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Lindex Group Q3 2026: Strong Revenue Growth and Profitability Improvement

Clarifo Research
Updated: October 22, 2026

Visual Story

  • Lindex Group Delivers Strong Revenue Growth and Profitability Surge
  • Adjusted Operating Profit Jumped 45.2% to EUR 24.1M
  • Lindex and Stockmann Both Drove Top-Line Expansion
  • Cash Position Strengthened to EUR 80.6M
  • Distribution Centre Project Moves Closer to Annualised Savings Target

Introduction

Lindex Group delivered a stronger third quarter in 2026, with revenue growth in both divisions and a clear improvement in profitability. During the period, the company continued to strengthen its strategic platform through omnichannel development, digital capability upgrades and the continued optimisation of Lindex’s new distribution centre. The group also maintained financial discipline, including the repayment of EUR 73.1 million of maturing senior secured bonds in July 2026. Market conditions remained uncertain due to fragile consumer sentiment, geopolitical risks and possible supply-chain disruptions, but management tightened its full-year 2026 guidance range following the January–September performance. 2 3 5

Key Metrics

Q3 2026

Q3 2025

Change

Revenue

241.5

227.6

6.1%

Adjusted operating profit

24.1

16.6

45.2%

Operating profit

25.6

15.1

69.5%

Profit before tax

16.5

5.3

211.3%

Net profit

12.1

1.9

536.8%

Gross margin, %

60.1

58

+2.1 pp

Lindex revenue

171.5

165.4

3.7%

Stockmann revenue

70.1

62.4

12.3%

Gross margin change is shown in percentage points.

Quarter figures refer to July–September 2026 versus July–September 2025.

Key Observations

  • Group revenue increased by 6.1% to EUR 241.5 million in Q3 2026 from EUR 227.6 million in Q3 2025. For January–September 2026, revenue rose by 3.9% to EUR 693.9 million from EUR 667.5 million. 2 14

  • Profitability improved clearly in the quarter. Adjusted operating profit increased to EUR 24.1 million from EUR 16.6 million, while reported operating profit rose to EUR 25.6 million from EUR 15.1 million. For January–September 2026, adjusted operating profit increased to EUR 42.6 million from EUR 30.1 million and reported operating profit to EUR 42.4 million from EUR 31.0 million. 2 14

  • Gross margin improved in both the quarter and year to date. In Q3 2026, group gross margin was 60.1%, up from 58.0% in Q3 2025. For January–September 2026, gross margin was 60.1% compared with 57.8% a year earlier, supported by stronger gross profit and favorable currency effects, particularly in Lindex. 2 5

  • Lindex remained the main profit contributor. In Q3 2026, Lindex revenue rose to EUR 171.5 million from EUR 165.4 million and adjusted operating profit increased to EUR 24.2 million from EUR 20.2 million. Its gross margin improved to 65.8% from 62.7%. For January–September 2026, Lindex revenue was EUR 484.8 million and adjusted operating profit EUR 50.1 million. 6 7 14

  • Stockmann showed a notable quarter-on-quarter improvement versus the comparison period. In Q3 2026, revenue increased to EUR 70.1 million from EUR 62.4 million and adjusted operating profit improved to EUR 1.0 million from a loss of EUR 2.6 million, supported by growth across all categories and by the timing of the first day of the Crazy Days campaign within the reporting period. 2 7

  • The omnichannel distribution centre remained a major strategic project for Lindex. The total investment is about EUR 110 million, of which about EUR 105 million had been used by the end of September 2026. From 2026 onward, the new centre is expected to generate annualised EBITDA-level savings of EUR 10 million as optimisation progresses after the operational transition completed in the first quarter of 2026. 6

  • Liquidity and balance-sheet indicators improved year on year. Cash and cash equivalents at the end of September 2026 were EUR 80.6 million versus EUR 53.6 million a year earlier; the equity ratio improved to 34.1% from 31.8%; and net gearing improved to 124.8% from 150.1%. Excluding IFRS 16 lease liabilities, interest-bearing net debt was EUR -30.6 million at the end of September 2026, indicating cash exceeded interest-bearing liabilities on that basis. 5

  • Inventory management was mixed but overall controlled. Group inventories at the end of September 2026 were EUR 187.8 million versus EUR 193.9 million a year earlier. Lindex inventories decreased to EUR 112.4 million from EUR 121.8 million, while Stockmann inventories increased to EUR 75.4 million from EUR 72.1 million, mainly due to a one-time business model change for one key brand. 6 7

Outlook

As the group enters the commercially important fourth quarter of 2026, management’s focus remains on profitable growth, cost control, inventory discipline and execution of its strategic agenda, while noting continued uncertainty in consumer demand and the broader macroeconomic environment. 2 3

Sources

  1. Lindex Group Oyj · Lindex Group: Strong adjusted operating result and revenue growth in both divisions · 2026 · p. 2

  2. Lindex Group Oyj · CEO Susanne Ehnbåge: · 2026 · p. 3

  3. Lindex Group Oyj · REVENUE AND EARNINGS, LINDEX GROUP · 2026 · p. 5

  4. Lindex Group Oyj · NOTES TO THE FINANCIAL STATEMENTS, CONDENSED · 2026 · p. 14

  5. Lindex Group Oyj · CAPITAL EXPENDITURE · 2026 · p. 6

  6. Lindex Group Oyj · STOCKMANN DIVISION · 2026 · p. 7