some more positive signs, very small ones, but still a little bit -- the direction is kind of changing to a slightly more positive direction. But yes, as you know, the discussions in Finland, let's say, it's a very, very strong pressure on the consumers and customers in Finland to spend some more money. And that, of course, has been shown in the Finnish market for, let's say, for this whole year. But still, I would say that we are seeing some positive signs, small ones, but still positive.

Thank you. And then the next one is Calle. Please go ahead.

It's Calle Loikkanen from Danske Bank. Just a few questions still on Dollarstore. I was wondering, you mentioned a few times that there is -- the Dollarstore has the transition period ongoing, but how long do you think the transition period actually will continue?

Well, it's difficult to say. It's difficult to say at the moment our, let's say, best experiences in Sweden are coming from the pilot store, where we are selling approximately actually more than 30,000 SKUs. So if we start thinking about converting, let's say, all Dollarstore -- all the stores with this let's say, 20,000 to 30,000 SKUs, obviously, it will be taking some time, but it's worth it because of the sales and result experiences that we have from the first one. But it's -- maybe it's a little bit too early to start estimating the time over there or Tapio would you like to be the brave one to say something regarding the timing?

Yes. I don't think there is one point in time where you can say you're done in a way, I mean, retail is continuous improvement. So -- but I think the big actions, I think we will focus on completing during next year in terms of the integration. And then, of course, the concept development is a whole other thing, whether we do it in steps or if we take bigger things at once that we haven't decided yet. And now the new strategy will also have a big impact on that, how quickly we want to do things and how radical the changes then will be in then.

But I would say that at the moment, Dollarstore is still in transition phase. And of course, the customer base also changes slowly. So we know that from Tokmanni that it takes some years to attract completely new customer segments and so on. So you need to show the range, you need to show the quality and the word of mouth and moves along. And of course, all the marketing activities we do, we need to completely trying different kind of marketing things at Dollarstore at the moment and see how they stick. So it's also a little bit of trying different things at the moment.

That makes sense. Then I was wondering about the difference between Sweden and Denmark. Has there been any difference in performance, any difference in how this joint assortment has been kind of received by the customers and so on. So any differences between these 2 countries?

Yes. Obviously, Denmark and Sweden, they are like different markets as well as Finland. But if I've understood correct, our Danish colleagues are saying like, please send the 20,000 Tokmanni SKUs as soon as possible to Denmark. So obviously, the -- from the Danish perspective, the Tokmanni private label ranges have been very successful. It is obviously a slightly different market, but yes, we're very, very happy with the Danish operations.

And obviously, especially the non-groceries, we will start pushing that more in Denmark because it looks as if it's very successful over there in Denmark. But of course, at the moment, it's only 10 stores. But still, yes, we get a good picture. The market is different, but the private label ranges work very well.

And then I was wondering -- I mean, maybe this is a bit of a philosophical question as well, but I'm a bit wondering why you actually acquired Dollarstore because you bought it a couple of years ago. Back then, you stated that the track record of the company is strong. They had been like doubling sales, was it every 4 years or something like that. So a lot of growth, a lot of new store openings and all of that.

And now you've been spent like 2 years changing the concept, which basically then has slowed down growth rates quite a lot. So I was just wondering that I mean why did you acquire Dollarstore, just to change the concept rather than go greenfield with your choice of concept from the very start.

First of all, Calle, it's very, very like you're in a very -- having a very good question over there. Obviously, in the beginning after -- right after the acquisition, we didn't start like unifying the concept. We had a very slow start with combining the assortment. Obviously, that's due to the fact that it takes basically 12 months, especially with non-groceries to do the joint buying and to get the goods, the joint bought goods to the stores. As soon as we started to get, let's say, a year ago, the first Tokmanni private labels in Dollarstores, we saw a very good sales development with these products.

So we started to push that. And at the moment, we can see that the more combined we do the assortment and even the concept, obviously, we have been doing some changes also in Finland based on the learnings from Dollarstore, so in Tokmanni stores, some of -- some learnings from Dollarstore, but anyway, the more we combine the better results we get. So actually, if you think about it, at the moment, if Tapio would know the exact figures, but Tokmanni average sales per store is something like EUR 6.5 million, roughly like that. And Dollarstore stores is [ EUR 3.3 million ] , half of it, basically. So obviously, we do have exactly the same product groups. So we see a huge potential at the moment with Dollarstore and Big Dollar, right? Taking the -- driving the assortment towards the same assortment in the core concept. Obviously, there are like country-specific products like in Finland, for example, we do sell more groceries. And in Sweden, it's a lot of Swedish products as well. And in Denmark, also Danish products.

But the core concept, we, at the moment, we see a huge potential with the stores in Sweden and in Denmark to double the sales per store with the help of, basically, larger assortment, which includes Tokmanni private labels as well as A brands. So that's the story. Unfortunately, the changing the assortment is taking -- well, it has been taking too much time. We should have started earlier, but we're here now.

That's helpful. But doubling sales per store, that's probably going to take many years, I guess?

Yes. But I think it will be much faster than if we started with the greenfield. So of course, we looked at both options, and this is then what was decided to go. And I think it is. If we look at it from 5 years from now, I'm pretty sure that it was the right decision. Of course, things haven't been progressing quite the way we would have liked, but it's very often in these acquisitions that they don't move quite as smoothly as one would hope.

And then finally, on my part, the guidance and the comparable EBIT range. You have now year-to-date, EUR 36.5 million of comparable EBIT, which means that you need EUR 48.5 million in Q4 to reach the lower end of the guidance. And last year in Q4, you did EUR 47.5 million. So in practice, you need to grow EBIT by 2% now in Q4 year-over-year. What makes you kind of comfortable that you can improve the EBIT at least at 2%, given that year-to-date EBIT is around 30%?

Well, as I already mentioned, there are some positive signs in the market as well. So that gives us the confidence to target also with a slightly better EBIT for the fourth quarter.

Can you be a bit more kind of concrete or give you examples on what the signs are that you are seeing?

No. Of course, some of it has to do with the market that some of the things that we have been doing both at Tokmanni and Dollarstore in the past 6 months that we are quite confident that we start to see the results also in the figures in the fourth quarter.

Thank you, Calle. And then the next one is [ Svante ], please go ahead.

Actually, I also had a question regarding the guidance, but you answered it already. Perhaps one question regarding Dollarstore and the decline in like-for-like customers, but increasing average basket size. So how would you balance this going forward? I mean I understand that if you want to get new sort of clients into the stores increasing the basket size. How long will you kind of accept? I know that there was clearance sales in Q3 last year in Dollarstore, but how long will you accept that the customer visits will decline?

No, we won't be accepting that at all. Actually, when you change the assortment or when you do some changes, obviously, you need to communicate that to customers, and that's exactly what we're doing at the moment. I think a year ago, we had basically like 1 leaflet per month or maybe 2 leaflet per month. Now we're actually sending our customers like marketing leaflets once a week, talking about our new assortment, talking about the -- or communicating about the new private labels, which are tested and proven to be good quality. And of course, the price level as well.

Obviously, Dollarstore has one of the best price images in Sweden. So we -- of course, we try to keep that as hard as possible, but it's all about communication, basically marketing. So we have -- we are now investing quite a lot in marketing because we won't be accepting minus figures in customer flows.

And you mentioned that Kotikulta brand is selling well in Sweden. Now have you have some product categories from the Finnish Tokmanni segment that haven't performed so well in Sweden that you can tell us?

Some products obviously take a little bit more time, especially if you think about like more technical products, which are strongly quality driven. For example, electrical hand tools. In Finland, we have a very successful private label range for electrical hand tools. The range is called Brykke. It's very, very well tested. And it's also like proven in external tests to be very good quality and one of the price leaders in Finland. But obviously, if you have like a history of entry-level products as Dollarstore does, it takes quite a lot of communication to get this kind of confidence on products like electrical hand tools.

So that's -- but we're definitely pushing that because we've already seen some sales that are satisfying, but we know that we need to do a lot of work to convince our customers that it's extremely good products. But that, I would say, the Brykke technical products are the ones which are a little bit like a slow moving compared with others.

Thank you, [ Svante ] . And actually, I don't think that there are any more questions. So thank you very much, and you all are warmly welcome to do the Christmas shopping in Tokmanni stores in Finland and Click Shoes, of course, as well in Finland and Dollarstore in Sweden and Big Dollar in Denmark. Thank you.

Good morning, and welcome to Tokmanni Group's Second Quarter Results Presentation. My name is Mika Rautiainen. And today, together with me doing the presentation will be Tokmanni Group's CFO, Mr. Tapio Arimo. I will go through the key points of the second quarter first. Tapio will present the financial figures. I'll come back to explain a little bit of the action points for the second half of 2025. And afterwards, it's time for questions.

So let's get started. As already published in July, the second quarter for Tokmanni Group, especially for Tokmanni segment was very disappointing. We are satisfied with the increase of customer visits and also the revenue increase especially for Dollarstore and also a slight revenue increase for Tokmanni as well. But due to lower gross margin and higher OpEx, the profitability declined clearly, which was, of course, extremely disappointing.

Let me go through a little bit detail the second quarter happenings. But before that, a familiar slide regarding the Tokmanni Group position in the Nordic market, One point I would like to highlight over here is the share for Dollarstore for the total revenues, it's 27%. Last year, second quarter, it was 25%. So we are obviously very happy regarding the growth in Sweden and in Denmark for the whole group. The group's second quarter customer visits, as already mentioned, increased in both segments, and revenue increased especially in Dollarstore, basically Dollarstore segment, which means Dollarstore in Sweden and Big Dollar in Denmark.

But the sales of spring and summer season products were weak especially in Finland due to the pretty cold spring/summer, especially the months May and June. And due to this, comparable gross margin declined due to the Tokmanni's low seasonal product sales. On the other hand, the grocery sales was developing very well which, of course, was very good for the revenues and the customer visits. But of course, the gross margin with groceries is clearly lower compared with seasonal products, nonfood products, which basically at the same time are a little bit with higher-priced high-ticket products.

With Dollarstore, the segment's comparable gross margin improved, which was of course very good after a lousy first quarter for Dollarstore. So this was a clear improvement which was, of course, satisfying us. But again, something causing a negative impact was the high personnel and marketing costs, which impacted EBIT negatively. The personnel costs grew due to salary increases, new store openings and extra hours needed in implementing the new supply chain management systems.

In Tokmanni segment, we actually launched the same system as Dollarstore is using for forecasting and replenishment. And on the other hand, Dollarstore segment was implementing a new warehouse management system that is actually something which Tokmanni segment is using all the time. So our main purpose is to combine the supply chain systems to get later on the efficiencies, but the implementation phase was actually causing quite a lot of costs.

Cash flow was on a very good level driven by inventory actions taken, and the Renewed One Company management model is proceeding well. And let's take a look at Tokmanni segment. Comparable customer visits increased by 2.5%, which I consider pretty good results, but the like-for-like revenue grew only by 0.8%, and that's due to the fact that the like-for-like average basket size decreased by 1.7%. And that's, of course, the seasonal setup for Tokmanni. Tokmanni is probably the market leader in Finland regarding the garden products. Garden products are usually slightly higher-ticket products like garden furniture, barbecues, well, summer toys and pools, these kind of products. And of course, when the sales were on a very, very low level that caused the drop with like-for-like average basket.

And at the same time, a good part was that the grocery sales increased by 5%. And I believe that with 5% growth in grocery sales, we were able to take some market share as well, which is, of course, a good thing. But as already mentioned, grocery sales is always slightly lower gross margin. So seasonal sales were at the low level and comparable gross margin declined a lot, meaning by 1.4 percentage points. And of course, as already explained, it was the seasonal products and good sales for groceries.

And operating expenses increased mainly due to higher personnel and marketing costs, something, yes, I already mentioned this, the new replenishment and forecasting system which was implemented during the second half. But at the same time, we prepared quite well for a good spring/summer season with marketing and store hours, meaning like we were prepared with very good service in our garden departments. Unfortunately, the end result with the sales wasn't on a good level.

Regarding the store networks. The Tokmanni store network continues to expand. We didn't have any new openings during the first half. On the second half, we will open 3 new stores or actually, at the moment, the plan is to open 3 new stores, to relocate one. We're going to close one old store and then open a new one. And then there is one closure of Tokmanni store. It's one of the smallest store in the store network, but this will happen during the second half of 2025.

Some good parts. Tokmanni Club, Tokmanni Klubi has over 800 app customers and the customers who have downloaded the Tokmanni app have a significantly higher average basket size than other customers. And this is, of course, a very good development that we have been able to do with Tokmanni Club. It's proceeding very well. Actually, during the second quarter also something -- we opened the first EUROSPAR supermarket in connection with Tokmanni store in Ylöjärvi in Pirkanmaa the 12th of June, so a couple of months ago. And during -- the opening was very good, very interesting actually. I can say that Tokmanni is learning a lot through the cooperation with SPAR International. And this Ylöjärvi store is, after the two -- first months it's one of the biggest stores in Tokmanni chain in Finland. So it looks good.

And then we'll go through the Dollarstore segment during the second quarter. Also, the comparable customer visits increased well by 1.7%. This is of course comparable customer visits, and the total customer visits was even higher. The total revenue increased by 8.8% and the like-for-like by 5.1% in local currencies. The Dollarstore and Tokmanni segment, it's a slightly different setup. We are, of course, with Dollarstore very happy that actually the non-grocery sales increased by 9.7% in local currencies driven by the wider assortment of Tokmanni Group's private label products. Private label products, of course, this was the first summer -- well, spring/summer season when we launched basically the Parco garden products, BBQ King, barbecues in Sweden as well as several other private label product ranges like Kotikulta and [ Energi+ ]. And the total sales is on a very good level.

Like-for-like average basket size grew by 3.3%, which is also very good. There are basically slightly higher-ticket products available in Dollarstore at the moment via the Tokmanni Group's private label product ranges. Comparable gross profit improved by EUR 5 million compared to the corresponding period of the previous year. And this is, of course, a very good achievement because especially during the first quarter, Dollarstore gross margin was on a very low level. So very good development in Dollarstore regarding the gross profit.

Operating expenses, on the other hand, was increasing basically also too much. And that's due to the salary increases, the new store openings and an increase in working hours in both in the warehouse and in the stores. And this was due to the new warehouse management system, where we actually had to make sure that things will go smoothly for the customers with the launch of the new system, which, of course, didn't happen without some hiccups, but they should be over at the moment. Inventory level in Dollarstore was at a lower level compared with end of March.

So these were the key points for both segments. And yes, well, regarding the Dollarstore segment, it continues to expand. So during the first half of 25, 1 new Dollarstore and 2 new relocations in Sweden and 2 new Big Dollar stores in Denmark during the first half. And the second half of '25 will be very, very active both in -- especially in Sweden and in Denmark with 5 new and 2 relocations in Sweden and 2 new stores in Denmark.

That's about it with the segments, the key points. And then Tapio will explain a little bit more detail the group's key financial figures. Tapio, please go ahead.

All right. Thank you, Mika. Good morning, everyone, on my behalf as well. So let's dive into the numbers a bit more.

So if we look at the total figures, so like Mika said, our sales or revenue actually wasn't that bad. We grew by 4.8% during the second quarter and our total revenue was EUR 443 million roughly. Also, our like-for-like revenue increased by a total of 1.9% compared to last year when it actually declined. And our comparable gross profit totaled EUR 157.7 million, a slight increase over last year. But like Mika said, the gross margin percent declined clearly, being 35.6% for the group, a drop of 1.1 percentage points over last year.

And due to the lower gross margin percent and higher operating expenses, our comparable EBIT amounted to EUR 21.4 million, which is a clear drop from a year ago of EUR 27.9 million. And the relative EBIT margin was 4.8 percentage points. What I'm most happy in this slide is the cash flow from our operating activities, which amounted to EUR 73.1 million, and that was driven by our focused efforts to control the inventories during the second quarter, and we continue those actions during the third quarter as well. And our earnings per share diluted was EUR 0.17 per euro.

Now a little bit deeper into the revenue mix. So as you can see, our second quarter there was, especially in euro terms, a big increase in Dollarstore, which Mika explained and which we're very happy with, especially the fact that it was driven by the, let's say, non-grocery revenues and the increase in the group private label sales. And our like-for-like revenue in total increased 1.9%, as mentioned, and that was also helped by Easter in April when you compared to last year when it was in March. And the Tokmanni segment's revenue also increased by 1.9%. So positive results in terms of sales growth for both segments. And as I said, the Dollarstore revenue increased by 8.8% in local currencies and about 11% in sort of euro terms compared to last year.

Now we look at the product mix a little bit more in detail. So as you can see, our total mix of groceries continued to grow in the Tokmanni segment and was 54.5% of total revenue. And that, obviously, like Mika said, was driven not only by the strong sales of groceries helped by Easter, but also the very low sales of spring seasonal products during the quarter. Dollarstore, the mix development, very different. There we had strong sales growth overall, but especially the non-grocery sales grew more than the grocery sales, and the proportion of non-groceries increased to 43.9% during the second quarter. And we're very happy with that because it means that also the Tokmanni private labels that we have introduced more and more into Dollarstore offering continue to drive the sales growth and also obviously helping the margin development as well.

So then we look at the gross profit. There, we saw a slight growth during the second quarter, but as I said, the relative margin was clearly lower, and that was especially driven by Finland and the change in mix and the lower seasonal products mentioned earlier. And comparable gross profit in the Tokmanni segment actually declined from a year ago, and the gross margin percent clearly declined by 1.4 percentage points. Dollarstore, on the other hand, grew their gross profit significantly from a year ago about EUR 5 million, and the comparable gross margin was down slightly, so 0.4 percentage points. And if you compare this to the first quarter, the growth was even more remarkable. If you remember, the first quarter Dollarstore was really, really poor. And now we are basically, you could say, almost to normal levels during Q2 already. So that's very good achievement.

And then the operating expenses, so this is one area where we clearly are going to put more focus on going forward. So the operating expenses as a percent of sales continue to grow during the second quarter, obviously somewhat impacted also by the sales being low on seasonal products at Tokmanni money. But more than that, it was the absolute increase in expenses in both segments. So personnel expenses increased by EUR 6 million from a year ago and total operating expenses also increased significantly. For Tokmanni, it was 22.4% of net sales or EUR 72.2 million, which is a growth of about EUR 4 million, slightly less. And the Dollarstore also grew significantly their operating expenses also, close to EUR 5 million. And as a result of that, overall percentage of operating expenses in the group was 23.6% during the quarter.

And the operating expenses and, let's say, lower gross margin percent combined, that resulted in the EBIT that we have for the second quarter, which was EUR 21.4 million or 4.8% of net sales -- or revenue. And we're definitely not happy with the performance during the second quarter so we are taking actions to improve the performance going forward. And for Tokmanni segment, the comparable EBIT was EUR 20.8 million, a decline of EUR 5.7 million. And for the Dollarstore segment, the comparable EBIT was EUR 1.6 million, a slight decline from the previous year's EUR 3.1 million.

Then looking at the inventories. So on a normal year, the inventories typically grow slightly during the second quarter. Now we managed to reduce the inventories from the end of the first quarter. So that's a good result. And we continue to drive inventory actions also during the third quarter. The third quarter, end of September, is basically the peak for our inventories. So we do expect the inventory levels maybe to grow slightly or then a slight decline, but definitely not much growth from the second quarter levels. Obviously, it depends a little bit on the timing of the deliveries of the Christmas products and also, of course, a little bit on the sales during the third quarter. And the total value of the inventory at the end of the second quarter was EUR 465 million. And out of that, EUR 328 million was Tokmanni and EUR 137 million was Dollarstore.

And looking at our financing. Our total interest-bearing debt at the end of the quarter, EUR 924 million, which obviously is a significant increase from last year. But if you look at the quarter before, then the level was fairly flat. And we do have most of our debt in the lease liabilities, so if you want to call it bank debt or financial institution debt, we had about EUR 347 million or EUR 346 million of financial debt at the end of the second quarter.

And then looking a little bit our net debt to comparable EBITDA ratio. So that was flat during the second quarter from the first quarter at 4.2 including IFRS and 3.6 not including IFRS liabilities. And we have the target of 2.25 for the year-end, and we still are able to achieve it. Of course, we need to manage the inventory carefully but it's within reach. I have no doubt about that. So our financial position is very stable.

And then the last, cash flow from operating activities. And this was especially positive during the second quarter, so it was almost as high as our record quarter in 2023. So very happy with that. And that's obviously driven by our inventory reduction actions taken during the second quarter. And as I said, we continue to work on that. And then for the whole half, operating cash flow was pretty much at the same level as year before, so roughly at par.

And then on the capital expenditure side. This quarter, we had clearly lower capital expenditure as we were not spending that much money on new store locations. So most of the capital spending during the second quarter was IT and maintenance-related CapEx.

And then I invite Mika back on stage to talk about our guidance.

Thank you, Tapio, and please don't go too far because we're going to start asking -- answering questions pretty soon.

About the guidance first. So we expect Tokmanni Group's revenue to be, during 2025, EUR 1.7 billion to EUR 1.79 billion, and we expect Tokmanni Group's EBIT to be between EUR 85 million and EUR 105 million in 2025. Obviously, based on the first half results of 2025 results in Tokmanni Group, the full focus at the moment for the whole group is on profitability. The actions are ongoing obviously already quite some time. So we'll continue with this, with the actions for profitability, improving profitability. And obviously, the first point is to continue to drive with like-for-like sales. This, of course, will always be over there. And obviously, we shouldn't be having any seasonal effects anymore during the second half of 2025. So we'll be, of course, focusing also on improving gross margin for the whole group actually.

But let's say, the biggest action points will be on the costs. We'll definitely have extremely tight cost control during the second half. And we do believe that after implementing, for example, the supply chain new systems, we will be able to improve the efficiencies both in our warehouses and in stores. We've already made the decisions to improve our marketing effectiveness, and we'll continue with that. Also, the managing of inventory levels at the moment looks good. Of course, it takes a little bit of time, but it still looks quite promising. So for the second half, basically it's 4 months left for that, it will be full focus on profitability.

Maybe a couple of words regarding the what we call One Company model. At the same time, with a full focus on profitability, we are also tightening the integration of Tokmanni and Dollarstore. This is actually also something to do with the profitability. First of all, we have launched the new management model. And we're combining, for example, the sourcing organizations into one. It will be starting from the 1st of September as one organization. Basically, we'll combine the best parts of both retail companies, trying to get the best practices from both segments in all operating countries. And as already mentioned several times about the supply chain, so we are at the moment creating a common operating model also for the supply chain, which hopefully will also improve the store efficiencies in both segments.

The SPAR International cooperation gives us basically a view to, let's say, world-class practices. So we will definitely improve our operation based on the expertise coming from SPAR International. And yes, the annual synergy target of over EUR 20 million at the end of 2025 is there as well.

This One Company, basically, we now have some experiences with the two separate segments and, of course, the segments will be separate also in the future. But basically, like operating as two separate companies, we can clearly see that tightening the integration will bring us more savings in the future. So that's why this One Company model is very, very important for us.

Tapio, I guess, that's it for the result presentation. And now it's time for questions and answers.

So please, I think that you will find a link for the questions under the broadcast. And we can see that there are already the first hands up in the chat. So -- and the first one to make questions is Maria. Maria, please go ahead.

A few questions. I wanted to start with the gross margin outlook for the second half of the year given that the decline this quarter came mainly from the Tokmanni segment. And there, I mean, obviously, are some explanation explanations coming from a very cold early summer weather. So what would you say, I mean, the outlook for the second half for the gross margin in the Tokmanni segment now when the weather has, say, more normalized?

Yes. Well, actually, let's say, of course the change especially in Finland, and those who haven't been spending the summer in Finland, have a very cold weather until the almost like half of July, but afterwards an extremely nice summer weather. And of course, we were able to, let's say, clear the inventory for the summer products pretty well during the start of the second half, which is of course very good for the inventories and the -- well, sales, inventories.

But unfortunately, there is already like in July, it's already like the sales period for summer products for basically with all the retailers, whether it's like clothing or garden or barbecue or whatever summer products. So obviously, it had an effect on the gross margin with Tokmanni segment. But in the -- well, we take a little bit bigger picture. It's obviously a very positive thing from the total picture's point of view.

When it comes to the rest of the year, the gross margin, we don't expect any specific elements in Tokmanni segments which would be declining the gross margin. Tapio?

Yes. Obviously, it's driven by the mix to some extent. So if the grocery continues to outperform the non-grocery, then you can expect a small decline in the revenue margin as well. But of course, let's say, the economic picture for Finland is quite mixed. There are some positive signals and some negative signals, especially regarding the consumer spending on, let's say, more expensive items. So obviously, if the consumers start to spend more on non-grocery products, that would be very positive for our relative margin. So it will be interesting to see how the second half sales develop.

Yes.

And then I had a second question. Maybe, Tapio, you can help me out a bit, on the personnel cost, and let's now talk about the Tokmanni segment. So I think you had like some 150 people less, I mean, if you calculate it as like the whole year people -- I mean as whole work year, I don't know what the term is, whole work year employees. But still, I mean, your employee cost, I mean, increased by 6%, so by EUR 2.5 million.

So how do you attribute -- I mean, there is a lower number of full-time employees and, at the same time, you have a 6% growth in your salary costs. And what is the outlook, I mean, for the second half? And so have you -- if you had these extra hours, will they be clear for the second half of the year?

Yes. We're trying to, let's say, work very hard on that, let's say, put a little bit tighter control on the hours in the stores and warehouses. Of course, like Mika said, we have new systems implemented and like all new, let's say, very complex systems. It takes a little bit of time to optimize the performance there. So we had more hours than we were planning. But at the same time, you have to also keep the customer satisfaction level at some level. So it's always a balance there.

And if you think about the growth, I would say we had about 2.9% on average is the salary increase compared to a year ago. And then the rest is really due to increase in the work. So I mean it's, let's say, very simple math from that perspective. So the FTEs, of course, depends a little bit on the average salary, how it develops. But I think the financial math is, in a sense, fairly simple. That 3.9% came from statutory increases and then the rest is mainly from the extra hours worked

They are not reflected in the number which is full-time employees?

Yes, that's a very good question. They -- I will have to look into that a little bit more in detail. Obviously, the FTE calculation method is quite complex. So -- but that's a good question. I will look into that and get back to you.

Thank you, Maria. And the next one is Calle Loikkanen. Please, Calle, go ahead.

This is Calle Loikkanen from Danske Bank. A couple of questions. You mentioned that the July sales or sales in the first part of the second half of the year and that you got the summer stuff kind of going. But I just want to check that have you seen any kind of significant catch-up in the sales in July and then early August in terms of the spring and summer products.

Well, I don't know what you mean by catch-up. Like Mika said, I think we're pretty happy with the leftover inventory from the spring and summer season. So we managed to sell most of it. And of course, you want to end up with a little bit of inventory. Otherwise, you've been missing out on sales, which no one wants to do. But I think in that sense, it's been caught up pretty nicely. But of course, from a revenue and profitability perspective, like Mika said there, that July is already sales month for the seasonal summer products in many cases. So the net sales per item is less as well as the profitability per item is less.

Okay. Got it. So you're not kind of worried about any inventory issues like having to store stuff over the winter or anything like that?

No, not in any significant amounts, no.

Okay. Perfect. And then still continuing on the operating expenses and kind of your expectations for the second half. You mentioned salary increases, 2.9% on average. So that will, of course, continue to be there.

Yes.

Anything else in terms of other expenses like marketing? Anything else that we should kind of be aware of?

Well, I think like Mika said, we are going to be pretty tight in marketing expense and also I think we will be tighter on the store hours and warehouse hours as well during the rest of the year. So of course, it's not dramatic change. It's not like 10% change but maybe a couple of percentage points tops.

But yes, several action points already taken. Of course, if we compare it, for example, with consumer confidence, that's something that we can't basically affect them or can't manage at all. But of course, operating expenses is something that it's basically in our own hands. So we'll make the necessary action points regarding the operating expenses. They won't happen just like this with all expenses, but many of the decisions have already been taken.

Okay. Got it. And then I was just wondering about the price increases. Is it kind of impossible to do those kind of things in this environment given that the salary inflation is there and so on? So is it impossible for you to raise prices in this environment?

At the moment, we don't -- we are not working on increasing prices. Actually, let's say, the buying prices are on the same level or even slightly lower level. And that's, of course, something that the combined buying and sourcing organization is doing or basically concentrating, to combining the volumes and getting better buying prices. But there is -- well, as a low-price operator, we're not at the moment thinking about increasing the prices.

Okay. And then lastly, regarding SPAR. Obviously, you sound very pleased about how things have been going and what you've been learning. But are there any kind of financial figures that you would like to kind of share with us regarding SPAR and the performance early on?

No, not at the moment. First of all, the first EUROSPAR store in Ylöjärvi, it's been open exactly 2 months. Yes, the beginning is positive. We're learning a lot, and we're basically preparing the 2 new openings. And basically, what we also like have been discussing with SPAR International, it's good to have like several stores to get all the learnings regarding the market and then make also decisions and maybe be more, let's say, public regarding the first SPAR steps. But with 1 store and 2 months, it's too early to get any -- to give -- to start sharing any further information except the fact that Ylöjärvi is one of the biggest stores in Tokmanni Group at the moment.

Thank you, Calle. And the next one is Arttu Heikura. Arttu, please go ahead.

Yes. Arttu Heikura, Inderes. A couple of questions from my side. Given that the summer sales were like poor in the market levels, so my question is, did you see any increased price competition during the quarter? And if so, has it continued to H2?

Well, yes, of course, as you might remember yourself, it was a very, very cold May and June. And usually, the sales start right before the mid-summer in Finland. Well, we noticed that quite a lot of sales started already in the beginning of June, which was, of course, telling about, well, the market situation generally. And -- but at the moment, we don't see any further...

No, I mean the competition I would say it's in the same level as before. So it has -- I wouldn't say it has increased, but it hasn't much decreased either. So I would say both countries are in the same level as they've been for the past 6 months at least. So...

Yes, that's true.

Okay. Then a more technical question on income taxes, which were relatively low during the Q2. So were there any specific factors behind it?

It's basically just because of the loss-making, there were some, let's say, reserves between Q1 and Q2. So if you look at the total first half, it should be quite okay level. Of course, there's always some risk. Can you recoup the losses? But I think the first half total level should be quite well in line.

Thank you, Arttu. And the next one is Svante Krokfors. Svante, please go ahead.

The first one regarding introducing Tokmanni's private label products into the Dollarstore network. Can you elaborate a bit on how that has developed recently? And what kind of share is that of -- what kind of share of Dollarstore sales has that increased? And what is your target there?

Yes. Well, first of all, as mentioned, the summer season in Dollarstore and in Big Dollar when it comes to, for example, the Tokmanni garden, barbecue summer toys, all these products, that was a very good start. We have to take into consideration that Dollar Store, Big Dollar, they were not that strong on these categories at all. So while starting with that, that was a good start. And I could imagine that in future, it will be very, very good, actually. I think there is at the moment approximately 3,000 SKUs private labels -- from different private label ranges in Dollarstore. One of the biggest ones is Kotikulta and as mentioned, the [ Energi+ ] also, like a very good one.

All of the ranges are performing very well depending slightly a little bit on the timing and so, and the sales increase has been very, very promising. So we will also continue. We have to take into consideration the inventory levels also in Dollarstore. So we're doing everything bit by bit. Yes, it's -- yes, we have to actually take to consideration the Dollarstore -- the Dollarstore used to use middlemen quite a lot, wholesalers in between, which is, of course, quite easy for the inventory management. But now, of course, it's more like direct imports. That's why it's also like a learning thing for Dollarstore. The new warehouse management system is extremely important for them and it looks good. But we have to stabilize with the 3,000 private label SKUs. But we will be coming with more SKUs in the future, especially for the Christmas period.

I could imagine that actually, it's a little bit vice versa in -- well, Dollarstore was, for example -- or is very strong in Sweden and in Denmark with Halloween season, and basically Tokmanni has copied that almost like 100%. So we have like a joint buying over there for both segments. And the season will start in the beginning of next month or something like that. So yes, these look good, but we haven't launched any targets for the private label shares. At the moment, it looks pretty promising.

And if you remember that when we bought Dollarstore, they had very little private sales, if at all. So we've been steadily increasing the amount since we got the first products into the offering. It was like last December -- or 2 years ago, December, I think, were the first private label products from Tokmanni. So steady increase in the sales, if you think about that. So we're very happy with that. That seems to be that every month, it's slightly better in terms of the share of private label, Dollarstore.

Well, maybe a little bit more -- if you don't mind, Svante, maybe a little bit more about the Dollarstore setup. Dollarstore, basically during the last 20 years, Dollarstore has had the idea that they're always offering the lowest price in the Swedish market. And obviously, it means that the products that they have been selling, it's always like, as you call it, entry-level products. Now we're widening the assortment. We're bringing like Tokmanni's, let's say, best value for money private labels which is, of course, first of all, widening the assortment, deepening the assortment.

And of course, it's a little bit more valuable product, which we can see with average basket and also the share of nongroceries. And this is exactly the development that we are looking for in Sweden and in Denmark. So in a way, the Tokmanni Group private label product ranges are deepening the assortment of Dollarstore and, at the same time, offering more value for customers.

That is helpful. Regarding Dollarstore, is it so that you haven't had and will not have any need for clearance sales? You are done with that?

Let's say the magnitude that we have in the first quarter, I think we're done with that. Of course, you always have seasonal clearing sales at the end of the season or normally you do that. Of course, sometimes you run out of product and you don't need to. But let's say, normal years, you do have the end of season sales. So we do continue to have those also at Dollarstore.

And then regarding the slow sales in Q2 of summer products, have you had to to make any significant discounts when clearing up the inventory during beginning of Q3?

Normal discounts.

Yes. Normal seasonal clearance sales for the summer products, I wouldn't say that we had higher discounts than we would normally have. But of course, we had a little bit more stuff at the beginning

Our products or inventory.

Yes, seasonal products because the May and June sales were very poor of those, but then we did manage to clear most of it. So we're very pleased with the inventory situation for the seasonal products at this moment.

And then the last question, on your net debt to EBITDA. You said that you are confident you will reach 2.25 at the year-end. What are the assumptions behind that? Is it -- does it...

Of course, we have a lot of actions in place, like Mika said. Of course, we expect [ us ] to have some impact on the figures for the second half of the year. So those are assumptions behind it. Of course, if something goes very wrong during second usually means that you have a little bit more debt.

Thank you, Svante. And the next one is Miika Ihamaki. Miika, please go ahead.

Most of my questions have been asked, but just wondering, given that you have a lot of actions now in place to improve your profitability in the second half of the year, is there any reason to look at your current store network, either in Tokmanni Finland or Dollarstore in Sweden? Are you happy with how all the stores in the network are performing at the moment? Or should we expect that there also could be certain store closures in the future? Maybe add a bit more unusually higher pace than what you would normally see?

No, we don't have any store closures in -- well, there is one, of course, during the second half. That's basically the rental agreement ends and we're not able to continue over there. But this is one of the smallest revenue-wise. So it's not a big thing actually. We are looking for some relocations over there. But first of all, with Tokmanni segments, I would say all of the stores are profitable. So we don't have like a pressure in closing the stores. With Dollarstore, we feel that there are a lot more possibilities and potential with, for example, increasing the sales in all stores. So we're not seeing any pressure in closing any stores in Sweden or in Denmark either at the moment.

And then a second one, still on Dollarstore. So given that you're now revamping still how the total assortment at Dollarstore will look like given the private labels, et cetera, and a number of SKUs increasing, so are you saying that the inventory levels in Sweden are likely to come down from today's levels? Or are you expecting inventories in value terms still to increase? And let's now just assume that excluding the impact of new stores.

Well, basically, the setup in Dollarstore, as already mentioned, is now different compared to, let's say, 2 years ago. Two years ago, Dollarstore was using quite a lot of middlemen wholesalers, Swedish wholesalers. Our target is to cut most of these away and move to direct sourcing and also joint buying together with Tokmanni segment. So obviously, this will increase the inventory value, and that's of course something which has been happening in Dollarstore.

Basically, it's like a trade-off with cutting the wholesalers off. Yes, well, since we took quite a lot of private labels and direct sourcing for the second quarter to our own warehouse in Örebro for Dollarstore, at the moment, we're basically like taking a little like time out with increasing the private label ranges because there are some seasons like, for example, the Halloween and, of course, the Christmas season.

There are also like -- yes, they are private label products. But there are also like non-label products. They will be like direct sourcing. So we won't be adding any new ranges for Dollarstore at the moment. We want to see how things will go during the second half with very, very important seasons like Halloween and Christmas. But that's, I think, regarding the inventory level. Tapio, would you like to add something?

Yes, I think that's a good summary. So obviously, at the moment, the warehouse in Dollarstore is at pretty much the capacity that it can reasonably hold. So we don't expect to grow that much further. Of course, we need to get more efficient, so the warehouse management system that we put there during the second quarter which will help us in the future to be more efficient in the inventory management. And of course, going forward, a little bit longer, we will look at the whole group inventory and supply chain management if there is things that we can do to optimize that on a group level.

So I do see potential for more efficient operation in the -- especially in the logistics side. Of course, the store inventories, you have a certain amount of stuff or product in the store. And as the number of stores increases, of course, we do see increase in the store inventory levels. But the logistics side, the warehouses, I think we will need to do a little bit better job going forward with that.

Thank you, Miika. And actually, I don't see any more questions. So as already mentioned, improving the profitability for the whole Tokmanni Group will be the theme for the second half of 2025. It will be the main theme for 2026 as well. And we will be explaining a little bit more detail about this when launching the third quarter results on the 14th of November.

So see you then, and thank you at this time.

Thank you.