HELSINKI, March 6, 2026, 13:38 EET
Tokmanni Group Oyj on Friday put out a 2026 comparable EBIT guidance of 85 million to 105 million euros, flagging ongoing turnaround efforts at Dollarstore—a combination that knocked the shares down around 12%. The Finnish discount chain expects this year’s revenue somewhere between 1.78 billion and 1.86 billion euros.
The outlook is key here—investors had been watching for clearer signs that the Swedish chain could stop weighing on group earnings after a sluggish 2025. Inderes analyst Arttu Heikura, in a note published the same day, flagged that the quarter came in just under estimates, with 2026 guidance reading a bit on the soft side. That combination, he said, could prompt analysts to trim their forecasts.
Comparable EBIT—basically operating profit stripped of items that skew year-on-year results—dropped 15% in 2025, landing at 84.8 million euros, even with revenue ticking up 3.2% to 1.728 billion euros. For the fourth quarter, revenue added 2.8% to reach 510.8 million euros, with comparable EBIT nudging higher to 48.2 million euros.
The numbers disappointed. Revenue didn’t reach the Bloomberg consensus figure of 519.3 million euros. Adjusted operating profit landed at 48.2 million euros, also missing the 50.1 million forecast. Tokmanni’s 2026 profit outlook midpoint? That, too, trailed consensus.
Chief Executive Mika Rautiainen noted Tokmanni kept margins steady in Finland by clamping down on costs and sharpening gross-margin discipline—even as holiday shoppers stayed wary and rivals launched more stores in the same regions. Average spend per shopping trip in Finland slipped for the quarter, the company said.
Sweden was tougher to gauge. Dollarstore posted a 12.2% jump in fourth-quarter revenue in euro terms, thanks to more stores in the network, but comparable EBIT dropped to 8.3 million euros, down from 11.4 million. “Dollarstore is clearly a turnaround company,” Rautiainen said. The group, he added, plans to keep investing in marketing, assortment, supply chain, and IT as it pushes for stronger growth and better margins. Tokmanni Group Corporation
Management pointed out that the Nordic sourcing and buying group, which started up in September, is already managing around 5,900 shared products. That’s translating into bigger volumes and lower purchase prices. Tokmanni expects efforts around system and supply-chain harmonisation to keep rolling into 2026.
The board has put forward a 2025 dividend cap at 0.34 euro per share, to be paid in two parts. The timing of the second 0.17 euro tranche is up to the board, which will decide on it later this year. Operating cash flow climbed to 139.5 million euros, up from 89.1 million. However, net debt to comparable EBITDA including lease liabilities closed the year at 4.06 times.
Tokmanni runs over 390 outlets throughout Finland, Sweden, and Denmark, holding exclusive rights to the SPAR brand and its products in Finland since 2025. Nordic discount retail remains fiercely competitive. Last month, Rusta announced plans for 13 new store openings in spring 2026. Back in January, Europris reported robust fourth-quarter sales in Norway, noting continued focus on the Swedish market.
There’s no mystery about the risks here. Tokmanni flagged soft consumer confidence in Finland, while Heikura pointed straight to 2026’s big unknown: just how quickly can the Swedish business get back on track and actually convert the new concepts into real sales? Miss the pace, and the higher end of forecasts starts looking out of reach.
Tokmanni is pressing ahead with its turnaround while also preparing for a CEO transition. The company announced last July that Sampo Päällysaho is set to take over from Rautiainen as chief executive no later than July 6, 2026.
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