Lindex Group Plc Class B · OMXHEX:LINDEX
Lindex Group Plc Class B — Stockmann Group — Investor Day (November 2023)
85 slides from Lindex Group Plc Class B's investor day presentation, Nov 16, 2023
Slide 1: Stockmann Group Capital Markets Day
Stockmann Group Capital Markets Day November 16, 2023
Slide 2: Disclaimer
Disclaimer The following applies to this presentation, the oral presentation of the information in this presentation by Stockmann Oyj Abp (the “Company” or “Stockmann”) or any person on behalf of the Company, and any question-and-answer session that follows the oral presentation (collectively, the “
Slide 3: Opening words
Opening words Susanne Ehnbåge Stockmann Group CEO, Lindex CEO
Slide 4: Our key messages today
Our key messages today Clear plan to New financial targets Updated strategy for accelerate value building on a strong our two divisions creation financial position 4
Slide 5: Today's agenda
Today’s agenda Section Presenters Time Opening words Susanne Ehnbåge 13:00-13:20 Lindex 13:20-14:45 Ready to unleash global growth Susanne Ehnbåge Strong brand and loyal customer base Susanne Ehnbåge Growing multichannel business Caroline Öhgren A unique offering and efficient supply chain Elisabeth
Slide 6: Lindex Division's Management Team
Lindex Division’s Management Team Presenting today Susanne Ehnbåge Caroline Öhgren Elisabeth Hedberg Anna-Karin Dahlberg Annelie Forsberg Chief Executive Officer Director of Sales Director of Design, Purchase Director of Sustainability Chief Financial Officer & Production Johan Engen Johan Hallin Li
Slide 7: Stockmann Division's Management Team
Stockmann Division’s Management Team Presenting today Mikko Huttunen Riku Lyly Tove Westermarck Chief Transformation Officer Andres Alango Jukka Naulapää Chief Stockmann Chief Operating Officer and Interim Chief People & Finance Director Chief Legal Officer Style Officer Culture Officer Tuomas Tiili
Slide 8: We have two strong business divisions
We have two strong business divisions… Nordic #1 in lingerie and a leader in sustainability #1 premium multi-brand retailer in Finland and the Baltics EUR 637m 5.7 million EUR 313m 1.4 million Revenue loyalty Revenue loyalty (Q3/23LTM) members (Q3/23LTM) members #1 Market EUR 91m EUR -12m Iconic bra
Slide 9: …with a demonstrated earnings growth track record…
…with a demonstrated earnings growth track record… Revenue Adjusted operating result Adjusted operating margin EURm EURm % CAGR: 0.7% 91 Local currency 14,3% 960 950 76 CAGR: 4.3% Local currency 637 576 8,0% 7,8% 40 41 4,1% 2019 Q3/23 LTM 2019 Q3/23 LTM 2019 Q3/23 LTM 2019 Q3/23 LTM 2019 Q3/23 LTM 2
Slide 10: …and a strong financial position for future growth
…and a strong financial position for future growth Net cash position Equity ratio Free cash flow EUR 36m 59% EUR 50m Q3 20231) Q3 20231) Q3 2023 LTM2) 1) Excluding lease liabilities; 2) Operating Free Cash Flow = Adjusted EBITDA – lease expenses – capital expenditure – change in NWC; excluding OCDC
Slide 11: Strategic assessment is proceeding according to plan
Strategic assessment is proceeding according to plan • Strategic assessment to crystallise shareholder value by refocusing the Group’s business on Lindex announced on 25-Sep-2023 – Considering changing the Group’s name to Lindex Group • Lindex represents 67% of Stockmann Group’s net sales and is the
Slide 12: Lindex – a clear strategy for value creation
Lindex – a clear strategy for value creation Strategic must-win areas… …with actionable financial targets 3-5% annual revenue growth in local currencies in the mid-term, reaching SEK 10bn by 2030 Accelerate growth 30% digital share of revenue in the mid-term Transform to a sustainable business 15% a
Slide 13: Stockmann – ensuring future profitable growth
Stockmann – ensuring future profitable growth Strategic must-win areas… …with actionable financial targets Revenue growth in line with market growth1) Elevate offering in the mid-term Reaching positive free cash flow in the mid-term Grow and leverage loyal customer base 5% adjusted operating margin
Slide 14: Lindex | Ready to unleash global growth
Lindex | Ready to unleash global growth Susanne Ehnbåge Stockmann Group CEO, Lindex CEO
Slide 15: To empower and inspire women everywhere
Lindex higher purpose To empower and inspire women everywhere 15
Slide 16: Strengthens the business in many ways
Strengthens the business in many ways Empowering and Impactful and inclusive Empowering from field competitive offer communication to fitting room 16
Slide 17: Lindex – Ready to unleash global growth
Lindex – Ready to unleash global growth 1 Growing market with positive tailwinds 2 Strong brand with a significant loyalty base 3 Forerunner in sustainability 4 Market leader with a differentiated and resilient position 5 Strong multichannel business 6 Above-market growth with structurally high marg
Slide 18: Well-positioned for market growth trends
1 Well-positioned for market growth trends Apparel and cosmetics retail market1) Market trends are contributing tailwinds for Lindex Retail value RSP in Nordics & Eastern Europe (bEUR) Sustainability of design, materials and usage 4.0% 1.0% 27 Female empowerment, body positivity and inclusion 22 21
Slide 19: Strong purpose-driven brand with high loyalty
2 Strong purpose-driven brand with high loyalty Experts 95% 51% Brand Have purchased in awareness the last 12 months Empowering women 72% +11% Ready for of Nordic women are Annual growth in loyalty Lindex loyalty customers1) customers2) change 1) Women aged 18-65 in Sweden, Norway and Finland; 2) 20
Slide 20: A forerunner in sustainability
3 A forerunner in sustainability Lindex perceived as the sustainability leader We promise to make a difference for future generations Consumer Sustainability Index1) 117 #1 77 Peer 1 #2 Empower women Respect the planet Ensure human rights Peer 2 60 #3 41% 22% 114k 80% Recycled CO2 workers reached Fe
Slide 21: With a resilient market position
4 With a resilient market position Lingerie and kids market is resilient compared to overall apparel retail1)… …with Lindex especially set for resilience 2012-22 COVID-19 CAGR 140 ~70% of sales 130 2.4% from Lingerie, Kidswear and Cosmetics that are macro-resilient 120 2.0% 110 0.7% ~60-70% of assor
Slide 22: Strong multichannel business poised for global growth
5 Strong multichannel business poised for global growth Growth across channels driven by omnichannel excellence and growing global partner network Local currency revenue CAGR 2019-Q3/2023 LTM,% CAGR • 438 stores in 18 countries in June 2023 (474 stores in Jan-2019) +3%1) Stores • 99% of stores are p
Slide 23: Above-market organic growth
6 Above-market organic growth Local currency revenue CAGR 2019-Q3/2023 LTM Key underlying drivers going forward 7,5% International and digital growth 4,3% New offerings and business models 1,0% Growth in existing markets and channels Market average 1) Lindex Lindex lingerie 1) Fashion & cosmetics ma
Slide 24: Sustainably strong profitability
6 Sustainably strong profitability Adjusted operating margin 2019-Q3 2023LTM 20% Best-in-class Key underlying drivers going forward 18,1% peer Offering differentiation and 15% 14,3% omnichannel drives sustainably high gross margins Track record of OPEX 10% improvement with further potential 8,0% Pee
Slide 25: Clear strategy for value creation
7 Clear strategy for value creation Transform to a Decouple cost Accelerate growth sustainable business from growth • Organic growth • Elevating our higher purpose • Digitalization of our supply • International and digital • Be adaptive in the chain and securing future growth sustainability transfor
Slide 26: Strong brand and loyal customer base
Strong brand and loyal customer base Susanne Ehnbåge Stockmann Group CEO, Lindex CEO
Slide 27: Lindex is a highly valued brand among women
Lindex is a highly valued brand among women 95% #1 #1 #1 Brand Extra good at Extra good at Extra good at awareness Lingerie Women's wear Kid’s wear #1 #1 51% Within Women Credibility within Purchased last empowerment Sustainability 12 months #2 #1 Offer value for money Products of high quality Note:
Slide 28: Lindex loyalty customer base is growing
Lindex loyalty customer base is growing Very large loyalty pool with significant potential # of loyalty customers (million)1) 5.7m 11% 1.0m 72% 0.7m Other Finland 1.2m of the Nordic female Norway population are loyalty members2) Sweden 2.8m 2020 2021 2022 7/2023 1) Historical numbers adjusted for re
Slide 29: Our 5.7 million loyal customers are a source of growth
Our 5.7 million loyal customers are a source of growth 18% ~2.5x Lower cost higher purchase value compared to increase in loyal customer annual for marketing with acquired non-loyalty customers spend in first 10 years customer data Source: Company materials 29
Slide 30: The loyalty program, a strong basis for gaining market share
The loyalty program, a strong basis for gaining market share Sweden Norway Finland 83% 73% 38% of target group are of target group are of target group are Lindex loyalty members Lindex loyalty members Lindex loyalty members Lindex market share, % Lindex market share, % Lindex Market share, % 22% 16%
Slide 31: Growing multichannel business
Growing multichannel business Caroline Öhgren Lindex Director of Sales
Slide 32: A clear multichannel strategy, set for global growth
A clear multichannel strategy, set for global growth Lindex stores Lindex e-com Third-party platforms Revenue1): €516m Revenue1): €103m Revenue1): €18m CAGR2): 3%3) CAGR2): 35% CAGR2): 75% Countries: 18 Countries: 34 (12 localised) Countries: >20 Digital share of revenue: 19% Note: Lindex Comparable
Slide 33: The store network is a significant advantage
The store network is a significant advantage >430 stores in 99% of stores are Excellent Brand 18 countries profitable builder High Employee High Customer High Digital engagement engagement acceleration Note: Store count includes stores operated by a franchisee 33
Slide 34: Omnichannel has multiple features benefitting the customer
Omnichannel has multiple features benefitting the customer Seamless customer experience digitally and in-store Choosing Buying Post-purchase Product Pick up at store or Cross channel return recommendations drop point and exchange Product rating and Customer surveys Order in store reviews and feedbac
Slide 35: Omnichannel is a key competitive advantage for Lindex
Omnichannel is a key competitive advantage for Lindex ~3x higher All 3 93% returns spend categories in-store For omnichannel vs. single- Bought by the median Instead of delivering to a channel customers omnichannel customer1) distribution center 1) Lingerie, fashion and kids Source: Company informat
Slide 36: Significant potential for Lindex to increase digital share
Significant potential for Lindex to increase digital share Strong track record of digital growth… …with significant remaining potential in all countries Lindex share of digital revenue1) Lindex share of digital revenue per market (Top-5 market areas)2), Q3/2023 LTM 30% Continue digital growth with o
Slide 37: Boosting Lindex.com through Third-Party exposure
Boosting Lindex.com through Third-Party exposure Third party sites provide a capital-light way to expand Increase in net sales through the Lindex EU-site in two months ~15m after launching in Zalando 2023 active customers (multiple) 2022 13m active customers 2021 8m active customers 2020 51m active
Slide 38: Lindex new distribution centre for growth and profitability
Lindex new distribution centre for growth and profitability Lindex new omnichannel distribution centre in Gothenburg Benefits 10 EURm annual savings through improved margins, higher stock turnover and other efficiencies One stock operation enables sales and stock optimization Flexible and scalable o
Slide 39: A unique offering and efficient supply chain
A unique offering and efficient supply chain Elisabeth Hedberg Lindex Director of Design, Purchase & Production
Slide 40: Lindex has three strong business areas
Lindex has three strong business areas Lingerie Kids wear Women’s wear 30% 35% 31% Share of revenue Share of revenue Share of revenue ◼ Technical design gives top notch ◼ Unique design DNA ◼ Timeless design lingerie offer ◼ Playful offer: Let kids be kids ◼ Profitable mix of everyday essentials ◼ Hi
Slide 41: Our offering is unique, competitive and sustainable
Our offering is unique, competitive and sustainable 100% focus on #1 position in Focus on fit and Leader in women and kids lingerie comfort sustainability2) Competitive Clear brand purpose >2x larger vs. closest Leader in product offering Wide size range competitor1) categories offered3) Resilient L
Slide 42: Our ability to design fitting lingerie can't be replicated
Our ability to design fitting lingerie can’t be replicated Lindex has long experience in designing for women Design is a unique capability at Lindex Consistently high quality and fit Ability to serve all shapes and sizes Customer insight driven design and 70+ years experience of Own design DNA broug
Slide 43: Ever-evolving offer, elevating our brand for global growth
Ever-evolving offer, elevating our brand for global growth Examples of current offering and its development Lindex as a Premium range Circular Premium Youth activation Femtech marketplace expansion materials secondhand 43
Slide 44: Well positioned to capture the growing femtech market
Well positioned to capture the growing femtech market Interest over time in femtech products1) Attractive opportunities for Lindex Google keywords, indexed to time period 120 Menstruser (NO) Menstrosor (SWE) Kuukautisalushousut (FIN) 100 Up to EUR 420m market in 2027 in the A femtech brand by Lindex
Slide 45: Premium second-hand is a tool for sustainability and engagement
Premium second-hand is a tool for sustainability and engagement Premium secondhand gaining total market share with Lindex concept already proving good results Nordic1) secondhand market size (EURbn) Thousands 3,2 Timeless quality pieces +13% fit well 1,9 Further engagement of loyal customer base End
Slide 46: Our supply chain is efficient, resilient and sustainable
Our supply chain is efficient, resilient and sustainable Lindex has strong control of its supply chain... …which is driving performance for the future Increasing share of European production to shorter lead times 70% of our assortment has at least 15% recycled content in 2026 Digitalisation of suppl
Slide 47: A forerunner in sustainability
A forerunner in sustainability Elisabeth Hedberg Lindex Director of Design, Purchase & Production
Slide 48: Lindex promise to make a difference for future generations
Lindex promise to make a difference for future generations Empower women Respect the planet Ensure human rights Female health and well being Climate and resources Fair and decent work • Launch of Female Engineering • Committed to Science Based Targets • Well positioned to comply with • Water Aid par
Slide 49: Lindex is resilient for the future
Lindex is resilient for the future Leverage our purpose to be a thought leader within women empowerment Seize business opportunities and find growth connected to circular transformation Manage and meet stakeholder expectations and legal requirements Source: Company materials 49
Slide 50: Lindex | Summary
Lindex | Summary 1 Growing market with positive tailwinds 2 Strong brand with a significant loyalty base 3 Forerunner in sustainability 4 Market leader with a differentiated and resilient position 5 Strong multichannel business 6 Above-market growth with structurally high margins 7 Clear strategy fo
Slide 51: Stockmann | Premium multibrand retailer ensuring profitable growth
Stockmann | Premium multibrand retailer ensuring profitable growth Tove Westermarck Stockmann Chief Operating Officer Riku Lyly Stockmann Chief Style Officer
Slide 52: Leading premium multi-brand retailer in Finland and the Baltics
Leading premium multi-brand retailer in Finland and the Baltics Wide and unique offering Revenue split 2022 with over 150 very limited distribution brands 9% 12% 30% Omnichannel presence through physical and digital stores 22% 27% 100% brand awareness1) Helsinki flagship Other Finland stores 1.4 mil
Slide 53: Stockmann – Ensuring profitable growth
Stockmann – Ensuring profitable growth 1 Supportive market backdrop for multi-brand retail 2 Iconic brand 3 Valuable loyalty customer base 4 Unique multi-brand offering Seamless customer experience through 5 omnichannel model 6 Clear strategy for future growth 53
Slide 54: Strong market trends supporting luxury and premium growth
1 Strong market trends supporting luxury and premium growth Market size (EURbn)1) Spending polarisation 9.5 1.8 0.6 as consumers trading up in key categories 2022–2027E market CAGR1)2) 8,3% Sustainability trend with consumers buying less products but investing in better quality 5,4% 3,4% ~50% increa
Slide 55: Omnichannel vital for retail, notably in premium and luxury
1 Omnichannel vital for retail, notably in premium and luxury >70% more frequent shopping from omnichannel compared to single channel >2x average annual spend from omnichannel compared to single channel Consumer experiences increasingly more important across channels 73% of luxury bought in-store wi
Slide 56: Stockmann is an iconic brand
2 Stockmann is an iconic brand Purpose 100% 44.1m The marketplace for a good life Brand awareness1) Annual visitors2) Value proposition 93% >75% Carefully curated collection of premium products and experiences enabling seamless shopping Have considered buying Of consumers view Stockmann at any time
Slide 57: Sizable loyalty customer base with spending power
3 Sizable loyalty customer base with spending power Loyal customers spend more… …and shop more often # of MyStockmann loyalty customers, in millions Average buying frequency, days per year2) 3.1 6.6 15.3 CAGR 4.5% 5.4x 1,4 1,2 2019 6/2023 Silver Gold Platinum Average spend per customer, EUR Loyal cu
Slide 58: Clear plan to leverage loyalty customer base in the future
3 Clear plan to leverage loyalty customer base in the future Develop MyStockmann Advance personalisation Explore new revenue loyalty program capabilities streams • Renew loyalty program to • Leverage sizable customer • Boosting retail media sales incentivise loyalty database in marketing and • Explo
Slide 59: Comprehensive offering with increasing focus on premium and luxury
4 Comprehensive and well-balanced offering with increasing focus on premium and luxury Key offering Service & rental Fashion Beauty Home Food3) income Share of sales in 20221) 48% 16% 16% 11% 9% Revenue 4) CAGR %2) 9% 3% -3% 3% -8% Broader product and Unique offering Exceptional offering of Durable
Slide 60: Stockmann standing out with its omnichannel approach and premium offering
4 Stockmann standing out with its omnichannel approach and premium offering A uniquely curated combination of luxury and omnichannel… …with a broad offering Omnichannel Luxury and Complementary experience affordable luxury services & offering1) # of SKUs2) % of SKUs in fashion, beauty and home 63k 4
Slide 61: Offering increasingly focused on premium and luxury brands
4 Offering increasingly focused on premium and luxury brands We have over 150 brands with very limited distribution Unique position creators Premiumization drivers Value segment champions Source: Company materials 61
Slide 62: Making our offering more relevant to secure future growth
4 Making our offering more relevant to secure future growth Leveraging insight from vast customer data in offering curation and expansion Create a true luxury destination in Helsinki and further strengthen premium & affordable luxury offering across locations Accelerating sustainability impact by fo
Slide 63: Prime locations and comprehensive reach through omnichannel model
5 Prime locations and comprehensive reach through omnichannel model Flagship Other Finland3) Baltics4) Digital5) Area population1) 1.6m 2.4m 1.1m 8.8m Annual visitors: 6.1m 9.5m 4.6m 23.9m 2022 revenue2): €95m €86m €72m €40m # of stores: 1 5 2 - GDP per capita6): €46k €41k €26k Application users: 43
Slide 64: Omnichannel strategy elevates customer engagement and drives growth
5 Omnichannel strategy elevates customer engagement and drives growth Seamless and effortless customer experiences… …that occur within and between contact channels LTM Oct-23 average spend by customer type (EUR) Shopping Entertainment 5.2x Physical Erranding Rejuvenation Work Socialising Stockmann o
Slide 65: Operational efficiency initiatives ongoing to improve future profitability
5 Operational efficiency initiatives ongoing to improve future profitability Ongoing actions Next steps Digital supply chain RFID adoption, digitalized supplier and product Organisational efficiencies onboarding, optimized cost-to-serve by continuous development of customer centric, agile and more c
Slide 66: Clear strategy – further leveraging platform for growth and profitability
6 Clear strategy – further leveraging platform to ensure future growth and profitability Grow and leverage Ensure seamless Elevate offering loyal customer base omnichannel experience • Leveraging data in offering • Development of MyStockmann • Flagship and physical store curation loyalty program net
Slide 67: Financial highlights
Financial highlights Annelie Forsberg Stockmann Group CFO, Lindex CFO
Slide 68: Group has demonstrated earnings growth track record…
Group has demonstrated earnings growth track record… Revenue Adjusted operating result Adjusted operating margin EURm EURm % CAGR: 0.7% 91 Local currency 14,3% 960 950 76 CAGR: 4.3% Local currency 637 576 8,0% 7,8% 40 41 4,1% 2019 Q3/23 LTM 2019 Q3/23 LTM 2019 Q3/23 LTM 2019 Q3/23 LTM 2019 Q3/23 LTM
Slide 69: …and a strong financial position for future growth
…and a strong financial position for future growth Net cash position Equity ratio Free cash flow Strong underlying EUR 36m 59% EUR 50m cash flow Q3 20231) Q3 20231) 2) Q3 2023 LTM 1) Excluding lease liabilities; 2) Operating Free Cash Flow = Adjusted EBITDA – lease expenses – capital expenditure – c
Slide 70: Both divisions have clear financial targets
Both divisions have clear financial targets 3-5% annual revenue growth Revenue growth in local currencies in the mid-term, and in line with market growth1) reaching SEK 10bn by 2030 in the mid-term 30% digital share of revenue Reaching a positive free cash flow in the mid-term in the mid-term 15% ad
Slide 71: Lindex growth track record in line with our strategic targets
Lindex Lindex growth track record in line with our strategic targets Revenue (EURm) and CAGR Local currency revenue CAGR 2019 - Q3 2023 LTM (%) CAGR Local currency: +4.3% 700 Rapid digital Digital1) Stores2) COVID-19 661 growth 600 637 38% 3% 607 576 500 507 400 Growing International Nordics interna
Slide 72: Lindex is profitable across digital and store channels
Lindex Lindex is profitable across digital and store channels Illustrative Channel EBITDA (EURm)1) • Digital EBITDA significantly improved • Lower cost base • Low returns • Gross Margins broadly in line with stores • Strong Digital growth Digital1) • Store EBITDA further increased • 99% of stores pr
Slide 73: Lindex has proven its ability to decouple cost from growth…
Lindex Lindex has proven its ability to decouple cost from growth… Strong gross margin and cost efficiencies Key margin drivers 2019-2023 % of revenue1) 65,4% 65,2% 64,1% • Efficient sourcing 63,0% 62,7% • Limited mark-downs • Strategic price adjustments • Strong position in lingerie 55,6% 55,2% • S
Slide 74: …leading to significant profit growth
Lindex …leading to significant profit growth Margin drivers for target Adjusted operating result (EURm) and Adjusted operating margin (%) 15% target • Digital supply chain 14% improvements enhancing flexibility 13% 14% and reducing costs • Omnichannel Distribution Center providing both flexibility a
Slide 75: Stockmann division with robust post-COVID growth
Stockmann Division Stockmann division with robust post-COVID growth Revenue (EURm) Revenue CAGR 2020 - Q3 2023 LTM (%)2) Positive revenue development when adjusting for Crazy Days timing1) Growing Stores Online experience -26% demand 8% -6% 385 4% p.a. 45 321 313 284 292 29 29 33 27 Fashion Other ca
Slide 76: Stable gross margin and cost base reduction
Stockmann Division Stable gross margin and cost base reduction Gross profit (EURm) and margin (%) Fixed costs (EURm) 55% 47% 47% 48% 47% 48% 44% 45% 45% 44% 180 180 155 150 149 145 140 137 124 130 2019 2020 2021 2022 Q3/2023 LTM 2019 2020 2021 2022 Q3/2023 LTM Personnel costs Other opex Gross profit
Slide 77: Targeting a continued post-Covid profitability turn-around
Stockmann Division Targeting a continued post-Covid profitability turn-around Adjusted operating result (EURm) and Adjusted operating margin (%) Target margin key drivers Target 0% -11% -3% -2% -4% 5% • Revenue growth both digitally and in- store scaling current cost base • Positive gross margin imp
Slide 78: Strong Group-level profitability is driven by Lindex
Stockmann Group Strong Group-level profitability is driven by Lindex Adjusted operating result (EURm) • Both divisions has developed positively since 2020 90 91 • Lindex underlying operating result has strongly contributed 80 80 76 68 • Group costs are minor part and forecasted to stay in this year
Slide 79: Solid underlying cash flow at Group-level
Stockmann Group Solid underlying cash flow at Group-level Operating Free Cash Flow1)2) Q3/2023 LTM (EURm) • Group cash flow is solid due to strong contribution from Lindex (excluding the OCDC investment) Significant negative 83 (31) EBITDA and NWC • Stockmann division cash flow for LTM impact from C
Slide 80: Strong group financial position with EUR 36m net cash
Stockmann Group Strong group financial position with EUR 36m net cash Quarterly financial net debt development Quarterly equity ratio development EURm % Divestments of the Equity ratio (excl. lease liabilities) property in Tallinn Equity ratio (incl. lease liabilities) 59% 336 Financial debt include
Slide 81: Restructuring programme is progressing
Stockmann Oyj Abp Restructuring programme is progressing • All department store properties are sold • No interest-bearing debt remains Except bond (EUR 71.9 million, due 2026) • Settlement registered in Nov-23 with Mutual Insurance Fund Fennia • Three disputed claims remain regarding termination of
Slide 82: Financial highlights summary
Financial highlights summary Division Group Robust growth Post-COVID growth Strong track record in line with our financial in line with our strategic targets position strategic targets Strong margins Targeting significant Solid cash flow and cash flow improvement being re-invested with further in ca
Slide 83: Conclusions and Q&A
Conclusions and Q&A Susanne Ehnbåge Stockmann Group CEO, Lindex CEO
Slide 84: Our key messages today
Our key messages today Clear plan to New financial targets Updated strategy for accelerate building on a strong our two divisions value creation financial position 84
Slide 85: Keep in touch: investor.relations@stockmann.com
Keep in touch: investor.relations@stockmann.com