Good morning, everyone. I am Susanne Ehnbåge, CEO of Lindex Group, and I would like to warmly welcome you all to our webcast, where we will walk you through the key highlights of April to June 2026 financial performance.

I have, as always, with me our CFO Henrik Henriksson.

Good morning.

Now, let's continue to the agenda on the next page. We will start with the highlights of Q2, and then we will also have the business updates of our two divisions, Lindex and Stockmann, and then we will look more into the financials.

We will finish with an update on our way forward, and after our presentation, we will have time for your questions. We can now move on to the next page, please.

Let's begin with our business update for Lindex Group, as well as the Lindex and Stockmann divisions. Let's first have a look at our consumer confidence, as you can see on this page.

Our home markets continue to report relatively low consumer sentiment levels during the second quarter, as shown on this slide. However, we saw some improvements towards the end of the quarter, especially in Finland.

Our focus remained on staying close to our customers with a relevant and also attractive offering, and securing excellent service and good supply capability. Now, let's have a look at group-level key messages of the quarter.

Lindex Group delivered strong adjusted operating result and revenue growth during the second quarter. Lindex division's revenue increased by 4.2%, and adjusted operating result increased by 32%.

Revenue in the Stockmann division declined marginally, but comparable revenue showed a slight increase, and the profitability continued to improve. Work to reach full operations at the Lindex division's new omnichannel distribution center progressed steadily during the quarter, and the first efficiency improvements have been achieved, marking an important milestones in the development of this significantly important facility.

As earlier communicated, the evaluation of the strategic alternatives for the Stockmann department store business continues, and the outcome of the strategic assessment will be communicated when appropriate. We can now move on to the next page, please.

To briefly sum up the group's Q2 development, Lindex Group's revenue increased by 2.2% to €259.5 million and by 1.2% in local currencies. The Lindex division grew by 4.2% or 2.8% if you look at it in local currencies, while the Stockmann division's revenue declined slightly, but increased in comparable terms.

The group's adjusted operating result increased from €22.2 million to €30.5 million. The improvement was mainly driven by a stronger gross profit in the Lindex division and a continued profitability improvement in Stockmann, supported by efficiency measures.

Let's take the next slide, please. Looking into the Lindex division, we delivered sales growth and improved profitability, supported by a relevant commercial offering.

Womenswear was the best-performing category, and we continued to strengthen the offering through selected launches, including Female Engineering's collaboration with [Mammut?] and our new loungewear collection.

Work to gradually reach full operations at our new omnichannel distribution center progressed well. The property development has been completed, with full ownership of the facility transferred to Lindex.

Our focus has shifted from implementation to optimization, and towards the end of the quarter, we began to see the first positive efficiency benefits, which are expected to increase gradually as operations continue to optimize. We also continued our market expansion, signing an agreement to open our third store in Denmark, in Aarhus, and also strengthening our partnership with Magasin du Nord, and we have opened two new stores in Reykjavik in Iceland.

To support continued growth, we made further progress in our digital and also circular transformation, improving both personalization, navigation, and order tracking, strengthening digital tools in our stores, and building AI capabilities in areas such as translation and also content creation. On circularity, we have partnered with BASF and its loopamid solution to accelerate textile-to-textile recycling, with an initial focus on lingerie, where polyamide is an important material and Lindex has a really strong position.

We also strengthened our focus on women's empowerment and menstrual health through a WaterAid fundraising and awareness initiative, with Lindex matching donations and supporting the equivalent of more than 26,000 menstrual health education sessions. Let's in turn to the Stockmann division.

The second quarter marked another step in Stockmann's transformation journey, with solid profitability improvement driven by a stronger customer offering, improved operational and cost efficiency, and disciplined commercial execution. A key highlight was the strong performance of the fashion category, where the curated offering continued to resonate with the customers, supported by new brands, concepts, and premium experience.

Omnichannel momentum has also continued, supported by the new Stockmann app, digital in-store tools, and also ongoing renovations of the Helsinki flagship, all strengthening the customer experience. Crazy Days also demonstrated strong omnichannel execution and performed better than the previous year, despite a leaner operating base.

We were also pleased to see that the loyal customer base continued expanding, with more active and new MyStockmann members, and also a higher loyalty share of revenue and growth in the young loyal customer base during the first half. Overall, Stockmann's second quarter shows that strategy execution is translating into a stronger customer engagement and improved profitability.

We will continue to strengthen differentiation, omnichannel competitiveness, and loyal customer value, while maintaining a disciplined focus on profitability. Let's move on to our guidance on the next page.

We maintain our full-year guidance. We expect revenue in local currencies to grow compared to 2025, and that the group's adjusted operating result is estimated to be €70 to €95 million.

As said earlier, foreign exchange rate fluctuations may have a significant effect on the adjusted operating result. With that, I would like to hand over to our CFO Henrik.

Thank you, Susanne. Now, let's look more closely into the second quarter.

We can jump to the next page, please. On this slide, we are presenting the Lindex division's revenue and adjusted operating result for the second quarter 2026.

The Lindex division revenue increased by 4.2% and ended up at €179.6 million. In local currencies, the revenue increased approximately 2.8%.

This positive revenue development was driven by a well-received customer offering combined with successful commercial execution. The revenue from our physical stores increased by 5.9% in local currencies.

Looking into our digital revenue, it accounted for 17.7% of Lindex total revenue, and the lower digital revenue continued to be temporarily affected by the stabilization phase of the new omnichannel distribution center operations. However, as Susanne earlier told, work to gradually bring the new center to full operation progressed according to plan, and the first efficiency benefits started to materialize towards the end of the quarter.

Looking into our gross margin, it increased to 68.4%, and this is due to favorable currency impact and proactive management of sales margins. Our comparable operating cost increased slightly to €70.6 million compared to the comparable period of €69.7 million, and this is due somewhat to higher personnel cost and sales volume-related operating costs.

Our adjusted operating result came in at €30.2 million, and this is due to improved gross profit and disciplined cost management. Then let's jump to the next page, where we will then look into Stockmann's division's revenue and adjusted operating result for the second quarter 2026.

Here, we can state that the division's revenue came in at €80.0 million and it declined slightly to comparison period, but looking into comparable revenue, excluding the impact of the Itis department store closure and the transfer of the furniture assortment to our new partner Vepsäläinen in September, grew versus the comparison period. The division's main category, fashion, performed well, and its growth had a positive impact both on revenue and margin development.

Looking into the sales in the food category were in line with the comparison period, while sales in beauty declined slightly, and the home category declined significantly due to the changes of business model. Stockmann's gross margin increased to 45.5%, and this is due to lower share of clearance sales, good campaign tactics, and successful margin management.

Adjusted operating result improved mainly due to improved gross profit and successful efficiency measures. Then next slide, please.

With this slide, we would like to visualize how the division-level changes and their impact on the group's revenue and adjusted operating result during the second quarter. The left-hand side shows the revenue, which ended up as an increase compared to the comparison period on group level.

Lindex division contributed by €7.3 million due to well-received customer offering combined with successful commercial execution, and Stockmann's revenue decreased by €1.7 million, but as previously mentioned, grew in comparable terms. Looking into the right-hand side, here it's the adjusted operating result, and it increased to €30.5 million on group level.

Here the Lindex division adjusted operating result contributed by €7.4 million due to improved gross profit and disciplined cost management, and the Stockmann division supported by €1.3 million, and that gross profit was driven by gross profit improvement together with successful efficiency measures that contributed to the positive outcome. If we then turn page and look at the group key figures for the quarter.

As earlier mentioned, our revenue increased from the comparison period by 2.2% and in 1.2% in local currencies. Adjusted operating result increased to €30.5 million, operating result ended up at €30.0 million, and the net result increased to €15.8 million.

The gross margin for the group improved to 61.3%, and that's compared to 58% in the comparison period. Earnings per share increased to €0.09.

We can then turn page, and this is starting by saying a general comment on the Lindex Group's first half-year development. We can see that there was a continued progress in both revenue and profitability, and it was supported by gross profit and disciplined cost management in both divisions.

Looking into the group's increase, it was 2.8% and ended up at €452.4 million, and this was driven by the Lindex division, who contributed by €14.7 million due to strong customer offering and successful commercial execution. We have the Stockmann division with a decrease of €2.2 million, but grew in comparable terms.

The group's adjusted operating result increased to €18.5 million from €13.5 million, and the improvement was driven by Lindex division's gross profit improvement and disciplined cost management, and Stockmann's improved gross profit and lower operating cost. Let us then jump to the next page, please.

With this slide, we would like to visualize the profitability performance over time. The profitability for both divisions has improved significantly over the past years.

Lindex continued to operate at a substantially higher earnings level than before the pandemic, demonstrating the strength of its customer offering, our commercial execution, and profitability-focused growth strategy. Looking into the Stockmann division, has delivered a sustained turnaround in profitability following its first full-year positive adjusted operating result in 2025 after many, many years.

The division has continued to strengthen its earning performance in 2026, and with rolling 12-month adjusted operating result reaching its highest level in recent years. We can then turn page, please.

Here let's spend a few minutes reviewing our operating free cash flow development and capital expenditures. On the left-hand side here, we showing the Lindex Group's operating free cash flow, and this is excluding the investment in the Lindex omnichannel distribution center.

We came in at -€11.4 million compared to -€17.3 million previous year. This is driven mainly by strong operational performance.

Looking into the right-hand side, we see the operating free cash flow in a rolling 12-month perspective, and for the Lindex division, it came in at €90.4 million, and for Stockmann division, it was -€25.3 million. Looking more specifically into the Stockmann division, the inventories ended up at €58.0 million versus €54.1 million previous year.

This increase is due to a business model change for one of our key brands, and in addition, the planned later start of the seasonal clearance sale affected the inventories and thereby the result in operating free cash flow, and we don't foresee this trend to continue. Looking into the inventories on group level, it decreased to €174.9 million compared to previous year €183 million, and looking at Lindex division, the inventories at the end of the quarter decreased to €116.9 million compared to €129 million.

This is supported by strong sales performance, active inventory management. Looking at Stockmann's division at the end of the quarter, we were above the comparison period, as I already mentioned.

Looking into the second quarter, our capital expenditure ended up at €6.9 million versus €9.1 million previous year, which consisted of investment related to digitalization projects, omnichannel development, and the omnichannel distribution center. By the end of June, approximately €104 million of the total omnichannel distribution center investment of €110 million has been paid.

We can then go to the next page, please. Here we would like to take a closer look at our cash position, and the graph presents the changes in cash position per item from the beginning of the year to the end of June in relation to the comparison period.

At the end of June 2026, cash and cash equivalent ended up at €103.9 million compared to €85 million in the comparison period. During the second quarter, a total cash flow was generated corresponding to €32.2 million versus €32.5 million in the comparison period.

Cash flow was impacted by the final transition of the OCDC building to Lindex. We can then turn to the next page, please.

Here we would like to illustrate how the Lindex Group's financial position has improved during the latest years, and which has and will enable our future growth. In the graph here, you can see that the net debt has remained on a good level.

Excluding the IFRS 16 items, the interest-bearing net debt was positive at €30.7 million. Our equity ratio improved further and reached 65.6% excluding IFRS items and 33.3% including IFRS items.

The lease liabilities under the IFRS 16 reporting standard totaled at €582.3 million. The lease liabilities related to Lindex division came in at €290.3 million compared to €280.3 million previous year, and the Stockmann division came in at €292.5 million compared to €318 million previous year.

Our interest-bearing liabilities stood at €73.1 million. After the reporting period, in July 2026, the Lindex Group repaid its maturing senior secured bond of €73.1 million.

Then we can look into the next page, and that is just to briefly summarize our Q2 result by saying that we saw good progress in the group's performance during the second quarter. The positive development in the Lindex division was mainly driven by improved gross profit and disciplined cost management.

Stockmann's focused efforts on the division strategic priorities continued to strengthen competitiveness and the gross profit improvement, together with operational and cost efficiency measures, improved the profitability. With that, I would like to hand over to Susanne, who will pave the way forward.

Thank you.

Yes. Thanks Henrik.

Let's now move, as Henrik said, to our way forward, starting with the Lindex division. For the Lindex division, we have established a solid foundation to accelerate global growth while continuing our transformation towards a more sustainable business.

At the same time, we are improving scalability and efficiency to increasingly decouple costs from growth. Looking ahead on the next page, realizing long-term efficiency, cost savings, and growth benefits enabled by the omnichannel distribution center remains a top priority for us.

We have begun to see positive efficiency benefits, and we expect these to increase gradually as operations continue to optimize. Our focus is also to continue strengthening our market presence and customers by reaching a multi-channel growth.

We will continue to grow in Denmark through our physical stores and also deepen our partnerships. Building on our progress, we will also continue enhancing the customer experience by strengthening our technology foundation further and continuing our AI journey to enable more efficient and scalable ways of working.

At the same time, we will continue to advance our sustainability agenda, focusing on climate, circularity, and human rights to drive long-term value and support the transition to a more sustainable fashion industry. Looking at the Stockmann division strategy on the next page, our key target is to improve the financial sustainability and competitiveness of the division.

Stockmann's division is strengthening its financial stability and competitiveness through four strategic must-win areas, which are to improve operational efficiency, differentiate through curating offering, and grow and leverage loyal customer base, and optimize omnichannel performance. Looking ahead on the next page, Stockmann will continue the disciplined execution of its strategy with a focus on profitability and competitiveness.

The key priority remains, and systematic work on cost and operational efficiency supported by improved ways of working, processes, and digital capabilities, and partnerships. At the same time, Stockmann will continue to strengthen its offering and customer relevance through a curated brand mix, including selected new partners and further developments on its own brands.

Examples include the launch of the globally recognized Gap in Stockmann's assortment in September and expansion of Essentials by Stockmann into menswear. The Helsinki flagship remains central to Stockmann's positioning, and the next renewal phase, starting this autumn, will support the development of evolving premium and luxury offering.

The upgraded women's accessory area will further strengthens the flagship's position as a destination. Stockmann will also continue to strengthen the MyStockmann loyalty program, which celebrates its 40th anniversary this year, with a focus on customer value and long-term engagement.

Overall, Stockmann priorities for 2026 are clear: continued profitability improvement, stronger competitiveness through a relevant offering, and a deeper loyal customer relationship. By that, we now open up for questions from you.

Very good. Then let's take the first question to Susanne.

What kind of measures and plans do you have to continue to secure positive revenue development for 2026 for the Lindex division?

Thanks. First if we just think overall for the group, our outlook remains of course subject to continued uncertainty, both in consumer confidence, in broader macroeconomic environment.

However, we have clear priorities in place to support continued positive revenue development in 2026. These include realizing the full benefits of the omnichannel distribution center, which I talked about, and ensuring reliable fulfillment and strong product availability, and also strengthening our product offering and customer experience.

We are continuing with our work to expand our market presence through selected new stores and also strategic partnership that should also improve the revenue development. Together, these measures support further revenue growth and will strengthen Lindex's scalability and also competitiveness over time.

Yes. Thank you.

Then we go over to the Stockmann division, and we could stay with you, Susanne, here. You mentioned in the report that you started the summer clearance sales later for Stockmann, and this affected the inventory levels and cash flow.

Why such a planned decision?

Yeah. This has been part of our commercial planning and also execution, and to support the targeted revenue and gross margin development.

We expect the impact on the inventory and cash flow to be timing-related and thereby temporary.

Thank you. Then we go over to the Lindex division, and a question related to the omnichannel distribution center.

This would go to Henrik. Do you intend to pursue a sale and leaseback transaction for the Lindex omnichannel distribution center now that the final transition has been completed?

We have not made any such decision at this point, and as with any significant business decision, potential alternatives will, of course, be considered and evaluate based on the group's strategic, operational, and financial priorities at the relevant time. Not any decision at this point.

Thank you, Henrik. Then we stay at the omnichannel distribution center and that's impact on the result development.

Do you expect your new warehouse to have a negative impact going forward? Yeah.

I guess I can take this one, Magda, right? I would say during the past couple of months, we have seen that the transition to the OCDC has had an impact, particularly on our digital channels lately.

However, we continue to make good progress, and we are entering a new, important phase. The focus that we have had is gradually now shifting from implementation towards stabilization, to realizing also the long-term efficiency improvements, where we're talking about cost savings and also growth benefits enabled by this strategically important facility.

Also I can say that towards the end of this quarter, we began to see this positive cost efficiency effects, and we expect these to gradually also increase as operations continue to optimize. Therefore we do not expect that the OCDC to have an negative impact going forward, but rather to increasingly support both efficiency, scalability, and also growth.

Thank you, Susanne. Let's stay then in this OCDC, omnichannel distribution center, topic.

We have a question from the audience how it's impact on our EBIT development. Do you rely on savings from the OCDC, omnichannel distribution center, to arrive at your EBIT guidance for the full year?

Would that go to Susanne or Henrik?

Maybe you can start, Henrik, and then I can chip in if needed.

Of course. Of course, we are expecting that we will, as already communicated, that we will see gradually improvements along with the stabilization of the OCDC, and that is, of course, also part of our assessment of the full-year guidance.

Thank you, Henrik. Then we have a question related to promotions and pricing impacts on gross margin.

Is the promotion and pricing impact on gross margin you mentioned a calendar effect or a strategic decision regarding pricing and promotions?

I can take that one, and I think it was also answered in the first question, and I guess it's related to Stockmann division. It was a decision that we took as a management, thinking about our inventory level and that it would be smarter to push this to July, also thinking about the weather impacts and so on.

That's the reasoning behind it. Then

we go to the cost side and different cost elements. We have two different questions related to costs.

About shipping costs. Do you see any impact from increased shipping costs that can impact the gross margin?

I can take that one as well. Looking at Q2, we can actually see that the inbound freight cost for Q2 has been lower than previous year.

That has been following a trend of reduced seafreight cost that has then impacted positively on the Lindex division. Then

we stay also on costs and their impact on gross margin. Any other noticeable shifts in input prices or production costs that can impact gross margin going forward?

Overall, and I think this is again maybe a question reflecting to the Lindex division, but I think from our side, and also talking for Stockmann's side, we are always trying to navigate and handle any cost pressures that might come. Of course, the development that we have seen during the spring might have impact in certain materials, but therefore we try to then change the usage so that it won't have an impact on the start margin development.

For this time and looking now at Q2, we don't see or foresee also in the nearby future that kind of negative impact.

Thank you, Susanne. Then there's a question, I think this goes then to you, Susanne, regarding the strategic assessment.

The strategic assessment of the future of the Stockmann division has been going on almost 3 years. Could you describe in more detail why the assessment has taken time, and what options have been considered, and how much longer do you think that the assessment will continue?

Yes, a couple of questions in one question, but I will try to navigate here. I think, as you have probably heard before me saying, this kind of assessments are long and and by nature extensive processes, and they require a deep in-depth review, considering different perspectives.

It is the Lindex Group's board of directors that have been conducting this assessment to find the best possible solution for the company, and its employees, and of course, also shareholders. I I am not I don't have the possibility to comment the project and in details.

What I can say regarding the Stockmann's business is that, of course, my work as a CEO and with all my colleagues is to improve the business quarter by quarter, month by month, and day by day, no matter where we will end up in this assessment.

Thank you, Susanne. Then we go to Stockmann and inventory development.

Regarding Stockmann, I'm struggling to reconcile the inventory development. The furniture exit and the closure of the Itis department store should both have released working capital.

Yet inventory still increased by around €4 million. Could you walk us through the bridge from the last year's inventory to today's inventory, and explain what accounts for that increase, and will the inventory increase improve total sales during H2, the latter part of the year?

There were also many questions, we maybe can take a little bit step-by-step, and I think this goes to Henrik, I bet.

Yes. Okay.

Looking into the comparison inventory level, there is no Itis department store inventory anymore as Itis department store was closed in June 2025. Majority of the furniture assortment was also addressed at that time.

The inventory levels have increased mainly due to the business model change for one of the key brands in the Stockmann division, as well as the planned later start of the seasonal clearance sale. We mainly expect this to be a timing-related driver for the result.

Very good. Then we have a question related to the dividend.

When can the shareholders expect to get dividend from Lindex Group?

Should I take that? Of course, any future dividend proposal would be subject to group's financing arrangement in place at the relevant time, in compliant with financial covenants, etc., and the board's assessment of the group's financial position, the liquidity, and also strategic priorities.

As these factors may evolve, change over time, it would not be relevant to speculate on future dividend distribution today.

Thank you, Henrik and Susanne. These were the questions what we have got from the audience.

Very good. Thank you, Magda, for helping us with the questions.

If you have, of course, any new question that comes up later, you can always be in touch via our investor relations email. We will also publish our Q3 result on the 22nd of October.

I will see you in October at the latest. By that, all of us would like to thank you for listening in, and also have a nice day and a lovely summer.