Q2 2026 Tokmanni Group Oyj Earnings Call

August 7, 2026

Speaker #1: Good morning, everyone, and welcome to Tokmanni Group's half-year financial review and this webcast. My name is Sampo Päälysaho, and I started in this position as Group CEO on July 6.

Sampo Päällysaho: Good morning, everyone, and welcome to Tokmanni Group's H1 financial review and this webcast. My name is Sampo Päällysaho, and I have started in this position as a group CEO 6 July. Of course, it's my fifth week, which we are closing today together. During my first weeks, I had the privilege to visit our stores and DCs here in Finland, as well as in Sweden and in Denmark. It gave me a good understanding how do the stores, markets, and customers look like. Of course, that will be also one part of my presentation today, and it has been noted in the release earlier today as well. Our today's agenda, like usually, is actually covering Q2 in brief, our key figures and performance, and as well our view about the future. We are closing the session together with questions and answers.

Speaker #1: Of course, it's my fifth week, which we are closing today together. During my first weeks, I had the privilege to visit our stores and DCs here in Finland, as well as in Sweden and Denmark.

Speaker #1: It gave me a good understanding of how the stores, markets, and customers look like, and of course, that will also be one part of my presentation today. It has been noted in the release earlier today as well.

Speaker #1: Our today's agenda: like usually, is actually covering Q2 in brief, our key figures and performance, and as well our view about the future. We are closing the session together with questions and answers.

Speaker #1: By the way, this photo is from Sotkamo, which I took on Tuesday this week. This store is actually starting to be renewed, and it will have one of the Aerospar stores in the near future.

Sampo Päällysaho: By the way, this photo is from Sotkamo, which I took on Tuesday this week. This store is actually started to be renewed, and it will have one of the EUROSPAR stores in the near future. When we look today at Tokmanni Group of companies, we do see that we have a strong footprint here in Finland. While we have 208 Tokmanni stores, 34 Click Shoes stores. When we look further to Sweden and Denmark, we can see that Dollarstore already has today 142 stores. It is a remarkable store network from south to north. We have entered to Denmark, where we today have 12 Big Dollar stores. Out of those, the 12 stores, I have already had a chance to visit 10 stores, both from Copenhagen to Esbjerg and also the central part and northern part of Jylland.

Speaker #1: When we look today at Tokmanni Group of companies, we do see that we have a strong footprint here in Finland. While we have 208 Tokmanni stores and 34 Klixu stores, when we look further to Sweden and Denmark, we can see that Dollarstore already has, today, 142 stores.

Speaker #1: And it is a remarkable store network from south to north. And we have entered into Denmark, where today we have 12 big Dollar stores.

Speaker #1: Out of those 12 stores, I have already had a chance to visit 10 stores, both from Copenhagen to Esbjerg, as well as the central and northern parts of Jylland.

Speaker #1: In this slide, it's remarkable to say that our shared product is already today 6,700, compared to the previous figure of 2,800, and we can see that this common offer is well introduced in all markets.

Sampo Päällysaho: In this slide, it's remarkable to say that our shared product is already today 6,700 compared to previous figure 2,800, and we can see that this common offer is well introduced in all markets. We can also see that our private label share grew from 25.1 up to 26.3, and this is also something which I consider a big step in our assortment and offer. We look ahead about from this map, we can also see that we are almost reaching 400 stores in Nordics, out of which 242 in Finland, 154 in Dollarstore segment, which then covers Sweden and Denmark. On the bottom right corner, you will also see that in Q2 compared to previous, we have opened five new stores. Tokmanni Group as a group of companies and consolidated performance is also something which we wanted to share this morning.

Speaker #1: We can also see that our private label share grew from 25.1 up to 26.3, and this is also something which I consider a big step in our assortment and offer.

Speaker #1: When we look ahead from this map, we can also see that we are almost reaching 400 stores in the Nordics, out of which 242 are in Finland and 154 in the Dollarstore segment, which then covers Sweden and Denmark.

Speaker #1: In the bottom right corner, you will also see that in Q2, compared to the previous period, we have opened five new stores. Tokmanni Group, as a group of companies and consolidated performance, is also something we wanted to share this morning.

Speaker #1: Our revenue grew by 3.3%, up to €457.7 million, and this is actually thanks to the low price program in all markets, as well as good successes in the spring and summer season.

Sampo Päällysaho: Our revenue grew by 3.3% up to EUR 457.7 million. This is actually thanks to low price program in all markets, as well as good successes in spring and summer season. Sales has been increasing in both segments, Tokmanni as well as Dollarstore, and this is thanks to higher footfall and higher average basket size. We do see that our comparable EBIT is in line with the comparison period. Of course, you also see a modest decline, and this is because of Dollarstore segment's operating expenses increased. They increased due to the new store openings and ongoing various development projects. Cash flow for the quarter was EUR 45.7 million. We look to Tokmanni segment, it's also a pleasure to present the figures from Finland saying that revenue continued to grow. Revenue grew up to EUR 329.6 million, which also means 2.3%.

Speaker #1: Sales have been increasing in both segments—Tokmanni as well as Dollarstores. This is thanks to higher footfall and a higher average basket size. We also see that our comparable EBIT is in line with the comparison period.

Speaker #1: Of course, you also see a modest decline and this is of course this is because of Dollarstore segments operating expenses increased. And they increased due to the new store openings and ongoing various development projects.

Speaker #1: Cash flow for the quarter was €45.7 million. When we look at the Tokmanni segment, it's also a pleasure to present the figures from Finland, saying that revenue continued to grow.

Speaker #1: Revenue grew to €329.6 million, which also means 2.3%. Like mentioned earlier, customer visits continued to grow, and this is also what we can see—that customers are looking for a value-for-money shopping approach, which gives Tokmanni a strong position and strong opportunity.

Sampo Päällysaho: Like mentioned earlier, customer visits continued to grow, and this is also what we can see that customers are looking for a value for money shopping approach, which Tokmanni gives a strong position and strong opportunity. Seasonal demand, especially garden products, supported our revenue growth. And what we can see when we see the market comparison, our non-grocery products, especially apparels, continued to grow faster than the market in general. We can see that our digitalization gives us a room further improvement. This is actually getting to know the customer even better, giving tools to the employees, and decision-making is strongly supported by that data-driven information, which also gives a further improvement in operational development. Our customer loyalty club, Tokmanni Klubi, grew in Finland. Now already today, we have 1.6 million registered members. These members, for us, are actually really valuable.

Speaker #1: Seasonal demand, especially for garden products, supported our revenue growth, and what we can see when comparing the market is that our non-grocery products, especially apparel, continued to grow faster than the market in general.

Speaker #1: We can see that our digitalization gives us room for further improvement. This is actually about getting to know the customer even better, giving tools to the employees, and decision making is strongly supported by data-driven information, which also gives further improvement in operational development.

Speaker #1: Our customer loyalty club, Tokmanni Klubi, grew in Finland and now, already today, we have 1.6 million registered members. These members, for us, are actually really valuable.

Speaker #1: They visit our stores more often, and they also buy more, so of course we are willing to develop Klubi even further. In Finland, our operating costs and operating expenses were very well in control, and we do see that our comparable EBIT continued to grow—an additional €1.5 million, up to €22.3 million as a sum.

Sampo Päällysaho: Of course, we are willing to develop Klubi even further. In Finland, our operating expenses were very well in control, and we do see that our comparable EBIT continued to grow additional EUR 1.5 million up to EUR 22.3 million as a sum. And of course, this is something which we should be all proud of. Let's have a look for the next title in my presentation. When we look to Finland, of course, it's also with a curiosity to follow how EUROSPAR is performing. And already today, we have opened six stores according to our plans, and we are continuing to open new stores.

Speaker #1: And of course, this is something which we should all be proud of. Let's have a look at the next title in my presentation. When we look to Finland, of course, it's also with curiosity to follow how Aerospar is performing.

Speaker #1: And already today we have opened 6 stores according to our plans, and we are continuing to open new stores. Those new stores will be actually a vital from our perspective, because then we have more than we are actually reaching 10 or even 11 stores by the end of the year, which gives us a room to study about the development activities, but as well we do see that these aerospar stores have actually given a chance for the stores to grow in footfall and also in average basket.

Sampo Päällysaho: Those new stores will be actually vital from our perspective, because then we are actually reaching 10 or even 11 stores by the end of the year, which gives us a room to study about the development activities. But as well, we do see that these EUROSPAR stores have actually given a chance for the stores to grow in footfall and also in average basket. This week, I also visited Iisalmi store, which is Northeast Finland, and the store actually was really ready to meet the customers. And one of the products which I could see customers came to seek were hamburgers. Hamburgers are sort of a well-known product according to EUROSPAR concept, and we've been treating people in Iisalmi, especially during the lunch hours, with a huge amount of hamburgers sold.

Speaker #1: This week I also visited the Iisalmi store, which is in northeast Finland, and the store actually was really ready to meet the customers. One of the products which I could see customers came to seek were hamburgers.

Speaker #1: Hamburgers are sort of a well-known product, according to the Aerospar concept, and we've been treating people in Iisalmi—especially during the lunch hours—with a huge amount of hamburgers sold.

Speaker #1: Looking back to Sweden and returning to Sweden and Denmark, we can also see that revenue grew pretty strongly: from 7.7% up to 130.2%. And also we can see that the common assortment gives us top line sales growth, and sales actually grew especially in drinks, coffee, toys, party, and I would say barbecuing, even though in my slide it says grilling.

Sampo Päällysaho: Looking back to Sweden and returning back to Sweden and Denmark, we also can see that revenue grew pretty strong, 7.7%, up to 130.2%. And also we can see that the common assortment gives us a top-line sales growth. And the sales actually grew, especially in drinks, coffee, toys, party, and I would be saying barbecuing, even though in my slide it says grilling. And these were actually well treated by the customers, as well our common campaigns, which have taken place every second week in Sweden as well as in Denmark. And the common assortment, we have now taken up to 6,700 SKUs, which is a strong evidence from the customer perception, but as well also from the procurement perspective, that this is the right way to take the action steps also in upcoming months and assortment periods.

Speaker #1: And these were actually well received by the customers, as were our common campaigns, which have taken place every second week in Sweden as well as in Denmark.

Speaker #1: And the common assortment, we have now taken up to 6,700 SKUs, which is strong evidence from the customer perception, but as well also from the procurement perspective, that this is the right way to take the action steps also in the upcoming months and assortment periods.

Sampo Päällysaho: Our pilot stores, which we were mentioning in the report, one in Gothenburg, called Kållered, and second store in Västerås, called Erikslund, are both well treated by the customers. I have had a chance to visit both of these stores, and I can see that the stores are highly maintained in a good commercial level, employees really willing to meet the customers, and customer baskets are big, which is of course good news from our perspective. Our comparable EBIT, though, declined during Q2 in Dollarstore segment. Like mentioned earlier, this is mainly due to investments made for the new store openings as well as development initiatives, which increase the operating expenses. Pretty soon, Tapio, as our CFO, will be also coming here.

Speaker #1: And our pilot stores, which we mentioned in the report—one in Göteborg, called Kollared, and the second store in Västerås, called Erikslund—are both well received by the customers.

Speaker #1: I have had a chance to visit both of these stores, and I can see that the stores are highly maintained at a good commercial level. Employees are really willing to meet the customers, and customer baskets are big, which is of course good news from our perspective.

Speaker #1: Our comparable EBIT, though, declined during Q2 in the Dollarstore segment. And, like mentioned earlier, this is mainly due to investments made for the new store openings as well as development initiatives, which increase the operating expenses.

Speaker #1: Pretty soon Tapio, as our CFO, will also be coming here, and when we were preparing this presentation for you, we actually thought that it would be essential to share with you that during the past 12 months we have opened 11 stores.

Sampo Päällysaho: When we were preparing this presentation for you, we actually thought that it will be essential to share with you that during past 12 months, we have opened 11 stores. These 11 stores actually have contributed positively to our revenue, and EBIT impact has been neutral, which is also good news as a retailer who has entered into a Swedish and Danish retail market. Those stores opened in Sweden being eight, additional three stores opened in Denmark are such, of course, which have been partially done at the early stages with the old store format. When we look to the latest store openings, such as Kiruna and Helsingborg Väla, they already have the extended assortment, and therefore we also treat and follow them with a high interest.

Speaker #1: These 11 stores have actually contributed positively to our revenue, and the EBIT impact has been neutral, which is also good news as a retailer who has entered into the Swedish and Danish retail markets.

Speaker #1: Those stores opened in Sweden, being eight, and an additional three stores opened in Denmark, are such, of course, which have been partially done at the early stages with the old store format.

Speaker #1: But when we look at the latest store openings, such as Kiruna and Helsingborg Väla, they already have the extended assortment, and therefore we also treat and follow them with high interest.

Speaker #1: And especially in Kiruna, we can see that the store's coverage area is wide, because we are there with other retailers in the same retail park. People in northern Sweden are actually visiting this shopping mall or retail park with a high level of interest.

Sampo Päällysaho: Especially in Kiruna, we can see that the store's coverage area is wide, because we are there with another retailers in the same retail park, and people in Northern Sweden are actually visiting this shopping mall or retail park with a high interest. When the store was opened, huge queues took place. Of course, now when the summer season is ending, we have a high interest to see what will be our store's coverage area. I assume it will be more than an hour's drive to the store. It might be up to 90 minutes. What else? I do see that these stores, actually all the photos what we have here, I have taken personally during my trips. I can actually see that we are well-known. We had a nice footfall during the summertime, and all kind of people were visiting us.

Speaker #1: When the store was opened, huge queues took place and, of course, now when the summer season is ending, we have a high interest to see what will be our store’s coverage area.

Speaker #1: I assume it will be more than an hour's drive to the store. It might be up to 90 minutes. What else? I do see that these stores, actually all the photos that we have here I have taken personally during my trips, and I can actually see that we are well known. We have a pretty nice— we had a nice footfall during the summertime, and all kinds of people were visiting us.

Speaker #1: It might have been a mom and daughter, it might have been a worker, it might have been a whole family, and in many cases, people were still in summer holiday mode.

Sampo Päällysaho: It might have been mom and daughter, it might have been a worker, it might have been a whole family, and in many cases, people were still having a summer holiday mode. People were also buying all seasonal articles, not only in Finland, but as well as in Sweden and in Denmark. In the previous quarterly reviews, Mika, as my predecessor, and Tapio, have been talking about Dollarstore turnaround. I think it's good for you to know where are we today. We really can see that the concept and assortment renewal has actually boosted our top-line sales. The pilot stores, especially Kållered and Erikslund, are showing even higher performance. When we look to the marketing efforts, instead of just opening the stores, we are also inviting customers to visit our stores, which has highly increased our footfall and campaign effectiveness. Common assortment makes really sense.

Speaker #1: So, people were also buying all seasonal articles—not only in Finland, but also in Sweden and in Denmark. In the previous quarterly reviews, Mika as my predecessor and Tapio have been talking about Dollarstore turnaround.

Speaker #1: And I think it's good for you to know where we are today. And we really can see that the concept and assortment renewal has actually boosted our top-line sales.

Speaker #1: And the pilot stores, especially Kollared and Erikslund, are showing even higher performance. When we look at the marketing efforts, instead of just opening the stores, we are also inviting customers to visit our stores, which has greatly increased our footfall and campaign effectiveness.

Speaker #1: Common assortment makes a lot of sense, as we can see that it brings in sourcing efficiencies, but it also gives us further improvement for gross margin in the near future.

Sampo Päällysaho: While we can see that it brings in sourcing efficiencies, but it also gives us a further improvement for gross margin in the near future. Like-for-like customer visits turned positive in June, and our basket grew by 4.2%. That is Dollarstore segment, meaning Sweden and Denmark. As further we look, it is essential that we continue to work with harmonized systems, harmonized processes, ways of working, which also brings us a good understanding how we can support from Finland our operations in Sweden and in Denmark, but also vice versa. We are definitely learning about the seasonalities, and we are also learning that it is not only four seasons like in Finland. Southern part of Finland, southern part of Sweden, as well as Denmark, hardly have any winter nowadays, which we also need to balance in the upcoming seasons.

Speaker #1: Like-for-like customer visits turned positive in June, and our basket grew by 4.2%. That's the Dollarstore segment, meaning Sweden and Denmark. As we look further ahead, it is essential that we continue to work with harmonized systems, harmonized processes, and ways of working, which also brings us a good understanding of how we can support, from Finland, our operations in Sweden and Denmark, but also vice versa.

Speaker #1: We are definitely learning about the seasonalities, and we are also learning that it's not only four seasons. In the southern part of Finland, southern part of Sweden, as well as Denmark, there is hardly any winter nowadays, which we also need to balance in the upcoming seasons.

Speaker #1: When I look to Sweden and store network development, I also want to highlight that we have started, and we will actually concentrate, that each and every store in Sweden will focus on productivity and profitability.

Sampo Päällysaho: When I look to Sweden and store network development, I also want to highlight that we have started and we will actually concentrate that each and every store in Sweden will concentrate for productivity and profitability. When we are opening new stores in Sweden, we will pay attention that they have a good match to our existing store network, and we also give them a room to improve. Necessity to point out, productivity and profitability in each and every store in Sweden. We also do see that there is a further room to open new stores in Denmark, which we are also taking into our agenda. Opposite direction. This is the slide which I was looking after. It is actually the leaflets which I have carried in my backpack to Finland. It shows well that we have a common leaflet procedure. Why do we have a common leaflet procedure?

Speaker #1: When we are opening new stores in Sweden, we will pay attention that they are a good match to our existing store network, and we also give them room to improve.

Speaker #1: But it's necessary to point out the productivity and profitability in each and every store in Sweden. We also see that there is further room to open new stores in Denmark, which we are also taking into our agenda.

Speaker #1: Opposite direction. Now, this is the slide which I was looking after. It's actually the leaflets which I have carried in my backpack to Finland. It shows well that we have a common leaflet procedure, and why do we have a common leaflet procedure?

Speaker #1: We also have a common steering for the commercial calendar. This commercial calendar takes into account common seasonalities in each market, but it's essential that we also pay attention to the local seasonalities because markets do differ.

Sampo Päällysaho: We also have a common steering for commercial calendar. This commercial calendar takes into account for common seasonalities in each market, but it is essential that we also pay attention for the local seasonalities, because markets do differ. When there is a common season, it can be sourced together, it can be negotiated together. We can have the volume and logistics together, giving us a room to have even more competitive retail pricing, but further to improve our gross margin in each and every store as well in each and every market. This procedure is definitely giving us good figures already today and in upcoming weeks. I think it is time for Tapio to join me, and when you join me, I have chosen you a photo. This photo is from Frederikshavn in Denmark. It is yours. Here you are.

Speaker #1: When there’s a common season, it can be sourced together, it can be negotiated together. We can have the volume-to-volume and logistics together, giving us room to have even more competitive retail pricing, but further, to improve our gross margin in each and every store, as well as in each and every market.

Speaker #1: And this procedure is definitely giving us good figures already today and in the upcoming weeks. Now, I think it's time for Tapio to join me, and when you join me, I have chosen a photo for you.

Speaker #1: This photo is from Frederikshavn in Denmark. It's yours, so here you are.

Speaker #2: Excellent. Thank you Sampo. So good morning on my behalf as well. So let's go through the numbers a little bit more in detail. So as Sampo mentioned we had good growth in a quarter with total group revenue growing by 3.3% and if you take into account especially the fact that last year Easter was in a second quarter and this the year most of the Easter sales of course occurred during the first quarter this growth was actually very good and the total revenue added up to 457.7 million euros.

Tapio Arimo: Excellent. Thank you, Sampo. Good morning on my behalf as well. Let us go through the numbers a little bit more in detail. As Sampo mentioned, we had good growth in a quarter, with total group revenue growing by 3.3%. If you take into account, especially the fact that last year Easter was in Q2 and this year, most of the Easter sales, of course, are cleared during Q1, this growth was actually very good. The total revenue added up to EUR 457.7 million. Also, our like-for-like revenue grew by 0.3%, which is always great to see. Our comparable gross profit also increased, albeit slightly, to EUR 158.5 million. Our comparable gross margin declined slightly to 34.6%. As Sampo already mentioned, our comparable EBIT was pretty much on par with last year at EUR 21 million.

Speaker #2: Also, our like-for-like revenue grew by 0.3%, which is always great to see, and our comparable gross profit also increased, albeit slightly, to €158.5 million.

Speaker #2: And our comparable gross margin declined slightly to 34.6%. And as Sampo already mentioned, our comparable EBIT was pretty much on par with last year at €21 million.

Speaker #2: And our cash flow for the quarter was also very good at €45.7 million. And if you remember, last year we had an exceptionally good cash flow in the second quarter due to the very poor cash flow in the first quarter last year.

Tapio Arimo: Our cash flow for the quarter was also very good at EUR 45.7 million. If you remember last year, we had an exceptionally good cash flow in Q2 due to the very poor cash flow last year in Q1. The EUR 45.7 million, although EUR 30 million less than last year, is actually a very good level in itself as well. Looking at the revenue composition. Of course, Tokmanni segment still makes up a large majority of the revenue. There we had a revenue increase of 2.3% in the Tokmanni segment. The Dollarstore segment's revenue increased by 6.4% in local currency. That's about a percentage, a little bit more less than in euro terms, and reached EUR 130.2 million.

Speaker #2: So the €45.7 million, although €30 million less than last year, is actually a very good level in itself as well. Then looking at the revenue composition.

Speaker #2: So, of course, the Tokmanni segment still makes up a large majority of the revenue. And there, we had a revenue increase of 2.3% in the Tokmanni segment.

Speaker #2: And the Dollarstore segment's revenue increased by 6.4% in local currencies, so that's about a percentage point more or less than in euro terms.

Speaker #2: And reached €130.2 million. Then, when you look at our product mix—in the Tokmanni segment, the product mix was essentially flat compared to a year ago, with groceries at 54.4% and non-groceries at 45.6%.

Tapio Arimo: When you look at our product mix, in the Tokmanni segment, the product mix was essentially flat compared to a year ago at 54.4% of groceries and non-groceries at 45.6%. Whereas in Dollarstore, during Q2, the share of groceries grew slightly from a year ago, and that was really driven by the fact, if you remember, we were talking about the introduction of, let's say, new products into Dollarstore segment during Q2, and a lot of those were actually grocery products and high sellers. That definitely helped our sales in the grocery side of Dollarstore during Q2, hence the increase.

Speaker #2: Whereas in Dollarstore, during the second quarter, the share of groceries grew slightly from a year ago, and that was really driven by the fact—if you remember, we were talking about the introduction of, let's say, new products into the Dollarstore segment during the second quarter—and a lot of those were actually grocery products and high sellers.

Speaker #2: So that definitely helped our sales on the grocery side of Dollarstore during the second quarter, hence the increase. When you look at our private labels also, there was very positive development and this was again very much driven by the fact that on the Dollarstore side, the Tokmanni Group private label sales increased, and that's again driven by the common assortment. Like Sampo mentioned, it was over 6,000 during the second quarter, up from slightly below 3,000 a year ago.

Tapio Arimo: When you look at our private labels, also there, very positive development, and this was again, very much driven by the fact that on the Dollarstore side, the Tokmanni Group private labels sales increased, and that's again driven by the common assortment. Like Sampo mentioned, it was over 6,000 during Q2, up from slightly below 3,000 a year ago. You can see our private labels there. We have many private labels that we take good care of. When I look at our gross profit, in Q2, we managed to increase our absolute gross profit by EUR 800,000 to EUR 168.5 million. This is of course important because it is the absolute gross profit that then pays for all our bills.

Speaker #2: And you can see our private labels there. We have many private labels that we take good care of. Then, when you look at our gross profit—in the second quarter, we managed to increase our absolute gross profit by €800,000 to €158.5 million.

Speaker #2: And this is, of course, important because it is the absolute gross profit that then pays for all our bills. So even though the comparable gross margin declined slightly, we are still very happy that we had a positive gross profit development during the second quarter.

Tapio Arimo: Even though the comparable gross margin declined slightly, we are still very happy that we had a positive gross profit development during Q2. Also if you look at it in a H1 basis, we managed to increase the gross profit by a little bit more than EUR 5 million during H1. Good news, but of course, the gross profit margin or gross margin declined slightly, and that's really due to the campaigning that we have been doing during Q2, this Suomen Halvin and also similar campaigns in Sweden and Denmark. They, of course, have helped the footfall and sales, but been, of course, slightly negative impact on the gross profit margin.

Speaker #2: And also, if you look at it on a half-year basis, we managed to increase the gross profit by a little bit more than €5 million during the first half.

Speaker #2: So, good news, but of course the gross profit margin, or gross margin, declined slightly, and that's really due to the campaigning that we have been doing during the second quarter—the "Cheapest in Finland"—and also similar campaigns in Sweden and Denmark. They, of course, have helped the footfall and sales, but have been, of course, a slightly negative impact on the gross profit margin.

Speaker #2: Then on our operating expenses—so, as Sampo said, we've had good control of our operating expenses, and I'm very happy to note that also in Dollarstore now, we managed to decrease the ratio of comparable operating expenses to sales. This is, let's say, a very good trend that we plan to continue also in the future.

Tapio Arimo: On our operating expenses, as Sampo said, we've had good control of our operating expenses, and I'm very happy to note that also in Dollarstore now, we managed to decrease the ratio of comparable operating expenses to sales. This is a very good trend that we plan to continue also in the future. Growing the sales, of course, means that we can see this declining trend as we control the OpEx very carefully. The personal expenses, 14.1% of revenue, and you can see actually a slight decline to a year ago. This is also noting that we have, in fact, 11 more stores than we had a year ago. Also we've had the statutory raises last year in the Q2.

Speaker #2: So, growing the sales, of course, means that we can see this decline in trend as we control the OPEX very carefully. The personnel expenses are 14.1% of revenue, and you can see actually a slight decline compared to a year ago. This is also noting that we have, in fact, 11 more stores than we had a year ago, and also we've had the, let's say, statutory raises last year in the second quarter.

Speaker #2: So, those combined—the efficiency or the slight reduction in personnel expenses—is coming from the operating efficiency steps we have taken during the past 12 months, especially in the store operations, but also, of course, in logistics and warehouses. And also, we've been very careful with the head office staff as well.

Tapio Arimo: Those combined, the efficiency or the slight reduction in personal expenses is coming from the operating efficiency steps we have taken during the past 12 months, especially in the store operations, but also, of course, in the logistics and warehouses, and also we've been very careful with the head office staff as well. On the Tokmanni segment side, the comparable operating expenses declined by 1.2 percentage points of revenue. That's a very significant decline. Actually, they are now on the level of Q2 2023. On the Dollarstore side, still clearly higher, but again, down from a year ago to 26% of revenue and totaling EUR 33.8 million. A growth of EUR 2 million or EUR 1.9 to be exact.

Speaker #2: And on the Tokmanni segment side, the comparable operating expenses declined by 1.2 percentage points of revenue. That's a very significant decline, and actually, they are now on a level of Q2 2023.

Speaker #2: And on the Dollarstore side, still clearly higher but again down from a year ago, to 26% of revenue and totaling €33.8 million. So, a growth of €2 million, or 1.9% to be exact.

Speaker #2: And that, again, given the fact that we have, I think, eight new stores in the Dollarstore segment. So, a very good result there as well.

Tapio Arimo: That, again, given the fact that we have, I think, 8 new stores in the Dollarstore segment, a very good result there as well. Look at our comparable EBIT. Again, the group EBIT pretty much flat compared to a year ago at EUR 21 million. Tokmanni segment managed to improve clearly our EBIT from a year ago to EUR 23.3 million, and the EBIT margin also improved to 6.8 percentage points during the Q2. Whereas in Dollarstore, even though we did see very positive signs, especially towards the end of the quarter, driven by the increase in the assortment that we did. We were still clearly below last year, EUR 2 million below last year, and the EBIT margin was slightly negative at 0.3% for the Dollarstore segment. Our inventory management.

Speaker #2: Then look at our comparable EBIT. So, again, the Group EBIT was pretty much flat compared to a year ago at €21 million. The Tokmanni segment managed to clearly improve our EBIT from a year ago to €22.3 million, and the EBIT margin also improved to 6.8 percentage points during the second quarter.

Speaker #2: Whereas in Dollarstore, even though we did see very positive signs—especially towards the end of the quarter, driven by the increase in the assortment that we did—we were still clearly below last year.

Speaker #2: So, €2 million below last year, and the EBIT margin was slightly negative at -0.3% for the Dollarstore segment. Then, our inventory management—obviously inventories are our largest asset, if you exclude the IFRS 16 lease agreements.

Tapio Arimo: Obviously, inventory is our largest asset if you exclude the IFRS 16 lease agreement. We've been able to take very good care of that also during this quarter. The total value of inventory is about EUR 20 million, less than a year ago. Of course, you need to remember that does include the extra EUR 12 million inventory write-down that we did for Dollarstore that is not included in the comparable figures. But even if you add that back, we're still below last year's level. If you look at the figures, you can see that over the past 6 quarters, we have seen a sort of declining trend in the total inventory, which is, of course, we're very happy with that trend, and that obviously helps also very much with the cash flow.

Speaker #2: So we've been able to take very good care of that also during this quarter. And the total value of inventory is about €20 million less than a year ago. Of course, you need to remember that that does include the extra €12 million inventory write-down that we did for Dollarstore. That is not included in the comparable figures.

Speaker #2: But even if you add that back, we're still below last year's level. And if you look at the, let's say, figures, you can see that, let's say, over the past six quarters we have seen a sort of declining trend in the total inventory, which, of course, we're very happy with. That trend obviously helps also very much with the cash flow.

Speaker #2: And on the Tokmanni side, again, we are €16 million below in inventory, and that's a very good achievement. The total inventory value was €312.3 million.

Tapio Arimo: On the Tokmanni side, again, we are EUR 16 million below in inventory, and that's a very good achievement. The total inventory value was EUR 312.3 million. On the Dollarstore side, it is also below last year, again, that is including the EUR 12 million write-down. Excluding that, it would be EUR 10 million above last year. Still, if you take into account all the increase in the assortment and the new stores, it's a pretty decent achievement. Looking at our financing, again, a large part of our total net debt is this IFRS 16 lease agreement. If you look at the, let's say, the bank loans and the existing bond, over the last five quarters, we've been able to quite steadily pay down the actual bank debt and the combination with the bond loan.

Speaker #2: And on the Dollarstore side, it is also below last year, but again, that is including the 12 million write-down. So, excluding that, it would be some 10 million above last year. But still, if you take into account all the increase in the assortment and the new stores, it's a pretty decent achievement.

Speaker #2: Looking at our financing again a large part of our total net debt is this IFRS 16 lease agreement. But if you look at the let's say the bank loans and the existing bond we have been able to over the last five quarters we've been able to quite steadily pay down the actual bank debt and the combination with the bond loan.

Speaker #2: So it peaked in the first quarter of 2025 at €365.3 million, and now we're down to below €300 million of that debt, at €293.4 million.

Tapio Arimo: It peaked in Q1 2025 at EUR 365.3 million, and now we're down to below EUR 300 million of that debt at EUR 293.4 million. As we continue to expand, the lease liabilities continues to creep up. We are at the moment at EUR 617.7 million in the lease liabilities. Our net debt to comparable EBITDA, which is our only bank covenant. We are, let's say, managing it quite well in my mind. At the moment, the net debt to comparable EBITDA, including the IFRS 16 lease liabilities, is 4.11 and excluding 3.26. If you remember our long-term target, which is to keep that ratio below 2.25 at year-end. Of course, there's still some way to go, I do see that we will be quite close to that figure.

Speaker #2: And of course, as we continue to expand, the lease liabilities continue to creep up. So we are at the moment at €617.7 million in lease liabilities.

Speaker #2: Then our net debt to comparable EBITDA, which is our only bank covenant, we are, let's say, managing it quite well in my mind. At the moment, the net debt to comparable EBITDA, including the IFRS 16 lease liabilities, is 4.11, and excluding, 3.26.

Speaker #2: And if you remember, our long-term target is to keep that ratio below 2.25 at year-end. Of course, there's still some way to go, but I do see that we will be quite close to that figure.

Speaker #2: We might not quite get there, but we will be very close to that figure in any case. Then about our cash flow—as mentioned, the first quarter cash flow was quite good.

Tapio Arimo: We might not quite get there, we will be very close to that figure in any case. About our cash flow. As mentioned, the Q1 cash flow was quite good. If you, let's say, last year was quite exceptional due to the Q1 poor performance. If you look at it on a H1 basis, you can see that we're still clearly ahead of last year and the year before that at EUR 31.9 million. Of course, it is cash flow for the Q1, and that's a very good result. Again, that has been driven by the efficient management of net working capital, both the accounts payable as well as the inventories, obviously. Finally, my part concludes with the capital expenditure.

Speaker #2: If you look at last year, it was quite exceptional due to the poor performance in the first quarter. And if you look at it on a half-year basis, you can see that we're still clearly ahead of last year and the year before that, at €31.9 million.

Speaker #2: Of course, it is cash flow for the first quarter, and that's a very good result. Again, that has been driven by the efficient management of net working capital—both the accounts payable as well as the inventories, obviously.

Speaker #2: Then finally, my part concludes with the capital expenditure, and as you can see here, we have about €8.2 million in the second quarter of capital expenditure, well in line with last year.

Tapio Arimo: As you can see here, we have about EUR 8.2 million in the Q2 of capital expenditure, well in line with last year. Also, if you look at the H1 in total, EUR 13.6 million in total. We are well on track to, let's say, reach roughly the EUR 30 million, give or take a few million in capital expenditure for the full year. With that, I invite Sampo back on stage to talk a little bit about the plans going forward.

Speaker #2: And also, if you look at the first half, in total €13.6 million, and we are well on track to, let's say, reach roughly the €30 million—give or take a few million—in capital expenditure for the full year.

Speaker #2: So with that, I invite Sam Fall back on stage to talk a little bit about the plans going forward.

Speaker #1: Thanks, Tapio. It's a pleasure to see you presenting the figures. When we look ahead—I think you have already changed my slide, which is good—it is actually really important to see that the actions taken already in the first half of this calendar year and in the second quarter have been delivering higher footfall and a stronger average basket. As you can see, we have stores in pretty good, or even excellent, commercial shape, which gives us a really steady situation to continue.

Sampo Päällysaho: Thanks, Tapio. Pleased to see you presenting the figures. When we look ahead, I think you have already changed my slide, which is good. It is actually really important to see that the actions taken already H1 of this calendar year and Q2 has been delivering higher footfall, stronger average basket. As well as you can see, we have stores in a pretty good or even in excellent commercial shape, which gives us a really steady situation to continue. We have stores, we have commercial standards, we have employees who are willing to meet these customers. That's from my perspective as a retailer is a strong statement. No matter if you go to northern part of Finland, central part of Sweden, middle part of Denmark, these are the concept criteria they should be fulfilling. Nice to visit.

Speaker #1: We have stores, we have commercial standards, we have employees who are willing to meet these customers. And that's, from my perspective as a retailer, a strong statement.

Speaker #1: No matter if you go to northern part of Finland central part of Sweden middle part of Denmark these are the concepts criterias they should be filing.

Speaker #1: It's nice to visit. You tend to have a shopping list, but you also bought something more. And that makes retail—us as a retailer—happy. One of the topics which we have pointed out and sent a separate release about this morning concerns cooperation with Spar.

Sampo Päällysaho: You tend to have a shopping list, but you also bought something more. That makes us as a retailer happy. One of the topics which we have pointed out and sent a separate release also this morning concerns cooperation with SPAR. Last week, I had the privilege to meet our counterparts in Netherlands, and we can really see that there's a fruitful discussion and a real retail understanding in Netherlands, which is in our advantage. SPAR has multiple store concepts, and we have decided to work under EUROSPAR trademark. That concerns Finland. In Finland, we have already introduced approximately 200 SKUs of different SPAR private label products. Starting latter part of the autumn, we will be introducing SPAR products also in Sweden. When we do that one, actually, we also will be increasing frequency for a customer visit.

Speaker #1: Last week, I had the privilege to meet our counterparts in the Netherlands, and we can really see that there's a fruitful discussion and a real retail understanding in the Netherlands, which is to our advantage.

Speaker #1: Spar has multiple store concepts, and we have decided to operate under the Euro Spar trademark. That concerns Finland. In Finland, we have already introduced approximately 200 SKUs of different Spar private label products.

Speaker #1: And starting in the latter part of the autumn, we will be introducing Spar products also in Sweden. And when we do that, we actually will also be increasing the frequency of customer visits.

Speaker #1: Instead of only having the seasonal investment articles, we will also be bringing in products like you see here—spaghetti or olive oil—which you need on a weekly basis.

Sampo Päällysaho: Instead of only having the seasonalities investment articles, we also will be bringing in products like you see here, spaghetti or olive oil, which you need on a weekly basis. This will be actually something very big for our Dollarstore operation as well. Planning has started, I would be saying, before the Christmas trade or even hopefully already October, November, these SKUs will be launched and introduced for the Swedish customers. When we look to the top sellers in Finland, of course, it's granulated sugar. It's quality pasta. It's biscuits, hand soap, canned tuna overseas, as well as chocolate products. These are not in a volume order. They are just in a sudden order. I would be saying that Finnish customers tend to buy these products on a weekly and biweekly basis. Photo on this slide is one of the most tidy distribution centers.

Speaker #1: And this will actually be something very big for our dollar store operation as well. Planning has started, and I would say that before the Christmas trade, or even hopefully already in October or November, these SKUs will be launched and introduced for Swedish customers.

Speaker #1: When we look at the top sellers in Finland, of course it's granulated sugar, quality pasta, biscuits, hand soap, and canned tuna from overseas.

Speaker #1: As well as chocolate products. These are not in volume order; they are just in a random order. But I would say that Finnish customers tend to buy these products on a weekly and biweekly basis.

Speaker #1: The photo on this slide is one of the most tiny distribution centers. It's from Örebro. And I'm really proud to see how our DC operations in Mäntsälä as well, and Örebro, are driven. We have highly skilled people, highly driven efficiency, but also we have happy employees.

Sampo Päällysaho: It's from Örebro. I'm really proud to see how our DC operations in Mäntsälä as well and Örebro are driven. We have highly skilled people, highly driven efficiency, but also we have happy employees. This is something which gives us a room to take additional action steps. When we have DC and our value chain in our hand, we can also work on customer's behalf. We are there to provide low prices, wide assortment, and easy shopping experience, no matter in which store, in which country you are visiting our stores. Our preparations for Christmas trade are well progressing, autumn trade is already here. Next week, schools are starting in Finland or has even started in central part of Finland this week, and same applies to Sweden and Denmark.

Speaker #1: And this is something which gives us room to take additional action steps. When we have DC and our value chain in our hand, we can also work on the customer's behalf.

Speaker #1: We are there to provide low-price, wide assortment and easy shopping experience, no matter in which store or in which country you are visiting our stores.

Speaker #1: Our preparations for Christmas trade are progressing well, and autumn trade is already here. Next week, schools are starting in Finland, or have even started in the central part of Finland this week, and the same applies to Sweden and Denmark.

Speaker #1: And it's really important that we are ready to meet the young boys and girls who are entering the school, who want to buy accessories, but are also looking for a backpack.

Sampo Päällysaho: It's really important that we are ready to meet the young boys and girls who are entering to the school who want to buy the accessories, but also are looking for a backpack. We have a continued focus on strengthening the market positions for Tokmanni, Dollarstore, and Big Dollar. At today, we do not see that the geopolitical uncertainty would be making any hurdles for us. We have a good position when it concerns product availability, maintaining supply chain, and we are well upfront with the seasonal preparations. From that perspective, we don't see any clouds in the skies. We rather see a pretty bright skies from our sake. We have also started our strategy process, and this strategy process involves all of our three markets. It's also important for me that it's not only the executive management team working in this manner.

Speaker #1: We have a continued focus on strengthening the market positions for Tokmanni, Dollar Store, and Big Dollar. As of today, we do not see that the geopolitical uncertainty would be making any hurdles for us.

Speaker #1: We have a good position when it comes to product availability, maintaining the supply chain, and we are well upfront with the seasonal preparations. So from that perspective, we don't see any clouds in the skies.

Speaker #1: We rather see pretty bright skies from our side. We have also started our strategy process, which involves all of our three markets. And it's also important for me that it's not only the executive management team working in this manner.

Speaker #1: We are involving our markets, and in two weeks' time—no, in a week and a half's time—we are also meeting with our leaders here in Finland. It's actually a group of 80, even 90, persons gathering together, seeing where we are today, what kind of challenges we have had, what we want to achieve, and then we are really rolling out our strategy process, which we will be sharing with you later—not yet in August, but in September.

Sampo Päällysaho: We are involving our markets, and in two weeks time, in a week and a half time, we are also meeting with our leaders here in Finland, and it's actually a group of 80, even 90 persons gathering together, seeing where we are today, what kind of challenges we have had, what do we want to achieve, and then we are really rolling our strategy process, which we will be sharing with you then later, not yet in August or in September. Did we have something else to mention here?

Speaker #1: Did we have something else to mention here?

Speaker #2: A few things.

Speaker #1: Then let's move ahead. Yes, good. Also, we are delighted to inform you that we have new members joining the Group's Executive Team. Ulrika, a Swedish citizen, is joining us already on the 1st of September.

Tapio Arimo: A few things.

Sampo Päällysaho: Let's move ahead. Yes, good. Also, we are delighted to inform that we have new members joining group's executive team. Ulrika, a Swedish citizen, is joining us already 1 September. Ulrika will take a role as a strategy and transformation officer, and in the past, she has worked, for example, for OKQ8 as well as Mekonomen, and I know her well from the Clas Ohlson times. We are really welcoming her to take over this really important role, not only for the strategy process, but also executing, implementing, and following that the most important milestones will be fulfilled. We are also inviting Martin to join us. Martin will take over role as a managing director for Dollarstore segment, meaning Sweden and Denmark, and he will be joining us from Flying Tiger. He will be here on 1 November onwards.

Speaker #1: Ulrika will take a role as a Strategy and Transformation Officer, and in the past she has worked, for example, for ÅKQ8 as well as Mekonomen. And I know her well from the Clas Ohlson times.

Speaker #1: And we are really welcoming her to take over this really important role, not only for the strategy process, but also executing, implementing, and following that the most important milestones will be fulfilled.

Speaker #1: We are also inviting Martin to join us. Martin will take over the role as Managing Director for the dollar stores segment, meaning Sweden and Denmark.

Speaker #1: And he will be joining us from Flying Tiger. He will be here from the 1st of November onwards. With these two new members, we are also reaching a milestone from the Finnish side.

Sampo Päällysaho: With these two new members, we are actually also in a milestone from the Finnish sake. Instead of having Finnish as the language spoken, it also means that we are shifting into English in the group's executive team. Both Ulrika and Martin will have their offices in Kista. At the same time, I do believe that especially Ulrika will be visiting headquarters in Mäntsälä, if not on a weekly basis, on a bi-weekly basis. Will you take the guidance or shall I take it?

Speaker #1: Instead of having Finnish as a language spoken, it also means that we are shifting into English in the Group's Executive Team. Both Ulrika and Martin will have their offices in Kista.

Speaker #1: But at the same time, I do believe that especially Ulrika will be visiting headquarters in Mäntsälä, if not on a weekly basis, then on a biweekly basis.

Speaker #1: Will you take the guidance, or shall I take it? I can take it. Okay. As noted already, we do keep our guidance for 2026 unchanged.

Tapio Arimo: You can take it.

Sampo Päällysaho: I can take it. Okay. As noted already, we do keep our guidance for 2026 unchanged. We do expect our revenue to be in between EUR 1.78 to 1.86 million euros, or billion.

Speaker #1: We do expect our revenue to be between €1.78 and €1.806 billion. Or €1.78 billion. Isn't that correct?

Tapio Arimo: Billion.

Sampo Päällysaho: EUR 1.78 billion. Isn't that correct?

Speaker #2: Yes.

Speaker #1: Good. And comparable EBIT we also expect to be between €85 million and €105 million. And closing this session, being prepared for the Q&A, you can also see the clubby sign which I mentioned earlier.

Tapio Arimo: Yes.

Sampo Päällysaho: Good. Comparable EBIT, we also expect to be between EUR 85 to 105 million. Closing this session, being prepared for the Q&A, you can also see the Klubi sign, which I mentioned earlier. 1.6 million registered members already here in Finland, which makes us happy. Time for a Q&A. Please raise your hand and we will try to give a momentum for each and every one of you. I can see that Arttu Heikura, you are the first one, so please.

Speaker #1: We have 1.6 million registered members already here in Finland, which makes us happy. Now, it's time for a Q&A. Please raise your hand and we will try to give an opportunity for each and every one of you.

Speaker #1: I can see that Arttu Heikura, you are the first one. So, please.

Speaker #3: Yes, good morning. It's Arttu Heikura from Inderes. Nice to meet you, Sampo, for the first time. I have a few questions. First off, can you quantify how large was the impact of Easter on your revenue growth in Q2?

Arttu Heikura: Yes, good morning. It is Arttu Heikura from Inderes. Nice to meet you, Sampo, for the first time. I have a few questions. First off, can you quantify how large was the impact of Easter to your revenue growth in Q2?

Speaker #2: Yeah, it's not—there's, of course, not exact science. There's weather and everything else, but we estimate it to be between 1 and 2 percentage points in the, let's say, shift between Q1 and Q2.

Tapio Arimo: Yeah, there is of course not exact science. There is weather and everything else, but we estimate it to be between 1% and 2 percentage points in the, let us say, shift between Q1 and Q2. I said again, there is no scientific right answer there, but that is the best estimate we have.

Speaker #2: But as I said, again, there's no scientific right answer there, but that's the best estimate we have.

Speaker #3: All right. And I guess that your plans for expanding the Sweden network have somewhat changed. So, how many stores are you planning to open in Sweden during the next few years?

Arttu Heikura: All right. I guess that your plans on expanding the Swedish network has somewhat changed. How many stores are you planning to open in Sweden during the next few years?

Speaker #1: It's a really good question. Annual planning for 2027 has started, and if I give you a precise figure, it's not the reality. I can see that our store network today is fulfilling most of the populated cities and towns in Sweden.

Sampo Päällysaho: It's a really good question. Annual planning for 2027 has started, if I give you a precise figure, it's not the reality. I can see that our store network today is fulfilling most of the populated cities and towns in Sweden. Therefore, I was also saying that any new store in Sweden needs to be carefully calculated, because we do not have a situation that we open a store next to already existing store, and the cannibalization effect tends to be too big. There will be new stores, but limited amount of new stores in Sweden.

Speaker #1: And therefore, I was also saying that any new store in Sweden needs to be carefully calculated, because we do not have a situation where we open a store next to an already existing store and the cannibalization effect turns out to be too big.

Speaker #1: There will be new stores, but a limited amount of new stores in Sweden.

Speaker #3: Okay. And then a question about the dollar stores concept and assortment renewal program. Compared to your previous plans how do you make have you made some changes in the amount or characteristics of SKUs that you will be renewed in the dollar store?

Arttu Heikura: Okay. Then a question about the Dollarstore concept and assortment renewal program. Compared to your previous plans, have you made some changes in the amount or characteristics of SKUs that you will be renewed in the Dollarstore?

Speaker #1: Thanks, Arttu. I think the biggest topic in the presentation today was actually to show that we have already gained 6,700 common SKUs between segments.

Sampo Päällysaho: Thanks, Arttu. I think the biggest topic in the presentation today was actually to show that we have gained already 6,700 common SKUs in between segments, which gives us a room to improve logistics, room to improve purchasing terms, and also room to improve cross-margin, not only in Dollarstore segment, but also in Finland. When we look for the periods behind and upcoming seasonal periods, there is a clear plan to introduce new SKUs also now during the autumn time in Sweden. It might be small domestic appliances or electric articles. It might be spare products, like mentioned earlier. Yes, it will be hundreds of new SKUs for this autumn time. Third wave also taking place right after the Christmas trade.

Speaker #1: Which gives us room to improve logistics, room to improve purchasing terms, and also room to improve gross margin—not only in the dollar store segment but also in Finland.

Speaker #1: When we look at the periods behind us and upcoming seasonal periods, there is a clear plan to introduce new SKUs, also now during the autumn time in Sweden.

Speaker #1: It might be small domestic appliances or electric articles. It might be spare products, like mentioned earlier. And yes, it will be hundreds of new SKUs for this autumn time.

Speaker #1: And the third wave is also taking place right after the Christmas trade. So, already today, in the existing climate, our assortment in Sweden is the widest when we compare ourselves to other variety discount retailers.

Sampo Päällysaho: Already today, in the existing climate, our assortment in Sweden is the widest when we compare us to another variety discount retailers, and we will make it as our competitive advantage in Sweden.

Speaker #1: And we will make it our competitive advantage in Sweden.

Speaker #3: And are you planning to do this in all Dollar Store locations?

Arttu Heikura: Are you planning to do this in the all Dollarstore stores?

Speaker #1: Yeah, at least partially, Arttu. There might be situations where there's an even wider assortment in chosen stores, but each and every store will be asking for and will be requiring new SKUs to be better in order to meet our customer expectations.

Sampo Päällysaho: At least partially, Arttu. There might be situation where there's an even wider assortment in chosen stores, but each and every store will be asking and will be requiring new SKUs to meet our customer expectations.

Speaker #3: Okay, then a question regarding dollar stores' inventory right down. What kind of products have you—or will you—write down? And yeah, that was my question.

Arttu Heikura: Okay. A question regarding Dollarstore's inventory write-downs. What kind of products have you or you will be write down? Yeah, that was my question.

Speaker #2: Well the right down is really it's a one of item and it really allows us to let's say going forward allows us to show the let's say true underlying profitability.

Sampo Päällysaho: Okay.

Tapio Arimo: Well, the write-down is really a one-off item, it really allows us to, let's say, going forward, allows us to show the true underlying profitability. As Sampo said, we are introducing a lot of new SKUs, therefore, we have to clear out some of the old stuff as well. When we clear that old stuff out, whether just probably not removing that much, but it's mostly selling in a very low price to get rid of it or maybe even selling to some third parties part of that. Whatever we decide to do, then we can use the, let's say, EUR 12 million write-off to offset that so that we can show the underlying profitability going forward for Dollarstore.

Speaker #2: Because, as Sampo said, we are introducing a lot of new SKUs, and therefore we have to clear out some of the old stuff as well.

Speaker #2: So when we clear that old stuff out, whether—you know, just probably not removing that much—but it's mostly, you know, selling at a very low price to get rid of it, or maybe even selling to some third parties as part of that.

Speaker #2: But whatever we decide to do, then we can use the, let's say, €12 million write-off to offset that, so that we can show the, let's say, underlying profitability going forward for Dollarstore.

Speaker #3: Yeah, yeah, sure. And then what gives you confidence in achieving the current guidance, given that your EBIT is approximately €3 million behind last year, and the dollar stores might fall—like, footfall was still in decline?

Arttu Heikura: Yeah, sure. What gives you confidence in achieving the current guidance given that your EBIT is approximately EUR 3 million behind last year and the Dollar Stores like-for-like footfall was still in decline?

Speaker #1: Will you take that one, Tapio?

Speaker #2: I can take any; you can fill them.

Sampo Päällysaho: Will you take that one, Tapio?

Speaker #1: I can fill them.

Speaker #2: So, of course, we have several positive signs both in the general economy as well as in our own operations. When we did the, let's say, enlargement in the May time frame of the dollar store assortment, we clearly saw a pick-up in sales, and that gives us confidence that the more we add to the product assortment, the more sales we can generate from the same amount of customers.

Tapio Arimo: I can take it, and you can fill then.

Sampo Päällysaho: I can also fill in.

Tapio Arimo: Of course, we have several positive signs both in the general economy as well as in our own operations. When we did the enlargement in the May timeframe of the Dollarstore assortment, we clearly saw a pickup in sales, and that gives us confidence that the more we add to that product assortment, the more sales we can generate from the same amount of customers. Also, we've been doing a lot of marketing activities in Dollarstore, trying out different things, whether it's radio commercials or the leaflet and so on. That has resulted in improved footfall. As Sampo said, the basket size at Dollarstore has clearly increased.

Speaker #2: Also, we've been doing a lot of marketing activities in dollar store, trying out different things, whether it's radio commercials or the leaflet, and so on.

Speaker #2: So that has resulted in improved footfall. So and also as Sampo said the basket size and dollar store has clearly increased. So we do see several levers that are pushing up the sales which again is the number one thing we need to improve in the dollar stores is the sales per square meter or sales per store whatever you use the metric but that's the key thing we're trying to achieve so increase the sales.

Tapio Arimo: We do see several levers that are pushing up the sales, which again, is the number one thing we need to improve in the Dollarstore stores is the sales per square meter or sales per store, whatever you use the metric. That's the key thing we're trying to achieve. Increase the sales of the existing store network.

Speaker #2: The existing store network—so we do have positive signs there. Also, in Finland, we are seeing positive signs in the general economy. People might be willing to spend a little bit more, and you can see that in the marketplace. For example, the K Group is now doing slightly better than the S Group, and that's really showing that consumers are willing to spend a bit more money. Of course, it's good for us as well that consumers are willing to spend more, so we plan to take more than our fair share of the wallet.

Arttu Heikura: Yeah.

Tapio Arimo: We do have positive signs there. Also in Finland, we do see positive signs in general economy. Also, people might be willing to spend a little bit more. You see that in the marketplace with, for example, the K Group now doing slightly better than the S Group. That's really showing that consumers are willing to spend a bit more money. Of course, it's good for us as well that consumers are willing to spend more. We plan to take more than our fair share of the wallet sort of opening for consumers.

Speaker #2: Sort of opening for consumers.

Speaker #1: I think.

Speaker #3: Okay, then my last question. Go ahead. Go ahead, Sampo.

Arttu Heikura: Okay, my last question.

Sampo Päällysaho: Yes, please, Arttu.

Speaker #1: No, you—I was just about to say that I'm not going to fulfill anything more, because you also took Finland into account, and that one I was curiously following, that you also remembered our biggest market and segment in this discussion.

Arttu Heikura: Go ahead, Sampo.

Sampo Päällysaho: No, you. I'm just about to say that I'm not going to fulfill anything more because you also took Finland into account.

Tapio Arimo: Yeah.

Sampo Päällysaho: That one I was curiously following, that you also remembered our biggest market and segment in this discussion.

Speaker #1: So, Arttu, you had one more question, please.

Speaker #3: Yeah, my last question is regarding the Tokmanni segment. Do you still see room to improve the segment’s fixed cost structure during H2?

Tapio Arimo: Yes.

Sampo Päällysaho: Arttu, you had one more question, please.

Arttu Heikura: My last question is regarding Tokmanni segment, do you still see room to improve segment's fixed cost structure during the H2?

Speaker #1: As noted, we had tight cost control for Q2. And of course, we are following the performance, while it is a necessity that we actually run the top line, strengthen the gross margin, and also have tight OPEX control.

Sampo Päällysaho: As noted, we had a tight cost control for Q2, and of course, we are following the performance while it is a necessity that we actually run the top line, strengthen the gross margin, and also have a tight OpEx control. Especially in the momentum where we have been opening new SPAR stores to see that the footfall is growing and at the same time, visit frequency is growing. This combined, we expect also to fulfill the guidance question from your perspective.

Speaker #1: And it's especially in the momentum where we've been opening new SPAR stores to see that the footfall is growing, and at the same time, visit frequency is growing.

Speaker #1: This, combined, we expect will also fulfill the guidance question from your perspective.

Speaker #3: All right, thank you very much, and good luck for the last part of the year.

Arttu Heikura: All right. Thank you very much and good luck for the last part of year.

Speaker #1: Thank you so much. Next, who has raised his hand is Joonas. Joonas, please.

Sampo Päällysaho: Thank you so much. Next who has raised his hand is Joonas. Joonas, please.

Speaker #4: Yes, hi, good morning. It's Joonas from OP. A couple of questions regarding the cross margins in each of the countries. So firstly, in Finland, cross margin weakened apparently due to campaigning, even though sales of seasonal products increased.

[Analyst] (OP): Yes. Hi, good morning. It's Joonas from OP. A couple of questions regarding the gross margins in each of the countries. Firstly, in Finland, gross margin weakened apparently due to campaigning, even though sales of seasonal products increased. Can you comment how was the margin in seasonal products this year versus last year? Maybe overall, what type of products or product groups were sold through campaigns, groceries, non-groceries, or both? Perhaps also, what kind of expectations do you have for the Finnish gross margin in H2?

Joonas Häyhä: Yes. Hi, good morning. It's Joonas from OP. A couple of questions regarding the gross margins in each of the countries. Firstly, in Finland, gross margin weakened apparently due to campaigning, even though sales of seasonal products increased. Can you comment how was the margin in seasonal products this year versus last year? Maybe overall, what type of products or product groups were sold through campaigns, groceries, non-groceries, or both? Perhaps also, what kind of expectations do you have for the Finnish gross margin in H2?

Speaker #4: Can you comment on how the margin in seasonal products was this year versus last year? And maybe overall, what type of products or product groups were sold through campaigns—groceries, non-groceries, or both? And perhaps also, what kind of expectations do you have for the Finnish gross margin in the second half?

Speaker #1: If we take the Q2, and like I mentioned, we were happy to see that the non-grocery items and non-grocery categories actually continued to grow.

Sampo Päällysaho: If we take the Q2, like I mentioned, we were happy to see that the non-grocery items and non-grocery categories actually continued to grow. In those categories also, we have a stronger margin, of course, than in groceries or fast-moving consumer goods. Therefore, it's an essential part from our businesses that we are extremely good and we meet our customer requirements in those categories. That gives us a room for the further gross margin percentage improvement. When we take the gross margin in EUR, we have also used grocery products to bring in customers. Of course, when we are saying Suomen Halvin as a campaign title, those Suomen Halvin articles are both important from the branding perspective, important for the customer promise, but important for also our customers who are seeking for the cheapest possible articles and cheapest possible buying positions.

Speaker #1: And in those categories, we also have a stronger margin, of course, than in groceries or fast-moving consumer goods. Therefore, it's an essential part of our business that we are extremely good and that we meet our customer requirements in those categories.

Speaker #1: And that gives us room for further gross margin percentage improvement. When we look at the gross margin in euros, we have also used grocery products to bring in customers.

Speaker #1: And of course, when we are saying 'Suomen halvin' as a campaign title, those 'Suomen halvin' articles are both important from the branding perspective, important for the customer promise, but also important for our customers who are seeking the cheapest possible articles and the cheapest possible buying positions.

Speaker #1: And from that perspective, it's a constant balancing between seasonalities, between footfall, and also a successful Suomen Halvin campaign. Did you have something else, Joonas?

Sampo Päällysaho: From that perspective, it's constant balancing in between seasonalities, in between footfall, and also successful Suomen Halvin campaign. Did you have something else, Joonas?

Speaker #3: Yes, maybe another question regarding dollar stores’ gross margin that we could also ask about in the second quarter. So, how was the campaigning level in dollar stores in the second quarter versus last year, and did you still have clearance sales related to dollar stores’ old inventory?

[Analyst] (OP): Yes. Maybe another question regarding Dollarstore's gross margin that weakened also in Q2. How was the campaigning level in Dollarstore in Q2 versus last year? Did you still have clearance sales related to Dollarstore's old inventory? What was the main driver for?

Joonas Häyhä: Yes. Maybe another question regarding Dollarstore's gross margin that weakened also in Q2. How was the campaigning level in Dollarstore in Q2 versus last year? Did you still have clearance sales related to Dollarstore's old inventory? What was the main driver for?

Speaker #3: What was the main driver for the...

Speaker #2: Yes, so again, we did introduce, for example, dry goods and dry foods in the second quarter, and we had, let's say, quite heavy campaigning on, for example, drinks and, you know, dry foods.

Tapio Arimo: Yes. Again, we did introduce, for example, dry goods, dry foods in Q2, and we had, let's say, quite heavy campaigning on, for example, drinks and dry foods. That obviously drives down the margin a little bit. Also, you saw the grocery part increasing at Dollarstore from a year ago, so that has also an impact to mix. As Sampo said, the gross margins on the fast-moving consumer goods are, of course, clearly lower than on the non-grocery products. I would say those two were the main factors driving down the margin slightly. We do, let's say, expect the margin decline to, let's say, slow down at least, if not reverse, during H2. We do have lots of actions in place to support the margin.

Speaker #2: So that obviously drives down the margin a little bit. Also, you saw the grocery part increasing at dollar stores from a year ago, so that has also impacted the mix. As Sampo said, the gross margins on fast-moving consumer goods are, of course, clearly lower than on the non-grocery products.

Speaker #2: So, I would say those two were a mix, or were the main factors driving down the margin slightly. So, and we do, let's say, expect the margin decline to, let's say, slow down at least, if not reverse, during the second half.

Speaker #2: So, we do have lots of actions in place to support the margin, like we said at the beginning of the year. That is something we focus on, but we have also had to balance it with the footfall because that is also super important for any retailer—to have enough footfall.

Tapio Arimo: Like we said at the beginning of the year, that is something we focus on, but we have also had to balance it on the footfall because that is also super important for any retailer to have enough footfall. We will continue this summer halving and similar campaigns in Dollarstore as well. It is, like Sampo said, it's a balancing act to maintain the margins. Of course, we need to remember here it's the absolute margin in the end that brings the profit and pays the bills. The relative margin is also important to follow, but the absolute margin is something that we try to optimize always.

Speaker #2: So we will continue this Suomen halving and similar campaigns in Dollar Store as well. So, as Sampo said, it's a balancing act to maintain the margins, and of course we need to remember here that it is the absolute margin in the end that brings the profit and pays the bills.

Speaker #2: So the relative margin is also important to follow, but the absolute margin is something that we try to optimize always.

Speaker #1: We have three more people asking for time to ask a question. So, Maria, you will be next, please.

Sampo Päällysaho: We have three more persons asking for time for a question. Maria, you will be next, please.

Speaker #5: Yes, thank you. This is Maria Vikström from SCB, and nice to meet you, Sampo. Yeah, I had three questions. I mean, first I wanted to touch upon, I mean, your view on the Finnish consumer, as I think earlier companies that have reported, namely Kesko and Verkkokauppa, I think people have been talking about early signs of a stronger Finnish consumer.

Maria Wikström: Yes. Thank you. This is Maria Wikström from SEB. Nice to meet you, Sampo.

Sampo Päällysaho: Good to meet you.

Maria Wikström: Yeah, I had three questions. First, I wanted to touch upon your view on the Finnish consumer. As I think earlier companies that have reported, namely Kesko and Verkkokauppa, I think people have been talking about an early signs of a stronger Finnish consumer. If I read your report, I think you talked about the uncertainty, and I think the like-for-like of close to 0% for the Finnish market was a clear disappointment given very warm early summer weather. Can you a little bit describe your views on the Finnish consumer and why it was such a low like-for-like growth for the Finnish segments during the Q2?

Speaker #5: And if I read your report, I think you talked about the uncertainty. And I think I mean the like-for-like of, I mean, close to zero percent for the Finnish market was a clear disappointment given the very warm early summer weather.

Speaker #5: So, can you describe a little bit— I mean, your views on the Finnish consumer and why there was such low like-for-like growth for the Finnish segment during Q2?

Speaker #1: Thanks, Maria. I think it's necessary to say that Finnish customers are, from one perspective, fast movers, and we also want to believe that the positive news—especially from the Kaupan Liitto, the Finnish retail association—is such that it will also move to retailers' advantage in general.

Sampo Päällysaho: Thanks, Maria. I think it's a necessity to say that Finnish customers are, from one perspective, fast movers. We also want to believe that the positive news, especially from the Kaupan liitto, Finnish Commerce Federation, is such that we'll be also moving into a retailer's advantage in general. This might already take place for the Christmas trade this year. For past years, people have a tendency to buy the Christmas gifts no matter how much money you have in your wallet or if you do not have. When we have these positive signs that concerns employments, investments, we also have a firm belief that customers will be a bit stronger in upcoming Christmas trade than in the past Christmas trades.

Speaker #1: And this might already take place for the Christmas trade this year. In past years, people have had a tendency to buy Christmas gifts no matter how much money you have in your wallet, or even if you do not have any.

Speaker #1: And when we have these positive signs that concern employment and investments, we also have a firm belief that customers will be a bit stronger in the upcoming Christmas trade than in past Christmas trades.

Speaker #1: And of course, Q4 for our sake is by far the most important when it concerns turnover and EBIT, which is also one part of the guidance kept for our sake.

Sampo Päällysaho: Of course, Q4 from our sake is by far the most important when it concerns turnover and EBIT, which is also one part of the guidance kept from our sake. It is not only about Q1 and Q2, which have a minor role in the EBIT development, but Q3 and Q4 do really pay attention. Is there something what you would like to say about the like-for-like development here in Finland, Tapio?

Speaker #1: So it's not only about Q1 and Q2, which have a minor role in the EBIT development, but Q3 and Q4—do really pay attention.

Speaker #1: Is there something you would like to say about the like-for-like development here in Finland, Tapio?

Speaker #2: Yeah, of course. I mean, it's not great, so of course we will work hard on improving that. And as said, you know, I think we've said it several times that competition has been quite tough in Finland.

Tapio Arimo: Yes, of course. It is not great. Of course, we will work hard on improving that. As said, I think we have said it several times that competition has been quite tough in Finland. We continue to see that. Like Sampo said, early positive signs in the consumers' spending. I do not know if you say want or wish or ability, I think there is more ability to spend now than there definitely was a year ago or two years ago. Whether that spending actually materializes, that will be now very interesting to see because again, if you look at the bank account data, for example, I think we are at all-time high in Finland at the moment. Also, quite a lot of money goes into investment. Hopefully, we will see in the H2 more spending from the consumers also on consumables and also durable goods.

Speaker #2: We continue to see that, but like Sampo said earlier, there are positive signs in consumer spending. I don't know if you say want or wish or ability—I think there is more ability to spend now than there definitely was a year ago or two years ago. Whether that spending actually materializes, that will be now very interesting to see, because again, if you look at the bank account data, for example, I think we're at an all-time high in Finland at the moment.

Speaker #2: Also, quite a lot of money goes into investments. So hopefully, we will see in the second half more spending from consumers, both on consumables and durable goods.

Speaker #1: And of course, from a customer’s sake, just briefly saying that there were uncertainties in customers’ minds during the end of Q1 and beginning of Q2, and that mainly applied to the uncertainties in Iran and uncertainties due to tariffs for the US. I do see and I do hope that these uncertainties will have no impact during the autumn time and will have no impact for the Christmas trade.

Sampo Päällysaho: Of course, from a customers' sake, just briefly saying that there were uncertainties in customers' minds during end of Q1, beginning of Q2, and that mainly applied to the uncertainties in Iran, uncertainties due to tariffs for US. I do see and I do hope that these uncertainties will have no impact during the autumn time and will have no impact for the Christmas trade. Of course, we want Finnish customers to visit each and every of our 208 stores in Finland, and also to have a confidence that they can treat their families and closest ones well. Did you have, Maria, also a second question in you?

Speaker #1: Because, of course, we want Finnish customers to visit each and every one of our 208 stores in Finland and also to have confidence that they can treat their families and closest ones well.

Speaker #1: Did you also have a second question on your side, Maria?

Speaker #5: Yes I actually had third question so I go to my second question. Which is I mean now I mean when you have had a chance I mean to look through the dollar store operations which have been the Achilles heel over the last I mean quite few quarters now.

Maria Wikström: Yes, I actually had third question. I go to my second question.

Sampo Päällysaho: Please.

Maria Wikström: When you have had a chance to look through the Dollarstore operations, which have been the Achilles heel over the last quite few quarters now, I wanted to ask if you see a need for store closures or relocation. How different are the profit performance across the store network in Dollarstore?

Speaker #5: I wanted to ask if you see a need for any store closures or relocations. Also, how different is the profit performance across the store network in Dollar Store?

Speaker #1: Thanks for the question, Maria. I think it is about productivity and also profitability. And each and every store we need to follow. It is in our favor to have this wide network without any store closures.

Sampo Päällysaho: Thanks for the question, Maria. I think it is about productivity and also profitability. Each and every store we need to follow. It is in our favor to have this wide network without any store closures. We will definitely take each and every situation individually. At today's situation, we do not have any decisions for store closings. Yes, every store will be steered profitability and productivity steered as well.

Speaker #1: And we will definitely take each and every situation individually. At today's situation, we do not have any decisions for store closings. But yes, every store will be steered for profitability and productivity as well.

Speaker #5: Thank you. And then my final question is I mean given that you've been now officially I mean five weeks into the job that what has surprised you either positively or negatively when you came like inside Tokmanni and not just I mean looking it on a consumer perspective?

Maria Wikström: Thank you. My final question is, given that you've been now officially five weeks into the job, what has surprised you either positively or negatively when you came inside Tokmanni and not just looking it on a consumer perspective?

Speaker #1: Perfect question. I was hoping somebody would raise that one. I have actually spent a lot of time now visiting our stores and meeting our employees.

Sampo Päällysaho: Perfect question. I was hoping somebody is raising that one. I have actually spent a lot of time now to meet our stores and meet our employees, and it has been such a positive, welcoming discussions with our store clerks and salesperson in the stores. At the same time, when I look for the previous quarterly reports by Tapio and Mika, I also do see that there's a room to improve when it concerns our offer, meaning wider assortment. Therefore, this approach, which has already started, is essential. We are not taking it black and white, just introducing new SKUs. We need to understand to whom we are making this widened offer. This is part of autumn time work.

Speaker #1: And it has been such positive, welcoming discussions with our store clerks and salespeople in the stores. We have actually high self-esteem in every store.

Speaker #1: They want to meet the customer, and they are there for the customer. Then, at the same time, when I look at the previous quarterly reports by Tapio and Mika, I also see that there's room to improve when it concerns our offer.

Speaker #1: And offer meaning a wider assortment. And therefore, this approach, which has already started, is essential. We are not taking it as black and white, just introducing new SKUs.

Speaker #1: We need to understand to whom we are making this widened offer. And this is part of autumn-time work, and already now in July, we have had an external partner conduct a customer survey on our behalf.

Sampo Päällysaho: Already now in July, we have had an external partner to make a customer survey on our behalf to really understand who is our core customer in Sweden, who is our core customer in Finland, as well as in Denmark, because commonalities are important. Then we need to understand market differences. When we have the market differences, as an outcome, today, we have differentiated assortments in Finland, but in Sweden, there is more or less one assortment meeting each and every customer in all 142 stores. That is something which is in our development topics already today, how to be strong in commonalities, how to vary when there is a need for that one. Maria, you had one more question.

Speaker #1: To really understand who is our core customer in Sweden, who is our core customer in Finland, as well as in Denmark. Because commonalities are important.

Speaker #1: And then we need to understand market differences. And when we have the market differences as an outcome, today we have differentiated assortments in Finland, but in Sweden there's more or less one assortment meeting each and every customer in all 142 stores.

Speaker #1: And that's something which is already among our development topics today: how to be strong in commonalities, how to vary when there's a need for that.

Speaker #1: And Maria, you had one more question.

Speaker #5: No, I actually finished all my three. Thank you so much.

Speaker #1: Okay, thank you. Then it's Mika, and last but not least will be Svante. So Mika, your turn.

Maria Wikström: No, I actually finished all my three. Thank you so much.

Sampo Päällysaho: Okay. Thank you. It is Mika, last but not least will be Svante. Mika, your turn.

Speaker #3: Thank you. It's Mika from DNB Carnegie. I would like to ask, as you mentioned in the slides, that dollar store like-for-like customer visits turned positive in June.

[Analyst] (DNB Carnegie): Thank you. It is Mika from DNB Carnegie. I would like to ask, as you mentioned in the slides, that Dollarstore like-for-like customer visits turned positive in June, whilst baskets grew by 4%. Were there any campaigns or something unusual that drove this performance? Could you please open up how July was for Dollarstore? Did this positive trend continue?

Miika Ihamäki: Thank you. It is Mika from DNB Carnegie. I would like to ask, as you mentioned in the slides, that Dollarstore like-for-like customer visits turned positive in June, whilst baskets grew by 4%. Were there any campaigns or something unusual that drove this performance? Could you please open up how July was for Dollarstore? Did this positive trend continue?

Speaker #3: Whilst baskets grew by 4%. Were there any campaigns or anything unusual that drove this performance? And could you please elaborate on how July was for dollar store?

Speaker #3: Did this positive trend continue?

Speaker #1: Thanks, Svante. Yes. The question is such that we now have a common steering for campaigning, which also means that we have had bi-weekly leaflets in Swedish markets.

Sampo Päällysaho: Thanks, Svante. Yes, the question is such that we have now a common steering for campaigning, which also means that we had biweekly leaflets in Swedish markets, which gave us a stronger perception from the customer's perspective. It's also like Tapio mentioned earlier, we had plenty of social media activities to reach the customers who were having a vacation and getting closer to our stores. I haven't heard, though, the Swedish radio commercial, what I'm hearing from my friends, it has been enough annoying and making them to visit a store. It's also in my pending list to follow the radio commercials from the past season.

Speaker #1: This gave us a stronger perception from the customer's perspective, but it's also like Tapio mentioned earlier: we had plenty of social media activities to reach the customers who were on vacation and getting closer to our stores.

Speaker #1: I haven't heard through the Swedish radio or commercials, but what I'm hearing from my friends has been annoying enough to make them visit a store.

Speaker #1: So it's also on my pending list to follow up on the radio commercials from the past season.

Speaker #3: Okay, thank you. Actually, that's all from my side.

Speaker #1: Okay, thank you. And Svante, your turn, please.

[Analyst] (DNB Carnegie): Okay, thank you. Actually, that's all from my side.

Miika Ihamäki: Okay, thank you. Actually, that's all from my side.

Sampo Päällysaho: Okay, thank you. Svante, your turn, please.

Speaker #3: Yes, thank you. Nice meeting you. I hope to meet you in person as well soon. And thank you, Tapio, for the presentation. Actually, I just have one question left after the very long Q&A session.

[Company Representative] (Nordea Markets): Yes, thank you, Sampo. Nice meeting you. Hope to meet you physically also soon. Thank you, Tapio, for the presentation. Actually, I just have one question left after the very long Q&A session. Actually, my question is regarding Dollarstore and the change of the concept with the like-for-like customer visit still being down, but not as much as in Q1. Have you seen any change in the mix of Dollarstore customers? You obviously probably want to get a bit more customers in with a bit fatter wallet. Have you seen any change in the mix of Dollarstore customers?

Svante Krokfors: Yes, thank you, Sampo. Nice meeting you. Hope to meet you physically also soon. Thank you, Tapio, for the presentation. Actually, I just have one question left after the very long Q&A session. Actually, my question is regarding Dollarstore and the change of the concept with the like-for-like customer visit still being down, but not as much as in Q1. Have you seen any change in the mix of Dollarstore customers? You obviously probably want to get a bit more customers in with a bit fatter wallet. Have you seen any change in the mix of Dollarstore customers?

Speaker #3: So actually, my question is regarding the dollar store and the change of the concept, with the like-for-like customer visits still being down, but not as much as in Q1.

Speaker #3: So, have you seen any change in the mix of dollar store customers? I mean, you obviously probably want to get a bit more customers in with a bit fatter wallet.

Speaker #3: So, have you seen any change in the mix of dollar store customers?

Speaker #1: Now I'm turning to Tapio because you know the history. And I've only been visiting the stores in past weeks. So, what would be your point of view?

Sampo Päällysaho: Now I'm staring to Tapio because you know the history. I've been only visiting the stores in past week. What would be your point of view?

Speaker #2: Yeah. So the fact is that at the moment we don't have any sort of loyalty program in Dollarstore, neither in Sweden nor in Denmark.

Tapio Arimo: Yeah. The fact is that at the moment, we don't have a sort of loyalty program in Dollarstore, neither in Sweden nor in Denmark. We don't actually track the customers as individuals, unfortunately. It's very difficult to say exactly, but as Sampo said, we're now conducting a customer survey, and one of the main aims or goals of that is to really understand who are at the moment coming to our stores and what is the sort of customer profile and really build then the offering around so that we can serve our current customers the best we can, but also then as we develop our strategy, we need to, of course, then make decisions on who are going to be the future target customers. Will we aim to enlarge the customer base?

Speaker #2: So, we don't actually track the customers as individuals, unfortunately. So, it's very difficult to say exactly. But some percent—we're now conducting a customer survey, and one of the main aims or goals of that is to really understand who are at the moment coming to our stores and what is the sort of customer profile.

Speaker #2: And really build, then, the offering around so that we can serve our current customers the best we can, but also then, as we develop our strategy, we need to, of course, make decisions on who are going to be the future target customers.

Speaker #2: Will we aim to enlarge the customer base? Because in Finland, if you compare the Tokmanni customers, you could say that almost every Finn has visited Tokmanni.

Tapio Arimo: In Finland, if you compare the Tokmanni customers, you could say that almost every Finn has visited Tokmanni during their lifetime. Whereas in Sweden, when we bought Dollarstore, the situation was very different. A large part of Swedes had never visited Dollarstore. However, the brand awareness of Dollarstore is on a quite good level. We do know that. I don't know if that didn't exactly answer your question, but this is where we are today.

Speaker #2: During their lifetime, whereas in Sweden, when we bought Dollar Store, the situation was very different. So a large part of Swedes had never visited Dollar Store.

Speaker #2: But however, the brand awareness of dollar store is at quite a good level. We do know that. So I don't know if that exactly answered your question, but this is where we are today.

Speaker #1: I think it's a good answer. And at the same time, early remarks—what I have seen: if I take a parking lot in Sweden, it might have Toyotas.

Sampo Päällysaho: I think it's a good answer, and at the same time, early remarks, what I have seen, if I take a parking lot in Sweden, it might have Toyotas, it might have Volvos, but there are also Porsches. That gives me also a clear sign that everyone who has visited a store has also come for the second time. When I've been visiting our stores during the sale summer time, and that's about the strong footfall, I have seen two cashiers open when a competitor only had one, which is very positive for our sake. We want to gain from this momentum. Therefore, this common commercial steering, common commercial campaigning is extremely important. We really want to seduce the Swedish and Danish audience who are there to meet our stores. Stores are in great shape, and there's no reason for them not to visit.

Speaker #1: It might have Volvos, but there are also Porsches. And that gives me a clear sign that everyone who has visited a store has also come for a second time.

Speaker #1: When I've been visiting our stores during the summertime—and that's about the strong footfall—I have seen two cashiers open, when the competitor only had one.

Speaker #1: Which is very positive from our side, and we want to gain from this momentum. Therefore, this common commercial steering—common commercial campaigning—is extremely important.

Speaker #1: And we really want to seduce the Swedish and Danish audience who are there to meet our stores. Stores are in great shape. There's no reason for them not to visit.

Speaker #1: I'd rather see them visiting us for the first time, second time, and also become loyal friends of Dollar Store and Big Dollar. It's 11:01.

Sampo Päällysaho: I rather see them visiting us for the first time, second time, and also become loyal friends of Dollarstore and Big Dollar. It's 11:01AM. I think it's, for our sake, time to say thank you for your participation. It was also really nice to meet you via Teams. Also I'm waiting for us to meet face-to-face in upcoming weeks and upcoming months. Now I would like to see you also visiting our stores and also give us a feedback. What did you find? What did you buy? How was your customer perception and customer understanding? Every customer point, every feedback is important for us when we development our operations here in Finland, but also in Sweden and Denmark further. Thank you for your time, and have a great Friday, end of the day, and sunny weekend.

Speaker #1: So, I think it's from our side to say thank you for your participation. It was also really nice to meet you via Teams.

Speaker #1: And also, I'm waiting for us to meet face-to-face in the upcoming weeks and upcoming months. Now, I would like to see you also visiting our stores.

Speaker #1: And also give us feedback. What did you find? What did you buy? And how was your customer perception and customer understanding? Because every customer point, every feedback, is important for us when we develop our operations here in Finland.

Speaker #1: But also in Sweden and Denmark further. So thank you for your time, and have a great Friday, end of the day, and a sunny weekend.

Speaker #1: According to the weather forecast, it's time for barbecuing, for which we still have all the tools available. So, thank you.

Sampo Päällysaho: According to weather forecast, it's time for barbecuing, which we have all the tools still available. Thank you.

Tapio Arimo: Thank you.

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Q2 2026 Tokmanni Group Oyj Earnings Call

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