Verkkokauppa.com Oyj

Verkkokauppa.com Oyj Interim Report for 1 January – 30 September 2025: Significant revenue growth and operational efficiency drove strong financial performance

INTERIM REPORT for 1 January – 30 September 2025

Verkkokauppa.com Oyj: Significant revenue growth and operational efficiency drove strong financial performance

Verkkokauppa.com Oyj        INTERIM REPORT 23 October 2025, 8:00 a.m. EEST

Unless otherwise stated, the comparison figures in brackets refer to the corresponding period in the previous year (reference period). Figures are unaudited.

July–September 2025 in brief

• Revenue grew by 14.9 percent and was EUR 131.2 million (114.2)
• Gross profit was EUR 21.8 million (16.6) and gross margin 16.6 percent (14.5%)
• Operating result (EBIT) was EUR 7.2 million (0.1) or 5.5 percent of revenue (0.1%)
• Comparable operating result (comparable EBIT) was EUR 3.9 million (-0.7) or 3.0 percent of revenue (-0.7%)

• Items affecting comparability were EUR 3.3 million (0.8), related to the non-recurring gain from the sale of the consumer financing business
• Result for the period was EUR 5.3 million (-0.3)
• Earnings per share were EUR 0.12 (-0.01)
• Investments were EUR 0.8 million (0.4)
• Operating cash flow was EUR 29.6 million (2.6)
• The sale of the consumer financing business to Norion Bank AB and its payment solutions business unit Walley was finalized at a purchase price of EUR 32.6 million

January–September 2025 in brief

• Revenue grew by 9.3 percent and was EUR 358.2 million (327.7)
• Gross profit was EUR 62.5 million (52.5) and gross margin 17.4 percent (16.0%)
• Operating result (EBIT) was EUR 12.2 million (-2.3) or 3.4 percent of revenue (-0.7%)
• Comparable operating result (comparable EBIT) was EUR 9.1 million (-1.9) or 2.5 percent of revenue (-0.6%)

• Items affecting comparability were EUR 3.1 million (-0.4), mainly related to the non-recurring gain from the sale of the consumer financing business
• Result for the period was EUR 8.3 million (-3.4)
• Earnings per share were EUR 0.18 (-0.07)
• Investments were EUR 2.2 million (1.4)
• Operating cash flow was EUR 14.6 million (-8.2)
  
  

FINANCIAL GUIDANCE FOR 2025

Verkkokauppa.com expects its revenue and comparable operating result for 2025 to increase. In 2024, the company's revenue was EUR 467.8 million and comparable operating result was EUR 1.8 million.

Guidance includes uncertainties related to changes in purchasing power and consumer behavior. Verkkokauppa.com’s business is seasonal and the company’s revenue and operating profit depend largely on the sales in the fourth quarter.

CEO PANU PORKKA’S REVIEW

On a path to sustained growth
2025 has been a year of returning to growth for Verkkokauppa.com, a trajectory that continued into the third quarter. Despite uncertainties in the operating environment, the company remained focused on strengthening its core business, capturing market share, and positioning itself for sustainable long-term growth. While consumer confidence remained subdued during the quarter, Verkkokauppa.com delivered strong revenue growth in key strategic areas, underscoring the strength of its business model. This marks the third consecutive quarter of growth, with third-quarter revenue up by 15 percent compared to the previous year, driven by strong online sales growth (+23% vs. previous year) and a successful back-to-school campaign. Growth was broad-based across segments and categories.

Delivering on profitability and efficiency
Continued focus on efficiency drove profitability improvement. Gross margin remained solid at 16.6 percent (14.5%), supported by improved commercial terms, efficient inventory turnover and successful assortment management. Comparable fixed costs increased by 6.8%, mainly due to volume growth and targeted marketing investments, yet their share of revenue declined by 1.0 percentage point, reflecting improved cost efficiency.
Profitability strengthened further, with comparable operating result increasing to EUR 3.9 million (EUR -0.7 million), representing 3.0 percent (-0.7%) of revenue. In addition to the solid operational profitability, operating result was further strengthened by the non-recurring gain from the sale of the consumer financing business. Supported by this, operating result increased to EUR 7.2 million.

Strengthening financial position
Verkkokauppa.com continued to strengthen its financial position during the quarter. Inventory levels were optimized to EUR 72.5 million, reflecting current trading activity and the successful execution of the back-to-school campaign. In addition, Verkkokauppa.com completed the sale of its consumer financing business to Norion Bank AB and its payment solutions business unit Walley, for a final purchase price of EUR 32.6 million. The transaction resulted in a non-recurring gain of EUR 3.2 million. These actions have further strengthened the balance sheet and support the company’s growth and long-term goals.

Strong strategy execution
Strategy execution is progressing strongly. One-hour deliveries grew by 59.4 percent from the previous year, surpassing 200,000 cumulative orders. Toward the end of the period, one-hour delivery service coverage expanded to include approximately 300,000 additional people.
Expansion into new markets continues to accelerate growth, with sales up by 34.5 percent compared to last year, driven by strong momentum across Central Europe and Scandinavia.
Own brands also advanced, with sales increasing by 7.4 percent and now representing 6.9 percent of total revenue, contributing positively to profitability.

With a strong financial position and a proven strategy, we are well prepared to capture opportunities as the market rebounds.

FINANCIAL DEVELOPMENT

REVENUE AND PROFITABILITY

Revenue distribution

*Core categories include five main categories: IT, Entertainment, Mobile devices, SDA, and MDA.
**Own brands are included in core and other categories accordingly.

JULY–SEPTEMBER 2025

Operating Environment

Consumer confidence remained low in the third quarter, although early signs of recovery were observed, including improved expectations for personal finances and increased interest in borrowing (Statistics Finland). Specialty retail showed stabilization, with full year 2025 growth projected at approximately one percent (ETU). The consumer electronics market recorded moderate growth, supported by IT product renewal cycles. Verkkokauppa.com led the market with strong performance across multiple categories (GFK).

Revenue

Revenue growth was broad-based across segments and categories in the third quarter, increasing by 14.9 percent to EUR 131.2 million (114.2). The growth was particularly strong in the IT category, driven by the ongoing transition to Windows 11 and related computer replacement cycle. Successful commercial initiatives, including a well-executed back-to-school campaign, further boosted the performance. International sales continued to deliver robust growth, increasing by 34.5 percent compared to previous year.

Consumer sales increased by 13.7 percent to EUR 92.5 (81.4) million, accounting for 70.6 percent (71.2%) of total revenue. B2B sales increased by 17.8 percent to EUR 38.6 million (32.8), accounting for 29.4 percent (28.8%) of total revenue.

Online sales increased by 23.1 percent to EUR 90.4 million (73.4), accounting for 68.9 percent (64.3%) of total revenue. Store sales remained stable at EUR 40.8 million (40.8). The share of the store sales declined to 31.1 percent (35.7%) of total revenue, reflecting the continued channel shift.

Core categories’ sales increased by 16.8 percent to EUR 110.1 million (94.3), accounting for 83.8 percent (82.6%) of total revenue, whereas other categories increased by 7.6 percent to EUR 21.4 million (19.9), accounting for 16.2 percent (17.4%) of total revenue.

Own brands’ sales grew by 7.4 percent to EUR 9.1 million (8.5), accounting for 6.9 percent (7.4%) of total revenue. The growth was driven by strong demand in home appliances and the IT category, although partially offset by the impact of heavy inventory clearance in the third quarter of the previous year.

Revenue from customer financing services totaled EUR 1.9 million (1.9), including interest income, fees and commissions.

Result

Gross margin increased to 16.6 percent (14.5%). The gross margin was strengthened by improved commercial terms, efficient inventory turnover, and successful assortment management.

Personnel expenses increased by 4.4 percent to EUR 8.3 million (8.0). Other operating expenses increased by 14.8 percent and amounted to EUR 7.9 million (6.9). Comparable other operating expenses increased by 9.7 percent to EUR 8.5 million (7.7). Fixed costs totaled EUR 16.2 million (14.8), increasing by 9.2 percent from the comparison period. Comparable fixed costs increased by 6.8 percent to EUR 16.7 million (15.7). The increase was primarily driven by volume growth and targeted marketing investments.

The company's operating result (EBIT) was EUR 7.2 million (0.1), up by EUR 7.1 million. Comparable operating result (comparable EBIT) was EUR 3.9 million (-0.7), up by EUR 4.6 million from the comparison period.

Items affecting comparability totaled EUR 3.3 million (0.8), related to the non-recurring gain from the sale of the consumer financing business.

Result for the period was EUR 5.3 million (-0.3). Earnings per share were EUR 0.12 (-0.01).

JANUARY–SEPTEMBER 2025

Revenue

Revenue increased by 9.3 percent to EUR 358.2 million (327.7). The revenue growth was particularly strong in the company’s key categories, IT and entertainment. In IT category, strong computer sales were driven by both successful commercial actions and the start of replacement cycles. The transition to high-definition broadcasting in Finland accelerated TV category sales especially during the second quarter. In addition, international sales have grown strongly throughout the year, increasing by 33.7 percent.

Consumer sales increased by 8.4 percent to EUR 245.5 (226.5) million, accounting for 68.5 percent (69.1%) of total revenue. B2B sales increased by 11.4 percent to EUR 112.7 million (101.2), accounting for 31.5 percent (30.9%) of total revenue.

Online sales increased by 14.4 percent to EUR 245.2 million (214.3), accounting for 68.5 percent (65.4%) of total revenue. The store sales declined by 0.3 percent to EUR 113.0 million (113.3). The share of the store sales declined to 31.5 percent (34.6%) of total revenue, reflecting continued channel shift.

Core categories’ sales increased by 11.4 percent to EUR 296.8 million (266.6), accounting for 82.9 percent (81.3%) of total revenue. Other categories increased by 0.4 percent to EUR 61.4 million (61.1), accounting for 17.1 percent (18.7%) of total revenue.

Own brands’ sales grew by 19.8 percent to EUR 25.6 million (21.4), accounting for 7.2 percent (6.5%) of total revenue. The growth came particularly from home appliances, IT and entertainment categories.

Revenue from customer financing services totaled EUR 5.8 million (5.9), including interest income, fees and commissions.

Result

Gross margin increased to 17.4 percent (16.0%). The gross margin remained strong due to improved commercial terms, efficient inventory turnover and successful assortment management.

Personnel expenses decreased by 2.5 percent to EUR 25.6 million (26.3). Other operating expenses decreased by 0.7 percent and amounted to EUR 23.5 million (23.7). Comparable other operating expenses increased by 2.3 percent to EUR 23.8 million (23.3). Fixed costs totaled EUR 49.1 million (50.0), decreasing by 1.7 percent from the comparison period. Comparable fixed costs decreased by 0.4 percent to EUR 49.4 million (49.6).

The company's operating result (EBIT) was EUR 12.2 million (-2.3), up by EUR 14.5 million. Comparable operating result (comparable EBIT) was EUR 9.1 million (-1.9), up by EUR 11.0 million from the comparison period.

Items affecting comparability totaled EUR 3.1 million (-0.4) during the reporting period, mainly related to the non-recurring gain from the sale of the consumer financing business.

Result for the period was EUR 8.3 million (-3.4). Earnings per share were EUR 0.18 (-0.07).

FINANCE AND INVESTMENTS

In January-September 2025, operating cash flow totaled EUR 14.6 million (-8.2). The operating cash flow before the change in working capital was EUR 17.5 million (2.4). The company's net financial expenses were EUR -1.6 million (-1.5).

In January-September, investments were EUR 2.2 million (1.4), mainly relating to IT infrastructure updates, improvement of operational efficiency and enhancing fast delivery capabilities. Investments included capitalized wages and salaries at the amount of EUR 0.7 million (0.7).

At the end of September, the company had EUR 18 million in bank loans and an unutilized EUR 25 million revolving credit facility, which are valid until June 2027. The principal of the bank loan is amortized every six months.

On 4 September 2025, Verkkokauppa.com completed the sale of its consumer finance business to Norion Bank AB and its payment solutions unit, Walley, for a final sale price of EUR 32.6 million. The transaction resulted in a non-recurring gain on the disposal, increasing operating result (EBIT) by EUR 3.2 million. The transaction contributed EUR 32.3 million to operating cash flow during the reporting period.

Apart from the non-recurring gain, the transaction is not expected to have a significant impact on Verkkokauppa.com’s results, but will significantly strengthen the company’s balance sheet structure. The transaction does not affect Verkkokauppa.com’s 2025 guidance.

Verkkokauppa.com also signed a long-term partnership agreement with Walley to provide consumer financing to its customers, supporting the company's growth and long-term objectives. Under this arrangement, Verkkokauppa.com will earn commissions on future consumer finance sales.

PERSONNEL

At the end of September 2025, the total number of employees was 591 (622). This includes both full and part-time employees. The company renewed and streamlined its organizational structure in autumn 2024.

CORPORATE SUSTAINABILITY

The company continued to work in accordance with its renewed Sustainability Program published in January 2025 to scale circular economy services, ensure the sustainability of operations and supply chains, and promote employee well-being and growth.

Procurement systems and processes were further developed, with a focus on building capabilities to implement supplier-specific sustainability requirements, monitoring and reporting, as well as ensuring regulatory compliance. The company also implemented practices aligned with its environmental policy to prioritize the use of renewable and recycled materials in packaging.

Employee wellbeing and growth were supported through competence development, support for performance and other everyday leadership, and implementing a well-being program and follow-up system. 

STRATEGY

Verkkokauppa.com continues as a forerunner in the market with the vision of creating the new normal for buying and owning. The company is strengthening its market leadership by accelerating the shift to online shopping, supported by the growth of fast deliveries. The cornerstones of Verkkokauppa.com's strategy are growing the current business faster than the market, new openings, such as assortment expansion, own brand products and new markets, significant growth of the services business, and stronger profitability by continuously developing our own operations and platform.

Verkkokauppa.com’s long-term financial targets for the strategy period 2024-2028 are as follows:

1. Annual revenue growth (CAGR) of over 5 percent, faster than the market
2. Annual operating profit margin of over 5 percent by the end of the strategy period
3. Fixed costs to less than 10 percent of revenue by the end of the strategy period
4. To pay out 60-80 percent of annual net profit in quarterly growing dividends

LONG-TERM INCENTIVE PLANS

Verkkokauppa.com has a share-based incentive plan (Performance Share Plan 2023–2027) for the company's CEO and Management Team. The Performance Share Plan 2023–2027 consists of three performance periods. On 12 February 2025, the Board of Directors decided to commence the third performance period, covering the years 2025–2027. The performance criterion for the third performance period 2025–2027 is Total Shareholder Return (TSR).

Performance rewards for the 2025–2027 period will be paid partly in company shares and partly in cash by the end of May 2028. The 2025–2027 performance period includes a total of seven individuals. The maximum number of shares to be awarded for the third performance period is 310,000 Verkkokauppa.com shares, including the cash portion. The final number of shares depends on the number of shares acquired by participants and the achievement of the TSR levels.

LEGAL DISPUTES AND POSSIBLE LEGAL PROCEEDINGS

In February 2025, the company announced the decision of the Helsinki Administrative Court, which upheld the administrative penalty imposed on Verkkokauppa.com by the Data Protection Ombudsman's Penalty Panel in March 2024. The company has applied for leave to appeal from the Supreme Administrative Court.

The company recognized the expense for the penalty in full in the first quarter of 2024. The expense was reported as an item affecting comparability.

ANNUAL GENERAL MEETING 2025

The Annual General Meeting was held as a remote meeting in Helsinki on 8 April 2025. The Annual General Meeting adopted the Annual Accounts for the financial year 2024 and decided not to distribute a dividend, discharged the members of the Board of Directors and the CEO from liability for the financial year 2024, approved the Remuneration Report and adopted the Remuneration Policy, and authorized the Board of Directors to decide on the repurchase and issuance of Verkkokauppa.com's own shares. In addition, the Annual General Meeting approved the proposals of the Shareholders' Nomination Board concerning the election and remuneration of the Board of Directors. Following the proposal of the Board of Directors, PricewaterhouseCoopers Oy was elected as the company's auditor and assurer of sustainability reporting. Mikko Nieminen, APA, acts as the auditor with
principal responsibility.

Composition of the Board of Directors 2025

The Annual General Meeting confirmed the number of board members to be seven, and the following persons were re-elected: Robin Bade, Henrik Pankakoski, Kati Riikonen, Irmeli Rytkönen, Samuli Seppälä, Enel Sintonen and Arja Talma.

At the constitutive meeting of the Board of Directors held after the Annual General Meeting, Arja Talma was elected Chair of the Board. The compositions of the Board committees were decided to be as follows: members of the Remuneration Committee are Arja Talma (Chair), Robin Bade and Henrik Pankakoski. Members of the Audit Committee are Enel Sintonen (Chair), Arja Talma (Vice Chair), Kati Riikonen and Irmeli Rytkönen.

On 8 April 2025, Verkkokauppa.com published a stock exchange release on the decisions of the Annual General Meeting and the constitutive meeting of the Board of Directors. The release is available on the company's website.

Dividend

The Annual General Meeting of Verkkokauppa.com Oyj decided on 8 April 2025, that the company will not distribute dividends for the financial year 2024.

COMPOSITION OF THE SHAREHOLDERS’ NOMINATION BOARD

The Nomination Board consists of the company’s three largest shareholders or persons nominated by such shareholders. The right to nominate members is determined based on the shareholding on the last working day of May preceding the Annual General Meeting. The Chair of the Board is an expert member of the Nomination Board.

Verkkokauppa.com announced on 12 August 2025 that the members of the Nomination Board are:

• Samuli Seppälä, Founder of Verkkokauppa.com, representing himself
• Erkka Kohonen, Senior Portfolio Manager, nominated by Varma Mutual Pension Insurance Company
• Janne Kujala, Head of Nordic Equities, nominated by Evli Fund Management Company Ltd
  

At its organizational meeting on 12 August 2025, the Nomination Board elected Erkka Kohonen as its Chair.
Arja Talma, Chair of the Board of Verkkokauppa.com Oyj, acts as an expert member of the Nomination Board.

The Shareholders’ Nomination Board prepares proposals on the number, election, and remuneration of the members of the Board to the General Meeting. The Nomination Board shall submit its proposal to the Board every year by the last business day of February preceding the next Annual General Meeting.

KEY EVENTS DURING THE REPORTING PERIOD

On 12 August 2025, composition of the Shareholders Nomination Board was announced.

On 3 September 2025, Verkkokauppa.com announced the appointment of Anne-Mari Paapio as Chief Supply Chain Officer and member of the Management Team. She assumed the role on 10 September 2025.

On 4 September 2025, the company announced the completion of the sale of its consumer financing business to Norion Bank AB and its payment solutions unit, Walley.

On 15 September 2025, the company updated its disclosure policy.

EVENTS AFTER THE REPORTING PERIOD

On 6 October 2025, Verkkokauppa.com announced that Chief Strategy and Technology Officer Jyrki Tulokas has resigned to pursue a new opportunity with another company.

On 23 October 2025, Verkkokauppa.com announced that its Board of Directors has decided to commence a share buyback program of up to EUR 1,125,000. The repurchased shares will be used for the company's share-based incentive plans and other share-based remuneration. The program will commence on 28 October 2025 at the earliest and end on 28 January 2026 at the latest.

SHARE TRADING AND SHARES

Verkkokauppa.com shares (VERK) in Nasdaq Helsinki stock exchange in January-September 2025:

Verkkokauppa.com market capitalization and shareholders

At the end of September 2025, the company's largest shareholders according to the shareholder register held by Euroclear Finland Ltd were Samuli Seppälä (28.4%), Varma Mutual Pension Insurance Company (9.6%), Evli Finnish Small Cap Fund (6.7%), Ilmarinen Mutual Pension Insurance Company (4.8%) and Mandatum Life Insurance Company Limited (4.4%).

On 30 September 2025, the share capital was EUR 100,000 and the total number of shares in the company was 45,354,532 including 49,336 treasury shares held by the company. The treasury shares have no voting rights, and no dividend is paid on them. The treasury shares accounted for 0.11 percent of all shares.

Share-related authorizations

At the end of September 2025, the Board had valid authorization to decide on the repurchase of a maximum of 4,535,453 own shares in one or several instalments and to decide on a share issue of a maximum of 4,535,453 shares by one or more decisions. The proposed maximum authorized number represents ten percent of the total number of shares in the company. Authorizations are valid until the next Annual General Meeting, however, no longer than until 30 September 2026.

More information about Verkkokauppa.com's shares and shareholders and management holdings can be found on the company's investor website https://investors.verkkokauppa.com/en.

SHORT-TERM RISKS AND BUSINESS UNCERTAINTIES

Verkkokauppa.com’s risk management is proactive and a central part of the company's daily management. Risks cover both threats and opportunities that may have an impact on the company's future success, financial performance, reputation and ability to meet key social and responsibility objectives.

Macroeconomic and geopolitical risks, such as global trade wars, inflation, interest rate changes and market uncertainty, can affect supply chains, consumer purchasing power and buying behavior. Managing these risks requires constant monitoring of market conditions, proactive measures and an adaptive strategy.

Information security’s growing importance and professionally evolving cybercrime, the risks associated with business continuity and the protection of critical information have increased significantly. Cyberattacks can target, for example, business-critical information systems or personal data, leading to disruption of sales, loss of customer confidence and possible regulatory sanctions.

From a regulatory and compliance perspective, the tightening of EU legislation underlines the importance of compliance activities. Particular attention should be paid to anti-money laundering, sustainability reporting (ESG, CSRD), data regulation and compliance with AI legislation.

Commercial and operational risks relate to brand positioning, competitive dynamics, product portfolio management, supply chain efficiency and operational excellence. Managing these risks is key to ensuring the company's long-term competitiveness.

Product safety failure or supply chain quality assurance can lead to financial losses, reputational damage and, in the worst case, compromise of customer safety. Our own products are developed and manufactured to stringent standards, and we invest in continuous process improvement to maintain confidence in our products in all situations.

Financial risks, including profitability, balance sheet structure, working capital efficiency, liquidity, access to funding, covenants and credit risks, require continuous analysis and management to ensure the financial stability and profitable growth of the company.

An assessment of the main risks and uncertainties in the business is presented in the 2024 Board of Directors’ Report.

Helsinki, Finland, 23 October 2025

Verkkokauppa.com Oyj Board of Directors

QUARTERLY RESULT WEBCASTS

A result webcast for analysts, investors and media will be held in Finnish on Thursday, 23 October 2025 at 10:00 a.m. (EEST), in which Verkkokauppa.com’s CEO Panu Porkka will present the developments from the reporting period. The webcast can be accessed at: https://verkkokauppa.videosync.fi/2025-q3-tulos

A result webcast in English will be held on Thursday, 23 October 2025 at 11:00 a.m. (EEST). The webcast can be accessed at: https://verkkokauppa.videosync.fi/2025-q3-report

Questions can be submitted in advance or during the presentations via email at investors@verkkokauppa.com. Presentation materials for both events are available at https://investors.verkkokauppa.com/en. Recordings of both events will be available afterwards at verklive.com.

COMPANY RELEASES AND EVENTS

Verkkokauppa.com will arrange events and publish its financial reports as follows:

• Financial statements bulletin for the year 2025 on Thursday 12 February 2026
• Annual reporting package for 2025, including the Report of the Board of Directors and the Financial Statements, Corporate Governance Statement and Remuneration Report, during the week starting on 9 March (week 11) in 2026

• The Annual General Meeting is planned to be held on Tuesday 14 April 2026 as a virtual-only AGM
• Interim report for January – March 2026 on Thursday 23 April 2026
• Half-year financial report for January – June 2026 on Thursday 16 July 2026
• Interim report for January – September 2026 on Thursday 22 October 2026
• Financial statements bulletin for the year 2026 on Friday 12 February 2027
  
  

More information:
Panu Porkka, CEO, Verkkokauppa.com Oyj
panu.porkka@verkkokauppa.com

Jesper Blomster, CFO, Verkkokauppa.com Oyj
jesper.blomster@verkkokauppa.com

Elisa Forsman, Head of Investor Relations and Corporate Communications, Verkkokauppa.com Oyj
elisa.forsman@verkkokauppa.com
Tel. +358 44 206 6094

Verkkokauppa.com is an e-commerce pioneer that stands passionately on the customer’s side. Verkkokauppa.com accelerates the transition of commerce to online with Finland’s fastest deliveries and ultimate convenience. The company leads the way by offering one-hour deliveries to more than 1.7 million customers, a winning assortment and probably always cheaper prices. Every day, the company strives to find more streamlined ways to surpass its customers' expectations and to create a new norm for buying and owning.

Verkkokauppa.com was founded in 1992 and has been online since day one. The company’s revenue in 2024 was EUR 468 million and it employs around 600 people. Verkkokauppa.com is listed on the Nasdaq Helsinki stock exchange.

Attachment

• verkkokauppacom-oyj-january-september-2025-interim-report