Annual financial statement 2025

 
 
CONTENTS 
REPORT OF THE 
BOARD 
OF 
DIRECTORS 
1 
FINANCIAL 
STATEMENTS 
125 
1 
Report of the Board of Directors 
9 
Sustainability Statement 
117 
Key figures 
123 
Shares and share 
capital 
126 
Consolidated Financial Statements 
130 
Notes to the consolidated financial statements 
170 
Parent Company Financial 
Statements 
181 
Auditor’s report 
187 
Auditor’s ESEF assurance 
report 
189 
Assurance report on the sustainability statement

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
2
Report of 
the Board 
of Directors
The Lindex Group’s consolidated revenue in 2025 
was EUR 952.3 (940.1) million. The revenue
was level with previous year in local currencies. 
The Group’s gross margin was 58.2% (58.3).
The 
Group’s 
adjusted 
operating 
result 
declined 
to EUR 69.5 (74.9) million. The Lindex division’s 
adjusted operating result declined to EUR 72.1 
(82.9) million. The Stockmann division’s adjusted
operating result improved to EUR 1.2 (-3.9) million 
and was first time positive after many years.
Operating result improved to EUR 64.7 (60.9) 
million. Basic and diluted earnings per share were 
EUR 0.16 (0.08). The Board of Directors does
not propose a dividend to be paid for the 2025 
financial year, as the terms 
of the senior secured 
bonds issued in July 2021 do not permit dividend 
payments.
Guidance for 
2026: 
In 
2026, 
Lindex 
Group 
expects 
its 
revenue 
to 
grow 
in 
local currencies compared to 2025. The Group’s adjusted 
operating result is estimated to be EUR 70−95 million.
Foreign exchange rate fluctuations may have a significant 
effect on the adjusted operating result.
Market outlook for 
2026: 
The macroeconomic situation in Lindex Group’s main 
markets has remained volatile as geopolitical uncertainty 
and the risks for global trade disturbances have prevailed. 
Potential unexpected negative developments might slow 
down the economic growth of the Group’s key markets.
While these risks remain elevated, GDP (Gross Domestic 
Product) 
growth 
forecasts 
for 
2026 
are 
estimated 
to 
improve in the Group’s key markets. Consumer confidence 
shows 
some 
signs 
of 
gradual 
improvement, 
which, 
together 
with 
increasing 
household 
purchasing 
power, 
may support a more favourable development in consumer
demand during the year. The situation may still vary across 
the Group’s different markets, and disruptions in supply 
chains and international logistics during the year cannot be 
excluded.
Strategy and 
financial targets 
Lindex 
Group’s 
two 
divisions, 
Lindex 
and 
Stockmann, 
have their own strategies targeting sustainable and 
profitable growth. The divisions share the view that 
customer-centricity, an omnichannel approach and strong 
brands are key strategic factors in building future growth. 
Lindex Group has ambitious sustainability targets, and 
sustainability is a central part of the Group’s operations.
The 
Lindex 
division’s 
strategy 
builds 
on 
Lindex’s 
purpose of driving meaningful change for women. The 
division’s three strategic must-win areas are to accelerate 
growth, transform into a sustainable business, and 
decouple cost from growth. The Lindex division’s financial 
targets and outcomes are presented in the table on the 
right.
Financial 
targets 
for 
the Lindex 
division 
2025 
2024 
2023 
2022
3–5% annual local currency 
revenue growth in the mid-term 
and reaching an annual revenue 
of SEK 10 billion by 2030, %
1.3
-0.9
2.7
10.9
30% digital share of revenue in 
the mid-term, %
22.1
20.8
19.0
18.5
15% adjusted operating margin 
in the long-term, %
11.2
13.2
14.3
13.6
The Stockmann division’s customer-centric strategy 
builds 
on 
Stockmann’s 
purpose 
of 
being 
a 
marketplace 
for a good life. The Stockmann division has four strategic 
must-win 
areas, 
which 
are 
to 
improve 
operational 
efficiency, differentiate through curated offering, grow and 
leverage loyal customer base and optimise omnichannel 
performance. The Stockmann division’s financial targets 
and the outcomes are presented in the table below.
Financial 
targets 
for 
the 
Stockmann 
division 
2025 
2024 
2023 
2022
Revenue growth in line with 
market*
) 
growth in the mid-term,
%
-1.5**
)
-2.2
-0.6
10.0
Reaching 
a 
positive 
operating 
free cash flow 
in the mid-term, 
EUR mill.***
)
-19.4
-19.4
-12.0
-20.9
5% adjusted operating margin in 
the mid-term, %
0.4
-1.3
-2.0
-1.7
*
) 
Stockmann’s addressable market in Finland, Latvia and 
Estonia, 
comprising of fashion, beauty and home categories. Market 
growth was
-0.6% in 2025, -1,5% 
in 2024, 2.7% 
in 2023 and 7.0% 
in 2022.
(Source: Statistics 
Finland, Statistics 
Estonia and 
Statistics Latvia 
data)
**
)
 
The Stockmann division’s revenue was negatively affected 
by the 
closure of the Stockmann Itis department store and the 
transfer of furniture 
assortment sales to Vepsäläinen. Comparable 
sales were on par with the 
comparison year.
***
)
 
Operating free cash flow is calculated as EBITDA - items affecting 
comparability - lease payments +/- 
changes in net working capital - capital 
expenditure.

Report 
of 
the 
Board 
of 
Directors 
3
Both divisions are committed to Lindex Group’s science-
based climate target to reduce greenhouse gas emissions 
from its own operations and value chain by 42% by 2030 
compared to the year 2022. The Science Based Targets 
initiative (SBTi) has validated and approved the Group’s 
climate target.
Strategic 
assessment 
In September 2023, Lindex Group’s Board of Directors 
initiated a strategic assessment aiming to crystallise 
shareholder value by refocusing the Group’s business on 
Lindex. As part of the investigation of strategic alternatives 
for Stockmann’s department stores business, the Board
is evaluating the best environment for developing the 
business 
in 
the 
future. 
These 
options 
include 
increasing 
the business’ independence within the Group, considering 
possible ownership changes or strategic partnerships, or 
continuing under the current structure.
In 
December 
2025, 
Lindex 
Group announced 
that 
its 
Board 
of Directors continues the strategic assessment and the 
Group will communicate the outcome of this work when 
appropriate.
Operating 
environment 
During the year, the operating environment of Lindex Group 
showed signs of gradual recovery, but the economies of 
Lindex Group’s home markets still reported relatively low 
consumer sentiment levels. Confidence among consumers 
and businesses continued to remain fragile, and the path 
ahead 
is 
still 
uncertain. 
Geopolitical 
and 
political 
tensions 
and uncertainties related to US trade policies continued 
impacting the economies in Europe and globally. The
lowered inflation and interest rates compared to 2024 
continued to support the gradual economic recovery and 
strengthen consumers’ purchasing power in some markets 
while 
in 
some 
other 
markets, 
unemployment 
increased 
and impacted consumer confidence. Improvements were 
uneven across sectors and countries.
The Economic Sentiment Indicator (ESI) and Employment 
Expectations 
Indicator 
(EEI) 
continued 
to 
decline 
in 
many 
EU countries at the beginning of the year, but the downward 
trend improved towards the end of the year. The retail trade 
confidence also started slowly improving. While consumers 
remained cautious and households’ sentiment was low, 
consumer confidence increased in many EU countries, 
including better expectations for general economic situation 
and household finances. By contrast, consumers’ intentions 
for major purchases weakened. The economic situation and 
consumer sentiment remained weak in long-term averages 
and 
confidence 
was 
mixed 
among 
the 
EU 
countries. 
(Source: The EU Commission’s Business and Consumer 
Survey.) 
Going 
into 
2026, 
there 
are 
signs 
of 
gradual 
economic recovery in several markets: consumer sentiment 
improved, 
retail-trade 
saw 
some 
signs 
of 
getting 
healthier 
and employment expectations improved.
In 
terms 
of 
the 
development 
of 
the 
fashion 
market, 
sales 
in the Swedish fashion market showed a 2.8% increase 
from January to December 2025. (Source: Svensk Handel 
Index.) In Finland, the fashion market sales declined
by 0.8% in January–December. (Source: Teja.) The last 
months of the year have shown that fashion market volatility 
still continues. However, the quantity and value of clothing, 
footwear, and home textiles imported from outside the
EU, mainly from China, increased significantly over the 
year. This development may be reflected in the fashion 
retail sector. (Source: Fashion and Sports Commerce 
association.)
Revenue and 
earnings, Lindex 
Group 
In January–December, Lindex Group’s revenue increased to 
EUR 952.3 (940.1) million. In local currencies, the revenue 
was on par with the previous year. The Lindex division’s 
revenue increased by 2.7% and in local currencies by
1.3%. The revenue was negatively impacted by dampened 
consumer demand and fashion market volatility during the 
first 
half 
of 
the 
year, 
combined 
with 
supply 
delays 
related 
to a temporary technical issue at the new omnichannel 
distribution centre during the third quarter. The Stockmann 
division’s revenue decreased by 1.5% driven by soft 
consumer confidence and the market decline of its biggest 
category, fashion. The Stockmann division’s revenue in 
comparable terms, excluding the Itis department store and 
furniture category, were on par with the comparison year.
Lindex Group’s gross profit increased to EUR 554.4 (547.9) 
million. The Group’s gross margin was 58.2% (58.3).
The comparable operating costs were on par with the 
comparison year, 
totalling EUR 
380.2 (380.4) 
million.
The 
Group’s adjusted 
operating result 
decreased to 
EUR
69.5 (74.9) million. The decrease was mainly due to higher 
depreciations related to the omnichannel distribution centre. 
The 
operating 
result 
increased 
to 
EUR 
64.7 
(60.9) 
million. 
The operating result included items affecting comparability 
that were lower than in the comparison year.
The Group’s net result for the financial year was EUR 24.4 
(13.2) million, mainly as a result of the utilisation of tax 
losses carried forward.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
4
Items affecting 
comparability (IAC) 
1–12
1–12
At 
the 
end 
of 
December, 
the 
Group 
had 
an 
interest-bearing 
liability 
of 
a 
current 
senior 
secured 
bond 
of 
EUR 
73.1 
(73.1) 
million. The lease liabilities in accordance with IFRS 16
During the fourth quarter, the operations at the new 
distribution centre were stabilised. The technical issue 
encountered during the third quarter was solved, and
Operating result
64.7
60.9
Adjustments to operating 
result
Costs and reversals related to restructuring 
programme and other disputes
-5.0
10.9
Costs related to strategic projects and 
structural changes
9.8
7.5
Insurance claim settlement for losses related 
to COVID-19
-4.4
Adjusted operating result
69.5
74.9
EUR million 
Net result for the period
24.4
13.2
Non-controlling interest
1.8
Adjustments to operating 
result
4.8
14.0
Adjustments to taxes
-1.0
-2.8
Adjusted net result for 
the period
30.0
24.4
EUR million
2025
1–12
2025
2024
1–12
2024
reporting 
standard 
totalled 
EUR 
594.4 
(603.1) 
million), 
of which EUR 288.8 million (272.9) related to the Lindex 
division and EUR 305.5 million (330.2) to the Stockmann
division. 
Excluding 
the 
IFRS 
16 
lease 
liabilities, 
the 
interest-
bearing 
net 
debt 
was 
positive 
at 
EUR 
-51.6 
(-31.8) 
million. 
The Group has a revolving credit facility of EUR 40 million, 
which has not been used.
The equity ratio was 33.3% (30.0) and net gearing 120.4% 
(145.0) at the end of December. IFRS 16 items had a 
significant impact on the equity ratio and net gearing.
Excluding the IFRS 16 items, the equity ratio was 64.8% 
(61.9) and net gearing -9.0% (-6.2).
product availability of the Lindex division improved towards 
the 
end 
of 
the 
fourth 
quarter. 
The 
final 
transfer 
of 
Lindex’s 
e-commerce warehouse operations from Borås to the new 
centre 
is 
planned 
to 
take 
place 
in 
the 
first 
half 
of 
2026, 
which might impact the division’s performance. The gradual 
transfer of e-commerce order handling is ongoing and
proceeding well. The new omnichannel distribution centre is 
expected to be fully operational during the first half of 2026, 
supporting 
the 
Lindex 
division’s 
strategic 
growth 
plans, 
along with efficiency improvements and savings.
Revenue and 
earnings by 
division 
Financing and 
cash flow
Cash and cash equivalents totalled EUR 134.8 (114.7) 
million at the end of December 2025. Cash flow from 
investments was EUR 8.6 (13.3) million during the quarter.
At the 
end of 
December, 
total inventories 
were EUR
163.8 (169.6) million. The Lindex division’s inventories 
decreased partly due to supply improvements related to the 
omnichannel distribution centre, whereas the Stockmann 
division’s inventories declined due to active inventory 
management. 
The 
closure 
of 
the 
Itis 
department 
store 
in 
June and the planned transfer of Stockmann’s furniture 
assortment to the division’s newly introduced partner 
Vepsäläinen in September also lowered Stockmann’s 
inventories.
The 
Group’s 
capital 
employed 
at 
the 
end 
of 
December 
was EUR 1 127.4 (1 080.0) million and EUR 653.9 (598.6)
million excluding 
the IFRS 
16 items.
Capital expenditure 
The Lindex omnichannel distribution centre is the division’s 
largest-ever investment. It will be an important enabler
for 
continued 
growth, 
improved 
efficiency 
and 
addressing 
the division’s capacity constraints. The total investment 
amounts to approximately EUR 110 million. By the end of 
December, EUR 103 million had been used for the project.
The 
launch 
of 
the 
distribution 
centre 
took 
place 
in 
November 2024, followed by an extensive ramp-up and 
transition phase. Today, 
all Lindex’s central stock garments 
are being handled at the new centre, and the old main 
warehouse in Partille, Sweden was closed during the third 
quarter.
Lindex Group’s reporting segments are the Lindex and 
Stockmann divisions. The segments are reported in 
accordance with IFRS 8. Unallocated items include 
Corporate Management, Group Finance Management, 
Group Treasury, Internal Audit and Investor Relations.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
5
Revenue, EUR mill.
645.9
628.8
Revenue growth, %
2.7
-0.7
Local currency revenue growth, 
%
1.3
-0.9
Digital share of revenue, 
%
22.1
20.8
Digital revenue growth in 
local currencies, %
6.8
8.3
Gross profit, EUR mill.
416.1
409.1
Gross margin, %
64.4
65.1
Adjusted operating result, EUR 
mill.
72.1
82.9
Adjusted operating margin, 
%
11.2
13.2
Operating result, EUR mill.
64.6
85.1
Operating margin, %
10.0
13.5
Inventories, EUR mill.
111.4
113.8
Capital expenditure, EUR 
mill.
24.5
39.9
Stores
442
442
Lindex division 
REVENUE 
| 
By market
SWEDEN 
53% 
NORWAY 
20% 
FINLAND 
12% 
OTHER 
15% 
1–12/2025
REVENUE 
| 
By channel
78%
1–12/2025
1–12
2025
1–12
2024
The Lindex division’s revenue increased to EUR 645.9 
(628.8) million and by 1.3% in local currencies. Revenue 
from stores was on par with the comparison year, whereas 
digital 
channels 
showed 
an 
increase 
of 
6.8%. 
Digital 
revenue accounted for 22.1% (20.8) of Lindex’s revenue.
During the first half of the year, the revenue was mainly 
impacted by cautious consumer behaviour, combined with 
product 
availability 
limitations, 
which 
continued 
during 
the 
third quarter. In the fourth quarter, the revenue development 
picked up due to improved product availability and strong 
commercial offering, further supported by successful 
promotional activities.
The gross profit increased and totalled EUR 416.1 (409.1) 
million and the gross margin stood at 64.4% (65.1). The 
gross profit was impacted by lower gross margin, mainly 
due 
to 
the 
increased 
share 
of 
promotional 
activities 
aimed 
at balancing the inventory levels.
The comparable operating costs increased to EUR 268.6 
(263.0) million, mainly due to increased marketing activities 
and sales volume related operating costs.
The Lindex division’s adjusted operating result decreased to 
EUR 72.1 (82.9) million. The operating result for Lindex was 
EUR 
64.6 
(85.1) 
million. 
Profitability 
decreased 
mainly 
due 
to higher costs for goods handling and depreciations.
Capital expenditure was EUR 24.5 (39.9) million. The 
comparison year included higher investments in the Lindex 
omnichannel distribution centre and in the digital store 
programme.
The Lindex division continued to invest in strategic growth 
initiatives across markets, channels, and customer 
propositions. Digital transformation efforts progressed, with 
ongoing enhancements of customer-facing touchpoints and 
internal capabilities. The number of the Lindex division’s 
active customers continued to grow during the year.
At the end of 2025, Lindex had 442 stores in total, of which 
412 
are 
own 
stores 
and 
30 
franchise 
stores. 
Lindex 
opened 
9 new stores and closed 9 stores during 2025. In addition to 
the 
Lindex 
division’s 
physical 
stores 
and 
own 
digital 
store, 
the company also sells its products on third parties’ digital 
fashion platforms and in physical stores.
DIGITAL CHANNELS 
22%
STORES

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
6
Stockmann division 
1–12
2025
1–12
2024
The Stockmann division’s revenue was EUR 306.8 (311.6) 
million. The comparable revenue was on par with the 
comparison year. The division’s revenue totalled EUR 230.3 
(235.3) million in Finland and EUR 76.5 (76.3) million in the 
Baltics. 
Digital 
revenue 
increased 
by 
5.2% 
and 
accounted 
for 
13.6% 
(12.7) 
of 
total 
revenue. 
Excluding 
the 
food 
category, 
which 
the 
division 
does 
not 
sell 
online, 
the 
share 
of digital revenue was 15.6%.
The gross profit was at the level of the comparison year, at 
EUR 138.3 (138.8) million. The gross margin increased to 
45.1% (44.5) mainly due to improved inventory levels and 
improved margin levels in clearance and promotional sales.
The number of Stockmann’s active loyal customers increased 
significantly 
during 
the 
year, 
and 
also 
the 
share 
of 
revenue 
from loyal customers grew.
On 28 June 2025, the Stockmann Itis department store was 
closed due to the termination of the rental agreement. The 
closure did not have a material impact on the profitability
or financial position of the division or Lindex Group. The 
Stockmann division has 7 department stores after the 
closure.
REVENUE 
| 
By market
1–12/2025
FINLAND 
75%
 
BALTICS 
25%
REVENUE 
| 
By channel
1–12/2025
 
DIGITAL CHANNELS 
14% 
SERVICE AND 
RENTAL INCOME 
10% 
DEPARTMENT STORES 
76%
The comparable operating costs decreased to EUR 107.8 
(113.5) million due to the successfully implemented cost 
efficiency measures which also mitigated the impact of 
inflation.
Revenue, EUR mill.
306.8
311.6
Revenue growth, %
-1.5
-2.2
Digital share of revenue, 
%
13.6
12.7
Digital revenue growth, %
5.2
0.2
Gross profit, EUR mill.
138.3
138.8
Gross margin, %
45.1
44.5
Adjusted operating result, EUR 
mill.
1.2
-3.9
Adjusted operating margin, 
%
0.4
-1.3
Operating result, EUR mill.
5.6
-14.2
Operating margin, %
1.8
-4.6
Inventories, EUR mill.
52.4
55.8
Capital expenditure, EUR 
mill.
6.6
5.8
The adjusted operating result improved to EUR 1.2 (-3.9) 
million mainly due to successful cost savings as well as 
strengthening of the commercial offering and omnichannel 
capabilities. This marks the first full-year positive adjusted 
operating result after many years. The operating result 
improved to EUR 5.6 (-14.2) million. The operating result 
included restructuring programme related costs impacting 
comparability both in the financial and the comparison year.
Capital expenditure was EUR 6.6 (5.8) million and was 
mainly related to investments in digital growth and 
department store renovations in Helsinki, Turku and Riga.

Report 
of 
the 
Board 
of 
Directors 
7
Personnel 
Lindex Group’s average number of personnel during the 
financial year was 5 940 (6 014). In terms of full-time 
equivalents, 
the 
average 
number 
of 
employees 
was 
4 
015 
(4 216). At the end of December, Lindex Group’s personnel 
numbered 5 937 (5 995), of whom 1 432 (1 541) were
working in 
Finland, 2 
044 (2 
093) in 
Sweden and 
2 461
(2 361) in other countries. The Group’s wages and salaries 
amounted to EUR 165.8 (161.0) million in 2025.
Changes in 
management 
On 2 July 2025, Lindex Group appointed Niklas Lindholm, 
Ph.D. 
(Econ) 
as 
the 
company’s 
new 
Chief 
People 
Officer 
and a member of the Group Management Team. In addition 
to his role as Group Chief People Officer, Lindholm
will also act as the Lindex division’s Chief People and 
Communications Officer. He started in his new position on 1 
October 2025.
Annual General 
Meeting 2025 
The Annual General Meeting (AGM), held on 2 April 2025, 
adopted the financial statements for the financial year
1 
January–31 
December 
2024, 
granted 
discharge 
from 
liability to the persons who had acted as members of the 
Board of Directors and as CEO during the financial year and 
resolved that no dividend was be paid for the financial year 
2024.
The decisions by the AGM were published in full as a stock 
exchange release on 2 April 2025.
Shares and 
share capital 
At the end of December, Lindex Group plc had a total of 
164 041 391 shares.
At the end of December, the share capital was EUR 77.6 
million, and the market capitalisation stood at EUR 405.2 
(434.8) million. The price of a LINDEX share was EUR 2.47 
(2.69) at the end of December 2025. In January–December, 
the 
highest 
price 
of 
a 
LINDEX 
share 
was 
EUR 
3.31 
(3.51) 
and the lowest price was EUR 2.34 (2.39). A total of 35.5 
million shares were traded on Nasdaq Helsinki in January–
December. 
This 
corresponds 
to 
21.8% 
of 
the 
average 
number of shares.
The company does not hold any of its own shares, and the 
Board of Directors has no valid authorisations to purchase 
company 
shares. At 
the 
end 
of 
December, 
Lindex 
Group 
had 39 529 (41 055) shareholders. Foreign ownership was
28.8% (27.3).
The parent company’s distributable funds on 31 December 
2025 were EUR 377.0 million, of which net profit for the 
financial year was EUR 42.3 million. The Board of Directors 
does 
not 
propose 
a 
dividend 
to 
be 
paid 
for 
the 
2025 
financial year, as the terms of the senior secured bonds 
issued in July 2021 do not permit dividend payments.
Business continuity, risks and near-term 
uncertainties 
Lindex Group operates in a dynamic and complex 
environment 
that 
exposes 
the 
company 
to 
a 
range 
of 
risks that may affect its financial performance, operations, 
and reputation. These risks arise from macroeconomic 
factors, seasonal variations, complex supply chains, 
information security threats, and increasing sustainability
and compliance requirements, among others. Below is an 
overview of the key risks and uncertainties affecting the 
Group.
Macroeconomic 
and 
geopolitical 
situation 
Global economic uncertainty and geopolitical tensions 
continue to influence consumer confidence and purchasing 
power. Inflationary pressures have eased compared to 
previous years but remain a factor impacting operational 
costs and customer behaviour. These pressures may 
continue to affect customer behaviour and shift demand 
across product categories. Additionally, macroeconomic 
uncertainties may influence asset valuations, and interest 
rate fluctuations may impact the discount rates used in 
impairment testing.
Exchange 
rate 
fluctuations 
Lindex 
Group’s 
revenue, 
earnings, 
and 
balance 
sheet 
are influenced by changes in exchange rates, particularly
between the euro (the Group’s reporting currency) and other 
key currencies such as the Swedish krona, Norwegian krone, 
and U.S. dollar. Currency volatility may impact financial 
performance, and the Group’s limited ability to fully hedge 
transactional risks leaves it exposed to potential currency 
fluctuations.
Seasonality and 
customer demand 
Seasonal variations are an inherent characteristic of the retail 
industry and significantly impact Lindex Group’s revenue and 
profitability. 
Typically, 
revenue 
is 
lower 
in 
the 
first 
quarter, 
while the second and fourth quarters experience higher sales 
activity. 
Fashion, 
which 
accounts 
for 
approximately 
80% 
of 
the 
Group’s 
revenue, 
is 
particularly 
sensitive 
to 
seasonal 
trends and weather conditions. Additionally, the timing of the 
Stockmann division’s Crazy Days campaign has a significant 
impact on quarterly revenue and operating results, as the 
campaign 
drives 
a 
surge 
in 
consumer 
activity 
during 
the 
period it is held.
Supply chain 
and logistics 

Report 
of 
the 
Board 
of 
Directors 
8
The global value chain in the retail sector is inherently 
complex, involving multiple stages from sourcing to final 
delivery. Unexpected disruptions in the supply chain, such 
as delays in shipments or production stoppages, may 
increase operational costs. Given the Group’s reliance
on 
a 
global 
supply 
network, 
unexpected 
logistics 
issues 
could lead to higher freight costs and longer lead times, 
potentially affecting inventory availability and customer 
satisfaction. The Group anticipates increasing protectionism 
and potentially rising trade barriers, which may present 
additional challenges for global supply chain and logistics 
operations.
Sustainability 
risks 
Sustainability-related risks continue to be significant for 
Lindex 
Group, 
with 
climate 
change 
specifically 
identified 
as an economic risk for the company. These risks concern 
the Group’s ability to manage environmental impacts and 
adapt to changing regulations and expectations regarding 
sustainability efforts and reporting.
Information 
security 
and 
cyber 
risks 
The 
risk 
of 
cyberattacks 
and 
IT 
disruptions 
remains 
elevated 
as 
cybercrime 
becomes 
increasingly 
sophisticated. 
A successful cyberattack could compromise data privacy, 
disrupt operations, and negatively affect the Group’s 
reputation. Continuous investment in robust cybersecurity 
measures is essential.
Talent 
and organisational risks 
Attracting and retaining skilled personnel remains critical 
for operational continuity and strategic execution. High 
competition for talent and elevated turnover risk could 
hinder progress on key initiatives.
Conclusion of 
the restructuring 
process 
On 15 August 2025, Lindex Group plc announced that the 
company’s restructuring programme had concluded. The 
commencement 
of 
restructuring 
proceedings 
was 
confirmed 
in 
April 
2020, 
and 
the 
corporate 
restructuring 
programme 
was 
approved 
in 
February 
2021 
by 
the 
Helsinki 
District 
Court.
The last remaining dispute of the restructuring programme 
was settled between LähiTapiola Keskustakiinteistöt Ky and 
Lindex Group plc on 9 June 2025, which enabled the Lindex 
Group plc to seek ending the restructuring programme.
The 
Helsinki 
District 
Court 
approved 
the 
amendment 
to the restructuring programme on 27 June 2025, after
which Lindex Group plc proceeded to fulfil the obligations 
agreed in the settlement agreement and the restructuring 
programme 
by 
paying 
all 
undisputed 
debts, 
confirmed 
in 
their final amounts. After the actions were implemented, the 
supervisor of Lindex Group plc’s restructuring programme 
prepared a final report on the implementation of the 
programme, which ended the restructuring process on 15 
August 2025.
The 
settlement 
of 
the 
last 
dispute 
did 
not 
affect 
Lindex 
Group’s 
adjusted 
operating 
result 
in 
2025, 
but 
it 
had 
a 
positive impact on the operating result.
Events after 
the financial 
year 
On 5 February 2026, Lindex Group plc signed a EUR 50 
million secured revolving credit facility agreement. The 
revolving credit facility matures in May 2027, subject to a 
15-month extension option.
Financial releases 
in 2026 
The Annual General Meeting is planned to be held on 26 
March 2026.
The financial 
reports will 
be released 
in 2026 
as follows:
•
 
Interim Report, 
January–March 2026: 
28 April 
2026
•
 
Half Year Financial Report, January–June 2026: 17 July 
2026
•
 
Interim Report, January–September 2026: 22 October 
2026
The Corporate Governance Statement has been prepared 
as a separate report from this Board of Directors Report.
Helsinki, 26 
February 2026
Lindex 
Group plc 
Board of 
Directors

 
Report 
of 
the 
Board 
of 
Directors 
9
Sustainability 
Statement

 
 
Report 
of 
the 
Board 
of 
Directors 
10
GENERAL INFORMATION 
ESRS 
2 
General 
disclosures
BP–1 
General basis for preparation of sustainability 
statements
Lindex 
Group’s 
Sustainability 
Statement 
has 
been 
prepared in accordance with the European Sustainability 
Reporting Standards (ESRS) as defined in the EU’s 
Corporate Sustainability Reporting Directive (CSRD). The 
Sustainability Statement covers Lindex Group plc and its 
subsidiaries for the period 1 January–31 December 2025. 
The Sustainability Statement has been prepared on the 
same consolidated basis as the Group’s 2025 Financial 
Statements.
Lindex Group comprises two divisions: Lindex and 
Stockmann. Both divisions have conducted their own double 
materiality assessments, which address the impacts, risks 
and opportunities throughout the value chain. The results
of the divisions’ double materiality assessments form the 
basis for the Group’s materiality. The extent to which Lindex 
Group’s policies, actions, targets and metrics apply to the 
value chain is described in connection with each topical 
standard.
The Group has identified material impacts, risks and 
opportunities related to pollution, water, and biodiversity 
across its value chain. However, due to limited access to 
relevant data, the Group is not yet able to disclose entity-
specific metrics related to those material impacts, risks and 
opportunities across the value chain. Efforts will be made in 
the future to improve data accessibility.
Lindex Group has not omitted information relating to 
intellectual property, know-how or the results of innovation 
from this Sustainability Statement. The Group has also not 
omitted disclosure of any impending developments or matters 
that are currently under negotiation.
BP–2 
Disclosures in 
relation to 
specific circumstances
The Group has not deviated from the medium- or long-
term 
time 
horizons 
defined 
by 
the 
ESRS. 
The 
Group 
has included value chain data in its greenhouse gas
calculations, some of which are based on estimates. Metrics 
involving 
estimated 
data 
are 
described 
in 
E1–6 
Gross 
Scopes 1, 2, 3, and Total Greenhouse Gas Emissions.

 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
11
Sources of 
estimation and 
outcome uncertainty
rather than 
contractual salaries. 
Compared to 
2024, the
E1-6 Scope 3 cat 7 
Employee commuting
Employee commuting emission figures 
Approximations have been made based on the 
were only partly based on the survey 
survey result or of assessments and assumptions 
result. The majority is based on 
of average distance to the workplace per country. 
estimations of both the distances and 
Generic approximations have been used for part 
travel modes. 
of the result.
E1-6 Scope 3 cat 11 
Use of sold products
To calculate emissions from the use of 
The emissions are estimated based on number 
of 
sold products, the number of appliances 
appliances and number of textile pieces sold.
and number of textile pieces sold and their 
estimated weight were used. Energy used 
for appliances or for washing and drying 
textiles has been estimated.
E1-6 Scope 3 cat 12 
End-of-life treatment of 
sold products
For emissions from use of sold products, 
Estimations were based on units of sold products 
number of appliances and number of 
recalculated as weight. Assumptions on recycling 
textile pieces sold, and their estimated 
of waste are partly based on countries’ average 
weight were used. 
recycling rate published by the European
Parliament.
Metric that is subject to a high 
level of measurement uncertainty
Sources of measurement 
uncertainty
Assumptions, approximations and 
judgements made in measurements
changes 
include 
adding 
variable 
pay 
in 
the 
gender 
pay 
gap calculation, recalculating annual salaries used in the 
renumeration ratio to annual and full-time equivalents and 
disclosing the remuneration ratio for white- and blue-collar 
employees separate. These changes provide additional 
context and improve comparability.
In 
G1–6 Payment practices
, methodologies have been 
aligned across the divisions. The Stockmann division now 
includes invoices paid during the reporting year, rather than 
invoices 
issued 
during 
the 
reporting 
year, 
as 
was 
the 
case 
in 2024.
See the relevant chapters for further details and comparable 
figures. 
No 
material 
errors 
have 
been 
identified 
compared 
with the previous reporting period.
Some changes were made to the preparation or 
presentation of the Sustainability Statement in 2025 
compared to 2024.
Emissions related to customer commuting in scope 3, 
category 9, are not disclosed in 2025 under 
E1–6 Gross 
Scopes 
1,2,3 
and 
Total 
Greenhouse 
Gas 
emissions
. 
This 
is 
because 
these 
emissions 
are 
based 
on 
estimates 
with 
a high degree of uncertainty and are not part of the Lindex 
Group’s Science based target. Also, the sustainability 
software has been used more extensively for calculating 
emissions during 2025. As a result, certain emissions
in 2024 reporting year have been updated for better 
comparability. In addition, availability of improved emission 
factors has effected emissions in base year 2022 and in 
2024 to some extent.
E1–5 
Energy 
consumption 
and 
mix 
has 
been 
updated 
during 2025 to also include energy consumed by company 
vehicles. The 
update affects 
part 
of 
the 
2024 year’s 
figures.
Turnover rate presented in 
S1–6 Characteristics of the 
undertaking’s employees
, has been calculated including 
temporary workers to the number of employees who left the 
company. This approach better aligns with the methodology 
used 
for 
other 
headcount-related 
disclosures 
in 
S1–6 
— 
S1–17 Metrics related to own workforce.
The methodology for both the gender pay gap and the 
annual total remuneration ratio in 
S–16 Remuneration 
metrics (pay gap and total remuneration)
, were revised 
during 2025. Both metrics are now based on a consistent 
methodology and calculated using actual disbursements
The Sustainability Statement includes the EU Taxonomy 
report, which is presented at the end of the 
Environmental 
Information 
chapter. Apart 
from 
the 
Taxonomy 
reporting, 
the Group has not included information derived from other 
legislation or generally accepted sustainability reporting 
standards or frameworks in the Sustainability Statement.
The material information to be disclosed has been 
determined using the criteria set out in 
ESRS 1, Section
3.2: Material Matters and Materiality of Information
. No 
specific thresholds were applied when identifying material 
information for the Sustainability Statement. However,
the 
Group 
has 
used 
thresholds 
to 
assess 
whether 
a 
topic is material. These thresholds have been applied to 
both impact materiality and financial materiality. These 
thresholds and the methodology used to determine
materiality are further described in 
IRO-1 Description of the 
Processes 
to 
Identify 
and Assess 
Material 
Impacts, 
Risks 
and Opportunities.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
12
GOV
–1 
The role of the administrative, 
management and supervisory bodies
Lindex Group’s governance consists of the Board of 
Directors, Audit Committee, People and Remuneration 
Committee, and Group Leadership Team.
The Group’s Board of Directors, the Group Leadership Team 
and the divisions’ Leadership Teams comprise individuals 
with diverse backgrounds, including finance, human 
resources, legal affairs, and sustainability. Their expertise 
spans the Group’s operating sector, its product portfolio,
and the geographical region of Europe in which the Group 
operates. All members of the Audit Committee and People & 
Remuneration Committee are also members of the Board of 
Directors.
Roles, responsibilities, and expertise 
of the governance bodies
The Board of Directors is responsible for overseeing 
sustainability-related 
impacts, 
risks 
and 
opportunities, 
while the divisions’ Leadership Teams manage the day-to-
day operations and related decisions. A similar approach 
applies to business conduct-related matters. At present, no
individual responsibilities for impacts, risks and opportunities 
are specified in the Board members’ terms of reference or 
mandates.
The Board of Directors ensures that the members of its 
committees and the Group Leadership Team possess 
appropriate skills and expertise in sustainability matters, 
therefore ensuring that sustainability impacts, risks and 
opportunities are integrated into internal functions and 
business processes. The Board of Directors is informed of 
sustainability-related matters whenever necessary. At the 
Lindex division, a Chief Sustainability Officer is responsible 
for sustainability matters. At the Stockmann division,
Sustainability governance 
at Lindex 
Group
•
Board of Directors
Approves Sustainability Statement as 
part of the 
Report of
Board of Directors
•
 
Approves Lindex Group’s policies
•
 
Approves Group-level ESG 
targets
•
 
Reviews the divisions’ sustainability strategies as part 
of the 
business strategy process
•
Divisions’ Leadership Teams
Group Leadership Team
Audit Committee of 
the Board of Directors
People and Remuneration Committee 
of the Board of Directors
Monitors and oversees ESG 
impacts, risks and opportunities
Characteristics of 
the administrative, 
management, 
and supervisory 
bodies
Members 
in total
Women
Men
Executive 
members
Non-
executive 
members
Independent 
members 
of 
the company
Employee 
representatives
Board of Directors
7
3 (43%)*
4 (57%)*
0
7
7 (100%)**
2***
Audit Committee
3
1 (33%)
2 (67%)
0
3
3
0
People & Remuneration
Committee
4
3 (75%)
1 (25%)
0
4
4
0
Group Leadership Team
5
1 (20%)
4 (80%)
5
0
0
0
* The Board of 
Directors’ gender diversity 
ratio, defined as 
number of women 
divided by number 
of men, is 
75%.
** Six members of 
the Board of 
Directors are also 
independent of major 
shareholders.
*** The employee 
representatives are 
entitled to attend 
and speak at 
the Board of 
Directors’ meetings, but 
they are not 
members of the 
Board of Directors.
•
 
Responsible for Group-level 
ESG performance
•
 
Reviews Lindex Group’s policies
•
 
Sets divisions’ sustainability strategies and targets, 
and 
responsible for their performance
•
 
Assesses and manages 
division-level impacts, risks and
opportunities and integrates them to 
the strategy
•
 
Ensures progress in sustainability development and 
alignment with Group policies
•
Oversees the remuneration process
•
Monitors the remuneration principles 
and personnel principles
•
Oversees the Enterprise Risk 
Management (ERM) process
•
Monitors the sustainability reporting 
process and internal controls

 
 
Report 
of 
the 
Board 
of 
Directors 
13
a director in the Leadership Team oversees sustainability 
matters and draws on sustainability expertise as required. 
This responsibility is further supported at the Stockmann 
division by a Sustainability Steering Group comprising of 
members of the Leadership Team. Further details on the 
roles and responsibilities of the Board of Directors, Board 
Committees, Group Leadership Team, and Leadership 
Teams, including their responsibilities for target setting 
related to impacts, risks and opportunities, are provided in 
Sustainability governance at Lindex Group.
The Board of Directors has an adequate level of competence 
in sustainability matters, including business conduct
and in the evaluation of the Group’s impacts, risks and 
opportunities. This competence was assessed in 2024 
through a Board engagement, during which members 
conducted a self-assessment of their expertise on 
sustainability matters. The Board aims to further strengthen 
its competence in sustainability and material impacts, risks 
and opportunities. To support this, the Board leverages 
internal experts from both divisions, as well as external 
specialists when addressing specific sustainability topics.
GOV
–2 
Information provided to, and sustainability 
matters addressed by the undertaking’s 
administrative, management and supervisory 
bodies
Sustainability matters are discussed on a regular basis by 
Lindex Group’s Board of Directors, Audit Committee and 
Group Leadership Team to ensure that material impacts, 
risks and opportunities are integrated into the divisions’ 
business strategies and that appropriate due diligence 
processes are in place. Currently, only the Lindex division 
has implemented a Human Rights Due Diligence (HRDD) 
process, while the Stockmann division is expected to 
develop one in the coming years.
The Board of Directors discusses sustainability topics 
periodically, 
depending 
on 
the 
issues 
under 
consideration. 
The Lindex division’s Chief Sustainability Officer provides 
updates 
on 
themes 
such 
as 
Group-level 
science-based 
targets and sustainability-related impacts, risks and 
opportunities. During the reporting period, sustainability 
matters were addressed in both the spring and autumn 
meetings, where the Board and Audit Committee discussed 
the Enterprise Risk Management (ERM) process, led by the 
Chief Legal Officer and Chief Financial Officer. The autumn 
meeting also included a discussion on the double materiality 
assessment.
Material 
sustainability-related 
impacts, 
risks 
and 
opportunities were addressed at a strategic level by the 
division’s 
Leadership 
Teams, 
the 
Group 
Leadership 
Team 
the Board of Directors, and the Audit Committee. Certain 
topics, such as climate, circular transformation, and human 
rights due diligence, were considered in greater depth, while 
others were discussed at a more general level. The Board
is responsible for reviewing and approving the Sustainability 
Statement.
The Board of Directors approves Group-level sustainability 
policies and targets, including the Environmental Policy, 
human rights policies, and science-based climate targets. 
Progress 
against 
these 
targets 
is 
monitored 
annually 
as 
part 
of the sustainability reporting process. The Lindex division’s 
Chief Sustainability Officer is responsible for bringing 
sustainability 
topics 
to 
the 
Group 
Leadership 
Team’s 
agenda.
Sustainability matters are discussed biweekly at the Lindex 
division’s Leadership Team meetings and quarterly at the 
Stockmann division’s Leadership Team meetings. These 
Leadership Teams focus on integrating material impacts, 
risks 
and 
opportunities 
into 
their 
respective 
strategies 
and 
on defining related actions, metrics and targets.
GOV
–3 
Integration of sustainability-related performance 
in incentive schemes
To ensure the independence of the Board of Directors and the 
Audit Committee, their members do not participate in incentive 
schemes or receive remuneration linked to sustainability 
performance. In contrast, the Group Leadership Team and
the divisions’ Leadership Teams have incentive schemes 
that are linked to sustainability performance. The Group’s
remuneration policy incorporates general sustainability-related 
metrics 
in 
both 
short- 
and 
long-term 
incentive 
plans. 
The 
Board’s People and Remuneration Committee prepares the 
proposal of incentive schemes, and all the incentive schemes 
are approved by the Board of Directors.
Sustainability-related incentive schemes for the Group 
Leadership Team and the divisions’ Leadership Teams 
are 
linked 
to 
the 
Group’s 
science-based 
climate 
targets, 
which 
are described in more detail in 
E1–4 Targets related to climate 
change mitigation and adaptation
. These targets serve as a
key performance benchmark. In addition to this, both divisions’ 
2025–2027 incentive schemes include other ESG targets.
The 
Group Leadership 
Team
The Group Leadership Team, including the CEO, has 
sustainability-related 
remuneration 
linked 
to 
the 
long-
term incentive schemes of both divisions and varies by 
performance period:
•
 
2023–2025: 2.5% weight if the Lindex division meets its 
targets
•
 
2024–2026: 5% 
weight if 
both divisions 
meet their 
targets
•
 
2025–2027: 3.75% weight if both divisions meet their 
targets.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
14
GOV
–4 
Statement on 
sustainability due 
diligence
Elements of 
due diligence
Paragraphs in the 
sustainability statement
Embedding due diligence in governance, 
strategy, and business model
GOV-1 The role 
of the administrative, management and supervisory 
bodies
SBM-3 Material impacts, risks and opportunities 
and their interaction with strategy and business 
model 
S1-1 Policies related to own workforce
S2-1 Policies related to value chain workers 
S3-1 Policies related to affected communities
S4-1 Policies related to 
consumers and end-users
Engaging with affected stakeholders 
in all key steps of due diligence
SBM-2 Interests and views 
of stakeholders
IRO-1 Description of the process to identify and 
assess material impacts, risks and opportunities 
S1-2 Processes for engaging with own workers 
and workers’ representatives about impacts
S2-2 Processes for engaging with value chain workers 
about impacts 
S3-2 Processes for engaging with affected communities 
about impacts
S4-2 Processes for engaging 
with consumers and end-users 
about impacts
Identifying and assessing adverse 
impacts
SBM-2 Interests and views 
of stakeholders
IRO-1 Description of the 
process to identify and 
assess material impacts, risks 
and opportunities
Taking actions to address adverse 
impacts
S1-4 Taking action on material impacts on own workforce, and approaches to mitigating 
material risks and pursuing material opportunities related 
to own 
workforce, and effectiveness of those actions
S2-4 Taking action on material impacts on value chain workers, and approaches to 
mitigating material risks and pursuing material opportunities 
related to value 
chain workers, and effectiveness of those actions
S3-4 Taking action on material impacts on affected communities, and approaches to managing material 
risks and pursuing material opportunities related to 
affected communities, and effectiveness of those actions
S4-4 Taking 
action on material 
impacts on consumers and 
end-users, and approaches to 
managing material risks and 
pursuing material opportunities related 
to consumers and end-users, and effectiveness of those actions
Tracking the effectiveness of these 
efforts and communicating
S1-5 Targets 
related to managing 
material negative impacts, 
advancing positive impacts, 
and managing material 
risks and 
opportunities 
S2-5 Targets 
related to managing 
material negative impacts, 
advancing positive impacts, 
and managing material 
risks and 
opportunities 
S3-5 Targets 
related to managing 
material negative impacts, 
advancing positive impacts, 
and managing material 
risks and 
opportunities 
S4-5 Targets related to managing material negative impacts, advancing positive impacts, and 
managing material risks and opportunities

 
Report 
of 
the 
Board 
of 
Directors 
15
GOV
–5 
Risk management and internal controls over 
sustainability reporting
Lindex 
Group 
integrates 
risks 
related 
to 
sustainability 
reporting into its overall risk management framework. This 
includes 
identifying, 
assessing, 
and 
mitigating 
risks 
related 
to sustainability reporting. The Board of Directors has 
approved the company’s risk management principles, which 
apply 
to 
both 
divisions 
of 
Lindex 
Group. 
The 
effectiveness 
of internal control is monitored by the Internal Audit function, 
which 
operates 
independently 
and 
reports 
to 
the 
Board’s 
Audit 
Committee. 
The 
Group 
Finance 
department 
defines 
the control measures applied to the sustainability reporting 
process. 
These 
control 
measures 
include 
guidelines, 
process 
descriptions, 
and 
analyses 
that 
ensure 
the 
validity 
of 
the 
information 
used 
in 
the 
reporting 
and 
the 
validity 
of 
the reporting itself.
In 2025, a risk assessment regarding sustainability reporting 
was carried out involving key personnel responsible for the 
reporting 
process. 
The 
identification 
of 
risks 
was 
informed 
by lessons learned from the previous reporting period and 
complemented by internal expert research. Risks were 
assessed 
based 
on 
their 
likelihood, 
using 
a 
scale 
from 
1 
(rare, <10%) to 5 (actual, 100%).
Through the 
assessment, the 
following risks 
were identified:
•
 
Inaccurate or incomplete data due to fragmented 
systems or manual processes. This risk is mitigated 
by using a sustainability reporting software’s ESRS 
module.
•
 
Lack of traceability of information. This risk is mitigated 
by 
establishing 
suitable 
systems 
and 
implementing 
clear guidelines and processes across both divisions.
•
 
Risk 
of 
errors 
in 
disclosures. 
This 
risk 
is 
mitigated 
by applying a four-eye principle and by conducting 
comparisons against the previous year, with results 
analysed accordingly.
•
 
Risk 
of 
lacking 
real 
data 
(e.g., 
from 
third 
parties 
such 
as forwarders or landlords). This risk is mitigated by 
maintaining structured estimation processes and by 
ongoing efforts 
to increase 
the availability 
of real 
data.
The 
results of 
the assessment 
were 
presented 
to 
the 
Board 
of Directors at the end of 2025.
The 
reporting 
process 
is 
monitored 
by 
the Audit 
Committee 
in biannual meetings. Information on the material topical 
ESRS disclosures is collected via a dedicated sustainability 
reporting software application. This process facilitates
data 
collection, 
provides 
transparency 
and 
traceability 
of 
the 
data, 
and 
enables 
the 
collection 
of 
data 
based 
on 
the 
accounting principles outlined by the ESRS, which further
facilitates compliance. Lindex Group’s external sustainability 
auditor provides limited assurance on the Sustainability 
Statement. More information is available in the sustainability 
auditor’s limited assurance statement.

 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
16
SBM–1 
Strategy, 
business model 
and value chain
Lindex Group is an international fashion and retail group 
comprising two divisions: Lindex and Stockmann. The Lindex 
division is a global fashion company with the higher purpose of 
driving meaningful change for women. The Stockmann division 
is a premium multi-brand retailer with department stores in 
Finland, Estonia and Latvia. Its purpose is to be a marketplace 
for a good life. Lindex Group operates an asset-light business 
model. Its own brand products are designed in-house and 
manufacturing is outsourced to independent suppliers.
ENSURE 
HUMAN RIGHTS
The Lindex division’s 
sustainability 
strategy
We promise to make a difference 
for future generations
The Group’s operational activities include stores, department 
stores, e-commerce, logistics centres and production offices. 
The Lindex division generates most of its revenue from selling 
its own brand products in three major business areas: women’s 
fashion, lingerie and kids’ wear. The majority of the Stockmann 
division’s 
revenue 
comes 
from 
the 
retail 
business, 
where 
it 
sells 
both 
own-brand 
products 
and 
procures 
products 
from 
other brands. The Group has product categories in fashion, 
cosmetics, home products and food.
Each division has its own strategy targeting sustainable 
and profitable growth. The Lindex division’s three strategic 
must-win areas are to accelerate growth, transform into a 
sustainable business, and decouple cost from growth. The 
Stockmann division’s four strategic must-win areas are to
improve 
its operational 
efficiency, 
differentiate 
through curated 
offering, 
grow 
and 
leverage 
loyal customer 
base 
and 
optimise 
omnichannel performance.
Lindex and Stockmann have their own sustainability strategies 
aligned with these business strategies, which address climate, 
circularity and human rights. The Lindex division’s sustainability 
promise is to make a difference for future generations, while the 
Stockmann division is aiming for resource-wise retail business. 
Sustainability targets and indicators are integrated into business 
operations, products, markets, and aligned with stakeholder
Female health 
and wellbeing
Investing and using our business 
power to improve women’s health 
and wellbeing in the markets and 
communities where we operate.
Gender inclusive 
workplaces
Taking the lead in 
strengthening 
women’s positions and equal 
rights across our entire value 
chain, closing gender pay gaps 
and making sure women have the 
same opportunities to fulfil their 
potential as men have.
Climate
Accelerating energy efficiency 
and transitioning to renewable 
energy, to reduce our climate 
impact in line with science in our 
entire value chain.
Circularity
Transforming our business 
to create value 
and growth
while decreasing our climate 
impact, minimising our use of 
natural resources and impacting 
consumer behaviour to reduce 
overconsumption.
The sustainability strategy 
promotes six UN 
Sustainable 
Development Goals:
Natural resources 
Minimising our impact on 
ecosystems and biodiversity with 
a responsible and regenerative 
approach to natural resources.
Fair and decent work 
Enabling safe and healthy 
workplaces where labour rights 
are respected and making
sure our whole value chain is 
progressing within living wage.
Diversity, equity 
and inclusion
Making sure our whole value 
chain is free from discrimination 
and has an inclusive environment, 
where all individuals are treated 
fairly with respect and have equal 
access to opportunities and 
resources.
EMPOWER 
WOMEN
RESPECT 
THE PLANET

 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
17
expectations and emerging legal frameworks. The sustainability 
development is regularly monitored. The sustainability targets 
are 
related 
to 
all 
of 
Lindex 
Group’s 
products, 
services, 
significant markets, and customer groups.
The Stockmann division’s 
sustainability strategy
In the 
industry, sustainability is 
a critical 
factor across 
all aspects 
of the Group’s operations, including products and services, 
markets, and customer groups. The industry is undergoing a 
significant transformation, 
driven by 
emerging legal 
frameworks, 
including the Eco Design Directive and the Extended Producer 
Responsibility regulations. These initiatives will set stricter 
requirements for sustainable production, durability, and 
recyclability, directly influencing how products are designed,
produced, 
and 
managed throughout 
their life 
cycle. 
The Group’s 
long-term sustainability targets are closely 
tied to the 
transition to a 
circular business 
model in 
accordance with 
the EU 
Textile strategy.
Additionally, the Group is implementing due diligence processes 
in alignment with the Corporate Sustainability Due Diligence 
Directive (CSDDD). These processes will help to identify, 
prevent, and mitigate adverse impacts on human rights and
the environment throughout the value chain. Through these 
measures, the Group is positioning itself to meet the challenges 
and opportunities ahead.
Towards 
resource wise 
retail 
business
ENSURE 
BETTER 
WORKLIFE
PROFITABLE 
AND 
RESPONSIBLE 
BUSINESS
We create sustainable 
value for stakeholders by 
responding to customers’ 
needs, complying with good
governance and requirements, 
and communicating 
transparently.
ACT FOR 
THE PLANET
The Group has physical stores in 17 countries. Both divisions 
have their own online stores and the Lindex division’s products 
are also sold in third-party online and physical stores. Lindex 
Group’s key markets include Sweden, Finland and Norway and 
the customers in these countries are mainly consumers. There 
were no significant changes in the product groups or markets 
during the reporting period.
The headcount of employees by country is presented in 
S1–6 
Characteristics of the undertaking’s employees
. Lindex Group is 
not 
involved 
in 
any 
form 
of 
production 
of 
fossil 
fuels, 
weapons, 
or tobacco. The company does not produce chemicals but 
chemicals are used in the production process of commercial 
goods.
Diversity, equity and 
inclusion
We drive diversity, equity 
and 
inclusion in our work community.
Fair and decent work
We strengthen ethical working 
practices in our supply chain.
Climate
We reduce climate impacts in our 
value chain in line with the Paris 
Agreement and are committed to 
the SBTi.
Circularity
The sustainability strategy 
promotes five UN 
Sustainable 
Development Goals:
We promote the circular economy 
as a growing part of the product 
range and services.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
18
Lindex Group’s 
value chain
Lindex Group’s inputs include raw materials, human 
resources, energy and water resources, technology, capital 
and data. The approach for gathering and securing inputs 
such as raw materials, energy, and water resources focuses 
on sourcing sustainable materials, as further explained in 
chapters 
E4 Biodiversity and ecosystems 
and 
E5 Resource 
use and circular economy
. The Group is committed to 
ensuring human rights and living wages, supported by 
grievance 
mechanisms, 
which 
is 
further 
discussed 
in 
chapters 
S2 Workers in the value chain 
and 
S3 Affected 
communities
. Additionally, the Group prioritises long-term 
supplier 
relationships 
and 
conducts 
regular 
audits 
in 
its 
value 
chain, 
which 
is 
further 
explained 
in 
G1-2 
Management 
of relationships with suppliers
. In addition to these inputs,
the 
Group relies 
on 
the contributions 
of 
its own 
employees 
to support its operations and meet customer needs, and 
further details can be found in chapter 
S1 Own Workforce
. 
The approach to developing inputs such as technology, 
capital 
and 
data 
includes 
customising 
e-commerce 
platforms to provide seamless customer experiences, 
analysing customer data to understand preferences and 
evaluate feedback, and driving sales growth. To secure 
these inputs, the Group ensures platform scalability, 
maintains financial stability through careful budgeting and 
risk 
management, 
and 
collects 
diverse 
data 
to 
integrate 
into decision-making and forecasting processes.
The Group’s outputs include high-quality, diverse, safe, 
and accessible products for customers that support
diversity 
and 
empowerment. 
For 
investors, 
the 
main 
output 
is 
financial 
returns. 
For 
other 
stakeholders, 
such 
as 
workers 
in the value chain, the outputs include job opportunities and 
mitigating actions to address climate impacts and uphold 
human rights. The Group also provides job opportunities 
within its own operations.
The 
main 
actors 
in 
the 
Group’s 
upstream 
value 
chain 
are 
the suppliers that manufacture the Group’s products. The 
relationship 
with 
the 
suppliers 
is 
described 
in 
subchapter 
G1–2 Management of relationships with suppliers
. The main 
actors in the Group’s downstream value chain include the 
Group’s own distribution channels, such as its own retail 
stores, 
e-commerce 
platforms, 
and 
distribution 
centres, 
all 
of which are essential for the Group’s operations.
Marketing 
Finance 
Governance
Customer 
service
Lindex 
Group 
value chain
Upstream
Own operations 
Downstream
Raw 
material 
processing
TIER 3
Product 
manu-
facturing
TIER 1
Supply chain 
management
Procurement
Material 
production
TIER 2
Lindex 
Group 
own 
brands
Raw 
material 
extraction
TIER 4
Sales in 
own stores, 
department 
stores or
online 
stores
Upstream 
transportation
Downstream 
transportation
End use
Raw
material from 
recycled 
materials
Products 
from other 
brands
Sales in 
third party 
channels
Distribution 
centers

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
19
SBM–2 
Lindex Group’s 
key stakeholders 
and engagement 
methods
Interests and 
views of 
stakeholders
Engaging 
with 
a 
diverse 
range 
of 
stakeholders 
is 
crucial 
for the 
Group’s ability 
to create 
value and 
ensure long-term
success. By engaging with various stakeholders, the Group 
gains valuable insights into what topics should be prioritised 
across 
its 
activities, 
products, 
supply 
chain, 
and 
value 
chain. The table on the right provides a summary of Lindex 
Group’s key stakeholders and how the Group responds
to their interests and views. Both divisions revise their 
business models and strategies in response to stakeholder 
engagement, as deemed necessary. The engagement with 
stakeholders takes place on a regular basis throughout the 
year, as outlined in the table.
In 
2024, 
the 
Group’s 
Board 
of 
Directors, Audit 
Committee 
and Group Leadership Team were informed about the views 
and interests of affected stakeholders as part of the Group’s 
double materiality assessment. The engagement methods 
used for different stakeholder groups during the process are 
disclosed 
in 
connection 
with 
ESRS 
2 
IRO-1 
Description 
of 
the processes to identify and assess material impacts, risks 
and opportunities.
Additional information related to 
own workforce
The interests, views, and rights of the Group’s workforce 
play a central role in shaping the strategies and business 
models 
of 
the 
Group’s 
divisions. 
The 
interests, 
views, 
and rights can play a role in creating positive impacts and 
causing and mitigating negative material impacts on their
own workforce. Both divisions gather insights into employee 
wellbeing, engagement, and workplace experiences through 
employee surveys, performance reviews and development 
discussions. Feedback from these engagement methods
Key
Customers
Interaction in stores and digital marketplaces 
and at events, customer service, customer 
surveys, customer panels, marketing 
communications, loyal 
customer programmes, 
websites, social media. Understanding 
customers’ views is crucial in order to secure 
relevance for customers.
Customer service and 
satisfaction, materials and 
chemicals in products, 
climate 
impacts, labour practices and 
wages in supply chain. Fair 
marketing practices 
and social 
inclusion in supply chain.
Lindex Group continued 
to develop its operations 
and offering to 
better meet 
customers’ expectations.
Personnel
Performance and 
development discussions, 
Employees’ Councils, change negotiations, 
personnel events, workshops, intranet, 
engagement platforms such as 
Teams, and 
union clubs. Lindex Voice and Stockmann 
Staff Barometer (engagement platforms), 
unions and worker representatives.
Engagement with personnel enhances 
employee experience 
and talent 
retention.
Employee wellbeing and 
safety, continuous learning, 
professional and career 
development, diversity, 
equity and inclusion, equal 
opportunities, work life 
balance.
Personnel participated in the 
development of operations and 
strategy implementation 
in many 
ways as part of continuous 
dialogue and development 
projects. Development 
measures were taken based on 
personnel surveys.
Shareholders 
and investors
Stock exchange releases, press releases, 
financial reviews, 
annual reporting, 
webcasts, 
investor meetings, Capital Markets Day, 
Annual General Meeting, Group website,
and social media channels. With investor 
engagement, Lindex Group gives a 
transparent view 
of the 
company’s strategy, 
financials and sustainability.
Financial performance, 
strategy and corporate 
restructuring programme, 
strategic assessment, 
Group 
leadership, progress in 
sustainability.
Open and transparent 
communication in line with 
regulation provides 
a reliable 
view of the company’s 
operations and financial 
situation.
Suppliers 
and other 
business 
partners
Meetings, negotiations, 
cooperation projects, 
collaboration platforms, factory visits and 
audits, and supplier surveys. In addition, 
biannual evaluation meetings, capacity 
building programmes and classroom 
training 
in the Lindex division. With all this, Lindex 
Group promotes sustainability in the supply 
chain.
Implementing sustainability 
targets and 
initiatives in 
supply 
chain, sustainability topics 
such as climate, environment, 
human rights, materials, 
production processes, and 
transparency.
Lindex Group supported 
suppliers in sustainability 
topics, with focus on human 
rights, climate 
and circularity. 
Close dialogue related 
to fair 
purchasing practices.
Authorities 
and non-
governmental 
organisations 
(NGOs)
Collaboration, projects, understanding the 
views of affected stakeholders, 
cooperation 
meetings, responding 
to surveys, 
charitable 
work, website, and annual reporting.
Evolving regulation, 
environmental and human 
rights risks in 
the supply chain, 
supply chain 
management and 
transparency, climate change, 
compliance with regulations 
and guidelines.
Lindex Group responded to 
surveys, gave interviews, 
and continued dialogue with 
authorities and 
organisations,
and participated 
in membership 
meetings and collaborative 
efforts to drive sustainability on 
an industry level.
stakeholders
Engagement 
and its purpose
Stakeholders’ 
interests and views
Responding to 
stakeholder expectations

Report 
of 
the 
Board 
of 
Directors 
20
helps the divisions to identify areas for improvement and 
adapt the strategic direction regarding workforce needs to 
address material impacts. At present, non-employees of the 
Group have not been considered.
Additional information related to 
workers in the value chain
The Lindex division respects the interests, views, and 
rights 
of 
workers 
in 
its 
value 
chain 
and 
integrates 
them 
in the strategy and business model through its Human 
Rights Due Diligence (HRDD) process. This process 
continuously 
assesses 
risks 
and 
identifies 
areas 
where 
the Lindex division’s operations or business decisions 
might impact vulnerable groups such as women, children 
and migrant workers. The identified impacts provide 
insights 
for 
developing 
the 
Group’s 
divisions’ strategies 
and business models, and developing action plans and
targets for mitigating negative impacts. The Lindex division 
collaborates 
with 
multi-stakeholder 
initiatives 
(MSIs), 
such 
as 
the 
Ethical 
Trading 
Initiative 
(ETI), 
and 
organisations 
like Supplier Ethical Data Exchange (SEDEX), to address 
worker rights and conducts Sedex Members Ethical Trade 
Audit (SMETA) audits to gather direct feedback on working 
conditions. The Stockmann division conducts regular audits 
on its commercial goods suppliers through SMETA and
the amfori Business Social Compliance Initiative (BSCi) to 
ensure that the human rights of value chain workers are 
respected.
The 
strategies 
and 
business 
models 
of 
the 
Group’s 
divisions can play a role in contributing to and mitigating 
significant material impacts on value chain workers. The 
Group’s business model, which is based on outsourcing 
global supply chain operations, increases the potential for 
human rights and labour rights violations. The Group also 
acknowledges that business practices, such as production
demands and supplier relationships, can impact worker 
welfare. The Group is adapting to address the material 
impacts through targets and actions, which are further 
explained in subchapters 
S2–4 Taking action on material 
impacts 
on 
value 
chain 
workers, 
and 
approaches 
to 
managing material risks and pursuing material opportunities 
related to value chain workers, and effectiveness of those 
actions and S2–5 Targets related to managing material 
negative 
impacts, 
advancing 
positive 
impacts, 
and 
managing material risks and opportunities.
Additional information related to 
affected communities
The 
Lindex 
division 
integrates 
the 
views, 
interests, 
and rights of affected communities into its strategy by
partnering with NGOs and participating in multi-stakeholder 
initiatives. Depending on the location of the operations,
the Lindex division engages with affected communities 
either directly through its local production offices or 
indirectly by collaborating with local organisations in more 
remote contexts. Through these mechanisms, the division 
considers community views, interests, and rights in the 
development of its strategy and business model, with 
particular attention to the respect of human rights. Such 
dialogue with affected stakeholders is conducted when 
considered necessary.
The Group acknowledges that the business models and 
strategies of its divisions rely on textile manufacturing and 
cotton 
agriculture, 
which 
can 
lead 
to 
significant 
impacts 
on 
affected 
communities. 
The 
impacts 
are 
directly 
linked 
to the Group’s strategies and business models, as the 
Group’s business models rely on textile production and 
cotton 
farming 
in 
high-risk 
regions. 
The 
Group 
is 
adapting 
to 
address 
the 
material 
impacts 
through 
various 
targets 
and actions, which are further explained in subchapters
S3–4 Taking action on material impacts on affected 
communities, 
and 
approaches to managing material risks 
and pursuing material opportunities related to affected 
communities, and effectiveness of those actions 
and 
S3–5 
Targets related to managing material negative impacts, 
advancing positive impacts, and managing material risks 
and opportunities.
Additional information related to 
consumers and end-users
The 
interests, 
views, 
and 
rights 
of 
consumers 
and 
end-
users 
are 
considered 
in 
the 
strategies 
and 
business 
models of the Group’s divisions, with a commitment to 
respecting 
their 
human 
rights. 
Both 
divisions 
actively 
engage with customers through different channels to 
continuously 
improve 
their 
products 
and 
services 
based 
on consumer input. The direct engagement helps both 
divisions to manage actual and potential impacts on 
consumers. The Group acknowledges that the divisions’ 
strategies and business models can play a role in causing, 
contributing or mitigating significant material impacts on 
consumers and end-users. As the primary target audience 
for the Group’s products, consumers and end-users are 
affected by factors such as marketing practices, product 
safety, and inclusivity.
The Group is adapting to address the material impacts 
through various targets and actions, which are further 
explained in subchapters 
S4–4 Taking action on material 
impacts 
on 
consumers 
and 
end-users, 
and 
approaches 
to managing material risks and pursuing material 
opportunities related to consumers and end- users, and
effectiveness of those actions 
and 
S4–5 Targets related to 
managing material negative impacts, advancing positive 
impacts, and managing material risks and opportunities.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
21
SBM–3 
Material impacts, risks and opportunities and 
their interaction with strategy and business 
model
The identified material impacts, risks and opportunities 
have 
both 
current 
and 
anticipated 
effects 
on 
the 
Group’s business models, value chain, strategies, and 
decision-making. 
They 
inform 
decision-making 
across 
all organisational levels. Within the two divisions, 
sustainability teams ensure that material impacts, risks 
and opportunities are integrated into the divisions’ 
operations throughout the value chain. In addition, 
material sustainability risks are incorporated into the 
Group’s Enterprise Risk Management (ERM) system.
The 
impacts 
arise 
from 
the 
Group’s 
own 
activities 
as 
well as business relationships, including suppliers. The
impacts originate from and are closely linked to the Group’s 
strategies and business models. The Group operates a 
business 
model 
focused 
on 
e-commerce, 
physical 
stores, 
and 
department 
stores, 
with 
a 
primary 
emphasis 
on 
the 
sale of physical products. Consequently, its activities 
generate diverse social and environmental impacts,
which are described in 
SBM-3 Material impacts, risks and 
opportunities for Lindex Group.
Material risks and opportunities may also have financial 
implications for the Group’s financial position, performance, 
and 
cash 
flows. 
However, 
due 
to 
the 
current 
lack 
of 
financial data and standardised data collection methods
related 
to 
material 
risks 
and 
opportunities, 
this 
information 
is not reported at present. Currently, no material risks are 
expected to realise in the next annual reporting period.
The Group has conducted a resilience analysis of its 
strategy 
and 
business 
model, 
assessing 
its 
capacity 
to address material climate-related impacts, risks and 
opportunities. No other resilience analyses have been 
performed to date.
The 
current 
material 
impacts, 
risks 
and 
opportunities 
are consistent with the results of the previous materiality
assessment. 
Further 
details 
on 
the 
process 
can 
be 
found 
in 
subchapter 
IRO-1 
Description 
of 
the 
process 
for 
identifying 
and assessing material impacts, risks and opportunities.
Material impacts, risks and opportunities for Lindex Group
Value chain location 
Time horizon
Upstream
Own operations 
Downstream
Short (1 year)
Medium (2–5 years) 
Long (over 5 years)
Material topic 
Impact, risk or 
opportunity description 
Type
Value chain 
location
Time 
horizon
ENVIRONMENTAL TOPICS
Climate change (E1)
Climate change 
adaptation
Decreased revenue 
due to supply chain disruptions 
caused by extreme weather events 
in areas particularly vulnerable to
such events, such as South and 
East Asia.
Physical risk
Increased costs 
of raw materials due to global 
changes in weather conditions.
Transition &
physical risk
Increased costs and loss of 
sales 
caused by product and 
production related legislation. Failure 
to live up to minimum 
standards may cause product removals and loss 
of sales.
Transition risk
Failure to achieve climate goals 
could result in 
reputational damage
, leading to potential losses 
in sales and investments 
due to heightened stakeholder concerns.
Transition risk
Increased stakeholder awareness of 
the climate crisis could lead 
to 
higher sales and investment
, as customers 
may prefer products and services with a low 
climate impact. This shift presents an opportunity 
for the Group.
Opportunity
Transitioning to circular business 
models
—optimizing product 
volumes, designing for 
longevity and circularity, 
and using recycled and recyclable materials—represents 
an opportunity for the Group.
Opportunity

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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22
Value chain location 
Time horizon
Upstream
Own operations 
Downstream
Short (1 year)
Medium (2–5 years) 
Long (over 5 years)
Material topic 
Impact, risk or 
opportunity description 
Type
Value chain 
location
Time 
horizon
Climate change 
mitigation
Reducing reliance on virgin 
materials and enhancing the 
climate resilience of natural fiber 
production can help 
mitigate 
costs and build resilience in raw material sourcing.
Opportunity
Transitioning to lower-emission technology may 
result in 
increased costs and investment 
risks 
for fashion retailers as 
they 
work to decarbonise their value chains.
Transition risk
Energy
Emissions in production: 
High energy consumption 
in production, particularly in 
Tier 2 dyeing and wet processing, 
which 
often rely on fossil fuels, leading to elevated greenhouse 
gas emissions and contributing to global warming.
Actual negative
impact
Emissions in fibre 
production: 
Fibre-related emissions arise 
from both the extraction 
and energy-intensive production 
of
petroleum-based synthetic 
fibres, as well as 
from agricultural practices 
and land-use change 
(carbon absorption capacity).
Actual negative
impact
Emissions in own 
operations: 
Energy consumption across the 
Group’s operations (stores, 
warehouses, offices)
contributes to increased 
greenhouse gas emissions.
Actual negative
impact
Emissions in transportation: 
Transportation of products contributes 
to greenhouse gas emissions, 
as it often relies on 
fossil fuels.
Actual negative
impact
Emissions in the user-phase: 
Factors such as washing, drying, 
and the disposal of garments 
and textiles contribute to 
greenhouse gas emissions.
Actual negative
impact
Reduced costs and return of investment through 
energy efficiency measures: 
Investing in energy efficiency across 
stores, offices, and the 
supplier base would lower 
operational and production 
costs, while also reducing 
emission intensity.
Opportunity
Pollution (E2)
Microplastics
Microplastic pollution from synthetic 
fibers: 
Throughout the value chain 
from fibre, production to use-phase 
and 
end-of-life, synthetic fibres such as polyester and polyamide 
contribute to microplastic pollution.
Potential negative 
impact
Pollution of soil
Soil pollution in agriculture: 
Soil degradation is primarily 
associated with cotton cultivation, 
where agricultural practices, 
including the use of pesticides, fertilisers, and GMOs, 
deplete the soil of its natural nutrients 
and organisms.
Potential negative 
impact
Pollution of water
Water pollution in the supply chain: 
Wet processing during production can release polluted 
water containing chemicals 
and dyes into nearby water bodies, severely impacting 
water quality.
Potential negative 
impact

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
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Directors 
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Value chain location 
Time horizon
Upstream
Own operations 
Downstream
Short (1 year)
Medium (2–5 years) 
Long (over 5 years)
Material topic 
Impact, risk or 
opportunity description 
Type
Value chain 
location
Time 
horizon
Water (E3)
Water consuption
Water consumption in raw materials: 
Cotton is a highly water-intensive 
crop, requiring significant irrigation, particularly 
in
regions with low rainfall. 
The heavy water use in 
raw material production can 
contribute to degradation in 
arid regions.
Actual negative
impact
Water consumption in wet processing: 
Wet processing requires large volumes of water 
for dyeing fabrics, applying 
finishes, and removing excess 
chemicals and dyes. This 
consumes significant amounts of 
water contributing to a negative 
overall water footprint.
Actual negative
impact
Operational risks from water scarcity: 
Risks stem from the limited 
availability of water needed 
for agriculture (e.g., cotton 
crops) and production processes (such as wet processing). 
These shortages can impact the availability and 
cost of raw 
materials and cause disruptions in production.
Risk
Reduced costs due to efficient water management: 
Opportunities lie in implementing sustainable 
water management 
practices, such as advanced technologies, water recycling, 
rainwater harvesting, and a shift to regenerative 
agriculture. 
These measures can potentially reduce 
costs associated with water 
usage and create resilience against 
water shortages.
Opportunity
Water discharges
Water discharges in manufacturing: 
Water discharges from wet processing strains local water 
resources and contributes 
to water pollution.
Potential negative 
impact
Water withdrawals
Water withdrawals in 
the supply chain: 
Cotton cultivation and garment 
wet processing are highly 
water-intensive, 
requiring significant 
withdrawals from nearby 
lakes, rivers, 
and groundwater. 
This can 
contribute to 
the depletion 
of 
freshwater resources in several regions.
Potential negative 
impact
Cost resilience through the adoption of recycled fibers: 
Shifting to recycled fibres can help mitigate the 
risk of price
increases.
Opportunity
Biodiversity (E4)
Direct impact 
drivers of 
biodiversity loss, 
land-use change 
and fresh water-
use
Biodiversity loss and deforestation through raw material 
production: 
The cultivation of fibres requires significant land 
and water 
use, often 
leading to 
deforestation, habitat destruction, 
and depletion of 
freshwater resources 
in nearby 
areas. 
Monocultures of wood-based or natural fibres, such as 
viscose, contribute to biodiversity loss and deforestation.
Potential negative 
impact
Direct impact 
drivers of 
biodiversity loss, 
pollution
Impact of using chemicals, fertilisers, and pesticides 
in agricultural processes: 
The use of these substances can lead 
to soil degradation, negatively affecting biodiversity and the 
pollination of crops.
Potential negative 
impact

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Directors 
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Value chain location 
Time horizon
Upstream
Own operations 
Downstream
Short (1 year)
Medium (2–5 years) 
Long (over 5 years)
Material topic 
Impact, risk or 
opportunity description 
Type
Value chain 
location
Time 
horizon
Impacts and 
dependencies 
on ecosystem 
services
Landscape alteration and community impact: 
Cotton agriculture and textile production can 
displace local communities, 
disrupting their access to essential ecosystem services 
such as food, water, and livelihoods. Large-scale agricultural 
practices and deforestation can significantly alter landscapes.
Potential negative 
impact
Cost and availability of raw materials: 
Heavy reliance on land and water for 
raw materials may lead to higher costs and 
reduced availability in the future.
Risk
Impacts on 
the extent and 
condition of
ecosystems, land 
degradation
Land degradation: 
Cotton agriculture contributes to 
land degradation through intensive 
water use. Agricultural practices
can lead to soil erosion, 
loss of biodiversity, 
and reduced land fertility over 
time.
Potential negative 
impact
Circular economy (E5)
Resource inflows
Negative impact on natural resources: 
The use of natural resources, such as cotton 
and wood-based fibres, along with 
water consumption in production, creates negative impacts 
in the upstream value chain. This can lead 
to environmental 
stress, reduced land availability, and limited access to freshwater.
Actual negative
impact
Cost and availability of raw materials: 
Heavy reliance on land and water for 
raw materials may lead to higher costs and 
reduced availability in the future.
Risk
Circular business transformation: 
Transitioning to circular business models—optimising product volumes, 
designing 
for longevity and circularity, and using recycled and recyclable materials—represents 
a key business opportunity for the 
Group.
Opportunity
Resource 
outflows
Post-consumer resource loss: 
When products are not used until worn out and 
textiles are not recycled into new 
materials, valuable resources are lost.
Actual negative
impact
Capturing valuable resource flows: 
Scaling up reuse and recycling efforts, while collaborating 
with innovators and 
solution providers to improve recyclability, creates growth opportunities for creating 
circular business models and scaling 
up recommerce.
Opportunity
Waste
Waste creation at the end-use phase: 
Products often result in waste post-purchase, which may end up 
in landfills,
especially in countries 
lacking proper waste management 
systems.
Potential negative 
impact
Packaging waste creation: 
Packaging used in products may end up as waste 
and not be properly recycled, causing harm 
to both the environment and communities.
Potential negative 
impact
Regulatory risks: 
The EU Textile Strategy includes regulatory requirements on ERP systems and end-of-life treatment, 
which could pose operational risks and added 
costs per product to the Group.
Risk

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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25
Value chain location 
Time horizon
Upstream
Own operations 
Downstream
Short (1 year)
Medium (2–5 years) 
Long (over 5 years)
Material topic 
Impact, risk or 
opportunity description 
Type
Value chain 
location
Time 
horizon
SOCIAL TOPICS
Own workforce (S1)
Working 
conditions, 
freedom of 
association
Restricted freedom of association: 
The Group operates in countries where the right 
to freedom of association and 
collective bargaining may be restricted. Independent 
unions are illegal in China, and reports 
suggest that unions in India 
and Bangladesh might be compromised or ineffective.
Potential negative 
impact
Working 
conditions, work-
life balance
Work-life balance: 
The divisions' business models, including distribution 
centres and retail stores, inherently carry risks 
related to temporary and part-time workers with 
irregular scheduling. These practices can negatively 
impact workers' 
mental health, hinder their ability to enjoy family 
life, and affect their financial stability.
Actual negative
impact
Working 
conditions, health 
and safety
Health and safety: 
Potential issues across various countries include 
fire safety concerns, accident and near-accident 
risks, and ergonomic challenges. If the Group fails 
to provide safe and healthy working conditions, 
it could lead to 
decreased performance and increased absenteeism due 
to illness or injury.
Potential negative 
impact
Equal treatment 
and opportunities 
for all, diversity
Discrimination in the workplace: 
Discrimination on various grounds negatively impacts employees' 
well-being and the 
Group’s reputation as an employer. This applies not only to hiring and 
occupational opportunities but also throughout the 
employment relationship, including termination, promotions, 
and pensions.
Potential negative 
impact
Promoting diversity, equity, and inclusion (DEI): 
Fostering DEI in the workplace creates a 
more inclusive and accepting 
environment. By offering training on these topics, the Group 
can significantly enhance employees' competence and 
knowledge, while also improving their overall well-being.
Potential positive 
impact
Workers in the value 
chain (S2)
Working 
conditions, 
adequate wages
Inadequate wages in the textile industry: 
The lack of living wages has severe consequences 
for the entire workforce in 
the textile 
supply chain. Additionally, 
since the 
majority of 
workers are 
female, this 
wage disparity 
contributes to 
gender 
pay inequality, limits access to education for children, and leads to poorer 
health outcomes for workers and their families.
Actual negative
impact
Working 
conditions, 
freedom of 
association
Restricted freedom of association for supply chain 
workers: 
In many countries, freedom of association, the right 
to 
unionise, worker representation, and collective 
bargaining are under significant pressure. Industry 
trends indicate that 
unionisation efforts among garment workers face severe backlash 
in most production countries, compounded 
by a lack of 
government support and insufficient collaboration between trade 
unions, NGOs, factories, and fashion brands.
Potential negative 
impact
Working 
conditions, health 
and safety
Health and Safety: 
Workers in regions such as Bangladesh, China, India, 
Pakistan, and Turkey face common risks, 
including fires, electrical hazards, building safety issues, 
and workplace violence—each of which can lead 
to injuries and 
health problems.
Potential negative 
impact

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Value chain location 
Time horizon
Upstream
Own operations 
Downstream
Short (1 year)
Medium (2–5 years) 
Long (over 5 years)
Material topic 
Impact, risk or 
opportunity description 
Type
Value chain 
location
Time 
horizon
Equal treatment 
and opportunities 
for all, measures 
against violence 
and harassment in 
the workplace
Discrimination and harassment: 
Women, who make up the majority of garment workers, 
often face gender-based 
discrimination, sexual harassment, unequal pay, and limited career progression. 
These issues negatively impact their 
emotional wellbeing, career opportunities, and safety.
Potential negative 
impact
Reputational risk related to harassment and discrimination 
in the supply chain: 
The Group faces reputational and 
credibility risks in cases of harassment and discrimination 
within the supply chain. These issues can negatively 
impact the 
Group’s financial situation and lead to the potential loss of business 
partners.
Risk
Equal treatment 
and opportunities 
for all – Gender 
equality
Brand recognition for driving WE Women: 
Promoting gender equality and diversity presents 
valuable opportunities to 
enhance brand reputation and attract positive recognition. 
The WE Women management system aims to foster inclusive 
workplaces, ensuring equal opportunities and career 
advancement for women.
Opportunity
Other work-
related rights, 
child labour
Child labour in the supply chain: 
There is a risk of child labour in the supply 
chain, particularly in regions with weaker 
regulatory enforcement. This can have harmful impacts 
on children's health, education, and overall 
development.
Potential negative 
impact
Forced labour in the supply chain: 
There is a risk of forced labour in the 
supply chain, particularly in regions with weaker 
regulatory enforcement. This can have harmful impacts 
on worker's health, education, and overall development.
Potential negative 
impact
Affected communities (S3)
Communities’ 
economic, social, 
and cultural 
rights, water and 
sanitation
Access to clean water: 
Many waterways in high-risk countries are being 
contaminated by industries, affecting access to 
clean water, as well as impacting fishing and soil quality for nearby 
farms. Lack of access to clean water affects especially 
women and girls, lowering the quality of their 
lives and limiting their future opportunities.
Potential negative 
impact
Improving access to clean water: 
Lindex division's partnership with WaterAid 
has a positive impact by 
improving access
to clean water and 
empowering women in readymade garment 
(RMG) worker communities.
Potential positive 
impact
Communities’ 
economic, social, 
and cultural 
rights, land-
related impacts
Supply chain impacts on communities' rights: 
Industrial expansion for cotton agriculture and 
textile production can 
displace local communities, disrupt access to essential 
resources, such as food and water, and degrade the natural 
environment, ultimately undermining livelihoods and 
human rights.
Potential negative 
impact
Impacts on communities where products are 
discarded: 
The Group's products may be discarded near 
communities, 
impacting the local economy and businesses due to 
the sheer volume of clothes entering the ecosystem. 
These discarded 
garments can pollute waterways and soil, negatively 
affecting the health of the community.
Potential negative 
impact
Consumers and end-users (S4)
Personal safety of 
consumers and/or 
end-users, health 
and safety
Product safety and compliance: 
The Group may fail to ensure the safety of children’s apparel 
and to comply with legal 
standards. This can lead to choking hazards, strangulation, 
and exposure to harmful chemicals, posing 
health and safety 
risks for customers.
Potential negative 
impact

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Value chain location 
Time horizon
Upstream
Own operations 
Downstream
Short (1 year)
Medium (2–5 years) 
Long (over 5 years)
Material topic 
Impact, risk or 
opportunity description 
Type
Value chain 
location
Time 
horizon
Social inclusion 
of consumers 
and/or end-users, 
responsible 
marketing 
practices
Responsible marketing practices: 
The Group has an impact on millions of women 
globally through its communication 
channels and portrayals of women and children. 
If the Group is not cautious and fails to practice 
responsible marketing, 
promoting unrealistic beauty standards or neglecting 
to represent diverse body types and demographics 
this can 
perpetuate negative stereotypes, potentially harming consumers' 
self-esteem and mental health.
Potential negative 
impact
Social inclusion 
of consumers 
and/or end-
users, non-
discrimination
Inclusive assortment: 
Failing to offer an inclusive assortment that represents 
diverse body types, sizes, genders, and 
cultural preferences can perpetuate stereotypes, limit 
self-expression, and reinforce social inequities.
Potential negative 
impact
Inclusive design and marketing: 
Designing clothes for a broader range of body 
types and featuring diverse women and 
children in marketing presents a valuable opportunity. This approach could 
attract more customers and build long-term 
brand value by visibly demonstrating commitment 
to diversity and inclusion.
Opportunity
Consumer backlash from lack of inclusivity in 
marketing and assortment: 
If the Group fails to practice responsible 
marketing and offer an inclusive assortment, there is a risk 
of consumer backlash and reputational damage.
Risk
GOVERNANCE TOPICS
Business conduct (G1)
Corporate culture
Impact on consumers' purchasing decisions: 
By offering sustainable options in stores, the Group 
passively influences 
consumer purchasing behaviours, as consumers are 
unlikely to change their purchasing habits in 
the future without further 
education.
Actual positive
impact
Management of 
relationships with 
suppliers incl. 
payment practises
Inability to provide timely payments to suppliers: 
Timely payment to suppliers is crucial for the supply chain. 
Late 
payments can strain workers and create unequal power 
imbalances between suppliers and the Group.
Potential negative 
impact
Protection of 
whistleblowers
Not detecting ethical breaches: 
Poorly managed whistleblowing programmes fail to 
meet risk management standards, 
making it harder to identify and mitigate risks 
like harassment, discrimination, corruption, or bribery. The EU Whistleblower 
Directive (EU) 2019/1937 requires secure, accessible 
reporting channels and protects whistleblowers from 
retaliation.
Potential negative 
impact
Corruption 
and bribery, 
prevention 
and detection
including training
Corruption within supply chain and own operations: 
According to research, women are disproportionately 
affected by 
corruption in 
the textile 
supply chain. This 
undermines the 
Lindex division’s 
higher purpose 
'to drive 
meaningful change 
for women'. Corruption and bribery also conflicts 
with the Lindex Group's ethical standards. 
To mitigate corruption and
bribery, all the Lindex division's suppliers are required to sign a Supplier Code 
of Conduct, and for the Stockmann division, 
sustainability themes are integrated into procurement 
contracts.
Potential negative 
impact

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E1 CLIMATE 
CHANGE
SBM-3 
Material 
impacts, 
risks and 
opportunities 
and 
their 
interaction 
with 
strategy 
and 
business 
model
In 2024, Lindex Group conducted a climate-related scenario 
analysis 
following 
the 
Task 
Force 
on 
Climate-related 
Financial Disclosures (TCFD) guidelines. The methodology 
and scope of the assessment, as well as the time horizons 
considered 
for 
identifying 
material 
physical 
and 
transition 
risks are described in 
IRO-1 Description of the process
for identifying and assessing material impacts, risks and 
opportunities
. The analysis assessed financial risks and 
opportunities associated with different climate scenarios, 
considering impacts on growth, costs, investments, assets, 
and sales, across various time horizons. Each risk was 
evaluated for likelihood and magnitude and categorised as 
having a low, medium, or high impact. The most material 
risks 
were 
mapped 
to 
business 
strategies 
and 
roadmaps 
to identify any possible gaps in the Group’s business 
resilience.
This initial analysis provided a high-level analysis of the 
Group’s resilience to climate change. The analysis is 
qualitative, and did not include a sensitivity analysis with 
numerical data. Lindex Group plans to conduct a more 
detailed and comprehensive assessment in the future to 
ensure continued alignment with evolving climate scenarios 
and regulatory requirements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Resilience analysis result
Type 
Area 
Risk description 
of risk
Time 
horizon
Strategy and business 
model to mitigate 
risks and increase 
rescillience
Climate related actions 
and resources 
are further described 
in
E1-3 Actions and resources 
in relation to 
climate change policies.
TRANSITION
RISKS
Regulatory
Risks
MEDIUM
Failure to 
achieve climate 
goals could 
result in 
reputational 
damage, leading 
to potential 
losses in 
sales 
and investments due to heightened stakeholder concerns. 
Failure to deliver on target may result in decreased 
stakeholder attraction from both customers and the financial 
sector. Companies obligation 
to report on the stringent
requirements of 
the EU 
Taxonomy 
will further 
enhance the 
transparency on 
company performance. 
Setting a 
climate 
goal in line 
with science, 
to deliver 
a climate 
action roadmap, 
and to 
report on 
progress will 
be mandatory 
for Lindex 
Group latest in 2028.
Short 
(<5
years)
Lindex Group has committed to Science Based Target. 
Lindex division 
has developed a 2030 climate transition plan to fullfill the 
target and 
implemented regular follow-ups and progress reporting.
Regulatory
Risks
HIGH
Increased costs and loss of sales caused by product and 
production related legislation. 
Failure to live up to 
minimum standards may cause product removals and loss 
of sales. Product and production related legislation (i.e. 
ESPR, EUDR, DPP, 
EPR, Right to repair) will increase costs and fees 
which may affect product margins if they can 
not 
be transferred to consumers. Failure to live up to minimum 
product requirements may cause product market removals, 
loss of sales, fines and consumer compensation costs. Regional 
regulations may hinder expansion and impact cost.
Short 
(<5
years)
Lindex Group has set a circular business transformation 
strategy which 
includes circular products, cicular supply chain and circular 
business 
models. Lindex Group has also set a strategy on tracebility and 
transparency, and started the 
development of a digital product passport.
Technology 
Risks
Transitioning to lower-emission technology 
may result in increased costs and investment 
risks for fashion 
retailers as they work to decarbonize their value chains. 
Insufficient investments in renewable energy infrastructure 
and technology for electrification may fail the transition 
from fossil fuels in our production countries.
Short 
(<5
years)
Lindex division engage in policy dialogue and technology matchmaking 
in 
our production countries.
MEDIUM
Technology 
Risks
MEDIUM
Transitioning to lower-emission technology 
may result in increased costs and investment 
risks for fashion 
retailers as they work to decarbonize their value chains. 
Fashion retailers may face increased costs and 
investments risk 
to decarbonize 
their value 
chains. Fossil 
fuels remains 
a significant 
source of 
energy in 
most 
production countries. The transition to renewable energy 
means large investments for suppliers in advance technology 
and will require countries to allocate resources for renewable 
energy infrastructure.
Short 
(<5
years)
Lindex division's 
production offices 
support suppliers 
with identifying 
actions, developing 
transition plans 
and overall 
business cases. 
The 
division has further engagement in technology matchmaking.
Market Risks
Increased costs 
of raw 
materials 
due to 
global changes 
in weather 
conditions. 
Lindex Group 
is heavily 
dependent on natural resources such as water, 
cotton and wood. Higher temperatures and water shortage 
will affect 
production and agriculture in many regions. India, where 
the majority of cotton in Lindex division's supply chain is 
grown, is already at severe water shortage risk which will 
affect the availability and price of cotton. Extraction 
of forest 
raw material has reached its limit, affecting both availability 
and price.
Medium 
(5–10
years)
Lindex Group has a water strategy that supports supply chain 
business 
partners to adopt water efficient technologies in the 
areas most affected 
by water shortages. Lindex Group has also set a material 
transformation 
strategy with clear 
targets and goals 
to shift to 
recycled and regenerative
materials to create resilience. Lindex division is collaborating 
with chemical 
recyclers such as Södra Sogsägarna and Infinited Fiber 
in order to scale 
recycling.
HIGH
Reputational 
Risks
Failure to 
achieve climate 
goals could 
result in 
reputational 
damage, leading 
to potential 
losses in 
sales 
and investments due to heightened stakeholder concerns. 
Awareness of company and industry negative 
impact 
on climate change is likely to cause changes in consumer 
behaviour, such as less garments bought 
per consumer, 
increased interest in recommerce, a shift from synthetic fibers, 
and less purchases from "Fast Fashion" brands.
Short 
(<5
years)
Lindex Group has committed to a Science Based Target 
and Lindex division 
has developed a 2030 climate transition plan to fullfill the 
target. Lindex 
division has also set a circular business transformation strategy, 
which 
includes circular products, circular supply chain and circular 
business 
models.
MEDIUM
Reputational 
Risks
MEDIUM
Failure to achieve climate goals could result in reputational 
damage, leading to potential losses in sales and 
investments due to heightened stakeholder concerns. 
Awareness of the company's and industry's 
negative impact 
on climate can cause reputational risks related to brand perception. 
Negative publicity may cause not only changes in 
consumer behaviour but may also shy away investments 
from the Group.
Short 
(<5
years)
The Group’s strategies within the sustainability area 
will allow it to build 
trust in its brands and offerings. Transparency 
and clear customer 
communication connected to sustainability will help to 
build trust and 
increase customer loyalty.
PHYSICAL
RISKS
Acute 
Physical 
Risks
MEDIUM
Decreased revenue due to supply chain disruptions 
caused by extreme weather events in areas particularly 
vulnerable to such events, such as South and East Asia. 
Increased frequency and intensity of extreme weather 
events such as extreme heat, floods, hurricanes or tropical 
cyclones due to climate change may cause disruptions 
throughout the value chain such as raw materials agriculture, 
production, transportation, and point of sales. This could 
lead to increased operating cost, volatility in supply, 
and loss of sales.
Short 
(<5
years)
Lindex Group has set a supply chain strategy, 
which includes nearshoring, 
contingency plans and alternative transportation route planning. 
Lindex 
Group has also set a material transformation strategy with 
clear targets to 
shift to recycled and regenerative materials. Lindex division is 
collaborating 
with chemical recyclers such as Södra Skogsägarna and 
Infinited Fiber.
Chronic 
Physical 
Risks
Increased costs 
of raw 
materials due 
to global 
changes in 
weather conditions. 
Changing temperature, 
heat 
stress, water 
scarcity and 
sea level 
rise will 
affect operational 
changes to 
the supply 
chain with 
consequences for 
where and how garments and materials can be produced. This 
will have impact both on availability and cost.
Medium 
(5–10
years)
Lindex Group has set a supply chain strategy, 
which includes nearshoring, 
contingency plans and alternative transportation route planning. 
Lindex 
Group has also set a material transformation strategy with 
clear targets to 
shift to recycled and regenerative materials. Lindex division is 
collaborating 
with chemical recyclers such as Södra Skogsägarna and 
Infinited Fiber.
HIGH

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Area 
Opportunity description 
Time
horizon
Strategy and business 
model to capture 
opportunity
Resource 
Efficiency
MEDIUM
Reduced costs and return of investment through 
energy efficiency measures. 
Investing in energy efficiency 
across stores, offices, and the supplier base would lower 
operational and production costs, while also reducing 
emission intensity.
Short
(<5 years)
Lindex Group has set goals and action plans to reduce 
energy throughout 
the value chain and are supporting its suppliers in setting 
targets and 
developing action plans for energy efficiency as well 
as the transition to 
renewable sources. See 
E1 Climate Change 
for further details.
Products & 
Services
HIGH
Increased stakeholder awareness of the climate crisis 
could lead to higher sales and investment, as 
customers may 
prefer products 
and services 
with a 
low climate 
impact 
from companies 
that customers 
trust and that share their values. Based on Lindex Group's 
sustainability strategies there is an opportunity to 
attract more customers and expand the current business-to-business 
sales by providing a more sustainable and 
transparent offering. Positive reputation impact both investments 
and customers as well as sales.
Short
(<5 years)
Delivering on Lindex Group’s strategy and meeting climate 
related 
customer expectations can lead to a bigger market share. 
Transparency 
and clear communication about sustainability can increase 
customer 
loyalty.
Products & 
Services
HIGH
Transitioning to circular business models 
—optimizing product volumes, designing for longevity 
and 
circularity, and using recycled 
and recyclable materials—represents a key 
business opportunity for the 
Group. 
Increasing awareness of the climate crisis may change customer 
behaviour as people are incentivised 
to switch to new ways of enjoying fashion without the 
climate impact associated with garment production. This
shift will reduce Lindex Group’s climate impact and offer 
the company new revenue streams that complement the 
traditional business model.
Short
(<5 years)
Lindex Group is preparing to scale up recommerce and is 
continually 
testing 
and scaling 
new 
business 
models 
and 
new 
revenue 
streams, 
such as wardrobe services, rental and repairs. See 
E5 Resource use and 
circular economy 
for further details.
Products & 
Services
HIGH
Transitioning to circular business models 
—optimizing product volumes, designing for longevity 
and 
circularity, and using recycled 
and recyclable materials—represents a key 
business opportunity for the 
Group. 
Product volume optimisation, reducing the markdown 
clearance, and increasing full price sales not only 
reduces absolute emissions but is also an important enabler 
to reduce costs. There is an opportunity to optimize 
the value of every product produced, better respond to 
consumer needs and secure the right product in the right 
place and in the right amount.
Short
(<5 years)
Lindex Group is adopting a Supply chain Strategy approach 
that includes 
nearshoring. The utilization of analytics to make data-driven 
decisions 
further improves forecasting and minimizes overproduction. The 
investments and development of Lindex division omnichannel 
distribution 
centre will streamline inventory across channels and fulfill 
customer 
demands more efficiently.
Resilience
HIGH
Reducing reliance 
on virgin 
materials and 
enhancing the 
climate resilience 
of natural 
fiber production 
can 
help mitigate 
costs and 
build resilience 
in raw 
material sourcing. 
Scaling recycled 
materials and 
transitioning 
to regenerative 
agriculture for 
key virgin 
materials like 
cotton can 
reduce the 
company’s material 
vulnerability and 
improve the climate resilience of both farmers and its business.
Short
(<5 years)
Lindex Group is increasing the share of recycled materials 
and working 
to bridge technology, infrastructure, 
feedstock, and finance gaps to 
make commercial scaling of recycled fibres more feasible 
through its 
industry collaborations and commitments. Lindex Group is 
investing in 
collaborative projects in India, where most of its cotton is grown, 
to help 
farmers transition to regenerative practices.

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E4 BIODIVERSITY & 
ECOSYSTEMS
SBM-3 
Material 
impacts, 
risks and 
opportunities 
and 
their 
interaction 
with 
strategy 
and 
business 
model
The Lindex division has assessed the impact of biodiversity 
using the WWF Biodiversity Risk Filter and applied it across 
its 
value 
chain. 
The 
biggest 
impact 
in 
terms 
of 
magnitude 
and significance was identified in raw material sourcing
and wet processing, primarily related to cotton and viscose 
sourcing with sites identified in India, in regions such as 
Gujarat, 
Nagpur, 
and 
Odisha. The 
Stockmann 
division 
has 
not assessed activities with negative effects on biodiversity-
sensitive areas, and no operations affecting threatened 
species have been identified.
Material 
negative 
impacts 
related 
to 
land 
degradation 
have 
been 
reported 
under 
SBM-3 
Material 
impacts, 
risks 
and opportunities and their interaction with strategy and 
business model. 
The Group has not identified any material 
negative 
impacts 
concerning 
desertification or 
soil 
sealing.
S1 OWN WORKFORCE
SBM-3 
Material 
impacts, 
risks and 
opportunities 
and 
their 
interaction 
with 
strategy 
and 
business 
model
The 
actual 
and 
potential 
impacts 
identified 
in 
subchapter 
IRO-1 Description of the process to identify and assess 
material 
impacts, 
risks 
and 
opportunities 
– 
restricted 
freedom of association, work-life balance challenges, health 
and 
safety, 
working 
conditions, 
workplace 
discrimination, 
and the promotion of diversity, equity, and inclusion – are 
inherently linked to the Group’s strategies and business 
models.
When identifying the actual and potential impacts on the 
Group’s workforce, the Group has considered all employees 
who could be materially affected, including those working
in the retail stores, offices and warehouses, as well as 
employees on permanent and fixed-term contracts. Some 
impacts may be specific and limited to certain employees 
due to the type of employment and location, such as store
employees, warehouse employees or production office 
employees. The Group has also considered non-employees 
who work at the Group’s premises. Based on the double 
materiality assessment, the Group has not identified any 
negative 
impacts 
related 
to 
child 
labour 
or 
forced 
labour 
within its own operations, and it does not consider any 
operations to be at significant risk of such incidents.
Regarding material positive impacts, the Group’s efforts to 
promote diversity, equity, 
and inclusion (DEI) can positively 
affect 
all 
employees 
and 
non-employees 
by 
enhancing 
their awareness and understanding, improving workplace 
relationships, and fostering a stronger sense of belonging. 
The Group has not identified any material risks or 
opportunities related to its own workforce, nor any material 
impacts arising from its transition plans.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Impact and 
its connection 
to strategy 
and business 
model, and 
how the 
strategy and 
business model 
is informed 
and adapted 
to the 
impact
Impact 
Actual or
potential (A/P)
Connection to strategy 
and business model
Informing and adapting
the strategy and business model
Restricted 
freedom 
of 
association
P
Operating in countries where freedom of association 
and collective bargaining are restricted 
can be a 
consequence of local legal 
frameworks and political 
environments. These 
restrictions limit employees' 
ability 
to establish and join organisations and negotiate 
effectively, resulting in a potential negative human rights 
impact on the employees. The impact is 
related to individual incidents, as it is experienced 
by a limited 
number of workers compared to the total 
number of workers.
Enhancing due diligence 
processes and embedding 
human rights 
policies as well as having grievance mechanisms 
in place.
Work-life balance
A
The Group’s operational model, 
which includes retail stores 
and distribution centres, 
depends on the flexibility 
of labour agreements to meet fluctuating demand. 
This creates irregular scheduling and 
unstable working 
conditions for part-time and temporary 
employees, which might impact the employee’s 
mental health, 
hindering their ability to enjoy life outside 
work, and affecting their financial stability. The impact can be 
considered widespread, due to the large number 
of store staff employed by the Group.
Implementing predictable 
shift patterns and 
offering flexible
arrangements.
Health and safety
P
The physical demands of the warehouse and retail 
environment and ergonomic challenges in 
the office 
environment can pose 
a risk to employee 
safety. Additionally, the risks are 
enhanced during high-demand 
seasons in warehouses. Failure to ensure 
health and safety in working conditions 
can lead to decreased 
performance and increased absenteeism due 
to illness or injury. The potential impacts can be either 
widespread or related to individual incidents.
Investments in safety 
training, better equipment, 
and compliance 
monitoring.
Discrimination in 
the workplace
P
The Group’s business 
models, which operate 
across diverse regions, 
increase the potential 
for discrimination 
based on, for example, gender, origin, age, or disability. The potential discrimination 
can negatively impact 
employee wellbeing and the Group’s reputation as 
an employer. The potential impacts are usually related 
to 
individual incidents.
Clear policies, such as Human Rights 
Policy, Discrimination Policy, 
and Offence and 
Harassment Policy, alongside 
our Diversity Plan 
and 
Equal Opportunities Plan.
Promoting 
diversity, equity, 
and inclusion 
(DEI)
P
The Group can have a positive impact by 
promoting diversity, equity, and inclusion in the workplace and 
creating a more inclusive and accepting working 
environment, which can significantly enhance 
employee’s 
competence and knowledge 
while improving their overall 
wellbeing. The potential 
impacts are usually related 
to individual incidents.
Conducting diversity and inclusion training 
sessions, participating 
in different networks, 
such as the 
Diversity Charter, and 
committing 
to transparent, fair recruitment processes. 
Actively monitoring and
reviewing practices to 
ensure compliance 
with human rights 
standards 
and continuously improve workplace culture.
S2 WORKERS IN THE VALUE 
CHAIN
SBM-3 
Material 
impacts, 
risks and 
opportunities 
and 
their 
interaction 
with 
strategy 
and 
business 
model
The actual and potential impacts identified in subchapter 
IRO-1 Description of the process to identify and assess 
material impacts, risks and opportunities 
– inadequate 
wages in the textile industry, restricted freedom of
association for supply chain workers, health and safety of 
working conditions, discrimination and harassment, child 
labour in the supply chain, and forced labour in the supply 
chain – are inherently linked to the Group’s strategies and 
business models.
The identified 
actual and 
potential impacts 
related
to 
discrimination 
and 
harassment 
are 
linked 
to 
the 
material risks and opportunities highlighted in the double 
materiality assessment. If discrimination in the value chain
materialises, 
or 
if 
the 
Group 
fails 
to 
adequately 
mitigate 
it, there is a risk to reputation and credibility, which could 
negatively 
affect 
the 
Group’s 
financial 
position 
and 
lead 
to the loss of business partners. Conversely, there is an 
opportunity to strengthen brand recognition by promoting 
gender equality 
and diversity 
throughout the 
value chain.
When identifying the actual and potential impacts on 
workers in the value chain, the Group has focused on 
workers in the upstream garment supply chain. The scope

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
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of 
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33
does 
not 
include 
distribution 
in 
the 
upstream 
value 
chain 
or 
workers 
in 
the 
downstream 
value 
chain, 
such 
as 
those 
involved in distribution, sales, and disposal.
Impact and its connection to strategy and business model,
and how the strategy and business model is informed and adapted to the impact
Inadequate 
wages in the 
textile industry
A
Wages in the textile industry, particularly in low-cost 
manufacturing countries, are 
often not sufficient to 
meet basic 
living expenses. The impact on value chain workers 
is tied
to the Group’s business model, 
as it has workers in 
its value 
chain in these countries.
The Group commits to decent 
working conditions in its value 
chains and to cooperating with 
others where infringements on 
workers’ rights are identified. 
The Group believes that 
improving working 
conditions is 
a collaborative effort involving 
employers, employees, 
governments, unions, and 
workers’ organisations. The 
Group works closely with its 
commercial goods suppliers to 
create supportive 
environments 
where women have the same 
opportunities as men.
The Lindex 
division addresses 
these impacts through a
due diligence process, 
transparency requirements, 
and 
comprehensive sustainability 
frameworks that includes 
purchasing practices, self-
assessments, social auditing, 
living wage strategy, improving 
supplier transparency and 
supply chain traceability,
and implementing policies 
to safeguard 
workers’ rights
and prevent child labour and 
modern slavery as well as 
the WE 
Women management 
programme. Currently, the 
Stockmann division does not
have a due 
diligence process 
in 
place.
Restricted 
freedom of 
association for 
supply chain 
workers
P
In countries where the Group sources materials 
or 
manufactures products, restrictions on unionisation 
and 
collective bargaining can significantly limit workers’ ability 
to 
negotiate for better 
conditions. This challenge 
can arise from 
the Group’s sourcing strategies in regions, which can lack 
labour protections.
Health and safety
P
The Group sources from regions such as Bangladesh, 
China, India, Pakistan, and Turkey where there can be a 
risk of inadequate health 
and safety standards, 
including fire 
hazards, structural issues, and workplace violence.
Discrimination 
and harassment
P
The potential issue of gender-based discrimination, 
sexual 
harassment, and unequal 
pay especially for 
women garment 
workers, can be a 
consequence of the Group’s 
global supply 
chain.
Child labour 
in the supply 
chain
P
The risk of child labour in the supply chain, especially 
in 
regions with weak 
regulatory enforcement, 
poses a significant 
risk to the Group. Child labour is often linked 
to low-cost 
production regions.
Forced labour 
in the supply 
chain
P
Forced labour, particularly in regions where workers are 
vulnerable due to poor 
legal enforcement, can be 
a risk linked 
to the Group’s supply chain management, which includes 
outsourcing global supply chain operations.
The negative impacts primarily occur in the upstream 
portion of the value chain, where garment manufacturing, 
textile 
production, 
and 
raw 
material 
sourcing 
occur, 
notably in countries with weaker regulatory enforcement. 
The 
Lindex 
division 
has 
identified 
the 
following 
workers 
as 
particularly 
vulnerable: 
women, 
migrant 
workers, 
young workers, and trade union members. Women face a
heightened risk of negative impacts, such as gender-based 
discrimination, 
harassment, 
unequal 
pay, 
and 
limited 
career 
progression. 
Migrant 
workers 
face 
a 
heightened 
risk 
of negative impacts due to language barriers, limited legal 
protections, and exploitative recruitment practices. Young 
workers 
face 
specific 
risks 
to 
their 
physical 
development 
and 
safety, 
particularly 
when 
carrying 
out 
repetitive 
tasks 
or operating heavy machinery without adequate training.
Trade union members face a heightened risk of negative 
impacts, such as retaliation, including intimidation and 
dismissal. These particularly vulnerable groups have been 
identified through the Lindex division’s Human Rights Due 
Diligence 
(HRDD) 
process. 
The 
Stockmann 
division 
did 
not identify specific vulnerable groups during its double 
materiality 
assessment 
process 
and 
instead 
assessed 
value chain workers at a general level.
The 
risks 
of 
child 
and 
forced 
labour 
are 
highest 
in 
regions 
with 
weaker 
regulatory 
enforcement, 
particularly 
in 
agriculture, 
raw 
material 
production, 
cotton 
farming, 
and textile production. The material negative impacts on 
workers in the value chain are widespread and systemic, 
particularly in those regions with weak regulatory 
enforcement such as Bangladesh, China, India, Pakistan, 
and Turkey. Currently, 
the Group has not identified any 
material positive impacts related to workers in the value 
chain.
Impact
Actual or 
potential 
(A/P)
Connection to strategy 
and business model
Informing and adapting the 
strategy and business model

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
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34
S3 AFFECTED COMMUNITIES
SBM-3 Material 
impacts, risks 
and opportunities
Impact and 
its connection 
to strategy 
and business 
model,
and how 
the strategy 
and business 
model is 
informed and 
adapted to 
the impact
 
and their interaction with strategy and business 
model
Access to clean 
water
P
Textile manufacturing and cotton agriculture can lead to 
significant contamination of local waterways, affecting 
communities’ access to clean water. This impact is linked to 
the Group’s business 
models, as the 
Group’s business models 
relies on textile production and cotton farming in 
high-risk 
regions.
The Lindex division’s partnership
with WaterAid to improve 
access to clean water as 
well as empower women in 
RMG worker communities in 
Bangladesh. The 
programme 
benefits women by freeing 
up time for education, work, 
and community 
engagement,
enhancing their confidence and 
health. The 
program strengthens 
the Group’s brand as a water-
responsible company 
and leader 
in women’s empowerment.
Improving access 
to clean water
P
The Lindex division’s partnership with WaterAid to improve 
access to clean water 
in worker communities 
positively impacts 
the company’s reputation and the health of local 
communities. 
The Group is committed to supporting community welfare 
and 
empowering women in RMG worker communities.
Supply chain 
impacts on 
communities’ 
rights
P
The activities in 
the Group’s supply chain, 
particularly in areas 
of cotton agriculture and textile production, can displace 
local 
communities, disrupt access to 
resources like food and 
water, 
and contribute to environmental degradation.
The Lindex division mitigates 
these risks through the 
implementation of sustainable 
water management practices, 
eliminating the release of 
hazardous and toxic substances 
from its supply chain, waste 
management improvements, 
and collaboration with partners 
to protect ecosystems and 
communities.
Impacts on 
communities 
where products 
are discarded
P
The Group’s products may eventually end up as waste 
in 
landfills or are discarded in nearby communities, 
leading to 
environmental pollution. This 
can be a direct 
consequence of 
the Group’s business models.
The potential impacts identified in subchapter 
IRO-1 
Description of the process to identify and assess material 
impacts, risks and opportunities 
– access to clean water, 
improving access to clean water, supply chain impacts on 
communities’ rights, and impacts on communities where 
products are discarded – are inherently linked to the 
Group’s strategies and business models.
When identifying the potential impacts on affected 
communities, the Group has considered all communities 
across its value chain that could be materially affected. 
These include communities associated with the Group’s 
upstream garment value chain, such as those involved in 
raw 
material 
sourcing 
and 
production 
processes, 
as 
well 
as those linked to the downstream value chain, particularly 
around the waste disposal of used products.
The affected communities are the communities along 
the Group’s upstream garment value chain and the 
communities in the downstream value chain linked to
waste disposal of used products. While indigenous people 
were evaluated as part of the assessment, they were not 
deemed material to the Group’s operations. The primary 
potential negative impacts are considered widespread and 
systemic 
within 
the 
upstream 
value 
chain. 
The 
Group 
has 
not identified any material risks or opportunities related to 
affected communities. The affected communities that are, or 
could be, negatively affected or face a higher risk of harm 
have been identified through the Lindex division’s Human 
Rights Due Diligence (HRDD) process.
Impact
Actual or 
potential 
(A/P)
Connection to strategy 
and business model
Informing and adapting the 
strategy and business model

 
 
 
 
 
 
 
 
 
 
 
Report 
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the 
Board 
of 
Directors 
35
S4 CONSUMERS AND 
END-USERS
SBM-3 
Material 
impacts, 
risks and 
opportunities 
and 
their 
interaction 
with 
strategy 
and 
business 
model
The potential impacts identified in subchapter 
IRO-1 
Description of the process to identify and assess material 
impacts, risks and opportunities 
– product and safety 
compliance, inclusive assortment and responsible marketing 
practices 
– 
are 
inherently 
linked 
to 
the 
Group’s 
strategies 
and business models.
The identified potential impacts are linked to the material 
risks and opportunities highlighted in the double materiality 
assessment process. If any of the potential impacts 
materialise, or if the Group fails to adequately mitigate 
existing 
impacts, 
it 
faces 
a 
risk 
of 
consumer 
backlash 
related to perceived lack of inclusivity in marketing and 
product assortment. Conversely, there is an opportunity
to 
enhance 
brand 
recognition 
by 
designing 
clothes 
for 
a broader range of body types and by featuring diverse 
women and children in marketing. This approach may
strengthen customer engagement and build long-term value 
by visibly demonstrating a commitment to diversity and 
inclusion.
When identifying the potential impacts on consumers and 
end-users, the Group has considered all groups likely
to be materially affected. This includes groups, such as 
women and children, who may be particularly vulnerable to 
negative impacts from marketing and sales strategies. The 
primary potential negative impacts are related to specific 
incidents. The Group has not identified any material positive 
impacts 
related 
to 
consumers 
and 
end-users. 
The 
Group 
has 
identified 
its 
main 
types 
of 
consumers 
and 
end-users 
by 
analysing 
the 
divisions’ 
business 
models, 
along 
with 
sales data, purchase patterns, and customer engagement 
insights. This 
analysis 
includes 
consumers 
and 
end-users 
who 
may 
be 
negatively 
impacted 
or 
face 
a 
higher 
risk 
of 
harm. The material risks and opportunities arising from
impacts on 
consumers and 
end-users are 
particularly
Impact and 
its connection 
to strategy 
and business 
model,
and how 
the strategy 
and business 
model is 
informed and 
adapted to 
the impact
relevant for 
groups such 
as women 
and children.
Impact
Actual or 
potential 
(A/P)
Connection to strategy 
and business model
Informing and adapting the 
strategy and business model
Product 
and safety 
compliance
P
The Group’s responsibility to ensure the safety of products, 
particularly children’s apparel, is directly tied to its business 
models. Failing to 
meet safety standards 
can lead to 
significant 
health and safety risks.
To mitigate the impact 
connected to product safety, the 
Lindex division has a restricted 
substances list in place, as
well as product testing and 
children’s safety design guides 
and training for designers and 
quality controllers.
Inclusive 
assortment
P
The Group’s ability to offer an inclusive assortment of products 
that represent diverse body types, sizes, genders, and cultural 
preferences is directly connected to its strategy of offering
the best customer experience. 
Failing to provide an 
inclusive 
product range can harm the Group’s brand image and 
perpetuate negative stereotypes.
The Group has responsible 
marketing policies and 
guidelines in place. The Group 
has diverse representation
in its advertising. The Lindex 
division’s higher purpose is to 
drive meaningful change for 
women, with empowerment and 
inclusivity in mind. The Lindex 
division offers its employees 
relevant training to mitigate 
negative impacts.
Responsible 
marketing 
practices
P
The Group’s marketing practices, especially in its 
portrayals 
of women and 
children, can significantly 
influence consumer 
perception and behaviour. If the Group fails to practice 
responsible marketing, it can promote unrealistic beauty 
standards potentially harming consumers’ self-esteem and 
mental health.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
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the 
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of 
Directors 
36
MDR-P Policies 
adopted to 
manage material 
sustainability matters
Policy name 
Key content of the 
policy 
Scope of the policy
Senior level
accountable 
Third party standards 
Stakeholder engagement 
Availability
Group 
Environmental 
Policy
The policy outlines the Group's 
commitment to respecting the environment 
and safeguarding a healthy and safe 
planet throughout its value chain, covering 
its sourcing, production, logistics, and 
sales 
processes. The 
policy 
focuses 
on 
the material environmental topics: climate 
change, pollution, water, biodiversity 
and 
ecosystems, circular economy & resource 
use.
Lindex Group's full value 
chain:
E1 Climate Change 
E2 Pollution
E3 Water
E4 Biodiversity
E5 Resource use and 
circular economy
S3 Affected communities
G1 Business conduct
The Board of 
Directors
The Ten Principles 
of the UN Global Compact 
The UN Framework Convention on Climate 
Change (UNFCCC) The OECD Guidelines for 
Multinational Enterprises The United Nations 
Paris Agreement The Science Based Targets 
Initiative The Ellen MacArthur Foundation’s 
Principles on Circular Economy The Kunming-
Montreal Global Biodiversity Framework (GBF) 
REACH legislation and the EU regulation on 
persistent organic pollutants (POPs)
Stakeholder engagement was integral to the 
development and execution of the policy and the 
Group consulted suppliers, NGOs, customers, 
and industry partners.
Available on 
the Group’s 
website for all 
stakeholders.
Group Human 
Rights Policy
The policy provides guidelines to respect 
human rights, conduct human rights due 
diligence, protect vulnerable 
groups, prevent 
or mitigate impacts, prevent harassment, 
avoid contributing to violations, and promote 
a positive impact on society by fostering 
human rights and sustainability. The 
policy 
also supports diversity and inclusion
by valuing different perspectives and 
backgrounds, promoting equal 
opportunities, 
and embedding diversity throughout 
operations.
Lindex Group's full value 
chain:
S1 Own workforce
S2 Workers in the value 
chain
S3 Affected communities
S4 Consumers and end-
users
G1 Business conduct
The Board of 
Directors
The International 
Bill of 
Human Rights. 
ILO 
Declaration on 
Fundamental Principles 
and 
Rights at Work and core conventions.
UN Conventions, such as those on the 
Elimination of All Forms of Discrimination Against 
Women, on the Rights of the Child, and on the 
Elimination of All Forms of Racial Discrimination. 
OECD Guidelines for Multinational Enterprises 
and UN Global Compact. UN Guiding Principles 
on Business and Human Rights Women’s 
Empowerment Principles Children’s Rights and 
Business Principles.
In developing the policy, stakeholders 
from 
several relevant groups were consulted, 
including union representatives for own 
workforce, internal stakeholders from various 
parts of the organisation, credible proxies 
representing workers in the value chain, and 
affected communites.
Available on 
the Group’s 
website for all 
stakeholders.
Group 
Speak-Up 
Policy
The policy outlines guidelines 
to provide 
a safe grievance mechanism with 
whistleblowing protection and prompt 
investigation of concerns.
Lindex Group's full value 
chain:
S1 Own workforce
S2 Workers in the value 
chain
S3 Affected communities
S4 Consumers and end-
users
G1 Business conduct
The Board of 
Directors
Whistleblower Protection Directive (Directive 
2019/1937 (EU))
In developing the policy, stakeholders 
from 
several relevant groups were consulted, 
including union representatives for own 
workforce, internal stakeholders from various 
parts of the organisation, credible proxies 
representing workers in the value chain, and 
affected communites.
Available on 
the Group’s 
website for all 
stakeholders.
Group Anti-
Corruption 
Policy
The policy provides guidelines and 
instructions to the standards of conduct 
regarding corruption and conflicts 
of interest.
Lindex Group's full value 
chain:
G1 Business conduct
The Board of 
Directors
The Ten Principles 
of the UN Global Compact
The policy was developed through consultation 
with the internal auditor, key suppliers, 
and 
internal stakeholders from Human Resources, 
Security, Finance, Sustainability, 
and Legal 
departments.
Available on 
the Group’s 
website for all 
stakeholders.
Group 
Consumer 
and End-User 
Policy
The policy outlines the Group's approach 
to respecting the rights of consumers and
end-users, while having a positive 
impact in 
their lives.
Lindex Group's upstream 
value chain:
S4 Consumers and end-
users
G1 Business conduct
The Board of 
Directors
The United Nations Guidelines for Consumer 
Protection (UNGCP), International Chamber 
of Commerce Advertising and Marketing 
Communications Code, World Federation of
Advertisers’ global principles, 
The UN 
convention
on the Rights of 
the Child
The insights gathered from customer surveys 
and customer service channels were considered 
when setting the Consumer and End-User 
Policy. With a specific focus on 
the needs of 
women and children, to enable remedy for 
human rights impacts, there are dedicated 
channels like customer service and a speak-up 
portal that reinforce Lindex Group’s commitment 
to consumer rights.
Available on 
the Group’s 
website for all 
stakeholders.

 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
37
Policy name 
Key content of the 
policy 
Scope of the policy
Senior level
accountable 
Third party standards 
Stakeholder engagement 
Availability
Code of Conducts
Group Code of
The document provides 
guidelines on
The Group's full 
value
The Board of
The Group Code of 
Conduct is guided 
by
Available on
Conduct
legal compliance, 
ethical conduct, 
fair
chain:
Directors
international treaties 
and recommendations, 
such
the Group’s
competition, consumer 
rights, employees
S1 Own workforce
as UN’s Universal 
Declaration of Human 
Rights
website for all
and working conditions, 
environment, anti-
G1 Business conduct
and Convention on the 
Rights of the 
Child, the
stakeholders.
corruption, and conflicts 
of interest.
ILO’s Declaration 
on Fundamental 
Principles
and Rights at Work 
and the OECD 
Guidelines for
Multinational Enterprises.
Lindex division
The document outlines 
the division’s
Lindex division's 
full value
Lindex
Lindex division CoC is 
build on 
Lindex Group's
Internal Steering 
Committee, internal 
subject
Accessible
Code of
ethical business practices, 
respect for
chain:
division
Human Rights, Environmental, 
Speak up, Anti-
matter experts, and 
Union representatives
on the Lindex
Conduct
human rights, 
environmental responsibility,
S1 Own workforce
Leadership
corruption, and Consumer 
and End-User 
policies.
from Head Office 
have been involved 
in the
division’s
workplace safety, 
proper use of information
G1 Business conduct
Team
See separate policies 
for detailed information.
development of the 
Code of Conduct.
website for all
and assets, and 
mechanisms for 
reporting
stakeholders.
concerns.
Lindex division
The document provides 
guidelines on
Lindex division’s 
upstream
See Lindex
The Lindex Division 
Supplier Code of 
Conduct
See Lindex Group 
Human Rights Policy 
and
Accessible
Supplier Code
gender equality, 
non-discrimination, labour
value chain:
Group Human
is based on the 
Ethical Trading Initiative 
(ETI)
Lindex Group Speak-Up 
Policy.
on the Lindex
of Conduct
conditions, harassment, 
working hours,
G1 Business conduct
Rights Policy
Code of Conduct, 
as well as the 
Lindex Group
division’s
and freedom of 
association in the 
upstream
and Lindex
Human Rights Policy 
and the Lindex 
Group
website for all
value chain.
Group
Speak-Up Policy, 
with an enhanced 
focus on
stakeholders.
Speak-Up
gender equality.
Policy

 
Report 
of 
the 
Board 
of 
Directors 
38
IRO
–1 
Description of the process to identify and assess 
material impacts, risks and opportunities
In 2024, Lindex Group conducted a double materiality 
assessment 
to 
identify 
and 
evaluate 
the 
Group’s 
impacts, 
risks and opportunities related to various sustainability 
matters. 
The 
assessment 
was 
conducted 
in 
both 
divisions 
and 
incorporated 
into 
a 
Group 
level 
assessment. 
The 
process 
described 
below 
was 
applied 
to 
identify 
impacts, 
risks and opportunities across various sustainability topics, 
including climate change, pollution, water, biodiversity, 
resource 
use 
and 
circular 
economy, 
own 
workforce, 
workers 
in the value chain, affected communities, consumers
and end-users, and business conduct. The assessment 
considered sub-topics and sub-sub-topics within each 
sustainability topic. The work was supported by third-party 
experts and carried out in four phases:
Research: 
Lindex 
Group’s 
operational 
landscape 
was analysed to identify initial impacts, potential risks 
and opportunities. A third-party expert conducted a
comprehensive 
analysis 
that 
pinpointed 
these 
impacts 
in relation to a predefined list of sustainability matters to 
be included 
in the 
assessment (AR 
16). This 
phase also
involved researching the Group’s activities, services, and 
business models.
Stakeholder engagement: 
A comprehensive survey was 
conducted 
with 
the 
key 
stakeholder 
groups 
of 
both 
the 
Lindex and Stockmann divisions. The stakeholders included 
Board members, employees, customers, suppliers, and,
in addition to these, for the Lindex division, leadership, 
NGOs, representatives of local communities, and store 
managers. The 
Lindex 
division 
did 
not 
include 
customers 
in the 
stakeholder engagement 
for the 
double materiality
assessment, although they are regularly engaged with 
through other processes. Through the survey, stakeholders 
were 
given 
an 
opportunity 
to 
assess 
the 
impact 
and 
financial 
implications 
of 
each 
sustainability 
matter 
over 
short-, medium-, and long-term time horizons. Selected 
stakeholders were also interviewed with the purpose of 
gathering more in-depth input.
Analysis: 
The survey data was processed, prioritised, and 
evaluated across various sustainability topics by third-party 
experts. 
The 
evaluation 
was 
based 
on 
weighted 
scores 
that considered stakeholder importance and time horizons, 
and combined fractional scores, time horizon weights, and 
stakeholder weights to determine the overall impact. The 
results 
were 
then 
presented 
to 
the 
Leadership 
Teams 
of 
both the Lindex and Stockmann divisions for validation.
The 
results 
of 
the 
stakeholder 
survey 
and 
data 
analysis 
for both divisions were subsequently entered into a 
sustainability 
software’s 
double 
materiality 
assessment 
tool for further evaluation according to its specific 
methodological approach. The impacts, risks and 
opportunities were assessed in collaboration with key 
personnel from both divisions and third-party consultants.
Lastly, the results of the division-level assessments were 
reviewed 
at 
the 
Group 
level. The 
material 
topics 
for 
the 
Group were selected considering the materiality scores and 
the significance of each topic for the Group as a whole.
Some topics that were material for the Stockmann division 
only, were not considered to be material for the Group.
Reporting: 
The findings from both the stakeholder 
engagement processes and Leadership Team workshops 
were reported back to both divisions. The final Group-level 
results were presented to the Audit Committee and the 
Board of Directors.
Impact 
identification 
process
For each identified impact, the Group analysed the following 
criteria: 
whether 
the 
impact 
was 
actual 
or 
potential, 
negative or positive, and whether it arose directly from
the Group’s own operations or indirectly as a result of its 
business relationships. Impacts were identified throughout 
the Group’s value chain, considering both the effects of
its own operations and those resulting from its business 
relationships. 
When 
identifying 
impacts, 
the 
Group 
considered specific activities, business relationships and 
geographies that face a heightened risk of adverse impacts. 
These included activities and business partners in the 
upstream 
value 
chain, 
in 
geographical 
locations 
such 
as 
India, Bangladesh, China, Pakistan, Turkey and Vietnam.
An impact score was determined based on the severity and 
likelihood 
of 
negative 
impacts, 
and 
for 
positive 
impacts, 
their scale, scope, and likelihood.
Negative impacts were scored based on severity – a 
combination of scale, scope, and remediability – and 
likelihood. Severity was prioritised over likelihood for 
negative impacts on human rights. Positive impacts were 
evaluated based on their scale, scope, and likelihood.
Scoring criteria: 
The impacts were scored based on the 
following criteria:
Scale – 
the severity 
of the 
impact:
1.
 
Minimal consequence 
on people 
and the 
environment.
2.
 
Low consequences that are easy to manage or 
mitigate.
3.
 
Medium consequences that are manageable within 
reasonable means.
4.
 
High consequences that can cause substantial 
disruption and require immediate action.
5.
 
Absolute 
consequences 
causing 
major 
disruption 
with
long-term 
effects.

Report 
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the 
Board 
of 
Directors 
39
Scope – the extent of the impact and the number of 
individuals affected:
1.
 
Very 
isolated location 
with few 
individuals
2.
 
Low impact across multiple locations or groups, 
affecting a minor share of customers
3.
 
Medium impact across several large areas, affecting 
roughly half of the customers
4.
 
High impact 
affecting an 
entire region
5.
 
Global impact
Remediability – 
the ability 
to reverse 
the impact:
1.
 
Easily reversible
2.
 
Low effort 
required
3.
 
Reversible 
with significant 
effort 
and/or cost
4.
 
High effort 
required
5.
 
Permanent
Likelihood – 
the probability 
of the 
impact occurring:
1.
 
Rare (<10%)
2.
 
Low (10−25%)
3.
 
Possible 
(25−50%)
4.
 
Likely (50−75%)
5.
 
Almost 
certain (>75%)
6.
 
Actual (100%)
Thresholds used in determining impact and financial 
materiality
The 
threshold 
for 
determining 
impact 
materiality 
both 
at 
the Lindex and Stockmann divisions was set as follows: an 
impact was considered material if its severity score was 
greater than three, or if its likelihood score reached four.
However, greater emphasis was placed on the severity of 
the impact rather than its likelihood.
The 
threshold 
for 
determining 
financial 
materiality 
at 
both 
the Lindex and Stockmann divisions was set as follows: an 
impact was considered material if its magnitude of financial 
effect score 
was greater 
than three, 
or if 
its likelihood 
score
reached four. However, greater emphasis was placed on the 
magnitude of the impact rather than its likelihood.
The 
risk and 
opportunity identification 
process
For each risk and opportunity identified, the following 
criteria 
were 
considered: 
the 
direct 
or 
indirect 
ownership 
of the risk and/or opportunity and the negative or positive 
financial effect of the risk or opportunity. When identifying 
sustainability related risks and opportunities, the Lindex 
Group’s 
value 
chain 
as 
a 
whole 
was 
considered. 
During 
the risk and opportunity identification process, the Group
considered the connection of the impacts and dependencies 
with the risks and opportunities that may arise from those 
impacts and dependencies, such as for different textile raw 
materials that may cause financial risks and opportunities.
Scoring 
criteria
The risks and opportunities were scored based on the 
magnitude of financial effect and the likelihood of it 
occurring.
Stockmann 
division
The magnitude 
of financial 
effect (in 
EBIT, 
following the
division’s 
internal 
risk 
assessment 
thresholds):
1.
 
Minor financial 
impact (EUR 
500,000−1,250,000)
2.
 
Moderate financial 
impact (EUR 
1,250,000−2,500,000)
3.
 
High financial 
impact (EUR 
2,500,000−5,000,000)
4.
 
Very high financial impact 
(EUR 5,000,000− 10,000,000)
5.
 
Major financial 
impact (EUR 
10,000,000−50,000,000)
Likelihood of 
financial effect:
1.
 
Rare (<10%)
2.
 
Low (10−25%)
3.
 
Possible 
(25−50%)
4.
 
Likely (50−75%)
5.
 
Almost certain 
(>75%)
6.
 
Actual (100%)
Lindex 
division
The magnitude 
of financial 
effect (in 
EBIT, 
following the
division’s 
internal 
risk 
assessment 
thresholds):
1.
 
Minor 
financial 
impact 
(EUR 
851,000–2,127,500)
2.
 
Moderate 
financial 
impact 
(EUR 
2,127,500–4,255,000)
3.
 
High 
financial 
impact 
(EUR 
4,255,000–8,510,000)
4.
 
Very 
high financial 
impact
(EUR 
8,510,000–17,020,000)
5.
 
Major 
financial 
impact 
(EUR 
17,020,000–85,100,000)
Likelihood:
1.
 
Rare (<10%)
2.
 
Low (10−25%)
3.
 
Possible 
(25−50%)
4.
 
Likely (50−75%)
5.
 
Almost certain 
(>75%)
6.
 
Actual (100%)
Internal controls, risk management and management 
process
Key 
personnel 
from 
both 
divisions 
were 
actively 
involved 
in the decision-making process to identify impacts, risks 
and opportunities. As part of this process, each division 
conducted two workshops to validate the results in
collaboration with their key teams, which included members 
from the respective Leadership Team.
The 
double 
materiality 
assessment 
process 
for 
both 
divisions involved individuals from several departments, 
including Sustainability, Strategy, Finance, Communications, 
and People & Culture.
Sustainability risks 
are identified 
and 
managed as 
part
of the Group’s overall risk management process, which 
includes oversight by the Board of Directors and its Audit 
Committee. The Group’s Chief Legal Officer is responsible 
for overseeing risk management across the organisation. 
Sustainability opportunities are identified and managed as 
part of the divisions’ annual strategy process.

Report 
of 
the 
Board 
of 
Directors 
40
The divisions’ Leadership Teams participated in the 
assessment process for identifying and assessing impacts, 
risks and opportunities. The results of the double materiality 
assessment were presented to the Board of Directors,
and this topic will be a key part of the Board of Directors’ 
discussions in the future. Both divisions’ sustainability 
strategies, key focus areas, and risk assessments are 
integral to the Board of Directors’ strategic planning 
processes. Various sustainability-related risks are also 
considered when evaluating the company’s overall risk 
profile, as needed.
General information about assessment process on 
impacts and risks
Input parameters 
used in 
the materiality 
assessment:
External sources, 
such as:
•
 
Governance 
& Accountability 
Institute’s 
database
•
 
Global 
Reporting 
Initiative’s 
database
•
 
SASB’s database
•
 
MSCI’s database
•
 
S&P’s 
Global database
Internal 
sources, such 
as:
•
 
Sustainability 
reports 
from 
previous 
years
•
 
Results 
from previous 
materiality 
assessments
•
 
Various environmental sustainability -related 
documents (Carbon Disclosure Project documents, 
roadmaps, assessments)
•
 
Various policies (Procurement and Purchase Policy, 
Human Rights Policy, action plans related to child and 
forced labour, Ethical Policy, Code of Conduct)
•
 
Strategy documents. In recent years, both divisions of 
Lindex Group have regularly updated their materiality 
assessments, typically aligning with their two- 
to three-
year strategy periods
•
 
Results of the stakeholder survey conducted during the 
materiality assessment process.
The 
process 
remained 
unchanged 
in 
relation 
to 
2024. 
During 
the 
reporting 
period, 
the 
Lindex 
division 
conducted 
a 
Human 
Rights 
impact 
assessment 
across 
its 
value 
chain, which confirmed the results of the double materiality 
assessment conducted in 2024. In addition, the division 
updated 
the 
magnitude 
of 
its 
financial 
effect 
(EBIT) 
based 
on the 2024 EBIT figures.
Given the emphasis on assessing double materiality both 
quantitatively and qualitatively, both divisions review, and, 
where 
necessary, 
update 
their 
materiality 
assessment 
on 
an annual basis. These updates will collectively inform the 
revision of the Group’s overall materiality assessment.
The 
methodology 
follows 
the 
criteria 
set 
by 
the 
Corporate Sustainability Reporting Directive (CSRD) for
determining materiality. The double materiality assessment 
encompasses all sustainability matters outlined in the 
European Sustainability Reporting Standards (ESRS).
Lindex Group analysed the impacts, risks and opportunities 
within the subtopics and sub-subtopics listed in ESRS 1 
General Requirements, Appendix A (AR 16).
For each potential impact, risk and opportunity, the Group 
identified 
different 
time 
horizons 
for 
when 
these 
may 
occur. The time horizons used in the double materiality 
assessment are defined as follows:
•
 
Short-term: 
within the 
reporting period
•
 
Medium-term: from the end of the reporting period up 
to 5 years
•
 
Long-term: beyond 
5 years
The assessment also considered some of the affected 
stakeholders when determining impacts, risks and 
opportunities. 
These 
affected 
stakeholders, 
such 
as 
the 
division’s 
own 
employees, 
were 
engaged 
through 
a stakeholder survey as part of the double materiality
assessment process. Users of sustainability information 
were also consulted through surveys and interviews.
The Group’s value chain was considered for each identified 
impact, risk and opportunity. During the assessment, each 
impact, risk and opportunity was mapped across the value 
chain stages (upstream, own operations, downstream) and 
placed in their specific positions within the value chain.
Description 
of 
the 
process to 
identify 
and 
assess topical 
material impacts, 
risks and 
opportunities
Climate 
change
The climate-related impacts have been identified and 
assessed using the same approach described in the 
subchapter 
IRO-1Description 
of 
the 
process 
to 
identify 
and assess material impacts, risks and opportunities. 
The 
impacts on the Group’s greenhouse gas emissions have 
been determined based on greenhouse gas calculation 
results from previous years. The Group has identified and 
assessed its climate-related risks and opportunities in 
alignment with the Task Force on Climate-related Financial
Disclosures (TCFD). Both transition and physical risks have 
been 
examined, 
and 
opportunities 
have 
been 
identified 
across areas such as resource efficiency, energy sources, 
products and services, markets, and resilience, following 
TCFD guidance.
The Group assessed acute and chronic climate-related 
hazards 
across 
the 
entire 
value 
chain, 
from 
raw 
materials 
to 
production, 
logistics, 
sales, 
and 
end-users. 
Both 
physical
and transition risks were evaluated over the short-term (less 
than 5 years), medium-term (5–10 years), and long-term 
(more than 10 years). The process included compiling a
list of 
risks, defining 
scenarios, and 
establishing timelines.
These were 
reviewed and 
prioritised to 
form a 
summary

Report 
of 
the 
Board 
of 
Directors 
41
through internal, cross-departmental discussions. The 
climate assessment will be reviewed annually to support 
continuous improvement and re-evaluation.
The Group 
has analysed 
risks using 
scenarios
from the International Energy Agency (IEA) and the 
Intergovernmental Panel on Climate Change (IPCC), 
focusing on RCP 2.6 and RCP 8.5, with the primary focus 
to outline both the best-case and worst-case scenarios
to cover plausible transitional and physical risks and 
uncertainties supported by research:
•
RCP 2.6 
represents a low-emission scenario aimed at 
limiting global warming to below 1.5–2°C above pre-
industrial levels. It assumes immediate and significant 
reductions in greenhouse gas emissions, with a peak 
around 2020 and a continued decline, thereafter, 
eventually resulting in net negative emissions by the 
end of the century. This scenario depends on a strong 
regulatory landscape, advancements in supply chain 
technology, and rapid shifts in consumer behaviour.
•
RCP 8.5 
reflects a high-emission scenario that 
assumes minimal efforts to reduce emissions, 
leading 
to 
continuous 
increases 
in 
greenhouse 
gas concentrations over the century. This pathway
suggests severe warming, with potential temperature 
increases 
of 
4°C 
or 
more 
above 
pre-industrial 
levels 
by 2100, posing substantial climate impacts and risks 
to ecosystems and societies. Under this scenario, the 
Group expects significant physical risks across the 
value chain.
Transition risks: 
The Group has evaluated risks associated 
with transition scenarios, primarily under RCP 2.6. This 
scenario poses significant near-term risks from factors
such 
as 
a 
stringent 
regulatory 
environment, 
required 
shifts 
in supply chain technology, and changes in consumer 
behaviour.
Physical 
risks: 
The 
Group 
has 
assessed 
physical 
risks 
under 
various 
scenarios, 
considering 
both 
acute 
and 
chronic risks. Acute risks, such as extreme weather events, 
already 
affect 
some 
areas 
of 
the 
value 
chain 
and 
are 
expected to intensify in the short and medium term. Chronic 
risks, including temperature changes and water availability, 
are projected to impact the medium to long term. Tools such 
as 
the 
Climate 
Impact 
Explorer, 
along 
with 
other 
national 
and 
regional 
assessments 
like 
the 
Lindex 
division’s 
water 
risk assessment (using the Aqueduct tool) and WWF’s 
biodiversity risk assessment, support this analysis.
Pollution
The Lindex division has screened its site locations using 
the 
World 
Resources 
Institute’s 
Aqueduct 
Water 
Risk 
Atlas to understand pollution-related impacts, risks and 
opportunities in the value chain. The division has also 
consulted 
various 
stakeholders, 
including 
NGOs, 
related 
to impacts, risks and opportunities. However, the division 
has not yet been able to conduct direct consultations with 
affected communities. The Lindex division did not include 
the asset or business activities screening in the double 
materiality assessment process. The identification of
material impacts, risks and opportunities related to pollution 
has followed a similar approach to that used in the general 
process for impact, risk, and opportunity assessment.
The Aqueduct 
Water 
Risk Atlas 
has 
been 
developed 
by 
the 
World 
Resources Institute 
(WRI), and 
it 
follows 
a methodology comprising four steps. The first step
involves combining data from multiple sources, including 
hydrological models, satellite observations and government 
statistics. The 
second 
step 
includes 
an 
assessment 
of 
various indicators that are used to evaluate water-related 
risks. The third step includes hydrological modelling, where 
water availability and demand are simulated under different 
scenarios. The last step includes a risk assessment where 
water risks are analysed by combining the indicators into
a composite risk score. Key assumptions include climate 
scenarios from the Intergovernmental Panel on Climate 
Change (IPCC), socio-economic scenarios addressing 
population growth, economic development, and land-use 
changes, and baseline conditions derived from historical 
data. Additionally, pollution loads, including agricultural 
runoff, industrial discharges, and urban wastewater, are 
assessed based on existing data.
The Stockmann division has not screened its assets and 
activities to identify the actual and potential pollution-related 
impacts, 
risks 
and 
opportunities 
in 
its 
own 
operations 
and 
its value chain beyond the double materiality assessment 
process. Nor has it conducted consultations with affected 
communities beyond the general stakeholder engagement 
process in the double materiality assessment.
Water
The Lindex division has screened its site locations using the 
World Resources Institute’s Aqueduct Water Risk Atlas to 
understand water-related impacts, risks and opportunities
in 
the 
value 
chain. The 
methodology 
and 
assumptions 
used 
in the Aqueduct Water Risk Atlas are outlined above in the 
Pollution section. The division has also consulted various 
stakeholders, including NGOs such as WaterAid, related
to impacts, risks and opportunities. However, the division 
has not yet been able to conduct direct consultations with 
affected communities. The Lindex division did not include 
the asset or activities screening in the double materiality 
assessment process, and the identification of material 
impacts, risks and opportunities related to water has 
followed a similar approach to that used in the general 
process for impact, risk and opportunity assessment.
Chapter 
E3 Water 
outlines the geographical areas where 
water is 
a material 
issue within 
the division’s 
value chain.
The Stockmann division has not screened its assets and 
activities to 
identify its 
actual and 
potential water-related

Report 
of 
the 
Board 
of 
Directors 
42
impacts, 
risks 
and 
opportunities 
in 
its 
own 
operations 
and 
its value chain beyond the double materiality assessment 
process. Nor has it conducted consultations with affected 
communities 
beyond 
the 
stakeholder 
engagement 
process 
in the double materiality assessment.
Biodiversity 
and 
ecosystems
The 
identification 
of 
material 
impacts, 
risks 
and 
opportunities 
related 
to 
biodiversity 
and 
ecosystem 
matters 
has 
followed 
a 
similar 
approach 
to 
that 
used 
in 
the general process for assessing impacts, risks and 
opportunities. Lindex Group does not have sites located in 
or near biodiversity-sensitive areas; however, the Group 
sources 
raw 
materials 
from 
countries 
such 
as 
India 
and 
the wet processing of garments is conducted in countries 
such 
as 
Bangladesh, 
India, 
and 
China. 
The 
sourcing 
of 
raw materials and wet processing negatively affect the 
biodiversity of these areas. The sourcing of raw materials 
and wet processing are considered systemic risks due
to their 
impact on 
water scarcity 
and the 
depletion of
resources critical for the Group. The Group has concluded 
that mitigation measures related to land and water 
connected to these sites need to be investigated further.
The Group has not yet conducted an assessment of 
transition and physical risks directly related to biodiversity 
and ecosystems, although transition and physical risks and 
opportunities 
connected 
to 
land 
and 
water 
were 
assessed 
as part of the Group’s TCFD analysis. Direct consultations 
with 
affected 
communities 
were 
not 
conducted 
in 
the 
general double materiality assessment process.
Resource use 
and circular 
economy
The 
identification 
of 
material 
impacts, 
risks 
and 
opportunities related to resource use and circular economy 
matters has followed a similar approach to that used in
the general process for assessing impacts, risks and 
opportunities. The Group did not screen its assets and 
activities as part of the double materiality assessment 
process.
Continuous 
dialogue 
on 
resource 
use 
and 
circular 
economy 
is 
conducted 
through 
memberships, 
partnerships, 
and 
ongoing impact, risk and opportunity assessments, including 
collaborations with organisations like Textile Exchange, 
academia, 
multi-stakeholder 
dialogues, 
and 
research 
projects. The stakeholder dialogue does not include direct 
consultations with affected communities.
Business 
conduct
The 
identification 
of 
material 
impacts, 
risks 
and 
opportunities related to business conduct matters has 
followed a similar approach to that used in the general 
process for assessing impacts, risks and opportunities. The 
business 
conduct 
matters 
considered 
were 
the 
locations 
and activities of both divisions, along with their respective 
sectors and organisational structures.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
43
IRO
–2 
Disclosure Requirements 
in ESRS 
covered by 
the undertaking’s 
sustainability statements
The chapters 
and subchapters 
of this 
report are 
named in 
accordance with 
the ESRS, 
facilitating navigation 
and ensuring 
consistency with 
the standard.
Standard 
Disclosure
requirement
Name 
Location in the report
Standard 
Disclosure
requirement
Name 
Location in the report
ESRS 2
BP-1
General basis for preparation 
of the 
sustainability statement
General information (ESRS 2)
ESRS 2
BP-2
Disclosures in relation to specific circumstances
General information (ESRS 2)
ESRS 2
GOV-1
The role of the 
administrative, management and 
supervisory bodies
General information (ESRS 2)
ESRS 2
GOV-2
Information provided to, and sustainability 
matters addressed by the undertaking’s 
administrative, management and supervisory 
bodies
General information (ESRS 2)
ESRS 2
GOV-3
Integration of sustainability-related 
performance 
in incentive schemes
General information (ESRS 2)
ESRS 2
GOV-4
Statement on sustainability due diligence
General information (ESRS 2)
ESRS 2
GOV-5
Risk management and internal 
controls over 
sustainability reporting
General information (ESRS 2)
ESRS 2
SBM-1
Strategy, business model and value chain
General information (ESRS 2)
ESRS 2
SBM-2
Interests and views of stakeholders
General information (ESRS 2)
ESRS 2
SBM-3
Material impacts, risks and 
opportunities and 
their interaction with strategy and business 
model
General information (ESRS 2)
ESRS 2
IRO-1
Description of the process to 
identify and assess 
material impacts, risks and opportunities
General information (ESRS 2)
ESRS 2
IRO-2
Disclosure Requirements in ESRS covered 
by 
the undertaking’s sustainability
General information (ESRS 2)
ESRS 2
MDR-P
Policies adopted to 
manage material 
sustainability matters
E1 Climate Change 
E2 Pollution
E3 Water
E4 Biodiversity and 
ecosystems 
S1 Own workforce
S2 Workers in the value chain
S3 Affected communities
S4 Consumers and 
end-users 
G1 Business conduct
ESRS 2
MDR-A
Actions and resources in relation to material
sustainability matters
E1 Climate Change 
E2 Pollution
E3 Water
E4 Biodiversity and 
ecosystems 
S1 Own workforce
S2 Workers in the value chain
S3 Affected communities
S4 Consumers and 
end-users 
G1 Business conduct
ESRS 2
MDR-M
Metrics in relation to 
material sustainability 
matters
E1 Climate Change 
E2 Pollution
E3 Water
E4 Biodiversity and 
ecosystems 
S1 Own workforce
S2 Workers in the value chain
S3 Affected communities
S4 Consumers and 
end-users 
G1 Business conduct
ESRS 2
MDR-T
Tracking effectiveness of policies and 
actions 
through targets
E1 Climate Change 
E2 Pollution
E3 Water
E4 Biodiversity and 
ecosystems 
S1 Own workforce
S2 Workers in the value chain
S3 Affected communities
S4 Consumers and 
end-users 
G1 Business conduct
E1
E1-1
Transition plan for climate change mitigation
E1 Climate Change
E1
E1-2
Policies related to climate change mitigation and 
E1 Climate Change 
adaptation
E1
E1-3
Actions and resources in relation to climate
change policies
E1 Climate Change
E1
E1-4
Targets related 
to climate change mitigation and 
E1 Climate Change 
adaptation
E1
E1-5
Energy consumption and mix
E1 Climate Change

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
44
Standard 
Disclosure
requirement
Name 
Location in the report
Standard 
Disclosure
requirement
Name 
Location in the report
E1
E1-6
Gross Scopes 1,2,3 
and Total Greenhouse Gas 
emissions
E1 Climate Change
E1
E1-7
GHG removals and GHG mitigation projects
financed through carbon credits
E1 Climate Change
E1
E1-8
Internal carbon pricing
E1 Climate Change
E2
E2-1
Policies related to pollution
E2 Pollution
E2
E2-2
Actions and resources related to pollution
E2 Pollution
E2
E2-3
Targets related to pollution
E2 Pollution
E2
E2-4
Metrics related to pollution
E2 Pollution
E3
E3-1
Policies related to water
E3 Water
E3
E3-2
Actions and resources related to water and
marine resources
E3 Water
E3
E3-3
Targets related to water
E3 Water
E3
E3-4
Metrics and water consumption
E3 Water
E4
E4-1
Transition plan and consideration of biodiversity 
and ecosystems in strategy and 
business model
E4 Biodiversity and ecosystems
E4
E4-2
Policies related to biodiversity and ecosystems
E4 Biodiversity and ecosystems
E4
E4-3
Actions and resources related to biodiversity
and ecosystems
E4 Biodiversity and ecosystems
E4
E4-4
Targets related to biodiversity and ecosystems
E4 Biodiversity and ecosystems
E4
E4-5
Impact metrics related to 
biodiversity and 
ecosystems
E4 Biodiversity and ecosystems
E5
E5-1
Policies related to resource use 
and circular 
economy
E5 Resource use 
and circular 
economy
E5
E5-2
Actions and resources related to resource use
and circular economy
E5 Resource use 
and circular 
economy
E5
E5-3
Targets related to resource use and 
circular 
economy
E5 Resource use 
and circular 
economy
E5
E5-4
Resource inflows
E5 Resource use 
and circular 
economy
E5
E5-5
Resource outflows
E5 Resource use 
and circular 
economy
E1
Disclosures pursuant to Article 8 of Taxonomy
Regulation
Environmental information
S1
S1-1
Policies related to own workforce
S1 Own workforce
S1
S1-2
Process for engaging with 
own workers and 
workers’ representatives about impacts
S1 Own workforce
S1
S1-3
Process to remediate negative impacts and 
channels for own workers to raise concerns
S1 Own workforce
S1
S1-4
Taking action 
on material impacts on own 
workforce, and approaches to mitigating 
material risks and pursuing material 
opportunities related to own 
workforce, and 
effectiveness of those actions
S1 Own workforce
S1
S1-5
Targets related to managing material 
negative 
impacts, advancing positive impacts, and 
managing material risks and opportunities
S1 Own workforce
S1
S1-6
Characteristics of the 
undertaking's own 
employees
S1 Own workforce
S1
S1-7
Characteristics of the 
undertaking's non-
employee workers in own workforce
S1 Own workforce
S1
S1-8
Collective bargaining coverage and 
social 
dialogue
S1 Own workforce
S1
S1-9
Diversity metrics
S1 Own workforce
S1
S1-10
Adequate wages
S1 Own workforce
S1
S1-14
Health and safety metrics
S1 Own workforce
S1
S1-16
Remuneration metrics (pay gap 
and total 
remuneration)
S1 Own workforce
S1
S1-17
Incidents, complaints and severe 
human rights 
impacts
S1 Own workforce
S2
S2-1
Policies related to value chain workers
S2 Workers in the value chain
S2
S2-2
Processes for engaging with 
value chain 
workers about impacts
S2 Workers in the value chain

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
45
Standard 
Disclosure
requirement
Name 
Location in the report
Standard 
Disclosure
requirement
Name 
Location in the report
S2
S2-3
Processes to remediate negative impacts 
and channels for value chain workers 
to raise 
concerns
S2 Workers in the value chain
S2
S2-4
Taking action on material impacts on value chain 
S2 Workers in the value chain 
workers, and approaches to mitigating material
risks and pursuing material 
opportunities related 
to value chain workers, and effectiveness of 
those actions
S2
S2-5
Targets related to managing material 
negative 
impacts, advancing positive impacts, and 
managing material risks and opportunities
S2 Workers in the value chain
S3
S3-1
Policies related to affected communities
S3 Affected communities
S3
S3-2
Processes for engaging 
with affected 
communities about impacts
S3 Affected communities
S3
S3-3
Processes to remediate negative 
impacts and 
channels for affected communities to raise 
concerns
S3 Affected communities
S3
S3-4
Taking action 
on material impacts on 
affected communities, and approaches 
to
managing material risks and 
pursuing material 
opportunities related to affected communities, 
and effectiveness of those actions
S3 Affected communities
S3
S3-5
Targets related to managing material 
negative 
impacts, advancing positive impacts, and 
managing material risks and opportunities
S3 Affected communities
S4
S4-1
Policies related to consumers and end-users
S4 Consumers and end-users
S4
S4-2
Processes for engaging with 
consumers and 
end-users about impacts
S4 Consumers and end-users
S4
S4-3
Processes to remediate negative 
impacts and 
channels for consumers to raise concerns
S4 Consumers and end-users
S4
S4-4
Taking action 
on material impacts on 
consumers and end-users, and 
approaches to 
mitigating material risks and pursuing material 
opportunities related to consumers and end-
users, and effectiveness of those actions
S4 Consumers and end-users
S4
S4-5
Targets related to managing material 
negative 
impacts, advancing positive impacts, and 
managing material risks and opportunities
S4 Consumers and end-users
G1
G1-1
Business conduct policies and corporate culture
G1 Business conduct
G1
G1-2
Management of relationships with suppliers
G1 Business conduct
G1
G1-3
Prevention and detection of 
corruption and 
bribery
G1 Business conduct
G1
G1-4
Incidents of corruption or bribery
G1 Business conduct
G1
G1-6
Payment practices
G1 Business conduct

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
46
List of 
datapoints in 
cross-cutting 
and topical 
standards that 
derive from 
other EU 
legislation
Disclosure requirement 
and related data point
SFDR(1)
reference
Pillar 3(2) 
reference
Benchmark Regulation(3) 
reference
EU Climate 
Law (4) 
reference
Location 
in the 
report
ESRS 2 GOV-1 Board's gender diversity paragraph 
21 
(d)
Indicator number 13 of Table
#1 of Annex 1
Commission Delegated Regulation (EU)
2020/1816(5), Annex II
ESRS 2
General 
disclosures
ESRS 2 GOV-1 Percentage of board members who 
are 
independent paragraph 21 (e)
Delegated Regulation (EU) 2020/1816, Annex II
ESRS 2
General 
disclosures
ESRS 2 GOV-4 Statement on due diligence paragraph 30
Indicator number 10 Table #3
of Annex 1
ESRS 2
General 
disclosures
ESRS 2 SBM-1 Involvement in activities related to 
fossil 
fuel activities paragraph 40 (d) i
Indicators number 4 Table #1
of Annex 1
Article 449a Regulation (EU) No 
575/2013; Commission 
Implementing Regulation (EU) 2022/2453(6) Table 
1: 
Qualitative information on Environmental risk and Table 
2: Qualitative information on Social risk
Delegated Regulation (EU) 2020/1816, Annex II
ESRS 2
General 
disclosures
ESRS 2 SBM-1 Involvement in activities 
related to 
chemical production paragraph 40 (d) ii
Indicator number 9 Table #2
of Annex 1
Delegated Regulation (EU) 2020/1816, Annex II
ESRS 2
General 
disclosures
ESRS 2 SBM-1 Involvement in activities 
related to 
controversial weapons paragraph 40 (d) iii
Indicator number 14 Table #1
of Annex 1
Delegated Regulation (EU) 2020/1818(7), Article 
12(1) Delegated Regulation 
(EU) 2020/1816, Annex 
II
ESRS 2
General 
disclosures
ESRS 2 SBM-1 Involvement in activities related to 
cultivation and production of tobacco paragraph 40 
(d) 
iv
Delegated Regulation (EU) 2020/1818, 
Article 12(1) 
Delegated Regulation (EU) 2020/1816, Annex II
ESRS 2
General 
disclosures
ESRS E1-1 Transition plan to reach climate neutrality 
by 
2050 paragraph 14
Regulation (EU) 
2021/1119,
Article 2(1)
E1 Climate 
change
ESRS E1-1 Undertakings excluded from 
Paris-aligned 
Benchmarks paragraph 16 (g)
Article 449a Regulation (EU) No 
575/2013; Commission 
Implementing Regulation (EU) 2022/2453 Template 
1: 
Banking book-Climate Change transition risk: Credit 
quality of exposures by sector, emissions 
and residual 
maturity
Delegated Regulation (EU) 2020/1818, Article12.1
(d) to (g), and Article 12.2
E1 Climate 
change
ESRS E1-4 GHG emission reduction 
targets paragraph 
34
Indicator number 4 Table #2
of Annex 1
Article 449a Regulation (EU) No 575/2013; Commission 
Implementing Regulation (EU) 2022/2453 Template 
3: 
Banking book – Climate change transition 
risk: alignment 
metrics
Delegated Regulation (EU) 2020/1818, Article 6
E1 Climate 
change
ESRS E1-5 Energy consumption from fossil 
sources 
disaggregated by sources 
(only high climate 
impact 
sectors) paragraph 38
Indicator number 5 Table 
#1 
and Indicator n. 
5 Table #2 of 
Annex 1
E1 Climate 
change

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
47
Disclosure requirement 
and related data point
SFDR(1)
reference
Pillar 3(2) 
reference
Benchmark Regulation(3) 
reference
EU Climate 
Law (4) 
reference
Location 
in the 
report
ESRS E1-5 Energy consumption and mix paragraph 37
Indicator number 5 Table #1
of Annex 1
E1 Climate 
change
ESRS E1-5 Energy intensity associated with activities 
in 
high climate impact sectors paragraphs 40 to 43
Indicator number 6 Table #1
of Annex 1
E1 Climate 
change
ESRS E1-6 Gross Scope 1, 
2, 3 and Total GHG 
emissions paragraph 44
Indicators number 1 and 2
Table #1 of Annex 1
Article 449a; Regulation (EU) No 
575/2013; Commission 
Implementing Regulation (EU) 2022/2453 Template 
1: 
Banking book – Climate change transition risk: Credit 
quality of exposures by sector, emissions 
and residual 
maturity
Delegated Regulation (EU) 2020/1818, Article 5(1),
6 and 8(1)
E1 Climate 
change
ESRS E1-6 Gross GHG emissions intensity paragraphs
53 to 55
Indicators number 3
Table #1 of Annex 1
Article 449a Regulation (EU) No 575/2013; Commission 
Implementing Regulation (EU) 2022/2453 Template 
3: 
Banking book – Climate change transition 
risk: alignment 
metrics
E1 Climate 
change
ESRS E1-7 GHG removals and carbon credits paragraph
56
Regulation (EU) 
2021/1119,
Article 2(1)
E1 Climate 
change
ESRS E1-9 Exposure of the benchmark 
portfolio to 
climate-related physical risks paragraph 66
Delegated Regulation (EU) 2020/1818, 
Annex II 
Delegated Regulation (EU) 2020/1816, Annex II
Phased-in
ESRS E1-9 Disaggregation of monetary amounts 
by 
acute and chronic physical risk paragraph 66 (a) ESRS 
E1-9 Location of significant assets at 
material physical 
risk paragraph 66 (c).
Article 449a Regulation (EU) No 
575/2013; Commission 
Implementing Regulation (EU) 2022/2453 paragraphs 
46 and 47; Template 
5: Banking book - Climate change 
physical risk: Exposures subject to physical risk.
Phased-in
ESRS E1-9 Breakdown of the carrying value 
of its real 
estate assets 
by energy-efficiency 
classes paragraph 
67 (c).
Article 449a Regulation (EU) No 575/2013; Commission 
Implementing Regulation (EU) 2022/2453 paragraph 
34; 
Template 2: Banking 
book - Climate change transition 
risk: Loans collateralised by immovable property - 
Energy efficiency of the collateral
Phased-in
ESRS E1-9 Degree of exposure of the portfolio 
to 
climate- related opportunities paragraph 69
Delegated Regulation (EU) 2020/1818, Annex II
Phased-in
ESRS E2-4 Amount of each pollutant listed in Annex II 
of the E-PRTR Regulation (European 
Pollutant Release 
and Transfer Register) emitted to 
air, water and soil, 
paragraph 28
Indicator number 8 Table #1
of Annex 1 Indicator number 2
Table #2 of Annex 1 Indicator
number 1 Table #2 of Annex
1 Indicator number 3 Table #2
of Annex 1
Not 
material
ESRS E3-1 Water and marine resources paragraph 9
Indicator number 7 Table #2
of Annex 1
E3 Water
ESRS E3-1 Dedicated policy paragraph 13
Indicator number 8 Table 2 of
Annex 1
E3 Water
ESRS E3-1 Sustainable oceans and seas paragraph 14
Indicator number 12 Table #2
of Annex 1
Not 
material

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
48
Disclosure requirement 
and related data point
SFDR(1)
reference
Pillar 3(2) 
reference
Benchmark Regulation(3) 
reference
EU Climate 
Law (4) 
reference
Location 
in the 
report
ESRS E3-4 Total water recycled and reused 
paragraph 
28 (c)
Indicator number 6.2 Table #2
of Annex 1
Not 
material
ESRS E3-4 Total water consumption in m3 per net 
revenue on own operations paragraph 29
Indicator number 6.1 Table #2
of Annex 1
Not 
material
ESRS 2 SBM 3 - E4 paragraph 16 (a) i
Indicator number 7 Table #1
of Annex 1
ESRS 2
General 
disclosures
ESRS 2 SBM 3 - E4 paragraph 16 (b)
Indicator number 10 Table #2
of Annex 1
ESRS 2
General 
disclosures
ESRS 2 SBM 3 - E4 paragraph 16 (c)
Indicator number 14 Table #2
of Annex 1
ESRS 2
General 
disclosures
ESRS E4-2 Sustainable land / agriculture 
practices or 
policies paragraph 24 (b)
Indicator number 11 Table #2
of Annex 1
E4 Bio-
diversity 
and eco-
systems
ESRS E4-2 Sustainable oceans / seas 
practices or 
policies paragraph 24 (c)
Indicator number 12 Table #2
of Annex 1
E4 Bio-
diversity 
and eco-
systems
ESRS E4-2 Policies to 
address deforestation paragraph 
24 (d)
Indicator number 15 Table #2
of Annex 1
E4 Bio-
diversity 
and eco-
systems
ESRS E5-5 Non-recycled waste paragraph 37 (d)
Indicator number 13 Table #2
of Annex 1
Not 
material
ESRS E5-5 Hazardous waste and 
radioactive waste 
paragraph 39
Indicator number 9 Table #1
of Annex 1
Not 
material
ESRS 2 SBM3 - S1 Risk of 
incidents of forced labour 
paragraph 14 (f)
Indicator number 13 Table #3
of Annex I
ESRS 2
General 
disclosures
ESRS 2 SBM3 - S1 Risk of 
incidents of child labour 
paragraph 14 (g)
Indicator number 12 Table #3
of Annex I
ESRS 2
General 
disclosures
ESRS S1-1 Human rights policy commitments
paragraph 20
Indicator number 9 Table 
#3 
and Indicator number 
11 Table 
#1 of Annex I
S1 Own 
workforce
ESRS S1-1 Due diligence policies on 
issues addressed 
by the fundamental International Labor Organisation 
Conventions 1 to 8, paragraph 21
Delegated Regulation (EU) 2020/1816, Annex II
S1 Own 
workforce

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
49
Disclosure requirement 
and related data point
SFDR(1)
reference
Pillar 3(2) 
reference
Benchmark Regulation(3) 
reference
EU Climate 
Law (4) 
reference
Location 
in the 
report
ESRS S1-1 Processes and measures for 
preventing 
trafficking in human beings paragraph 22
Indicator number 11 Table #3
of Annex I
S1 Own 
workforce
ESRS S1-1 Workplace accident prevention policy 
or 
management system paragraph 23
Indicator number 1 Table #3
of Annex I
S1 Own 
workforce
ESRS S1-3 Grievance/complaints handling 
mechanisms 
paragraph 32 (c)
Indicator number 5 Table #3
of Annex I
S1 Own 
workforce
ESRS S1-14 Number of fatalities and number 
and rate of 
work- related accidents paragraph 88 (b) and (c)
Indicator number 2 Table #3
of Annex I
Delegated Regulation (EU) 2020/1816, Annex II
Phased-in
ESRS S1-14 Number of days lost to 
injuries, accidents, 
fatalities or illness paragraph 88 (e)
Indicator number 3 Table #3
of Annex I
Phased-in
ESRS S1-16 Unadjusted gender pay gap 
paragraph 97 
(a)
Indicator number 12 Table #1
of Annex I
Delegated Regulation (EU) 2020/1816, Annex II
S1 Own 
workforce
ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b)
Indicator number 8 Table #3
of Annex I
S1 Own 
workforce
ESRS S1-17 Incidents of 
discrimination paragraph 103 
(a)
Indicator number 7 Table #3
of Annex I
S1 Own 
workforce
ESRS S1-17 Non-respect of UNGPs on Business 
and 
Human Rights and OECD Guidelines paragraph 
104 (a)
Indicator number 10 Table #1
and Indicator n. 14 Table #3
of Annex I
Delegated Regulation (EU) 2020/1816, Annex II 
Delegated Regulation (EU) 2020/1818 Art 12 (1)
S1 Own 
workforce
ESRS 2 SBM3 – S2 Significant risk of child 
labour or 
forced labour in the value chain paragraph 11 
(b)
Indicators number 12 and n.
13 Table #3 of Annex I
ESRS 2
General 
disclosures
ESRS S2-1 Human rights 
policy commitments 
paragraph 17
Indicator number 9 Table #3 
S2 Workers
and Indicator n. 11 Table #1 of 
in the value
Annex 1 
chain
ESRS S2-1 Policies related to value 
chain workers 
paragraph 18
Indicator number 11 and n. 4 
S2 Workers
Table #3 of Annex 1 
in the value
chain
ESRS S2-1 Non-respect of UNGPs on Business 
and Human Rights principles and 
OECD guidelines 
paragraph 19
ESRS S2-1 Non-respect of 
UNGPs on Business and 
Human Rights principles 
and 
OECD guidelines paragraph 
19
Delegated Regulation (EU) 2020/1816, Annex II 
Delegated Regulation (EU) 2020/1818, 
Art 12 (1)
S2 Workers 
in the value 
chain
ESRS S2-1 Due diligence policies on 
issues addressed 
by the fundamental International Labor Organisation 
Conventions 1 to 8, paragraph 19
Delegated Regulation (EU) 2020/1816, Annex II 
S2 Workers 
in the value 
chain

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
50
Disclosure requirement 
and related data point
SFDR(1)
reference
Pillar 3(2) 
reference
Benchmark Regulation(3) 
reference
EU Climate 
Law (4) 
reference
Location 
in the 
report
ESRS S2-4 Human rights issues and incidents 
connected to its upstream and downstream 
value chain 
paragraph 36
Indicator number 14 Table #3 
S2 Workers
of Annex 1 
in the value
chain
ESRS S3-1 Human rights policy commitments
paragraph 16
Indicator number 9 Table #3 of 
Annex 1 and Indicator 
number 
11 Table 
#1 of Annex 1
S3 Affected 
communi-
ties
ESRS S3-1 Non-respect of UNGPs on 
Business and 
Human Rights, ILO principles or OECD guidelines 
paragraph 17
Indicator number 10 Table #1
Annex 1
Delegated Regulation (EU) 2020/1816, Annex II 
Delegated Regulation (EU) 2020/1818, 
Art 12 (1)
S3 Affected 
communi-
ties
ESRS S3-4 Human rights issues and incidents
paragraph 36
Indicator number 14 Table #3
of Annex 1
S3 Affected 
communi-
ties
ESRS S4-1 Policies related to consumers and end-users
paragraph 16
Indicator number 9 Table 
#3 
and Indicator number 
11 Table 
#1 of Annex 1
S4
Consumers 
and end-
users
ESRS S4-1 Non-respect of UNGPs on 
Business and 
Human Rights and OECD guidelines paragraph 17
Indicator number 10 Table #1
of Annex 1
Delegated Regulation (EU) 2020/1816, Annex II 
Delegated Regulation (EU) 2020/1818, 
Art 12 (1)
S4
Consumers 
and end-
users
ESRS S4-4 Human rights issues and incidents
paragraph 35
Indicator number 14 Table #3
of Annex 1
S4
Consumers 
and end-
users
ESRS G1-1 United Nations 
Convention against 
Corruption paragraph 10 (b)
Indicator number 15 Table #3
of Annex 1
G1
Business 
conduct
ESRS G1-1 Protection of whistleblowers paragraph 
10 
(d)
Indicator number 6 Table #3
of Annex 1
G1
Business 
conduct
ESRS G1-4 Fines for violation of 
anti-corruption and 
anti-bribery laws paragraph 24 (a)
Indicator number 17 Table #3
of Annex 1
Delegated Regulation (EU) 2020/1816, Annex II)
G1
Business 
conduct
ESRS G1-4 Standards of anti-corruption 
and anti-
bribery paragraph 24 (b)
Indicator number 16 Table #3
of Annex 1
G1
Business 
conduct

 
Report 
of 
the 
Board 
of 
Directors 
51
ENVIRONMENTAL 
INFORMATION 
E1 
Climate Change 
E1–1 
Transition 
plan for 
climate change 
mitigation
Lindex Group is committed to achieving a 42% absolute 
reduction in CO
2
eq emissions across Scopes 1, 2 and 3 by 
2030, 
using 
2022 
as 
the 
baseline 
year. 
This 
target 
aligns 
with 
the 
Paris 
Agreement’s 
goal 
of 
limiting 
global 
warming 
to 1.5°C and has been validated by the Science Based 
Targets initiative (SBTi). 
The target is currently defined as a 
near-term 
reduction 
of 
42% 
by 
2030, 
although 
a 
long-term 
net 
zero 
target 
has 
not 
yet 
been 
established. 
The 
target 
level was determined by assessing three climate scenarios: 
baseline, middle and ambitious. The ambitious level was 
selected. The reduction target applies across the entire 
Group; however, at present only the Lindex division has 
developed 
a 
transition 
plan 
to 
meet 
this 
target. The 
Group 
has also set a target, covering its FLAG GHG emissions.
However, the transition plan currently covers only the target 
described above, which is classified by the SBTi as ‘energy 
and industrial’. The targets are described in the subchapter 
E1–4 Targets Related to Climate Change Mitigation and 
Adaptation.
The Lindex division’s transition plan does not include 
descriptions 
of 
governance, 
EU 
Taxonomy 
alignment, 
the integration of biodiversity risks or a just transition. All 
these topics, except just transition, are described in this 
report, in chapters 
GOV-1 The role of the administrative,
management 
and 
supervisory 
bodies, 
Disclosures 
pursuant 
to Article 8 of Taxonomy Regulation, SBM–3 - Material 
impacts, risks and opportunities and their interaction with 
strategy and business model 
and 
E4 Biodiversity and 
ecosystems.
Lindex division’s 
transition 
plan:
Scope 1 & 2 – company 
operations:
The 
Lindex 
division 
has 
reached 
its 
target 
of 
sourcing 
100% 
renewable 
electricity 
and 
now 
aims 
to 
transition 
80% 
of its heating to renewable sources and reduce overall 
energy 
consumption 
by 
10% 
across 
its 
operations 
by 
2030, with 2022 as the base year. The goal of reducing 
energy consumption by 10% was met already in 2024. The 
mapping of actual heating in stores is underway to ensure 
accurate climate impact assessments.
Scope 3 – transportation:
By 
2030, 
the 
Lindex 
division 
aims 
to 
cut 
air 
shipments 
by 
50% 
compared to 
the 2022 
baseline. The division 
also plans 
to relocate production to markets closer to its sales regions, 
reducing 
the 
reliance 
on 
air 
transport. 
As 
the 
Lindex 
division’s ocean freight now operates on 100% renewable 
fuels 
through 
the 
DHL 
Global 
forwarding 
GoGreen 
‘book-
and-claim’ system, the focus is now on replacing road 
transport fuels with renewable sources.
Scope 3 – fibres:
The 
largest 
reduction 
potential 
lies 
in 
increasing 
the 
use 
of recycled materials. Going forward, the division will also
focus on 
scaling the 
recycling of 
post-consumer waste 
and
textile-to-textile 
waste. 
In 
total 
the 
Group 
aims 
to 
achieve 
a 
10% 
reduction 
in 
material 
waste 
across 
the 
supply 
chain 
by 
2030.
Scope 3 – suppliers:
By 2030, the Lindex division plans to reduce emissions from 
Tier 1 suppliers by ensuring that 90% of electricity used and 
30% 
of 
the 
fuels 
used 
come 
from 
renewable 
sources. 
For 
Tier 2 and 3 suppliers, the division aims to replace 50% of 
electricity consumption with renewable sources and reduce 
energy from fossil fuels by 30%.
In addition, the division works closely with commercial 
goods suppliers, providing technical support and 
consultancy to support their transition to energy-efficient, 
renewable-based production processes. The division also 
engages with policymakers, industry peers and NGOs
in key production countries to increase the availability of 
renewable energy.
Expected outcomes 
of Lindex division’s 
actions:
•
 
Scope 1 
& 2: 
75% reduction 
in emissions 
from the 
Lindex division’s 
own operations 
by 2030.
•
 
Scope 3 – Transportation: 48% reduction in 
transportation emissions by 2030. 
•
 
Scope 3 
– Fibres: 
46% reduction 
in fibre-related 
emissions by 
2030.
•
 
Scope 3 – Suppliers: 60% reduction in emissions from 
electricity use and 28% reduction in emissions from 
fuels used for thermal energy by 2030. 
The Lindex 
division aims 
to achieve 
these goals 
by 2030 
as
part of 
its broader 
Climate Action Plan.
Progress in implementing the transition plan and actions 
taken during the reporting year are outlined in the 
subchapter 
E1–3 Actions Related to Climate Change

 
Report 
of 
the 
Board 
of 
Directors 
52
Mitigation 
and 
Adaptation. 
The 
Lindex 
division 
recognises 
that 
achieving 
its 
climate 
goals 
requires 
significant 
investment and collaboration throughout its value chain. The 
division has already invested in energy efficiency measures, 
renewable electricity contracts across its operations, 
renewable fuels in transportation, and a shift to low-carbon 
materials. 
Looking 
ahead, 
the 
Lindex 
division 
will 
continue 
to 
invest 
in 
low-carbon 
materials, 
renewable 
heating 
sources and biofuels for transportation. Future investments 
supporting the transition plan are assessed on an ongoing 
basis. To further accelerate energy efficiency and secure 
access to renewable energy in the production countries,
the division needs to engage in the development of new 
technologies. New technologies are also key to shifting to 
low-carbon materials and increase post-consumer textile 
recycling.
The 
Group 
recognises 
that 
its 
operations 
contribute 
to 
locked-in greenhouse gas (GHG) emissions in its operations 
and 
supply 
chain. 
These 
locked-in 
GHG 
emissions 
could 
stem from material sourcing, manufacturing processes, 
transportation 
and 
waste 
management 
practices, 
among 
other factors. However, due to current limitations in data 
availability and standardisation, the Group is not yet 
calculating the related data.
The Lindex division’s climate targets are embedded in the 
division’s overall business strategy and financial planning. 
The division is focused on optimising product volumes to 
reduce overproduction and emissions, while balancing 
growth objectives.
The division’s transition plan has been approved by the 
Lindex division’s Leadership team, the Group Leadership 
Team and the Board of Directors, ensuring alignment with 
long-term strategic goals.
The 
Stockmann 
division 
has 
announced 
plans 
to 
develop 
a climate transition plan during 2025. Due to the internal 
prioritisation of development projects affecting the 
preparation 
of 
the 
climate 
transition 
plan, 
it 
was 
decided 
to postpone its preparation by one year. The Stockmann 
division remains committed to developing the long-term 
plan, and updates on progress will be provided in future 
reports. The division’s current actions to reduce GHG 
emissions are based on the ISO 14001 management 
system’s action plan related to climate change mitigation, 
which 
is 
reviewed 
annually. The 
actions 
are 
disclosed 
in 
the sub-chapter 
E1–3 Actions Related to Climate Change 
Mitigation and Adaptation.
The Group is not excluded from the EU Paris-aligned 
Benchmarks.
E1–2 
Policies related to climate change mitigation and 
adaptation
The Group’s Environmental Policy outlines Lindex 
Group’s commitment to respecting the environment and 
safeguarding a healthy and safe planet through its own
operations, its upstream and downstream value chain, and 
its sourcing, production, logistics and sales processes.
The 
policy 
is 
presented 
in 
chapter 
MDR-P Policies adopted 
to manage material sustainability matters
. The policy 
addresses the material impacts, risks and opportunities 
related 
to 
environmental 
topics, 
described 
in 
SBM-3 
Material impacts, risks, and opportunities, and their 
interaction with strategy and business model.
It 
is 
also 
designed 
to 
actively 
identify, 
assess, 
and 
mitigate 
environmental 
impacts, 
and 
to 
make 
a 
positive 
contribution 
to communities across Lindex Group’s value chain. The
policy addresses climate-related risks and opportunities, 
particularly 
through 
decarbonising 
the 
supply 
chain, 
shifting 
to low-carbon materials, adopting renewable energy and 
energy 
efficiency 
measures, 
and 
advancing 
the 
transition 
to 
a circular business model.
In terms of climate change, the policy covers the following 
topics:
•
 
Climate change mitigation: Lindex Group focuses on 
reducing 
GHG 
emissions, 
particularly 
in 
the 
supply 
chain by using renewable energy and low-carbon 
materials. The Group is committed to reducing GHG 
emissions across Scopes 1, 2 and 3, aiming for a 42% 
reduction by 2030, in line with science-based targets 
and the Paris Agreement’s 1.5°C goal. In addition, the 
Group commits to reducing absolute Scope 3 FLAG 
GHG emissions by 30.3% by 2030 from a 2022 base 
year. 
•
 
Climate 
change 
adaptation: 
The 
policy 
emphasises 
the 
need 
for 
resilience 
and 
adaptation 
within 
Lindex 
Group’s business strategy and through broader 
industry 
collaborations, 
advocating 
for 
transformational 
change towards a circular economy.
•
 
Energy efficiency and renewable energy deployment: 
The policy commits to transitioning Lindex Group’s 
operations, including stores, transportation and the 
supply chain, to renewable energy sources and 
improving energy efficiency. Special emphasis is 
placed on decarbonising textile processing and 
production and increasing the use of low-carbon 
materials. 
Lindex Group actively consults various stakeholders, 
including 
suppliers, 
NGOs, 
customers 
and 
industry 
partners, to incorporate their input and maintain a dialogue 
on environmental issues. This includes regular visits to 
commercial goods suppliers, capacity-building projects,

 
Report 
of 
the 
Board 
of 
Directors 
53
extensive 
industry 
collaboration 
through 
memberships 
and 
platforms, 
and 
open 
communication 
channels 
with 
customers via social media and surveys.
Lindex 
Group 
prioritises 
transparent 
reporting, 
adhering 
to 
the 
EU 
Corporate 
Sustainability 
Reporting 
Directive 
and other legal obligations. The company also shares its 
progress with industry peers and stakeholders, promoting
best practices in sustainability. The Group’s Environmental 
Policy can be found on Lindex Group’s website.
E1–3 
Actions and resources in relation to climate 
change policies
Lindex 
Group 
has 
developed 
and 
implemented 
key 
actions 
in 
both 
divisions 
focused 
on 
addressing 
climate-related 
risks and opportunities and supporting global efforts in 
mitigating 
and 
adapting 
to 
climate 
change. 
The 
actions 
aim 
to 
decarbonise 
the 
Group’s 
operations 
and 
value 
chain 
across Scopes 1, 2 and 3. These actions include measures 
focused on transitioning to fossil-free and renewable energy 
sources, enhancing energy efficiency, reducing emissions 
from transportation, and making shifts in fibre sourcing
and supply chain processes. The Lindex division’s actions 
are part of its transition plan. The plan and the expected 
GHG 
emission 
reductions 
are 
disclosed 
in 
subchapter 
E1–1 Transition plan for climate change mitigation
. The 
Stockmann division’s actions are ongoing and follow the 
division’s strategic sustainability priorities for the period 
2022–2025.
Actions for Lindex 
division:
•
Scope 1 
& 2 – 
company operations:
The Lindex division sources renewable energy with 
guarantees of origin for all electricity across its stores, 
offices 
and 
warehouses. 
Transitioning 
to 
LED 
lighting 
in the stores worldwide (store areas) was finalised 
during 
2024. 
The 
Lindex 
division 
continued 
this 
work 
in 2025 by focusing on the stores’ storage areas.
The work will continue in 2026. As a result, electricity 
consumption in own facilities decreased by 3% in 2025 
compared to 2024, and by 19% compared to 2022.
• 
Scope 3 – 
transportation: 
The 
Lindex 
division 
continued 
to 
reduce 
emissions 
from transportation by transitioning from air to sea 
shipments. In 2025, air shipments decreased by half: 
from 0.6% of total order quantity to 0.3%. The division 
also continued its work to replace road transport fuels 
with renewable sources. It did this by moving over
to renewable fuels for Skaraslätten and by working 
with PostNord and Schenker, which are transitioning 
towards renewable fuels.
• 
Scope 3 – 
fibres: 
The Lindex division made significant progress in 
transitioning to recycled fibres, especially related to 
cotton and polyamide. In 2025, the division met its 
2026 target with a total of 74% of products containing 
recycled fibres.
• 
Scope 3 – 
suppliers: 
The Lindex division’s Tier 1 suppliers and vertical 
suppliers, 
which 
are 
responsible 
for 
80% 
of 
the 
division’s volumes, have shifted to renewable sources, 
covering 40% of total electricity use. However, most 
emissions reductions need to occur further down the
supply chain, in Tier 2 and 3, particularly in energy-
intensive production and wet processing. While 
significant progress has been made in the uptake of 
renewable electricity, further efforts are needed to 
reduce reliance on fossil fuels. In 2025, the Lindex 
division continued collecting primary energy data from 
selected suppliers and is working on connecting the 
data with its business share. The results are expected 
to inform the emissions calculation in 2026.
Lindex division’s progress
•
Scope 1 & 2: 
Since 2022, the Lindex division has 
reduced Scope 1 emissions by 38%, primarily through 
the adoption of electric and hybrid vehicles. In 2025, 
Scope 1 & 2 emissions increased 22% compared to 
2022, mainly due to the increase in total amount of 
square 
metres 
across 
all 
its 
facilities. 
Going 
forward, 
the 
focus 
will 
be 
on 
renewable 
sources 
to 
cover 
heating. The Lindex division is currently mapping 
renewable heating sources and working with landlords 
to enable this transition. 
•
Scope 3: 
In 2025, the emissions from the production 
of garments (Scope 3, cat 1) increased due to higher 
intake volumes and changes in the assortment mix. 
Going forward, the Lindex division will carefully 
balance 
its 
strategic 
growth 
plan 
with 
a 
clear 
focus 
on optimising the value of each product. To minimise 
overproduction, the company will focus on delivering 
the right product, in the right place, and in the right 
quantity. 
Dependency on 
resources and 
collaboration:
•
 
Scope 3 – Transportation: Ongoing dialogues with 
business partners are key to understanding the 
transition to renewable fuels and the associated costs.

Report 
of 
the 
Board 
of 
Directors 
54
•
 
Scope 
3 
– 
Fibres: 
Collaboration 
with 
industry 
partners 
is critical for scaling up recycled and regenerative raw 
materials.
•
 
Scope 3 – Suppliers: The Lindex division is actively 
supporting its commercial goods suppliers in their 
energy transition through knowledge sharing, 
education and policy dialogues to increase access to 
renewable energy.
Actions for Stockmann division 
Scopes 1 & 2
•
 
In 
2025, 
the 
Stockmann 
division 
further 
developed 
the emission calculations to improve accuracy and 
comprehensiveness 
in 
tracking 
emissions 
for 
Scopes 
1–3. Improving accuracy will enable the division to set 
emission reduction targets and draft a transition plan in 
line with the Group’s SBT targets.
•
 
The Stockmann division aims to improve the energy 
efficiency of its properties by optimising building 
automation, monitoring consumption, responding to 
consumption deviations, conducting energy audits, and 
increasing the use of LED technology in renovation 
projects. 
•
 
In 
2025, 
the 
Stockmann 
division 
was 
able 
to 
reduce 
its heating and electricity consumption and source a 
larger share of its electricity and heating from certified 
renewable energy sources. In 2025, the division’s 
electricity and heating in Finland was 76% renewable 
(60% in 2024), with largest renewable energy share 
increases in self-purchased electricity and heating in 
Finland. 
• 
The department stores of the Stockmann division in 
Finland have operated under the ISO 14001 certified 
environmental management system since 2003 
and the division’s department stores in Estonia and 
Latvia have also adopted the operating methods and 
guidelines of the management system.
Scope 3
•
 
The largest share of the Stockmann division’s GHG 
emissions results from purchased goods and services 
(Scope 3.1). In 2025, the division has reduced the 
related 
emissions 
by 
changes 
in 
product 
categories 
and a decrease in service procurement. In addition, 
efforts have been made to reduce emissions, including 
by increasing the share of recycled materials used in 
products. 
•
 
The Stockmann division monitors the emissions of its 
logistics partners and aims to reduce the emissions. 
Emissions from transportation increased by 7% 
between 2024 and 2025. 
Stockmann 
division’s 
progress
•
Scope 1 & 2: 
Since 2022, the Stockmann division has 
reduced its combined Scope 1 & 2 emissions by 18% 
primarily through reducing electricity consumption 
and increasing the share of renewable electricity, 
heating and cooling (Scope 2). In 2025, the emissions 
continued to decrease.
•
Scope 3: 
The largest reductions in scope 3 have 
been achieved in the purchased goods and services 
category with a reduction of 7% compared to 2024 and 
26% compared 
to 2022. 
The decrease 
is mainly 
driven
by a decrease in the reported weight of the purchased 
goods categories “Electricity-using appliances” and 
“Furniture” for activity based part and reduction in 
overall costs in non-production related procurement.
The Stockmann division’s actions are ongoing and derived 
from 
the 
ISO 
14001 
management 
system’s 
action 
plan 
related to climate change mitigation. The plan is reviewed 
annually. 
In 
2026, 
the 
Stockmann 
division 
will 
start 
developing a transition plan. The division will further align its 
actions with the Group’s reduction targets and specify the 
expected GHG emissions reductions.
The division’s ability to implement these actions depends on 
the 
availability 
and 
allocation 
of 
resources. 
To 
support 
this, 
the division has invested key resources, including human 
capital, to ensure successful execution.
While operational (OpEx) and capital expenditures (CapEx) 
are associated with implementing the Group’s actions, the 
financial 
data 
is 
organised 
by 
business 
functions 
rather 
than sustainability criteria, and no monetary amounts will be 
disclosed.

 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
55
E1–4 
Targets 
related to 
climate change 
mitigation and 
adaptation
Lindex Group 
has set 
climate-related targets 
in line 
with its 
policies on 
climate change 
mitigation and 
adaptation.
Lindex 
division/ 
Stockmann 
division/ 
Group
Related policy and 
brief description 
of relation to the 
policy objective
Target
Frameworks 
or conclusive 
scientific 
evidences the
target is based on
Scope of the
target
Target 
baseline 
year
Target 
baseline 
value
Results 2024 
Results 2025
Additional 
information
Lindex
Group
Environmental 
policy: The climate-
related target is 
directly linked to 
Lindex Group's 
environmental policy 
on climate change 
mitigation and 
adaptation.
By 2030, the 
Group will have 
reduced absolute 
CO
2
e market-
based emissions 
from energy and 
industrial sources 
by 42% across
scope 1 and 2 and
42% across scope
3 against 
2022 
baseline.
The target is 
science-based, 
aligned to limit 
global warming to
1.5°C and validated 
by the Science 
Based Targets 
initiative (SBTi) in 
2024.
Target includes the 
entire value chain 
(upstream, own 
operations and 
downstream).
Scope 3 includes 
all categories. Only 
outbound logistics 
and storage not 
owned or paid by 
Lindex Group are 
included in 3.9, 
and only energy 
used in the life 
cycle of household 
appliances are 
included in 3.11.
2022
12,429
tCO
2
eq for 
Scope 1
and 2 and
193,437
tCO
2
eq for 
Scope 3
13,879 tCO
2
eq
for Scope 1 and 2
(+12%) and
150,756 tCO
2
eq for
Scope 3 (-22%)
12,505 tCO
2
eq
for Scope 1 
and 
2 (+1%) and
146,037 tCO
2
eq
for Scope 3
(-25%)
Internal stakeholders from both 
divisions participated in the working 
group, while external stakeholders, 
including consultants, were involved 
in setting the target. Science Based 
Targets Initiative validated and 
approved the target during 2024.
A scope 3 assessment process 
were 
conducted to ensure coverage of 
relevant emissions sources in the 
baseline, with detailed inventories 
completed for most categories. The 
baseline year was determined after 
reviewing two consecutive years
of data to minimize anomalies and 
improve representativeness. Currently, 
the baseline year accurately reflects 
the scope of activities and external 
influences; while it may be adjusted if 
calculation methodologies change, it is 
not revised based on the activities or 
external factors.
Lindex
Group
Environmental 
policy: The climate-
related target is 
directly linked to 
Lindex Group's 
environmental policy 
on climate change 
mitigation and 
adaptation.
By 2030 the 
Group 
has reduced land 
related FLAG 
(Forest, Land
and Agriculture) 
emissions by 
30,3%.
The target is the 
science-based, 
aligned to limit 
global warming to
1.5°C and validated 
by the Science 
Based Targets 
initiative (SBTi) in 
2024.
Target includes 
upstream emissions 
in supplychain tier 4.
2022
53,802
tCO
2
eq
42,272 tCO
2
eq
(-21%)
43,293 tCO
2
eq
(-20%)
Internal stakeholders from both 
divisions participated in the working 
group for setting the target, while 
external stakeholders, including 
consultants, were involved in setting 
the target. The Science Based 
Targets 
initiative validated and approved the 
target during 2024.
This target is absolute and includes 
practices that preserve biodiversity, 
minimise land degradation, and 
promote regenerative practices.

 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
56
Lindex 
division/ 
Stockmann 
division/ 
Group
Related policy and 
brief description 
of relation to the 
policy objective
Target
Frameworks 
or conclusive 
scientific 
evidences the
target is based on
Scope of the
target
Target 
baseline 
year
Target 
baseline 
value
Results 2024 
Results 2025
Additional 
information
Lindex
Environmental
By 2030, the
The target is
Target includes the
2022
5,920
7,770 tCO
2
eq for
7,198 tCO
2
eq
The target-setting process was
division
policy: The climate-
Lindex division
science-based,
entire value chain
tCO
2
eq for
Scope 1 and 2
for Scope 1 and
conducted on Group level, with 
each
related target is
will have reduced
aligned to limit
(upstream, own
Scope 1
(+31%) and
2 (+22%) and
division responsible for achieving 
their
directly linked to
absolute CO
2
e
global warming to
operations and
and 2 and
104,428 tCO
2
eq for
104,237 tCO
2
eq
respective share.
Lindex Group's
market-based
1.5°C and validated
downstream).
122,734
Scope 3 (-15%)
for Scope 3
environmental policy
emissions from
by the Science
tCO
2
eq for
(-15%)
on climate change
energy and
Based Targets
Scope 3
mitigation and
industrial sources
initiative (SBTi)
adaptation.
by 42% across
on Group level in
scope 1 and 2 and
2024.
42% across scope
3 against 2022
baseline.
Lindex
Environmental
By 2030 the
The target is
Target includes
2022
34,288
18,034 tCO
2
eq
19,067 tCO
2
eq
The target-setting process was
division
policy: The climate-
Lindex division
science-based,
upstream emissions
tCO
2
eq
(-47%)
(-44%)
conducted on Group level, with 
each
related target is
has reduced land
aligned to limit
in supplychain tier 4.
division responsible for achieving 
their
directly linked to
related FLAG
global warming to
respective share.
Lindex Group's
(Forest, Land
1.5°C and validated
environmental policy
and Agriculture)
by the Science
on climate change
emissions by
Based Targets
mitigation and
30.3%.
initiative (SBTi)
adaptation.
on Group level in
2024.
Stockmann
Environmental
By 2030, the
The target is
Target includes the
2022
6,509
6,109 tCO
2
eq for
5,308 tCO
2
eq
The target-setting process was
division
policy: The climate-
Stockmann
science-based,
entire value chain
tCO
2
eq for
Scope 1 and 2
for Scope 1 and
conducted on Group level, with 
each
related target is
division will have
aligned to limit
(upstream, own
Scope 1
(-6%) and 46,328
2 (-18%) and
division responsible for achieving 
their
directly linked to
reduced absolute
global warming to
operations and
and 2 and
tCO
2
eq for Scope 3
41,801 tCO
2
eq
respective share.
Lindex Group's
CO
2
e market-
1.5°C and validated
downstream).
70,702
(-34%)
for Scope 3
environmental policy
based emissions
by the Science
tCO
2
eq for
(-41%)
on climate change
from energy and
Based Targets
Scope 3
mitigation and
industrial sources
initiative (SBTi)
adaptation.
by 42% across
on Group level in
scope 1 and 2 and
2024.
42% across scope
3 against 2022
baseline.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
57
E1–5 
Energy consumption 
and mix
Coal and coal products 
(MWh)
0
0
Crude oil and petroleum 
products (MWh)
318*
282
Natural gas (MWh)
1,934
1,975
Other fossil sources 
(MWh)
0
0
Purchased or acquired 
electricity, heat, steam and 
cooling from fossil sources 
(MWh)
43,984
38,324
Total fossil energy 
consumption (MWh)
46,236*
40,581
Share of fossil sources in 
total (%)
47.6%*
43.9%
Total nuclear sources 
energy consumption 
(MWh)
2,439
1,877
Share of nuclear sources in 
total (%)
2.5%
2.0%
Renewable sources, 
including biomass (MWh)
0
0
Renewable 
purchased 
or 
acquired 
electricity, 
heat, 
steam and cooling (MWh)
48,428
48,258
Self-generated non-fuel 
renewable energy (MWh)
0
1,730
Total renewable energy 
consumption (MWh)
48,428
49,988
Share of renewable sources 
in total (%)
49.9%*
54.1%
Fuel consumption from 
2024
2025
2024 
2025
Total energy consumption 
(MWh)
97,103*
92,446
Total energy consumption 
from activities in high 
climate impact sectors 
per net revenue (MWh/ 
EUR)
0.000103
0.000097
Net revenue from 
activities in high climate 
impact sectors used to 
calculate energy intensity 
rate (MEUR)
940.1
952.3
Total net revenue 
(Financial statement) 
(MEUR)
940.1
952.3
* 
Energy consumption from company cars has been added, which 
affected 
crude oil and petroleum products. 18 MWh was reported 
2024, which
gave a total fossil energy consumption of 45,936 MWh 
and a total energy 
consumption of 96,803 MWh. Share of fossil sources 
was then 47.5% and 
50.0% was of renewable sources.
Energy consumption data is derived from a mix of primary 
data and estimates, covering both consumption and energy 
sources. To ensure a conservative approach, fossil sources 
are assumed when the source is not clearly defined. The 
2024 figures have been updated to also include energy 
consumption from company vehicles.
Most of the Group’s energy consumption is purchased. 
Guarantees 
of 
origin 
of 
renewable 
sources 
cover 
all 
of 
the Lindex division’s and part of the Stockmann division’s 
electricity consumption. The Lindex division produces 
renewable solar energy at its omnichannel warehouse, 
generating 2,606 MWh in 2025.
Lindex 
Group 
operates 
in 
high 
climate 
impact 
sectors 
as both divisions’ main business operations are within 
section G, Wholesale and Retail Trade, of the statistical 
classification of economic activities in the European
Community, abbreviated as NACE. The Stockmann division 
also 
subleases 
its 
premises 
to 
tenants 
and 
receives 
sublease and concession revenues which corresponds
to section L, Real estate activities. Since both sectors fall 
under the definition of high impact climate sectors, total net 
revenue and revenue from activities in high climate impact 
sectors 
coincide. 
See 
Notes 
2.2.1.1 
and 
2.2.1.2 
in 
the 
Lindex Group’s consolidated financial statements 2025.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
58
E1–6 
Gross Scopes 1,2,3 
and Total 
Greenhouse Gas 
emissions
Retrospective
Target years
Base year (2022)
2024
2025
Change
(2024–2025) %
2030
Annual % target/
base year
SCOPE 1 GHG EMISSIONS
Gross Scope 1 GHG 
emissions (tCO
2
eq)
223
542 
7
522
-4%
129
5.25%
% of Scope 1 GHG emissions from regulated 
emission 
trading schemes
0%
0%
0%
-
-
-
SCOPE 2 GHG EMISSIONS
Location-based (tCO
2
eq)
10,234
7,488
8
7,495
0%
-
-
Market-based (tCO
2
eq)
12,206
13,338
9
11,984
-10%
7,079
5.25%
SCOPE 3 GHG EMISSIONS
Total gross Scope 3 
GHG emissions (tCO
2
eq)
270,837
1
211,925 
10
208,909
-1%
149,693*
22
 
4.74% 
24
1 Purchased goods and services
223,027
2
173,317 
11
171,648
-1%
-
-
2 Capital goods
7,179
6,775 
12
6,221
-8%
-
-
3 Fuel and energy-related activities (not included in 
Scope 1 or 2)
5,594
3,119 
13
2,999
-4%
-
-
4 Upstream transportation and distribution
4,098
3
2,987
2,157
-28%
-
-
5 Waste generated in operations
177
91 
14
98
8%
-
-
6 Business travel
661
503 
15
370
-26%
-
-
7 Employee commuting
3,752
3,107 
16
3,021
-3%
-
-
9 Downstream transportation
77
4
50 
17
53
6%
-
-
11 Use of sold products
24,438
19,688 
18
20,368
3%
-
-
12 End-of-life treatment of 
sold products
128
349 
19
370
6%
-
-
14 Franchises
1,705
1,940
1,605
-17%
-
-
TOTAL GHG EMISSIONS
Total GHG 
emissions (location-based) (tCO
2
eq)
281,294 
5
219,955 
20
216,926
-1%
Total GHG 
emissions (market-based) (tCO
2
eq)
283,265 
6
225,805 
21
221,414
-2%
156,902*
23
4.71% 
25
* Only energy used 
in the life 
cycle of household 
appliances are included 
from 3.11.
1) 
300,593; 
2) 
219,132; 
3) 
4,175; 
4) 
33,652; 
5) 
311,050; 
6) 
313,022; 
7) 
533; 
8) 
9,080; 
9) 
13,220; 
10) 
258,080; 
11) 
179,221; 
12) 
6,682; 
13) 
2,473; 
14) 
153; 
15) 
852;
16) 
3,558; 
17) 
33,513; 
18) 
26,436; 
19) 
265; 
20) 
267,693; 
21) 
271,833; 
22) 
145,265; 
23) 
152,473; 
24) 
4.97%, 
25) 
4.99% (Figures reported 
in 2024)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
59
GHG intensity based on net 
revenue 
2024 
2025 
Change (2024–2025) %
Total GHG emissions (location-based) per net 
0.000234* 
revenue (tCO
2
eq/Monetary unit)
0.000228
-2.6%
Total GHG emissions (market-based) per net 
0.000240** 
revenue (tCO
2
eq/Monetary unit)
0.000233
-3.2%
Net revenue used to calculate 
GHG intensity 
940.1
(MEUR)
952.3
1.3%
*
) 
0,000285 **
) 
0,000289 (Figures reported 
in 2024)
See notes 
2.2.1.1 and 
2.2.1.2 in 
the Lindex 
Group’s consolidated 
financial statements 
2025 of 
the net 
revenue amounts.
is published by Energiföretagen. Emissions from company 
cars are also based on actual fuel consumption data,
and emission factors used are from the Department for 
Environment, Food and Rural Affairs (DEFRA). Refrigerant 
leakage is partially based on real data, while for premises 
without the ability to report refrigerant leakages, estimates 
are based on square metres. DEFRA and The Swedish 
Environmental 
Protection Agency 
(Naturvårdsverket) 
are 
the sources of emission factors on refrigerant leakages.
Scope 2
Actual electricity 
consumption data 
has 
been collected 
for
premises where 
available. For 
locations without 
real data,
Biogenic CO
2
 
emissions 
2024
2025
Scope 1 (direct emissions)
3
3
Scope 2 (indirect emissions, 
market-based)
27
27
Scope 3 (indirect emissions)
11,883
12,758
Total
11,913
12,788
In 2025, the Group expanded the use of its sustainability 
software, 
enabling 
a 
larger 
share 
of 
the 
emission 
calculations to be performed within the system. Biogenic 
emissions from scope 1, provided by the sustainability 
software, 
has 
therefore 
been 
added 
for 
2024. 
Suppliers 
such as logistic partners, do not currently report biogenic 
emissions information. Additionally, biogenic emissions 
information for heating (Scope 2) is not available. Biogenic 
CO
2
 
emissions from the combustion or biodegradation of 
biomass are excluded from all reported Scope 1, Scope 2, 
and Scope 3 GHG figures. Categories 8 (Upstream leased 
assets), 10 (Processing of sold products), 13 (Downstream 
leased assets), and 15 (Investments) have been excluded 
from the Scope 3 reporting as they are not applicable
to the Lindex Group’s operations. The Group does not 
lease assets upstream or downstream, nor does it hold
investments that would generate relevant emissions under 
these categories. In the 2025 report, customer commuting 
under category 9 has been excluded as it is not required by 
the GHG Protocol.
Methodology for 
GHG emission 
calculations
Emission factors used are sourced from the sustainability 
reporting software Position Green (https://www. 
positiongreen.com/) 
or 
provided 
by 
experienced 
third-
party sustainability consultants. Within Scope 3, 0.4%
of emissions are based on primary data. To maintain a 
conservative approach to data quality, estimates based on 
both primary and secondary data have been classified as 
secondary. 
Calculations 
of 
emissions 
from 
the 
production 
of goods for sale have been validated by the third-party 
sustainability consultants. Other measurements have
not undergone external validation beyond the assurance 
process.
Scope 1
Own 
heat 
production 
is 
based 
on 
real 
data 
on 
gas 
and 
light 
fuel 
oil 
consumption. 
Both 
emission 
factors 
used 
come 
from 
‘Överenskommelse 
i 
värmemarknadskommitén 
2021’, 
which
consumption has been estimated based on the average 
from available data, using the residual mix as the source.
In the Lindex division, guarantees of origin are purchased to 
cover all electricity consumption across all facilities. In the 
Stockmann 
division, 
guarantees 
of 
origin 
were 
purchased 
and certificates from suppliers are obtained for renewable 
energy for some of the facilities in Finland.
For the Lindex division, heating is estimated based on 
square metres. District heating is assumed as the primary 
source in the Nordics, while an average energy mix is 
assumed for all other countries. A small portion of the 
premises do not use heating. The Stockmann division 
collects actual heating consumption data for some of
its facilities and estimates the rest. For most properties, 
purchased energy consumption was estimated based on 
square metres to obtain Stockmann’s share of the total 
property energy consumption.
For the Stockmann division, primary data for cooling is 
collected. Where real data is not available, it is estimated 
based 
on 
square 
metres. 
For 
the 
Lindex 
division, 
cooling 
is estimated to be powered by electrical energy and is
therefore 
considered 
in 
the 
electricity 
consumption 
in 
Scope 
2.

Report 
of 
the 
Board 
of 
Directors 
60
Of the 
88,490 (2024: 
94,907) MWh 
energy purchased 
by
the Group, 43% (2024: 50%) comes from guarantees of 
origin or certificates of renewable energy, of which 26% is 
bundled and 74% is unbundled.
The 
emission 
factors 
used 
have 
been 
sourced 
from 
Vattenfall, Swedenergy, 
Finnish Energy and the Association 
of Issuing Bodies (AIB) or supplier specific emission factors 
were 
used. 
Residual 
mix 
electricity 
factors 
have 
been 
used 
for district heating.
Scope 3
Cat. 1 Purchased goods and services: 
Non-production 
related procurement (OpEx) has mainly been calculated 
based on cost-based financial data. Emission factors are 
derived from Exiobase 3.9, provided by the European 
Environment Agency.
In the Lindex division, emissions from the production of 
commercial goods were calculated using fabric weight and 
composition, 
along 
with 
primary 
supplier 
data 
on 
energy 
and water consumption, from the vast majority of Tier
1 suppliers. Data on packaging materials was collected 
through the ERP.
The 
Stockmann 
division 
used 
the 
number 
of 
units 
purchased by product type, with estimated weight and 
material composition. Packaging materials were calculated 
with a combination of invoice data and estimation.
Purchases between the Lindex and Stockmann divisions 
were excluded to avoid double counting. A number of 
sources of emission factors has been used to calculate the 
emissions from commercial goods; Food and Agriculture 
Organization Statistics (FAOSTAT), 
DEFRA, Moberg et al 
and SBTI FLAG Tool.
Cat. 
2 
Capital 
goods: 
Emissions 
from 
CapEx 
are 
calculated using a spend-based methodology, relying on 
financial data. Emission factors are derived from Exiobase 
3.9, provided by the European Environment Agency. No 
primary data has been used.
Cat. 
3 
Fuel 
and 
energy 
related 
activities: 
Emission 
figures are automatically calculated in the carbon 
accounting tool based on Scope 1 and Scope 2 data. IEA, 
AIB and DEFRA are the sources for emission factors.
Cat. 4 Upstream transportation and distribution: 
Transportation emissions data was received directly from 
logistics partners in tCO
2
eq. For partners where data was 
only 
available for 
part of 
the 
year, 
figures were 
recalculated 
to represent a full year.
Cat. 
5 
Waste: 
Primary 
data 
was 
used 
where 
available 
and missing waste amounts were estimated using square 
metres or the number of employees, combined with 
estimations based on actual data or purchased volumes.
The level of recycling was, in some cases, estimated based 
on the available recycling options in stores. The emission 
factors used are sourced from DEFRA.
Cat. 
6 
Business 
travel: 
Emissions 
were 
calculated 
using primary data collected from travel agencies, other
passenger 
transport 
companies, 
and 
kilometre 
allowances. 
Hotel 
stays 
were 
measured 
in 
nights. 
DEFRA 
and 
Network 
for 
Transport 
Measures 
(NTM) 
are 
the 
sources 
of 
emission 
factors used.
Cat. 7 Employee commuting: 
Employee commuting 
emissions were calculated based on the number of 
employees, HR assessments, and assumptions about 
employees’ modes of transport and average commuting
distance in each country. Part of the Lindex division’s 
figures is based on insights from a survey sent out to all 
employees. The emission factors used are sourced from 
NTM.
Cat. 9 Downstream transportation and distribution: 
This 
category includes outbound warehousing not paid for by the 
company. Emissions were estimated based on third-party 
sales quantity, recalculated to cubic metres. The emission 
factors 
used 
are 
sourced 
from 
SMED 
& 
IVL Report 
C 
619 
and AIB.
Cat. 
11 
Use 
of 
sold 
products: 
Emissions 
from 
the 
use 
of sold products were estimated based on the number of 
appliances and textile pieces sold, and their estimated
weight. Energy consumption for appliances and for washing 
and drying textiles was also estimated. Purchases between 
the 
Lindex 
and 
Stockmann 
divisions 
were 
excluded 
to 
avoid double counting. Emission factors used to calculate 
emissions 
were 
sourced 
from 
SMED 
& 
IVL 
Report 
C 
619 
and AIB.
Cat. 12 End-of-life treatment of sold products: 
Emission 
calculations were based on the number of sold products, 
recalculated to estimated weight, and packaging materials. 
Emission factors were sourced from AIB and DEFRA. 
Purchases between the Lindex and Stockmann divisions 
were excluded to avoid double counting.
Cat. 14 Franchise: 
Only the Lindex division has franchises. 
Emissions were calculated based mainly on primary data 
collected from franchises’ Scope 1 and Scope 2 emissions. 
When 
data 
was 
unavailable, 
estimates 
were 
based 
on 
figures 
from 
the 
previous 
year 
or 
this 
year’s 
purchased 
goods data. The emission factors used are derived from the 
International Energy Agency (IEA) and AIB.

 
 
Report 
of 
the 
Board 
of 
Directors 
61
E1–7 
GHG removals and GHG mitigation projects 
financed through carbon credits
The Group does not report its GHG removals and mitigation 
projects 
financed 
through 
carbon 
credits, 
as 
no 
such 
projects are currently in place. While the Group does
not currently engage in these initiatives, the potential for 
incorporating them into the Group’s sustainability efforts will 
be evaluated in the future.
E1–8 
Internal carbon 
pricing
Currently, the Group does not apply internal carbon pricing 
schemes.

 
 
Report 
of 
the 
Board 
of 
Directors 
62
E2 
E2–1
Pollution 
reproduction (CMRs) are banned for use. Substances 
meeting the criteria for classification as persistent, 
bioaccumulative and toxic or very persistent and very 
bioaccumulative (PBTs/vPvBs) are also banned for use. 
Chemicals that pose an equivalent level of concern, such
E2–2 
Actions and 
resources related 
to pollution
Lindex Group has taken actions to manage pollution, 
focusing on chemical pollution throughout its value chain.
Policies related 
to pollution
Lindex 
Group 
has 
implemented 
an 
Environmental 
Policy 
that 
addresses 
the 
management 
of 
material
pollution-
related 
impacts. The 
policy 
and 
further 
details 
are 
presented 
in chapter 
MDR-P Policies adopted to manage material 
sustainability matters.
The 
general 
pollution-related 
objectives 
of 
the 
policy 
are 
to reduce pollution, eliminate hazardous substances,
ensure supply chain transparency, and prevent the release 
of 
microplastics. 
The 
policy 
covers 
pollution 
of 
water 
and 
soil arising from textile manufacturing processes and 
agricultural practices.
The policy addresses the prevention, control and 
mitigation of pollution by focusing on the elimination of 
toxic substances throughout the value chain. It does this 
also by focusing on sourcing raw materials from certified 
sustainably managed sources, and requiring effective 
waste and wastewater management practices from all 
supply chain actors. Within Lindex Group’s own brands, 
compliance with a Restricted Substances List (RSL)
for finished products and a Manufacturing Restricted 
Substances List (MRSL) during production ensures that 
hazardous chemicals are minimised or eliminated. This 
protects the water and soil. The restricted chemicals 
included in the lists are harmful to the environment.
They are 
also allergenic, 
endocrine disruptors 
or pose
a significant health risk to workers and consumers. 
Specifically, substances that meet the criteria for 
classification as carcinogenic, mutagenic or toxic to
as endocrine disruptors (EDs) and sensitisers according to 
REACH Annex XIII, are likewise banned for use. The Group 
seeks to mitigate the risk of the presence of hazardous 
substances through written agreements with suppliers,
the 
implementation 
of 
a 
digital 
chemical 
management 
tool 
to track and substitute unwanted chemicals, and regular 
testing of materials and products.
The policy also includes efforts to address microplastic 
pollution, 
prioritising 
the 
reduction 
of 
fibre 
fragmentation 
and collaboration with industry partners on innovative 
solutions. 
The 
policy 
includes 
measures 
to 
secure 
access 
to 
safe 
water 
and 
sanitation 
in 
connected 
communities, 
with special attention to vulnerable groups. By reducing 
pollution throughout the value chain, particularly in textile 
manufacturing and agricultural practices, the Group aims to 
protect the health and environment of local communities.
The Environmental Policy does not currently address the 
prevention of incidents and emergency situations directly 
related to pollution. However, an emergency response 
strategy is in place which, in the event of an accident, 
provides measures to limit impacts on people and the 
environment. Such measures include collaboration with 
third parties on remediation efforts and prioritisation of 
sustainable water and pollution management practices. 
Support 
for 
communities, 
particularly 
vulnerable 
groups, 
is a key element of the emergency response strategy. In 
addition, the Lindex division has a process in place that 
includes systematic impact assessments and supplier
engagement to identify and address potential risks, as well 
as regular reviews of the Environmental Policy.
Actions for Lindex 
division
•
 
Banning harmful substances through agreements with 
suppliers.
•
 
Conducting regular audits and environmental 
assessments.
•
 
Integrating chemical and wastewater management 
requirements into suppliers’ environmental 
management systems.
•
 
Fostering collaborative relationships with suppliers by 
providing training, workshops, and seminars on best 
practices for chemical and wastewater management
•
 
Incentivising suppliers who excel in chemical. 
management and phasing out non-compliant suppliers, 
guided by the Supplier Code of Conduct, sustainability 
commitments and supplier environmental scorecard.
•
 
Collaborating 
with 
industry 
organisations 
and 
NGOs to advance sustainable chemical practices in 
addressing 
microplastics. 
As 
a 
committed 
member 
of the Microfibre Consortium, it actively engages
in fibre fragmentation testing. These initiatives are 
designed to mitigate the environmental impact of fibre 
fragmentation, with the ultimate goal of achieving zero 
impact from these pollutants.
Expected outcomes 
of Lindex 
division’s actions
•
 
A significant 
reduction in 
harmful chemical 
releases.
•
 
Improved chemical and wastewater management 
throughout the supply chain.
•
 
Increased 
compliance 
with 
environmental 
standards.

Report 
of 
the 
Board 
of 
Directors 
63
The 
actions 
are 
ongoing 
and 
accountability 
is 
enforced 
by requiring commercial goods suppliers to adhere to the 
Manufacturing Restricted Substances List (MRSL) and 
maintain the Chemical Inventory List (CIL) to identify and 
substitute non-compliant substances. If suppliers fail to
meet these requirements or if excessive levels of restricted 
substances are found, they must take immediate corrective 
actions, such as adjusting chemical inputs or modifying 
processes to achieve compliance. Additionally, enhanced 
transparency and accountability are further ensured through 
regular 
reporting, 
audits, 
on-site 
inspections, 
finished 
product testing, and feedback mechanisms. The use of
a digital chemical management tool has been expanded, 
allowing more factories to upload their chemical inventories. 
By 
engaging 
in 
research 
and 
development, 
the 
Lindex 
division aims to advance innovative solutions for reducing 
fibre fragmentation.
The scope of these actions spans the entire value chain, 
including Tier 1 suppliers (direct), Tier 2 (sub-suppliers),
and 
Tier 
4 
(raw 
material 
sources). 
The 
actions 
apply 
in 
all markets where the division operates, covering key 
markets such as Bangladesh, China, India, Pakistan, and
Turkey. The focus extends to sourcing certified sustainable 
materials, such as those under the Organic Content 
Standard (OCS), Global Organic Textile Standard (GOTS), 
and Global Recycled Standard (GRS), while encouraging 
next-generation practices like regenerative agriculture.
Commercial goods suppliers are the primary affected 
stakeholders, with internal stakeholders, customers, 
regulatory bodies, and NGOs also playing roles in ensuring 
compliance 
and 
reducing 
environmental 
impact. 
Progress 
on the actions is tracked through the targets presented in 
chapter 
E2–3 Targets related to Pollution
.
Continuous 
training 
and 
assessments 
will 
take 
place 
annually, with fibre fragmentation testing goals set for 2026. 
Concrete pollution-related targets for 2026–2030 will be 
established during 2026.
Actions for 
Stockmann division
•
 
The Stockmann division has incorporated compliance 
with EU and Finnish chemical regulations in the 
supplier contracts.
•
 
The Stockmann division started implementing regular 
chemical testing for its own-brand products.
•
 
In 
2025, 
the 
Stockmann 
division 
started 
preparing 
the expansion of the regular chemical testing process 
across its supply chain. The Stockmann division 
renewed its instructions for suppliers, aligning the 
requirements for the suppliers with those set by the 
Lindex division. The new supplier requirements were 
delivered to the suppliers in 2025, and the testing 
process will start in 2026. A considerable share of the 
Stockmann division’s own-brand products is sourced 
through the Lindex division’s supplier base, ensuring
adherence to 
many of 
the same 
production standards.
The 
implementation 
of 
Lindex 
Group’s 
action 
plans 
does 
not 
require 
significant 
operational 
or 
capital 
expenditures 
(OpEx 
or CapEx).

 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
64
E2–3 
Targets 
related to pollution
Lindex Group 
has set 
general targets 
related to 
pollution of 
water and 
soil, but 
specific, measurable,
and time-bound 
targets for 
2026–2030 will 
be established 
during 2026 
for the 
Lindex division.
Lindex 
division/ 
Stockmann 
division/ 
Group
Related policy and brief 
description of relation to 
the policy objective
Target
Frameworks or conclusive 
scientific evidences the 
target is based on
Scope of the
target
Target 
baseline 
year
Target 
baseline 
value
Results 
2024
Results 
Additional information
2025
Lindex 
division
Environmental policy: The 
target is directly linked 
to the 
policy objective to actively 
work towards better land 
use management by using 
raw materials from certified 
sustainably managed 
sources with a responsible 
approach to chemical use 
and pollution prevention.
By 2025, the commercial 
goods suppliers to 
eliminate 
the use of hazardous 
chemicals contributing to 
water and soil pollution, 
achieving a score of four
in the Environmental
Assessment tool.
Looking towards 2030, 
Lindex’s division’s long-term 
goal is for suppliers to lead 
the way in responsible 
chemical management, 
setting industry standards 
through innovative,
science-based practices. 
The division's focus is on 
minimizing environmental 
impact through smarter 
formulations, reducing 
toxicity, and improving 
process efficiency throughout 
the textile value chain.
The current targets related 
to chemical management for 
Lindex division are voluntary 
and fully aligned with EU 
regulations, including 
REACH/ECHA (Registration, 
Evaluation, Authorisation, 
and Restriction of 
Chemicals/European 
Chemicals Agency) 
standards as well as the 
Group’s environmental 
policy. The targets are 
based 
on conclusive scientific 
evidence since REACH/ 
ECHA, AFIRM (Apparel and 
Footwear International RSL 
Management), ZDHC (Zero 
Discharge of Hazardous 
Chemicals), and ASTM 
(American Society for 
Testing and 
Materials) are 
grounded on scientifically 
proven data.
Target includes 
upstream 
supply chain 
tier 1–2.
2019
2019, the 
focus was 
to map 
chemicals
First 
measured 
value was 
79% in
2022
79%
95%
The short term goal means that Lindex 
division’s commercial goods suppliers with 
chemical intense operations have 
implemented 
a strong environmental management system, 
including chemical management, with at least 
80% of their chemicals compliant with Lindex 
division’s MRSL (Manufacturing Restricted 
substances list), with a detailed, verifiable plan 
to reach 100% compliance.
The assessment scale is from one to 
five, with a 
score of one indicating significant shortcomings 
in chemical management, and a score of five 
indicating industry leadership in chemical 
management, with innovative practices that 
extend beyond the factory. A score 
of four 
indicates that suppliers have a robust chemical 
management system in place to systematically 
evaluate all chemical hazards and risks before 
purchasing. The target is relative.
The key stakeholders were engaged 
in setting 
the targets, as the division consulted textile 
experts, NGOs, other fashion brands, and 
several of the leading suppliers, such as MAS 
Group.
Lindex 
division
Environmental policy: The 
target is directly linked 
to the 
policy objective to actively 
work towards better land 
use management by using 
raw materials from certified 
sustainably managed 
sources with a responsible 
approach to chemical use 
and pollution prevention.
By 2026, 100% of Lindex’s 
materials are recycled 
and/or 
sustainably sourced (through 
recognized certification 
schemes)
Target includes 
upstream 
supply chain 
tier 4.
2018
0%
88%
91%
The key stakeholders were engaged 
in setting 
the targets, as the division consulted textile 
experts, NGOs and Textile 
Exchange. The 
target is relative and voluntary.

 
 
 
Report 
of 
the 
Board 
of 
Directors 
65
To 
track 
the 
effectiveness 
of 
its 
pollution-related 
policies, 
the Lindex division regularly evaluates commercial goods 
suppliers through audits, such as Environmental Impact 
Assessments, scoring them on sustainability and business 
performance. The tool evaluates suppliers on a scale from 
one to five, with one being the lowest and five being the 
highest score. A digital chemical management tool supports 
continuous monitoring and reporting, allowing the Lindex 
division to track suppliers’ progress. Additionally, regular 
product testing ensures compliance with pollution control 
standards and helps reduce environmental risks.
The 
Stockmann 
division 
does 
not 
yet 
systematically 
audit 
the suppliers on environmental performance. The division 
aims 
to 
deepen 
the 
understanding 
on 
pollution-related 
impacts and to set targets informed by these findings. When 
targets are further defined, relevant stakeholders will be 
engaged in the process.
E2–4 
Metrics related 
to pollution
Lindex Group’s significant environmental impacts from 
pollution 
primarily 
originate 
from 
its 
value 
chain 
rather 
than its own operations. As a result, the Group does not 
disclose the pollutants that it emits directly through its own 
operations or the microplastics it generates or uses.
E3 
Water
E3–1 
Policies related 
to water
Lindex 
Group’s 
Environmental 
Policy 
addresses 
the 
material impacts, risks and opportunities related to water. 
The policy and further details are presented in chapter 
MDR-P Policies adopted to manage material sustainability 
matters
.
The 
policy’s 
primary 
objective 
is 
to 
ensure 
that 
Lindex 
Group’s own operations, value chain and other partners 
adhere to its environmental standards, including water 
resource management. The policy addresses promoting and 
adopting recycled, regenerative, and organic practices to 
minimise 
water 
consumption 
in 
collaboration 
with 
partners, 
as 
well 
as 
ensuring 
sustainable 
water 
management 
practices 
and 
safe 
and 
affordable 
water 
sanitation 
in 
the 
value chain. The policy also addresses the risks related
to water pollution, including the release of hazardous 
chemicals and waste, and sets forth actions for reducing the 
company’s impact on both water bodies and surrounding 
ecosystems. Fibre fragmentation, which is a key concern 
regarding the pollution of water bodies, is also covered
by setting goals to minimise microplastic pollution and 
collaborating with industry partners to develop innovative 
solutions.
The policy acknowledges the importance of reducing water 
consumption in areas of high water-stress and applies to 
operations 
located 
in 
water-scarce 
areas. 
It 
also 
extends 
to business partners and suppliers, who are required to 
follow the same principles. The policy considers various 
stakeholders, including local communities near production 
sites, who may benefit from improved water management
practices, as well as employees and suppliers who are 
responsible for implementing these initiatives.
E3–2 
Actions and 
resources related 
to water
Lindex Group continued implementing actions to manage 
water consumption and pollution during the reporting year, 
especially in areas at high water risk. These high-risk areas 
include Bangladesh, India, Pakistan and Vietnam.
Actions for Lindex 
division
•
 
Conducting environmental assessments of Tier 1 and 
Tier 2 suppliers improving water use, re-use, and 
efficiency and audits of suppliers, setting criteria for 
water and wastewater management, and providing 
training on best practices.
•
 
Supporting suppliers with technical assistance, 
workshops, and incentives to reduce water use, 
improve wastewater treatment, and adopt sustainable 
practices.
•
 
Participating in a multi-stakeholder programme in 
Bangladesh to promote cleaner production, and scaled 
water- and chemical-efficient manufacturing processes 
with global suppliers.
Expected outcomes 
of Lindex division’s 
actions
•
 
Enhanced water quality and reduced reliance on 
primary water sources in key production regions.
The 
scope 
of 
the 
actions 
covers 
upstream 
suppliers, 
with 
a focus on those in areas of high water-stress. To address 
impacts, suppliers have reduced harmful chemicals
and improved 
water efficiency, 
ensuring compliance
with local discharge regulations. Regular wastewater 
testing, alongside ongoing training in advanced chemical 
technologies, supports continuous improvement.

 
Report 
of 
the 
Board 
of 
Directors 
66
The 
Lindex 
division 
has 
implemented 
continuous 
monitoring, 
transparent 
reporting 
and 
feedback 
mechanisms 
to 
ensure 
progress. 
Over 
the 
next 
few 
years, 
the 
division 
will 
support 
pilot 
projects, 
phase 
out 
non-compliant 
suppliers, and expand its efforts to protect water resources 
while advancing sustainability goals across its supply chain. 
Progress on the actions is tracked through the targets 
presented in chapter 
E3–3 Targets Related to Water.
Actions for 
Stockmann division
In 
terms 
of 
own 
operations, 
the 
Stockmann 
division 
monitors water consumption in its department stores, 
restaurants, 
kitchens 
and 
sanitary 
facilities. 
Measures 
in 
place include tenant guidance on efficient water use, prompt 
repair 
of 
leaks, 
and 
the 
guidelines 
to 
replace 
older 
fixtures 
with more water-efficient alternatives during renovations.
However, the most significant water-related impacts, risks 
and opportunities are linked to value chain activities, 
particularly 
water 
use 
in 
raw 
material 
and 
product 
production, 
for 
which 
specific 
action 
plans 
have 
not 
yet 
been established. Developing such plans remains a priority 
for the coming years.
The implementation of the planned actions for both divisions 
does not require significant operational (OpEx) or capital 
expenditures (CapEx).
E3–3 
Targets 
related to water
Lindex Group has set measurable, time-bound targets 
related to water management, with a particular focus on 
areas at water risk.
The Stockmann division continues to monitor water 
consumption in its department stores. However, targets 
related to material impacts and associated risks and 
opportunities, as well as processes to assess the 
effectiveness of related policies and actions, have not yet 
been established.

 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
67
Lindex 
division/ 
Stockmann 
division/ 
Group
Related policy 
and brief 
description of 
relation to the 
policy objective
Target
Frameworks or conclusive 
scientific evidences the target is 
based on
Scope of
the target
Target 
base-
line 
year
Target 
baseline 
value
Results 
2024
Results 
Additional information
2025
Lindex 
division
Environmental 
policy: The target 
is directly linked to 
the policy objective 
to reduce water 
usage across
the value chain, 
with a particularly 
focus on water-
intensive materials 
and production 
processes.
By 2025, 80%
of commercial 
goods suppliers 
are expected to 
achieve optimal 
water efficiency, 
which includes 
reducing water 
intake, re-using 
and recycling 
water within 
processes,
and treating 
wastewater 
to meet
environmental 
standards before 
discharge.
Key EU directives considered include 
Target 
Directive 2018/851/EU (amending 
includes 
the Waste Framework Directive), 
upstream 
Regulation 2019/1021/EU (POP 
supply 
Regulation), Directive 2008/98/EC 
chain tier 
(Waste Framework Directive), Directive
1 vertical 
2010/75/EU (Industrial Emissions 
suppliers. 
Directive - IED) and Directive 2000/60/
EC (Water Framework Directive). 
Additionally, international standards 
such as ZDHC (Zero Discharge of 
Hazardous Chemicals), HiGG FEM 
(Facility Environmental Module) 
and BSR (Business for Social
Responsibility) Wastewater Discharge 
Standards were also incorporated into 
the development of the Environmental 
Assessment tool, used to evaluate.
Not based on conclusive scientific
evidence.
2019
2019, the 
focus was 
to map 
the 
current 
situation
First 
measured 
value was 
79% in
2022
79%
95%
This short-term relative goal has a direct and immediate impact on 
the water use of factories.
Lindex division tracks the effectiveness of these actions 
by using 
its Environmental Assessment tool, which evaluates suppliers with 
water intense operations on a scale of one to five, with 
one being 
the lowest and five being the highest score. A score of five means 
suppliers have action plans for 100% water efficiency 
and show 
significant progress, a score of three reflects compliance with 
national water regulations and some progress on water efficiency, 
and scores one and two highlight major water 
management issues. 
Lindex division aims to phase out those scoring below three.
Progress is measured both quantitatively, 
through reductions 
in water use and 
increased recycling, and qualitatively, through
third-party wastewater testing. The target has not been 
validated 
by an external party and the targets are voluntary. 
The Group 
collaborates with stakeholders, including NGOs in production 
countries, to identify and address specific water risks. 
Through 
these partnerships, they work to understand the challenges 
and set 
targeted goals based on the identified risks.
Lindex 
division
Environmental 
policy: The target 
is directly linked to 
the policy objective 
to reduce water 
usage across
the value chain, 
with a particularly 
focus on water-
intensive materials 
and production 
processes.
By 2030, 80%
of commercial 
goods suppliers 
should have 
comprehensive 
water 
stewardship 
principles in 
place. This
long-term 
goal includes 
ecosystem 
restoration 
and improved
basin-level water 
management, 
benefiting
both suppliers 
and local 
communities.
Key EU directives considered 
Target
include Directive 2018/851/EU 
includes 
(amending the Waste Framework 
upstream 
Directive), Regulation 2019/1021/ 
supply 
EU (POP Regulation), Directive 
chain tier
2008/98/EC (Waste Framework 
1 
vertical 
Directive), Directive 2010/75/EU 
suppliers. 
(Industrial Emissions Directive - IED)
and Directive 2000/60/EC (Water 
Framework Directive). Additionally, 
international standards such as 
ZDHC (Zero Discharge 
of Hazardous 
Chemicals), HiGG FEM (Facility 
Environmental Module) and BSR 
(Business for Social Responsibility) 
Wastewater Discharge Standards 
were also incorporated into the
development of the tool. Not based on
conclusive scientific evidence.
2019
2019, the 
focus was 
to map 
the 
current 
situation
First 
measured 
value was 
79% in
2022
79%
95%
Suppliers achieving this, which represent score four or five 
with 
the Environmental Assessment tool, must demonstrate verified 
actions in reducing water use and recycling wastewater, 
adhering 
to both EU regulations and international standards as 
well as the 
Group’s Environmental Policy. This long-term goal aims for a 
more 
significant, widespread impact on water quality and availability 
at 
regional and global levels.
Lindex division tracks the effectiveness of these actions 
by using 
its Environmental Assessment tool, which evaluates suppliers with 
water intense operations on a scale of one to five, with 
one being 
the lowest and five being the highest score. A score of five means 
suppliers have action plans for 100% water efficiency 
and show 
significant progress, a score of three reflects compliance with 
national water regulations and some progress on water efficiency, 
and scores one and two highlight major water 
management issues.
Progress is measured both quantitatively, 
through reductions 
in water use and 
increased recycling, and qualitatively, through
third-party wastewater testing. The target has not been 
validated 
by an external party and the targets are voluntary. 
The Group 
collaborates with stakeholders, including NGOs in production 
countries, to identify and address specific water risks. 
Through 
these partnerships, they work to understand the challenges 
and set 
targeted goals based on the identified risks.

 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
68
E3–4 
Metrics and 
water consumption
Lindex 
Group’s 
significant 
environmental impacts 
on 
water
primarily originate 
from its 
value chain 
rather than 
its
own operations. As a result, the Group does not disclose 
information on its water consumption performance in its own 
operations.
E4 
Biodiversity and 
ecosystems 
E4–1 
Transition plan and consideration 
of biodiversity 
and ecosystems 
in strategy 
and business 
model
Lindex Group does not currently have a transition plan 
specifically for biodiversity and ecosystems. However, the 
Group intends to develop and adopt such a plan in the 
coming years, integrating biodiversity considerations more 
closely into its strategy and business model.
E4–2 
Policies related 
to biodiversity 
and ecosystems
The Group’s Environmental Policy addresses the material 
impacts and risks related to biodiversity and ecosystems. 
The policy and further details are presented in chapter 
MDR-P Policies adopted to manage material sustainability 
matters
.
The policy includes a commitment to preventing and 
reducing the impact of the Group’s value chain on 
biodiversity and natural ecosystems. It addresses factors 
contributing to biodiversity loss, such as land degradation, 
land use change, climate change and pollution.
To align with the global goals and targets for land and 
biodiversity, the Group’s first focus is to reduce dependency 
on natural resources and land areas needed to produce
the Group’s products. In its own-brand products, this is 
achieved through increased use of recycled materials
as well as through the Group’s circular approach to 
decouple 
growth 
from 
resource 
use. 
The 
Group 
commits 
to zero deforestation and other transformation of natural 
ecosystems and will increase the traceability of materials.
The Group’s focus is to improve ecosystem integrity through 
better landuse management by using raw materials from 
sustainably managed sources that minimise impact and 
respect 
human 
rights. The 
policy 
also 
addresses 
the 
impact 
on 
communities 
through 
the 
Lindex 
division’s 
commitment 
to 
regenerative 
farming, 
a 
holistic 
approach 
that 
manages 
both environmental and social outcomes on the farms with 
which Lindex Group collaborate directly.
Biodiversity is intricately linked to other environmental 
impacts 
such 
as 
water, 
pollution 
and 
climate. 
To 
further 
limit biodiversity loss, it is imperative to address all of these 
areas. These are described in 
E1 Climate Change, E2 
Pollution, 
and 
E3 Water.
E4
–3 
Actions and resources related to biodiversity 
and ecosystems
Lindex Group has implemented actions to address its 
significant impacts, risks and opportunities related to 
biodiversity and ecosystems.
Actions for Lindex 
division
•
 
Reducing dependencies on natural resources and land 
use: The Lindex division is reducing its environmental 
impact by optimising product volumes, transitioning
to 
circular 
business 
models 
and 
increasing 
the 
use 
of 
recycled 
fibres. 
This 
aligns 
with 
the 
SBTN 
framework 
for minimising reliance on land and natural resources.

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69
For 
more 
details, 
see 
the 
comprehensive 
strategy 
in 
section 
E5 Resource use and circular economy
.
In 
2025, 
the 
Lindex 
division 
increased 
the 
uptake 
of 
recycled 
fibres 
to 
73%, 
from 58% 
in 
2024, 
based 
on 
weight.
•
 
Strengthening 
ecosystem 
integrity 
through 
improved 
land use management: The Lindex division is to source 
all materials from renewable or recycled sources
by 2026, guided by standards such as those of the 
Textile Exchange that ensure responsible practices. 
Additionally, 
Lindex 
is 
enhancing 
traceability 
by 
forming direct partnerships with cotton farmers and 
recycled fibre producers, ensuring accountability from 
fibre production to finished garments.
In 2025, 
Lindex increased 
the total 
share of 
fibres from
renewable or recycled sources to 91% (2024: 88%). 
To further increase traceability and transparency, 
the
Lindex division invested in a traceability platform called 
Textile Genesis. First, the division will onboard all its 
cotton producers and continue with MMCF producers. 
The full onboarding of all materials is expected to be 
finalised by the end of 2027.
•
 
Landscape engagement and regenerative agriculture: 
The Lindex division has begun sourcing cotton through 
direct partnerships with cotton farmers to support the 
transition to organic and regenerative agriculture, with 
the aim of enhancing soil health, capturing carbon and 
promoting biodiversity.
In 
2025, 
the 
division 
increased 
its 
direct 
partnerships 
with cotton farmers, covering a total of 8% of all cotton.
• 
Water resource management initiatives: The Lindex 
division is reducing water use and maintaining water 
quality throughout its operations and supply chain. 
Further details on these initiatives are outlined in 
sections 
E2 Pollution 
and 
E3 Water
.
Expected 
outcomes of 
Lindex 
division’s 
actions:
•
 
Reduced dependency on natural resources and land 
use.
•
 
Strengthened 
ecosystem 
integrity.
•
 
Constant improvement in soil health and regenerative 
farming practices.
Each action plan is aligned with specific targets and 
timelines, 
such 
as 
achieving 
15% 
recycled 
fibre 
content 
in 70% of all products by 2026, ensuring that circular 
business models account for 5% of revenue by 2030, and 
transitioning to regenerative and recycled cotton by the 
same year.
Through 
a 
strong 
presence 
in 
production 
countries, 
the 
Lindex division collaborates directly with local suppliers on 
water management practices and partners with farm groups.
Additional 
feedback 
is 
gathered 
through 
its 
partnership 
with Textile Exchange. This local engagement enables the 
Lindex division to integrate regional insights and nature-
based 
solutions 
into 
its 
biodiversity 
initiatives, 
ensuring 
that practices are responsive to the specific needs of each 
area. This engagement will be further strengthened going 
forward.
The Lindex division does not currently use biodiversity 
offsets in its action plans, as it focuses on direct impact 
reduction and sustainable practices.
Actions for 
Stockmann division
•
 
The Stockmann division is currently introducing 
products to the market that contain raw materials 
subject to the EU Regulation on deforestation-free 
products 
(EUDR). 
In 
order 
to 
align 
with 
the 
EUDR, 
the division has assessed its readiness to meet the 
forthcoming regulatory requirements. In 2025, the 
Stockmann division updated the implementation plan 
based on changes to the regulation and the division’s 
product assortment.
•
 
In 2025, the Stockmann division completed a 
biodiversity 
impact 
assessment 
on 
the 
company’s 
own-brand clothing and accessories. The assessment 
focused on Tier 1 suppliers. In order to expand
the 
assessment 
to 
material 
production, 
where 
the 
most significant impacts occur, the division aims to 
improve visibility and access to information throughout 
its supply chain. The division plans to set metrics 
regarding the identified material impacts during 2026.
•
 
The Stockmann division is working to increase the 
proportion of recycled materials used in its collections. 
In 2025, the proportion was 3.39% (2024: 2.85%).
The implementation of the planned actions for both divisions 
does not require significant operational (OpEx) or capital 
expenditures (CapEx).

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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E4–4 
Targets 
related to biodiversity 
and ecosystems
Lindex 
Group currently 
has 
measurable, 
outcome-oriented and 
time-bound 
targets related 
to biodiversity 
and 
ecosystems.
Lindex 
division/ 
Stockmann 
division/ 
Group
Related policy and 
brief description of 
relation to the 
policy 
objective
Target
Frameworks or conclusive 
scientific 
evidences the target is based on
Scope of
the target
Target 
baseline 
year
Target 
baseline 
value
Results 
2024
Results 
Additional information
2025
Lindex
Group
Environmental policy: 
The target is directly 
linked to the policy 
objective to commit to 
zero deforestation or 
other transformation 
of natural ecosystems 
and secure traceability 
of all materials.
By 2030 we have 
reduced landrelated 
FLAG (Forest, Land 
and Agriculture) 
emissions by 30.3%.
This target includes 
practices that preserve 
biodiversity, minimise 
land degradation and 
promote regenerative 
practices.
The target aligns with frameworks such as 
the Kunningham Montreal Global 
Biodiveristy 
framework (GBF) and the Science Based 
Targets for Nature 
(SBTN).
Target relates to the following SBTN targets:
•
 
No conversion of natural ecosystems
•
 
Land footprint reduction
•
 
ARRRT Framework: Reduce, Restore
Target 
includes 
upstream 
emissions 
in supply-
chain tier 4.
2022
53,802
tCO
2
eq
42,272
tCO
2
eq 
(-21%)
43,293
tCO
2
eq 
(-20%)
The WWF biodiversity risk filter was used to 
identify high-impact areas, focusing on cotton 
and MMCF production as well as 
water use and 
quality. No ecological thresholds 
or biodiversity 
offsets were used in setting this absolute 
targets.
Feedback on target setting and possible gaps 
were provided by WWF 
in Sustainable Fashion 
Acadamy's course "Kickstarting Biodiversity 
Program".
Lindex 
division
Environmental policy: 
The target is directly 
linked to the policy 
objective to commit to 
zero deforestation or 
other transformation 
of natural ecosystems 
and secure traceability 
of all materials.
By 2026, 100% of all 
cotton will be 
traceable 
through recognized 
certification schemes.
The target aligns with frameworks such as 
the Kunningham Montreal Global 
Biodiveristy 
framework (GBF) and the Science Based 
Targets for Nature 
(SBTN).
Target relates to the following SBTN targets:
•
 
No conversion of natural ecosystems
•
 
Land footprint reduction
•
 
ARRRT Framework: Avoid, Reduce
Target 
includes 
upstream 
supplychain 
tier 4.
2023
87%
93%
93%
The WWF biodiversity risk filter was used to 
identify high-impact areas, focusing on cotton 
and MMCF production as well as 
water use and 
quality. No ecological thresholds 
or biodiversity 
offsets were used in setting this relative targets
Feedback on target setting and possible gaps 
were provided by WWF 
in Sustainable Fashion 
Acadamy's course "Kickstarting Biodiversity 
Program".
Lindex 
division
Environmental policy: 
The target is directly 
linked to the policy 
objective to commit to 
zero deforestation or 
other transformation 
of natural ecosystems 
and secure traceability 
of all materials.
By 2026, 100% of all 
manmade cellulosic 
fibers will be 
traceable 
through recognized 
certification schemes.
The target aligns with frameworks such as 
the Kunningham Montreal Global 
Biodiveristy 
framework (GBF) and the Science Based 
Targets for Nature 
(SBTN).
Target relates to the following SBTN targets:
•
 
Target: No conversion of natural 
ecosystems
•
 
Land footprint reduction
•
 
ARRRT Framework: Avoid, Reduce
Target 
includes 
upstream 
supply 
chain tier 4.
2023
97%
99%
97%
The WWF biodiversity risk filter was used to 
identify high-impact areas, focusing on cotton 
and MMCF production as well as 
water use and 
quality. No ecological thresholds 
or biodiversity 
offsets were used in setting this target. Target
is relative.
Feedback on target setting and possible gaps 
were provided by WWF 
in Sustainable Fashion 
Acadamy's course "Kickstarting Biodiversity 
Program".

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
71
Lindex 
division/ 
Stockmann 
division/ 
Group
Related policy and 
brief description of 
relation to the 
policy 
objective
Target
Frameworks or conclusive 
scientific 
evidences the target is based on
Scope of
the target
Target 
baseline 
year
Target 
baseline 
value
Results 
2024
Results 
Additional information
2025
Lindex 
division
Environmental policy: 
The target is directly 
linked to the policy 
objective to reduce 
dependency on 
natural resources and 
land area needed to 
produce our items.
By 2026, 70% 
of all 
products include a 
minimum of 15% 
recycled content.
The target aligns with frameworks such as 
the Kunningham Montreal Global 
Biodiveristy 
framework (GBF) and the Science Based 
Targets for Nature 
(SBTN).
Target relates to the following SBTN targets:
•
 
No conversion of natural ecosystems
•
 
Land footprint reduction
•
 
ARRRT Framework: Avoid, Reduce
Target 
includes 
upstream 
supply 
chain tier 4.
2021
16%
59%
74%
The WWF biodiversity risk filter was used to 
identify high-impact areas, focusing on cotton 
and MMCF production as well as 
water use and 
quality. No ecological thresholds 
or biodiversity 
offsets were used in setting 
this target. Target is 
relative and the result represents a share of the 
number of pieces produced.
Feedback on target setting and possible gaps 
were provided by WWF 
in Sustainable Fashion 
Acadamy's course "Kickstarting Biodiversity 
Program".
The 2024 result has been revised due to an
identified error.
Lindex 
division
Environmental policy: 
The target is directly 
linked to the policy 
objctive to improve 
ecosystem integrity 
through better land 
use 
management by using 
raw materials from 
sustainably managed 
sources that minimize 
impact and respect 
human rights.
By 2026, 100% of
Lindex’s materials are 
recycled and/or 
sustainably sourced 
(through recognized 
certification schemes).
The target aligns with frameworks such as 
the Kunningham Montreal Global 
Biodiveristy 
framework (GBF) and the Science Based 
Targets for Nature 
(SBTN).
Target relates to the following SBTN targets:
•
 
No conversion of natural ecosystems:
•
 
Land footprint reduction
•
 
ARRRT Framework: Avoid, Reduce
Target 
includes 
upstream 
supply 
chain tier 4.
2018
0%
88%
91%
The WWF biodiversity risk filter was used to 
identify high-impact areas, focusing on cotton 
and MMCF production as well as 
water use and 
quality. No ecological thresholds 
or biodiversity 
offsets were used in setting this targets. Target 
is relative.
Feedback on target setting and possible gaps 
were provided by WWF 
in Sustainable Fashion 
Acadamy's course "Kickstarting Biodiversity 
Program".
Lindex 
division
Environmental 
policy: The target 
is directly linked 
to
the policy objectives 
to secure constant 
improvement and best 
practice, and actively 
engage in landscape 
improvements and 
next generation 
practices such
as regenerative 
agriculture.
By 2030, 100% of
Lindex virgin cotton 
will come from 
farmers 
with whom we are 
collaborating directly 
in order to secure the 
transition to organic 
and regenerative 
agriculture.
The target aligns with frameworks such as 
the Kunningham Montreal Global 
Biodiveristy 
framework (GBF) and the Science Based 
Targets for Nature 
(SBTN).
Target relates to the following SBTN targets:
•
 
Landscape engagement
•
 
ARRRT Framework: Reduce, Transform
Target 
includes 
upstream 
supply 
chain tier 4.
2024
5%
5%
8%
Landrelated engagement target: Lindex will 
actively drive change in identifed risk areas for 
cotton agriculture by collaborating directly with 
farmers and secure the transition to 
organic and 
regenerative agriculture.
No ecological thresholds or 
biodiversity offsets 
were used in setting this targets. Target 
is 
relative.
Feedback on target setting and possible gaps 
were provided by WWF 
in Sustainable Fashion 
Acadamy's course "Kickstarting Biodiversity 
Program".
The Stockmann 
division’s 
current target 
is to 
comply with 
the EU 
Deforestation Regulation 
(EUDR).
More specific 
targets regarding 
the 
material biodiversity 
topic will 
be established 
during 2026.

 
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the 
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of 
Directors 
72
E4–5 
Impact metrics related to biodiversity and 
ecosystems
Lindex Group does not have own sites located in or near 
biodiversity-sensitive areas. However, the company has 
identified material impacts across several areas: land-use 
change, 
impacts 
on 
extent 
and 
condition 
of 
ecosystems 
and freshwater-use change. Key risks are associated with 
the 
use 
of 
raw 
materials, 
especially 
cotton 
and 
wood-
based fibres, and production processes, particularly
wet-processing units in the value chain. The Group does 
not disclose 
impact metrics 
related to 
biodiversity, 
as the
material impacts, risks and opportunities are primarily driven 
by its value chain rather than its own operations.

 
 
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E5 
Resource use and 
circular economy 
E5 
–1 
Policies related to resource use and circular 
economy
Lindex Group has an Environmental Policy in place that 
addresses key material impacts, risks and opportunities 
related 
to 
resource 
use 
and 
the 
circular 
economy. 
The 
policy and further details are presented in chapter 
MDR-P 
Policies adopted to manage material sustainability matters.
In the area of resource use and circular economy, Lindex 
Group is committed to:
•
 
Transitioning to a circular economy to reduce 
environmental impact and generate new business 
opportunities.
•
 
Following the EU waste hierarchy and the Ellen 
MacArthur Foundation’s principles to ensure that 
products and materials circulate at their highest value.
•
 
Extending product life cycles, optimising resource use, 
and eliminating waste and pollution.
•
 
Decoupling 
growth 
from 
negative 
environmental 
impact 
by 
maximising 
product 
value, 
reducing 
overproduction, 
and scaling circular business models and services.
•
 
Designing products for durability, recyclability, and 
using recycled or renewable materials.
•
 
Actively engaging 
with industry 
partners to 
scale the
uptake of 
recycled materials 
and available 
solutions.
•
 
Developing a supply chain and infrastructure that 
keeps products and materials in circulation and is 
resource-efficient and powered by renewable energy.
The Group also enhances product longevity through 
care, repair and recommerce services, while promoting
sustainable consumption through transparent 
communication. The company requires all business 
partners to follow circular economy principles and ensure 
transparency in waste prevention.
E5 
–2 
Actions and resources related to resource use 
and circular economy
Lindex 
Group 
has 
developed 
and 
implemented 
key 
actions 
in 
both 
divisions, 
which 
are 
focused 
on 
optimising 
resource 
use 
and 
advancing 
circular 
economy 
practices. 
The 
actions 
are in line with the Group’s sustainability objectives and
its 
Environmental 
Policy 
and 
they 
are 
designed 
to 
meet 
the requirements of resource use, circularity and the 
allocation of resources. The implementation of the actions 
for both divisions does not require significant operational 
expenditures (OpEx) or capital expenditures (CapEx).
Actions for Lindex 
division
•
 
Resource optimisation: The Lindex division is 
consistently 
working 
on 
reducing 
overproduction. 
A 
clear plan was developed through the climate transition 
plan 
to 
balance 
growth 
with 
sustainable 
practices 
and 
to 
secure 
maximum 
value 
for 
every 
product 
produced 
in 
terms 
of 
full-price 
sales, 
reduced 
markdown 
clearance, and developing circular business models.
•
 
Circular product design: The Lindex division applies 
ten circular design principles aimed at extending 
product life and enhancing recyclability. These 
principles focus on designing for durability, using 
recycled materials, and aligning with recyclability 
standards.
In 2025, the division continued aligning the design 
principles with the ESPR regulation. The work to 
integrate all principles into the daily operations is 
ongoing. The aim is to strengthen the durability 
standards and material strategy in order to stay
compliant, to harness business opportunities and 
ensure that all business strategies, such as product 
offer, intake and assortment planning, customer 
promise and brand platform build on the design 
principles.
•
 
Circular supply chain development: To keep products 
and 
materials 
in 
circulation, 
the 
Lindex 
division 
has 
made progress in optimising supply chains, developing 
partnerships, and implementing systems such as RFID 
tagging and data-driven forecasting, and planning for 
waste reduction and overproduction. Initiatives like
the omnichannel distribution centre and collaborations 
with 
partners 
such 
as 
Södra 
Skogsägarna 
and 
Infinited Fiber aim to close the loop on textile waste 
recycling and secure access to recycled fibre to further 
create resilience and reduce dependence on natural 
resources.
During 2025, the Lindex division joined Norwegian 
producer 
responsibility 
organisation 
Tekstilpro 
as 
a 
co-founder. The organisation enables the fashion and 
textile sector to address textile waste in accordance 
with the EU Waste Framework Directive.
•
 
Circular customer journeys: The division is testing and 
developing customer-oriented, profitable and scalable 
circular business models and services in combination 
with educating customers on sustainable habits.
In 2025, the Lindex division expanded its second-hand 
kids’ wear offering to 7 additional stores, resulting in
a total of 13 stores (10 in Sweden, 3 in Finland). The 
division also expanded its second-hand women’s wear 
offering in Norway by 1 store, bringing the total to 5 
stores. In addition, during 2025 the Lindex division 
launched a customer-to-customer (C2C) second-hand 
women’s wear offering through the online platform 
Revive Retail.
•
 
Packaging 
and 
in-store 
collection: 
The 
Lindex 
division 
applies 
circular 
principles 
to 
packaging 
by 
eliminating 
unnecessary packaging. In 2025, 97% of all plastic

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packaging 
materials 
were 
made 
from 
100% 
recycled 
and recyclable plastics. The recyclability of plastic 
packaging used in transportation is estimated based on 
packaging guidelines, plastic produced by nominated 
packaging suppliers and spot checks. In-store garment 
collection 
programmes 
in 
Sweden, 
Norway, 
Finland 
and Lithuania aim to extend product life through
reuse and recycling initiatives in partnership with 
organisations such as Fretex and Myrorna.
•
 
Stakeholder collaboration: The Lindex division 
recognises that achieving circularity requires 
collaboration 
across 
the 
value 
chain. 
Partnerships 
with 
textile 
recyclers 
such 
as 
Södra 
Skogsägarna 
and Infinited Fiber are key to scaling textile recycling 
efforts. In addition, the division partners with research 
institutes and participates in industry projects that 
support the transformational change required to
shift towards a circular economy. For example, the 
Lindex division participated in the Borås Science park 
‘System Demonstrator’ project, which explores how 
technological innovation, business models, policies, 
behaviours, and infrastructure need to evolve to enable 
systemic change.
Expected outcomes 
of Lindex division’s 
actions
•
 
Resource optimisation: Maximising the value of each 
product by volume optimisation, reducing markdown 
clearance and increasing full price sales and circular 
business models.
•
 
Circular design: Products designed for durability and 
recyclability that contribute to the division’s circular 
business transformation and a circular economy.
•
 
Circular supply chain: Resource-efficient, renewable-
energy-powered production processes with a focus on 
reuse and recycling fit for circular business models.
•
 
Circular 
customer 
journeys: 
Enhancing 
product 
longevity 
through 
care, 
repair, 
and 
recommerce 
services.
The Lindex division’s actions cover both upstream and 
downstream value chains.
Actions for 
Stockmann division
•
 
Creating 
and 
implementing 
a 
circular 
design 
process 
for 
own 
brands: 
In 
2025, 
the 
Stockmann 
division 
started to map its readiness regarding circular design 
principles 
under 
the 
ESPR 
regulation. 
The 
aim 
is 
to 
add the use of recycled materials and to improve the 
tracking of product testing to ensure product durability.
Specific 
action 
plans 
with 
resourcing 
and 
timelines 
will be set later. The work to integrate circular design 
principles into daily operations is ongoing.
•
 
Broader range of products containing recycled 
materials: 
The 
Stockmann 
division 
aims 
to 
expand 
the share of products made from sustainably sourced 
materials within its high-quality offering. Quantifiable 
data 
is 
not 
currently 
available, 
as 
the 
increase 
is 
not 
yet systematically tracked. However, the division 
prioritises suppliers that offer products made from 
recycled materials and assesses their brands’ 
sustainability performance using a four-point scale, 
where one indicates no consideration of sustainability 
and four represents a sustainable rooted brand.
•
 
Reducing 
packaging 
materials 
used 
in 
transportation: 
In 2025, the Stockmann division updated its Supplier 
Guidelines, including packaging guidelines to minimise 
the use of packaging materials in the transportation of 
own-brand 
products. 
Plastics 
in 
packaging 
constitute 
the majority of the division’s plastic volume.
•
 
Engaging customers to extend product life cycles: Four 
Stockmann department stores in Finland run in-store 
garment collection programme to enhance textile 
recycling, in partnership with organisations such as the 
Helsinki Region Environmental Services Authority HSY 
and 
Lounais-Suomen 
Jätehuolto 
(LSJH). 
The 
stores 
also 
offer 
a 
sewing 
service 
for 
repairs 
and 
alterations 
in products purchased from Stockmann or elsewhere.
• 
Partnerships: 
The 
Stockmann 
division 
has 
invested 
in partnerships that support circular business models. 
Relove, a long-standing partner, operates in the
Helsinki and Tampere department stores, while Ninyes 
collaborates on the resale of children’s clothing in the 
Helsinki department store.
The Stockmann division has ongoing activities related to 
recycling within its own operations, linked to the ISO 14001 
environmental system and its circular economy targets.
These 
activities 
include 
donating 
products 
and 
materials 
for reuse, recycling and charity, improving waste sorting in 
own operations by providing clear property-specific sorting 
guidelines, reducing the amount of plastic in packaging 
materials, updating supplier guidelines for own-brand
product packaging, providing guidance to staff on the use of 
packaging materials, and sharing recycling information on 
packaging materials, for example.
Expected outcomes 
of Stockmann 
division’s 
actions
•
 
Improving circularity through design: Implementing 
circular 
design 
processes 
will 
extend 
the 
life 
cycles 
of the Stockmann division’s own-brand products and 
reduce waste generation and resource depletion.
•
 
Reducing environmental footprint: Designing products 
with 
circularity 
in 
mind 
will 
reduce 
waste 
generation 
and resource depletion.
•
 
Broader range of products containing recycled 
materials: Expanding the selection of products 
containing recycled materials will provide customers 
with more options for products with a lower 
environmental footprint.
•
 
Enhancing customer engagement: Communication and 
marketing will educate customers about responsible 
consumption practices, encouraging more informed 
purchasing decisions.

 
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The 
current 
actions 
are 
ongoing, 
following 
the 
strategic 
period 
set 
for 
2022–2025. 
The 
Stockmann 
division 
will 
update the action plan during 2026 and incorporate material 
impacts, risks and opportunities into its action plans. Actions 
under the ISO 14001 management system related to the 
circular economy are updated annually. These actions cover 
the division’s own operations in all operating countries.
E5 
–3 
Targets related to 
resource use and circular 
economy
Lindex Group has set targets to transition to a circular 
business model and to achieve the objectives of the Group’s 
Environmental Policy. These voluntary targets aim to
reduce environmental impact, improve resource efficiency, 
and promote the use of recycled and responsibly sourced 
materials.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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of 
the 
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of 
Directors 
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Lindex 
division/ 
Stockmann 
division/ 
Group
Related policy and 
brief 
description of relation 
to the policy objective
Target
Frameworks or conclusive 
scientific evidences the 
target is based on
Scope of the
target
Target 
baseline 
year
Target 
baseline 
value
Results 2024 
Results 2025 
Additional information
Lindex 
division
Environmental policy: 
The target is directly 
linked to the policy 
objective to keep 
products and materials 
circulated at their 
highest 
value, to extending 
product life cycles, 
optimising resource use 
and eliminating waste 
and pollution.
By 2030, circular 
business models 
and services such 
as recommerce, 
rental, or repair 
services will 
comprise 5% of 
Lindex division’s 
total revenue.
Lindex division’s 
sustainability 
targets and they 
are designed 
in accordance with recognised 
international standards,
such as those of the Textile 
Exchange, and the 
principles 
of the EU waste hierarchy, 
as well as scientific research 
conducted by the Ellen
McArthur foundation regarding
circular business models.
Target 
includes 
the entire 
value chain 
(upstream, 
own 
operations 
and
downstream).
2024
0.02%
0.02%
0.02%
Through collaboration with industry 
partners and stakeholders, 
Lindex division 
is committed to driving innovation and
achieving these targets as part of 
its circular 
economy initiatives.
Progress is reviewed and monitored 
regularly to ensure transparency and 
alignment with global 
sustainability goals.
Result from circular business so far is 
based on Second hand, where 
sales can be 
followed besides sales of other categories. 
This is a part of the "budget hierarchy" in 
RMS.
Lindex 
division
Environmental policy: 
The target is directly 
linked to the policy 
objective to keep 
products and materials 
circulated at their 
highest 
value, to extending 
product life cycles, 
optimising resource use 
and eliminating waste 
and pollution.
By 2026, 100% of
Lindex’s materials 
are recycled and/ 
or sustainably 
sourced (through 
recognized 
certification 
schemes).
Lindex division’s sustainability 
targets are designed in 
accordance with recognised 
international standards,
such as those of the Textile 
Exchange, and the 
principles 
of the EU waste hierarchy, 
as well as scientific research 
conducted by the Ellen
McArthur foundation regarding
circular business models.
Target 
includes 
upstream 
value chain 
tier 4.
2018
0%
88%
91%
‘More sustainable materials’ refers to 
materials made from renewable or recycled 
sources and produced with methods that 
have a lower negative impact compared to 
conventional alternatives, in 
accordance with 
Textile Exchange 
certification standards.
Through collaboration with industry 
partners and stakeholders, 
Lindex division 
is committed to driving innovation and
achieving these targets as part of 
its circular 
economy initiatives. Target 
is relative.
Progress is reviewed and monitored 
regularly to ensure transparency and 
alignment with global 
sustainability goals.
Lindex 
division
Environmental policy: 
The target is directly 
linked to the policy 
objective to keep 
products and materials 
circulated at their 
highest 
value, to extending 
product life cycles, 
optimising resource use 
and eliminating waste 
and pollution.
By 2026, 70%
of all products 
include a 
minimum of 15% 
recycled content.
Lindex division’s sustainability 
targets are designed in 
accordance with recognised 
international standards,
such as those of the Textile 
Exchange, and the 
principles 
of the EU waste hierarchy, 
as well as scientific research 
conducted by the Ellen
McArthur foundation regarding
circular business models.
Target 
includes 
upstream 
value chain 
tier 4.
2021
16%
59%
74%
This target focuses on increasing the use 
of recycled fibres, reducing the division’s 
reliance on virgin 
materials. Lindex division
works with industry partners, including Södra 
Skogsägarna and Infinited Fiber Oy, 
to scale 
textile-to-textile recycling solutions and 
ensure 
access to post-consumer recycled materials.
Progress is reviewed and 
monitored regularly 
to ensure transparency and alignment with 
global sustainability goals. Target 
is relative 
and the result represents a share of the 
number of pieces produced.
The 2024 result has been revised due to an
identified error.

 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
77
Lindex 
division/ 
Stockmann 
division/ 
Group
Related policy and 
brief 
description of relation 
to the policy objective
Target
Frameworks or conclusive 
scientific evidences the 
target is based on
Scope of the
target
Target 
baseline 
year
Target 
baseline 
value
Results 2024 
Results 2025 
Additional information
Lindex 
division
Environmental policy: 
The target is directly 
linked to the policy 
objective to keep 
products and materials 
circulated at their 
highest 
value, to extending 
product life cycles, 
optimising resource use 
and eliminating waste 
and pollution.
By 2025, all 
paper and plastic 
packaging follow 
the division's 
circular materials 
strategy.
Lindex division’s sustainability 
targets are designed in 
accordance with recognised 
international standards,
such as those of the Textile 
Exchange, and the 
principles 
of the EU waste hierarchy, 
as well as scientific research 
conducted by the Ellen
McArthur foundation regarding
circular business models.
Target 
includes own 
operations.
2020
0%
In 2024, 98%
of the Lindex 
division’s plastic 
packaging was 
made with 100% 
recycled and 
recyclable content.
In 2025, 97%
of the Lindex 
division’s plastic 
packaging was 
made with 100% 
recycled and 
recyclable content.
The target was not met. The percentage 
reduction is mainly due to a shift in the 
distribution between different plastic 
packaging categories. Overall, plastic 
packaging decreased by 28% during 2025. 
Cosmetic-related packaging is the only 
category that does not follow the division’s 
circular materials strategy. Going 
forward, the 
plan is to transition 
more cosmetics packaging 
from plastic to paper.
Through collaboration with industry partners 
and stakeholders, Lindex division 
is committed 
to driving innovation and achieving these 
targets as part of its circular economy 
initiatives.
Tracked result is estimated based 
on Lindex 
division's packaging guidelines, nominated 
packaging suppliers and spot checking.
Progress is reviewed and 
monitored regularly 
to ensure transparency and alignment with 
global sustainability goals. 
Target is absolute.
Lindex 
division
Environmental policy: 
The target is directly 
linked to the policy 
objective to keep 
products and materials 
circulated at their 
highest 
value, to extending 
product life cycles, 
optimising resource use 
and eliminating waste 
and pollution.
By 2025, all 
our own stores
have functioning 
collection and 
recycling systems 
for paper and 
plastic waste 
streams.
Lindex division’s sustainability 
targets are designed in 
accordance with recognised 
international standards,
such as those of the Textile 
Exchange, and the 
principles 
of the EU waste hierarchy, 
as well as scientific research 
conducted by the Ellen
McArthur foundation regarding
circular business models.
Target 
includes own 
operations.
2020
89%
In 2024, 92% of all 
Lindex division’s 
stores could provide 
a functioning 
collection and 
recycling system 
with possibility to 
recycle both paper 
and plastic waste. 
95% of the stores 
had the possibility 
to recycle plastic 
and 97% had the 
possibility to recycle 
paper waste.
In 2025, 93%
of all Lindex 
division’s stores 
could provide
a functioning 
collection and 
recycling system 
with possibility to 
recycle both paper 
and plastic waste. 
95% of the stores 
had the possibility 
to recycle plastic 
and 96% had
the possibility to 
recycle paper 
waste.
The target was not met.
Through collaboration with industry 
partners and stakeholders, 
Lindex division 
is committed to driving innovation and
achieving these targets as part of 
its circular 
economy initiatives.
Progress is reviewed and monitored 
regularly to ensure transparency and 
alignment with global 
sustainability goals. 
Target is relative.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
78
Lindex 
division/ 
Stockmann 
division/ 
Group
Related policy and 
brief 
description of relation 
to the policy objective
Target
Frameworks 
or conclusive 
scientific 
evidences the
target is based on
Scope of
the target
Target 
baseline 
year
Target 
baseline 
value
Results 
Results 2025 
Additional information 
2024
Stockmann 
division
Environmental policy
The short-term targets for the circular 
economy are exploring possibilities for 
developing Stockmann division’s design 
processes towards circular business 
models, optimising the use of product 
packaging materials and increasing the 
use of recycled and certified material
in own brand product packaging, 
developing the product selection 
based on circular business models, 
and increasing customer awareness 
of 
sustainable consumption and recycling 
opportunities.
Target 
includes 
own 
operations.
2022
These targets have been 
set in accordance 
with the division’s sustainability strategy 
and environmental programme, which is 
valid from 2022–2025.
The ISO 14001 mentions continuous 
improvement, assessment of risks and 
opportunities, as well as planning and 
management of activities. The system is 
reviewed and updated every spring. The 
target has not been validated by 
an external 
party.
Stockmann 
division
Environmental policy
The long-term targets for the circular 
economy are to continuously develop 
design processes to find 
new business 
opportunities in the circular economy, 
to monitor and develop the product 
and service selection, to monitor and 
promote sustainability topics and to 
maintain active communication with 
customers and employees.
Target 
includes 
own 
operations.
2022
These targets have been 
set in accordance 
with the division’s sustainability strategy 
and environmental programme, which is 
valid from 2022–2025.
The ISO 14001 mentions continuous 
improvement, assessment of risks and 
opportunities, as well as planning and 
management of activities. The system is 
reviewed and updated every spring. The 
target has not been validated by 
an external 
party.
Stockmann 
division
Environmental policy
In accordance with the Stockmann 
division’s ISO 14001 environmental 
management system, the division 
has set a recycling rate target in the 
department stores as follows: 
75% in 
Finland and 60 % in the Baltics.
Target 
includes 
own 
operations.
2022
In 2024,
recycling rate 
in Finland was 
79% and in
Baltics 52%
In 2025, the 
reycling rate 
in Finland 
was 80% in
Baltics 54%.
These target have been set in accordance 
with the division’s sustainability strategy 
and environmental programme, which is 
valid from 2022–2025. The target in the 
Baltics was 50% in 2024 but 
raised to 60%.
The ISO 14001 mentions continuous 
improvement, assessment of risks and 
opportunities, as well as planning and 
management of activities. The system is 
reviewed and updated every spring. The 
target has not been validated by 
an external 
party.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
79
E5 
–4 
Resource inflows
The main material inflows for the Lindex division are 
connected to the raw materials used for products and 
packaging. For the Stockmann division, material inflows 
include fashion and home category textiles and home 
hardgoods. For the Stockmann division, the data is 
applicable for the division’s own-brand products.
In 2025, the Group’s products contain the following key 
materials, covering 90% of the materials used, in share of 
total weight:
•
 
Cotton, 
biological: 47% 
(47%)
•
 
Polyester, 
technical: 21% 
(19%)
•
 
Polyamide, 
technical: 
12% 
(11%)
•
 
Manmade 
cellulosic 
fibres, biological: 
10% 
(10%)
Other materials include materials such as leather, down, 
glass and metal. In addition to these materials, the Group 
also used paper, plastic, and cardboard as packaging 
materials.
Materials used to manufacture 
the Group’s products
The total weight of products and 
technical and biological materials 
(tonnes)
9,598
9,744
The percentage of sustainably 
sourced biological materials
41.7%
41.2%
The absolute weight of secondary 
reused or recycled components 
(tonnes)
4,626
5,438
Percentage of secondary reused or 
recycled components
48.2%
55.8%
2024 
2025
The Group adheres to Textile Exchange standards and 
certification schemes, as well as to the Organic Content 
Standard (OCS), Global Recycling Standard (GRS),
In-Conversion Cotton (ICC) and Lenzing standards. These 
standards apply to materials such as cotton and manmade 
cellulosic fibres. For some packaging materials, such as 
cardboard and paper, there is limited information available 
regarding their sustainable sourcing. 
As a cascading 
principle, the Group has set targets related to design 
principles and the use of sustainably sourced materials.
However, 
no 
cascading 
principles 
have 
been 
established 
for 
specific 
materials. 
These 
targets 
are 
detailed 
in 
E5–3 
Targets related to resource use and circular economy.
Calculation methodology 
for resource 
inflows
Data for textiles was collected from the weight of ordered 
garments, excluding hard accessories and certain home 
hardgoods, 
such 
as 
clocks 
and 
Christmas 
decorations, 
due to their complex structure. Data for packaging was
collected from the weight of materials of sales packaging for 
commercial products, e-commerce plastic bags, shopping 
bags, 
marketing 
materials, 
gift 
boxes 
distributed 
in 
stores 
and transportation packaging. There is no overlap between 
the 
data 
reported 
for 
reused 
and 
recycled 
material. 
The 
Group 
is 
unable 
to 
report 
resource 
inflow 
data 
for 
some 
parts of the company. For the Lindex division, the focus
is 
on 
the 
main 
composition 
of 
textile 
products, 
excluding 
all categories containing cosmetics. This approach will be 
evaluated in the future. For the Stockmann division, the 
data includes only the Stockmann division’s own-brand 
products and excludes other brands. Access to data for 
other brands relies on their own reporting processes; to 
prevent 
double 
reporting, 
the 
Stockmann 
division 
does 
not seek to collect this data. The data on resource inflows 
has not been validated by an external body other than the 
assurance provider.
E5 
–5 
Resource outflows
The 
key 
products 
of 
the 
Lindex 
division’s 
production 
process include women’s fashion, lingerie and underwear, 
children’s clothing, cosmetics and accessories. Ten design 
principles guide the division, all of which are embedded in 
systems 
and 
ways 
of 
working. 
These 
principles, 
described 
in 
E5–2 Actions and resources related to resource use and 
circular economy
, apply to all products.
The key products of the Stockmann division’s production 
process 
include 
own-brand 
textiles 
for 
fashion 
and 
home, 
as well as hardgoods such as tableware, wooden kitchen 
utensils, glass and ceramics, baskets, photo and poster 
frames, and other small decorative items. The division also 
sells products from other brands, including cosmetics and 
food, which are not produced in-house. The Stockmann 
division is beginning to map its readiness regarding circular 
design 
principles 
under 
the 
ESPR 
regulation, 
as 
described 
in 
E5–2 Actions and resources related to resource use and 
circular economy, 
but cannot yet provide a list of products 
designed according to circular economy principles.
In terms of packaging, the Group is committed to eliminating 
unnecessary packaging and increasing recycled content.
The Lindex division has removed single-use plastics from 
transport packaging, which represents the majority of its 
plastic volume. Single-use plastic is now reserved only for 
delicate items. The Stockmann division is reducing plastic 
usage and prioritises cardboard and durable materials, 
minimising packaging wherever possible. Most packaging is 
used by both divisions in countries with advanced recycling 
awareness and infrastructure, supporting effective resource 
management.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
80
The expected durability of products introduced to the market 
by 
the 
Group 
aligns 
with 
industry 
averages 
for 
categories 
such 
as 
women’s 
wear, 
kids’ 
wear, 
lingerie, 
and 
home 
goods. While no formal assessment has been conducted on 
durability 
compared 
to 
the 
industry 
average, 
this 
expectation 
is based on the Group’s resource optimisation and circular 
design 
principles, 
which 
are 
comparable 
to 
industry 
standards.
The Group currently lacks repairability data for own-brand 
products; however, both divisions promote proper care 
practices and provide repair opportunities. Customers can 
access care and repair guidelines on the divisions’ websites. 
Both divisions also actively support repairability by offering 
customers 
a 
wide 
range 
of 
care 
and 
repair 
products, 
such 
as mist sprays, slide-on zippers, knee patches, sewing kits, 
replaceable elastic straps, and reflective bands.
To prolong the life of cotton jersey garments, the Lindex 
division 
collaborates 
with 
Biorestore, 
which 
restores 
colour 
and removes pilling in cotton jersey fabrics. The Biorestore 
service 
is 
applied 
to 
the 
division’s 
second-hand 
products 
and 
is 
available 
to 
customers. 
The 
Stockmann 
division 
offers a repair service for damaged products and collects 
customers feedback on product repairability, which informs 
product design. The Group does not yet have a formal rating 
system for repairability.
Rate of recyclable 
content in 
products
2024 
2025
Total 
weight of recyclable content 
2,828,963
in products (kg)
2,951,707
Total weight of 
products (kg) 
7,421,642
7,568,202
Rate of recyclable content 
in 
38.1%
products (%)
39.0%
Rate of recyclable 
content in 
packaging
2024 
2025
Total 
weight of recyclable content 
417,194
in packaging (kg)
294,308
Total 
weight of packaging (kg) 
427,082
304,762
Rate of recyclable content 
in 
97.7%
packaging (%)
96.6%
Calculation methodology for product durability and 
recyclability
For product durability, food and cosmetics are excluded, as 
these 
items 
are 
not 
intended 
to 
be 
durable. The 
calculation 
of textile product recyclability excludes accessories and 
hardgoods.
For 
textile 
products, 
the calculation 
is 
based on 
the 
weight 
of ordered garments with the below criteria:
•
 
Cotton: compositions where micro-composition 
95-100% = cotton
•
 
Polyester: compositions where micro-composition 
100% = polyester
•
 
Polyamide: compositions where micro-composition 
100% = polyamide
•
 
Viscose: 
compositions 
where 
micro-composition 
100%
= viscose
•
 
Plastic packaging: 
97% of 
total weight 
summarised
Recyclability of plastic packaging is estimated based on 
packaging guidelines, plastic produced by nominated 
packaging suppliers and spot checks. No other significant 
assumptions 
are 
used. 
For 
the 
Stockmann 
division, 
the 
data only includes the division’s own-brand products and 
excludes other brands. Access to the data of other brands 
relies heavily on the reporting processes of the other 
brands, and to prevent double reporting, the Stockmann 
division will not seek to access this data. The data on
product durability and recyclability has not been validated 
by an external body other than the assurance provider.
Waste
2024 
2025
Hazardous waste 
(tonnes)
14
17
For reuse
1
0
For recycling
4
8
For other recovery
0
6
To incineration
5
2
To landfill
4
1
To 
other disposal
0
0
Radioactive waste
0
0
Non-hazardous waste 
(tonnes)
4,490
5,232
For reuse
36
111
For recycling
3,269
4,275
For other recovery
0
2
To incineration
1,089
749
To landfill
96
95
To 
other disposal
0
0
Total amount of waste
generated
4,505
5,248
Total amount of non-
recycled waste
1,193
847
Percentage of non-
recycled waste
26.5%
16.1%

Report 
of 
the 
Board 
of 
Directors 
81
The materials that 
are presented in 
the Group’s 
waste:
•
 
Cardboard for 
recycling
•
 
Paper for 
recycling
•
 
Office paper 
for recycling
•
 
Paper to 
be destroyed
•
 
Films and 
recordings to 
be destroyed
•
 
Plastic
•
 
Metal
•
 
Glass for 
recycling
•
 
Energy 
waste
•
 
Mixed wood
•
 
Mixed waste
•
 
Biowaste
•
 
Edible fat
•
 
Packed retail animal-based food by-product 
(Category 3)
•
 
Construction 
waste
•
 
WEEE (Waste 
Electrical and 
Electronic Equipment)
•
 
Hazardous 
waste
Waste 
streams relevant 
to the 
Group’s sector 
and activities:
•
 
Textile 
waste
•
 
Packaging 
waste
•
 
Food waste
•
 
Cosmetic 
waste
•
 
Electronic 
and 
electrical 
waste (e-waste)
•
 
Office 
waste
•
 
Cleaning 
waste
•
 
Hazardous 
waste
Calculation methodology 
for waste
Lindex 
Group 
adheres 
to 
national 
waste 
legislations, 
which mandate proper disposal operations. Primary waste 
data was used whenever available from contracted waste 
collectors.
For the Lindex division, waste streams for plastic, 
cardboard, and paper were derived from ERP systems 
and supplier reports. Since complete figures for these 
waste streams are not always available – some waste is
generated 
in 
stores 
or 
by 
customers 
– 
estimates 
were 
made 
based 
on 
purchased 
volumes. 
Data 
on 
other 
waste 
streams 
was sourced from supplier reports.
For 
the 
Stockmann 
division, 
the 
missing 
waste 
amounts 
were estimated using store area, employee count, historical 
data 
and 
some 
actual 
waste 
measurements. 
Waste 
data 
was collected for 11 months (January to November 2025); 
December 2025 data was estimated using December 2024 
figures. 
Sources 
included 
contracted 
waste 
collectors’ 
reports in Finland and Latvia, and invoices in Estonia.
Key assumptions concerned waste categories and data 
availability. For example, in some department stores, 
cardboard, plastic, metal, energy waste, mixed waste and 
packaged retail animal-based food by-products required 
estimations.
The waste data has not been validated by an external body 
other than the assurance provider. The Group can report 
waste data for all company operations.

 
Report 
of 
the 
Board 
of 
Directors 
82
Disclosures pursuant to 
Article 8 of Taxonomy 
Regulation 
EU Taxonomy-eligible and -aligned 
activities
Background
The EU Taxonomy is the EU’s sustainable finance 
classification system, which defines environmentally 
sustainable economic activities. Its aim is to provide clear 
definitions and enable transparent reporting to increase 
finance for activities that substantially contribute to 
addressing the climate and environmental crisis in line with 
the European Green Deal. The EU Taxonomy consists
of the EU Taxonomy Regulation (2020/852/EU) and the 
Commission Delegated Acts. The Regulation covers six key 
environmental objectives: (1) climate change mitigation,
(2) climate change adaptation, (3) the sustainable use and 
protection of water, 
(4) the transition to a circular 
economy,
(5) pollution prevention and control and (6) the protection and 
restoration of biodiversity and ecosystems. These objectives 
guide companies in reporting how their activities contribute to 
a sustainable economy.
Lindex Group has carried out assessments to identify 
activities that fall within the scope of the Taxonomy 
Regulation for both divisions, Stockmann and Lindex. 
The Group has reported in 
line with the EU Taxonomy
Regulation since 2021. Lindex Group monitors the regulatory 
developments of the EU Taxonomy and reports the data in 
accordance with the EU Commission’s guidance.
Business in 
the retail 
sector
At the time of preparing this report, the retail business as 
Lindex Group’s primary field of operations, is not included 
among the sectors currently within the scope of the EU 
Taxonomy. 
The retail sector may have a significant impact on 
the environmental objectives of the Taxonomy, 
such as the 
circular economy, but applicable criteria have not yet been 
published.
Assessment 
of 
Taxonomy-eligible 
economic 
activities
Taxonomy-eligible 
activities are those that are included
in the Taxonomy Delegated Acts and for which technical 
screening criteria are available. The primary activity identified 
as eligible for Lindex Group under the Climate Delegated
Act 
(2021/2139) is 
Activity 
7.7: Acquisition 
and ownership 
of 
buildings 
(Renting and 
operating of 
own 
or 
leased 
real 
estate)
. Lindex Group 
has also assessed 
other potentially
applicable activities 
but has 
determined them 
to be 
either not 
material or not relevant, as explained further.
The 
financial 
figures 
associated 
with Activity 
6.5: 
Transport 
by motorbikes, passenger cars and light commercial 
vehicles 
are currently below certain materiality thresholds defined by 
Lindex Group and therefore the activity has been categorised 
as non-eligible. The Group has also evaluated the economic 
activities in the Environmental Delegated Act (2023/2486).
While Activity 
3.2: Renovation of existing buildings 
applies 
to Lindex Group, the amounts involved did not reach the
predefined materiality threshold. Activity 
5.4: Sale of second-
hand goods 
is not relevant, as second-hand goods sales in 
the Stockmann division are conducted by partners and are 
immaterial for the Lindex division.
Real-estate 
holdings
The EU Taxonomy defines criteria for sustainable economic 
activity in the real estate sector under Activity 
7.7: Acquisition 
and ownership of buildings. 
Within the Stockmann division,
nine real estate properties– eight department stores and a 
distribution centre – fall within the scope.
The leases for the Stockmann division’s department stores 
and the distribution centre are recognised as right-of-use 
assets in the Group’s accounts in accordance with IFRS 16.
Most of the premises of the Lindex division’s over 400 stores 
are 
also 
recognised 
as 
right-of-use 
assets 
in 
accordance 
with 
IFRS 
16. 
However, 
there 
are 
also 
some 
operating 
leases based on the stores’ turnover that are not reported
as right-of-use assets and therefore fall outside the scope 
of Activity 
7.7: Acquisition and ownership of buildings. 
The 
Lindex division’s new omnichannel distribution centre also 
comes under the scope of Activity 7.7 and is included as 
Taxonomy-eligible. According to Activity 7.7, as the Lindex
omnichannel 
distribution 
centre was 
built 
after 31 
December 
2020, it 
must meet 
the criteria 
of 
Activity 7.1: 
Construction of 
new buildings.
The right-of-use agreements for Lindex division’s two older 
distribution centres were terminated at the beginning of 2024. 
However, they remain in scope for eligibility as short-term 
rental operational expenses.
Assessment 
of 
Taxonomy-aligned 
economic 
activities
In order 
for an 
eligible activity 
to be 
classified as 
aligned, 
it 
must comply 
with the 
technical screening 
criteria (TSC) 
defined by 
the EU. 
According to 
the TSC, 
an activity 
must 
‘substantially contribute’ to at least one environmental
objective and 
‘do no significant harm’ to any of the other five 
objectives. Furthermore, the Group must comply with the 
minimum safeguards.
Lindex Group has assessed how and to what extent its 
activities are associated with economic activities that qualify 
as environmentally sustainable under Articles 3 and 9 of

Report 
of 
the 
Board 
of 
Directors 
83
the Taxonomy Regulation (EU) (2020/852). The Group has 
focused on the TSC for the climate change mitigation (CCM) 
environmental objective.
Substantial 
contribution
The EU Taxonomy TSC for the Climate Delegated Act sets 
requirements for meeting the climate change mitigation 
objective under Activity 
7.7: Acquisition and ownership of 
buildings. 
The 
substantial 
contribution 
criteria 
require 
that 
the building has at least an Energy Performance Certificate 
(EPC) of class A, and that large non-residential buildings are 
efficiently operated through energy performance monitoring 
and assessment.
Out of all properties operated by the Stockmann division, the 
Jussla distribution centre has obtained an EPC of class A. It 
has also fulfilled the requirements of the LEED green building 
rating system certification and received the ‘Gold’ rating.
The Lindex division’s stores are mainly located in shopping 
centers or large buildings where Lindex occupies only a small 
proportion of the whole property. All new or renegotiated 
leasing agreements during 2025 that are recognised as
right-of-use assets come under the scope of Activity 
7.7: 
Acquisition and ownership of buildings. 
As the amount of 
work 
involved 
in 
collecting 
the 
evidence 
and 
information 
on properties where the Lindex division stores are located 
and the number of 
parties involved is very 
large, while the
property area covered by Lindex store is small, Lindex Group 
has 
not 
conducted 
an 
in-depth 
assessment 
of 
compliance 
with the substantial contribution for these stores.
The Lindex division’s omnichannel distribution centre comes 
under the scope of Activity 
7.1: Construction of new buildings, 
as it is built after 31 December 2020. The substantial 
contribution criteria requires the building to have an Energy 
Performance 
Certificate 
(EPC) 
showing 
energy 
performance 
of at least 10% lower than the threshold set for the nearly 
zero-energy building (NZEB) requirements in national
measures. Buildings above 5000 m
2
 
must also undergo 
testing 
for 
air-tightness 
and 
thermal 
integrity, 
and 
the 
life-
cycle 
Global 
Warming 
Potential 
(GWP) 
must 
be 
calculated 
for each stage in the life cycle and disclosed to investors and 
clients upon request. As no EPC has yet been issued for
the new omnichannel distribution centre as of 2025, it is not 
aligned, and no further assessment has been conducted.
Do no 
significant harm 
(DNSH)
According to the DNSH criteria for Activity 
7.7: Acquisition 
and ownership of buildings
, a robust climate risk and 
vulnerability assessment must be performed to identify 
and 
evaluate 
the 
physical 
climate 
risks 
that 
are 
material 
to the activity. Lindex Group has not yet conducted such 
an assessment to identify climate risks, including physical 
climate 
risks 
in 
accordance 
with 
the 
DNSH 
criteria, 
and 
will 
update 
its 
compliance 
with 
the 
DNSH 
criteria 
once 
this climate risk and vulnerability assessment has been 
performed.
Minimum 
safeguards
Lindex Group has reviewed the minimum safeguards with 
respect to human rights, bribery and corruption, taxation and 
fair competition, which are included in the EU Taxonomy 
Regulation. The Lindex division’s activities are currently 
aligned with these minimum safeguards. The Stockmann 
division is aligned with the requirements for bribery and 
corruption, taxation, and fair competition, but has not yet 
implemented a Human Rights Due Diligence (HRDD) 
process. The Stockmann division is expected to develop one 
in the coming years.
Lindex Group’s Code 
of Conduct, Human 
Rights Policy,
Anti-Corruption Policy and other related policies establish the 
principles and standards expected of employees, suppliers, 
distributors, and other business partners. The Group is 
committed to upholding and promoting internationally 
recognised labour and human rights standards.
During the reporting period, Lindex Group had no breaches 
of labour law or human rights, and neither the company nor 
senior management were convicted of corruption in court. 
The Group complies with tax legislation, which means that it 
has tax governance processes in place, and there has been 
no violation of tax laws. The Group complies with the law 
regarding fair competition, and senior management has not 
been convicted of violating competition laws.
Lindex Group is strengthening its human rights’ due diligence 
process to ensure alignment with the UN Guiding Principles 
on Business and Human Rights. Further information on 
human rights, bribery and anti-corruption is provided in 
chapter 
G1: Business conduct 
of this report.
Methodology 
for 
determining 
and 
calculating the 
EU Taxonomy 
Key 
Performance Indicators (KPIs)
Accounting 
policy
The definitions of the Taxonomy KPIs are based on the 
Disclosures Delegated Act, which supplements the Taxonomy 
Regulation, and follow the requirements for disclosures under 
Article 8(2) of Regulation (EU) 2020/852. The Taxonomy 
reporting scope covers both divisions of Lindex Group: 
Stockmann and Lindex. KPI calculations follow general 
materiality principles and are determined based on the 
Group’s financial reporting information presented in the Notes 
to the Consolidated Financial Statements in Lindex Group’s 
Financial Review 2025, prepared in accordance with IFRS.
To avoid double counting, eligible KPIs are identified at 
Group-level. Only transactions with third parties are included. 
Turnover, capital expenditure (CapEx) and operating 
expenditure (OpEx) relate in full only to the climate change 
mitigation environmental objective. To determine the eligibility 
and alignment percentages, the taxonomy-eligible and

Report 
of 
the 
Board 
of 
Directors 
84
taxonomy-aligned turnover, CapEx and OpEx are each 
compared with total turnover, total CapEx and total OpEx 
respectively, in line with EU Taxonomy 
definitions.
The tables showing the extent of eligibility and alignment as 
required by the EU Taxonomy Regulation are provided at the 
end of this chapter.
Turnover
Total turnover is based on revenue reported in the 
Consolidated Income Statement as at 31 December 2025, 
which amounted to EUR 952.3 million, see Note 2.2.1.1.
Lindex Group’s Taxonomy-eligible turnover is calculated as 
turnover from sublease and concession agreements, which 
for the reporting year amounted to EUR 18.0 million. The 
Stockmann 
division 
only 
records 
turnover 
from 
sublease 
and concession agreements for its department stores. The 
proportion of the Lindex Group’s Taxonomy-eligible turnover 
is calculated as turnover from sublease and concession 
agreements in relation to the Lindex Group’s total turnover.
Based on the assessments of technical screening criteria for 
economic activities relevant for Lindex Group as described 
above, the Group has not identified any of its turnover as 
aligned.
Capital 
expenditures 
(CapEx)
Total CapEx, as defined by the Taxonomy 
Regulation, 
comprises additions to tangible and intangible assets 
during the financial year considered before depreciation, 
amortisation and any re-measurements, including those 
resulting 
from 
revaluations 
and 
impairments 
for 
2025 
and excluding fair-value changes. Total CapEx for 2025
amounted to EUR 86.1 
million, see Notes 3.2, 3.3 
and 3.5.
Lindex Group’s Taxonomy-eligible CapEx is calculated as 
CapEx investments in right-of-use buildings and structures, 
owned 
buildings, 
as 
well 
as 
advance 
payments 
and 
work 
in progress, which as at 31 December 2025 was EUR
57.5 million. The decrease in both Total and Taxonomy-
eligible CapEx in 2025 compared to 2024 was due to more 
re-negotiated contracts of higher value in Lindex division in 
2024 than in 2025. For Stockmann division, in 2024 there 
were lease extensions as well as rent indexation for some 
department stores taking place, resulting in higher Total and 
Taxonomy-eligible CapEx in 2024 compared to 2025. All of 
the 
eligible 
CapEx 
is 
categorised 
under 
(a): 
CapEx 
related 
to 
assets 
or 
processes 
associated 
with 
Taxonomy-eligible 
or Taxonomy-aligned economic activities. The share of the
Lindex Group’s Taxonomy-eligible CapEx is calculated as the 
proportion of CapEx as well as advance payments and work 
in progress relating to right-of-use and owned buildings in 
relation to Lindex Group’s total CapEx as defined under the 
EU Taxonomy.
Based on the technical screening criteria 
as described above,
the Group has not 
identified any aligned CapEx.
Operating 
expenses 
(OpEx)
According to the EU Taxonomy definition of the OpEx KPI, 
the total OpEx includes research and development, building 
renovation measures, short-term leases, maintenance and 
repair, and any other direct expenditures related to the day-
to-day servicing of assets of property, plant and equipment. 
For Lindex 
Group, OpEx 
does not 
include ICT expenses 
as 
it is not possible to distinguish ICT maintenance expenses 
from other ICT expenses. For 2025, total OpEx according to 
the Taxonomy definition amounted to EUR 42.4 million, see 
Note 2.6.
Lindex Group’s Taxonomy-eligible OpEx is determined as 
OpEx related to real estate maintenance, which as at 31 
December 2025 was EUR 3.9 million. The proportion of 
Lindex Group’s Taxonomy-eligible OpEx is calculated as real 
estate maintenance expenditure in relation to Lindex Group’s 
total OpEx, according to the Taxonomy definition.
Based on the technical screening criteria 
as described above,
the Group has not 
identified any aligned OpEx.

 
Report 
of 
the 
Board 
of 
Directors 
85
Proportion of 
turnover from 
products or 
services associated 
with Taxonomy-aligned economic 
activities – 
disclosure covering 
year 2025
Financial year 2025
2025
Substantial contribution criteria
DNSH criteria (Does 
not significantly harm)
Economic activities (1)
Code(s)
(2)
Turnover
(3)
Proportion of 
turnover,
year 
2025 (4)
Climate
Change 
Mitigation (5)
Climate
Change
Adaptation
(6)
Water
(7)
Pollution
(8)
Circular 
Economy
(9)
Biodiversity
(10)
Climate
Change 
Mitigation (11)
Climate
Change
Adaptation
(12)
Water
(13)
Pollution
(14)
Circular 
Economy
(15)
Biodiversity
(16)
Minimum 
safeguards
(17)
Proportion of 
Taxonomy
-
aligned (A.1.)
or
eligible
(A.2.) 
turnover, year 
2024 (18)
Category 
(enabling 
activity)
(19)
Category 
(transitional 
activity)
(20)
EUR
million
%
1
Y;N;
N/EL
Y;N;
N/EL
Y;N;
N/EL
Y;N;
N/EL
Y;N;
N/EL
Y;N;
N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
1
E
T
A.
 
TAXONOMY-ELIGIBLE ACTIVITIES
A.1
 
Environmentally sustainable activities 
(Taxonomy-aligned)
Acquisition and ownership of 
buildings
(Renting and operating of own 
or leased real estate)
CCM 7.7
0.0
0.0%
0.0%
Turnover of environmentally sustainable 
activities (Taxonomy-aligned) (A.1.)
0.0
0.0%
0.0%
Of which enabling
0.0
0.0%
0.0%
E
Of which transitional
0.0
0.0%
0.0%
T
A.2. Taxonomy-eligible 
but not environmentally sustainable 
activities (not Taxonomy 
-aligned activities)
EL; 
N/EL
EL; 
N/EL
EL; 
N/EL
EL; 
N/EL
EL; 
N/EL
EL; 
N/EL
Acquisition and ownership of 
buildings
(Renting and operating of own 
or leased real estate)
CCM 7.7
18.0
1.9%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
2.0%
Turnover from Taxonomy-eligible but not 
environmentally sustainable activities 
(not Taxonomy-aligned activities) (A.2)
18.0
1.9%
100%
N/EL
N/EL
N/EL
N/EL
N/EL
2.0%
A. Turnover of Taxonomy eligible 
activities (A.1+A.2)
18.0
1.9%
100%
N/EL
N/EL
N/EL
N/EL
N/EL
2.0%
Turnover of Taxonomy 
-non-eligible activities (B)
934.3
98.1%
TOTAL (A+B)
952.3
100.0%
EL 
– Taxonomy 
eligible activity for the 
relevant objective
N/EL 
– Taxonomy 
non-eligible activity 
for the 
relevant objective 
Y - Yes 
– Taxonomy 
-eligible and Taxonomy 
-aligned activity with 
the relevant environmental objective
N - No 
– Taxonomy 
-eligible but not 
Taxonomy 
-aligned activity 
with the relevant environmental objective
1) 
All percentages relate 
to the Group’s 
sales revenue of Taxonomy 
-eligible and -non-eligible 
activities.
Of Lindex Group’s 
sales revenue of Taxonomy 
-eligible and -non-eligible 
activities in 2025, 
EUR 18.0 (18.4) 
million, or 1.9% 
(2.0%), was Taxonomy 
-eligible sales revenue.
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

 
Report 
of 
the 
Board 
of 
Directors 
86
Proportion of 
CapEx from 
products or 
services associated 
with Taxonomy-aligned economic 
activities – 
disclosure covering 
year 2025
Financial year 2025
2025
Substantial contribution criteria
DNSH criteria (Does 
not significantly harm)
Economic activities (1)
Code(s)
(2)
CapEx
(3)
Proportion
of 
CapEx, 
year 
2025 (4)
Climate
Change 
Mitigation (5)
Climate
Change
Adaptation
(6)
Water
(7)
Pollution
(8)
Circular 
Economy
(9)
Biodiversity
(10)
Climate
Change 
Mitigation (11)
Climate
Change
Adaptation
(12)
Water
(13)
Pollution
(14)
Circular 
Economy
(15)
Biodiversity
(16)
Minimum 
safeguards
(17)
Proportion of 
Taxonomy
-
aligned (A.1.)
or
eligible
(A.2.) 
CapEx, year 
2024 (18)
Category 
(enabling 
activity)
(19)
Category 
(transitional 
activity)
(20)
EUR
million
%
1
Y;N;
N/EL
Y;N;
N/EL
Y;N;
N/EL
Y;N;
N/EL
Y;N;
N/EL
Y;N;
N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
1
E
T
A.
 
TAXONOMY-ELIGIBLE ACTIVITIES
A.1
 
Environmentally sustainable activities 
(Taxonomy-aligned)
Acquisition and ownership of 
buildings
(Renting and operating of own 
or leased real estate)
CCM 7.7
0.0
0.0%
0.0%
CapEx of environmentally sustainable 
activities (Taxonomy-aligned) (A.1.)
0.0
0.0%
0.0%
Of which enabling
0.0
0.0%
0.0%
E
Of which transitional
0.0
0.0%
0.0%
T
A.2. Taxonomy-eligible 
but not environmentally sustainable 
activities (not Taxonomy 
-aligned activities)
EL; 
N/EL
EL; 
N/EL
EL; 
N/EL
EL; 
N/EL
EL; 
N/EL
EL; 
N/EL
Acquisition and ownership of 
buildings
(Renting and operating of own 
or leased real estate)
CCM 7.7
57.5
66.9%
EL
EL
N/EL
N/EL
N/EL
N/EL
74.1%
CapEx of Taxonomy-eligible but not 
environmentally sustainable activities 
(not Taxonomy-aligned activities) (A.2.)
57.5
66.9%
100%
0%
N/EL
N/EL
N/EL
N/EL
74.1%
A. CapEx of Taxonomy eligible 
activities (A.1+A.2)
57.5
66.9%
100%
0%
N/EL
N/EL
N/EL
N/EL
74.1%
B.
 
TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of 
Taxonomy-non-eligible activities (B)
28.5
33.1%
TOTAL (A+B)
86.1
100.0%
EL 
– Taxonomy 
eligible activity for the 
relevant objective
N/EL 
– Taxonomy 
non-eligible activity 
for the 
relevant objective 
Y - Yes 
– Taxonomy 
-eligible and Taxonomy 
-aligned activity with 
the relevant environmental objective
N - No 
– Taxonomy 
-eligible but not 
Taxonomy-aligned 
activity 
with the relevant environmental objective
1) 
All percentages relate 
to the Group’s 
capital expenditure of 
Taxonomy 
-eligible and -non-eligible 
activities.
Of Lindex Group’s 
capital expenditure of 
Taxonomy 
-eligible and -non-eligible 
activities in 2025, 
EUR 57.5 (103.6) 
million, or 66.9% 
(74.1%), was Taxonomy 
-eligible capital expenditure.

 
Report 
of 
the 
Board 
of 
Directors 
87
Proportion of 
OpEx from 
products or 
services associated 
with Taxonomy-aligned economic 
activities – 
disclosure covering 
year 2025
Financial year 2025
2025
Substantial contribution criteria
DNSH criteria (Does 
not significantly harm)
Economic activities (1)
Code(s)
(2)
OpEx
(3)
Proportion
of 
OpEx, year 2025 
(4)
Climate
Change 
Mitigation (5)
Climate
Change
Adaptation
(6)
Water
(7)
Pollution
(8)
Circular 
Economy
(9)
Biodiversity
(10)
Climate
Change 
Mitigation (11)
Climate
Change
Adaptation
(12)
Water
(13)
Pollution
(14)
Circular 
Economy
(15)
Biodiversity
(16)
Minimum 
safeguards
(17)
Proportion of 
Taxonomy
-
aligned (A.1.)
or
eligible
(A.2.) 
OpEx, year 2024 
(18)
Category 
(enabling 
activity)
(19)
Category 
(transitional 
activity)
(20)
EUR
million
%
1
Y;N;
N/EL
Y;N;
N/EL
Y;N;
N/EL
Y;N;
N/EL
Y;N;
N/EL
Y;N;
N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
1
E
T
A.
 
TAXONOMY-ELIGIBLE ACTIVITIES
A.1
 
Environmentally sustainable activities 
(Taxonomy-aligned)
Acquisition and ownership of 
buildings
(Renting and operating of own 
or leased real estate)
CCM 7.7
0.0
0.0%
0.0%
OpEx of environmentally sustainable 
activities (Taxonomy-aligned) (A.1.)
0.0
0.0%
0.0%
Of which enabling
0.0
0.0%
0.0%
E
Of which transitional
0.0
0.0%
0.0%
T
A.2. Taxonomy-eligible 
but not environmentally sustainable 
activities (not Taxonomy 
-aligned activities)
EL; 
N/EL
EL; 
N/EL
EL; 
N/EL
EL; 
N/EL
EL; 
N/EL
EL; 
N/EL
Acquisition and ownership of 
buildings
(Renting and operating of own 
or leased real estate)
CCM 7.7
3.9
9.1%
EL
EL
N/EL
N/EL
N/EL
N/EL
10.1%
OpEx of Taxonomy-eligible but not 
environmentally sustainable activities 
(not Taxonomy-aligned activities) (A.2.)
3.9
9.1%
100%
0%
N/EL
N/EL
N/EL
N/EL
10.1%
A. OpEx of Taxonomy eligible 
activities (A.1+A.2)
3.9
9.1%
100%
0%
N/EL
N/EL
N/EL
N/EL
10.1%
B.
 
TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of 
Taxonomy-non-eligible activities (B)
38.5
90.9%
TOTAL (A+B)
42.4
100.0%
EL 
– Taxonomy 
eligible activity for the 
relevant objective
N/EL 
– Taxonomy 
non-eligible activity 
for the 
relevant objective 
Y - Yes 
– Taxonomy 
-eligible and Taxonomy 
-aligned activity with 
the relevant environmental objective
N - No 
– Taxonomy 
-eligible but not 
Taxonomy-aligned 
activity 
with the relevant environmental objective
1) 
All percentages relate 
to the Group’s 
operating expenditure of 
Taxonomy 
-eligible and -non-eligible 
activities.
Of Lindex Group’s 
operating expenditure 
of Taxonomy 
-eligible and -non-eligible 
activities in 2025, 
EUR 3.9 (4.2) 
million, or 9.1% 
(10.1%), was Taxonomy 
-eligible operating expenditure.

 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
88
Nuclear energy 
and fossil 
gas related 
activities
With regard to 
nuclear energy and fossil 
gas related activities, Lindex 
Group did not carry 
out such activities 
in 2025, as shown 
in
the table below and 
required to disclose by 
Complementary Climate Delegated Act 2022/1214:
Nuclear energy related activities
1
The undertaking carries out, funds or has exposures 
to research, development, demonstration and 
NO 
deployment of innovative electricity generation facilities 
that produce energy from nuclear processes 
with
minimal waste from the fuel 
cycle.
2
The undertaking carries out, funds or has exposures 
to construction and safe operation of new nuclear 
NO 
installations to produce electricity or process heat, 
including for the purposes of district heating or
industrial processes such as hydrogen production, as 
well as their safety upgrades, using best available 
technologies.
3
The undertaking carries out, funds or has exposures 
to safe operation of existing nuclear installations 
that 
NO 
produce electricity or process heat, including 
for the purposes of district heating or industrial 
processes
such as hydrogen production from nuclear 
energy, as 
well as their safety upgrades.
Fossil gas related activities
4
The undertaking carries out, funds or has exposures 
to construction or operation of electricity generation 
NO 
facilities that produce electricity using fossil gaseous 
fuels.
5
The undertaking carries out, funds or has exposures 
to construction, refurbishment, and operation of 
NO 
combined heat/cool and power generation facilities 
using fossil gaseous fuels.
6
The undertaking carries out, funds or has exposures 
to construction, refurbishment and operation of heat 
NO 
generation facilities that produce heat/cool using 
fossil gaseous fuels.

 
Report 
of 
the 
Board 
of 
Directors 
89
SOCIAL INFORMATION
S1 
Own workforce 
S1–1 
Policies related 
to own 
workforce
Lindex Group has adopted policies to address material 
impacts, 
concerning 
its 
workforce. 
These 
include 
the 
Human 
Rights 
Policy 
and 
Speak-Up 
Policy. 
Collectively, 
these policies promote respect for human rights, diversity, 
inclusion, and fair treatment of all employees. The policies 
and further details are presented in chapter 
MDR-P Policies 
adopted to manage material sustainability matters.
The Group’s policies are related to all social aspects, which 
collectively provide guidelines to promote human rights, 
diversity and inclusion, and fair and ethical treatment of its 
own workforce and workers in the value chain. The policies 
relate to the material impacts described in 
SBM-3 Material 
impacts, risks, and opportunities, and their interaction with 
strategy 
and 
business 
model. 
In 
addition 
to 
the 
policies 
listed in 
MDR-P Policies adopted to manage material 
sustainability matters
, the Group has specific policies and 
guidelines 
that 
cover 
discrimination 
and 
harassment 
based 
on factors such as gender identity, sexual orientation, race, 
nationality, 
ethnic 
or 
social 
origin, 
disability, 
language, 
political opinion, religion, and age.
In 2025, the Lindex division introduced a new Code 
of Conduct (Ethics the Lindex Way) to reinforce its
commitment to responsible business practices, ethical 
behaviour, 
inclusion, 
and 
equal 
opportunities. 
The 
Code 
of 
Conduct 
builds 
on 
the 
existing 
policies 
by 
establishing 
a clear framework for their implementation. It also draws 
from 
the 
Lindex 
Group-level 
Code 
of 
Conduct, 
tailoring 
its principles to better align with the division’s operational 
context and strategic priorities. To support the rollout, the 
Lindex 
division 
is 
developing 
a 
training 
program 
aimed 
at reaching all employees, ensuring that the updated
standards are clearly understood and consistently applied 
across the organisation.
This initiative 
reflects the 
Lindex division’s 
ongoing
efforts to embed ethical conduct into daily operations and 
strengthen alignment with both internal values and external 
expectations. By complementing the group-wide framework 
with 
a 
division-specific 
Code 
of 
Conduct, 
the 
Lindex 
division aims to provide clearer guidance and accountability 
mechanisms that resonate with the realities of its workforce 
and business environment.
The 
Stockmann 
division 
has 
implemented 
an 
equality 
and non-discrimination plan aimed at identifying structural 
issues in the workplace and establishing improvement
targets for creating a more equal environment. The primary 
objective of the plan is to establish a non-discriminatory, 
inclusive, and equitable workplace. The Stockmann division 
has an extensive workplace accident prevention policy in 
place.
The Group’s Human Rights Policy is aligned with globally 
recognised frameworks, including:
•
 
The International 
Bill of 
Human Rights.
•
 
ILO Declaration on Fundamental Principles and Rights 
at Work and core conventions.
• 
UN 
Conventions, 
such 
as 
those 
on 
the 
Elimination 
of 
All Forms of Discrimination Against Women, on the 
Rights of the Child, and on the Elimination of All Forms 
of Racial Discrimination.
•
 
OECD Guidelines for Multinational Enterprises and UN 
Global Compact.
•
 
UN Guiding 
Principles on 
Business and 
Human Rights.
•
 
The 
policy 
is 
guided 
by 
both 
the 
Women’s 
Empowerment Principles and the Children’s Rights and 
Business Principles.
The 
policies 
are 
implemented 
through 
employee 
training 
and grievance mechanisms such as Whistleblowing. The 
Stockmann division’s training related to these policies is 
further described in 
G1–1 Business conduct policies and 
corporate culture 
and 
G1–4 Prevention and detection of 
corruption and bribery. 
The Lindex division plans to launch 
related training in 2026. Grievance mechanisms are further 
described in 
S1–3 Processes to remediate negative impacts 
and channels for own workers to raise concerns. 
The Group 
Leadership 
Team 
and 
both 
divisions 
implement 
these 
policies across all departments and employees.

 
 
Report 
of 
the 
Board 
of 
Directors 
90
S1–2 
Processes for engaging with own workers and 
workers’ representatives about impacts
The divisions use different methods to engage with their 
workforce, such as personnel surveys, success dialogues, 
trade 
unions, 
and 
employee 
committees. 
These 
methods 
are 
implemented 
to 
gather 
employee 
feedback, 
support 
well-being, and promote an inclusive and collaborative work 
environment. The specific engagement methods applied by 
each division are described below.
Lindex division
The Lindex division’s personnel survey, the Lindex Voice, 
typically conducted twice a year, gathers insights on well-
being, motivation, strategic alignment, and diversity, equity, 
and 
inclusion 
(DEI). 
The 
survey 
was 
administered 
only 
once during the reporting year due to a transition in survey 
provider, which temporarily impacted the survey cadence. 
The results are benchmarked against industry standards.
In the most recent round in 2025, the engagement score 
of 8.4/10 was achieved, with a 72% participation rate.
The Chief People & Communications Officer oversees the 
Lindex Voice survey and shares the findings with leadership 
and the Board to guide priorities. Surveys are translated into 
local languages to capture diverse perspectives, ensuring 
inclusivity and responsiveness to employee needs.
The 
division 
conducts 
annual 
performance 
dialogues 
with 
all employees, complemented by regular follow-ups. People 
leaders 
are 
responsible 
for 
carrying 
out 
these 
dialogues 
with their teams, while the Chief People & Communications 
Officer oversees their implementation.
The 
Lindex 
division 
has 
trade 
union 
employee 
representatives in Sweden, Norway and Finland. Employee 
representatives participate in 1–6 joint annual meetings, 
depending on the country, to discuss collective agreements 
including wages, working hours and other employment 
conditions, 
workplace 
safety 
issues 
to 
protect 
employees 
from the potential health and safety risks and negative 
impacts, workplace procedures including conflict resolution 
mechanisms, 
and 
training 
and 
development 
opportunities 
for career growth. In the countries where the Lindex division 
does not have employee representatives, the division
plans to strengthen alternative engagement methods in the 
upcoming years.
Stockmann 
division
The Stockmann division’s employee survey, the Staff 
Barometer personnel survey, acts as the main tool for 
generating an understanding of how employees are feeling 
and helping to pinpoint topics that require attention. The 
division has taken various improvement actions based on 
previous survey results, such as enhancing well-being, with 
an 
emphasis 
on 
learning 
and 
development 
opportunities, 
as 
well 
as 
recruitment 
practices. 
During 
2025, 
the 
survey 
was carried out once. In the survey results, 48% of 
respondents rated the key metrics – work engagement, 
overall job satisfaction, intention to stay, and likelihood of 
recommending the company – as positive. The results are 
based on a combined total of 1,168 responses.
The 
division 
conducts 
success 
dialogues 
at 
least 
twice 
a year for all employees, covering themes such as 
collaboration and well-being, target setting and action
planning, 
personal 
development 
and 
learning, 
and 
future 
at the division. The people leaders at the division have an 
operative responsibility to oversee that these dialogues are 
held.
The division has personnel committees that operate in 
every 
site 
in 
Finland 
and 
meet 
four 
times 
a 
year. The 
key role of the personnel committees is to contribute to 
the development of the work community and enhance
local well-being. In addition to the personnel committees, 
employee representatives have monthly meetings with the 
Chief Operating Officer, Chief People & Culture Officer,
and Chief 
Sales & 
Marketing Officer 
to maintain 
an ongoing
dialogue between 
the top 
management and 
employees.
Satisfaction 
with 
the 
processes 
is 
measured 
in 
the 
personnel survey, and reports are available to the people 
leaders. The Head of Talent Attraction and Development is 
responsible for the process and development of the success 
dialogues. The division’s Director of People & Culture
is responsible for the implementation and results of the 
personnel survey and Head of Legal, Employment & Data 
Protection 
is 
responsible 
of 
the 
implementation 
and 
results 
of the cooperation with personnel representatives.
S1–3 
Processes to remediate negative impacts and 
channels for own workers to raise concerns
The Group has established processes to remediate 
negative 
impacts 
on 
its 
employees, 
and 
has 
channels 
for raising concerns or complaints, in alignment with the 
Whistleblowing Directive (EU) 2019/1937. The Group’s 
speak-up portal enables different stakeholder groups to
anonymously report concerns. The portal is provided by an 
external partner WhistleB, Whistleblowing Centre.
The concerns are handled in accordance with the Group’s 
Speak-Up 
Policy, 
which 
includes 
a 
due 
diligence 
process 
to verify facts and identify remedies for adverse impacts. 
Retaliation against individuals who report in good faith or

 
Report 
of 
the 
Board 
of 
Directors 
91
participate in investigations is prohibited and may result in 
disciplinary actions, including termination of employment.
In addition to the speak-up portal, the employees of both 
divisions can report issues directly to a team leader or a 
manager, or a colleague from Human Resources, Security, 
Sustainability, Legal or Internal Audit. All reports are treated 
with the utmost sensitivity, and confidentiality is protected to 
the greatest extent possible.
Both 
divisions 
regularly 
review 
and 
monitor 
the 
effectiveness of the grievance mechanisms, by tracking 
employee trust through surveys. In the Lindex division’s 
personnel survey, the question “If I experienced serious 
misconduct 
at 
work, 
I’m 
confident 
Lindex 
would 
take 
action 
to rectify the situation” helps assess awareness and trust in 
these processes. The Stockmann division’s survey includes 
questions about whether the employees feel they can voice 
their 
complaints 
and 
resolve 
work-related 
disagreements. 
The 
feedback 
is 
used 
to 
ensure 
continuous 
improvement 
and to maintain an accessible and reliable system for 
addressing employee concerns at both divisions. For other 
stakeholder groups who report misconduct, the issues
are tracked and monitored on a case-by-case basis. The 
effectiveness of the grievance mechanism is ensured using 
an independent third-party service provider.
S1–4 
Taking action on material 
impacts on own 
workforce, and approaches to mitigating 
material risks and pursuing material 
opportunities related to own workforce, and 
effectiveness of those actions
The Group is dedicated to complying with local and 
international laws to mitigate and remediate potential or 
actual negative impacts arising from its business activities. 
As the Group continues to develop its human rights due 
diligence, the Group is also actively setting and reviewing 
specific 
action 
plans 
and 
targets 
to 
address 
material 
impacts such as work-life balance, health and safety, and 
freedom of association.
To enhance work-life balance, the Group aims to establish 
predictable shift schedules and offer flexible working 
arrangements to promote the overall well-being of its 
employees. 
Regarding 
health 
and 
safety, 
the 
Group 
ensures compliance with local legislation, organises safety 
training programmes, provides essential equipment, and 
implements monitoring processes.
In 
terms of 
freedom of 
association, the 
Group is 
committed 
to upholding employees’ rights to freely associate and 
engage in collective bargaining.
Key actions during the reporting period related to own 
workforce
Lindex division
•
 
The division continued to maintain strategic and 
operational human rights expertise for human rights 
due diligence to address negative impacts.
•
 
In 2025, a comprehensive impact assessment was 
conducted 
to 
identify, 
prevent, 
and 
mitigate 
human 
rights impacts across its own operations, including 
stores, offices, and warehouses. The work included 
starting to create actions and targets toward 2030. The 
implementation of these actions and targets will begin 
during 2026.
•
 
Annual culture bearing events was held for all 
employees on International Women’s Day, Menstrual 
Hygiene 
Day, 
menopause 
and 
hormonal 
health 
and 
a pink event linked to the Breast Cancer Awareness 
Month.
•
 
The division continued DEI training through onboarding 
process for new employees.
•
 
A new Code of Conduct was introduced in 2025, 
incorporating human rights and ethical standards, with 
related training to be launched in 2026.
•
 
The division acquired a digital learning and 
development platform to support employee 
development, including human rights training.
•
 
In 2025, the division updated its higher purpose to 
“drive meaningful change for women, so that every 
woman can enjoy life in harmony with her body”.
•
 
The 
division 
participated 
in 
networks 
such 
as 
the Diversity Charter Sweden and Jobbsprånget 
to enhance the division’s positive impact on the 
workforce.

Report 
of 
the 
Board 
of 
Directors 
92
Stockmann 
division
•
 
The 
division 
provided 
training 
for 
the 
department 
stores’ 
people 
leaders 
related 
to 
wellbeing 
and 
ability 
to work. The trainings took place in Turku, Tapiola and 
distribution centre Jussla during 2025.
•
 
In 2025, the division developed its tools for operative 
risk management. The purpose of the project was to 
bring the questions and observations made during risk 
assessments into an electronic environment.
•
 
The division’s DEI working group continued to develop 
and 
implement 
the 
division’s 
DEI 
strategy. 
During 
2025, a mandatory DEI eLearning course for all 
employees was launched.
•
 
In 2025, the division continued to partner with Helsinki 
Pride.
•
 
In 2025, the Stockmann division participated in the UN 
Orange days campaign to end violence against women 
and in the Retail Employees’ Day to recognise retail 
workers’ 
valuable 
contributions 
and 
to 
foster 
team 
spirit.
•
 
The division developed its HRM system further and 
introduced new features that, for example, improve 
visibility into employees’ own employment information.
The expected outcome of both division’s actions is 
to enhance 
the well-being, 
inclusivity and 
sense of
belonging 
of 
the 
division’s 
employees. 
The 
actions 
cover 
all employees in both divisions. Although more specific 
actions 
with 
timeframes 
are 
yet 
to 
be 
set, 
the 
divisions 
track the effectiveness of their actions through employee 
feedback mechanisms, surveys, and performance reviews. 
The actions at both divisions do not require significant 
operational (OpEx) or capital (CapEx) expenditures.
The Group proactively addresses negative impacts such 
as discrimination through policies described in 
S1–1 
Policies related to own workforce
, and provides training, 
for example, on diversity, equity and inclusion (DEI) for 
employees. These initiatives aim to foster an inclusive 
environment and promote equality.
To ensure remediation of material negative impacts, the 
Group operates a Speak-Up Policy and whistleblowing 
system that allows employees to report concerns 
confidentially. The process is further elaborated in 
S1–3 
Processes to remediate negative impacts and channels for 
own workers to raise concerns.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
93
S1–5 
Targets related to 
managing material negative 
impacts, advancing positive impacts, and 
managing material risks and opportunities
Lindex 
Group 
has 
set 
targets 
to 
manage 
material 
negative impacts, advance positive impacts, and address 
risks related to its workforce, with a focus on employee
engagement, diversity, equity and inclusion (DEI), and 
maintaining a zero-tolerance policy on discrimination and 
harassment.
Lindex 
division/ 
Stockmann 
division/ 
Group
Related policy and 
brief description 
of relation to the 
policy objective
Target
Frameworks 
or conclusive 
scientific 
evidence the
target is based 
on
Scope of
the target
Target 
base-
line 
year
Target 
baseline 
value
Results 2024 
Results 2025 
Additional information
Lindex 
division
The target is directly 
linked to the 
Group’s 
Human Rights 
Policy objective of 
fostering employee 
engagement
and participation.
Employee Engagement 
& Participation: achieve 
an engagement score 
of 8.6 (out of 10) and a 
69% participation rate 
in the Lindex Voice 
employee survey.
All own
employees
2021
-
Both targets were met 
in 2024, with 
an engagement score of 8.6 and 
participation rates of 75% in March 
and 8.5 and 72% in November.
In 2025, the 
engagement 
score was 8.4/10 and 
participation rate 72%.
Although the participation 
rate target was reached, 
the engagement score 
was 
slightly below the target.
The insights are 
used to 
reflect on the division’s 
engagement strategies.
Lindex division engaged with employees in 
setting these targets. Although the target 
concerning the employee engagement 
survey did not involve 
various departments, it 
significantly engaged stakeholders within the 
People and Communications Department.
Target is relative and has 
been consistent 
since 2021.
Lindex 
division
The target is directly 
linked to the 
Group’s 
Human Rights Policy 
objective of creating 
a culture of 
diversity, 
equity, and inclusion.
DEI 
Awareness 
Training: 
100% 
of 
employees 
to 
participate in DEI
awareness training.
All own
employees
2022
0%
All employees are assumed to 
have received the training, 
which is 
incorporated into onboarding and 
was provided to all when it was 
implemented.
All employees are 
assumed to have 
received the training, 
which is incorporated 
into onboarding and 
was 
provided to all when it 
was implemented.
Lindex division engaged with employees 
in setting these targets, 
especially for DEI, 
through interviews and analysis of survey 
data, ensuring that the targets align with 
workforce needs and the division’s goals.
Tracking attendance is a challenge due 
to the 
lack of a formal system. Future progress will 
depend on acquiring a digital learning and 
development platform to track completion.
Target is absolute 
and has been consistent 
since 2022. While there have been no 
changes in targets or measurement 
methodologies, future efforts will focus on 
implementing a learning 
management system 
to track DEI training completion and enhance 
the division's ability to monitor performance.
Lindex 
division
The target is directly 
linked to the 
Group’s 
Human Rights Policy 
and discrimination 
policy objective of 
zero tolerance for 
discrimination and 
harassment.
Zero Discrimination 
and Harassment: 
Ensure that no 
discrimination and 
harassment occurs in 
Lindex’ division’s own 
operations, year by 
year.
All own 
employees 
and non-
employees
2021
1
One incident of harassment was 
identified this year and 
necessary 
actions was taken to remediate it.
The commitment to a zero-tolerance 
harassment policy remains 
unwavering 
as Lindex division continue to ensure
a safe and respectful 
workplace for all 
employees.
No reported cases 
during 
2025.
Lindex division engaged with employees 
in setting these targets, 
especially for DEI, 
through interviews and analysis of survey 
data, ensuring that the targets align with 
workforce needs and the division’s goals.
Target is absolute and has 
been consistent 
since 2021.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
94
Lindex 
division/ 
Stockmann 
division/ 
Group
Related policy and 
brief description 
of relation to the 
policy objective
Target
Frameworks 
or conclusive 
scientific 
evidences the 
target is based 
on
Scope of
the target
Target 
baseline 
year
Target 
baseline 
value
Results 2024 
Results 2025 
Additional information
Stockmann 
division
Human Rights 
Policy: objective of 
fostering employee 
engagement and 
participation.
Empowered, motivated, and 
healthy, self-steering teams 
that place well-being at the 
core every day.
All own
employees
Previous 
year
The result for 
2024 was 37% 
favourability.
The result for 
2025 was 
42% favorability, +5% 
increase compared to 
2024.
The target is measured with personnel survey 
question “Stockmann cares about my physical and 
mental health”. The division has set qualitative goals 
2022–2025 aligned with its strategic 
priorities covering 
all own employees. These targets are monitored with 
the questions in the personnel survey. 
Progress is 
monitored annually, though no specific 
baseline year/ 
value or target levels have been set.
Results guide case-by-case improvements where 
needed. The current targets are qualitative with 
quantitative KPIs, and employee 
representatives have 
not been directly involved in their formulation.
Stockmann 
division
Human Rights 
Policy: objective of 
fostering employee 
engagement and 
participation.
Stockmann team 
members work in 
safe 
and responsible work 
environment.
All own
employees
Previous 
year
The result for 
2024 was 56% 
favourability.
The result for 
2025 was 
60% favorability, +4% 
increase compared to 
2024.
The target is measured with personnel survey 
question “My work setup helps me take care of my 
personal life.” The division has set qualitative goals 
2022–2025 aligned with its strategic 
priorities covering 
all own employees. These targets are monitored with 
the questions in the personnel survey. 
Progress is 
monitored annually, though no specific 
baseline year/ 
value or target levels have been set.
Results guide case-by-case improvements where 
needed. The current targets are qualitative with 
quantitative KPIs, and employee 
representatives have 
not been directly involved in their formulation.
Stockmann 
division
Human Rights 
Policy: objective of 
fostering employee 
engagement and 
participation.
Stockmann team members 
get support for taking care 
of their own health and 
wellbeing.
All own
employees
Previous 
year
0,18 days/employee,
meaning 287 sick 
leave days altogether 
in 2025.
The target is measured with the amount of sick leaves 
in the reporting period. The target is calculated by 
dividing actual sick leave days per employee. The 
division has set qualitative goals 2022–2025 aligned 
with its strategic priorities covering all 
own employees. 
These targets are monitored with the questions in the 
personnel survey. Progress is 
monitored annually, 
though no specific baseline year/value or target
levels have been set. The number includes the entire
Stockmann division.
Results guide case-by-case improvements where 
needed. The current targets are qualitative with 
quantitative KPIs, and employee 
representatives have 
not been directly involved in their formulation.
The target is measured with the 
amount of sick leave 
during reporting period, for cases that have taken 
place during the reporting period.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
95
S1–6 
— 
S1–17 
Metrics related 
to own 
workforce
S1-6 CHARACTERISTICS OF 
THE GROUP’S
OWN EMPLOYEES
Number of employees (head 
count)
Female
5,435
5,491
Male
531
497
Other
0
0
Not reported
0
0
Total employees
5,966
5,988*
Gender 
2024
2025
Employees in countries where the Group has
at least 50 employees, representing at 
least 10% 
of its total employees
Number of employees (head 
count)
Country 
2024
2025
Sweden 
2,093
2,044
Finland 
1,541
1,471
Norway 
943
1,066
See the 
Key Figures 
table of 
the consolidated 
financial statements 
2025.
Characteristics of 
the Group’s 
own employees 
by contract 
type and 
gender
* Employees on long-term leave within the Stockmann division 
are included 
in the 
total of 
5,988, in 
contrast to 
the personnel 
figures stated 
in the 
Report of the Board of Directors.
Female 2025
Number of employees (head 
count)
5,491 (5,435)
497 (531)
0 (0)
0 (0)
5,988 (5,966)
Number of permanent employees (head 
count)
4,480 (4,434)
469 (504)
0 (0)
0 (0)
4,949 (4,938)
Number of temporary employees 
(head count)
582 (618)
26 (26)
0 (0)
0 (0)
608 (644)
Number of non-guaranteed hours employees 
(head count)
429 (383)
2 (1)
0 (0)
0 (0)
431 (384)
Number of full-time 
employees (head count)
1,700 (1,691)
385 (416)
0 (0)
0 (0)
2,085 (2,107)
Number of part-time employees 
(head count)
3,791 (3,745)
112 (114)
0 (0)
0 (0)
3,903 (3,859)
(2024)
Male 2025
(2024)
Other 2025
(2024)
Not disclosed 
2025 (2024)
Total 2025
(2024)
All head counts reported in metrics in 
S1 Own Workforc
e 
includes individuals with valid contracts on 31 December 
2025. Individuals on long-term absence, defined as any 
uninterrupted 
absence 
lasting 
more 
than 
30 
consecutive 
days at the year-end, have been excluded for the Lindex 
division. The data has been extracted from the divisions’ HR 
systems.
During the reporting year, 2,107 (2024: 
2,401; earlier reported: 1,059) employees left the company, 
giving an employee turnover of 35.2% (2024: 40.2%, 
earlier reported: 17.8%). As of the 2025 reporting period, 
number of employees who left the company include temporary 
workers. 
Comparable figures have 
been updated accordingly.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
96
S1-8 COLLECTIVE 
BARGAINING COVERAGE AND 
SOCIAL DIALOGUE
Collective bargaining coverage
Social dialogue
Coverage 
Employees – EEA (for countries with > 
50 empl.
rate 
representing >10% of total 
empl.)
Workplace representation (EEA only, for countries 
with >50 empl. representing 10% total empl.)
0–19%
20–39%
40–59%
60–79%
80–100% 
Sweden, Norway, Finland
Sweden, Norway, Finland
The 
proportions 
of 
collective 
bargaining 
coverage 
and 
social 
dialogue 
in 
the 
countries 
with 
the 
largest 
workforces 
was 
unchanged in 2025 compared to 2024.
78.3% (2024: 
78.3%) of 
Lindex Group’s 
employees are 
covered by 
collective bargaining 
agreements.
S1-9 DIVERSITY 
METRICS
Diversity metrics 
top management, 
2025 (2024)
Female 
Female %
Male 
Male %
Other
Other %
Gender not
disclosed
Gender not
disclosed %
Top management
7 (9)
47% (50%)
8 (9)
53% (50%)
0 (0)
0% (0%)
0 (0)
0% (0%)
Top 
management includes 
Lindex Group’s 
and the 
divisons’ Leadership 
teams.
Diversity metrics 
employees, 2025 
(2024)
S1-10 ADEQUATE WAGES
Lindex 
Group 
has 
conducted 
a 
double 
materiality 
assessment 
across 
its 
operations. 
Based 
on 
this 
assessment, the topic was determined to be not material for 
the current reporting period.
The evaluation considered wage-setting mechanisms such 
as collective bargaining agreements in Sweden, Norway, 
Finland; EU Directive on Adequate Minimum Wages in the 
other 
EEA countries 
and 
the 
UK 
National 
Living 
Wage 
in 
the UK, as well as the Anker methodology in production 
countries outside EEA.
No 
significant material 
impacts were 
identified in 
relation to
wage adequacy.
Under 30 years old
30 to 50 years old
Over 50 years old
Total
Number of 
employees
2,070 (2,149)
2,340 (2,294)
1,578 (1,523)
5,988 (5,966)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
97
S1-14 HEALTH AND 
SAFETY METRICS
Health and 
safety management 
system coverage
Lindex division 
Stockmann division
S1-16 REMUNERATION METRICS (PAY 
GAP
AND TOTAL REMUNERATION)
The gender 
pay gap 
percentage, defined 
as the 
difference
of average 
pay levels 
between female 
and male 
employees,
contractual salary figures. The lower remuneration ratio 
reported for 2025 is an effect of the updated methodology, 
which results in higher underlying remuneration levels.
The remuneration 
of the 
highest-paid individual 
is lower
compared to 
2024, which 
has also 
contributed to 
a
Workers 
covered 
by a health and 
safety management 
system (%)
100 
100
is 17,17% in total (2024: 18.06%). In 2025, most of the 
males were working in the offices (white-collar), whereas 
the majority of the store personnel (blue-collar) were 
females. The gender pay gap was -0.40% among
reduction of 
the remuneration 
ratio.
S1-17 INCIDENTS, 
COMPLAINTS AND
The figures are estimated based on that Lindex Group 
adheres to local occupational safety and health legislation. 
There has been no changes 2025 compared to 2024.
Work-related 
injuries 
and 
work-related 
accidents
2024 
2025
Number of fatalities as a result of 
work-related injuries
0
0
Number of 
work-related accidents
191
194
Rate of 
work-related accidents
25.3
27.5
Fatalities as a result of work-related 
injuries, other workers working on 
the company’s sites
0
0
The Lindex division collects data regarding work-related 
injuries 
and 
accidents 
through 
its 
corporate 
health 
and 
safety 
management 
system. 
The 
Stockmann 
division 
collects 
data 
from 
insurance 
company 
in 
Finland 
and 
include cases submitted to the official authority, the Labour 
Inspectorate, in Estonia and Latvia. Lindex division does not 
separate 
between 
recordable 
and 
non-recordable 
incidents, 
in contrast to the Stockmann division.
blue-collar 
employees, 
indicating 
slightly 
higher 
average 
pay for women, and 11.67% among white-collar employees. 
The average hourly salaries used in the gender pay gap 
calculation are based on annual disbursements during the 
reporting 
year 
for 
all 
active 
employees 
with 
valid 
contracts 
as of 31 December 2025. Individuals on long-term absence, 
defined as any uninterrupted absence lasting more than
30 consecutive days at the year-end, have been excluded. 
To determine the average hourly salary, 
total annual basic 
salary compensation was divided by the corresponding 
hours 
worked. A standardised 
full-time, 
full-year 
annual 
basic salary was then estimated based on local weekly
full-time equivalent (FTE) standards. Variable pay 
disbursements for the year were added to this standardised 
annual 
basic 
salary, 
and 
the 
total 
was 
converted 
back 
into 
an average hourly rate. A key change to the gender pay gap 
calculation in the 2025 reporting compared to 2024 is the 
inclusion of variable components.
The annual total remuneration ratio, based on the 
company’s 
highest 
paid 
individual 
divided 
by 
the 
median 
of all other employees, amounts to 17.81 (2024: 43.22). 
Annual remuneration is derived from the annual full-time, 
full-year salary including variable pay used in the pay gap
calculation. Compared to 2024, the 2025 remuneration ratio 
calculation has been adjusted by converting all salaries
to full-time 
equivalents and 
basing the 
figures on 
actual
disbursements, 
whereas 
the 
2024 
calculation 
partially 
used
SEVERE HUMAN RIGHTS 
IMPACTS
2024 
2025
Incidents of discrimination, including 
harassment
0
0
Complaints filed through 
grievance
mechanisms
6
18
The amount of fines, penalties, and 
compensation for damages as a 
result of incidents and complaints
0
0
Cases of severe human rights 
incidents
0
0
Out of the 18 concerns raised through channels for own 
workers during 2025, 15 were fully or partially substantiated, 
17 concerns lead to remediation and two cases remained 
open and were under review or ongoing remediation at the 
end 
of 
the 
reporting year. 
The 
increase 
in reported 
concerns 
in 2025 was influenced by five reports relating to the same 
case. 
It 
may 
also 
indicate 
increased 
awareness 
and 
a 
higher reporting tendency among employees. All three 
unresolved concerns from 2024 were resolved during 2025.
Data 
has 
been 
gathered 
from 
the 
designated 
speak-up 
portal 
(WhistleB) 
and 
the 
central 
and 
local 
functions 
of 
Human Resource, Security and Sustainability.

 
 
Report 
of 
the 
Board 
of 
Directors 
98
S2 
Workers in 
the value 
chain 
S2–1 
Policies related 
to value 
chain workers
Lindex Group has adopted policies to manage its material 
impacts 
concerning 
workers 
in 
its 
value 
chain. 
These 
policies, Human Rights Policy and Speak-Up Policy, outline 
Lindex Group’s commitments to responsible and ethical 
sourcing, considering impacts on human rights. The policies 
and further details are presented in chapter 
MDR-P Policies 
adopted to manage material sustainability matters.
The Group’s Human Rights Policy outlines Lindex Group’s 
commitment to respecting internationally recognised human 
rights, 
including 
labour 
rights, 
and 
includes 
provisions 
for 
safe workplaces, adequate wages, and the prohibition
of child labour, forced labour, and human trafficking. The 
Group’s 
commitment 
encompasses 
the 
entire 
workforce 
within its value chain. Special consideration is provided to 
safeguard 
the 
health 
and 
well-being 
of 
female 
workers 
in 
the supply chain. In 2025, there were 11 identified cases of 
non-compliance with the UN Guiding Principles on Business 
and Human Rights, ILO principles, or OECD Guidelines 
related to value chain workers. All issues have been 
addressed 
and 
10 
of 
the 
11 
have 
been 
remediated 
during 
the reporting year.
The Group ensures that its commitments are accessible 
to its suppliers. The Lindex division has outlined
these commitments 
in its 
Supplier Code 
of Conduct
and sustainability commitments. Additionally, these 
commitments are incorporated into the supplier purchasing 
agreements. Compliance is regularly evaluated through
pre-assessments, 
regular 
audits 
and 
evaluations, 
using 
a business scorecard to recognise high-performing
commercial goods suppliers. The Stockmann division has 
integrated the commitments into supplier agreements. As 
part 
of 
the 
agreements, 
the 
Stockmann 
division 
requires 
its 
commercial 
suppliers 
to 
commit 
to 
the 
amfori 
BSCI 
Code of Conduct, which includes eleven core labour rights
derived from international treaties, or to provide a document 
outlining similar commitments. The compliance of non-EU 
own-brand suppliers is monitored with regular audits.
Stockmann 
has 
started 
to 
expand 
the 
audit 
requirement 
to EU own-brand suppliers during 2025. Further details on 
how the Group engages with value chain workers on its
policies are provided in chapter 
S2–2 Process for engaging 
with value chain workers about impacts.
The Group provides an anonymous grievance mechanism, 
outlined in the Speak-Up Policy, allowing all stakeholders, 
including value chain workers, to report concerns 
confidentially through an online speak-up portal. When 
human 
rights 
violations 
are 
caused 
by 
third 
parties, 
the 
Group strives to use its leverage to ensure remediation and 
implement preventative measures.
S2
–2 
Processes for engaging with value chain 
workers about impacts
Lindex Group engages with value chain workers and their 
representatives to manage the impacts on workers across 
its supply chain. Through collaboration with recognised 
worker representatives and credible proxies, the Group 
obtains valuable insights, particularly from the most 
vulnerable groups, which are used to guide its decision-
making and strengthen its strategies. The effectiveness
of the engagement methods is assessed through audits, 
worker interviews, and grievance mechanisms.
Through regular consultations with credible proxies, the 
Lindex division gathers feedback when developing or 
updating policies, creating action plans, or implementing 
capacity-building programmes. For both divisions, 
engagement with value chain workers typically occurs 
during regular audits, which include confidential worker 
interviews to assess working conditions, grievance 
mechanisms, and awareness of rights among workers. 
The audit data informs the Group’s decisions to improve 
workplace standards. 
The audits 
are 
further described 
in
subchapter 
S2-4 Taking action on material impacts on value 
chain 
workers 
and 
approaches 
to 
managing 
material 
risks 
and pursuing material opportunities related to value chain 
workers, and effectiveness of those actions.
The Lindex division engages with suppliers in high-risk 
countries, including Bangladesh, China, India, Pakistan, and 
Turkey, 
through 
workshops, 
consultations, 
and 
providing 
role-specific 
training 
covering 
topics 
such 
as 
health 
and 
safety and gender equality. The division maintains a strong 
local presence in these countries through its own production 
offices, where the division’s employees maintain a close 
dialogue with suppliers to support the workers’ well-being.
The Lindex division is an active member of the Ethical 
Trading 
Initiative 
(ETI) 
and 
uses 
this 
platform 
to 
engage 
with a wide range of stakeholders, including NGOs, 
academia, trade unions, and governmental authorities, 
ensuring dialogue that advances workers’ rights and ethical 
practices. Additionally, 
the 
Lindex 
division 
is 
a 
signatory 
to 
the International Accord for Health and Safety in the Textile 
and Garment Industry, committing to safety inspections, 
factory improvements, and worker empowerment, with the 
involvement of global trade unions.

 
 
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In addition to the regular audits conducted by the 
Stockmann 
division, 
the 
division 
relies 
to 
some 
extent 
on the Lindex division’s production offices, and supplier
engagement regarding its own brand products, excluding 
hard 
goods, is 
therefore carried 
out 
by the 
Lindex division. 
In 2025, 64% of garment orders came from the Lindex 
division’s suppliers.
The 
Chief 
Sustainability 
Officer 
is 
responsible 
for 
overseeing the engagement at the Lindex division and 
ensuring that worker insights inform the division’s approach. 
At the Stockmann division, the Chief Technology & Supply 
Chain 
Officer 
and 
the 
Chief 
Brand 
and 
Offering 
Officer 
share the responsibility.
S2–3 
Processes to remediate negative impacts and 
channels for value chain workers to raise 
concerns
Lindex 
Group 
has 
a 
structured 
approach 
to 
remedy, 
which 
it 
follows 
in 
situations 
where 
it 
identifies 
that 
it 
has 
caused 
or contributed to a material negative impact on value chain 
workers. The Group’s Speak-Up portal, and the process 
described 
in 
S1–3 
Process 
to 
remediate 
negative 
impacts 
and 
channels 
for 
own 
workers 
to 
raise 
concerns
, 
is 
also 
used 
to 
report 
concerns 
related 
to 
workers 
in 
the 
value 
chain. When a negative impact is identified, Lindex Group 
follows a process outlined in the Speak-Up Policy, which 
includes a comprehensive investigation by the sustainability 
team 
to 
assess 
the 
situation 
and 
engage 
with 
the 
value 
chain workers or their representatives, to determine 
appropriate actions.
Through its Supplier Code of Conduct, the Lindex division 
requires suppliers to establish safe, confidential grievance 
channels, which are regularly monitored through audits and 
worker interviews. Through the audits, the Lindex division
has identified challenges related to workers’ trust in the 
suppliers’ internal grievance channels. To assess the worker 
awareness and the reliability of grievance mechanisms, the 
division uses the Sedex SMETA audits. The audit process 
includes strengthening grievance management systems at 
factories and maintaining documentation on grievances and 
remedies. The Stockmann division’s suppliers commit to 
providing effective grievance mechanisms and maintaining 
accurate 
records 
in 
line 
with 
UNGP Article 
31 
when 
adhering to the amfori BCSI Code of Conduct.
Lindex Group is continuously striving to ensure that 
suppliers 
strengthen 
their 
internal 
grievance 
channels. 
To further support workers’ ability to raise concerns, the 
Lindex division also partners with a third-party grievance
mechanism in its sourcing regions. In Bangladesh, the RMG 
Sustainability Council (RSC) provides a transparent platform 
for reporting health and safety issues, and complaints are 
made 
public 
to 
ensure 
accountability. 
The 
Lindex 
division 
also 
supports 
a 
Women’s 
Café 
in 
Bangladesh 
that 
provides 
a 
safe 
space 
for 
female 
workers 
to 
address 
workplace 
issues. 
In 
Turkey, 
the 
Lindex 
division 
partners 
with 
MUDEM 
to offer legal support and grievance channels for garment 
workers.
S2–4 
Taking action on material 
impacts on value chain 
workers, and approaches to mitigating material 
risks and pursuing material opportunities related 
to value chain workers, and effectiveness of 
those actions
The Group’s Human Rights Policy outlines the Group’s 
commitment 
to 
responsible 
and 
ethical 
sourcing, 
ensuring 
that products and services are sourced from suppliers with 
consideration for their potential impact on human rights and 
the environment.
Lindex 
Group 
implements 
ongoing 
key 
actions 
to 
address 
and mitigate the material negative impacts on workers in its 
supply 
chain. 
The 
current 
focus 
of 
Lindex 
Group’s 
actions 
is on workers of the tier 1 suppliers, while the company
is in the process of strengthening its Human Rights Due 
Diligence 
(HRDD) 
process 
to 
expand 
these 
actions 
further 
in the supply chain. Transparency and traceability efforts 
cover the full supply chain.
Actions related to material impacts, risks, and 
opportunities
•
 
Enhancing human rights and due diligence across the 
supply 
chain: 
In 
2025, 
the 
Lindex 
division 
conducted 
a comprehensive impact assessment across its entire 
supply chain, from raw materials to final products, to 
better understand potential human rights risks and
inform the continuous development of its due diligence 
practices. During the reporting year, the division 
published its first Human rights report.
•
 
Supply 
chain 
management: 
The 
Lindex 
division 
uses 
a 
Business 
Scorecard 
to 
evaluate 
supplier 
performance, 
focusing on onboarding, evaluation, motivation,
and disengagement. The aim is to transform and 
consolidate 
value 
chains, 
encouraging 
self-reliance 
in business partners and promoting long-term human
rights standards. The division’s responsible purchasing 
practices include fair price negotiations, realistic 
production forecasts, and transparent communication. 
Suppliers 
are 
given 
notice 
in 
cases 
of 
disengagement 
to reduce worker impact due to the Lindex division’s 
withdrawal. The Stockmann division uses supplier 
selection criteria when selecting new suppliers. In 
supplier collaboration, long-term supplier relationships 
are preferred to build strong, efficient and compliant 
supplier partnerships.
•
 
Supplier 
audits: 
Regular 
audits 
support 
adherence 
to Lindex Group’s standards. The Lindex division’s 
supplier evaluations include internal audits and third-
party Sedex SMETA audits. The Stockmann division

Report 
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requires third-party audits, such as amfori BSCI, Sedex 
SMETA and ICS, for its non-EU suppliers and business 
partners. Stockmann has started to expand the 
requirement to EU own-brand suppliers during 2025.
Suppliers 
are 
audited 
annually, 
or 
biannially 
if 
they 
have received high results in many consecutive audits. 
Audits focus on various topics, including adequate 
wages, freedom of association, health and safety, 
diversity, discrimination, child labour and forced labour. 
An audit report, along with a corrective action plan to 
address detected deficiencies, is prepared after each 
audit. 
Each 
task 
outlined 
in 
the 
corrective 
action 
plan 
is given a deadline, and progress is actively monitored. 
In addition to audits, the Lindex division promotes 
supplier ownership by training suppliers in conducting 
self-assessments alongside audits encouraging 
continuous improvement in factory conditions and 
develop sustainable practices.
•
 
Transparency: During 2025, the Lindex division piloted 
Textile Genesis, a traceability platform that covers the 
entire supply chain, and signed an agreement with
a rollout plan. This is a key step towards increasing 
traceability and strengthening the company’s due 
diligence practices. The Lindex division publishes 
available supplier information on its website and Open 
Supply Hub. The Stockmann division publishes lists of 
Tier 1 suppliers and factories of its own brand fashion 
and home products on its website.
Health & safety
Lindex 
Group 
mitigates 
health 
and 
safety 
risks 
by 
conducting external audits, ensuring effective remediation 
through follow-ups on corrective action plans. Through its 
ongoing participation in the Accord on Fire and Building 
Safety, 
the 
Lindex 
division 
is 
committed 
to 
improving 
safety 
in the garment industry, particularly in Bangladesh and 
Pakistan. This 
legally 
binding 
agreement 
between 
brands 
and trade unions aims to establish a robust, industry-wide 
compliance and accountability system. The programme
includes independent inspections, training, and a complaint 
mechanism 
to 
ensure 
safe 
workplaces. 
The 
Lindex 
division’s all tier one suppliers in Bangladesh and Pakistan 
undergo inspections. Remediation progress on identified 
safety 
issues 
is 
regularly 
monitored 
and 
published 
online. 
In 2025, 92 inspections were completed in Bangladesh, 
achieving a 90% progress rate. In Pakistan, six initial 
inspections were carried out; however, the current progress 
rate remains at 0% as follow-up inspections were not yet 
conducted during reporting year.
In 2025, the Lindex division joined the Employment Injury 
Scheme (EIS) Pilot in Bangladesh and started contributing 
financially 
to 
the 
initiative. 
It 
was 
launched 
in 
2022 
under 
the lead of International Labour Organization (ILO) and 
Deutsche Gesellschaft für Internationale Zusammenarbeit 
(GIZ). 
It’s 
the 
first 
national 
employment 
injury 
social 
insurance 
scheme 
for 
Ready-Made 
Garments 
(RMG) 
workers in Bangladesh, covering 4 million workers in the 
export-oriented RMG sector in the country. In the event of 
work-related 
injuries, 
the 
scheme 
provides 
compensation 
for the affected. The monthly pensions are financed through 
voluntary contributions from international brands.
Adequate wages
The Group is committed to promoting fair wage practices 
throughout 
its 
supply 
chain 
and 
using 
influence 
to 
support 
wage 
progression. 
This 
commitment 
is 
outlined 
in the Lindex division’s Sustainability Commitment
and in the Stockmann division’s supplier agreements 
through compliance with the amfori BSCI Code of 
Conduct. In addition to this, the Lindex division supports 
its suppliers in periodically assessing worker wages 
against 
locally 
calculated 
living 
wages 
using 
the 
Anker 
& Anker methodology and benchmarking these against 
actual wages. Suppliers are guided to implement wage 
management systems and transition from cash to
digital payment methods to improve wage reliability and 
transparency. The Lindex division’s purchasing practices
are structured to support fair wage payments while avoiding 
incentives 
for 
excessive 
overtime. 
The 
Group’s 
production 
is 
outsourced 
to 
independent 
suppliers, 
and 
worker 
wages 
are not directly paid by the Group.
Freedom of association
Lindex Group’s supplier requirements communicated 
through the Lindex division’s Supplier Code of Conduct 
and 
the 
Stockmann 
division’s 
supplier 
agreement, 
require suppliers to uphold workers’ rights to freedom of 
association. 
However, 
freedom 
of 
association, 
the 
right 
to unionisation, worker representation, and collective 
bargaining remain under considerable pressure in many
countries, where efforts to organise and strengthen unions 
among garment workers frequently encounter significant 
challenges and resistance. Lindex Group closely monitors 
audit 
findings 
on 
worker 
representation 
and 
addresses 
issues 
such 
as 
the 
absence 
of 
elected 
representatives, 
lack of awareness about their roles, irregular meetings with 
management, and inadequate election system. The Lindex 
division has also mapped the presence of trade unions
at its tier 1 suppliers. Findings show that only 26 of 130 
production 
units 
currently 
have 
a 
trade 
union 
in 
place. 
In 
2025, the Lindex division participated in the Ethical Trading 
Initiative 
(ETI) 
working 
group 
on 
Freedom 
of 
Association. 
The purpose of this group is to develop guidance materials 
and strengthen companies’ understanding of freedom of 
association 
and 
worker 
representation 
in 
sourcing 
countries.
Gender 
equality 
and 
discrimination 
and 
harassment 
The Lindex division’s WE Women Management System, 
developed in collaboration with GIZ (Deutsche Gesellschaft 
für 
Internationale 
Zusammenarbeit), 
continues 
to 
strengthen women’s position and equal rights in the global 
garment supply chain. The programme provides skills 
training, mentorship, and health support, while raising 
supplier management’s awareness on gender issues and 
promoting workplace inclusivity, equal opportunities, and

 
Report 
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protecting 
women 
from 
discrimination 
and 
harassment. 
This 
is 
implemented 
in 
countries 
such 
as 
Bangladesh, 
India, Turkey, and China. As part of its human rights due 
diligence process, the Lindex division commissioned an 
independent evaluation to gain insights into the current 
conditions of women workers within its supply chain in 
Bangladesh. 
The 
study 
was 
carried 
out 
by 
a 
third 
party 
and 
included 
20 
factories. 
The 
results 
demonstrated 
positive impacts on women’s empowerment and workplace 
conditions, 
while 
also 
highlighting 
areas 
where 
further 
action is required to advance gender equality. Additionally, 
the 
division 
conducted 
an 
in-depth 
study 
on 
the 
gender 
wage gap in China. The study confirmed the findings from 
the 2024 global Gender pay gap survey, showing that male 
workers generally earn more than female workers across 
most job categories, with only a few exceptions in office or 
management roles.
Child labour and 
forced labour
The Group has zero tolerance of child and forced labour. 
Zero tolerance cases are monitored by the Lindex division 
during 
supplier 
onboarding, 
audits, 
and 
ongoing 
monitoring 
of 
WhistleB 
reports 
and 
external 
sources. 
The 
Lindex 
division also has a Modern Slavery Act statement that 
defines 
the 
division’s 
approach 
to 
preventing, 
identifying, 
and 
mitigating 
the 
risk 
of 
modern 
slavery 
in 
its 
business 
and value chains. The Lindex division has a Child Labour 
Action Plan and a Forced Labour Action Plan in place. The 
Child Labour Action Plan defines child labour, allocates 
responsibilities between the Lindex division and suppliers, 
and specifies actions to be taken if child labour is found.
The 
Forced 
Labour Action 
Plan 
details 
procedures 
for addressing alleged or confirmed cases of forced
labour, slavery, or human trafficking, including assigned 
responsibilities and corrective actions. The Stockmann 
division monitors the cases through supplier audits.
The Lindex division uses a Human Rights Due Diligence 
(HRDD) process to identify, prevent, and mitigate impacts, 
focusing on vulnerable groups. The Stockmann division is 
committed to developing a similar process. Currently, its 
actions on the supply chain are developed based on risk 
assessments and active monitoring of the audit results. No 
severe human rights issues or incidents connected to value 
chain workers were reported in 2025.
Lindex Group provides remedy through a structured 
process, 
which 
includes 
investigations, 
implementation 
of corrective measures, and engagement with workers or 
representatives, as 
described 
in chapter 
S2–3 
Processes
to remediate negative impacts and channels for value chain 
workers to raise concerns.
By implementing these actions, Lindex Group aims to 
improve the supplier alignment with ethical standards, 
leading to improved working conditions, better wage 
transparency, increased worker representation, and 
inclusive 
workplaces 
for 
women. 
The 
effectiveness 
of 
the actions is assessed through audit results and target 
tracking. The actions on diversity and inclusion both 
mitigate potential adverse impacts and address the risks
and opportunities 
related to 
reputation, as 
identified in 
the
double 
materiality 
assessment.
Actions planned 
for the 
future is 
to develop 
new 2030
targets based 
on the 
result from 
the impact 
assessment.
The 
actions 
presented 
in 
this 
chapter 
are 
ongoing, 
integrated into Lindex Group’s regular operations. While 
operational (OpEx) and capital expenditures (CapEx) are 
associated with implementing the Group’s actions, the 
financial 
data 
is 
organised 
by 
business 
functions 
rather 
than sustainability criteria, and no monetary amounts will be 
disclosed.
S2–5 
Targets related to 
managing material negative 
impacts, advancing positive impacts, and 
managing material risks and opportunities
To promote the Lindex Group’s commitment to responsible 
and ethical sourcing that promotes supply chain workers’ 
rights, outlined in the Group’s Human Rights Policy, the 
Lindex division has established targets focusing on living 
wages, working conditions, transparency, and women’s 
empowerment. The Stockmann division has set a target 
related to supplier audits.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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of 
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Directors 
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Lindex 
division/ 
Stockmann 
division/ 
Group
Related policy and 
brief description 
of relation to the 
policy objective
Target
Frameworks 
or conclusive 
scientific 
evidences the
target is based on
Scope of
the target
Target 
base-
line 
year
Target 
base-
line 
value
Results 2024 
Results 2025 
Additional information
Lindex 
division
Group’s Human 
Rights Policy. 
The target is 
directly linked to 
the Human rights 
policy objective of 
adequate wages.
Living Wage 
Program: By 2025, 
Lindex division’s 
tier 1 suppliers 
who 
stand for 80% of its
production volume will 
participate in a living 
wage program. Lindex 
division requires 
suppliers to calculate 
living wages, identify 
wage gaps, and use 
digital payments.
Upstream 
supply 
chain, tier 
1, covering
80% of 
Lindex 
division’s 
production 
volume.
2019
0%
In 2024, tier 1 
suppliers who 
stand for 80% of 
Lindex division 
production volume 
are calculating a 
living wage and 
tier 1 suppliers 
who stand for 
95% 
of Lindex division 
production volume 
have adopted 
digital payments.
In 2025, tier 1 
suppliers who 
stand for 72% of 
Lindex division’s 
production volume 
are calculating a 
living wage and 
tier 
1 suppliers who 
stand for 
99% of 
Lindex division 
production volume
have adopted digital 
payments.
The target was not achieved. The results show a decrease 
compared 
to the previous year. Some suppliers that 
had provided data in prior 
reporting periods were unable to submit data from this reporting period. 
This negatively impacted the overall performance.
The target is relative, based on the proportion of total 
production volume. 
The calculation method was adjusted in 2023 and now 
looks at the 
volume of tier 1 suppliers that have participated in a living wage program 
conditions / full Lindex division production volume.
The target was developed by a cross-functional team with 
expertise 
from global production markets, incorporating insights from 
over 20 
years of audit results, research reports, NGO 
surveys, multi-stakeholder 
collaborations such as with amfori BSCI, ETI, GZI, and 
Solidaridad.
Lindex 
division
Group’s Human 
Rights Policy. The 
target is directly 
linked to policy 
objective of working 
conditions including 
discrimination, 
health 
and safety, adequate 
wages, freedom of 
association, forced 
labour, child labour 
and offense and 
harassment.
Working Conditions: 
By 2025, Lindex
division’s tier 1 
suppliers who 
stand for 80% 
of its 
production volume 
will demonstrate 
commitment to 
improving working 
conditions in areas 
such as health, 
safety, and anti-
discrimination.
Upstream 
supply 
chain, tier 
1, covering
80% of 
Lindex 
division’s 
production 
volume.
2019
0%
In 2024, tier 1 
suppliers who stand 
for 78% of Lindex 
division production 
volume, showed 
commitment to 
improving working 
conditions.
Self-assessment 
performance 
reached 72% by
2024.
In 2025, tier 1 
suppliers who 
stand for 80% of 
Lindex division 
production volume
showed commitment 
to improving
working conditions. 
Self-assessment 
performance 
reached 69% by
2025.
The target was achieved.
The target is relative, measured through Lindex division’s 
scorecard 
system, that evaluates suppliers annually on 
self-assessment capability 
and management improvements in working conditions. The calculation 
method was adjusted in 2023 and now looks at the production 
volume 
of tier 1 suppliers that have showed commitment to improve 
working 
conditions / full Lindex division production volume.
The target was developed by a cross-functional team with 
expertise 
from global production markets, incorporating insights from 
over 20 
years of audit results, research reports, NGO 
surveys, multi-stakeholder 
collaborations such as with amfori BSCI, ETI, GZI, and 
Solidaridad.
Lindex 
division
Groups Human 
rights policy. The 
target is directly 
linked to the 
objective of the 
Human rights policy.
Transparency 
in supply chain 
is essential
for upholding 
and advancing 
human rights by 
enabling greater
accountability and 
addressing systemic 
issues effectively.
Supply Chain 
Transparency: 
By 2025, Lindex
division’s tier 1 
suppliers who 
stand for 80% 
of its 
production volume 
will be traceable 
within the supply 
chain.
Upstream 
supply 
chain, tier 
1, covering
80% of 
Lindex 
division’s 
production 
volume.
2019
0%
Lindex division 
has published 
supplier 
information on 
both its website 
and Open Supply 
Hub.
Lindex division has 
published supplier 
information on both 
its website and 
Open 
Supply Hub.
The target was not achieved.
While significant parts of the supply chain have already 
been mapped, 
the IT infrastructure needed to enable transparency and product 
traceability is still in development. To 
enable this, the division is 
implementing the digital platform 
TextileGenesis, which allows tracking of 
products from fibre to finished garment and gives the visibility 
of all raw 
material suppliers. This will support the division’s target 
to achieve full 
traceability for all garments down to the fibre level by 2028.
In accordance with Lindex commitment to the transparency 
pledge, 
Lindex publishes contact information to garment factories, 
processing 
units, and fabric suppliers on both our own websites as well as on open 
supply hubs.
The target was developed by a cross-functional team with 
expertise 
from global production markets, incorporating insights from 
over 20 
years of audit results, research reports, NGO 
surveys, multi-stakeholder 
collaborations such as with Amfori BSCI, ETI, GZI, 
and Solidaridad. The 
target is relative.

 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
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Directors 
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Lindex 
division/ 
Stockmann 
division/ 
Group
Related policy and 
brief description 
of relation to the 
policy objective
Target
Frameworks 
or conclusive 
scientific 
evidences the
target is based on
Scope of
the target
Target 
base-
line 
year
Target 
base-
line 
value
Results 2024 
Results 2025 
Additional information
Lindex 
Group’s Human
division 
Rights Policy. The
target is
directly linked to 
policy objective 
of women
empowerment and 
gender equality.
Women’s 
Empowerment:
By 2025, Lindex
division’s tier 1 
suppliers who 
stand for 80% 
of its production
volume will have 
completed and 
sustained the Women 
Empowerment (WE 
Women) program.
Upstream 
supply 
chain, tier 
1, covering
80% of 
Lindex 
division’s 
production 
volume.
2019
0%
In 2024, tier 1 
suppliers who 
stand for 53% of 
Lindex division 
production volume 
had completed 
the WE Women 
program.
In 2025, tier 1 
suppliers who stand 
for 50% of Lindex 
production volume 
had completed
the WE Women 
program.
The target was not met.
The target is relative and 
measured annually. The calculation method 
was adjusted in 2023 and now looks at the volume of tier 
1 suppliers 
that have onboarded WE Women / full Lindex 
division production 
volume.
The target was developed by a cross-functional team with 
expertise 
from global production markets, incorporating insights from 
over 20 
years of audit results, research reports, NGO 
surveys, multi-stakeholder 
collaborations such as with amfori BSCI, ETI, GZI, and 
Solidaridad.
The Lindex division has successfully implemented the WE 
Women 
project with the majority of its suppliers in Bangladesh and 
key suppliers 
in India. However, challenges like COVID 
-related disruption have 
delayed the rollout in other markets. The division's exit 
from Myanmar, 
where the project had been implemented, has also affected 
the result. 
Although the Lindex division plans to expand the project 
to more 
suppliers in China in 2025, it is expected that the original 
target will not 
be met. Instead, lessons learned will be used to shape the strategy 
beyond 2025.
Stockmann 
division
100% of own brand 
suppliers covered by 
audits.
Tier 1 
suppliers.
67%
83%
Stockmann divisions long-term target is to ensure all its 
own brand 
products’ tier 1 suppliers are covered by audits. Currently, 
83% of 
suppliers are covered, and all suppliers are required to commit to 
the 
amfori Code of Conduct or equivalent principles. This target 
does 
not have a baseline year or baseline value, but progress 
is actively
monitored throughout the year, and ongoing discussions are held 
with 
suppliers on how to include those not yet covered by audits.
This is a new target that is formally reported in this report, even though 
the underlying data has been monitored previously.

 
 
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S3 
Affected
communities 
S3–1 
Policies related 
to affected 
communities
Lindex Group has adopted policies to manage material 
impacts related to affected communities living near to the 
Group’s 
value 
chain 
activities. 
These 
policies, 
Human 
Rights Policy, Environmental Policy, and Speak-Up Policy, 
outline Lindex Group’s approach to addressing impacts on 
communities’ rights and access to clean water and impacts 
from discarded products. The policies and further details are 
presented in chapter 
MDR-P Policies adopted to manage 
material sustainability matters.
The Human Rights Policy emphasises respect for affected 
communities’ rights, especially access to clean water, 
sanitation, 
and 
adequate 
housing, 
and 
includes 
measures 
to minimise impacts on land and water resources. Lindex 
Group commits to upholding civil, political, economic, social, 
and labour rights across its value chain. Dialogue with 
stakeholders, including NGOs and local representatives, is 
integral to aligning operations with international standards, 
ensuring respect for the rights of affected communities
and indigenous peoples. No cases of non-respect of the 
UN 
Guiding 
Principles 
on 
Business 
and 
Human 
Rights, 
ILO Declaration on Fundamental Principles and Rights at 
Work or OECD Guidelines for Multinational Enterprises 
were reported regarding affected communities during the 
reporting year.
The Environmental Policy draws from the guidance on the 
principles for responsible business conduct and outlines 
these commitments by targeting reductions in water use
and pollution, focusing on sustainable practices like water 
recycling and rainwater harvesting, particularly in water-
intensive parts of the supply chain.
The 
Lindex 
division 
also 
uses 
its 
Supplier 
Code 
of 
Conduct 
to 
engage 
with 
suppliers 
in 
high-risk 
regions, 
requiring 
them 
to 
commit 
to 
similar 
sustainability 
commitments 
outlined 
in 
the Group’s policies. Outreach efforts involve consultations, 
workshops, 
and 
collaborations, 
fostering 
understanding 
of 
the Lindex division’s standards in Bangladesh, China, India, 
and Turkey.
The 
Stockmann 
division 
requires 
its 
suppliers 
to 
make 
similar 
commitments, 
for 
example, 
by 
signing 
the 
amfori 
BSCI 
Code 
of 
Conduct, 
through 
which 
the 
suppliers 
commit 
to respecting the right to healthy living conditions of local 
communities, and to preventing, mitigating, and remediating 
adverse impacts on the surrounding communities, or by 
demonstrating similar commitments in their own policies.
As 
outlined 
in 
its 
Speak-Up 
Policy, 
Lindex 
Group 
offers 
a grievance mechanism to enable all its stakeholders, 
including affected communities, to report concerns 
anonymously through an online speak-up portal. Lindex 
Group’s suppliers are also mandated to establish safe, 
confidential grievance channels, further described in
subchapter 
S2–3 Processes to remediate negative impacts 
and channels for value chain workers to raise conce
rns.
S3–2 
Processes for engaging with affected 
communities about impacts
Lindex Group incorporates the perspectives of affected 
communities in managing its impacts through partnerships 
and collaborations, especially via NGOs and industry 
initiatives, due to the remoteness of its operations, which
limits 
direct 
engagement. 
The 
Lindex 
division 
engages 
with the affected communities at multiple stages, including 
during policy development and mitigation planning, with 
regular dialogues through partnerships and initiatives. The
Stockmann 
division 
does 
not 
have 
its 
own 
separate 
process 
in place to engage with communities that are only affected 
through 
the 
Stockmann 
division’s 
value 
chain; 
however, 
when the division utilises the Lindex division’s production 
offices, the Lindex division’s processes are applied.
Cooperation with local NGOs and suppliers enables the 
Lindex division to integrate community perspectives into 
decision-making. Currently, the Lindex division conducts 
projects only in Bangladesh. Key activities include 
partnership projects, such as with WaterAid, aimed at 
improving access to water, sanitation, and hygiene. These 
efforts 
involve 
not 
only 
infrastructure 
development 
but 
also community empowerment, particularly by training 
women 
to 
be 
hygiene 
behaviour 
change 
agents, 
to 
address community needs effectively. By involving local 
communities, especially women, in project planning and 
implementation, the Lindex division gains insight into the 
perspectives of vulnerable and marginalised communities 
and ensures that the projects reflect the perspectives of 
those most affected.
The operational responsibility for these engagements, 
ensuring insights inform the Lindex division’s sustainability 
approach, lies with the Chief Sustainability Officer. The 
processes to assess the effectiveness of engagement have 
not yet been put in place.
The Group has not identified material impacts related to 
indigenous 
communities 
among 
the 
affected 
communities 
and therefore, has not included a specific process to protect 
the particular rights of indigenous peoples in its stakeholder 
engagement approach.

 
 
Report 
of 
the 
Board 
of 
Directors 
105
S3–3 
Processes to remediate negative impacts and 
channels for affected communities to raise 
concerns
Lindex 
Group 
follows 
a 
remediation 
process, 
outlined 
in its Speak-Up Policy, whenever it identifies that it has 
caused or contributed to a material negative impact on 
affected communities. Lindex Group offers a grievance 
mechanism for affected communities through its online 
speak-up portal, process outlined in subchapter 
S1–3 
Processes to remediate negative impacts and channels
for own workers to raise concerns. 
If an incident involving 
affected 
communities 
occurs, 
the 
situation 
is 
assessed, 
and 
engagement 
takes 
place 
with 
the 
communities 
or 
their 
representatives, 
such 
as 
suppliers, 
peers, 
or 
NGOs, 
to determine appropriate actions. The channel is publicly 
available on the Group’s website. While there are no 
specific mechanisms to support the availability of these 
channels for affected communities, the portal can be used 
by 
anyone 
to 
report 
potential 
misconduct. 
Currently, 
there 
is no formal assessment in place to determine whether 
affected communities are aware of or have trust in these 
channels.
Although 
Lindex 
Group 
does 
not 
currently 
support 
grievance channels through its business relationships for 
affected communities, it acknowledges their value and 
intends to explore options for expanding such mechanisms. 
An example of existing support along the Lindex division’s 
value chain includes the Women’s Café in Bangladesh, 
described 
further 
in 
subchapter 
S2–3 
Processes 
to 
remediate negative impacts and channels for value chain 
workers to raise concerns.
S3–4 
Taking action on material 
impacts on affected 
communities, and approaches to managing 
material risks and pursuing material 
opportunities related to affected communities, 
and effectiveness of those actions
Lindex Group has implemented ongoing actions to mitigate 
negative impacts on affected communities, especially 
focusing on water and land use in the Lindex division’s 
supply chain. These actions include water management, 
land-use 
and 
ecosystem 
protection, 
and 
circularity 
and 
waste reduction. These actions, expected outcomes, and 
how to track effectiveness are described in more detail
in subchapters 
E2–2 Actions and resources related to 
pollution, 
E3–2 
Actions 
and 
resources 
related 
to 
water, 
E4–3 Actions and resources related to biodiversity and 
ecosystems
, and 
E5–2 Actions and resources related to 
resource 
use 
and 
circular 
economy. 
In 
addition 
to 
these, 
the Lindex division has identified necessary actions in 
response to actual or potential negative impacts on affected 
communities 
through 
its 
human 
rights 
due 
diligence 
process.
When negative impacts arise, Lindex Group follows a 
process outlined in its Speak-Up Policy, as described in 
subchapter 
S3–3 Processes to remediate negative impacts 
and 
channels 
for 
affected 
communities 
to 
raise 
concerns. 
No severe human rights issues or incidents connected to 
affected communities were reported in 2025.
To deliver positive impacts on communities, the Lindex 
division 
collaborates 
with 
WaterAid 
to 
improve 
water 
and sanitation facilities in garment worker communities
in Bangladesh, targeting over 8,700 people through 
initiatives such as menstrual hygiene management (MHM) 
programme, rainwater harvesting systems in factories
to reduce groundwater dependency, and community 
ownership approaches to engage local residents in planning 
and financing while training women and girls as hygiene 
change 
agents. 
During 
2025, 
the 
project 
aimed 
to 
enhance 
the 
knowledge 
on 
menstrual 
hygiene 
management 
of 
garment workers and their communities in Bangladesh, was 
expanded and reached additional 3,738 people.
The Lindex division monitors the progress of these actions 
through annual reports from WaterAid, with a set of key 
performance indicators (KPIs) to assess access to clean 
water, 
sanitation, 
and 
hygiene 
awareness. The 
project 
spans from July 2023 to June 2025.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
106
S3–5 
Targets related to 
managing material negative 
impacts, advancing positive impacts, and 
managing material risks and opportunities
Lindex Group has established specific targets for managing 
impacts on affected communities; however, its key initiatives 
focus on sustainable water management, waste reduction,
and ecosystem protection. These initiatives are further 
described in chapters 
E3 Water, E4 Biodiversity and 
ecosystems 
and 
E5 Resource use and circular economy.
Lindex 
division/ 
Stockmann 
division/ 
Group
Related policy 
and brief 
description of 
relation to the 
policy objective
Target
Frameworks 
or conclusive 
scientific 
evidences the
target 
is based 
on
Scope of
the target
Target 
base-
line 
year
Target 
baseline 
value
Results 
2024
Results 
Additional information
2025
Lindex 
division
Group’s Human 
Rights Policy. The 
target is directly 
linked to policy 
objective of affected 
communities and 
access to clean 
water and 
sanitation.
By 2025 the aim 
is to secure 
1,200 people gain access
to clean drinking water and 
improved sanitation facilities 
at RMG workers’ dwelling 
communities.
The initiative 
focuses on 
targeted group 
in ready made 
garment sector 
communities in 
Savar Upazila in 
Bangladesh.
2023
0 people
87 people
1,434
people
The target was exceeded.
The target is absolute. The target was developed together with the
project partner WaterAid.
Lindex 
division
Group’s Human 
Rights Policy. The 
target is directly 
linked to policy 
objective of affected 
communities and 
access to clean 
water and 
sanitation.
By 2025 the aim 
is to secure 
8,700 people gain access
to handwashing facilities at 
factories and RMG 
workers’ 
dwelling communities.
The initiative 
focuses on 
targeted group 
in ready made 
garment sector 
communities in 
Savar Upazila in 
Bangladesh.
2023
0 people
2,780 people
12,108
people
The target was exceeded.
The target is absolute, The target was developed together with the
project partner WaterAid.
Lindex 
division
Group’s Human 
Rights Policy. The 
target is directly 
linked to policy 
objective of affected 
communities and 
access to clean 
water and 
sanitation.
By 2025 the aim is to reach 
6,200 people in awareness 
raising and improved hygiene 
behaviour of workers 
and their 
families.
The initiative 
focuses on 
targeted group 
in ready made 
garment sector 
communities in 
Savar Upazila in 
Bangladesh.
2023
0 people
1,423 people
6,795
people
The target was exceeded.
The target is absolute. The target was developed together with the
project partner WaterAid.

 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
107
Lindex 
division/ 
Stockmann 
division/ 
Group
Related policy and 
brief description 
of relation to the 
policy objective
Target
Frameworks or conclusive 
scientific evidences the 
target 
is based on
Scope of
the target
Target 
baseline 
year
Target 
baseline 
value
Results 
2024
Results 
Additional information
2025
Lindex 
division
Group’s Human 
Rights Policy. The 
target is directly 
linked to policy 
objective of affected 
communities and 
access to clean 
water and minimise 
impact on land.
By 2025, the 
commercial goods 
suppliers to eliminate the
use of hazardous chemicals 
contributing to water 
and soil 
pollution, achieving a score 
of four in the Environmental 
Assessment tool.
Looking towards 2030, 
Lindex’s 
division’s long-term goal
is for suppliers to lead the 
way in responsible chemical 
management, setting industry 
standards through innovative, 
science-based practices. The
division's focus is 
on minimizing 
environmental impact through 
smarter formulations, reducing 
toxicity, and improving process 
efficiency throughout the textile 
value chain.
The current targets related 
to chemical management 
for 
Lindex division are 
voluntary 
and fully aligned with EU
regulations, including REACH/ 
ECHA (Registration, Evaluation, 
Authorisation, and Restriction 
of 
Chemicals/European Chemicals 
Agency) standards as well as 
the Group’s environmental 
policy. The targets are 
based on
conclusive scientific evidence 
since 
REACH/ECHA, AFIRM (Apparel
and Footwear International 
RSL Management), ZDHC 
(Zero Discharge of 
Hazardous
Chemicals), and ASTM 
(American 
Society for Testing and Materials) 
are grounded on scientifically 
proven data.
Target 
includes 
upstream 
supply chain 
tier 1-2.
2019
2019, the 
focus was 
to map 
chemicals
First 
measured 
value was 
79% in
2022
79%
95%
The short term goal means that Lindex division’s 
commercial goods suppliers with chemical intense 
operations have implemented a strong environmental 
management system, including chemical management, 
with at least 80% of their chemicals compliant with 
Lindex division’s MRSL (Manufacturing Restricted 
substances list), with a detailed, verifiable plan 
to reach 
100% compliance.
The assessment scale is from one to five, with a 
score 
of one indicating significant shortcomings in chemical 
management, and a score of five indicating industry 
leadership in chemical management, with innovative 
practices that extend beyond the factory. 
A score of 
four indicates that suppliers have a robust chemical
management system in place to 
systematically evaluate 
all chemical hazards and risks before purchasing. The 
target is relative.
The key stakeholders were engaged in setting the 
targets, as the division consulted textile experts, 
NGOs, other fashion brands, and several of the 
leading 
suppliers, such as MAS Group.
Lindex 
division
Group’s Human 
Rights Policy. The 
target is directly 
linked to policy 
objective of affected 
communities and 
access to clean 
water and minimise 
impact on land.
By 2025, 80% of commercial 
goods suppliers are 
expected 
to achieve optimal water 
efficiency, which includes 
reducing water intake,
re-using and recycling 
water within processes, 
and 
treating wastewater to meet
environmental standards before 
discharge.
Key EU directives considered 
include Directive 2018/851/EU 
(amending the Waste Framework 
Directive), Regulation 2019/1021/ 
EU (POP Regulation), Directive 
2008/98/EC (Waste Framework 
Directive), Directive 2010/75/EU 
(Industrial Emissions Directive
- IED) and Directive 2000/60/
EC (Water Framework Directive). 
Additionally, international standards 
such as ZDHC (Zero Discharge
of Hazardous Chemicals), HiGG 
FEM (Facility Environmental 
Module) and BSR (Business for 
Social Responsibility) Wastewater 
Discharge Standards were also 
incorporated into the 
development 
of the Environmental Assessment 
tool, used to evaluate. Not based 
on conclusive scientific evidence.
Target 
includes 
upstream 
supply 
chain tier 
1 vertical 
suppliers.
2019
2019, the 
focus was 
to map 
the 
current 
situation
First 
measured 
value was 
79% in
2022
79%
95%
This short-term relative goal has a direct 
and immediate 
impact on the water use of factories.
Lindex division tracks the effectiveness of these 
actions 
by using its Environmental Assessment tool, which 
evaluates suppliers with water intense operations on
a scale of one to five, with one being the lowest and 
five being the highest score. A score of five means 
suppliers have action plans for 100% water efficiency 
and show significant progress, a score of 
three reflects 
compliance with national water regulations and some 
progress on water efficiency, 
and scores one and two 
highlight major water management issues. Lindex 
division aims to phase out those scoring below three.
Progress is measured both quantitatively, 
through 
reductions in water use and increased recycling, and 
qualitatively, through third-party 
wastewater testing. 
The target has not been validated by 
an external party 
and the targets are voluntary. The Group collaborates 
with stakeholders, including NGOs in production 
countries, to identify and address specific water risks. 
Through these partnerships, they work to understand 
the challenges and set targeted goals based on the 
identified risks.

 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
108
Lindex 
division/ 
Stockmann 
division/ 
Group
Related policy and 
brief description 
of relation to the 
policy objective
Target
Frameworks or conclusive 
scientific evidences the 
target 
is based on
Scope of
the target
Target 
baseline 
year
Target 
baseline 
value
Results 
2024
Results 
Additional information
2025
Lindex 
division
Group’s Human 
Rights Policy. The 
target is directly 
linked to policy 
objective of affected 
communities and 
access to clean 
water and minimise 
impact on land.
By 2030, 80% 
of commercial 
goods suppliers should
have comprehensive water 
stewardship principles in 
place. 
This long-term goal includes 
ecosystem restoration and 
improved basin-level water 
management, benefiting
both suppliers and 
local 
communities.
Key EU directives considered 
include Directive 2018/851/EU 
(amending the Waste Framework 
Directive), Regulation 2019/1021/ 
EU (POP Regulation), Directive 
2008/98/EC (Waste Framework 
Directive), Directive 2010/75/
EU (Industrial Emissions 
Directive - IED) and Directive 
2000/60/EC (Water Framework 
Directive). Additionally, 
international standards such 
as ZDHC (Zero Discharge of 
Hazardous Chemicals), HiGG 
FEM (Facility Environmental 
Module) and BSR (Business 
for Social Responsibility)
Wastewater Discharge Standards 
were also incorporated into the 
development of the tool. Not 
based on conclusive scientific 
evidence.
Target 
includes 
upstream 
supply 
chain tier 
1 vertical 
suppliers.
2019
2019, the 
focus was 
to map 
the 
current 
situation
First 
measured 
value was 
79% in
2022
79%
95%
Suppliers achieving this, which represent score 
five with the Environmental 
Assessment tool, must 
demonstrate verified actions in reducing water 
use 
and recycling wastewater, adhering to 
both EU
regulations and international standards as well as 
the 
Group’s Environmental Policy. 
This long-term goal 
aims for a more significant, widespread impact on 
water quality and availability at regional and global 
levels.
Lindex division tracks the effectiveness of these 
actions by using its Environmental Assessment tool, 
which evaluates suppliers on a scale of one to five, 
with one being the lowest and five being the highest 
score. A score of five means suppliers have action 
plans for 100% water efficiency and 
show significant 
progress, a score of three reflects compliance with 
national water regulations and some progress on 
water efficiency, and scores 
one and two highlight 
major water management issues.
Progress is measured both quantitatively, 
through 
reductions in water use and increased recycling, and 
qualitatively, through third-party 
wastewater testing. 
The target has not been validated by 
an external party 
and the targets are voluntary. The Group collaborates 
with stakeholders, including NGOs in production 
countries, to identify and address specific water risks. 
Through these partnerships, they work to understand 
the challenges and set targeted goals based on the 
identified risks.
Lindex 
division
Group’s Human 
Rights Policy. The 
target is directly 
linked to policy 
objective of affected 
communities and 
access to clean 
water and minimise 
impact on land.
By 2030, 100% of Lindex virgin 
cotton will come from farmers 
with whom we 
are collaborating 
directly in order to secure
the transition to 
organic and 
regenerative agriculture.
The target aligns 
with frameworks 
such as the Kunningham 
Montreal Global Biodiveristy 
framework (GBF) and the 
Science Based Targets for Nature 
(SBTN).
Target relates to the following 
SBTN targets:
•
 
Landscape engagement
•
 
ARRRT Framework: Reduce,
Transform
Target 
includes 
upstream 
supply chain 
tier 4.
2024
5%
5%
8%
Landrelated engagement target: Lindex will actively 
drive change in identifed risk areas for cotton 
agriculture by collaborating directly with farmers 
and 
secure the transition to organic and regenerative 
agriculture.
No ecological thresholds or biodiversity 
offsets were 
used in setting this targets. Target 
is relative.
Feedback on target setting and possible gaps were 
provided by WWF in 
Sustainable Fashion Acadamy's 
course "Kickstarting Biodiversity Program".

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
109
Lindex 
division/ 
Stockmann 
division/ 
Group
Related policy and 
brief description 
of relation to the 
policy objective
Target
Frameworks or conclusive 
scientific evidences the 
target 
is based on
Scope of
the target
Target 
baseline 
year
Target 
baseline 
value
Results 
2024
Results 
Additional information
2025
Lindex 
division
Group’s Human 
Rights Policy. The 
target is directly 
linked to policy 
objective of affected 
communities and 
access to clean 
water and minimise 
impact on land.
By 2026, 100% of Lindex’s 
materials are recycled 
and/or 
sustainably sourced (through 
recognized certification 
schemes).
Target 
includes 
upstream 
supply chain 
tier 4.
2018
0%
88%
91%
The key stakeholders were engaged in setting the 
targets, as the division consulted textile experts, 
NGOs and Textile Exchange. The target 
is relative 
and voluntary.
Lindex 
division
Group’s Human 
Rights Policy. The 
target is directly 
linked to policy 
objective of affected 
communities and 
access to clean 
water and minimise 
impact on land.
By 2026, 70% of 
all products 
include a minimum of 15% 
recycled content.
Lindex division’s sustainability 
targets are designed in 
accordance with recognised 
international standards, such as 
those of the Textile 
Exchange, 
and the principles of the EU 
waste hierarchy, as well as 
scientific research conducted 
by 
the Ellen McArthur foundation 
regarding circular business 
models.
Target 
includes 
upstream 
value chain 
tier 4.
2021
16%
59%
74%
This target focuses on increasing the use of 
recycled fibres, reducing the division’s reliance on 
virgin materials. Lindex division works with industry 
partners, including Södra Skogsägarna and Infinited 
Fiber Oy, to scale textile-to-textile recycling 
solutions 
and ensure access to post-consumer recycled 
materials.
Progress is reviewed and monitored regularly to 
ensure transparency and alignment with global 
sustainability goals. Target 
is relative and the result 
represents a share of the number of 
pieces produced.
The 2024 result has been revised due to an identified
error.
Lindex 
division
Group’s Human 
Rights Policy. The 
target is directly 
linked to policy 
objective of affected 
communities and 
access to clean 
water and minimise 
impact on land.
By 2026, 100% 
of all cotton 
will be traceable through 
recognized certification 
schemes.
The target aligns 
with frameworks 
such as the Kunningham 
Montreal Global Biodiveristy 
framework (GBF) and the 
Science Based Targets for Nature 
(SBTN).
Target relates to the following 
SBTN targets:
•
 
No conversion of 
natural 
ecosystems
•
 
Land footprint reduction
•
 
ARRRT Framework: Avoid,
Reduce
Target 
includes 
upstream 
supplychain 
tier 4.
2023
87%
93%
93%
The WWF biodiversity risk filter was used to identify 
high-impact areas, focusing on cotton and MMCF 
production as well as water use and quality. 
No 
ecological thresholds or biodiversity offsets 
were used 
in setting this relative targets.
Feedback on target setting and possible gaps were 
provided by WWF in 
Sustainable Fashion Acadamy's 
course "Kickstarting Biodiversity Program".

 
 
 
 
 
 
 
 
 
 
 
 
Report 
of 
the 
Board 
of 
Directors 
110
Lindex 
division/ 
Stockmann 
division/ 
Group
Related policy and 
brief description 
of relation to the 
policy objective
Target
Frameworks or conclusive 
scientific evidences the 
target 
is based on
Scope of
the target
Target 
baseline 
year
Target 
baseline 
value
Results 
2024
Results 
Additional information
2025
Lindex 
division
Group’s Human 
Rights Policy. The 
target is directly 
linked to policy 
objective of affected 
communities and 
minimise impact on 
water and land.
By 2026, 100% 
of all manmade 
cellulosic fibers will be 
traceable through recognized 
certification schemes.
The target aligns 
with frameworks 
such as the Kunningham 
Montreal Global Biodiveristy 
framework (GBF) and the 
Science Based Targets for Nature 
(SBTN).
Target relates to the following 
SBTN targets:
•
 
Target: No conversion of 
natural ecosystems
•
 
Land footprint reduction
•
 
ARRRT Framework: Avoid,
Reduce
Target 
includes 
upstream 
supply 
chain tier 4.
2023
97%
99%
97%
The WWF biodiversity risk filter was used to identify 
high-impact areas, focusing on cotton and MMCF 
production as well as water use and quality. 
No 
ecological thresholds or biodiversity offsets 
were used 
in setting this target. Target 
is relative.
Feedback on target setting and possible gaps were 
provided by WWF in 
Sustainable Fashion Acadamy's 
course "Kickstarting Biodiversity Program".
Lindex 
division
Group’s Human 
Rights Policy. The 
target is directly 
linked to policy 
objective of affected 
communities and 
access to clean 
water and minimise 
impact on land.
By 2030, circular business 
models and services such as 
recommerce, rental, or repair 
services will comprise 5% of 
Lindex division’s total 
revenue.
Lindex division’s sustainability 
targets and they are designed 
in accordance with recognised 
international standards, such as 
those of the Textile 
Exchange, 
and the principles of the EU 
waste hierarchy, as well as 
scientific research conducted 
by 
the Ellen McArthur foundation 
regarding circular business 
models.
Target 
includes 
the entire 
value chain 
(upstream, 
own 
operations 
and down-
stream).
2024
0.02%
0.02%
0.02%
Through collaboration with industry partners and 
stakeholders, Lindex division is committed 
to driving 
innovation and achieving these targets as part of its 
circular economy initiatives.
Progress is reviewed and monitored 
regularly to 
ensure transparency and alignment with global 
sustainability goals.
Result from circular business so far is based on 
Second hand, where sales can be followed besides 
sales of other categories. This is a part of 
the "budget 
hierarchy" in RMS.

 
 
Report 
of 
the 
Board 
of 
Directors 
111
S4 
Consumers and 
end-users 
S4–1 
Policies related 
to consumers 
and end-users
Lindex Group has adopted policies to manage material 
impacts, risks and opportunities related to consumers and 
end-users. These policies, the Consumer and End-User 
Policy, Human Rights Policy, and Speak-Up Policy, 
outline 
Lindex 
Group’s 
approach 
to 
protecting 
consumer 
rights 
and aligning with their values, supporting a positive and 
loyal customer base. The policies and further details are 
presented in chapter 
MDR-P Policies adopted to manage 
material sustainability matters.
Through the policy commitments, the Group is dedicated to 
ensuring that the human rights of the consumers and end-
users are respected in every channel and market in which it 
operates. While the policies cover many areas related to the 
rights of the consumer, this chapter focuses on the topics 
material to Lindex Group, which are the right to health and 
safety, and the right to be free from discriminatory practices:
•
 
The Group is committed to safeguarding the right to 
health and safety by ensuring the products meet or 
exceed industry standards through safety checks and 
chemical tests, particularly benefiting consumers such 
as parents purchasing for their children.
•
 
The right to be free from discriminatory practices is 
supported 
by 
offering 
diverse 
and 
accessible 
products, 
a commitment to inclusive marketing, and regular 
adaptations based on customer feedback. The Group
is committed to ensuring that its marketing campaigns 
and promotional materials reflect the diverse 
communities it serves, and do not uphold stereotypes. 
Efforts are also made to ensure the accessibility of the 
Group’s websites and apps.
Lindex Group’s Consumer and End-User Policy align with 
internationally recognised standards, including:
•
 
UNGCP: Addressing 
safety, 
information, and 
choice
rights.
•
 
ICC 
Advertising 
and 
Marketing 
Communications 
Code 
and 
World 
Federation 
of 
Advertisers’ 
global 
principles: 
Focusing on ethical, inclusive, and accurate marketing.
•
 
UN Convention on the Rights of the Child: Attention to 
children’s rights, product safety, and age-appropriate 
marketing.
•
 
REACH and 
GDPR: Ensuring 
chemical compliance
and consumer 
data protection.
No cases of non-respect of the UN Guiding Principles 
on Business and Human Rights, ILO Declaration on 
Fundamental Principles and Rights at Work or OECD
Guidelines for Multinational Enterprises were reported in the 
downstream value chain.
To 
ensure 
responsiveness 
to 
customer 
needs, 
the 
Group 
has put in place mechanisms such as surveys and customer 
service channels, fostering a culture of improvement
and customer-centric innovation. The insights gathered 
from these 
channels were 
considered when 
setting the
Consumer and End-User Policy. With a specific focus on the 
needs of women and children, to enable remedy for human 
rights impacts, there are dedicated channels like customer 
service and a speak-up portal that reinforce Lindex Group’s 
commitment to consumer rights.
S4
–2 
Processes for engaging with consumers and 
end-users about impacts
Lindex 
Group 
engages 
directly 
with 
consumers 
and 
end-
users to consider their perspectives when making decisions 
and developing activities aimed at managing actual and 
potential impacts. As outlined in its Consumer and End-User 
Policy, 
Lindex 
Group 
continually 
develops 
its 
offering 
to 
meet the needs of its diverse customer base by considering 
feedback from all consumer demographics. The feedback
is used 
to improve 
existing products 
and develop 
new ones
that 
address 
specific 
needs 
or 
gaps 
in 
the 
market 
that 
are relevant to the Group’s overall offering. The Group is 
committed to:
•
 
Active customer dialogue: Lindex Group engages with 
customers 
through 
customer 
service, 
social 
media, 
and regular surveys, gathering and acting on feedback 
to address their needs and concerns.
•
 
Privacy and data practices: Compliance with privacy 
regulations, transparent data practices, and respect for 
consumer data-sharing preferences are prioritised.
•
 
Product transparency: The company communicates 
clearly about products and sustainable practices, and 
provides consumers with accurate information.
•
 
Complaint resolution: A systematic complaint process 
enables resolution through repairs, replacements or 
compensation as necessary.
•
 
Speak-up 
portal: 
Lindex 
Group 
encourages 
consumers 
to 
report 
misconduct 
or 
raise 
concerns 
via 
the 
Group’s 
speak-up portal.
Engagement 
is 
ongoing 
and 
occurs 
across 
several 
stages, including during complaints of faulty goods, 
suspected 
product-related 
damage, 
or 
other 
instances 
when customers wish to share feedback. Engagement can

 
 
Report 
of 
the 
Board 
of 
Directors 
112
happen in-store, via customer service, or through other 
channels at the time of purchase, pre-purchase, or post-
purchase. The effectiveness of engagement is ensured 
with frequent customer surveys to gather feedback and
measure customer experience, and mechanisms to process 
and analyse complaints, described in subchapter 
S4–3 
Processes to remediate negative impacts and channels for 
consumers and end-users to raise concerns.
At 
the 
Stockmann 
division, 
the 
Chief 
Brand 
& 
Offering 
Officer and Chief Sales and Marketing Officer holds shared 
operational responsibility for ensuring engagement with 
consumers and that feedback informs company decisions 
and improvements. At the Lindex division, the Chief Brand 
and Product Officer share this responsibility with the Chief 
Commercial Officer.
Risk assessment routines consider the needs of vulnerable 
groups, such as children, focusing on factors like weight, 
height, age-related abilities, physical and mental maturation, 
and potential product misuse. This approach ensures
that product 
safety aligns 
with the 
specific needs 
and
characteristics 
of these 
consumers.
S4
–3 
Processes to remediate negative impacts and 
channels for consumers to raise concerns
Lindex Group has established a process to address and 
remediate negative impacts on consumers and end-users 
resulting 
from 
its 
products, 
and 
this 
is 
outlined 
in 
the 
Speak-Up Policy. This process includes multiple channels 
through which customers can report complaints and 
personal injuries directly to store staff, through an online 
speak-up 
portal, 
or 
by 
contacting 
customer 
service 
via 
letter, 
email, 
or 
telephone. 
Lindex 
Group’s 
speak-up 
portal 
is available for all stakeholders to anonymously report 
concerns.
Complaints are carefully assessed to determine their 
nature 
and 
documented 
to 
ensure 
traceability. 
A 
range 
of solutions is offered to resolve issues, including repair,
product exchange, price reduction, purchase cancellation, 
or compensation for costs associated with medical visits, 
medication, or any incurred personal or property damage.
The 
Group 
does 
not 
assess 
the 
effectiveness 
of 
remedy, 
but 
its 
process 
enables 
dialogue 
with 
the 
individual 
raising 
the 
concern, 
from 
the 
receipt 
of 
the 
report 
until 
the 
closure 
of 
the 
case. 
To 
improve 
quality 
and 
safety, 
all 
complaints 
and claims are logged to identify trends and patterns, and 
regular analyses are conducted to enhance product safety 
and quality standards. While Lindex Group’s policy does not 
specifically extend these processes to business partners, it 
emphasises direct consumer interaction as a primary focus.
To 
assess 
whether 
customers 
are 
aware 
of 
and 
trust 
these processes, the Group comprehensively documents 
the 
complaints 
and 
implements 
frequent 
surveys 
to 
gather feedback on customer experience and trust in the 
company’s processes for addressing concerns. Marketing 
and communication materials aim to provide accurate and 
transparent information about the processes available
to consumers, while transparent communication and 
engagement 
on 
social 
media 
platforms 
further 
build 
trust 
and awareness of these channels. Lindex Group prohibits 
retaliation 
against 
individuals 
raising 
concerns, 
as 
described 
in subchapter 
G1–1 Corporate culture and business conduct 
policies and corporate culture.
Employee training programmes for staff in product, 
marketing, and sales roles ensure that they are well-
equipped to handle and respond to consumer needs, 
further reinforcing customer confidence in Lindex Group’s 
processes and channels for addressing issues.
S4
–4 
Taking action on material 
impacts on consumers 
and end-users, and approaches to managing 
material risks and pursuing material 
opportunities related to consumers and end-
users, and effectiveness of those actions
Lindex Group addresses material impacts, risks, and 
opportunities related to consumers by focusing on key 
actions for enhancing product safety and promoting 
diversity and inclusivity within the brands and products.
The actions have been established to safeguard consumers 
and mitigate the related risks to Group’s reputation. The 
actions promoting inclusivity in product development and 
communication are one of the Group’s ways to positively 
contribute to consumers’ self-esteem, while increasing 
customer loyalty, maintaining diverse representation, and 
brand appeal across various consumer segments.
Key actions 
related to 
consumers and end-users
•
 
Product 
safety 
and 
quality: 
The 
Lindex 
division’s 
own-brand products undergo internal and third-party 
testing to meet or exceed industry safety standards, 
with particular focus on chemical content and child
safety. For other products, the division works together 
with suppliers to ensure quality and safety. At the 
Stockmann division, the division is responsible for 
product safety checks, applying the same safety 
standards as the Lindex division. For the whole Group, 
children’s 
garments 
receive 
special 
attention, 
with 
safety considered from design to finished product, 
guided by specific safety instructions and European 
standards. To ensure compliance, the Group applies
a regularly updated checklist across the production 
chain, monitored by internal quality and testing teams.
•
 
Diversity and inclusion: To avoid reinforcing societal 
inequities, Lindex Group’s campaigns avoid 
stereotypes and reflect a wide range of consumer

 
Report 
of 
the 
Board 
of 
Directors 
113
experiences, supporting diversity and empowerment. 
The 
Lindex 
division’s 
products 
are 
designed 
to 
support women through various life stages, such as 
menstruation 
and 
menopause, 
and 
campaigns 
portray 
a broad representation of beauty and diversity. The 
Stockmann division’s wide offering is curated to meet 
diverse consumer needs.
•
 
Accessibility: 
During 
the 
reporting period, 
the
Group advanced its compliance with the European 
Accessibility Act and published accessibility statements 
on both divisions’ websites. The Group’s websites
and apps are designed to be accessible for users with 
disabilities, allowing all customers to make informed 
choices.
•
 
Inclusive assortment: The Group continues to actively 
respond to customer requests for a more inclusive 
selection. The 
Lindex 
division 
has 
introduced 
adjustable waists for both children’s and women’s 
clothing and expanded size ranges in its lingerie 
offering, 
while 
the 
Stockmann 
division 
has 
continued 
to develop its plus-size clothing selection and offers 
sewing services to tailor products for a better fit. In 
addition to this, the Stockmann division collaborated 
with body-positivity advocate and designer Henna 
Lampinen 
to 
create 
a 
plus-size 
capsule 
collection 
for 
its own brand, which was available in spring 2025 as 
part of the women’s NOOM collection.
Some of these actions are ongoing and regularly refined 
based on customer feedback and regulatory changes, 
whereas others relate specifically to the current reporting 
period. 
The 
work 
around 
inclusivity 
and 
customer 
engagement is continually evolving in line with consumer 
needs and social expectations. The Lindex division regularly 
carries out surveys on customers to find out their views of 
body 
positivity 
and 
inclusivity, 
integrating 
their 
insights 
to 
refine its approach.
The presented actions do not require significant operational 
(OpEx) 
or 
capital 
(CapEx) 
expenditures 
beyond 
the 
divisions 
regular 
budgets. 
Social 
inclusion 
campaigns 
are 
part of the Lindex division’s standard marketing activities, 
without the need for extra operational or capital expenses. 
The Stockmann division’s work on inclusion is still under 
development and does not yet require any additional 
resources.
To address customer feedback and track the effectiveness 
of related actions, the Group collects, documents, and 
analyses all complaints and feedback to identify patterns 
and areas for improvement. Issues are assessed in-depth, 
with corrective actions aligned to each case, ranging from 
repairs and exchanges to refunds and compensation. If 
customers experience harm, the Group responds through 
direct communication, with apologies and explanations, 
detailed investigations including independent testing when 
appropriate, and financial or practical compensation as a 
gesture of goodwill.
Lindex Group maintains multiple channels for customer 
feedback, ensuring traceability and prompt response.
If a product poses any risk, a thorough root cause 
analysis 
identifies 
required 
actions, 
which 
could 
include 
a 
recall, 
product 
improvement, 
or 
corrective 
measures 
for customers. To prevent any customer impact from the
Group’s practices, comprehensive quality checks and safety 
controls 
are 
part 
of 
each 
production 
phase. 
Strict 
adherence 
to regulatory standards and detailed risk assessments, 
especially for children’s products, further reduces potential 
risks. 
No 
severe 
human 
rights 
issues 
or 
incidents 
connected 
to consumers have been reported in the year 2025.
S4
–5 
Targets related to 
managing material negative 
impacts, advancing positive impacts, and 
managing material risks and opportunities
The Group has not yet set any measurable, outcome-
oriented targets to manage material impacts, risks and 
opportunities related to consumers and end-users.
Due 
to 
the 
complexity 
of 
social 
inclusion, 
setting 
measurable targets is currently challenging. Therefore, the 
Lindex division has chosen to embed social inclusion within 
internal frameworks, such as the customer promise and the 
brand platform, to ensure its integration into core business 
practices. 
The monitoring of the actions’ effectiveness is 
described in subchapter 
S4-4 Taking action on material 
impacts on consumers and end-users, and approaches to 
managing material risks and pursuing material opportunities 
related to consumers and end-users, and effectiveness of 
those actions.

 
Report 
of 
the 
Board 
of 
Directors 
114
GOVERNANCE 
INFORMATION 
G1 
Business conduct 
G1–1 
Business conduct 
policies and 
corporate culture
The Group’s business conduct is guided by its Code of 
Conduct, which sets out principles for compliance with 
legislation, international treaties and recommendations, 
fair competition, consumer rights, employee and working
conditions, environmental responsibility, and the prevention 
of corruption and conflicts of interest. During the reporting 
period, the Lindex division implemented its division-level 
Code of Conduct, reinforcing its corporate culture and 
aligning 
daily 
work 
practices 
with 
its 
higher 
purpose, 
which 
is described in the subchapter 
SBM-1 Strategy, business 
model 
and 
value 
chain
. 
The 
Stockmann 
division 
continues 
to follow the Group-level Code of Conduct, ensuring 
consistent ethical behaviour across the division.
Lindex Group’s business conduct is described in separate 
policies, such as the Speak-Up, Environmental, Human 
Rights, Consumer and End-user and Anti-Corruption 
Policies. 
These 
policies 
support 
the 
Group’s 
employees 
in making decisions aligned with the Group’s ethical
standards. A general 
description 
of the 
Environmental Policy
is provided in subchapter 
E1–2 Policies related to climate 
change mitigation and adaptation
, the Human Rights Policy 
and 
Speak-Up 
Policy 
in 
subchapter 
S1–1 
Policies 
related 
to 
own 
workforce, 
and 
the 
Consumer 
and 
End-User 
Policy 
in subchapter 
S4–1 Policies related to consumers and end-
users. 
The Group updated its Anti-Corruption Policy during 
the reporting period to further systemise anti-corruption 
measures across the organisation. The policy aligns
with 
the 
United 
Nations 
Convention 
against 
Corruption. 
The Group has a zero-tolerance approach to all forms of 
bribery and corruption. No formal assessment has yet been 
performed to determine which functions are most at risk
of corruption 
and bribery. 
A risk assessment 
covering all
relevant functions 
will be 
conducted in 
the future.
At Lindex Group, the Stockmann division offers training 
related to its business conduct by providing an e-learning 
module based on the Group Code of Conduct for new 
personnel when they enter the division and for existing 
employees. In 2025, 98% (2024: 70%) of the employees in
Finland, 97% (2024: 100%) in Latvia and 55% in Estonia, 
completed 
the 
module. The 
module 
was 
introduced 
in 
Estonia in early 2025. The division’s target is to achieve 
100% 
completion 
by 
its 
employees 
across 
all 
countries, 
even 
though 
the 
target 
was 
not 
achieved 
during 
the 
reporting 
period. 
The 
e-learning 
module 
is 
mandatory 
for 
all 
employees. 
The 
Lindex 
division 
has 
implemented 
its 
own Code of Conduct, which is available on the division’s 
website. Training related to the Code of Conduct is planned 
and is scheduled for roll-out in the coming years.
The Group develops and promotes its corporate culture by 
actively managing and working in alignment with its values, 
as 
the 
divisions’ 
purposes 
and 
values 
form 
the 
foundation 
of the Group’s corporate culture. The Group’s corporate 
culture 
is 
evaluated 
through 
regular 
employee 
surveys 
and 
by monitoring 
the reports 
submitted to 
the speak-up 
portal.
Lindex Group encourages all its employees, suppliers, 
partners, customers, public authorities, and other 
stakeholders to report any misconduct or raise concerns 
through 
its 
speak-up 
portal, 
in 
line 
with 
its 
Speak-Up 
Policy and in accordance with the EU Whistleblowing 
Directive. 
The 
Speak-Up 
Policy 
outlines 
the 
principles 
that guide whistleblowing reporting and investigation, and 
the protection of whistleblowers: confidentiality, non-
retaliation, fair treatment, and the prohibition of malicious
or false reports. The Speak-Up Policy and speak-up portal 
are 
available 
to 
all 
stakeholders 
on 
the 
Group’s 
website 
and intranet. The online portal is provided by an external 
partner, 
WhistleB, 
Whistleblowing 
Centre, 
but 
the 
cases 
are handled by the Group’s designated case handlers. To 
ensure anonymity, the communication channel is encrypted 
and password-protected. For the Stockmann division, 
whistleblowing training is part of the Code of Conduct
e-learning, which 
is mandatory 
for all 
employees.
Lindex Group strictly prohibits retaliation against any 
individual who makes a good-faith report of suspected 
misconduct or participates in an investigation. Retaliation 
against individuals raising concerns under the Speak-Up 
Policy will not be tolerated and may result in disciplinary 
action, up to and including termination of the employment 
or contractual relationship. Measures to protect
against 
retaliation 
include 
a 
clearly 
defined 
process 
for the investigation of concerns and anonymisation of 
documentation.
Reported concerns are handled by case handlers from 
Lindex 
Group 
Security, 
HR, 
Sustainability, 
Legal 
and/ 
or Internal Audit. The case handlers may also initiate 
investigations independently, without involvement from 
management, and formulate conclusions based on
the 
investigation. Upon 
receiving a 
reported concern,

 
Report 
of 
the 
Board 
of 
Directors 
115
investigations are conducted promptly, objectively, and 
with 
respect 
for 
the 
rights 
of 
all 
parties 
involved. Access 
to reports and information relating to an investigation is 
restricted to the individuals carrying out the investigation 
and 
information 
is 
shared 
further 
only 
on 
a 
strict
need-
to-know basis and only for the purpose of conducting the 
investigation and taking enforcement actions.
G1–2 
Management of 
relationships with 
suppliers
Lindex Group is committed to responsible and ethical 
sourcing, which includes acquiring products and services 
from suppliers with consideration for their potential impacts 
on human rights and the environment. The Group seeks 
long-term 
partnerships 
with 
suppliers 
who 
share 
its 
vision 
of sustainability and continuous improvement in terms
of 
sustainability. 
To 
promote 
fair 
practices, 
the 
Group 
has established clear internal guidelines on responsible 
purchasing practices and pre-assessment processes for 
supplier selection. The Lindex division has a strong local 
presence, with its own production offices and staff who 
maintain close dialogue with commercial goods suppliers
and 
conduct 
frequent factory 
visits, a 
practice 
that has 
been 
in place for many years.
The Lindex division has established internal guidelines 
on responsible purchasing practices to ensure that its 
business decisions do not negatively impact the rights
and 
wellbeing of 
workers in 
its supply 
chain. As a 
member 
of the Ethical Trading Initiative (ETI), the division is 
committed to the ‘Common Framework for Responsible 
Purchasing Practices’, reinforcing its dedication to fair and 
ethical sourcing. Another key focus area of responsible
procurement for the division is the prevention of late 
payments, regardless of the supplier’s size. The division’s 
responsible sourcing policy is still under development. The 
Stockmann division has established practices to ensure 
timely payments, regardless of the size of the supplier.
The division has the following practices to ensure that all 
suppliers, including SMEs, receive their payments on time 
and without delays:
•
 
Clear payment terms: all contracts define clear 
payment terms that are mutually accepted by both 
parties.
•
 
Automated invoice processing: the division uses 
automated systems to process and pay invoices, 
reducing the risk of human error and speeding up 
payment processes.
•
 
Regular monitoring: the division regularly monitors the 
status of payments and ensures that all invoices are 
processed and paid on time.
•
 
Communication: the division communicates with 
suppliers when necessary and informs them of any 
delays or problems with payments.
To ensure alignment with the Group’s ethical and 
environmental standards, including human rights 
commitments, all the Lindex division’s commercial goods 
suppliers are required to sign the division’s sustainability 
commitment and Supplier Code of Conduct, with zero-
tolerance 
issues 
including 
child 
labour, 
forced 
labour, 
and environmental violations. The Stockmann division’s 
new commercial goods suppliers are required to sign
the amfori BSCI Code of Conduct or provide a similar 
document 
outlining 
their 
commitments. 
In 
accordance 
with 
its commitment to the transparency pledge, both divisions 
publish the contact information of garment factories, 
processing 
units, 
and 
fabric 
suppliers 
on 
their 
own 
websites.
In addition to that, the Lindex division publishes this 
information via open supply hubs.
The Lindex division evaluates the performance of its 
commercial goods suppliers using a Business Scorecard, 
which 
assesses 
quality, 
lead 
time, 
business 
performance, 
and sustainability, including human rights and environmental 
performance. High-performing suppliers are rewarded,
and regular reviews ensure that suppliers remain aligned 
with Lindex Group’s sustainability objectives. This focus on 
responsible purchasing helps to support improved working 
conditions 
at 
supplier 
facilities, 
with 
particular 
attention 
given to key suppliers responsible for 80% of the division’s 
production volume.
In addition, the Lindex division conducts an ongoing and 
dynamic Human Rights Due Diligence (HRDD) process that 
extends across its supply chain. The Stockmann division is 
committed to developing its own process.
The Group conducts regular audits, applying the SMETA 
approach to the Lindex division’s suppliers and third-party 
audits, such as amfori BSCI, to the Stockmann division’s 
suppliers. Corrective action plans are implemented as 
needed, and progress is actively monitored.
The Lindex division has developed internal guidelines and 
tools to support supplier planning and prevent excessive 
overtime. 
These 
practices 
are 
incorporated 
into 
training 
and induction programmes to ensure consistent behaviour 
across the organisation.

 
 
Report 
of 
the 
Board 
of 
Directors 
116
G1–3 
— 
G1–4 
Prevention and detection of corruption and 
bribery
Lindex Group has processes in place to prevent, detect, 
and address allegations or incidents of corruption and 
bribery. It applies a zero-tolerance approach to these 
issues, supported by its Anti-Corruption Policy, the Group 
and the Lindex division Code of Conduct, the Lindex 
division Supplier Code of Conduct, and the sustainability 
commitments of both divisions. The policies are available 
on the Lindex Group website and divisions’ intranets.
The 
Lindex 
division’s 
Code 
of 
Conduct 
and 
Supplier 
Code of Conduct are available on the division’s website. 
The 
Group’s 
Board 
of 
Directors 
and 
Audit 
Committee 
have competence in matters of preventing and detecting 
corruption and bribery, although they have not received 
formal training in these. The Stockmann division currently
provides training on anti-corruption and bribery to new and 
existing employees as part of its Code of Conduct training 
and the Lindex division plans to include these topics in its 
training programme during 2026, focusing on the functions 
deemed to be at higher risk of corruption and bribery. The 
Group is currently not able to report the percentage of 
functions-at-risk covered by training programmes.
The Group’s employees, contractors and suppliers are 
encouraged to report concerns through various channels, 
including management, HR, Security, and the anonymous 
speak-up portal. Lindex Group’s employees can also report 
any suspicions to their supervisor, their unit’s security 
manager, the Group leadership, the Legal department
or the Group’s Internal Audit. Reports are handled with 
confidentiality, investigated independently by designated 
case handlers, and corrective actions are taken if 
necessary.
Investigations 
are 
conducted 
independently 
by 
case 
handlers from Security, HR, Sustainability, Legal, or Internal 
Audit, without any involvement from management. If the 
investigation involves anyone from the investigation team, 
these individuals are excluded from the process.
Findings are reported to relevant management levels 
depending on the nature of the concern, up to the Board of 
Directors when needed. Additionally, the Audit Committee 
receives annual reports on concerns raised through the 
speak-up portal or the other channels.
Lindex Group 
did not 
have any 
convictions or 
fines for
violation of 
anti-corruption and 
anti-bribery laws 
in 2025.
G1–6 
Payment practices
The 
average 
time 
the 
Lindex 
division 
takes 
to 
pay 
an invoice, from the date when the calculation of the
contractual or statutory term of payment starts, is 35.8 days 
(2024: 35.7 days). The average time for the Stockmann 
division is 35.4 days (2024: 33.9 days, earlier reported: 32.9 
days).
The percentage of payments to commercial goods suppliers 
aligned 
with 
the 
Lindex 
division’s 
standard 
payment 
terms 
of 60 days net is 97.8% (2024: 97.4%). The percentage of 
payments to suppliers for over-head costs within standard 
payment terms is 98.4% (2024: 95.4%). The Stockmann 
division lacks standard payment terms but has used the 
average payment term of invoices paid during the reporting 
year as the standard payment term when calculating the 
percentage 
of 
payments 
aligned 
with 
standard 
payment 
terms. 93.5% (2024: 93.5%) of payments to commercial
goods suppliers are paid within the division’s standard 
payment terms based on this logic, and 92.1% (2024: 
92.9%, 
earlier 
reported: 
93.1%) 
of 
payments 
to 
suppliers 
for overhead costs. Among payments to uncategorized 
suppliers, 74.4% (2024: 70.3%) complied with Stockmann 
division’s average payment terms.
Information has been compiled from the financial ERP 
systems, 
including 
all 
invoices 
paid 
during 
the 
reporting 
year. 
Payments 
made 
up 
to 
two 
days 
after 
the 
due 
date 
are treated as being within standard terms, acknowledging 
potential delays caused by weekends. Deviations from 
standard terms occur mainly among suppliers for overhead 
costs due to variations in local standards, the absence of
formal agreements, or deviating terms outlined in concluded 
agreements.
The Group has no outstanding legal proceedings for late 
payments.

 
117
Key figures
2025 
2024 
2023 
2022 
2021 
Revenue 
EUR mill. 
952.3 
940.1 
951.7 
981.7 
899.0 
Gross profit 
EUR mill. 
554.4 
547.9 
554.2 
568.3 
527.0 
Gross margin 
% 
58.2 
58.3 
58.2 
57.9 
58.6 
EBITDA 
EUR mill. 
169.5 
159.8 
176.7 
258.0 
184.9 
Adjustments to EBITDA 
EUR mill. 
-4.8 
-14.0 
-3.5 
75.1 
13.8 
Adjusted EBITDA 
EUR mill. 
174.2 
173.8 
180.2 
183.0 
171.1 
Operating result 
EUR mill. 
64.7 
60.9 
76.5 
154.9 
82.1 
Operating margin 
% 
6.8 
6.5 
8.0 
15.8 
9.1 
Adjustments to operating result 
EUR mill. 
-4.8 
-14.0 
-3.5 
75.1 
13.8 
Adjusted operating result 
EUR mill. 
69.5 
74.9 
80.0 
79.8 
68.3 
Net result for the period 
EUR mill. 
24.4 
13.2 
51.7 
101.6 
47.9 
Adjustments to net result for the period 
EUR mill. 
-5.6 
-11.2 
26.6 
64.0 
7.9 
Adjusted net result for the period 
EUR mill. 
30.0 
24.4 
25.1 
37.6 
40.0 
Share capital 
EUR mill. 
77.6 
77.6 
77.6 
77.6 
77.6 
Return on equity 
% 
6.2 
3.4 
14.2 
33.7 
20.2 
Return on capital employed 
% 
6.2 
6.2 
8.1 
15.7 
8.0 
Capital employed, average 
EUR mill. 
1,103.7 
1,065.3 
1,004.3 
1,005.4 
1,059.2 
Capital turnover rate 
0.9 
0.9 
0.9 
1.0 
0.8 
Inventories turnover rate 
2.4 
2.3 
2.4 
2.4 
2.4 
Equity ratio 
% 
33.3 
30.0 
29.9 
26.2 
18.9 
Equity ratio excluding IFRS 16 items 
% 
64.8 
61.9 
60.6 
53.4 
27.3 
Net gearing 
% 
120.4 
145.0 
133.2 
135.4 
212.8 
Net gearing excluding IFRS 16 items 
% 
-9.0 
-6.2 
-12.8 
-22.3 
76.8 
Capital expenditure *) 
EUR mill. 
31.1 
45.7 
65.1 
62.5 
16.9 
Share of revenue 
% 
3.3 
4.9 
6.8 
6.4 
1.9 
Interest-bearing net debt 
EUR mill. 
542.8 
571.4 
521.6 
454.4 
570.8 
Interest-bearing net debt / EBITDA 
EUR mill. 
3.2 
3.6 
3.0 
1.8 
3.1 
Interest-bearing net debt excluding IFRS 16 items 
EUR mill. 
-51.6 
-31.8 
-65.6 
-100.4 
233.6 
Total assets 
EUR mill. 
1,356.2 
1,315.7 
1,310.2 
1,282.9 
1,416.5 
Personnel expenses 
EUR mill. 
214.8 
208.4 
212.5 
212.1 
194.6 
Personnel, average **) 
persons 
5,940 
6,014 
5,801 
5,802 
5,649 
Average number of employees, converted to full-time equivalents 
persons 
4,015 
4,216 
4,283 
4,332 
3,886 
Revenue per person 
EUR thousands 
160.3 
163.6 
164.1 
169.2 
159.1 
*) excluding right-of-use assets 
**) comparative figure for 2024 has been corrected

 
118
Key figures per share
2025 
2024 
2023 
2022 
2021 
Earnings per share, undiluted and diluted 
EUR 
0.16 
0.08 
0.33 
0.65 
0.42 
Adjusted Earnings per share, undiluted and diluted 
EUR 
0.18 
0.15 
0.16 
0.24 
0.35 
Cash flow from operating activities per share 
EUR 
0.76 
0.56 
0.65 
0.35 
1.32 
Equity per share 
EUR 
2.75 
2.44 
2.47 
2.15 
1.74 
P/E ratio of shares 
15.3 
32.6 
8.8 
3.0 
5.1 
Share quotation at 31.12. 
EUR 
2.47 
2.69 
2.90 
1.97 
2.16 
Highest price during the period 
EUR 
3.31 
3.51 
3.03 
3.26 
2.44 
Lowest price during the period 
EUR 
2.34 
2.39 
1.68 
1.46 
1.07 
Average price during the period 
EUR 
2.81 
2.93 
2.13 
2.19 
1.61 
Share turnover 
thousands 
 
A share 
576 
 
B share 
35,452 
28,294 
47,442 
94,830 
90,210 
Share turnover 
% 
 
A share 
0.5 
 
B share 
21.6 
17.5 
29.9 
60.8 
79.1 
Market capitalisation at 31.12. 
EUR mill. 
405.2 
434.8 
460.3 
307.1 
333.6 
Number of shares at 31.12. 
thousands 
164,041 
161,623 
158,716 
155,880 
154,437 
Weighted average number of shares, basic 
thousands 
162,731 
160,359 
157,379 
155,189 
114,009 
Weighted average number of shares, diluted 
thousands 
163,309 
161,106 
157,379 
155,189 
114,009 
Number of shareholders at 31.12. 
39,529 
41,055 
42,328 
44,289 
45,054

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
119
Net result for the period attributable to the parent company
′
s
shareholders−tax−adjusted 
interest on hybrid bond
Average number of shares (basic or diluted)
Revenue
Capital employed (average for the year)
Gross profit∗100
Revenue
365
Inventories turnover time
Equity attributable to parent company
′
s shareholders∗100
Total assets−advance 
payments received
Equity attributable to parent company
′
s shareholders
 
excluding IFRS 16 items 
∗100
Total assets−right−of−use 
assets−lease 
receivables
− advance payments received
Operating result∗100
Revenue
Interest−bearing 
net debt∗100
Equity attributable to parent company
′
s shareholders
Net result for the period attributable to the parent company
′
s 
shareholders∗100
Equity attributable to the parent company
′
s shareholders
(average for the year)
Interest−bearing 
net debt excluding IFRS 16 items 
∗100
Equity attributable to parent company
′
s shareholders 
excluding IFRS 16 items
(
Result before taxes+interest 
and other financial expenses
)
∗100
Capital employed (average for the year)
Definition of key figures 
Performance measures according to IFRS
Earnings per share, 
basic and diluted 
Alternative performance measures
Gross profit
Revenue – materials and services
Capital turnover rate
Gross margin
Inventories turnover rate
EBITDA
Operating result + depreciation, amortisation, and impairment losses
Equity ratio, %
Adjusted EBITDA
EBITDA – adjustments, see items affecting comparability
Equity ratio excluding 
IFRS 16 items, %
Adjusted operating result
Operating result – adjustments, see items affecting comparability
Interest-bearing net debt
Interest-bearing 
liabilities 
– 
cash 
and 
cash 
equivalents 
– 
interest-
bearing receivables
Operating margin, %
Interest-bearing net debt 
excluding IFRS 16 items
Interest-bearing liabilities - lease liabilities
Adjusted net result 
for the period
Net result for the period – adjustmets after taxes, see items affecting 
comparability
Net gearing, %
Return on equity, %
Net gearing excluding 
IFRS 16 items, %
Capital employed
Total assets – deferred tax liability and other non-interest-bearing 
liabilities
Operating free cash flow
Adjusted EBITDA – lease payments +/- changes in net working capital 
– capital expenditure
Return on capital 
employed, %

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
120
Adjusted net result for the period attributable to the parent 
company
′
s shareholders
Average number of shares 
Share quotation on balance sheet date
Earnings per share
Equity attributable to the parent company
′
s shareholders
Number of shares on the balance sheet date
Cash flow from operating activities
Average number of shares excluding own shares owned 
by the company
Key figures per share
Adjusted earnings per share
P/E ratio of share
Equity per share
Share turnover
Number of shares traded during the period
Cash flow from operating 
activities per share
Market capitalisation
Number of shares multiplied by quotation for the 
respective share series on balance sheet date

121
Items affecting comparability 
Lindex Group 
uses Alternative 
Performance 
Measures in 
accordance 
with the guidelines 
of the European 
Securities 
and Markets 
Authority 
(ESMA) to better 
reflect operational 
business 
performance 
and to facilitate 
comparisons 
between financial 
periods.
The adjusted 
operating 
result is calculated 
from the operating 
result, excluding 
adjustments 
for items 
affecting 
comparabilit 
y. 
In 2025, these 
items are 
presented 
under the following 
categories:
●
Restructuring, 
disputes and 
related items 
– including 
costs and 
reversals related 
to restructuring 
programmes, 
termination 
of lease agreements, 
and disputed 
or conditional 
restructuring 
debt.
●
Strategic 
projects and 
structural 
changes – 
including costs 
related to strategic 
initiatives, 
organisational 
development, 
and sale-and-leaseback 
modifications.
●
Insurance 
settlements 
and refunds 
– including 
insurance claim 
settlements, 
employee insurance 
refunds, and 
pension fund 
rebates.
●
Gains and 
losses on disposals 
– including 
gains and losses 
on the sale 
of real estate 
and disposal 
of subsidiary 
shares.
●
Other – including 
costs related 
to geopolitical 
events such 
as the war 
in Ukraine 
and minor 
dispute costs.
In addition 
to the above, 
items affecting 
comparability 
may also include 
impairment 
and other 
value adjustments 
to assets, 
litigation 
fees and settlements, 
and other significant 
non-
recurring 
income or expenses.
The adjusted 
net result 
is calculated 
from the net 
profit/loss 
for the period, 
excluding the 
above items 
after tax impact. 
The tax impact 
is calculated 
at the transaction 
level and includes 
changes in 
deferred taxes. 
Additionally, 
adjustments 
to the net 
result include 
tax income and 
expenses resulting 
from settlements 
of tax disputes.
In 2025, the Group combined certain items affecting comparability into broader categories to improve 
clarity. Comparative figures for previous years have been restated accordingly.

 
122
EUR mill. 
2025 
2024 
2023 
2022 
2021 
EBITDA 
169.5 
159.8 
176.7 
258.0 
184.9 
Adjustments to EBITDA 
Costs related to restructuring programme 
-5.0 
10.7 
2.6 
19.7 
2.0 
Costs related to strategic projects and structural 
changes 
9.8 
7.5 
0.3 
0.4 
8.9 
Insurance settlements and refunds 
-4.4 
-0.3 
-3.0 
Gains and losses on disposal of assets 
0.6 
-95.4 
-21.7 
Other 
0.2 
0.5 
Adjustments total 
4.8 
14.0 
3.5 
-75.1 
-13.8 
Adjusted EBITDA 
174.2 
173.8 
180.2 
183.0 
171.1 
Operating result 
64.7 
60.9 
76.5 
154.9 
82.1 
Adjustments to operating result 
Costs related to restructuring programme 
-5.0 
10.7 
2.6 
19.7 
2.0 
Costs related to strategic projects and structural 
changes 
9.8 
7.5 
0.3 
0.4 
8.9 
Insurance settlements and refunds 
-4.4 
-0.3 
-3.0 
Gains and losses on disposal of assets 
0.6 
-95.4 
-21.7 
Other 
0.2 
0.5 
Adjustments total 
4.8 
14.0 
3.5 
-75.1 
-13.8 
Adjusted operating result 
69.5 
74.9 
80.0 
79.8 
68.3 
Net result for the period 
24.4 
13.2 
51.7 
101.6 
47.9 
Adjustments to net result 
Costs related to restructuring programme 
-5.0 
10.7 
2.6 
19.7 
2.0 
Costs related to strategic projects and structural 
changes 
9.8 
7.5 
0.3 
0.4 
8.9 
Insurance settlements and refunds 
-4.4 
-0.3 
-3.0 
Gains and losses on disposal of assets 
0.6 
-95.4 
-21.7 
Other 
0.2 
0.5 
Income taxes 
-1.0 
-2.8 
-30.1 
23.6 
5.9 
Adjustments total 
3.8 
11.2 
-26.6 
-51.5 
-7.9 
Net result for the period attributable to non-controlling 
interests 
1.8 
Adjusted net result for the period 
30.0 
24.4 
25.1 
50.2 
40.0

 
123
Shares and share capital
Lindex Group 
plc has a single 
class of shares, 
all shares 
of which shall 
carry one 
(1) vote per 
share and 
have equal 
rights also 
in other respects. 
The company’s 
share is listed 
on the 
Helsinki 
Stock Exchange 
and its trading 
code is LINDEX 
and ISIN number 
is FI0009000251.
The company’s 
share capital 
on 31 December 
2025 
was EUR 77 
556 538, and 
number of shares 
was 164 041 
391.
The number 
of registered 
shareholders 
was 39 529 
(41 
055 shareholders 
on 31 December 
2024).
The company’s 
market capitali 
sation on 
31 December 
2025 
was EUR 405.2 
million (EUR 
434.8 million 
on 31 December 
2024).
Number of shares, 31 December 2025 
Number 
Shareholders % 
Percentages of shares and votes % 
1-100 
24,956 
63.1 
0.6 
101-1000 
11,175 
28.3 
2.5 
1001-10000 
2,958 
7.5 
5.1 
10001-100000 
372 
0.9 
6.3 
100001-1000000 
50 
0.1 
8.4 
1000001- 
18 
0.1 
77.2 
Total 
39,529 
100 
100 
Ownership structure, 31 December 2025 
Number 
Shareholders % 
Percentages of shares and votes % 
Households 
38,539 
97.5 
16.4 
Private and public corporations 
628 
1.6 
28.3 
Nominee registrations (incl. foreign shareholders) 
190 
0.5 
28.8 
Foundations and associations 
138 
0.4 
21.8 
Financial and insurance companies 
34 
0.1 
4.7 
Total 
39,529 
100 
100

 
124
Major shareholders, 31 December 2025 
Percentages of shares and votes % 
1 
Nordic Retail Partners Jv Ky 
14.6 
2 
Varma Mutual Pension Insurance Company 
8.1 
3 
Society of Swedish Literature in Finland 
7.1 
4 
Etola Group 
5.0 
5 
Hc Holding Oy Ab 
3.9 
6 
Niemistö Kari Pertti Henrik 
3.1 
7 
Lahitapiola Keskustakiinteistot Ky 
1.9 
8 
Samfundet Folkhälsan i Svenska Finland 
1.7 
9 
Elo Mutual Pension Insurance Company 
1.5 
10 
Ilmarinen Mutual Pension Insurance Company 
1.2 
11 
Jenny and Antti Wihuri Foundation 
0.9 
12 
eQ Nordic Small Cap Mutual Fund 
0.8 
13 
Kaloniemi Markku Petteri 
0.5 
14 
Danske Invest Finnish Equity Fund 
0.4 
15 
LähiTapiola Mutual Life Insurance Company 
0.4 
16 
Säästöpankki Small Cap Mutual Fund 
0.3 
17 
OP-Finland Index Fund 
0.3 
18 
Sijoitusrahasto Eq Eurooppa Pienyhtiö 
0.3 
19 
Proprius Partners Micro Finland (non-Ucits) 
0.3 
20 
Puolimatka Raimo Armas 
0.2 
Other 
47.5 
from which Nominee registered shares 
28.6 
Total 
100.0

125

 
126
Consolidated Financial Statements
Consolidated Income Statement 
EUR mill. 
Note 
1.1.-31.12.2025 
1.1.-31.12.2024 
REVENUE 
2.2 
952.3
940.1
Other operating income 
2.2 
0.0
4.5
Materials and services 
2.3 
-397.9
-392.3
Employee benefit expenses 
2.5, 5.5, 5.6 
-214.8
-208.4
Depreciation, amortisation and impairment 
losses 
3.1 
-104.7
-99.0
Other operating expenses 
2.6 
-170.1
-184.1
Total expenses 
 
-887.5
-883.7
OPERATING PROFIT/LOSS 
2.1 
64.7
60.9
Financial income 
4.2 
3.6
5.2
Financial expenses 
4.2 
-40.4
-37.6
Total financial income and expenses 
 
-36.8
-32.3
PROFIT/LOSS BEFORE TAX 
 
28.0
28.6
Income taxes 
2.7 
-3.6
-15.3
NET PROFIT/LOSS FOR THE PERIOD 
 
24.4
13.2
Profit/loss for the period attributable to: 
Equity holders of the parent company 
 
26.2
13.2
Non-controlling interests 
 
-1.8
0.0
Earnings per share attributable to the equity 
holders of the parent company, EUR: 
4.14 
From the period result, basic 
0.16
0.08
From the period result, diluted 
0.16
0.08
Consolidated Statement of 
Comprehensive Income 
EUR mill. 
Note 
1.1.-31.12.2025 
1.1.-31.12.2024 
PROFIT/LOSS FOR THE PERIOD 
 
24.4
13.2
Other comprehensive income: 
Items that may be subsequently reclassified 
to profit and loss 
Exchange differences on translating foreign 
operations, before tax 
28.3
-17.1
Exchange differences on translating foreign 
operations, net of tax 
2.7, 4.13 
28.3
-17.1
Cash flow hedges, before tax 
-1.8
3.4
Cash flow hedges, net of tax 
2.7, 4.13 
-1.8
3.4
Other comprehensive income for the period, 
net of tax 
 
26.6
-13.7
TOTAL COMPREHENSIVE INCOME FOR THE 
PERIOD 
 
50.9
-0.5
Total comprehensive income attributable to: 
Equity holders of the parent company 
52.8
-0.5
Non-controlling interests 
-1.8
0.0

 
127
Consolidated Statement of Financial Position
EUR mill. 
Note 
31.12.2025 
31.12.2024 
ASSETS 
 
NON-CURRENT ASSETS 
 
Intangible assets 
 
Goodwill 
 
257.0
242.6
Trademark 
 
84.0
79.3
Intangible rights 
 
38.4
33.3
Other intangible assets 
 
0.3
0.2
Advance payments and construction in progress 
 
0.9
1.0
Intangible assets, total 
3.2 
380.6
356.4
Property, plant and equipment 
 
Land and water 
 
2.2
0.2
Buildings and constructions 
 
41.0
0.0
Machinery and equipment 
 
39.8
48.6
Modification and renovation expenses for leased 
premises 
 
15.4
3.6
Right-of-use assets 
3.5 
448.3
456.8
Advance payments and construction in progress 
 
51.4
88.3
Property, plant and equipment, total 
3.3 
598.1
597.5
Investment properties 
3.4 
0.5
0.5
Non-current receivables 
4.11, 4.12 
3.5
3.3
Other investments 
4.11 
0.4
0.4
Deferred tax assets 
2.8 
28.2
30.6
NON-CURRENT ASSETS, TOTAL 
 
1,011.3
988.8
CURRENT ASSETS 
 
Inventories 
2.4 
163.8
169.6
Current receivables 
 
Income tax receivables 
 
3.8
0.4
Non-interest-bearing receivables 
 
42.4
42.3
Current receivables, total 
4.4 
46.1
42.7
Cash and cash equivalents 
4.5 
134.8
114.7
CURRENT ASSETS, TOTAL 
 
344.8
326.9
ASSETS, TOTAL 
 
1,356.2
1,315.7
EUR mill. 
Note 
31.12.2025 
31.12.2024 
EQUITY AND LIABILITIES 
 
EQUITY 
 
Share capital 
 
77.6
77.6
Invested unrestricted equity fund 
 
80.7
78.6
Other funds 
 
0.0
1.8
Translation reserve 
 
-6.1
-34.4
Retained earnings 
 
298.8
270.5
Equity attributable to equity holders of the 
parent company 
4.13 
451.0
394.0
Non-controlling interest 
 
-1.2
0.0
EQUITY, TOTAL 
 
449.7
394.0
NON-CURRENT LIABILITIES 
 
Deferred tax liabilities 
2.8 
47.5
52.3
Non-current interest-bearing financing liabilities 
4.6 
0.0
76.1
Non-current lease liabilities 
4.6 
500.9
512.9
Non-current non-interest-bearing liabilities and 
provisions 
4.6, 4.10, 
4.11, 5.3 
0.2
0.4
NON-CURRENT LIABILITIES, TOTAL 
 
548.5
641.6
CURRENT LIABILITIES 
 
Current interest-bearing financing liabilities 
4.7 
83.3
6.8
Current lease liabilities 
4.7 
93.5
90.3
Trade payables and other current liabilities 
4.7, 4.10 
179.3
164.1
Income tax liabilities 
4.7 
1.9
3.1
Current provisions 
5.3 
0.0
15.9
Current non-interest-bearing liabilities, total 
 
181.2
183.1
CURRENT LIABILITIES, TOTAL 
 
357.9
280.1
LIABILITIES, TOTAL 
 
906.4
921.7
EQUITY AND LIABILITIES, TOTAL 
 
1,356.2
1,315.7

 
128
Consolidated Cash Flow Statement 
EUR mill. 
Note 
1.1.-31.12.2025 
1.1.-31.12.2024 
CASH FLOWS FROM OPERATING ACTIVITIES 
Profit/loss for the period 
 
26.2
13.2
Adjustments for: 
Depreciation, amortisation and impairment losses 
 
104.7
99.0
Gains (-) and losses (+) of disposals of fixed assets 
and other non-current assets 
 
0.2
0.0
Interest and other financial expenses 
 
38.6
37.6
Interest income 
 
-3.6
-5.2
Income taxes 
 
3.6
15.3
Other adjustments 
 
-5.1
9.7
Working capital changes: 
Increase (-) /decrease (+) in inventories 
 
12.3
-10.0
Increase (-) / decrease (+) in trade and 
other current receivables 
 
1.7
-1.1
Increase (+) / decrease (-) in current liabilities 
 
-0.8
-15.2
Interest expenses paid 
 
-42.4
-38.1
Interest received from operating activities 
 
1.8
3.4
Income taxes paid from operating activities 
 
-13.9
-18.7
Net cash from operating activities 
 
123.2
90.0
CASH FLOWS FROM INVESTING ACTIVITIES 
Purchase of tangible and intangible assets 
 
-30.6
-38.4
Security deposit 
0.0
-0.2
Dividends received from investing activities 
0.1
0.0
Net cash used in investing activities 
 
-30.5
-38.6
CASH FLOWS FROM FINANCING ACTIVITIES 
Proceeds from current liabilities 
 
1.5
0.0
Proceeds from non-current liabilities 
 
0.0
3.0
Payment of lease liabilities 
 
-79.6
-73.9
Net cash used in financing activities 
 
-78.2
-70.8
NET INCREASE/DECREASE IN CASH AND CASH 
EQUIVALENTS 
 
14.6
-19.5
Cash and cash equivalents at the beginning 
of the period 
 
114.7
137.5
Net increase/decrease in cash and cash equivalents 
 
14.6
-19.5
Effects of exchange rate fluctuations on cash held 
 
5.6
-3.4
Cash and cash equivalents at the end of 
the period 
4.5 
134.8
114.7

 
129
Consolidated Statement of Changes in Equity 
EUR mill. 
Share capital 
Invested 
unrestricted equity 
fund 
Hedging reserve 
Other reserves 
Translation 
differences 
Retained earnings 
Equity attributable 
to shareholders 
total 
Non-controlling 
interests 
Total 
EQUITY 1.1.2025 
77.6
78.6
1.5
0.2
-34.4
270.5
394.0
394.0
Profit/loss for the period 
26.2
26.2
-1.8
24.4
Exchange differences on translating 
foreign operations *) 
28.3
28.3
0.0
28.3
Cash flow hedges *) 
-1.8
-1.8
-1.8
Total comprehensive income for 
the period, net of tax 
0.0
0.0
-1.8
0.0
28.3
26.2
52.8
-1.9
50.9
Share issue to creditors for unsecured 
restructuring debt 
2.1
2.1
2.1
Share-based payments **) 
0.3
0.3
0.3
Other changes 
1.8
1.8
0.6
2.5
Other changes in equity total 
0.0
2.1
0.0
0.0
0.0
2.1
4.2
0.6
4.8
EQUITY 31.12.2025 
77.6
80.7
-0.2
0.2
-6.1
298.8
451.0
-1.2
449.7
*) Notes 2.7, 4.13 
**) Note 5.6 
EUR mill. 
Share capital 
Invested 
unrestricted equity 
fund 
Hedging reserve 
Other reserves 
Translation 
differences 
Retained earnings 
Equity attributable 
to 
shareholders 
total 
Non-controlling 
interests 
Total 
EQUITY 1.1.2024 
77.6
75.9
-1.8
0.2
-17.3
256.9
391.5
391.5
Profit/loss for the period 
13.2
13.2
13.2
Exchange differences on translating 
foreign operations *) 
-17.1
-17.1
-17.1
Cash flow hedges *) 
3.4
3.4
3.4
Total comprehensive income for 
the period, net of tax 
0.0
0.0
3.4
0.0
-17.1
13.2
-0.5
0.0
-0.5
Share issue to creditors for unsecured 
restructuring debt 
2.6
2.6
2.6
Share-based payments **) 
0.3
0.3
0.3
Other changes in equity total 
0.0
2.6
0.0
0.0
0.0
0.3
3.0
0.0
3.0
EQUITY 31.12.2024 
77.6
78.6
1.5
0.2
-34.4
270.5
394.0
0.0
394.0
*) Notes 2.7, 4.13 
**) Note 5.6

 
 
 
130
Notes to the consolidated financial statements
1 
Basis of preparation 
...................................................................................... 
131 
1.1 
Corporate information 
.......................................................................... 
131 
1.2 
General ................................................................................................. 
131 
1.3 
New and amended standards and interpretations .............................. 
131 
1.4 
Accounting judgements, estimates and assumptions 
.......................... 
132 
1.5 
Business continuity 
............................................................................... 
133 
1.6 
Principles of consolidation 
.................................................................... 
133 
1.7 
Items denominated in foreign currency 
............................................... 
133 
2 
Key numbers 
................................................................................................. 
135 
2.1 
Segment information 
............................................................................ 
135 
2.2 
Operating income ................................................................................. 
136 
2.3 
Gross margin 
......................................................................................... 
137 
2.4 
Inventories 
............................................................................................ 
138 
2.5 
Employee benefits 
................................................................................ 
138 
2.6 
Other operating expenses .................................................................... 
139 
2.7 
Income taxes 
......................................................................................... 
139 
2.8 
Deferred tax assets and deferred tax liabilities 
.................................... 
141 
3 
Intangible and tangible assets and leasing arrangements ........................... 
143 
3.1 
Depreciation, amortisation and impairment losses 
............................. 
143 
3.2 
Goodwill and other intangible assets 
................................................... 
143 
3.3 
Property, plant and equipment ............................................................ 
147 
3.4 
Investment property 
............................................................................. 
149 
3.5 
Leases ................................................................................................... 
149 
4 
Capital Structure 
........................................................................................... 
152 
4.1 
Capital management ............................................................................ 
152 
4.2 
Financial income and expenses 
............................................................ 
152 
4.3 
Financial instruments ........................................................................... 
152 
4.4 
Current receivables 
............................................................................... 
153 
4.5 
Cash and cash equivalents 
.................................................................... 
154 
4.6 
Non-current liabilities 
........................................................................... 
154 
4.7 
Current liabilities .................................................................................. 
154 
4.8 
Reconciliation of liabilities arising from financing activities................. 
155 
4.9 
Financial risk management 
................................................................... 
156 
4.10 
Derivative contracts ............................................................................. 
160 
4.11 
Financial assets and liabilities by measurement category and 
hierarchical classification of fair values ........................................................... 
161 
4.12 
Financial instruments subject to netting arrangements ...................... 
162 
4.13 
Shareholders’ equity ............................................................................ 
162 
4.14 
Earnings per share 
................................................................................ 
163 
5 
Other notes .................................................................................................. 
164 
5.1 
Group companies ................................................................................. 
164 
5.2 
Joint arrangements 
............................................................................... 
165 
5.3 
Provisions ............................................................................................. 
165 
5.4 
Contingent liabilities 
............................................................................. 
166 
5.5 
Management remuneration 
................................................................. 
166 
5.6 
Share-based incentives 
......................................................................... 
167 
5.7 
Related parties ..................................................................................... 
169 
5.8 
Climate-related matters ....................................................................... 
169 
5.9 
Events after the reporting period 
......................................................... 
169 

 
 
 
 
 
 
 
 
 
131
1 
Basis of 
preparation
1.1 
Corporate information 
The consolidated 
financial statements 
of 
Lindex Group plc
 
and its subsidiaries 
(collectively 
Lindex Group 
or the Group) 
for the year 
ended 31 December 
2025 
were 
authorised 
for issue in 
accordance 
with a resolution 
of the Board 
of Directors 
on 26 
February 2026.
 
Lindex Group plc
 
(the company) 
is a public 
listed company 
and the ultimate 
parent of 
Lindex Group. 
The company is incorporated in Finland
 
and domiciled 
in Helsinki, 
Finland
. 
The registered office is located at Aleksanterinkatu 52, 00100 Helsinki.
The company’s 
primary field of business is retail and its principal place of business is Finland.
The parent 
company’s 
shares are 
listed on the 
Helsinki exchange 
(Nasdaq Helsinki 
Ltd). 
A copy of the consolidated financial statements is available at www.lindexgroup.com 
or 
from the parent company.
1.2 
General 
Lindex Group’s 
consolidated 
financial statements 
have been 
prepared in 
accordance 
with 
IFRS Accounting 
Standards, complying 
with the IAS 
and IFRS standards 
and IFRIC 
and 
SIC interpretations 
in force on 
31 December 
2025. In the 
Finnish accounting 
legislation 
and the regulations 
issued pursuant 
to it, IFRS 
Accounting 
Standards 
refer to the 
standards 
and their interpretations 
that have 
been approved 
for application 
in the EU 
in 
accordance 
with the procedure 
stipulated 
in EU regulation 
(EC) No 1606/2002. 
The notes 
to the consolidated 
financial statements 
are also in 
accordance 
with Finnish 
accounting 
and company 
legislation 
that supplements 
IFRS regulations.
The information 
in the financial 
statements 
is based on 
original acquisition 
costs, unless 
stated otherwise 
in the accounting 
policies. The 
financial statements 
are presented 
in 
millions of 
euros.
Lindex Group 
issues a financial 
review complying 
with the ESEF 
requirements 
on its 
website. In 
addition, 
Lindex Group 
voluntarily 
issues a financial 
review in pdf 
format, 
which does 
not fulfil 
the disclosure 
requirements 
set in the 
Finnish Securities 
Markets Act, 
chapter 7, section 5.
1.3 
New and amended 
standards and 
interpretations 
On 1 January 
2025, Lindex 
Group adopted 
the Amendment 
to IAS 21 
– Lack of 
Exchangeability, issued by the IASB and endorsed by the EU. 
The amendment did not 
have a material 
impact on 
Lindex Group’s 
financial statements.
The new and 
amended standards 
and interpretations 
that are issued, 
but not yet 
effective 
up to the 
date of issuance 
of the Group’s 
financial statements 
are disclosed 
below. 
The 
Group intends 
to adopt these 
new and amended 
standards and 
interpretations, 
if 
applicable, 
when they become 
effective 
and endorsed 
by the EU. 
 
IFRS 18 - 
Presentation 
and Disclosure 
in Financial 
Statements
IFRS 18 introduces 
new requirements 
for presentation 
within the statement 
of profit or 
loss, including 
specified totals 
and subtotals. 
Furthermore, 
entities 
are required 
to classify 
all income 
and expenses 
within the 
statement 
of profit or 
loss into 
one of five 
categories: 
operating, 
investing, 
financing, 
income taxes 
and discontinued 
operation, 
whereof first 
three are new. 
The standard 
requires disclosure 
of newly defined 
management-defined 
performance 
measures, 
subtotals of 
income and 
expenses, and 
it also includes 
new requirements 
for 
aggregation 
and disaggregation 
of financial 
information 
based on the 
identified 
‘roles’ of 
the primary 
financial statements 
and the notes. 
In addition, 
narrow-scope 
amendments 
have been 
made to IAS 
7 - Statement 
of Cash 
Flows, which 
include changing 
the starting 
point for determining 
cash flows 
from 
operations under the indirect method, from ‘profit or loss’ to ‘operating profit or loss’ 
and 
removing 
the optionality 
around classification 
of cash flows 
from dividends 
and interest. 
In 
addition, 
there are consequential 
amendments 
to several 
other standards. 
IFRS 18, and 
the amendments 
to the other 
standards, 
are effective 
for the reporting 
periods beginning 
on or after 
1 January 
2027, but earlier 
application 
is permitted 
and 
must be disclosed. IFRS 18 will apply retrospectively. 
The Group 
is currently 
working to 
identify all 
impacts the 
amendments 
will have on 
the 
primary financial 
statements 
and notes 
to the financial 
statements. 
The initial 
expected 
impacts on 
Group’s financial 
statements 
are as follows:

 
 
 
 
 
 
 
 
 
 
 
132
●
 
Foreign exchange 
difference 
will be classified 
in the category 
where the related 
income and 
expense form 
the item giving 
rising to 
the foreign 
exchange difference 
●
 
New disclosure 
will be added: 
(a) management 
-defined performance 
measures; and 
(b) a reconciliation 
for each line 
item in the 
statement 
of profit or 
loss between 
the 
restated amounts 
presented 
applying IFRS 
18 and the 
amounts previously 
presented 
applying IAS 
1. 
●
 
Interest received 
and interest 
paid will 
be classified 
in the investing 
activities 
and 
financing 
activities, 
respectively, 
on the statement 
of cash flows. 
IFRS 19 – 
Subsidiaries 
without Public 
Accountability: 
Disclosures
IFRS 19 will 
become effective 
on 1 January 
2027. As the 
Group’s equity 
instruments 
are 
publicly traded, 
it is not 
eligible to 
elect to apply 
IFRS 19. 
Annual Improvements 
to IFRS Accounting 
Standards- 
Volume 
11
Annual improvements 
to IFRS Accounting 
Standards – 
Volume 
11 includes 
minor 
amendments 
to IFRS 1, 
IFRS 7, IFRS 
9, IFRS 10 
and IAS 7. 
The amendments 
clarify 
wording and 
remove minor 
inconsistencies 
and they are 
effective 
on 1 January 
2026. 
The 
Group does 
not expect 
them to have 
a material 
impact on its 
financial statements. 
Amendments 
to IFRS 9 and 
IFRS 7 – Contracts 
Referencing 
Nature-Dependent 
Electricity
IASB issued 
amendments 
to IFRS 9 
and IFRS 7 
relating to 
contracts 
referencing 
nature-
dependent 
electricity, 
including 
clarifications 
to the own-use 
requirements, 
hedge 
accounting 
and related 
disclosures. 
The amendments 
are effective 
on 1 January 
2026. 
The Group 
does not expect 
them to have 
a material 
impact on its 
financial statements. 
Amendments 
to IFRS 9 and 
IFRS 7 - 
Classification 
and Measurement 
of Financial 
Instruments
IASB issued 
amendments 
to IFRS 9 
and IFRS 7 that 
clarify certain 
classification 
and 
measurement 
requirements, 
including those 
relating to 
contingent 
(e.g. ESG-linked) 
features and 
derecognition 
of financial 
liabilities 
settled through 
electronic 
payment 
systems. The 
amendments 
are effective 
on 1 January 
2026. The 
Group does not 
expect 
them to have 
a material 
impact on 
its financial 
statements.
1.4 
Accounting judgements, 
estimates and 
assumptions 
The preparation 
of the Group’s 
consolidated 
financial statements 
requires management 
to 
make judgements, 
estimates and 
assumptions 
that affect 
the reported 
amounts of 
revenues, 
expenses, assets 
and liabilities, 
and the accompanying 
disclosures, 
and the 
disclosure 
of contingent 
liabilities. 
Uncertainty 
about these 
assumptions 
and estimates 
could result 
in outcomes 
that require 
material 
adjustments 
to the carrying 
amount of 
assets or 
liabilities 
in future 
periods. 
In the process 
of applying 
the Group’s 
accounting 
policies, management 
has made 
various judgements. 
The Group 
has based 
its assumptions 
and estimates 
on parameters 
available 
when the consolidated 
financial statements 
were prepared. 
However, 
existing 
circumstances 
and assumptions 
about future 
developments 
may change 
due to market 
conditions 
or factors 
beyond the 
Group’s control. 
Such changes 
are reflected 
in the 
assumptions when they occur.
Management 
has assessed 
that the m
ost significant 
e
ffects on 
the amounts 
recognised 
in 
the consolidated 
financial statements 
particularly 
relate to 
going concern, 
valuation 
of 
assets, lease 
term assessments, 
contingent 
liabilities
, and provisions 
recognised. 
Management 
has also exercised 
judgement 
in the consolidation 
of structured 
entities, 
particularly 
in determining 
control and 
assessing 
the impact on 
the consolidated 
financial 
statements. 
The principal 
assumptions 
concerning 
the future 
and the main 
uncertainties 
relating to 
estimates at 
the end of 
the reporting 
period, which 
constitute 
a significant 
risk 
of causing 
a material 
change in 
the carrying 
amounts of 
assets and 
liabilities 
within the 
next financial 
year, 
include the 
value of right-of-use 
assets and 
lease liabilities, 
depreciation 
and lease 
terms, 
inventory 
demand and 
turnover rate 
s, and impairment 
testing of 
Lindex segment 
goodwill and 
the brand. 
More detailed 
information 
on these is 
provided 
in Notes 2.4, 
3, and 5.3.
Management 
considers climate 
-related matters 
in estimates 
and assumptions, 
where 
appropriate. 
The assessment 
includes possible 
impacts on 
the Group 
due to physical 
and 
transition 
risks. Management 
believes that 
the business 
model and products 
will remain 
viable in a future low-carbon economy 
. 
However, climate-related matters increase the 
uncertainty 
in estimates 
and assumptions 
related to certain 
items in the 
financial 
statements. 
Even though 
climate-related 
risks might 
not currently 
have a significant 
impact on 
estimates and 
assumptions 
, 
management 
closely monitor 
s 
relevant changes 
and developments, 
including climate 
-related legislation 
and changes 
in customer 
behaviour.

 
 
 
 
 
 
 
 
 
133
1.5 
Business continuity 
The 
Group 
has 
prepared 
the 
financial 
statements 
based 
on 
the 
principle 
of 
business 
continuity. 
The Group’s 
ability 
to continue 
its operations 
depends 
on the 
profitability 
of its 
business 
and the successful 
execution 
of its business 
plan.
Lindex 
Group operates 
in a 
dynamic 
and complex 
environment 
that exposes 
it to 
a range 
of 
risks 
that 
may 
affect 
its 
financial 
performance 
and 
liquidity. 
The 
Group’s 
key 
risks 
include macroeconomic 
conditions, 
exchange rate 
volatility, 
and supply 
chain disruptions. 
Inflation 
and 
interest 
rate 
fluctuations 
may 
increase 
operating 
costs, 
reduce 
consumer 
purchasing 
power, 
and 
affect 
discount 
rates 
used 
in 
asset 
valuation. 
Changes 
in 
exchange 
rates, 
particularly 
between 
the 
euro 
and 
the 
key 
currencies 
may 
impact 
revenue, 
costs 
and 
balance 
sheet 
valuations. 
Delays 
in 
shipments 
or 
production 
stoppages could increase 
freight costs and affect 
inventory availability, impacting 
working 
capital 
and 
cash 
flows. 
To 
manage 
these 
challenges, 
management 
and 
the 
Board 
of 
Directors 
regularly 
assess the 
operational 
and strategic 
risks. 
Lindex Group does not currently have 
any legal disputes or claims 
not already reported in 
the 
financial 
statements 
and 
there 
are 
no 
indications 
of 
material 
threats 
for 
continuing 
operations 
or cash 
flows. 
Revenues 
are diversified 
across 
a large 
customer 
base, and 
no 
single customer 
poses a significant 
threat to the 
Group’s cash 
flows. 
The 
Group 
continues 
to 
monitor 
geopolitical 
risks 
and 
uncertainties 
as 
part 
of 
its 
risk 
management 
process. 
As 
of 
the 
reporting 
date, 
these 
risks 
and 
uncertainties 
have 
no 
material 
impact on the 
Group’s financial 
statements. 
Based 
on 
its 
analysis 
of 
the 
company’s 
overall 
situation 
and 
the 
general 
economic 
uncertainty 
, 
the Board 
of Directors 
confirms 
that Lindex 
Group has 
adequate 
liquidity 
and 
financing 
to meet 
its obligations 
during 
at least 
the next 
twelve 
months 
and therefore 
the 
financial 
statements 
have been 
prepared according 
to the principle 
of business 
continuity.
1.6 
Principles 
of consolidation 
The consolidated 
financial statements 
comprise the 
financial 
statements 
of the parent 
company, 
Lindex Group 
plc, and all 
entities in 
which the parent 
company holds, 
either 
directly or indirectly, more than 50% of the voting rights conferred by shares or otherwise 
has control. 
Control is 
achieved when 
the Group is 
exposed, or 
has rights, 
to variable 
returns from 
its involvement 
with the investee 
and has the 
ability to 
affect those 
returns 
through its power over the entity. 
Intercompany 
shareholdings 
are eliminated 
using the 
acquisition 
method, under 
which 
consideration 
transferred 
and identifiable 
assets and 
liabilities 
of an acquired 
company 
are measured 
at fair value 
at the acquisition 
date. Goodwill 
is recognised 
as the excess 
of 
consideration 
transferred 
, 
including 
non-controlling 
interests 
and the fair 
value of 
any 
previously held 
interest, 
over the fair 
value of 
the acquired 
net assets. 
Intra-Group 
transactions, 
balances, 
and unrealised 
profits are 
eliminated 
in consolidation. 
Subsidiaries 
are included 
from the date 
control is 
obtained and 
excluded when 
control 
ceases. Changes 
in ownership 
interests 
that do not 
result in 
loss of control 
are accounted 
for as equity 
transactions.
A structured entity is one that has been set up so that voting rights or 
similar rights are 
not the dominant factor in deciding who controls the entity. A structured entity, which 
is 
designed to 
achieve a specific 
business purpose, 
is consolidated 
when the substance 
of 
the relationship 
between Lindex 
Group and the 
structured 
entity indicates 
that the 
structured 
entity is controlled 
by Lindex 
Group. Management 
uses judgement 
when 
determining the accounting treatment of a structured entity. In addition to the voting rights 
or similar 
rights, management 
considers other 
factors such 
as the nature 
of the 
arrangement, 
contractual 
arrangements 
and level 
of influence 
with the structured 
entity.
A joint arrangement in which Lindex Group and another 
party, based on an agreement or 
the Articles 
of Association, 
have rights 
to the assets 
and obligations 
for the liabilities 
of 
the joint arrangement 
is treated 
as a joint 
operation. 
The consolidated 
financial 
statements 
include the 
Group’s share 
of its joint 
operation in 
its statement 
of financial 
position as an investment property. Lindex Group does not recognise the income 
and 
expenses of 
the joint operation, 
as it is immaterial 
to the Group.
1.7 
Items denominated 
in foreign 
currency
The consolidated 
financial statements 
are presented 
in millions 
of euros, with 
a precision 
of 0.1 million 
, 
as euro is 
the functional 
and presentation 
currency of 
the Group’s 
parent 
company.
Transactions 
in foreign currencies 
are recognised 
in functional 
currency of 
each company 
using the 
exchange rate 
at the date 
of the transaction. 
Receivables 
and liabilities 
denominated 
in foreign 
currencies 
are translated 
at the exchange 
rate prevailing 
at the 
reporting 
date. Exchange 
differences 
arising from 
translation 
are recognised 
in profit and 
loss.
The income 
statements 
and statements 
of other comprehensive 
income of 
foreign 
subsidiaries 
are translated 
into euro at 
the average 
exchange rate 
for the period, 
and the 

 
134
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
statement 
of financial 
position at 
the exchange 
at the reporting 
date. The exchange 
rate 
differences 
resulting from 
translating 
the income 
statement and 
other comprehensive 
income at 
the average 
rate and the 
statement 
of financial 
position at 
the closing 
rate are 
recognised as a separate item in other comprehensive income. 
Goodwill 
arising from 
the acquisition 
of foreign 
operations 
and any fair 
value adjustments 
to the carrying 
amounts of 
the assets 
and liabilities 
of such operations 
are treated 
as 
assets and 
liabilities 
of the foreign 
operations 
and translated 
into euro using 
the exchange 
rate at the 
reporting date. 
When a foreign 
subsidiary 
or joint arrangement 
is disposed of 
in whole or 
in part, the 
cumulative 
translation 
difference 
related to 
that entity 
is recognised 
in income statement 
as part of 
the gain or 
loss on disposal.

 
135
2 
Key numbers 
2.1 
Segment information
 
Accounting 
policies
Lindex Group’s 
reportable segments 
are 
Lindex
, which operates 
in the fashion 
retail 
trade and 
Stockmann
, which operates 
in the department 
store trade. 
Segments 
represent 
divisions of 
the Group 
that are managed 
and monitored 
as separate 
units 
offering different products and services.
The segment 
information 
presented 
by the Group 
is based on 
the management’s 
internal 
reporting. 
Management 
assesses segment 
performance 
primarily on 
operating 
profit, and 
the measurement 
principles 
for assets 
and liabilities 
are consistent 
with IFRS 
requirements 
. 
The highest 
level of operational 
decision-making 
is vested in 
the Group’s 
CEO, who 
regularly 
reviews the 
operational 
performance 
of the divisions.
Segment information 
is presented 
in accordance 
with IFRS 8 
Operating Segments.
 
Operating segments
Lindex
Lindex is 
one of Europe’s 
leading fashion 
companies, 
with 442 stores 
in 17 countries 
, 
an 
online store 
serving 32 
countries 
and a global 
presence through 
partnerships. 
Lindex 
offers inspiring 
and affordable 
fashion for 
women and children 
. 
Its 
product range 
includes 
women’s wear, kids’ wear, lingerie and cosmetics.
Stockmann 
Stockmann 
is a multichannel 
retail company 
offering 
a diverse 
and high-quality 
range of 
fashion, cosmetics 
and home products. 
Stockmann 
operates seven 
department 
stores in 
three countries 
, 
complemented 
by its own 
online store. 
In Estonia 
and Latvia, 
Stockmann’s 
range also 
includes premium 
food and beverage 
products. 
Unallocated
Unallocated 
items include 
functions that 
serve the 
entire Lindex 
Group, such 
as 
Corporate 
Management, 
Group Finance 
Management, 
Group Treasury, 
Internal Audit 
and 
Investor 
Relations.
 
2025 
EUR mill. 
Lindex 
Stockmann 
Unallocated 
Group total 
Revenue 
645.9 
306.8 
-0.4 
952.3 
Materials and services 
-229.8 
-168.5 
0.4 
-397.9 
Other operating expenses 
-276.2 
-103.3 
-5.5 
-384.9 
Depreciations 
-75.3 
-29.4 
0.0 
-104.7 
Operating result 
64.6 
5.6 
-5.5 
64.7 
Financial income 
3.6 
Financial expenses 
-40.4 
Consolidated profit/loss 
before taxes 
28.0 
Capital expenditure 
79.1 
7.0 
 
86.1 
Assets 
1,033.2 
322.6 
0.3 
1,356.2
 
2024 
EUR mill. 
Lindex 
Stockmann 
Unallocated 
Group total 
Revenue 
628.8 
311.6 
-0.2 
940.1 
Other operating income 
4.5 
0.0 
0.0 
4.5 
Materials and services 
-219.6 
-172.8 
0.2 
-392.3 
Other operating expenses 
-258.8 
-123.8 
-9.9 
-392.5 
Depreciations 
-69.7 
-29.2 
0.0 
-99.0 
Operating result 
85.1 
-14.2 
-10.0 
60.9 
Financial income 
5.2 
Financial expenses 
-37.6 
Consolidated profit before 
taxes 
28.6 
Capital expenditure 
114.4 
25.5 
0.0 
139.9 
Assets 
959.4 
356.0 
0.3 
1,315.7

 
136
Information on market areas
The Group 
reports revenue, 
operating 
results, and 
non-current 
assets geographically 
divided into 
Finland, Sweden, 
Norway, 
and other countries.
 
EUR mill. 
Revenue 
2025 
2024 
Finland 
308.6 
313.6 
Sweden*) 
339.7 
329.9 
Norway 
131.7 
126.2 
Other countries 
172.3 
170.4 
Group total 
952.3 
940.1 
Finland, % 
32.4 % 
33.4 % 
International operations, % 
67.6 % 
66.6 % 
Operating profit/loss 
2025 
2024 
Finland 
0.2 
-22.7 
Sweden*) 
45.2 
67.4 
Norway 
6.9 
6.2 
Other countries 
12.5 
10.0 
Group total 
64.7 
60.9 
Non-current assets 
2025 
2024 
Finland 
239.7 
246.2 
Sweden*) 
635.7 
595.6 
Norway 
56.0 
58.4 
Other countries 
51.8 
58.0 
Group total 
983.1 
958.2 
Finland, % 
24.4 % 
25.7 % 
International operations, % 
75.6 % 
74.3 % 
*) Includes the sales of goods and services to the 
franchising partners and third parties.
2.2 
Operating income
Revenue recognition
Accounting 
policies
Revenue is 
recognised 
when a performance 
obligation 
is satisfied 
by transferring 
a 
promised good or service to a customer, 
and the customer obtains control of that good or 
service. Most 
of the Group’s 
operating 
income arises 
from the retail 
sales of goods 
or 
services, 
which are paid 
for in cash 
or by credit 
card. 
Revenue is 
recognised 
at the point 
of sale. When 
calculating 
revenue, indirect 
taxes and 
discounts granted 
are deducted 
from sales.
Sales through 
the online 
store and 
to franchising 
partners are 
recognised 
as revenue 
when all goods 
or services 
related to 
the order have 
been delivered 
to the customer 
or 
the franchising 
partner, 
and the customer 
obtains control 
over the goods 
or services.
Customers 
have the 
right to return 
the products 
purchased from 
a store or 
the online 
store within 
a specified 
time frame. 
A refund liability 
for expected 
returns is 
calculated 
based on 
historical experience 
as a percentage 
of sales. 
This liability 
is recognised 
as a 
reduction 
of revenue. 
The cost of 
goods expected 
to be returned 
is recognised 
as an 
asset under 
inventories 
and as an adjustment 
in materials 
and services.
Income from 
credit card 
co-operation 
is recognised 
as revenue. 
For the customer 
loyalty 
programme, 
sales adjustment 
items include 
customer loyalty 
award points. 
The estimated 
stand-alone 
selling price 
of unused loyalty 
points accumulated 
by customers 
is 
recognised as a reduction of revenue and as a short 
-term contract liability. 
The liability is 
recognised 
in the same 
financial 
period as 
the related 
revenue. 
When a customer 
redeems accumulated 
points as payment 
in a store, 
the value of 
the points 
used is 
recognised as revenue and a reduction of the short-term contract liability. 
If loyalty points 
expire unused, 
their value 
is recognised 
as revenue 
and as a reduction 
of short-term 
contract 
liability.
Lease income 
from operating 
leases is 
recognised 
as revenue on 
a straight-line 
basis 
over the lease 
term. Turnover-based 
lease income 
is recognised 
based on the 
actual 
revenue of 
the tenants.

 
137
Revenue
 
EUR mill. 
2025 
2024 
Merchandise revenue 
924.3 
911.5 
Rental income and service charges 
27.9 
28.6 
Total 
952.3 
940.1
Disaggregated revenue information
 
1.1.-31.12.2025, EUR mill. 
Lindex 
Stockmann 
Total 
Revenue streams 
Merchandise revenue 
645.9 
278.9 
924.8 
Rental income and service charges 
 
27.9 
27.9 
Eliminations 
-0.4 
-0.4 
Total 
645.5 
306.8 
952.3 
Market areas 
Finland 
78.3 
230.3 
308.6 
Sweden 
339.7 
339.7 
Norway 
131.7 
131.7 
Other countries 
95.8 
76.5 
172.3 
Total 
645.5 
306.8 
952.3 
1.1.-31.12.2024, EUR mill. 
Lindex 
Stockmann 
Total 
Revenue streams 
Merchandise revenue 
628.8 
282.9 
911.7 
Rental income and service charges 
 
28.6 
28.6 
Eliminations 
-0.2 
-0.2 
Total 
628.6 
311.6 
940.1 
Market areas 
Finland 
78.3 
235.3 
313.6 
Sweden 
329.9 
329.9 
Norway 
126.2 
126.2 
Other countries 
94.1 
76.3 
170.4 
Total 
628.6 
311.6 
940.1
Contract balances
 
EUR mill. 
2025 
2024 
Contract assets 
0.8 
0.7 
Contract liabilities 
7.1 
5.8 
No information is provided about remaining performance 
obligations that have an original expected 
duration of one year or less, as allowed 
by IFRS 15.
Other operating 
income
Accounting 
policies
Other operating income includes, among other items, gains on the sale of property, plant 
and equipment 
and income 
from the disposal 
of a business.
Government 
grants or similar 
assistance 
from public 
entities that 
become receivable 
as 
compensation 
for expenses 
already incurred 
are recognised 
as other operating 
income in 
the period 
in which the 
company complies 
with the attached 
conditions.
 
EUR mill. 
2025 
2024 
Insurance claim settlement for losses related to 
COVID-19 
4.4 
COVID-19 support received 
0.0 
Total 
 
4.5
2.3 
Gross margin
 
EUR mill. 
2025 
2024 
Revenue 
952.3 
940.1 
Materials and services 
397.9 
392.3 
Gross profit 
554.4 
547.9 
Gross margin, % of revenue 
58.2% 
58.3%

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
138
2.4 
Inventories 
Accounting 
policies
Inventories 
are measured 
at the lower 
of acquisition 
cost and net 
realisable 
value. In 
the 
ordinary course 
of business, 
net realisable 
value is the 
estimated 
selling price 
less the 
estimated 
costs incurred 
in bringing 
the product 
to a finished 
condition and 
the estimated 
necessary selling 
costs.
The inventory 
turnover rate 
and any potential 
decline in 
the net realisable 
value below 
the 
acquisition cost are assessed regularly. If necessary, an impairment loss is recognised 
for 
inventories. 
Lindex recognises 
a provision 
for obsolete 
inventories 
based on 
whether the 
inventories 
are older than 
one year, 
as well as 
parameters 
related to 
inventory 
levels and 
uncertainties 
in the operating 
environment. 
Stockmann recognises 
a provision 
for 
obsolete inventories 
calculated 
as a percentage 
of the acquisition 
cost of slow 
-moving 
goods in 
the central 
warehouse and 
department 
stores.
The value 
of inventories 
is determined 
using the 
weighted average 
cost method 
and it 
includes all 
direct purchase 
costs.
 
 
 
 
 
 
 
 
 
 
 
 
 
EUR mill. 
2025 
2024 
Materials and consumables 
163.8 
169.6 
Total 
163.8 
169.6 
The value of inventories has been written down 
by EUR 6.3 (7.2) million for obsolete assets.
2.5 
Employee benefits 
Accounting 
policies
Pension obligations
All statutory 
and voluntary 
pension plans 
in the Lindex 
Group’s countries 
of operation 
are 
classified 
as defined 
contribution 
plans. Payments 
for defined 
contribution 
plans are made 
to pension 
insurance companies 
and are recognised 
as expenses 
in the income 
statement 
for the financial 
period to which 
they relate.
Other long 
-term employee 
benefits
Lindex Group 
operates a 
length-of-service 
reward system 
classified 
as other long 
-term 
employee benefits. 
Employees who 
complete the 
specified years 
of service 
are entitled 
to 
extra paid 
leave. The 
present value 
of the obligation 
arising from 
this long-term 
employee 
benefit at 
the reporting 
date is recognised 
as a liability 
in the statement 
of financial 
position. 
Items arising 
from the measurement 
of the liability 
are recognised 
in the income 
statement.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUR mill. 
2025 
2024 
Salaries and fees 
165.8 
161.0 
Share-based payments 
0.6 
0.3 
Pension expenses, defined contribution plans 
15.0 
14.9 
Other employee benefits expenses 
33.4 
32.2 
Total 
214.8 
208.4 
Information on the management's employee benefits is given 
in Notes 5.5 Related party transactions 
and 5.6 Share-based incentives.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
139
2.6 
Other operating expenses 
Accounting 
policies
Other operating 
expenses comprise 
costs that 
are not directly 
attributable 
to the sale 
of 
goods and 
services. The 
se include, 
for example, 
site expenses, 
marketing 
expenses, 
goods handling 
expenses, ICT 
expenses, professional 
service fees 
and expenses 
for 
leased workforce. 
Also, expenses 
related to 
short-term leases, 
leases of low 
-value assets 
and variable 
lease payments 
not included 
in the measurement 
of lease liabilities 
are 
recognised in other operating expenses. In addition 
, 
losses on the disposal of property, 
plant and 
equipment 
and valuation 
losses of assets 
classified 
as held for 
sale are 
recognised 
in other operating 
expenses.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUR mill. 
2025 
2024 
Site expenses 
55.1 
54.2 
Marketing expenses 
33.3 
32.2 
Goods handling expenses 
33.1 
26.0 
ICT expenses 
22.6 
22.0 
Professional services 
6.3 
12.9 
Leased workforce 
7.0 
7.8 
Bank and cash calculation expenses 
5.9 
5.5 
Voluntary social security expenses 
3.7 
4.4 
Credit losses 
0.1 
0.8 
Other expenses *) 
3.0 
18.5 
Total 
170.1 
184.1 
*) Corporate restructuring related expenses EUR -5.4 (9.9) 
million.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fees to the auditors 
EUR mill. 
2025 
2024 
Auditing/EY 
0.6 
0.5 
Auditing/others 
0.1 
0.0 
Other assurance services based on legal 
requirements/EY 
0.2 
0.2 
Tax advisory/EY 
0.0 
0.0 
Other services/EY 
0.0 
0.0 
Total 
0.9 
0.7
2.7 
Income taxes 
Accounting 
policies
Tax expense in the income statement comprises tax based on taxable profit 
for the period 
and deferred 
tax. The tax 
rates and 
tax laws used 
to compute 
the tax amounts 
are those 
enacted or 
substantively 
enacted at 
the reporting 
date in the 
countries 
where the Group 
operates and 
generates 
taxable income. 
The amount 
of 
tax is adjusted 
for any taxes 
relating to 
previous periods. 
Income tax 
is presented 
in the income 
statement 
unless the 
tax relates 
to items recognised 
directly in 
equity or in 
other comprehensive 
income, in 
which case 
the tax effect 
is recognised 
in equity 
or in other 
comprehensive 
income.
Deferred 
tax is recognised 
for temporary 
differences 
between the 
tax bases of 
assets and 
liabilities 
and their carrying 
amounts at 
the reporting 
date. Deferred 
tax is not 
recognised 
on goodwill 
impairment, 
which is non-deductible 
for tax purposes. 
Deferred 
tax assets 
and liabilities 
are measured 
at the tax 
rates expected 
to apply 
when 
the asset 
is realised 
or the liability 
settled, based 
on tax rates 
and tax laws 
enacted or 
substantively 
enacted at 
the reporting 
date. 
Deferred 
tax liabilities 
are recognised 
in full, except 
for undistributed 
profits of 
the 
Estonian and 
Latvian subsidiaries, 
as the Group 
can control 
the timing 
of the reversal 
and 
no reversal 
is expected 
in the foreseeable 
future. Deferred 
tax assets 
are recognised 
to 
the extent 
that it is 
probable that 
taxable profit 
will be available 
against which 
the 
deductible 
temporary differences 
can be utilised. 
Deferred tax 
assets arising 
from unused 
tax losses 
are recognised 
only to the 
extent that 
the Group company 
has sufficient 
taxable temporary 
differences 
. 
Alternatively, 
they are recognised 
when there 
is other 
convincing 
evidence that 
sufficient 
taxable income 
will be generated 
to utilise 
the unused 
tax losses 
or tax credits.
The Group 
offsets 
deferred tax 
assets and deferred 
tax liabilities 
only if it 
has a legally 
enforceable 
right to set 
off current 
tax assets 
against current 
tax liabilities 
based on 
taxable income 
for the period. 
In addition 
, 
such deferred 
tax assets 
and liabilities 
must 
relate to income taxes levied by the same tax authority, either on the same taxable entity 
or on different 
entities that 
intend to 
settle on a 
net basis or 
realise the 
assets and 
settle 
the liabilities simultaneously.
The Group 
applies the 
temporary 
mandatory exception 
under IAS 
12.4A, which 
requires 
that entities 
do not recognise 
or disclose 
deferred tax 
assets and 
liabilities 
related to 
the 
OECD/G20 
BEPS Pillar 
Two model 
rules. Group 
companies 
recognise income 
tax 
expense and 
any top-up tax 
related to 
the Pillar Two 
in the period 
in which the 
liability 

 
140
arises. Estonian 
and Latvian 
subsidiaries 
are exceptions 
to this rule, 
as they recognise 
income tax 
expenses and 
liabilities 
upon dividend 
distribution. 
For such regimes, 
top-up 
tax is not 
recognised 
in the absence 
of dividend 
distribution 
during the 
fiscal year 
if a 
deemed distribution 
tax election 
has been made.
 
EUR mill. 
2025 
2024 
Income taxes for the financial period 
-15.4 
-11.6 
Income taxes from previous financial periods 
7.7 
-1.9 
Change in deferred tax liability/assets 
4.1 
-1.8 
Total 
-3.6 
-15.3 
Reconciliation between the income tax expense 
in the income statement and the Group's 
tax 
expense at the Finnish tax rate of 20% 
EUR mill. 
2025 
2024 
Profit before taxes 
28.0 
28.6 
Income taxes at current tax rate 
-5.6 
-5.7 
Income taxes from previous financial periods 
7.7 
-1.9 
Previous periods' confirmed losses 
0.8 
Tax-exempt income 
3.5 
1.3 
Differing tax rates of foreign subsidiaries 
-0.1 
0.1 
Non-deductible expenses 
-6.1 
-7.0 
Effect of deferred taxes not recognised 
-2.4 
-2.1 
Unrecognised deferred tax assets from losses in 
taxation 
-4.9 
Reverse of deferred tax relating to previous financial 
periods 
8.9 
Deferred tax on results from previous financial 
periods 
-5.3 
Income taxes in the income statement 
-3.6 
-15.3
The Pillar 
Two model 
rules were adopted 
in Finland 
at the end 
of 2023 and 
became 
applicable 
on 1 January 
2024. According 
to these rules, 
the Group is 
considered 
a 
multinational enterprise to which the Pillar Two rules apply. Concurrently, Pillar Two 
legislation 
has been enacted 
or substantively 
enacted in 
several other 
jurisdictions 
where 
the Group 
operates, effective 
for the financial 
year beginning 
on or after 
1 January 2024.
The Group 
has assessed 
its exposure 
to Pillar Two 
income taxes 
based on 2025 
financial 
information 
and country 
-by-country reporting 
for its constituent 
entities. 
For the 2025 
financial 
year, 
the Group’s 
effective 
tax rate was 
above 15% 
or transitional 
safe harbour 
relief applied 
in all jurisdictions 
where the 
Group operates. 
In Estonia, 
the Group 
distributed 
retained earnings 
during the 
year and paid 
income tax in 
accordance 
with the local 
distribution 
tax regime. 
As a result, 
the effective 
tax rate for 
Pillar Two 
purposes in 
2025 exceeded 
15%. The distribution 
also fulfilled 
the deemed 
distribution tax election made for the previous year. Consequently, the Group has no top-
up tax liability 
in any jurisdiction 
for the financial 
year 2025 or 
for the prior 
year.

 
141
2.8 
Deferred tax assets and deferred tax liabilities
 
Changes in deferred tax assets 
EUR mill. 
1.1.2025 
Recognised in income statement 
Translation difference 
31.12.2025 
Confirmed losses 
0.0 
0.0 
Difference between carrying amounts and tax bases of 
property, plant and equipment 
1.4 
0.1 
1.5 
Lease liability 
115.2 
-4.2 
3.3 
114.3 
Other temporary differences 
4.5 
-2.9 
0.0 
1.6 
Deferred tax assets 
121.1 
-7.1 
3.4 
117.4 
Netting of deferred taxes 
-90.5 
-89.2 
Deferred tax assets, net 
30.6 
28.2
 
EUR mill. 
1.1.2024 
Recognised in income statement 
Translation difference 
31.12.2024 
Difference between carrying amounts and tax bases of 
property, plant and equipment 
1.4 
-0.0 
1.4 
Lease liability 
111.1 
5.7 
-1.7 
115.2 
Other temporary differences 
5.1 
-0.4 
-0.1 
4.5 
Deferred tax assets 
117.6 
5.3 
-1.8 
121.1 
Netting of deferred taxes 
-87.3 
-90.5 
Deferred tax assets, net 
30.3 
30.6

 
142
 
Changes in deferred tax liabilities 
EUR mill. 
1.1.2025 
Recognised in income statement 
Translation difference 
31.12.2025 
Cumulative depreciation differences 
19.8 
1.6 
1.0 
22.4 
Difference between carrying amount and tax bases of prop., 
plant and equip. 
4.1 
0.2 
4.4 
Measurement at fair value of intangible and tangible 
assets 
13.2 
0.8 
14.0 
Right-of-use assets 
90.5 
-4.4 
3.0 
89.2 
Other temporary differences 
15.1 
-8.4 
-0.0 
6.7 
Deferred tax liabilities 
142.8 
-11.2 
5.1 
136.7 
Netting of deferred taxes 
-90.5 
-89.2 
Deferred tax liabilities, net 
52.3 
47.5
 
EUR mill. 
1.1.2024 
Recognised in income statement 
Translation difference 
31.12.2024 
Cumulative depreciation differences 
18.4 
1.9 
-0.5 
19.8 
Difference between carrying amount and tax bases of prop., 
plant and equip. 
4.3 
-0.1 
4.1 
Measurement at fair value of intangible and tangible 
assets 
13.7 
-0.4 
13.2 
Right-of-use assets 
87.4 
4.7 
-1.6 
90.5 
Other temporary differences 
14.6 
0.5 
0.0 
15.1 
Deferred tax liabilities 
138.3 
7.1 
-2.6 
142.8 
Netting of deferred taxes 
-87.3 
-90.5 
Deferred tax liabilities, net 
51.0 
52.3
Group companies 
have tax losses 
of EUR 18.6
million (61.6) 
that may be 
utilised against 
future taxable 
income. Of 
these, EUR 
4.6
million can 
be used until 
2033,
EUR 13.3 million 
until 
2034, and EUR 
0.8
million can be carried forward indefinitely.
No deferred 
tax assets 
have been 
recognised for 
these losses. 
The Group 
records a 
deferred tax 
asset only 
to the extent 
that it is 
probable that 
sufficient 
taxable profit 
will be available 
to 
utilise the 
losses in future 
periods or 
that they can 
be used elsewhere 
in the Group.
In accordance 
with IAS 12 
paragraph 
52 A, no deferred 
tax liabilit 
y 
has 
been recognised 
on the accumulated 
distributable 
earnings of 
EUR 12.4 million 
(21.1) in the 
Estonian and 
Latvian 
subsidiaries. 
Lindex Group 
has recognised 
a deferred 
tax liability 
of EUR 6.8 
million (6.4) 
for the undistributed 
accumulated 
distributable 
earnings of 
Lindex Group 
plc’s branch 
in Estonia. 
Currently, 
the taxes 
in Estonia 
on potential 
future profit 
distributions 
from the branch 
would not be 
deductible 
against taxes 
payable in 
Finland.

 
143
3 
Intangible 
and tangible 
assets and 
leasing arrangements
3.1 
Depreciation, amortisation and impairment losses
EUR mill. 
2025 
2024 
Intangible assets 
9.3 
9.1 
Buildings and constructions 
1.0 
 
Machinery and equipment 
10.1 
11.4 
Modification and renovation expenses for leased 
premises 
4.5 
1.1 
Right-of-use assets 
79.9 
77.4 
Depreciation and amortisation, total 
104.7 
99.0 
Depreciation, amortisation and impairment losses, 
total 
104.7 
99.0
3.2 
 
Goodwill and 
other intangible 
assets 
 
Accounting 
policies
Goodwill 
represents 
the excess 
of the consideration 
transferred, 
measured at 
fair value, 
over the fair 
value of the 
identifiable 
net assets 
acquired, measured 
at fair value. 
Neither 
goodwill nor 
the Lindex 
brand is amortised. 
The brand is 
considered 
to have an 
indefinite 
useful life 
due to its 
high awareness. 
Goodwill and 
the brand are 
carried at 
original 
acquisition 
cost less any 
accumulated 
impairment 
losses.
 
Other intangible 
assets comprise 
intangible 
rights and 
software, 
which are measured 
at 
original 
acquisition 
cost. These 
assets are 
amortised on 
a straight-line 
basis over 
their 
estimated 
useful lives:
Software 
3–10 years
Patents 
6 years
Other intangible 
rights 
5 years
Subsequent 
expenditure 
related to intangible 
assets is capitalised 
only when 
it enhances 
the future 
economic benefits 
of the asset. 
All other costs 
are recognised 
as operating 
expenses when 
incurred.
For cloud computing 
arrangements 
(Software-as-a-Service 
or SaaS), service 
contracts 
grant the 
Group with 
the right to 
access the 
cloud provider’s 
application 
software 
over the 
contract 
period. Implementation 
costs, including 
configuration 
or customisation 
of the 
cloud provider’s 
application 
software, 
are recognised 
as operating 
expenses when 
the 
services are 
received. When 
the supplier 
provides both 
configuration 
and customisation 
services, 
judgement is 
applied to 
determine 
whether these 
services are 
distinct from 
the 
underlying 
SaaS application. 
Distinct configuration 
and customisation 
costs are 
expensed 
as incurred, 
while non-distinct 
costs are 
expensed over 
the SaaS contract 
term.

 
144
 
Intangible assets, EUR mill. 2025 
Goodwill 
Trademark 
Intangible rights 
Other intangible 
assets 
Advance payments 
and construction in 
progress 
Intangible assets, 
total 
Acquisition cost 1.1. 
613.2 
79.6 
91.5 
3.3 
1.0 
788.7 
Translation difference +/- 
36.1 
4.7 
4.9 
0.0 
-0.0 
45.8 
Increases during the period 
 
10.0 
0.2 
1.5 
11.7 
Decreases during the period 
 
-2.3 
 
-2.3 
Transfers between items during the period 
2.6 
 
-1.7 
0.9 
Acquisition cost 31.12. 
649.4 
84.3 
106.7 
3.5 
0.9 
844.7 
Accumulated amortisation 1.1. 
-370.7 
-0.3 
-58.2 
-3.1 
 
-432.3 
Translation difference +/- 
-21.7 
-0.0 
-3.2 
0.0 
 
-24.9 
Amortisation on reductions during the period 
 
2.3 
 
2.3 
Amortisation and impairment losses during the period 
 
-9.3 
-0.1 
 
-9.3 
Accumulated amortisation 31.12. 
-392.3 
-0.3 
-68.4 
-3.2 
 
-464.1 
Carrying amount 1.1. 
242.6 
79.3 
33.3 
0.2 
1.0 
356.4 
Carrying amount 31.12. 
257.0 
84.0 
38.4 
0.3 
0.9 
380.6 
Intangible assets, EUR mill. 2024 
Acquisition cost 1.1. 
633.3 
82.2 
103.5 
3.3 
0.7 
823.1 
Translation difference +/- 
-20.1 
-2.6 
-2.3 
0.0 
0.0 
-25.0 
Increases during the period 
 
9.8 
 
1.2 
11.0 
Decreases during the period 
 
-20.4 
 
-20.4 
Transfers between items during the period 
0.9 
-0.0 
-0.9 
-0.0 
Acquisition cost 31.12. 
613.2 
79.6 
91.5 
3.3 
1.0 
788.7 
Accumulated amortisation 1.1. 
-382.7 
-0.3 
-71.2 
-3.0 
 
-457.1 
Translation difference +/- 
12.0 
0.0 
1.6 
-0.0 
 
13.6 
Amortisation on reductions during the period 
 
20.4 
 
20.4 
Amortisation and impairment losses during the period 
 
-8.9 
-0.2 
 
-9.1 
Accumulated amortisation 31.12. 
-370.7 
-0.3 
-58.2 
-3.1 
 
-432.3 
Carrying amount 1.1. 
250.6 
81.9 
32.4 
0.4 
0.7 
366.0 
Carrying amount 31.12. 
242.6 
79.3 
33.3 
0.2 
1.0 
356.4

 
 
145
Impairment testing
Accounting 
policies 
The carrying 
amounts of 
assets are 
regularly 
assessed to 
identify potential 
indicators 
of 
impairment. 
When such 
indicators exist, 
the recoverable 
amount of 
the asset is 
determined. 
Goodwill and 
the brand are 
allocated to 
cash-generating 
units and 
tested for 
impairment 
annually. 
If the carrying 
amount of 
an asset or 
cash-generating 
unit exceeds 
its recoverable 
amount, an 
impairment 
loss is recognised 
in the income 
statement. 
For impairment 
losses on a 
cash-generating 
unit, the 
reduction is 
first allocated 
to the 
goodwill. Subsequently, any remaining impairment loss is allocated proportionally to the 
unit’s other assets. 
The recoverable 
amount of intangible 
and tangible 
assets is 
the higher 
of fair value 
less 
costs to sell 
and value in 
use. Value 
in use is calculated 
by discounting 
estimated future 
cash flows 
to their present 
value using 
a pre-tax discount 
rate that reflect 
s 
the average 
cost of capital 
for the relevant 
cash-generating 
unit. Climate 
-related risks, 
both physical 
and transition 
al, are constantly 
monitored 
when determining 
the recoverable 
amount. 
While the 
Group currently 
considers its 
operations 
not significantly 
exposed to 
physical 
risk, value 
-in-use may 
be affected 
by transition 
risks, such as 
climate-related 
legislation, 
regulatory changes 
and shifts in 
demand for 
the Group’s 
products. 
Impairment losses on property, plant and equipment and 
other intangible assets 
(excluding 
goodwill), 
may be reversed 
if there is 
a change in 
the estimates 
used to 
determine 
the recoverable amount. 
However, any reversal cannot exceed the carrying 
amount that 
would have 
been determined 
if no impairment 
loss had been 
recognised 
in 
previous periods.
Under IFRS 
8, Lindex 
Group’s reportable 
segments comprise 
the Lindex 
fashion chain 
and Stockmann 
’s department 
store business, 
both of which 
are treated 
as cash-
generating 
units. The 
assets 
of these segments 
are tested 
for impairment 
either during 
the preparation 
of the financial 
statements 
or whenever 
indicators 
of impairment 
arise.
Since 2019, 
Lindex has achieved 
revenue growth 
of approximately 
3% CAGR (Compound 
Annual Growth 
Rate), predominantly 
attributed 
to its digital 
expansion 
efforts. The 
strategic 
plan is to 
maintain this 
growth momentum 
in the coming 
years, with 
financial 
targets set 
at 3-5% annual 
growth in the 
mid-term, aiming 
to reach EUR 900 million (SEK 
10 billion) in the long term. Additionally, the digital share is targeted to increase from 22% in 
2025 to 30% in the mid-term, reflecting a strong strategic emphasis on digital advancement.
To 
enhance both 
growth and profitability, 
Lindex has 
started to 
implement a 
new fully 
automated 
logistics centr 
e 
for e-commerce 
during 2025 
with an expected 
launch in 
2026. 
This strategic 
move is designed 
to bolster 
digital sales 
and explore 
new sales 
channels. 
Regarding 
financial performance, 
the adjusted 
operating margin 
is targeted 
to reach 15% 
in the long 
-term, while 
broadly maintaining 
the current 
levels in the 
mid-term. 
This dual 
focus on sustained 
growth and 
profitability 
reflects Lindex’s 
commitment 
to a balanced 
and sustainable business strategy. The implementation of the new logistics centre is 
anticipated 
to play a 
pivotal role 
in achieving 
these targets, 
providing 
a robust 
infrastructure 
for digital 
expansion and 
diversification 
into new channels. 
Despite the 
impact of inflation 
on consumer 
confidence 
in recent 
years, Lindex 
has 
predominantly 
grown internationally 
acquiring 
new customers. 
While lower 
consumer 
confidence 
is anticipated 
to affect 
the retail 
market in 
the coming 
years, Lindex 
aims to 
mitigate 
this impact, 
drawing from 
its experience 
in navigating 
similar challenges 
in the 
past. 
The Group 
has concluded 
that no single 
climate-related 
assumption 
is a key assumption 
for the 202 
5 
test of goodwill. 
Lindex has 
incorporated 
its expectations 
for the changing 
consumer needs 
and consumption 
habits, expected 
cost increases 
due to stricter 
recycling 
requirements 
and more sustainably 
sourced materials 
as well as 
higher energy 
and freight 
cost due to 
climate change 
in the cash 
-flow forecasts 
when assessing 
value-
in-use amounts. 
As at 31 
December 202 
5, there are 
no indicators 
of impairment 
. 
Goodwill of 
EUR 257.0
(242.6) 
million is 
allocated 
to the Lindex 
segment, and 
the Lindex 
trademark, 
valued at 
EUR 84.0
(79.3) 
million, is 
fully allocated 
to the same 
segment. 
The Lindex 
brand is 
considered 
to have an 
indefinite 
useful life 
due to its 
high awareness. 
With a 70-year 
history, 
the Group intends 
to continue 
leveraging 
the brand in 
existing markets 
and 
expand into 
to new markets 
through both 
online channels 
and physical 
store concepts. 
Main assumptions 
and variables 
used in calculati 
ng the value 
in use of Lindex
In the impairment 
testing, future 
cash flows 
are forecasted 
based on 
Lindex's strategy 
and 
financial 
targets, while 
also considering 
potential 
climate-related 
risks. Cash 
flow 
projections 
are prepared 
using a conservative 
approach and 
have been approved 
by the 
Group Management Team. This approach ensures that financial forecasts reflect a 
realistic 
assessment 
of potential 
challenges 
and uncertainties. 
Management 
approval 

146
confirms the 
validity and 
careful consideration 
applied in 
preparing these 
projections 
as 
Lindex navigates 
a dynamic 
business environment 
. 
Main variables 
used in the 
value in use 
calculation 
are:
1.
Revenue growth. 
The forecasted 
revenue growth 
for Lindex 
is based on 
an 
estimation 
of sales expansion 
in both physical 
stores and 
online platforms, 
covering a 
five-year period. 
Over the past 
five years, 
the revenue 
growth rate, 
measured as 
the Compound 
Annual Growth 
Rate (CAGR), 
has been 
approximately 
3%. The management 
has considered 
the mid-term 
financial 
targets, coupled 
with a terminal 
growth rate 
of 2.0% (2.0%). 
These revenue 
forecasts 
take into 
consideration 
a range of 
factors, including 
shifts in the 
economy, insights from market research, expansion initiatives in physical stores, 
online channels, 
and collaboration 
with third-party 
platforms. 
A significant 
catalyst 
for growth 
is anticipated 
with the operationalisation 
of Lindex’s 
fully automated 
logistics centr 
e, which is 
set to become 
fully operational 
in 2026. This 
facility is 
expected to 
provide robust 
support for 
growth, particularly 
in the realm 
of online 
channels. 
2.
 
Gross margins 
and operating 
margins.
 
In recent years, 
Lindex has achieved 
an 
increase or 
stability 
in both gross 
margins and 
operating 
margins. This 
is 
attributed 
to various 
strategic 
actions implemented 
across the 
supply chain, 
assortments, 
strategic 
pricing, cost 
-efficiency 
measures, 
and digitali 
sation 
initiatives. 
Despite temporary 
annual fluctuations, 
the aggregated 
improvements 
are sustained 
over time, 
providing confidence 
in the future 
outlook. 
Forecasts for 
Lindex's 
gross margin 
and operating 
margin percentages 
extend over 
a 5-year 
period. In 
2025, the gross 
margin was 
64.4% 
(65.1%), and 
the adjusted 
operating 
margin was 11.2 
% 
(13.2%).
Management 
anticipates 
that factors 
such as macroeconomic 
turmoil, increases 
in raw material 
prices, a 
shift towards 
sustainable 
sourcing, and 
changes in 
the 
sales mix, 
in combination 
with continual 
investments 
to future-proof 
the business, 
may decrease 
profitability 
in the short 
term, but profitability 
is expected 
to 
gradually 
improve. The 
lower starting 
margin is planned 
to be effectively 
mitigated 
by continuously 
streamlining 
operations 
through increased 
automation 
and 
digitalisation. 
This ensures 
that the long 
-term goal 
of achieving 
a 15% adjusted 
operating 
result remains 
unchanged.
3.
Discount rate
, which is 
determined 
using the 
weighted average 
cost of capital, 
based on 
either the optimal 
capital structure 
or the average 
capital structure 
of 
industry 
peers, 
and reflects 
the total cost 
of equity 
and debt. 
Its components 
include the 
market-specific 
risk-free rate, 
market risk 
premium, business 
-specific 
beta, country 
risk premium, 
size risk 
premium, 
cost of debt and 
debt-to-equity 
ratio, which corresponds to the capital structure typical of the retail industry. 
Lease liabilities 
are considered 
in the calculation 
of the discount 
rate, 
and the 
corresponding 
right-of-use assets 
are included 
in the value 
of assets. 
 
Management 
has determined 
the components 
of discount 
rate so that 
market-
specific risk 
-free rate, 
market risk 
premium, business 
-specific beta, 
country risk 
premium and 
size risk premium 
are consistent 
with external 
sources of 
information 
, 
and the cost 
of debt reflects 
the industry 
average. 
 
The discount 
rate applied 
is a pre-tax 
rate. For 
Lindex, the 
discount 
rate is based 
on market 
interest rate 
s 
and country-specific 
risk relating 
to Sweden 
and Finland. 
The discount 
rate used 
for Lindex 
is 9.3% (12.1%).
Sensitivity 
in determining 
the recoverable 
amount 
 
In impairment 
testing, 
the recoverable 
amount of Lindex 
is significantly 
higher than 
the 
carrying 
amount of non 
-current assets 
and working 
capital in 
the statement 
of financial 
position. 
However, due to competition and the general economic environment affecting 
consumers 
behaviour and 
purchasing 
power, 
a significant 
change in 
the key assumptions 
used could 
result in the 
recoverable 
amount falling 
below the 
segment’s 
carrying amount 
, 
which would 
lead to an 
impairment 
requirement.
A sensitivity 
analysis was 
performed 
for Lindex 
using downside 
scenarios. 
The scenarios 
considered 
were: 
-
 
Reducing sales 
growth from 
the level assumed 
in management’s 
estimates for 
the cash 
flow period, 
including the 
terminal period 
; 
-
 
Reducing the 
gross margin 
percentage from 
the level 
assumed in 
management 
estimates 
for the cash 
flow period; 
including 
the terminal 
period; 
-
 
Increasing 
the discount 
rate.

 
 
 
 
 
147
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The change 
in an assumption 
that would 
cause the 
recoverable 
amount to equal 
the 
carrying amount is presented in the table below.  
Change, percentage 
points 
2025
Discount 
rate increase 
> 8%
Decline in 
sales growth 
> 13%
Decline in 
Gross Margin 
> 8%
Based on the 
impairment 
testing performed, 
the headroom 
continues 
to be significant 
(in 
2024: more 
than EUR 300 
million).
3.3 
Property, 
plant and equipment 
Accounting 
policies
Machinery and equipment constitute the majority of property, plant and 
equipment. This 
category 
also includes 
modification 
and renovation 
costs of leased 
premises such 
as 
interior finishing 
work in commercial 
premises located 
in leased buildings.
Property, plant and equipment are measured in the statement of financial position at 
original 
acquisition 
cost, 
less accumulated 
depreciation 
and any impairment 
losses. The 
acquisition cost of self-constructed assets includes materials and direct labour. Where an 
item of property, plant and equipment comprises several components with differing useful 
lives, the 
components 
are treated 
as separate 
items. Subsequent 
expenditure 
is 
capitalised 
only when 
it increases 
the future useful 
life of the 
asset; 
other costs, 
such as 
routine maintenance 
and repair, 
are recognised 
in the income 
statement 
as operating 
expenses when 
incurred.
Depreciation 
is calculated 
on a straight 
-line basis 
over the estimated 
useful lives 
of the 
assets.
The estimated 
useful lives 
are:
Buildings 
20-25 years
Warehouse automation 
10-15 years
Modification 
and renovation 
of leased 
premises 
5–20 years
Machinery 
and equipment 
3–15 years
ICT equipment 
3–5 years
Lightweight 
store fixtures 
and equipment 
3–8 years
The Group 
reviews the 
estimated 
residual values 
and expected 
useful lives 
of property, 
plant and 
equipment 
annually and 
adjusts them 
prospectively 
where appropriate. 
The 
review includes 
climate-related 
considerations, 
including 
physical and 
transition 
risks. In 
particular 
, 
the Group assesses 
whether the 
climate-related 
legislation 
and regulations 
might impact 
useful lives 
or residual 
values of 
the assets. 
As at reporting 
date, 
climate-
related considerations 
had no impact 
on the useful 
lives or valuation 
of these assets.

 
148
 
Property, plant and equipment, EUR mill. 
2025 
Land and water 
Buildings and 
constructions 
Machinery and 
equipment 
Modification and 
renovation 
expenses for leased 
premises 
Right-of-use assets 
Advance payments 
and construction in 
progress 
Property, plant and 
equipment, total 
Acquisition cost 1.1. 
0.2 
0.0 
259.0 
9.2 
777.0 
88.3 
1,133.7 
Translation difference +/- 
0.1 
0.9 
5.1 
1.2 
20.9 
4.0 
32.1 
Increases during the period 
1.9 
 
7.9 
5.1 
55.0 
4.4 
74.3 
Decreases during the period 
 
-20.6 
-1.7 
-21.2 
 
-43.5 
Transfers between items during the period 
 
41.1 
-71.4 
74.7 
 
-45.3 
-0.9 
Acquisition cost 31.12. 
2.2 
42.0 
180.0 
88.5 
831.7 
51.4 
1,195.8 
Accumulated depreciation 1.1. 
 
0.0 
-210.4 
-5.5 
-320.3 
 
-536.2 
Translation difference +/- 
 
-0.0 
-4.0 
-1.0 
-8.3 
 
-13.4 
Depreciation on reductions during the period 
 
20.6 
1.7 
25.0 
 
47.3 
Transfers between items during the period 
 
63.8 
-63.8 
 
0.0 
Depreciation and impairment losses during the 
period 
 
-1.0 
-10.1 
-4.5 
-79.9 
 
-95.4 
Accumulated depreciation 31.12. 
 
-1.0 
-140.2 
-73.1 
-383.5 
 
-597.7 
Carrying amount 1.1. 
0.2 
0.0 
48.6 
3.6 
456.8 
88.3 
597.5 
Carrying amount 31.12. 
2.2 
41.0 
39.8 
15.4 
448.3 
51.4 
598.1 
Property, plant and equipment, EUR mill. 
2024 
Acquisition cost 1.1. 
0.2 
-0.0 
249.3 
8.8 
715.7 
77.9 
1,051.9 
Translation difference +/- 
-0.0 
 
-6.9 
 
-14.9 
-2.5 
-24.3 
Increases during the period 
0.0 
 
19.2 
 
94.2 
15.5 
128.9 
Decreases during the period 
 
-4.7 
-0.2 
-18.0 
 
-22.9 
Transfers between items during the period 
 
2.0 
0.5 
 
-2.6 
 
Acquisition cost 31.12. 
0.2 
-0.0 
259.0 
9.2 
777.0 
88.3 
1,133.7 
Accumulated depreciation 1.1. 
 
0.0 
-210.0 
-4.6 
-275.2 
 
-489.8 
Translation difference +/- 
 
6.4 
 
7.4 
 
13.8 
Depreciation on reductions during the period 
 
4.6 
0.2 
24.9 
 
29.7 
Depreciation and impairment losses during the 
period 
 
-11.4 
-1.1 
-77.4 
 
-89.8 
Accumulated depreciation 31.12. 
 
0.0 
-210.4 
-5.5 
-320.3 
 
-536.2 
Carrying amount 1.1. 
0.2 
0.0 
39.3 
4.2 
440.5 
77.9 
562.1 
Carrying amount 31.12. 
0.2 
0.0 
48.6 
3.6 
456.8 
88.3 
597.5 
In 2025 and 2024 advance payments and 
construction in progress relate mainly to the 
construction of the Lindex division's new omnichannel 
distribution centre. The new facility is planned 
to be fully operational 
during the first half of 2026. No impairment has 
been recorded in relation to assets. However, future uncertainty 
in achieving cash flows could trigger an impairment.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
149
3.4 
Investment property
Accounting 
policies
When the Group 
holds land 
or building 
to earn rental 
income or 
for appreciation 
rather 
than for its 
own retail 
or administrative 
purposes, the 
property is 
classified 
as an 
investment 
property in 
accordance 
with IAS 40.
An investment 
property is 
initially 
valued at 
acquisition 
cost, which 
includes the 
purchase 
price and 
any directly 
attributable 
expenditure. 
Investment properties 
are not 
depreciated; 
instead, changes 
in fair value 
are recognised 
in the income 
statement 
in the 
period in 
which they 
arise. These 
gains or losses 
are presented 
separately 
in the income 
statement.
 
The Tapiolan Säästötammi property in Espoo, of which 
the Group owns 37.8%, is 
classified 
as an investment 
property in 
accordance 
with IAS 40.
 
 
 
 
 
 
 
 
 
EUR mill. 
2025 
2024 
Fair value at 1.1. 
0.5 
0.5 
Fair value at 31.12. 
0.5 
0.5
3.5 
Leases 
Group as 
lessee 
Accounting 
policies
A right-of-use 
asset and 
a lease liability 
is recognised 
at the lease 
commencement 
date. 
The right-of 
-use asset 
is initially 
measured at 
cost, which 
comprises the 
initial amount 
of 
the lease 
liability adjusted 
for any lease 
payments made 
at or before 
the commencement 
date, plus 
any initial 
direct costs 
incurred and 
an estimate 
of costs to 
dismantle and 
remove the 
underlying 
asset or to 
restore the 
underlying 
asset or the 
site on which 
it is 
located, 
less any lease 
incentives 
received. The 
right-of-use asset 
s 
in Lindex 
Group are 
composed of 
leased business 
premises, 
warehouses, 
cars, and 
other machinery 
and 
equipment.
The right-of 
-use asset 
is subsequently 
depreciated 
using the 
straight-line 
method from 
the 
commencement 
date until 
the end of 
the lease term. 
If the lease 
transfers ownership 
of 
the underlying 
asset to the 
Group by the 
end of the lease 
term, or the 
cost of the 
right-of-
use asset 
reflects that 
the Group 
will exercise 
a purchase option, 
the right-of-use 
asset 
will be depreciated 
over the useful 
life of the 
underlying 
asset. In 
addition, 
the right-of-use 
asset is periodically 
reduced by 
impairment 
losses, if 
any, 
and adjusted 
for the amount 
of 
the remeasurement of the lease liability.
At the commencement 
date the lease 
liability is 
measured 
at the present 
value of the 
lease payments 
that have 
not been paid 
at that date. 
The lease 
payments are 
discounted 
using the 
interest rate 
implicit in 
the lease, 
if that rate 
can be readily 
determined. 
If that 
rate cannot 
be readily 
determined, 
the incremental 
borrowing rate 
is used instead. 
The 
incremental 
borrowing 
rate is the 
average rate 
of interest 
that the Group 
would have 
to 
pay to borrow over a similar term, and with a similar security, the funds necessary 
to 
obtain an 
asset of a 
similar value 
to the right 
-of-use asset 
in a similar 
economic 
environment. 
Lease payments 
included in 
the measurement 
of the lease 
liability 
comprise the 
following:
- fixed lease 
payments, 
- variable 
lease payments 
that depend 
on an index, 
initially measured 
using the 
index as 
at the commencement 
date, 
- amounts 
expected to 
be payable 
under residual 
value guarantees,
- the exercise 
price of a 
purchase option 
if it is reasonably 
certain that 
the option 
will be 
exercised,
- payments 
of penalties 
for terminating 
the lease if 
it is reasonably 
certain that 
the option 
to terminate 
will be exercised 
. 
The lease 
term is determined 
as the non-cancellable 
period of a 
lease, together 
with 
periods covered 
by an option 
to extend the 
lease if it 
is reasonably 
certain that 
the option 
will be exercised. 
Lindex division 
uses a scoring 
system based 
on the operating 
profit to 
determine 
if prolongation 
of the original 
rental period 
is included 
in the lease 
term. 
Operating 
profit is measured 
as a percentage 
of turnover 
and the higher 
the percentage, 
the more likely 
the option 
to extend 
will be exercised.
The lease 
liability is 
later measured 
at the amortised 
cost using the 
effective 
interest 
method. The 
lease liability 
is reassessed 
when there is 
a change in 
future lease 
payments 
arising from 
a change in 
the index or 
if there is 
a change in 
the estimate 
of the amount 
expected to 
be payable 
under the 
residual value 
guarantee or 
if there is 
a change in 
the 
assessment 
of whether 
purchase, extension 
or termination 
option will 
be exercised. 
When 
the lease 
liability is 
remeasured, 
a corresponding 
adjustment 
is made to 
the carrying 
amount of the 
right-of-use 
asset or recorded 
in profit or 
loss if the 
carrying 
amount of 
the 
right-of-use 
asset has been 
reduced to zero.
Lease modifications, 
where the original 
terms of a lease 
agreement such 
as change in 
the 
scope of a 
lease, its contractual 
duration, or 
the consideration 
for a lease, 
are accounted 
for either 
as a new lease 
or an adjustment 
to the existing 
lease. If the 
modification 
increases 
the scope of 
the lease 
by adding 
new assets, 
and the consideration 
increases 
commensurately, it is treated as a separate lease.

150
 
The Group 
presents 
right-of-use assets 
that do not 
meet the definition 
of investment 
property in property, plant and equipment and lease liabilities in liabilities in the statement 
of financial 
position. When 
right-of-use 
assets are 
transferred 
to the lessee 
under a 
sublease agreement 
and are classified 
as a finance 
lease, the 
right-of-use assets 
are 
derecognised 
and presented 
as a lease 
receivable in 
the balance 
sheet.
Based on the 
exemption 
provided by 
IFRS 16, the 
Group has elected 
not to recognise 
right-of-use 
assets and lease 
liabilities 
for short-term 
leases and 
leases of 
low-value 
assets, including 
IT-systems and 
office equipment. 
The Group 
recognises 
the lease 
payments associated 
with these leases 
as an expense 
on a straight 
-line basis 
over the 
lease term.
Sale and 
leaseback
Accounting 
policies
In sale and 
leaseback transactions, 
where Lindex 
Group sells 
and then leases 
back 
assets, the 
right-of-use 
asset arising 
from the leaseback 
is measured 
at the proportion 
of 
the previous 
carrying amount 
of the asset 
that relates 
to the right 
-of-use retained 
by the 
Group. Accordingly, 
Lindex Group 
recognises only 
the amount 
of any gain 
or loss that 
relates to 
the rights 
transferred 
to the buyer 
-lessor.
 
Right-of-use assets 
2025, EUR mill. 
Buildings 
Machinery and 
equipment 
Total 
Acquisition cost 1.1. 
774.7 
2.3 
777.0 
Translation difference +/- 
21.0 
-0.2 
20.9 
Increases during the period 
54.9 
0.1 
55.0 
Decreases during the period 
-21.1 
-0.1 
-21.2 
Acquisition cost 31.12. 
829.5 
2.2 
831.7 
Accumulated depreciation and impairment losses 
1.1. 
-319.5 
-0.7 
-320.3 
Translation difference +/- 
-8.3 
-0.0 
-8.3 
Depreciation on reductions during the period 
24.9 
0.1 
25.0 
Depreciation, amortisation and impairment losses 
during the period 
-79.2 
-0.6 
-79.9 
Accumulated depreciation and impairment losses 
31.12. 
-382.2 
-1.3 
-383.5 
Carrying amount 1.1. 
455.2 
1.6 
456.8 
Carrying amount 31.12. 
447.3 
1.0 
448.3
 
2024, EUR mill. 
Buildings 
Machinery and 
equipment 
Total 
Acquisition cost 1.1. 
714.3 
1.4 
715.7 
Translation difference +/- 
-14.9 
-0.0 
-14.9 
Increases during the period 
92.8 
1.4 
94.2 
Decreases during the period 
-17.6 
-0.5 
-18.0 
Acquisition cost 31.12. 
774.7 
2.3 
777.0 
Accumulated depreciation and impairment losses 
1.1. 
-274.6 
-0.6 
-275.2 
Translation difference +/- 
7.4 
0.0 
7.4 
Depreciation on reductions during the period 
24.5 
0.4 
24.9 
Depreciation, amortisation and impairment losses 
during the period 
-76.8 
-0.6 
-77.4 
Accumulated depreciation and impairment losses 
31.12. 
-319.5 
-0.7 
-320.3 
Carrying amount 1.1. 
439.7 
0.9 
440.5 
Carrying amount 31.12. 
455.2 
1.6 
456.8 
In 2025 and 2024 increases of right-of use assets 
are mainly due to extensions to the contracts, 
price 
increases and new Lindex store openings. Decreases 
mainly relate to changes in terms of lease 
agreements for business premises. 
Department store properties in Helsinki, Tallinn and Riga were sold and leased back in 
2021 and 
2022.

 
151
 
Carrying amount 31.12. by operating segments 
EUR mill. 
2025 
2024 
Lindex 
263.9 
252.4 
Stockmann 
184.4 
204.4 
Total 
448.3 
456.8
 
Leases recognised in profit and loss 
EUR mill. 
2025 
2024 
Interest expenses on lease liabilities 
-37.4 
-36.0 
Expenses relating to leases of low-value assets 
-1.6 
-1.5 
Expense relating to variable lease payments not 
included in lease liabilities 
-3.5 
-2.9 
Total 
-42.4 
-40.4 
Total cash outflow for leases in 2025 was EUR 117.0 (109.8) million.
 
Group as lessor
Accounting 
policies
When the Group 
acts as a 
lessor, 
for each lease 
at the lease 
inception it 
is determined 
whether it 
is a finance 
lease or an 
operating 
lease. A lease 
is a finance 
lease if 
substantially 
all of the 
risks and rewards 
incidental 
to ownership 
of the underlying 
asset 
are transferred 
to the lessee, 
otherwise 
it is an operating 
lease. All 
leases in 
which Lindex 
Group acts 
as a lessor 
on 31 December 
2025 and 31 
December 202 
4 
are operating 
leases. The 
Group recognises 
lease payments 
received under 
operating leases 
as 
income on 
a straight-line 
basis over 
the lease term 
as part of 
revenue.
 
Minumum lease payments on non-cancellable operating 
leases 
EUR mill. 
2025 
2024 
Within one year 
6.2 
5.8 
Between one and five years 
4.7 
12.1 
Total 
10.9 
17.9

 
152
4 
Capital Structure
4.1 
Capital management 
For the purpose 
of the Group’s 
capital management, 
equity includes 
issued capital, 
invested unrestricted 
equity fund 
and other equity 
reserves attributable 
to the equity 
holders of 
the parent. 
The Group monitors 
its capital 
structure using 
the net gearing 
ratio 
and other 
relevant indicators. 
The Group 
manages its 
capital structure 
and makes adjustments 
in light of 
changes in 
economic conditions 
and the requirements 
of the financial 
covenants. 
To 
maintain or 
adjust the 
capital structure, 
the Group may 
adjust the 
dividend payment 
to shareholders, 
return capital 
to shareholders 
or issue 
new shares. 
The net gearing 
ratio is defined 
as interest-bearing 
net debt divided 
by equity attributable 
to the equity 
holders of 
the parent 
company. 
Interest-bearing 
net debt includes 
interest-
bearing financing 
liabilities 
and lease 
liabilities 
less cash and 
cash equivalents 
and 
interest-bearing 
receivables.
 
Net gearing 
EUR mill. 
2025 
2024 
Interest-bearing financing liabilities 
83.3 
82.9 
Lease liabilities (IFRS 16) 
594.4 
603.1 
Cash and cash equivalents 
-134.8 
-114.7 
Interest-bearing net debt 
542.8 
571.4 
Equity attributable to the equity holders of the parent 
company 
451.0 
394.0 
Net gearing 
120.4 % 
145.0 %
In order 
to achieve this 
overall objective, 
the Group’s 
capital management 
aims to ensure 
that it meets 
financial covenants 
attached to 
the interest 
-bearing financing 
liabilities 
that 
define capital 
structure 
requirements. 
At the end 
of the reporting 
period, the 
Group had no 
interest-bearing 
financing arrangements 
that included 
financial 
covenants based 
on 
capital structure 
or financial 
ratios.
4.2 
Financial income and expenses 
 
Financial income 
EUR mill. 
2025 
2024 
Dividend income from other investments 
0.0 
0.1 
Interest income on bank deposits and other 
investments 
1.8 
3.4 
Other financial income 
1.8 
0.4 
Foreign exchange differences 
0.0 
1.4 
Total 
3.6 
5.2
 
Financial expenses 
EUR mill. 
2025 
2024 
Interest expenses on financial liabilities measured at 
amortised cost 
-2.0 
-1.6 
Interest expenses from lease contracts 
-37.4 
-36.0 
Other financial expenses 
-0.1 
 
Foreign exchange differences 
-0.9 
 
Total 
-40.4 
-37.6
 
EUR mill. 
2025 
2024 
Financial income and expenses, total 
-36.7 
-32.3
4.3 
Financial instruments
 
Accounting 
policies
Financial 
instruments 
are classified 
under IFRS 
9 into the 
following categories: 
financial 
assets and 
liabilities 
measured 
at amortised 
cost, at fair 
value through 
other 
comprehensive 
income, 
and at fair 
value through 
income statement. 
Classification 
is 
determined 
at initial 
recognition 
based on the 
business model 
objective and 
the 
contractual 
cash flow 
characteristic 
s 
of the instrument
.
Trade 
receivables 
and other 
non-derivative 
receivables 
are measured 
at amortised 
cost 
and presented 
as current 
or non-current 
assets in 
the statement 
of financial 
position, 
depending 
on maturity 
. 
Receivables 
maturing after 
more than 12 
months are 
classified 
as 
non-current. 
Trade receivables 
are initially 
recognised at 
fair value. 
Lindex Group 
applies

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
153
the IFRS 9 
simplified 
approach for 
expected credit 
losses, using 
a lifetime 
expected loss 
allowance 
for all trade 
receivables, 
customer contract 
assets and 
lease receivables. 
Expected credit 
losses are 
estimated based 
on historical 
experience 
and recognised 
in 
income statement 
as a percentage 
of outstanding 
trade and lease 
receivables.
Other investments 
include the 
Group’s holdings 
in shares, 
measured at 
fair value 
through 
income statement. 
The fair value 
of listed shares 
is market price 
s 
at the reporting 
date. 
Unlisted shares 
are carried 
at cost less 
impairment 
if fair value 
cannot be measured 
reliably.
 
Purchases 
and sales of 
financial 
assets are 
recognised 
on the trade 
date, the date 
on 
which the 
Group commit 
s 
to purchase 
or sell the 
asset. Financial 
assets are 
derecognised 
from the statement 
of financial 
position when 
contractual 
rights to cash 
flows expire, 
or 
control over 
the asset 
is lost.
Non-derivative 
financial liabilities 
are classified 
at amortised 
cost and initially 
recognised 
at their fair value in the statement of financial position 
. 
Transaction costs are included in 
the initial carrying amount of interest-bearing liabilities. 
Subsequently, interest-bearing 
liabilities 
are measured 
at amortised 
cost using 
the effective 
interest method. 
Non-current 
liabilities 
have maturities 
of 12 months 
or more, 
and current 
liabilities 
mature within 
1
2 
months.
 
Derivative 
financial instruments 
are classified 
as financial 
assets or liabilities 
at fair value 
through income 
statement, 
with changes 
in their fair 
value recognised 
in the income 
statement, 
except for 
derivatives 
designated 
as hedging 
instruments 
in cash flow 
hedges 
or net investment 
hedges that 
meet IFRS 
9 hedge accounting 
criteria.
Hedge accounting 
is applied 
in accordance 
with IFRS 9 
to certain 
currency derivatives 
used to hedg 
e 
forecasted foreign 
currency-denominated 
sales and purchases 
that are 
highly probable 
and expected 
to affect 
the income 
statement. 
Changes in 
the fair value 
of 
the hedging 
instruments 
are recognised 
in other comprehensive 
income and 
presented 
in 
the fair value 
reserve within 
equity, 
while any ineffective 
portion is 
recognised 
in the 
income statement. 
Cumulative 
fair value 
changes reco 
gnised in 
equity are 
reclassified 
to 
the income 
statement 
as adjustments 
to sales or 
purchases 
in the same 
period in 
which 
the forecast 
transactions 
covered by 
hedge accounting 
are recognised 
in the income 
statement. 
If a forecast 
transaction 
is no longer 
expected to 
occur, 
the related 
fair value 
change recognised 
in equity 
is transferred 
to the income 
statement. 
Hedge accounting 
is also applied 
to currency 
derivatives 
hedging foreign 
currency 
denominated 
net investments 
in foreign 
operations. 
Changes in 
fair value 
are recognised 
in other comprehensive income and presented in the translation reserve within equity. 
Gains and 
losses accumulated 
in translation 
reserve are 
transferred 
to income statement 
upon disposal 
of the net 
investment. 
Realised foreign 
exchange rate 
gains 
on net 
investment 
hedges and 
internal loans 
are included 
in cash flow 
s 
from investment 
activities 
in the consolidated 
cash flow 
statement. 
The hedging 
relationship 
between the 
hedged item 
and the hedging 
instrument 
is 
documented 
at inception 
, 
including 
identification 
of the hedging 
instruments, 
the hedged 
item, the 
nature of 
the risk being 
hedged, the 
risk management 
objectives, 
and hedge 
effectiveness 
calculations. 
The hedging 
relationship 
must be effective, 
and the 
effectiveness 
is assessed 
both at inception 
and subsequently 
at each reporting 
date.
The fair value 
of interest 
rate swaps 
is determined 
based on the 
present value 
of future 
cash flows 
using market 
prices at 
the reporting 
date. Changes 
in the fair 
value of interest 
rate swaps 
are recognised 
in financial 
income and 
expenses in 
the income 
statement.
The fair value 
of currency 
forwards and 
currency swaps 
is calculated 
using 
market prices 
at the reporting 
date, while 
the fair value 
of currency 
options is 
determined 
using the 
Black-Scholes 
model. The 
results of 
measuring currency 
derivatives 
are recognised 
in the 
income statement, 
except for 
currency 
derivatives 
designated 
as hedging 
instruments 
in 
accordance 
with IFRS 9 
for cash flow 
hedges or 
hedges of net 
investments.
4.4 
Current receivables
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUR mill. 
2025 
2024 
Non-interest-bearing trade receivables 
17.2 
16.0 
Receivables based on derivative contracts 
0.1 
1.5 
Other receivables 
0.4 
1.0 
Prepayments and accrued income 
24.7 
23.7 
Income tax receivables 
3.8 
0.4 
Current receivables, total 
46.1 
42.7
The carrying 
amount of 
trade receivables 
corresponds 
to their fair 
value. The 
maximum 
amount of the 
credit risk 
for trade receivables 
and other current 
receivables 
is their 
carrying 
amount.

 
154
 
Prepayments and accrued income 
EUR mill. 
2025 
2024 
Prepaid rents 
13.8 
11.9 
Merchandise prepayments 
3.9 
4.4 
Periodised ICT expenses 
2.2 
3.1 
Receivable from credit card co-operation 
1.7 
1.8 
Periodised indirect employee expenses 
1.2 
1.1 
Others 
1.9 
1.4 
Total 
24.7 
23.7
4.5 
Cash and cash equivalents 
Accounting 
policies 
Cash and cash 
equivalents 
consist of 
cash on hand, 
current bank 
deposits as 
well as 
other current, 
highly liquid 
investments 
with a maturity 
of no more 
than three 
months at 
the date of 
acquisition. 
The fair values 
of cash and 
cash equivalents 
are assumed 
to 
approximate 
to their carrying 
amounts because 
of their short 
maturities.
 
EUR mill. 
2025 
2024 
Cash and cash equivalents 
134.8 
114.7 
Total 
134.8 
114.7 
Restricted cash on 31 December 2025 EUR 0.6 
million (0.6).
4.6 
Non-current liabilities
 
EUR mill. 
2025 
2024 
Bond issues 
 
73.1 
Periodised loan arrangement expenses 
 
-0.1 
Lease liabilities 
500.9 
512.9 
Other interest-bearing financing liabilities 
3.0 
Other non-interest bearing liabilities 
0.2 
0.4 
Total 
501.0 
589.3 
of which interest-bearing 
500.9 
589.0
4.7 
Current liabilities
 
EUR mill. 
2025 
2024 
Lease liabilities 
93.5 
90.3 
Bond issues 
73.1 
 
Other interest-bearing financing liabilities 
10.1 
6.8 
Trade payables 
72.8 
57.7 
Other current liabilities 
34.4 
33.6 
Accruals and prepaid income 
71.8 
72.8 
Derivative contract liabilities 
0.3 
 
Income tax liability 
1.9 
3.1 
Current provisions 
 
15.9 
Total 
357.9 
280.1 
of which interest-bearing 
176.7 
97.1
 
Restructuring debt 
EUR mill. 
31.12.2025 
31.12.2024 
Restructuring debt related to current provisions 
0.0 
15.9 
Provisions related to restructuring debt 
0.0 
15.9 
Total 
0.0 
15.9 
In 2024 the provisions consisted of a disputed 
landlord's claim related to a terminated lease 
agreement.
 
Accruals and prepaid income 
EUR mill. 
2025 
2024 
Personnel expenses 
41.9 
40.9 
Periodised purchases 
10.8 
13.8 
Customer loyalty programme MORE 
7.1 
5.8 
Reserve for returns and periodisation of sales 
4.7 
4.8 
Derivative liabilities 
0.3 
 
Other accruals and prepaid income 
7.0 
7.5 
Total 
71.8 
72.8

 
155
4.8 
Reconciliation of liabilities arising from financing activities
 
EUR mill. 
1.1.2025 
Cash flows from liabilities 
Non-cash changes from 
liabilities 
Non-cash changes from 
loans 
31.12.2025 
 
Changes in leases 
The effect of changes in 
foreign exchange rates 
Non-current liabilities, interest-
bearing 
76.1 
0.1 
-76.2 
0.0 
Current liabilities, interest-
bearing 
6.8 
1.5 
0.5 
74.5 
83.3 
Lease liabilities 
603.1 
-79.6 
54.8 
16.1 
594.4 
Total liabilities from financing 
activities 
686.0 
-78.2 
54.8 
16.6 
-1.7 
677.6
 
EUR mill. 
1.1.2024 
Cash flows from liabilities 
Non-cash changes from 
liabilities 
Non-cash changes from 
loans 
31.12.2024 
 
Changes in leases 
The effect of changes in 
foreign exchange rates 
Non-current liabilities, interest-
bearing 
71.9 
3.0 
-0.0 
1.2 
76.1 
Current liabilities, interest-
bearing 
-0.0 
6.8 
6.8 
Lease liabilities 
587.2 
-73.9 
98.0 
-8.2 
603.1 
Total liabilities from financing 
activities 
659.1 
-70.8 
98.0 
-8.3 
8.0 
686.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
156
4.9 
Financial risk management 
The Group’s 
financing 
activities 
and financial 
risk management 
are centralised 
within 
Lindex Group 
plc’s Treasury 
function and 
conducted 
in accordance 
with the financial 
policy approved 
by the Board 
of Directors. 
Following 
the corporate 
restructuring 
of Lindex 
Group plc initiated 
in April 2020, 
the 
company’s 
external debts 
were subject 
to restructuring, 
all derivative 
positions were 
closed, and 
hedging facilities 
were cancelled 
by the banks. 
The restructuring 
programme 
was approved 
in February 
2021 and concluded 
on 15 August 
2025, after 
the company 
had settled 
the final 
remaining restructuring 
debts and 
fulfilled 
its other 
obligations 
under 
the restructuring 
programme. 
During the 
restructuring 
proceedings, 
the Group 
had limited 
ability to 
manage financial 
risks in line 
with its financial 
policy. 
This note describes 
the 
Group’s 
risk management 
framework 
under normal 
circumstances.
The objective 
of financial 
risk management 
is to ensure 
access to adequate 
financing 
under all circumstances 
and to mitigate 
the impact 
of market 
risks on the 
Group’s income 
statement and balance sheet. Group Treasury, reporting to the Chief Financial Officer 
of 
Lindex Group 
plc, manages 
the Group’s 
financial exposures 
and executes 
hedging 
strategies 
based on detailed 
internal guidelines 
for managing 
financial 
risks, liquidity 
and 
financing. 
Divisions may 
issue additional 
instructions 
regarding the 
hedging of 
foreign 
exchange exposures.
The Group’s 
main financial 
risks are currency 
risk, interest 
rate risk, 
financing 
and liquidity 
risk, credit 
and counterparty 
risk and electricity 
price risk.
Currency 
risk
The Group’s 
currency risk 
arises from 
sales and 
purchases in 
foreign currencies, 
balance-sheet 
items denominated 
in foreign 
currencies, 
and foreign-currency-
denominated 
net investments 
in units abroad.
Transaction risk
Transaction 
risk arises 
from currency 
flows related 
to sales, purchases, 
loans and 
receivables. 
In 2025, the 
main sales 
currencies 
were the euro, 
Swedish krona, 
and 
Norwegian 
krone. The 
primary purchasing 
currencies 
were the euro, 
US dollar and 
Swedish krona. 
In 2025, non 
-euro sales 
represented 
54 % of total 
sales (2024: 
53 %). 
Purchases 
subject to 
transaction 
risk represented 
49 % of total 
purchases 
(2024: 52 %). 
In addition, 
the Group 
makes purchases 
in foreign 
currency without 
a transaction 
risk, 
mainly local 
purchases in 
Sweden. In 
2025 these 
purchases 
accounted for 
3 % of the 
Group’s 
total purchases 
(2024: 4 %). 
Divisions 
forecast net 
cash flows 
in foreign currencies 
and manage 
the related 
currency 
risks. Hedging 
is based on 
six-month cash 
flow forecasts, 
and hedging 
ratios for 
individual 
currencies 
may vary between 
0–100%. Contracted 
cash flows 
may be hedged 
for longer periods. 
During the 
restructuring 
proceedings, 
the Group 
was unable 
to hedge foreign 
exchange 
exposures. 
AB Lindex obtained 
hedging facilities 
in September 
2021 and currently 
hedges its transaction exposure in accordance with the treasury policy. Lindex Group plc 
does not currently 
have hedging 
facilities, 
new facilities 
will be negotiated 
during 2026.
Currency derivatives 
used to hedge 
forecasted 
cash flows 
are classified 
as cash flow 
hedges. The 
Lindex division 
carries the 
main transaction 
exposure, 
while the Stockmann 
division primarily 
operates in 
its functional 
currency and 
therefore has 
limited exposure. 
Outstanding 
cash-flow hedges 
cover the 
Lindex division’s 
purchases in 
US-dollars and 
sales in 
Swedish Krona, 
Norwegian 
Krona, euro 
and Czech Koruna, 
and mature 
during 
the first 
five months 
of 2026. The 
gain or loss 
from these 
hedging instruments 
will affect 
the Group’s 
operating profit 
during the 
period in 
which the forecasted 
hedged items 
affect 
profit, typically 4-5 months after maturity. Information on fair value is presented in Note 
4.10. No ineffectiveness 
arose on cash 
flow hedges 
during 2025.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange derivatives hedging cash flows 
EUR mill. 
2025 
2024 
USD 
39.3 
47.2 
SEK 
-18.0 
-21.5 
NOK 
-10.2 
-11.2 
EUR 
-7.8 
-10.1 
CZK 
-3.4 
-2.8
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sensitivity Analysis, cash flow hedges, effect on equity 
after tax 
2025, EUR mill. 
USD 
SEK 
NOK 
CZK 
Change + 10 % 
-2.8 
-0.6 
0.7 
0.2 
Change - 10 % 
3.5 
0.7 
-0.9 
-0.3 
2024, EUR mill. 
USD 
SEK 
NOK 
CZK 
Change + 10 % 
-3.4 
-0.7 
0.8 
0.2 
Change - 10 % 
4.2 
0.9 
-1.0
-0.2

 
157
All 
outstanding 
ca
sh flow hedges 
relate to the 
Lindex division, 
whose functional 
currency 
is the Swedish 
Krona. At year 
-end, cash 
-flow hedges 
covered approximately 
62 % of the 
Group’s 
expected net 
USD flows 
for the next 
six months.
Foreign subsidiaries 
are financed 
primarily in 
local currency, 
meaning they 
do not incur 
significant 
transaction 
risks beyond 
sales and purchases 
in foreign 
currency. 
Group 
Treasury 
manages currency 
risk related 
to foreign-currency 
-denominated 
receivables 
and 
liabilities, 
with a hedging 
ratio of 0 – 
100%. 
The table below 
presents the 
Group’s 
transaction 
exposure comprising 
foreign-currency-
denominated 
assets and 
liabilities 
together with 
the derivatives 
designated 
to hedge these 
items. Forecasted 
cash flows 
and the derivatives 
used to hedge 
forecasted cash 
flows are 
excluded.
 
The Group’s transaction exposure 
2025, EUR mill. 
SEK 
GBP 
NOK 
CZK 
USD 
DKK 
Receivables 
-4.7 
1.6 
17.7 
6.6 
6.5 
2.3 
Trade payables and other current liabilities 
-28.5 
0.0 
-12.2 
0.0 
-22.7 
-0.3 
Foreign currency exposure in the balance sheet 
-33.2 
1.5 
5.5 
6.6 
-16.2 
2.0 
Foreign exchange derivatives hedging balance sheet 
items 
20.4 
Net position in the balance sheet 
-33.2 
1.5 
5.5 
6.6 
4.2 
2.0 
2024, EUR mill. 
SEK 
GBP 
NOK 
CZK 
USD 
DKK 
Receivables 
3.0 
2.5 
12.5 
8.1 
6.3 
Trade payables and other current liabilities 
-34.1 
-7.3 
-23.4 
Foreign currency exposure in the balance sheet 
-31.2 
2.5 
5.3 
8.1 
-17.2 
0.0 
Foreign exchange derivatives hedging balance sheet 
items 
21.8 
Net position in the balance sheet 
-31.2 
2.5 
5.3 
8.1 
4.6
0.0
A 10 % strengthening 
or weakening 
of the euro 
against other 
currencies 
would have 
the 
following 
effect on 
profit after 
tax, based 
on the exposures 
shown above.
 
Sensitivity Analysis, effect on income statement after tax 
2025, EUR mill. 
SEK 
GBP 
NOK 
CZK 
USD 
DKK 
Change + 10 % 
2.4 
-0.1 
-0.4 
-0.5 
-0.3 
-0.1 
Change - 10 % 
-2.9 
0.1 
0.5 
0.6 
0.4 
0.2 
2024, EUR mill. 
SEK 
GBP 
NOK 
CZK 
USD 
DKK 
Change + 10 % 
2.3 
-0.2 
-0.4 
-0.6 
-0.7 
0.0 
Change - 10 % 
-2.8 
0.2 
0.5 
0.7 
0.9
0.0
Translation risk 
Translation 
risk arises 
when the financial 
statements 
of foreign subsidiaries 
are translated 
into euros 
for consolidation. 
For foreign 
-currency-denominated 
net investments, 
changes in 
exchange rates 
are 
recognised as translation differences in equity. Under 
normal circumstances Lindex 
Group selectively 
hedges translation 
risk related 
to net investments 
using foreign-
currency loans 
or derivatives, 
taking into 
account the 
potential impact 
on profit, 
balance 
sheet, cash 
flows, and 
hedging costs. 
Under the Board-approved policy, the degree of hedging may vary between 
0-100%. At 
the end of 
2025, translation 
risk remained 
unhedged. 
The table below 
shows the impact 
on the Group’s 
equity of a 
10% change 
in the euro 
against the 
functional 
currencies 
of the Group 
companies. 
The analysis 
includes the 
impact arising 
from the translation 
of foreign-currency 
-denominated 
net investments 
into 
euros.
 
Sensitivity Analysis, effect on equity 
2025, EUR mill. 
SEK 
Change + 10 % 
-58.6 
Change - 10 % 
71.7 
2024, EUR mill. 
SEK 
Change + 10 % 
-58.4 
Change - 10 % 
71.4

 
158
Interest rate 
risk 
Interest rate 
fluctuations 
affect the 
Group’s interest 
expenses and 
income. The 
objective 
is to reduce 
uncertainty 
in earnings 
arising from 
changes in interest 
rates. The 
duration of 
the loan and 
investment 
portfolio is 
limited to 
five years. 
Interest rate 
derivatives 
may be 
used but were 
not in use 
at year-end 
2025. 
Interest-bearing 
liabilities 
consist mainly 
of a five-year 
bullet bond 
(excl. IFRS16 
lease 
liabilities) 
issued to certain 
unsecured creditors 
who were entitled 
to convert 
their 
receivables 
into senior 
secured bonds. 
The bond matures 
in July 2026 
and bears 
interest 
at 0.10 % per annum. 
Interest-bearing 
receivables 
consist mainly 
of bank receivables 
in various 
currencies 
with 
maturities 
of less than 
one month.
 
Interest terms of the Group's interest-bearing liabilities and 
bank 
receivables on 31 December 2025: 
Interest rate adjustment, period, 
EUR mill. 
< 12 months 
1–3 years 
3–5 years 
Total 
Bond Issues 
73.1 
73.1 
Other interest-bearing liabilities 
10.1 
10.1 
Total 
83.3 
0.0 
0.0 
83.3 
Cash and bank receivables 
-134.8 
-134.8 
Total 
-51.6 
0.0 
0.0 
-51.6
 
Interest terms of the Group's interest-bearing liabilities 
and bank receivables on 
31 December 2024: 
Interest rate adjustment, period, EUR 
mill. 
< 12 months 
1–3 years 
3–5 years 
Total 
Bond Issues 
73.1 
73.1 
Other interest-bearing liabilities 
6.8 
3.0 
9.8 
Total 
6.8 
76.2 
0.0 
82.9 
Cash and bank receivables 
-114.7 
-114.7 
Total 
-107.9 
76.2 
0.0 
-31.7
Electricity 
price risk 
Lindex Group 
has entered 
into electricity 
price commitments 
to mitigate 
the risk 
associated 
with future 
electricity 
procurement. 
In line with 
the Group’s 
financial policy, 
the 
commitment 
level for 
future electricity 
prices is set 
between 50% 
and 80% for 
the years 
2026-2027. As 
both divisions 
have secured 
energy price 
commitments 
for the majority 
of 
their electricity 
consumption, 
a 20 percentage 
point fluctuation 
in the market 
price of 
electricity 
would not have 
a material 
impact on 
the Group’s 
net result 
or equity. 
In 
addition, 
the solar 
panels installed 
on the roof 
of Lindex's 
omnichannel 
distribution 
centre 
somewhat 
reduce the 
Group's dependence 
on external 
electricity 
purchases.
Financing 
and liquidity 
risk 
Financing 
risk refers 
to the risk 
that the Group 
cannot meet 
its payment 
obligations 
due to 
insufficient 
liquid funds, 
breach of terms 
of the financing 
facilities 
or difficulties 
in 
obtaining funding. To mitigate this risk, the Group 
maintains long-term committed credit 
facilities 
and a liquidity 
reserve equivalent 
to at least 
to at least 
one month's 
average 
operational 
cash outflows 
. 
Cash and cash 
equivalents, 
together with 
unused committed 
and uncommitted 
credit facilities 
form the liquidity 
reserve. 
At the reporting 
date, the 
Group had cash 
and cash equivalents 
of EUR 134.8 
million 
(114.7). 
In addition, 
the Group 
has a committed 
secured revolving 
credit facility 
of EUR 40 
million maturing 
in July 2028 
, 
which remained 
unused during 
2023-2025. Events 
after the 
reporting 
period relevant 
to the Group’s 
financing arrangements 
are disclosed 
in Note 5.9. 
The Group’s EUR 73.1 million bond will mature in July 2026. Based on the Group’s 
liquidity 
planning and 
available 
financing arrangements, 
management 
assesses that 
the 
Group has 
sufficient 
liquidity and 
financing capacity 
to meet its 
obligations 
as they fall 
due.
 
Liquid assets and unused committed credit facilities 
EUR mill. 
2025 
2024 
Cash and cash equivalents 
134.8 
114.7 
Credit facility 
40.0 
40.0 
Total 
174.8 
154.7

 
159
 
Cash flows based on agreements in financial liabilities, 
including financing costs, on 31 December 2025 
EUR mill. 
Carrying amount 
2026 
2027 
2028 
2029 
2030- 
Total 
Current liabilities bond (5-y bullet) 
73.1 
73.1 
73.1 
Current liabilities, interest-bearing 
10.1 
-10.1 
-10.1 
Current trade payables 
107.2 
-107.2 
-107.2 
Non-current lease liabilities 
500.9 
-104.5 
-93.0 
-83.6 
-377.1 
-658.2 
Current lease liabilities 
93.5 
-112.5 
-112.5 
Lease liabilities, total 
594.4 
-112.5 
-104.5 
-93.0 
-83.6 
-377.1 
-770.7 
Total 
784.8 
-156.7 
-104.5 
-93.0 
-83.6 
-377.1 
-814.9 
Currency derivatives 
0.3 
Assets 
26.4 
26.4 
Liabilities 
-26.6 
-26.6 
Total 
0.3 
-0.2 
0.0 
0.0 
0.0 
0.0 
-0.2 
In July 2021 EUR 66.1 mill. of the restructuring debt 
was converted into a new bond, which will 
be repaid in 2026 and to which annual 
interest of EUR 0.1 mill. will be paid. 
In 2022 more bonds were converted with 
EUR 1.5 mill., in 2023 with EUR 4.4 mill. and 
in 2024 with EUR 1.1 mill. 
Carrying amount of lease liabilities is discounted 
in accordance with IFRS 16. Annual cash 
flows are presented in nominal values.
 
Cash flows based on agreements in financial liabilities, including 
financing costs, on 31 December 2024 
EUR mill. 
Carrying amount 
2025 
2026 
2027 
2028 
2029- 
Total 
Non-current bond (5-y bullet) 
73.1 
-0.1 
-73.2 
-73.3 
Non-current liabilities 
3.0 
-3.0 
-3.0 
Current liabilities interst-bearing 
6.8 
-6.8 
-6.8 
Current trade payables and other current liabilities 
91.3 
-91.3 
-91.3 
Non-current lease liabilities 
512.9 
-102.6 
-92.1 
-79.9 
-407.1 
-681.7 
Current lease liabilities 
90.3 
-109.8 
-109.8 
Lease liabilities, total 
603.1 
-109.8 
-102.6 
-92.1 
-79.9 
-407.1 
-791.4 
Total 
777.3 
-207.9 
-178.8 
-92.1 
-79.9 
-407.1 
-965.8 
The cash flows presented are based on the restructuring 
programme approved on 9 February 2021 
and they include financing costs. 
In July 2021 EUR 66.1 mill. of the restructuring debt 
was converted into a new bond, which will 
be repaid in 2026 and to which annual 
interest of EUR 0.1 mill. will be paid. 
In 2022 more bonds were converted with 
EUR 1.5 mill., in 2023 with EUR 4.4 mill. and 
in 2024 with EUR 1.1 mill. Provisions regarding 
disputed landlords' claims are not included in 
the cash flows.

 
160
Credit and 
counterparty 
risk 
Trade 
receivables, 
investment-related 
receivables 
and derivative 
contracts 
expose the 
Group to credit 
risk. Counterparty 
risk related 
to investments 
is managed through 
counterparty 
limits approved 
by the Board 
of Directors. 
Derivative contracts 
are 
concluded 
only with counterparties 
deemed highly 
creditworthy 
and financially 
sound. 
Cash assets 
are invested 
in liquid, 
low-risk financial 
instruments, 
and on 31 
December 
2025, the 
Group's liquid 
assets consisted 
primarily of 
short-term bank 
deposits. 
The Group’s 
credit risk 
arising from 
trade receivables 
is limited, 
as the receivables 
are 
widely diversified 
and counterparties’ 
creditworthiness 
is assessed 
before credit 
is 
granted.
 
Ageing of trade and lease receivables 
31 December 2025 
EUR mill. 
Gross 
carrying 
amount 
Loss 
allowance 
Trade receivables not due 
14.8 
0.0 
Trade receivables fallen due in 1–30 days 
1.1 
0.0 
Trade receivables fallen due in 31–60 days 
0.6 
0.0 
Trade receivables fallen due in 61–90 days 
0.5 
0.0 
Trade receivables fallen due in over 120 days 
1.5 
1.4 
Total 
18.6 
1.4
 
31 December 2024 
EUR mill. 
Gross carrying 
amount 
Loss allowance 
Trade receivables not due 
15.1 
0.0 
Trade receivables fallen due in 1–30 days 
0.6 
0.0 
Trade receivables fallen due in 31–60 days 
0.1 
0.0 
Trade receivables fallen due in 61–90 days 
0.1 
0.0 
Trade receivables fallen due in 91–120 days 
0.1 
0.0 
Trade receivables fallen due in over 120 days 
1.2 
1.2 
Total 
17.2 
1.2
Lindex Group 
recognises 
impairment 
provisions 
based on lifetime 
expected credit 
losses 
from trade 
and lease 
receivables 
in accordance 
with IFRS 9. 
The Group 
applies a 
simplified 
credit loss 
matrix for 
trade and lease 
receivables. 
Accordingly, 
the credit 
loss 
allowance 
is measured 
at an amount 
equal to the 
lifetime expected 
credit losses. 
The 
expected credit 
loss model 
is forward-looking 
and the expected 
default rates 
are based 
on historical 
realised credit 
losses. The 
lifetime expected 
credit loss 
allowance 
is 
calculated 
using the 
gross carrying 
amount of 
outstanding 
trade receivables 
in each 
ageing bucket 
and the expected 
default rate. 
The changes 
in expected 
credit losses 
are 
recognised 
in other operating 
expenses.
4.10 
Derivative contracts
 
Nominal values of derivative contracts 
Derivative contracts, hedge accounting applied 
EUR mill. 
2025 
2024 
Cash flow hedges, currency forwards 
39.4 
45.6 
Total 
39.4 
45.6
 
Fair value of derivative contracts 2025 
Derivative contracts, hedge accounting applied 
EUR mill. 
Positive 
Negative 
Net 
Cash flow hedges, currency forwards 
0.1 
-0.3 
-0.2 
Total 
0.1 
-0.3 
-0.2
 
Fair value of derivative contracts 2024 
Derivative contracts, hedge accounting applied 
EUR mill. 
Positive 
Negative 
Net 
Cash flow hedges, currency forwards 
1.5 
 
1.5 
Total 
1.5 
 
1.5
Currency derivatives 
are measured 
at fair value 
using market 
prices at 
the balance 
sheet 
date. Changes 
in fair value 
are recogised 
either in equity 
or in profit 
and loss, 
depending 
on whether 
hedge accounting 
is applied. 
No hedge-ineffectiveness 
relating to 
currency 
derivatives 
was recogni 
sed on profit 
or loss in 
2025.

 
161
 
4.11 
Financial assets and liabilities by measurement category and 
hierarchical classification of fair values 
The Group 
applies the 
following fair 
value hierarchy 
to measure 
financial instruments: 
Level 1: 
Quoted (unadjusted) 
prices for 
identical assets 
or liabilities 
in active markets. 
Level 2: Valuation techniques using observable inputs, such as quoted market prices 
available 
from exchanges, 
brokers or 
pricing services. 
Level 2 instruments 
include over-
the-counter 
derivative 
contracts measured 
at fair value 
or designated 
as hedging 
instruments. 
Level 3: Valuation techniques requiring management’s judgment. 
There were 
no transfers 
between the 
levels during 
the financial 
year.
 
Financial assets, EUR mill. 
Level 
Carrying 
amount 2025 
Fair value 
2025 
Carrying 
amount 2024 
Fair value 
2024 
Derivative contracts, hedge 
accounting applied 
2 
0.1 
0.1 
1.5 
1.5 
Financial assets at amortised 
cost 
 
Non-current receivables 
 
3.5 
3.5 
3.3 
3.3 
Current receivables, non-
interest-bearing 
 
42.3 
42.3 
40.8 
40.8 
Cash and cash equivalents 
 
134.8 
134.8 
114.7 
114.7 
Other investments 
3 
0.4 
0.4 
0.4 
0.4 
Financial assets, total 
 
181.1 
181.1 
160.7 
160.7
 
Financial liabilities, EUR mill. 
Level 
Carrying 
amount 2025 
Fair value 
2025 
Carrying 
amount 2024 
Fair value 
2024 
Derivative contracts, hedge 
accounting applied 
2 
0.3 
0.3 
0.0 
0.0 
Financial liabilities at 
amortised cost 
 
Non-current interest-bearing 
liabilities 
2 
0.0 
0.0 
76.1 
71.2 
Non-current lease liabilities 
500.9 
500.9 
512.9 
512.9 
Non-current non-interest-
bearing liabilities 
0.2 
0.2 
0.4 
0.4 
Current liabilities, interest-
bearing 
2 
83.3 
81.4 
6.8 
6.8 
Current lease liabilities 
93.5 
93.5 
90.3 
90.3 
Current liabilities, non-interest-
bearing 
 
179.0 
179.0 
164.1 
164.1 
Financial liabilities, total 
 
857.1 
855.2 
850.5 
845.6
 
In the balance 
sheet, derivative 
contracts are 
included in 
the following 
categories: 
non-
current and 
current receivables, 
non-interest-bearing 
and non-current 
and current 
liabilities, 
non-interest-bearing.
Level 3 financial 
assets consist 
of shares 
in unlisted 
companies. 
Their fair 
value is 
determined 
using valuation 
techniques based 
on management 
’s judgment. 
Gains and 
losses from 
these investments 
are recognised 
in other operating 
income or 
other 
operating expenses, 
as acquisition 
and disposal 
decisions are 
made for business 
purposes.
 
Change in fair value of other investments, EUR 
mill. 
2025 
2024 
Carrying amount 1.1. 
0.4 
0.4 
Increases during the period 
 
Carrying amount 31.12. 
0.4 
0.4

 
162
4.12 
Financial instruments 
subject to netting 
arrangements 
The Group 
has entered 
into derivative 
transactions 
under agreements 
that include 
master 
netting arrangements. 
These agreements 
specify that, 
in certain 
circumstances, 
such as 
when a credit 
event (e.g. 
default) occurs, 
all outstanding 
transactions 
under the 
agreement 
are terminated 
and a single 
net amount 
is payable 
in settlement 
of all 
transactions. 
The agreements 
do not meet 
the criteria 
for offsetting 
in the statement 
of financial 
position. 
The following 
table presents 
the recogni 
sed financial 
instruments 
that are subject 
to these 
netting agreements.
 
31.12.2025 
Financial assets, EUR mill. 
Carrying amount 
Items under netting 
arrangements 
Net 
Currency derivatives, hedge accounting 
applied 
0.1 
-0.1 
0.0 
Financial assets, total 
0.1 
-0.1 
0.0 
Financial liabilities, EUR mill. 
Currency derivatives, hedge accounting 
applied 
-0.3 
0.1 
-0.2 
Financial liabilities, total 
-0.3 
0.1 
-0.2 
31.12.2024 
Financial assets, EUR mill. 
Carrying amount 
Items under netting 
arrangements 
Net 
Currency derivatives, hedge accounting 
applied 
1.5 
0.0 
1.5 
Financial assets, total 
1.5 
0.0 
1.5
4.13 
Shareholders’ equity
 
EUR mill. 
Entered in trade 
register 
Number of shares, B 
 
Share capital 
Invested 
unrestricted 
equity fund 
Total 
31.12.2023 
158,715,555 
77.6 
75.9 
153.5 
Share issue 
26.1.2024 
307,489 
Share issue 
24.6.2024 
2,599,852 
31.12.2024 
161,622,896 
77.6 
78.6 
156.1 
Share issue 
1.5.2025 
112,324 
Share issue 
21.7.2025 
2,306,171 
31.12.2025 
164,041,391 
77.6 
80.7 
158.2
Share capital 
and number 
of shares 
In April 2025, 
the Company’s 
Board of 
Directors resolved 
on a directed 
share issue 
without consideration 
to the participants 
of the Performance 
Share Plan 
in order to 
deliver 
the share 
rewards. In 
the share 
issue, 112,324 
new shares 
were, in 
deviation from 
the 
shareholders’ 
pre-emptive 
subscription 
right, issued 
without consideration 
to the 
management 
and key personnel 
of the company 
in order to 
deliver the 
rewards under 
the 
performance 
period 2022 
-2024. 
In July 2025, 
the Company’s 
Board of 
Directors decided, 
in accordance 
with the 
restructuring 
programme 
and pursuant 
to the authorization 
granted by 
the Annual 
General 
Meeting, to issue 2,306,171 new shares in the Company, 
in deviation from the 
shareholders’ 
pre-emptive 
subscription 
rights to 
fulfil obligations 
under the restructuring 
programme, 
and approved 
the subscription 
made in the 
share issue. 
The subscription 
price in 
the share issue 
was EUR 0.9106 
per share, 
which has 
been paid 
by setting 
off 
restructuring 
debt in accordance 
with the restructuring 
programme. 
As a result 
of the share 
issues 
in April and 
June 2025, 
the total number 
of shares 
in the 
Company increase 
d 
to a total of 
164,041,391 
shares. 
On 31 December 
2025 
Lindex Group 
plc’s share 
capital was 
EUR 77.6 million, 
and all 
shares issued 
have been fully 
paid.
Redemption 
obligation 
A shareholder 
whose holding 
of all the 
Company’s shares 
or voting 
rights, either 
alone or 
together 
with other shareholders 
, 
reaches or 
exceeds 33 
1/3% or 50% 
is obliged, 
upon

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
163
the demand 
of the other 
shareholders, 
to redeem their 
shares in 
accordance 
with the 
provisions 
of the Articles 
of Association.
Invested unrestricted 
equity fund 
The invested 
unrestricted 
equity fund 
comprises 
other equity 
-like investments 
and the 
share subscription 
price, less 
transaction 
costs, to 
the extent 
that these 
amounts are 
not 
recorded 
in share capital 
under a specific 
resolution. 
The share issue 
carried out 
in 2025 
has been 
recognised as 
an addition 
to the invested 
unrestricted 
equity fund.
Translation reserve 
The translation 
reserve includes 
translation 
differences 
arising from 
the consolidation 
of 
foreign subsidiaries 
’ 
financial statements 
and from the 
consolidation 
of net investment 
s 
in 
foreign currencies.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other funds 
EUR mill. 
2025 
2024 
Hedging reserve 
-0.2 
1.5 
Reserve fund 
0.2 
0.2 
Total 
0.0 
1.8
Other funds 
comprise:
-
Reserve fund
, which includes 
amounts 
transferred 
from unrestricted 
shareholders’ 
equity in 
accordance 
with local 
regulations 
-
Hedging reserve
, which reflects 
changes in 
the fair value 
of derivatives 
used to 
hedge cash flows, net of the deferred tax liability.
Dividends
The dividend 
proposed by 
the Board of 
Directors is 
not recognised 
in the financial 
statements. 
Dividends are 
recognised 
only when 
approved by 
a resolution 
of the General 
Meeting of 
shareholders.
The terms 
of the senior 
secured bonds 
issued in 
July 2021 do 
not permit 
dividend 
payments. 
During the 
restructuring 
programme 
in 2021-2025, 
Lindex Group 
plc was not 
permitted 
to distribute 
funds either.
4.14 
Earnings per 
share 
Basic earnings 
per share is 
calculated 
by dividing 
the profit 
for the period 
attributable 
to 
the parent 
company's shareholders 
by the weighted 
average number 
of shares 
outstanding 
during the 
financial period. 
The outstanding 
shares do 
not include 
treasury 
shares held 
by the Group. 
Diluted earnings 
per share is 
calculated 
by adjusting 
the weighted 
average number 
of 
shares by 
the effect 
of potential 
diluting shares 
such as shares 
from share-based 
payments. 
Lindex Group 
has long-term 
incentive schemes, 
which can be 
settled in 
company shares. 
These contingently 
issuable shares 
are issuable 
when certain 
pre-
defined conditions 
in the incentive 
programmes 
are met during 
a timeframe 
set in the 
incentive 
programmes’ 
conditions. 
If the settlement 
happened at 
the reporting 
date, it 
would result 
in issuing 
577.692 (747.162)
shares.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUR mill. 
2025 
2024 
Profit/loss for the period attributable to the equity 
holders of the parent company 
26.2 
13.2 
Weighted average number of shares 
162,731,452 
160,358,794 
Weighted diluted number of shares 
163,309,144 
161,105,956 
Basic earnings per share, EUR 
0.16 
0.08 
Diluted earnings per share, EUR 
0.16 
0.08

 
164
5 
Other notes
5.1 
Group companies
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31.12.2025 
Shareholding % 
Voting rights % 
Parent company holdings 
Stockmann AS, Tallinn 
100.0 
100.0 
SIA Stockmann, Riga 
100.0 
100.0 
Stockmann Security Services Oy Ab, Helsinki 
100.0 
100.0 
Lindex Holding AB, Stockholm 
100.0 
100.0 
Subsidiaries' holdings 
TOV Stockmann, Kiev *) 
100.0 
100.0 
AB Lindex, Gothenburg 
100.0 
100.0 
Lindex Sverige AB, Gothenburg 
100.0 
100.0 
Lindex AS, Oslo 
100.0 
100.0 
Lindex Denmark Aps, Copenhagen 
100.0 
100.0 
Lindex Oy, Helsinki 
100.0 
100.0 
Oü Lindex Eesti, Tallinn 
100.0 
100.0 
SIA Lindex Latvia, Riga 
100.0 
100.0 
UAB Lindex Lithuania, Vilnius 
100.0 
100.0 
Lindex s.r.o., Prague 
100.0 
100.0 
AB Espevik, Gothenburg *) 
100.0 
100.0 
Lindex H.K. Ltd, Hong Kong 
100.0 
100.0 
Shanghai Lindex Consulting Company Ltd, Shanghai 
100.0 
100.0 
Lindex India Private Ltd, New Delhi 
100.0 
100.0 
Lindex Slovakia s.r.o., Bratislava 
100.0 
100.0 
Lindex UK Fashion Ltd, London 
100.0 
100.0 
Lindex Commercial (Shanghai) Co.Ltd., Shanghai 
100.0 
100.0 
Lindex Fastighets AB, Gothenburg 
100.0 
100.0 
*) dormant companies
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unconsolidated 
structured 
entities
There were 
no unconsolidated 
structured 
entities in 
Lindex Group.
Consolidated 
structured 
entities
In 2022, Lindex 
Group plc announced 
plans to invest 
in a highly 
automated omnichannel 
distribution 
centre located 
in Alingsås, 
part of the 
greater Gothenburg 
area in Sweden. 
The distribution 
centre was 
officially 
launched in 
November 2024, 
full operational 
capacity 
is expected 
to be achieved 
during the 
first half 
of 2026.
Lindex has 
entered into 
several agreements 
regarding Bälinge 
Logistikfastighet 
AB, 
covering among 
other things, 
the financing 
of the land 
acquisition 
and the construction 
of 
the building. 
Based on the 
contractual 
terms the 
Group assessed 
that the voting 
rights in 
Bälinge Logistikfastighet 
AB are not 
the dominant 
factor in deciding 
who controls 
the 
entity. 
Therefore, 
the Group 
concluded that 
Bälinge Logistikfastighet 
AB is a structured 
entity 
under IFRS 
10 Consolidated 
Financial 
Statements 
with a non-controlling 
interest.
Disposals
In 2025 and 
2024 there 
were no disposals 
in the group.
New companies
In 2025 Lindex 
established 
a new company 
in Denmark.

 
165
5.2 
Joint arrangements 
Joint operations
Lindex Group 
holds a 37.8% 
interest in 
Kiinteistö 
Oy Tapiolan 
Säästötammi 
Fastighets 
Ab, a real 
estate company 
based in 
Espoo, Finland. 
The Group 
recognises 
its share of 
the joint operation 
in the statement 
of financial 
position as 
investment 
property (see 
Note 
3.4 for further 
details). 
Lindex Group 
does not recognise 
the income 
and expenses 
of the 
joint operation, 
as it is not 
material the 
Group.
 
Assets and liabilities of joint operations 
EUR mill. 
2025 
2024 
Non-current assets 
1.3 
1.3 
Current assets 
0.4 
0.4 
Current liabilities 
0.0 
0.0
 
Income and expenses of joint operations 
EUR mill. 
2025 
2024 
Income 
0.1 
0.0 
Expenses 
-0.1 
-0.1
5.3 
Provisions 
Accounting 
policies
A provision 
is recognised 
when the Group 
has a legal 
or constructive 
obligation 
as a 
result of 
a past event 
, 
it is probable 
that an outflow 
of resources 
will be required 
to settle 
the obligation, and the amount can be estimated reliably. 
A provision 
for an onerous 
contract 
is recognised 
when the unavoidable 
costs of meeting 
the obligations 
under the contract 
exceed the 
expected economic 
benefits. 
A restructuring 
provision 
is recognised 
when the Group 
is committed 
to plan involving 
the 
sale or termination 
of a significant 
line of business 
or the closure 
of operations 
in a 
geographical 
area. 
Provision 
amounts are 
reviewed at 
each reporting 
date and adjusted 
to reflect 
the current 
management 
estimates. 
Changes in provisions 
are recognised 
in the income 
statement in 
the same line 
item in which 
the provision 
was originally 
recorded.
 
Current provisions 
 
Other provisions 
EUR mill. 
2025 
2024 
Carrying amount 1.1. 
15.9 
18.0 
Used provisions 
-10.5 
-2.1 
Reversal of unused provisions 
-5.4 
-0.0 
Carrying amount 31.12. 
 
15.9 
Current provisions total 
 
15.9 
In 2024, provision related to landlords' claims 
arising from terminated lease agreements and 
amounted to EUR 15.9 million.

 
166
5.4 
Contingent liabilities
 
Collaterals given for own liabilities 
EUR mill. 
2025 
2024 
Rental guarantees 
8.9 
10.1 
Total 
8.9 
10.1
Contingent liabilities 
EUR mill. 
2025 
2024 
Pledged subsidiary shares *) 
303.4 
303.4 
Pledged loan receivables **) 
376.0 
398.5 
Guarantees 
0.1 
0.1 
Electricity commitments 
0.0 
0.5 
Total 
679.5 
702.5 
*) Book value of subsidiary shares 
**) Book value of subsidiary loan receivables 
Electricity commitments relate to agreements to buy 
electricity for certain prices in the years 2026–
2028.
 
Lease commitments 
Lease agreements on the Group's business premises 
EUR mill. 
2025 
2024 
Within one year 
5.8 
6.1 
After one year 
19.2 
12.4 
Total 
25.1 
18.5 
Group's lease payments 
EUR mill. 
2025 
2024 
Within one year 
0.1 
0.1 
After one year 
0.1 
0.2 
Total 
0.1 
0.3
5.5 
Management remuneration
 
Remuneration of the Group Management Team 2025 
EUR 
CEO 
Other Group 
Management Team 
members 
Total 
Short-term employee benefits 
545,752 
1,079,416 
1,625,168 
Post-employment benefits 
Other long-term employee 
benefits 
171,353 
116,534 
287,887 
Share-based payments 
71,862 
331,317 
403,179 
Total 
788,967 
1,527,267 
2,316,234
 
Remuneration of the Board of Directors 2025 
EUR 
Annual 
remuneration 
Remuneration for 
meetings 
Total 
Pohjonen Sari 
90,000 
28,200 
118,200 
Neuwald Roland 
65,000 
16,200 
81,200 
Björkman Stefan 
42,500 
16,800 
59,300 
Collesei Andrea 
31,875 
10,800 
42,675 
Karppinen Timo 
52,500 
17,400 
69,900 
Stone Tracy 
42,500 
15,000 
57,500 
Williams Harriet 
42,500 
15,000 
57,500 
Total 
366,875 
119,400 
486,275 
Remuneration of key persons 
total 
2,802,509

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
167
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Remuneration of the Group Management Team 2024 
EUR 
CEO 
Other Group 
Management Team 
members 
Total 
Short-term employee benefits 
485,770 
1,028,611 
1,514,381 
Other long-term employee 
benefits 
278,157 
123,162 
401,319 
Share-based payments 
216,766 
-105,180 
111,586 
Total 
980,692 
1,046,594 
2,027,286 
Remuneration of the Board of Directors 2024 
EUR 
Annual 
remuneration 
Remuneration for 
meetings 
Total 
Pohjonen Sari 
90,000 
33,600 
123,600 
Neuwald Roland 
65,000 
19,800 
84,800 
Björkman Stefan 
42,500 
15,000 
57,500 
Karppinen Timo 
52,500 
21,000 
73,500 
Stone Tracy 
42,500 
19,800 
62,300 
Williams Harriet 
42,500 
15,000 
57,500 
Total 
335,000 
124,200 
459,200 
Remuneration of key persons 
total 
2,486,486
Remuneration 
of the CEO
CEO Susanne 
Ehnbåge’s 
remuneration 
consists of 
a fixed monetary 
salary, 
fringe 
benefits, 
and short- 
and long-term 
incentive schemes. 
In addition, 
Susanne Ehnbåge 
has 
a supplementary 
pension arrangement 
as well as 
potential retention 
and severance 
benefits. 
Management's 
pension commitments
CEO Susanne 
Ehnbåge is 
eligible to 
retire upon 
reaching the 
age of 65 years. 
The 
pension accrue 
s 
under an individual 
pension scheme 
in accordance 
with local 
practice in 
Sweden. 
In 2025, Susanne 
Ehnbåge’s 
pension scheme 
was based 
on a defined 
contribution 
system, partly 
under the 
local ITP1 
plan and partly 
through an 
additional 
pension provision 
equal to 30 
% of income 
exceeding the 
ITP1 income 
cap. 
The retirement age for other Group Management Team members is 65 years 
or individual 
based on 
the statutory 
retirement 
age. 
The total cost 
for the defined 
occupational 
contribution 
pension insurance 
taken by the 
company for the Group Management Team was EUR 287,887 
(401,319).
Management’s 
share-based 
incentives
Information 
on the management’s 
share-based 
incentive plan 
is disclosed 
in Note 5.6.
5.6 
Share-based incentives 
Accounting 
policies
Lindex Group 
offers performance 
shares as 
a long-term equity 
-settled share 
-based 
incentive 
plan for key 
employees. 
Employee services 
received and 
the corresponding 
increase in 
equity are 
measured at 
the fair value 
of the equity 
instruments 
granted, determined 
at the grant 
date. The 
fair 
value measurement 
excludes the 
impact of any 
non-market vesting 
conditions. 
Non-
market vesting 
conditions 
attached to 
the performance 
shares are 
included in 
assumptions 
about the number 
of shares that 
employees are 
ultimately expected 
to 
receive. 
The Group 
reviews these 
assumptions 
regularly and 
revises its 
estimates of 
the number 
of performance shares expected to vest as necessary. 
Share-based 
compensation 
is recognised 
as an expense 
in the consolidated 
income 
statement 
on a straight 
-line basis 
over the vesting 
and commitment 
period of the 
plan, 
with a corresponding increase in equity. 
Social security 
expenses related 
to the share 
-based compensation 
are recognised 
as an 
expense in 
the consolidated 
income statement 
over the vesting 
and commitment 
period, 
based on 
the actual 
share price 
at the end 
of the reporting 
period. The 
corresponding 
amount is 
recorded as 
a liability 
in the consolidated 
statement of 
financial 
position.
Share-based 
incentive plan 
as of 1 January 
2022
During the 
financial year 
2022 Lindex 
Group plc's 
Board of Directors 
decided on 
the 
establishment 
of a share-based 
long-term incentive 
scheme for 
the company's 
management 
and key personnel. 
The Performance 
Share Plan 
(PSP) consists 
of three 
individual 
performance 
periods. The 
Board of Directors 
decides separately 
on the 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
168
performance 
criteria, 
the number 
of people 
authorised 
to participate 
and the amount 
of 
the threshold, 
target and maximum 
reward for each 
performance 
period. The 
objective 
of 
the Performance 
Share Plan is 
to support the 
implementation 
of the Company's 
strategy, 
to align the 
interests 
of the key 
personnel 
with those 
of the Company's 
shareholders 
and 
to retain 
management 
and key personnel.
The Board 
of Director's 
approved 
the commencement 
of the first 
performance 
period 
(PSP 2022-2024) 
and decided 
on the performance 
criteria in 
2022. The performance 
criteria include 
total shareholder 
return, revenue, 
EBIT and climate 
target. 
In 2025, 
rewards from 
the first performance 
period were 
paid, comprising 
112,324 
shares granted 
and a cash 
component 
to cover withholding 
tax obligations 
. 
The total value 
of these 
amounted 
to EUR 0.6 
million.
The Board 
of Director's 
approved 
the commencement 
of the second 
performance 
period 
(PSP 2023-2025) 
and decided 
on the performance 
criteria in 
January 2023. 
The 
performance 
criteria include 
total shareholder 
return, revenue, 
EBIT and climate 
target. 
The potential 
reward will 
be paid during 
H1 2026, depending 
on the achievement 
of the 
performance 
criteria and 
the service 
condition. 
Any reward earned 
for the PSP 
2023-2025 
will be paid partly in company shares and partly in cash. The purpose of the cash 
contribution 
is to cover 
taxes and tax 
-like payments 
incurred by 
the management 
and key 
personnel 
from the remuneration.
The Board 
of Director's 
approved 
the commencement 
of the third 
performance 
period 
(PSP 2024-2026) 
and decided 
on the performance 
criteria in 
February 2024. 
The 
performance 
criteria include 
total shareholder 
return, revenue, 
EBIT and climate 
target. 
The potential 
reward will 
be paid during 
H1 2027, depending 
on the achievement 
of the 
performance 
criteria and 
the service 
condition. 
Any reward earned 
for the PSP 
2024-2026 
will be paid partly in company shares and partly in cash. The purpose of the cash 
contribution 
is to cover 
taxes and tax 
-like payments 
incurred by 
the management
and key 
personnel 
from the remuneration.
Share-based 
incentive plan 
as of 1 January 
2025
In March 2025 
the Board of 
Directors decided 
on the establishment 
of a new share 
-based 
long-term incentive 
scheme targeted 
to the key management 
of the company 
and its 
divisions. 
The incentive 
scheme consists 
of a Performance 
Share Plan 
(PSP), 
with 
annually commencing 
individual 
plans, each 
with a three 
-year performance 
period, 
followed by 
the payment 
of the potentially 
earned reward 
. 
The commencement 
of each 
individual 
plan is subject 
to a separate 
Board approval 
in each case. 
The objectives 
of 
the Performance Share Plan are to support the implementation of the company’s strategy, 
to align the 
interests 
of the management 
with those 
of the company’s 
shareholders 
and 
the retention 
of the management. 
The Board 
of Director's 
approved 
the commencement 
of the first 
plan within 
the PSP 
structure 
(PSP 2025-2027) 
and decided 
on the performance 
criteria in 
March 2025. 
The 
performance 
criteria include 
the total shareholder 
return of the 
company's share 
and 
revenue, EBIT 
and ESG targets. 
Any reward 
for the PSP 
2025-2027 will 
be paid partly 
in 
company shares 
and partly 
in cash. The 
purpose of 
the cash contribution 
is to cover 
taxes 
and tax-like 
payments incurred 
by the management 
and key personnel 
from the 
remuneration.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Performance plan 
2025 
2022 
Performance period 
2025-2027 
2024-2026 
2023-2025 
2022-2024 
Initial amount, pcs *) 
1,400,000 
1,430,500 
2,000,000 
2,000,000 
Initial allocation date 
14.3.2025 
18.3.2024 
6.7.2023 
23.11.2022 
Vesting date 
30.4.2028 
30.4.2027 
30.4.2026 
2.5.2025 
Maximum contractual life, years 
3.1 
3.1 
2.8 
2.4 
Remaining contractual life, years 
2.3 
1.3 
0.3 
Number of participants in the plan 
13 
12 
9 
10 
Payment method 
Equity and 
cash, net 
settlement 
Equity and 
cash, net 
settlement 
Equity and 
cash, net 
settlement 
Equity and 
cash, net 
settlement 
*) The amounts are presented in gross terms, 
i.e. the share reward figures both the reward paid 
in 
share and a number of shares corresponding to 
the amount of the reward paid in cash.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Changes in share awards during the financial year 
Performance plan 
2025 
2022 
Total 
Performance period 
2025-2027 
2024-2026 
2023-2025 
2022-2024 
Outstanding number of shares 1.1. 
1,080,200 
798,000 
791,000 
2,669,200 
Granted during the year 
1,005,000 
1,005,000 
Forfeited during the year 
214,000 
197,000 
678,676 
1,089,676 
Exercised during the year 
 
112,324 
112,324 
Outstanding number of shares 
31.12. 
1,005,000 
866,200 
601,000 
 
2,472,200

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
169
Fair value 
determination
The fair value 
of share-based 
incentives 
has 
been determined 
at the grant 
date and the 
fair value 
is expensed 
until vesting. 
Market condition, 
in this case 
total shareholder 
return 
has been 
taken into 
account when 
determining 
the fair value 
at grant and 
it will not 
be 
changed during 
the plan. The 
pricing of 
the share-based 
incentives 
granted during 
the 
period was 
determined 
by the following 
inputs and 
had the following 
effect:
 
 
 
 
 
 
 
 
 
Valuation parameters for instruments granted during period 
2025 
Performance period 2025-
2027 
Share price at grant, EUR 
3.02 
Share price at the end of the period, EUR 
2.47 
Expected volatility, % *) 
35.01% 
Maturity, years 
2.8 
Risk-free interest rate, % 
2.32% 
Valuation model 
Monte Carlo 
Fair value per share, EUR 
1.49 
*) Expected volatility was determined by calculating 
the historical volatility of Lindex Group plc's 
share using monthly observations over corresponding 
maturity.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effect of share-based Incentives on the result and 
financial position 
EUR mill. 
2025 
2024 
Expenses for the financial year, share-based payments 
0.6 
0.4 
Expenses for the financial year, share-based payments, equity-settled 
0.6 
0.3 
Liabilities arising from share-based payments 31.12. 
0.1 
0.3 
Estimated future cash payment related to withholding 
taxes 
0.5 
0.9
5.7 
Related parties 
The Group’s 
related parties 
include its 
management 
(the Board 
of Directors, 
CEO and the 
Group Management 
Team) 
, 
companies controlled 
by them, their 
close family 
members 
and companies 
controlled 
by those family 
members, as 
well as Lindex 
Group’s 
subsidiaries 
and joint 
operations. 
The relationships 
between the 
parent company 
and its 
subsidiaries 
are presented 
in Note 5.1.
Related party transactions
Except for 
compensation 
for the key 
management 
personnel 
(Note 5.5), 
there were 
no 
material 
transactions 
between Lindex 
Group and 
its related 
parties during 
the reporting 
period.
5.8 
Climate-related 
matters 
Accounting 
policies
Lindex Group 
considers 
climate-related 
matters in 
estimates and 
assumptions, 
where 
appropriate. 
The assessment 
includes possible 
impacts on 
the Group 
due to physical 
and 
transition 
risks. The 
Group believes 
that its business 
model and 
products will 
remain 
viable in a future low-carbon economy 
. 
However, 
climate-related matters increase the 
uncertainty 
in estimates 
and assumptions 
related to certain 
items in the 
financial 
statements. 
Even though 
climate-related 
risks might 
not currently 
have a significant 
impact on 
estimates and 
assumptions 
, 
the Group 
closely monitor 
s 
relevant changes 
and 
developments, 
including climate 
-related legislation 
and changes 
in customer 
behaviour. 
The items 
and considerations 
which are 
recognised as 
most directly 
impacted by 
climate-
related matters 
are:
Impairment 
of goodwill. 
The value-in 
-use may be 
impacted in 
different 
ways by transition 
risk, such as 
climate-
related legislation 
and changes 
in demand for 
the Group’s 
products. 
The Group has 
concluded 
that no single 
climate-related 
assumption 
is a key assumption 
for the goodwill 
impairment 
test in 2025. 
Nevertheless 
, 
expectations 
for the changing 
consumer needs 
and consumption 
habits, 
anticipated 
cost increases 
due to stricter 
recycling requirements 
and more sustainably 
sourced materials 
, 
as well as 
higher energy 
and freight 
cost due to 
climate change 
, 
have been 
incorporated 
into the cash 
-flow forecasts 
when assessing 
value-in-use 
amounts. See 
Note 3.2.
Useful life of property, plant and equipment. 
When reviewing 
the residual 
values and 
expected useful 
lives of assets, 
the Group 
considers 
climate-related 
matters, including 
legislation 
and regulations 
that may 
restrict 
the use of 
assets. See 
Note 3.3.
5.9 
Events after the reporting period 
On 5 February 
2026, Lindex 
Group plc 
has signed 
a EUR 50 million 
secured revolving 
credit facility 
agreement. 
The revolving 
credit facility 
may be used 
for general 
corporate 
and working 
capital purposes 
and includes 
customary 
financial covenants. 
The revolving 
credit facility 
matures in 
May 2027, 
subject to 
a 15-month extension 
option.

 
170
Lindex Group plc 
Income Statement, FAS 
EUR 
Note 
1.1.-31.12.2025 
1.1.-31.12.2024 
REVENUE 
229,748,178.92 
234,761,334.39 
Other operating income 
2 
6,371,575.58 
6,699,421.66 
Materials and services 
 
Materials and consumables: 
Purchases during the financial year 
-118,502,183.99 
-118,671,613.96 
Change in inventories, increase (+), decrease (-) 
-3,356,218.23 
-6,527,056.06 
Materials and services, total 
-121,858,402.22 
-125,198,670.02 
Employee benefits 
3 
-41,912,440.82 
-43,149,636.63 
Depreciation, amortisation and impairment losses 
4 
-7,839,587.75 
-8,494,327.78 
Other operating expenses 
5 
-85,405,671.86 
-104,390,638.54 
-257,016,102.65 
-281,233,272.97 
OPERATING PROFIT (LOSS) 
-20,896,348.15 
-39,772,516.92 
Financial income and expenses 
6 
62,163,772.64 
52,019,847.15 
PROFIT (LOSS) BEFORE APPROPRIATIONS AND TAXES 
41,267,424.49 
12,247,330.23 
Appropriations 
7 
4,668,698.78 
5,140,632.00 
Income taxes 
8 
-3,605,318.07 
-907,012.21 
PROFIT (LOSS) FOR THE PERIOD 
42,330,805.20 
16,480,950.02

 
171
Lindex Group plc
Balance sheet, FAS
EUR 
Note 
31.12.2025 
31.12.2024 
ASSETS 
NON-CURRENT ASSETS 
Intangible assets 
9 
Intangible rights 
4,568,621.63 
5,319,295.22 
Advance payments and construction in 
progress 
855,307.07 
1,038,042.12 
Intangible assets, total 
5,423,928.70 
6,357,337.34 
Property, plant, equipment 
10 
Machinery and equipment 
14,481,564.69 
16,557,956.62 
Modification and renovation expenses for 
leased premises 
2,772,697.21 
2,594,426.25 
Other tangible assets 
5,827.15 
5,827.15 
Advance payments and construction in 
progress 
2,258,494.09 
1,185,224.20 
Property, plant, equipment, total 
19,518,583.14 
20,343,434.22 
Investments 
11 
Shares in Group companies 
308,636,627.98 
308,636,627.98 
Other shares and participations 
744,633.86 
744,633.86 
Investments, total 
309,381,261.84 
309,381,261.84 
NON-CURRENT ASSETS, TOTAL 
334,323,773.68 
336,082,033.40 
CURRENT ASSETS 
Inventories 
Materials and consumables 
 
43,517,164.67 
46,873,382.90 
Inventories, total 
43,517,164.67 
46,873,382.90 
Non-current receivables 
Loan receivables from Group companies 
203,877,452.31 
235,952,762.35 
Other receivables 
660,875.70 
3,675,367.31 
Non-current receivables, total 
204,538,328.01 
239,628,129.66 
Current receivables 
12 
Trade receivables 
3,284,034.65 
3,074,475.09 
Receivables from Group companies 
7,207,509.41 
10,120,756.67 
Other receivables 
44,710.52 
226,394.85 
Prepayments and accrued income 
7,512,119.86 
8,264,382.00 
Current receivables, total 
18,048,374.44 
21,686,008.61 
Cash in hand and at banks 
13 
15,799,396.83 
21,705,786.04 
CURRENT ASSETS, TOTAL 
281,903,263.95 
329,893,307.21 
ASSETS, TOTAL 
616,227,037.63 
665,975,340.61 
EUR 
Note 
31.12.2025 
31.12.2024 
EQUITY AND LIABILITIES 
EQUITY 
Share capital 
14-15 
77,556,538.26 
77,556,538.26 
Invested unrestricted equity fund 
80,886,137.67 
78,786,138.36 
Retained earnings 
253,804,332.80 
237,323,382.78 
Net profit (loss) for the financial year 
42,330,805.20 
16,480,950.02 
EQUITY, TOTAL 
454,577,813.93 
410,147,009.42 
ACCUMULATED APPROPRIATIONS 
16 
14,332,123.88 
16,330,822.66 
PROVISIONS 
17 
15,911,836.57 
LIABILITIES 
Non-current liabilities 
18 
Bonds 
73,142,624.00 
Other payables 
6,803,674.97 
7,980,724.21 
Liabilities to Group companies 
25,585,793.67 
97,091,100.30 
Non-current liabilities, total 
32,389,468.64 
178,214,448.51 
Current liabilities 
19 
Bonds 
73,142,624.00 
Advances received 
454,165.16 
872,337.88 
Trade payables 
12,762,914.83 
12,065,064.32 
Liabilities to Group companies 
1,685,218.03 
1,861,837.85 
Other payables 
13,731,908.08 
14,533,950.31 
Accrued expenses and prepaid income 
20 
13,150,801.08 
16,038,033.09 
Current liabilities, total 
114,927,631.18 
45,371,223.45 
LIABILITIES, TOTAL 
147,317,099.82 
223,585,671.96 
EQUITY AND LIABILITIES, TOTAL 
616,227,037.63 
665,975,340.61

 
172
Lindex Group plc 
Cash flow statement 
EUR 
1.1.-31.12.2025 
1.1.-31.12.2024 
CASH FLOW FROM OPERATING ACTIVITIES 
Profit (loss) for the financial year 
42,330,805.20 
16,480,950.02 
Adjustments for: 
Depreciation and amortisation according to plan 
7,839,587.75 
8,494,327.78 
Impairment losses 
3,400,000.00 
Other non-cash income and expenses 
-5,514,041.89 
240,057.74 
Financial income and expenses 
-62,163,772.63 
-55,419,847.15 
Appropriations 
-4,668,698.78 
-5,140,632.00 
Deferred taxes 
3,605,318.07 
907,012.21 
Changes in working capital: 
Increase (-) / decrease (+) of current receivables 
-1,247,335.81 
1,386,753.65 
Increase (-) / decrease (+) of inventories 
3,356,218.23 
6,527,056.06 
Increase (+) / decrease (-) of non-interest-bearing 
liabilities 
-14,145,727.10 
-9,579,175.32 
Interest and other financial expenses paid from 
operating activities 
-2,725,466.96 
-3,385,012.12 
Interest received from operating activities 
235,601.50 
821,994.08 
Taxes 
3,946,829.73 
CASH FLOW FROM OPERATING ACTIVITIES 
-33,097,512.42 
-31,319,685.32 
CASH FLOW FROM INVESTING ACTIVITIES 
Capital expenditure on tangible and intangible assets 
-5,613,283.87 
-4,969,881.15 
Proceeds from disposal of tangible and intangible 
assets 
25,000.00 
Increase (-)/decrease (+) of loan receivables 
8,412,492.80 
Additions to holdings in Group companies 
-600,000.00 
Dividends received/return of equity 
73,847.96 
2,975.00 
NET CASH FROM INVESTING ACTIVITIES 
2,873,056.89 
-5,541,906.15 
CASH FLOWS FROM FINANCING ACTIVITIES 
Increase (-)/decrease (+) of loan receivables 
-267,875.70 
Proceeds from non-current liabilities 
57,695,151.38 
45,033,237.24 
Repayments of non-current liabilities 
-35,109,209.36 
-11,358,866.74 
Received and paid group contributions 
2,000,000.00 
1,500,000.00 
NET CASH FROM FINANCING ACTIVITIES 
24,318,066.32 
35,174,370.50 
Change in cash in hand and at banks, increase 
(+) / decrease (-) 
-5,906,389.21 
-1,687,220.97 
Cash in hand and at banks in the beginning 
of the financial year 
21,705,786.04 
23,393,007.01 
Cash in hand and at banks at the end 
of the financial year 
15,799,396.83 
21,705,786.04

173
Notes to the 
parent company 
financial 
statements
1. Accounting 
principles
The financial 
statements 
of Lindex 
Group plc have 
been prepared 
according to 
Finnish 
Accounting Standards (FAS).
Corporate 
restructuring 
proceedings
District 
Court of Helsinki 
has approved 
Lindex Group 
plc’s restructuring 
programme 
on 9 
February 2021 
. 
Thereafter, 
restructuring 
debts have 
been paid as 
the final amount 
of 
restructuring 
debts has been 
confirmed. 
The company 
has fulfilled 
the conditions 
for 
concluding 
the implementation 
of the restructuring 
programme. 
The company's 
restructuring 
programme 
has concluded 
on 15 August 
2025.
Transactions in foreign currencies
Transactions 
in foreign currencies 
are recorded 
at the rates 
prevailing 
on the transaction 
date.
Gains and 
losses on foreign 
exchange in 
financial 
operations 
are entered 
as net amounts 
under other 
financial income 
or other 
financial expenses. 
Revenue
Revenue comprises 
sales income 
excluding indirect 
taxes, discounts 
granted and 
foreign 
exchange rate differences. 
Other operating 
income
The items 
stated as 
other operating 
income are 
capital gains 
on the sale 
of non-current 
assets connected 
with business 
operations, 
compensation 
obtained 
from the sale 
of 
businesses 
and charges 
for services 
rendered to 
subsidiaries. 
Income taxes
The direct 
taxes entered 
into the profit 
and loss account 
are the taxes 
corresponding 
to 
net profit 
for the financial 
year as well 
as taxes payable 
for prior periods 
or tax refunds. 
Deferred 
tax assets 
have been 
recognised 
for the expenses 
deductible in 
taxation in 
the 
future periods. 
The profits 
of Lindex 
Group plc’s 
Branch in Estonia 
have been included 
in the taxable 
income of 
the parent 
office in 
Finland. 
The profits 
of the Branch 
will be income 
taxable in 
Estonia, at 
the time when 
the profits 
are distributed 
to the parent 
office in 
Finland. 
According 
to the tax 
treaty between 
Estonia and 
Finland, the 
income tax 
which will be 
paid in Estonia 
is deductible 
from the income 
tax in Finland 
under certain 
conditions. 
The 
untaxed retained 
earnings of 
the Branch 
in Estonia 
including 
the profit 
of the reporting 
period are 
EUR 30.9
(29.0) million. 
The calculated 
income tax 
in Estonia 
would be EUR 
6.8
(6.4) million, 
which is recognised 
as deferred 
tax liability. 
This amount 
of tax will 
be 
most likely 
not deductible 
from the income 
tax in Finland.
Intangible 
and tangible 
assets
Tangible and intangible assets are valued according to the original cost less accumulated 
depreciation 
according to 
plan. 
Depreciation 
according 
to plan is 
based on the 
original cost 
and the estimated 
useful life 
of intangible 
and tangible 
assets as follows:
Intangible 
assets
 
3 – 10 years
Machinery 
and equipment
 
3 – 15 years
Modification 
and renovation 
expenses of 
leased premises
 
5 – 15 years 
Investments 
in non-current 
assets
Securities 
included in 
non-current 
assets are 
valued at acquisition 
cost or, 
if their fair 
value is lower, at this lower value.
Principles 
of impairment 
testing are 
described as 
notes to consolidated 
financial 
statements.
Inventories
In the valuation 
of inventories, 
the principle 
of lowest value 
has been 
used, i.e., 
the 
inventories 
have been 
entered in 
the balance 
sheet at the 
lowest of acquisition 
cost or a 
lower repurchase 
price or the 
probable market 
price. The 
value of 
inventories 
is 
determined 
using the 
weighted average 
cost method 
and it includes 
all the direct 
costs of 
the purchase. 
Non-current 
liabilities 
Loans payable 
are recognised 
at nominal 
value. Transaction 
costs are 
initially recogni 
sed 
as accruals 
and amortized 
over the life 
of the instrument. 
Transaction 
cost and loan 
interest are 
recognised in 
the income 
statement 
as financial 
expenses over 
the life of 
the 
instrument. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
174
Current liabilities
In accordance 
with the restructuring 
programme, 
the unsecured 
creditors 
have been 
entitled to 
convert their 
receivables 
under the payment 
programme 
of the restructuring 
programme 
that have 
been confirmed 
to unsecured 
debt, by way 
of set-off, 
to senior 
secured bonds 
on a euro-for 
-euro basis. 
The aggregate 
principal amount 
of the bonds 
validly subscribed 
for by the 
unsecured creditors 
was EUR 73.142.624 
. 
This bond 
will 
mature in 
July 2026. 
Appropriations 
The difference 
between total 
and planned 
depreciation 
is shown as 
accumulated 
appropriations 
in the balance 
sheet and 
the change 
during the 
financial year 
in the 
income statement. 
Appropriations 
contain also 
given and received 
group contributions.
Provisions
A provision is recognised when the company has a legal or factual obligation as a result 
of a past event 
and it is probable 
that a payment 
obligation 
will be realised 
and the 
amount of the obligation can be estimated reliably.
During restructuring 
programme as 
provision were 
recognised conditional 
debts, which 
were mainly 
based on the 
early termination 
of the agreements 
with landlords
. All 
conditional 
debts have 
been settled 
and no provisions 
on this remain.
2. Other operating income 
EUR 
2025 
2024 
Compensation for services to Group companies 
6,053,042.60 
6,619,569.87 
Other compensation from Group companies 
292,704.10 
Other operating income 
25,828.88 
79,851.79 
Total 
6,371,575.58 
6,699,421.66 
3. Employee benefits 
EUR 
2025 
2024 
Salaries and remuneration paid to the Board of 
Directors 
486,275.00 
459,200.00 
Other wages and salaries 
33,608,964.22 
35,024,047.74 
Wages during sick leave 
1,424,758.61 
1,477,326.34 
Pension expenses 
5,145,834.50 
5,242,040.51 
Other employee benefits expenses 
1,246,608.49 
947,022.04 
Total 
41,912,440.82 
43,149,636.63 
Personnel, average 
893 
954 
Information on the remuneration of the CEO is 
disclosed in group note 5.5. 
Management´s 
share-based 
incentives
Information 
on the management´s 
share-based 
incentive 
plan is disclosed 
in group note 
5.6.
Management 
pension liabilities
The retirement age of the Group Management Team members is 65 years or individual 
based on 
the statutory 
retirement 
age.
CEO Susanne 
Ehnbåge is 
eligible to 
take retirement 
upon reaching 
the age of 65 
years. 
The CEO’s 
pension will 
accrue based 
on an individual 
pension scheme 
according 
to the 
local practice. 
4. Depreciation, amortisation and impairment losses 
EUR 
2025 
2024 
Intangible rights 
2,932,980.29 
3,493,204.76 
Machinery and equipment 
4,008,787.47 
4,129,580.67 
Modification and renovation expenses for leased 
premises 
897,819.99 
871,542.35 
Total 
7,839,587.75 
8,494,327.78 

 
175
5. Other operating expenses 
EUR 
2025 
2024 
Site expenses 
51,183,011.76 
47,253,458.70 
ICT expenses 
11,848,184.82 
12,546,397.12 
Marketing expenses 
5,994,103.95 
7,015,664.24 
Staff leasing expenses 
5,023,731.56 
5,199,410.47 
Goods handling expenses 
3,391,026.82 
3,554,448.64 
Professional services expenses 
3,905,894.53 
8,355,011.52 
Voluntary indirect employee expenses 
966,541.29 
1,169,549.23 
Rental expenses 
777,668.37 
753,212.00 
Credit losses 
59,072.64 
236,749.89 
Other expenses *) 
2,256,436.12 
18,306,736.73 
Total 
85,405,671.86 
104,390,638.54 
*) 2025 corporate restructuring related expenses 
EUR -5.4 (9.9) million. 
Auditors' fees 
EUR 
2025 
2024 
Auditing 
255,815.00 
222,490.00 
Other Assurance services based on legal requirements 
225,640.00 
169,100.00 
Total 
481,455.00 
391,590.00 
6. Financial income and expenses 
EUR 
2025 
2024 
Interest income from Group companies 
27,974,778.60 
31,919,994.41 
Dividend from Group companies 
19,500,000.00 
31,416,284.13 
Other dividend income 
17,847.96 
58,975.00 
Interest income from parties outside the Group 
235,601.49 
821,994.25 
Interest expenses to Group companies 
-1,829,463.72 
-2,489,627.92 
Interest and other financial expenses to parties outside 
the Group 
-1,025,781.59 
-1,092,558.11 
Impairment of loan receivables and investments *) 
-3,400,000.00 
Return of unrestricted equity reserve **) 
6,684,000.00 
Foreign exchange gains and losses (net) 
10,606,789.89 
-5,215,214.61 
Total 
62,163,772.63 
52,019,847.15 
 
*) Impairment of SIA Stockmann shares 
 
**) Reversal of impairment loss of Stockmann 
Security Services Oy shares 
7. Appropriations 
EUR 
2025 
2024 
Difference between depreciation according to plan and 
depreciation in taxation 
1,998,698.78 
2,800,632.00 
Received Group contributions 
2,670,000.00 
2,340,000.00 
Total 
4,668,698.78 
5,140,632.00 
8. Income taxes 
EUR 
2025 
2024 
Change in deferred taxes *) 
-3,605,318.07 
-907,012.21 
Total 
-3,605,318.07 
-907,012.21 
*) Includes def.tax liability change for Estonian Branch 
EUR 422 950.76 (482 771.21). 
Non-current assets 
9. Intangible assets 
Intangible rights 
EUR 
2025 
2024 
Acquisition cost 1.1. 
11,014,807.99 
29,900,223.01 
 
Increases 
499,577.56 
602,346.18 
 
Transfers between items 
1,682,729.14 
868,867.70 
 
Decreases 
-2,165,111.59 
-20,356,628.90 
Acquisition cost 31.12. 
11,032,003.10 
11,014,807.99 
Accumulated amortisation 1.1. 
5,695,512.77 
22,556,161.81 
 
Accumulated amortisation on decreases 
-2,165,111.59 
-20,353,853.80 
 
Amortisation for the financial year 
2,932,980.29 
3,493,204.76 
Accumulated amortisation 31.12. 
6,463,381.47 
5,695,512.77 
Carrying amount 31.12. 
4,568,621.63 
5,319,295.22 
Advance payments and construction in progress 
EUR 
2025 
2024 
Acquisition cost 1.1. 
1,038,042.12 
700,346.73 
Increases 
1,499,994.09 
1,206,563.09 
Transfers between items 
-1,682,729.14 
-868,867.70 
Acquisition cost 31.12. 
855,307.07 
1,038,042.12 
Carrying amount 31.12. 
855,307.07 
1,038,042.12 
Intangible assets, total 
5,423,928.70 
6,357,337.34

 
176
10. Tangible assets 
Machinery and equipment 
EUR 
2025 
2024 
Acquisition cost 1.1. 
38,150,523.54 
37,221,173.60 
Increases 
96,348.00 
563,342.38 
Transfers between items 
1,836,047.54 
1,437,511.48 
Decreases 
-3,094,845.29 
-1,071,503.92 
Acquisition cost 31.12. 
36,988,073.79 
38,150,523.54 
Accumulated depreciation 1.1. 
21,592,566.92 
18,534,490.17 
Accumulated depreciation on decreases 
-3,094,845.29 
-1,071,503.92 
Depreciation for the financial year 
4,008,787.47 
4,129,580.67 
Accumulated depreciation 31.12. 
22,506,509.10 
21,592,566.92 
Carrying amount 31.12. 
14,481,564.69 
16,557,956.62 
Modification and renovation expenses for leased premises 
EUR 
2025 
2024 
Acquisition cost 1.1. 
6,743,948.54 
6,396,662.05 
Transfers between items 
1,076,090.95 
505,065.89 
Decreases 
-1,143,544.16 
-157,779.40 
Acquisition cost 31.12. 
6,676,495.33 
6,743,948.54 
Accumulated depreciation 1.1. 
4,149,522.29 
3,435,759.34 
Accumulated depreciation on decreases 
-1,143,544.16 
-157,779.40 
Depreciation for the financial year 
897,819.99 
871,542.35 
Accumulated depreciation 31.12. 
3,903,798.12 
4,149,522.29 
Carrying amount 31.12. 
2,772,697.21 
2,594,426.25 
Other tangible assets 
EUR 
2025 
2024 
Acquisition cost 1.1. 
5,827.15 
54,601.65 
Decreases 
-48,774.50 
Acquisition cost 31.12. 
5,827.15 
5,827.15 
Carrying amount 31.12. 
5,827.15 
5,827.15 
Advance payments and construction in progress 
EUR 
2025 
2024 
Acquisition cost 1.1. 
1,185,224.20 
300,227.73 
Increases 
3,985,408.38 
2,827,573.84 
Transfers between items 
-2,912,138.49 
-1,942,577.37 
Acquisition cost 31.12. 
2,258,494.09 
1,185,224.20 
Carrying amount 31.12. 
2,258,494.09 
1,185,224.20 
Tangible assets, total 
19,518,583.14 
20,343,434.22 
11. Investments 
Investments in Group companies 
EUR 
2025 
2024 
Acquisition cost 1.1. 
308,636,627.98 
311,436,627.98 
Increases *) 
600,000.00 
Impairments **) 
-3,400,000.00 
Carrying amount 31.12. 
308,636,627.98 
308,636,627.98 
 
*) 2024: Increase in SIA Stockmann's equity 
 
**) 2024: Impairment of SIA Stockmann shares 
Other shares and participations 
EUR 
2025 
2024 
Acquisition cost 1.1. 
744,633.86 
748,761.86 
Decreases 
-4,128.00 
Carrying amount 31.12. 
744,633.86 
744,633.86 
Investments, total 
309,381,261.84 
309,381,261.84 
12. Current receivables 
Trade receivables 
EUR 
2025 
2024 
Non-interest-bearing trade receivables 
3,284,034.65 
3,074,475.09 
Total 
3,284,034.65 
3,074,475.09

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
177
Receivables from Group companies 
EUR 
2025 
2024 
Group contribution receivables 
2,670,000.00 
4,490,000.00 
Trade receivables 
4,529,245.39 
5,564,349.67 
Prepayments and accrued income 
8,264.02 
66,407.00 
Total 
7,207,509.41 
10,120,756.67 
Other receivables 
EUR 
2025 
2024 
Other receivables 
44,710.52 
226,394.85 
Total 
44,710.52 
226,394.85 
Prepayments and accrued income 
EUR 
2025 
2024 
Periodised ICT expenses 
2,179,554.44 
3,137,742.55 
Receivable from credit card co-operation 
1,675,598.24 
1,785,325.78 
Periodised indirect employee expenses 
1,174,022.00 
1,092,483.00 
Receivables from suppliers 
871,600.02 
1,055,240.79 
Other prepayments and accrued income 
1,611,345.16 
1,193,589.88 
Total 
7,512,119.86 
8,264,382.00 
13. Cash in hand and at banks 
Cash in hand and at banks comprise bank deposits and cash in hand. 
14. Changes 
in equity
As of 31 
December 2024, 
a total number 
of shares 
was 161,622,896.
In April 2025 
, 
the Company´s 
Board of 
Directors resolved 
a directed 
share issue 
without 
consideration 
to the participants 
of the Performance 
Share Plan in 
order to deliver 
the 
share rewards. In the share issue, 112 324 new shares in the company 
were, in deviation 
from the shareholders’ 
pre-emptive 
subscription 
right, issued 
without consideration 
to the 
management 
and key personnel 
of the company 
in order to 
deliver the 
rewards under 
the 
performance 
period 2022 
–2024.
In July 2025 
, 
the Company’s 
Board of 
Directors 
decided, in 
accordance 
with the 
restructuring 
programme 
and pursuant 
to the authorization 
granted by 
the Annual 
General 
Meeting, to issue 2,306,171 new shares of the Company, in deviation from 
the 
shareholders’ 
pre-emptive 
subscription 
rights to 
fulfil obligations 
under the 
restructuring 
programme. 
The subscription 
price in 
the Share Issue 
was EUR 0.9106 
per share, 
which 
has been 
paid by setting 
off restructuring 
debt in accordance 
with the restructuring 
programme.
As a result 
of the share 
issues in 
April and July 
2025, the total 
number of shares 
in the 
Company has 
increased 
to a total of 
164,041,391 shares.
On 31 December 
2025 
Lindex Group 
plc’s share 
capital was 
EUR 77.6 million. 
All the 
shares issued 
have been fully 
paid in.
Share capital 
EUR 
2025 
2024 
Shares 1.1. and 31.12. 
77,556,538.26 
77,556,538.26 
Share capital, total 
77,556,538.26 
77,556,538.26 
Reserve for invested unrestricted equity 1.1. 
78,786,138.36 
76,138,713.65 
 
Share conversion from restructuring debt 
2,099,999.31 
2,647,424.71 
Reserve for invested unrestricted equity 31.12. 
80,886,137.67 
78,786,138.36 
Retained earnings 1.1. 
253,804,332.80 
237,323,382.78 
Retained earnings 31.12. 
253,804,332.80 
237,323,382.78 
Net profit (loss) for the financial year 
42,330,805.20 
16,480,950.02 
Equity, total 
454,577,813.93 
410,147,009.42 
Breakdown of distributable funds 31.12. 
EUR 
2025 
2024 
Funds 
80,886,137.67 
78,786,138.36 
Retained earnings 
253,804,332.80 
237,323,382.78 
Net profit (loss) for the financial year 
42,330,805.20 
16,480,950.02 
Total 
377,021,275.67 
332,590,471.16 
15. Parent company's shares 
pcs. 
2025 
2024 
Shares (1 vote each) 
164,041,391 
161,622,896 
Total 
164,041,391 
161,622,896 

 
178
16. Accumulated appropriations 
The accumulated appropriations comprise accumulated depreciation difference. 
17. Provisions 
Other provisions 
EUR 
2025 
2024 
Provision on the claims on rental agreements 
15,911,836.57 
as part of company restructuring debt 
15,911,836.57 
Total 
15,911,836.57 
The company 
has settled 
all disputed 
claims 
related to 
the restructuring 
proceedings 
and 
fulfilled 
its other obligations 
under the restructuring 
programme.
18. Non-current liabilities 
EUR 
2025 
2024 
Bonds 
73,142,624.00 
Deferred tax liabilities 
6,803,674.97 
6,380,724.21 
Other payables 
1,600,000.00 
Liabilities to Group companies 
25,585,793.67 
97,091,100.30 
part of company restructuring debt 
63,900,534.46 
Non-current liabilities, total 
32,389,468.64 
178,214,448.51 
19. Current liabilities 
EUR 
2025 
2024 
Bonds 
73,142,624.00 
Other interest-bearing liabilities 
1,693,974.52 
1,725,387.09 
Non-interest-bearing liabilities 
40,091,032.66 
43,645,836.36 
Total 
114,927,631.18 
45,371,223.45 
Restructuring debt 
EUR 
2025 
2024 
Current non-interest-bearing restructuring debt 
Restructuring debt related to provisions 
15,911,836.57 
Restructuring debt to group companies 
Trade payable to group companies 
17,398.07 
Liabilities to group companies 
63,883,136.39 
Restructuring debt to group companies total 
63,900,534.46 
Restructuring debt total 
79,812,371.03 
Liabilities to Group companies 
EUR 
2025 
2024 
Trade payables 
1,617,912.23 
1,786,249.02 
Accrued liabilities 
67,305.80 
75,588.83 
Total 
1,685,218.03 
1,861,837.85 
20. Accruals and prepaid income, current 
EUR 
2025 
2024 
Accrued personnel expenses 
8,881,744.67 
9,047,877.26 
Periodised purchases of stock items 
2,199,575.74 
2,683,272.59 
Reserve for returns and accrued income 
1,334,764.00 
1,369,636.00 
Accrued professional expenses 
230,795.41 
1,791,546.00 
Other accrued expenses and prepaid income 
503,921.26 
1,145,701.24 
Total 
13,150,801.08 
16,038,033.09 
21. Contingent liabilities 
Security pledged on behalf of Group companies 
EUR 
2025 
2024 
Rent guarantees 
8,948,219.69 
10,095,080.60 
Other guarantees 
68,760.03 
Total 
9,016,979.72 
10,095,080.60

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
179
22. Liability engagements and other commitments 
EUR 
2025 
2024 
Rental commitments 
396,516,359.00 
460,167,532.00 
Electricity commitments 
54,000.00 
662,256.00 
Leasing commitments 
413,671.93 
434,016.55 
Total 
396,984,030.93 
461,263,804.55 
Pension liabilities 
The pension liabilities of the parent company are insured with outside pension insurance 
companies. The pension liabilities are fully covered. 
23. Shares and participations 
Group companies 
Parent company holdings 
Shareholding % 
Voting rights % 
Stockmann AS, Tallinn 
100 
100 
SIA Stockmann, Riga 
100 
100 
Stockmann Security Services Oy Ab, Helsinki 
100 
100 
Lindex Holding AB, Stockholm 
100 
100 
Other companies 
Parent company holdings 
Shareholding % 
Kiinteistö Oy Tapiolan Säästötammi Fastighets Ab, Espoo 
37.8 
24. Events after 
the reporting 
period
On 5 February 
2026, Lindex 
Group plc 
has signed 
a EUR 50 million 
secured revolving 
credit facility 
agreement. 
The revolving 
credit facility 
may be used 
for general 
corporate 
and working 
capital purposes 
and includes 
customary 
financial covenants. 
The revolving 
credit facility 
matures in 
May 2027, 
subject to 
a 15-month extension 
option.

180
Board proposal for disposal of net result of the financial year
The Board of Directors proposes to the Annual General Meeting that the net result of the 
financial year 2025 will be carried further in the retained earnings.
Signatures on the financial statements and the report of the Board 
of 
Directors
The financial statements, prepared in accordance with applicable accounting regulations, 
give true and fair view of the assets, liabilities, financial position, and profit or loss of the 
company and the group of companies included in its consolidated financial statements. 
The report of the Board of Directors contains a truthful description of the development and 
result of the business operations of both the company and the group of companies included 
in its consolidated financial statements, as well as a description of the most significant risks 
and uncertainties and other aspects of the company's condition.
The sustainability report included in the report of the Board of Directors has been prepared in 
accordance with the reporting standards referred to in Chapter 7 of the Finnish Accounting 
Act and Article 8 of the Taxonomy 
Regulation.
Helsinki, 26 February 2026
Sari Pohjonen 
Stefan Björkman 
Andrea Collesei
Timo Karppinen 
Roland Neuwald 
Tracy Stone 
Harriet Williams
Susanne Ehnbåge
CEO
The Auditor’s Note
A report of the audit performed has been issued today.
Helsinki, 26 February 2026
Ernst & Young Oy
Authorised Public Accountant Firm
Terhi 
Mäkinen
Authorised Public Accountant

181
AUDITOR’S REPORT (Translation of the Finnish original) 
To 
the Annual General Meeting of Lindex Group plc
Report on the Audit of the 
Financial Statements
Opinion 
We have audited the financial statements of Lindex Group plc (business identity code 0114162 
-2) for the year ended 31 December, 2025. The financial 
statements comprise the 
consolidated balance sheet, income statement, statement of comprehensive income, statement of changes 
in equity, statement of cash 
flows and notes, including material 
accounting policy information, as well as the parent company’s balance sheet, income statement, 
statement of cash flows and notes. 
In our opinion
●
 
the consolidated financial statements give a true and fair view of the group’s financial 
position, financial performance and cash flows in accordance with IFRS Accounting 
Standards as adopted by the EU.
●
 
the financial statements give a true and fair view of the parent company’s financial performance and 
financial position in accordance with the laws and regulations 
governing the preparation of financial statements in Finland and comply with statutory requirements.
Our opinion is consistent with the additional report submitted to the Audit Committee.
Basis for Opinion 
We conducted our audit in accordance with good auditing practice in Finland. Our responsibilities 
under good auditing practice are further described in the 
Auditor’s Responsibilities 
for the Audit of the Financial Statements
 
section of our report.
We are independent of the parent company and of the group companies in accordance with the ethical 
requirements that are applicable in Finland and are relevant to our audit, and 
we have fulfilled our other ethical responsibilities in accordance with these requirements.
In our best knowledge and understanding, the non-audit services that we have provided to the parent company 
and group companies are in compliance with laws and regulations 
applicable in Finland regarding these services, and we have not provided any prohibited non-audit services 
referred to in Article 5(1) of regulation (EU) 537/2014. The non-audit 
services that we have provided have been disclosed in note 2.6 to the
consolidated financial statements and note 5 to the parent company financial statements.
We believe that the audit evidence we have obtained is sufficient 
and appropriate to provide a basis for our opinion. 

 
 
 
 
 
 
 
182
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial 
statements of the current period. These matters were 
addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not 
provide a separate opinion on these matters.
We have fulfilled the responsibilities described in the 
Auditor’s Responsibilities for the Audit of the Financial Statements
 
section of our report, including in relation to these matters. 
Accordingly, our audit included the performance 
of procedures designed to respond to our assessment of the risks of material misstatement 
of the financial statements. The results 
of our audit procedures, including the procedures performed to address the matters below, 
provide the basis for our audit opinion on the accompanying financial statements.
We have also addressed the risk of management override of internal controls. This includes consideration 
of whether there was evidence of management bias that represented a 
risk of material misstatement due to fraud.
Key Audit Matter 
How our audit addressed the Key Audit Matter 
Valuation of Goodwill and 
trademark 
We refer to the Group’s accounting policies and the note 3.2 
At the balance sheet date 31 December 2025, the value of goodwill 
amounted to EUR 257,0 million and the trademark to EUR 84,0 million 
representing 25 % of total assets and 76 % of total equity (2024: goodwill 
EUR 242,6 million and trademark EUR 79,3 million representing 24 % of 
total assets and 82 % of total equity). The goodwill and trademark are 
related to the Lindex acquisition. 
The valuation of goodwill and trademark was a key audit matter as: 
●
 
the management’s annual impairment test is complex and involves 
judgments; 
●
 
the annual impairment test is based on market and economical 
assumptions; 
●
 
the goodwill and the trademark balances 
are significant. 
The cash flows of the cash generating units are based on the value in use. 
Changes in the assumptions used can significantly impact the value in 
use. The value in use is dependent on several assumptions such as the 
revenue growth and discount rate used. Changes in these assumptions 
can lead to an impairment in goodwill or trademark. 
Our audit procedures included, among others: 
●
 
Involving internal valuation specialists 
to assist us in evaluating the 
assumptions and methodologies 
used by the group 
including those 
related to forecasted 
revenue and the weighted 
average cost of 
capital used in discounting 
the cash flows. 
●
 
Assessing the sensitivity 
in the available headroom 
by cash 
generating unit and 
focused on whether 
any reasonably possible 
change in assumptions 
could cause the carrying 
amount to exceed 
its recoverable amount 
. 
●
 
Comparing the historical 
forecasting of the 
group with actual 
outcome and comparing 
forecasts to the latest 
budgets approved 
by 
the board. 
●
 
Checking the mathematical 
accuracy of the underlying 
calculations 
and benchmarking the 
value in use of 
Lindex with peer 
company 
information. 
●
Comparing
the groups’ disclosures 
related to impairment 
tests in 
note 3.2 in the financial 
statements with presentation 
requirements 
in applicable accounting 
standards and we reviewed 
the information 
provided on sensitivity 
analysis.
Revenue Recognition 
We refer to the Group’s accounting policies and the note 2.2 
Revenue is generated from sales of products and services in retail stores 
To 
address the risk of material misstatement regarding revenue 
recognition our audit procedures included among others: 
●
 
assessing the Group’s accounting policies over revenue recognition, 

 
 
 
 
 
 
183
and in online platforms as well as from sales to franchise stores. 
Revenue is recognized upon delivery of the goods or when the service has 
been performed. 
The group focuses on revenue as a key performance measure which could 
create an incentive for revenue to be recognized before the control of 
goods or services has transferred to the customer. Revenue 
recognition 
was a key audit matter due to the high volume of transactions, different 
kind of delivery methods and the management judgement involved in 
accounting for right of return and loyalty bonus. 
Revenue recognition was also a significant risk of material misstatement 
referred to in EU Regulation No 537/2014, point (c) of Article 10(2). 
including principles relating to right of return accounting and loyalty 
bonuses in relation to applicable accounting standards; 
●
 
testing sales transactions by comparing them to payments received; 
●
 
testing revenue, product returns and margins with data analytics; 
●
 
reviewing the sales processes in retail stores; 
●
 
analyzing the timing of revenue recognition of online sales based on 
delivery lead times; and 
●
assessing the Group’s disclosures in respect of revenues.
 
Valuation of inventories 
We refer to the Group’s accounting policies and the note 2.4
At the balance sheet date 31 December 2025, the value of inventory 
amounted to EUR 163,8 million representing 12 % of total assets and 36 
% of total equity (2024: EUR 169,6 million representing 13 % of total 
assets and 43 % of total equity). 
In accordance with the accounting policies the inventories are valued at 
the lower of cost or net realizable value. Inventories are presented net of 
impairment loss recognized for obsolete and slow-moving inventories. 
Valuation of inventories 
was a key audit matter because the carrying value 
of inventories is material to the financial statements and because valuation 
of inventories and the level of allowance for obsolete and slow-moving 
inventories requires management judgment.
Our audit procedures included, among others: 
●
 
Assessing the Group’s accounting policies regarding inventories with 
applicable accounting standards. 
●
 
Comparing unit prices of selected inventory items to latest purchase 
invoices and to sales prices. 
●
 
Assessing the analyses and assessment made by management with 
respect to slow moving and obsolete stock and to the expected sales 
and net realizable value. 
●
 
Analyzing exceptional values in inventory accounting with data 
analytics. 
●
Assessing the Group’s disclosures in respect of inventor
y.

 
184
Responsibilities of the Board of Directors and the Managing 
Director for the Financial Statements 
The Board of Directors and the Managing Director are responsible for the preparation of consolidated 
financial statements that give a true and fair view in accordance with IFRS 
Accounting Standards as adopted by the EU, and of financial statements that give a true and fair view in accordance with 
the laws and regulations governing the preparation of 
financial statements in Finland and comply with statutory requirements. The Board of Directors and the Managing 
Director are also responsible for such internal control as they 
determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due 
to fraud or error. 
In preparing the financial statements, the Board of Directors and the Managing Director are responsible 
for assessing the parent company’s and the group’s ability to continue 
as 
going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis 
of accounting. The financial statements are prepared using the going 
concern basis of accounting unless there is an intention to liquidate the parent company or the group or cease operations, or 
there is no realistic alternative but to do so. 
Auditor’s Responsibilities for the Audit of the Financial Statements 
Our objectives are to obtain reasonable assurance on whether the financial statements as a whole 
are free from material misstatement, whether due to fraud or error, 
and to issue 
an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit 
conducted in accordance with good auditing 
practice will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and 
are considered material if, individually or in aggregate, they could 
reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. 
As part of an audit in accordance with good auditing practice, we exercise professional judgment and maintain 
professional skepticism throughout the audit. We also: 
●
 
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, 
design and perform audit procedures responsive to those 
risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk 
of not detecting a material misstatement resulting from fraud 
is higher than for one resulting from error, as fraud may involve 
collusion, forgery, intentional 
omissions, misrepresentations, or the override of internal control.
●
 
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate 
in the circumstances, but not for the purpose of 
expressing an opinion on the effectiveness of the parent company’s or the group’s 
internal control. 
●
 
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures 
made by management.
●
 
Conclude on the appropriateness of the Board of Directors’ and the Managing Director’s use of the going concern basis of accounting 
and based on the audit evidence 
obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt 
on the parent company’s or the group’s ability to continue as 
a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures 
in the financial 
statements or, if such disclosures are inadequate, to modify 
our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. 
However, future events or conditions may cause 
the parent company or the group to cease to continue as a going concern. 
●
 
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial 
statements represent the 
underlying transactions and events so that the financial statements give a true and fair view.
●
 
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding 
the financial information of the entities or business units within the group as a 
basis for forming an opinion on the group financial statements. We are responsible 
for the direction, supervision and review of the audit work performed for purposes of 
the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned 
scope and timing of the audit and significant audit findings, including any 
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant 
ethical requirements regarding independence, and communicate with them all 
relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related 
safeguards.

185
From the matters communicated with those charged with governance, we determine those matters that were of most significance 
in the audit of the financial statements of the 
current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation 
precludes public disclosure about the matter or 
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the 
adverse consequences of doing so would reasonably be 
expected to outweigh the public interest benefits of such communication.
Other Reporting Requirements 
Information on our audit engagement
We were first appointed as auditors by the Annual General Meeting on 7.4.2021, and our appointment 
represents a total period of uninterrupted engagement of 5 years.
Other information
The Board of Directors and the Managing Director are responsible for the other information. The other information comprises 
the report of the Board of Directors and the information 
included in the Annual Report, but does not include the financial statements and our auditor’s report thereon. We have 
obtained the report of the Board of Directors prior to the date 
of this auditor’s report, and the Annual Report is expected to be made available to us after that date. 
Our opinion on the financial statements does not cover the other information.
In connection with our audit of the financial statements, our responsibility is to read the other information identified 
above and, in doing so, consider whether the other information is 
materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially 
misstated. With respect to report of the Board of 
Directors, our responsibility also includes considering whether the report of the Board of Directors has 
been prepared in compliance with the applicable provisions, excluding the 
sustainability report information on which there are provisions in Chapter 7 of the Accounting Act and in the sustainability 
reporting standards. 
In our opinion, the information in the report of the Board of Directors is consistent with the information in the financial statements 
and the report of the Board of Directors has been 
prepared in compliance with the applicable provisions. Our opinion does not cover the sustainability report information 
on which there are provisions
in Chapter 7 of the Accounting 
Act and in the sustainability reporting standards. 
If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we conclude 
that there is a material misstatement of this 
other information, we are required to report that fact. We have nothing to report in this regard. 

186
Other statements based on law
Our responsibility is to, based on our audit, express an opinion on the registration and publication of the income 
tax report required in Chapter 7 b of the Accounting Act.
The Board of Directors and the Managing Director are responsible for the registration and the publication 
of the income tax report.
In our opinion, the company has not been obliged to register and publish an income tax report referred to in Chapter 
7 b of the Accounting Act for the financial year immediately 
preceding the financial year.
Helsinki 26.2.2026
Ernst & Young 
Oy
Authorized Public Accountant Firm
Terhi 
Mäkinen
Authorized Public Accountant

187
(Translation of the Finnish original)
 
Independent Auditor’s Report on the ESEF Consolidated 
Financial Statements of Lindex Group plc
To the Board of Directors 
of Lindex Group plc
We have performed a reasonable assurance engagement 
on the financial 
statements 743700IFQI6W89M1IY95-2025-12-31-1-fi.zip of 
Lindex Group plc (y-
identifier: 0114162 
-2) that have been prepared in accordance with the 
Commission’s regulatory technical standard for 
the financial year ended 
31.12.2025.
Responsibilities of the Board of Directors and the Managing 
Director
The Board of Directors and the Managing Director are 
responsible for the 
preparation of the company’s report of Board 
of Directors and financial statements 
(the ESEF financial statements) in such a way that they 
comply with the 
requirements of the Commission’s regulatory technical 
standard. This 
responsibility includes: 
●
 
preparing the ESEF financial statements in XHTML format 
in accordance 
with Article 3 of the Commission’s regulatory technical 
standard 
●
 
tagging the primary financial statements, 
notes and company’s 
identification data in the consolidated financial statements 
that are 
included in the ESEF financial statements with iXBRL 
tags in accordance 
with Article 4 of the Commission’s regulatory technical 
standard and 
●
 
ensuring the consistency between the ESEF financial 
statements and the 
audited financial statements. 
The Board of Directors and the Managing Director are 
also responsible for such 
internal control as they determine is necessary to enable the 
preparation of ESEF 
financial statements in accordance the requirements of the 
Commission’s 
regulatory technical standard.
Auditor’s Independence and Quality Management
We are independent of the company in accordance 
with the ethical requirements 
that are applicable in Finland and are relevant to the engagement 
we have 
performed, and we have fulfilled our other ethical responsibilities 
in accordance 
with these requirements. 
The firm applies International Standard on Quality Management 
(ISQM) 1, which 
requires the firm to design, implement and operate a system 
of quality 
management including policies or procedures regarding compliance 
with ethical 
requirements, professional standards and applicable legal 
and regulatory 
requirements. 
Auditor’s Responsibilities
Our responsibility is to, in accordance with Chapter 7, Section 8 
of the Securities 
Markets Act, provide assurance on the financial statements 
that have been 
prepared in accordance with the Commission’s technical 
regulatory standard. 
We 
express an opinion on whether the consolidated financial 
statements that are 
included in the ESEF financial statements have been tagged, 
in all material 
respects, in accordance with the requirements of Article 4 of 
the Commission's 
regulatory technical standard.
Our responsibility is to indicate in our opinion to what extent 
the assurance has 
been provided. We conducted a reasonable assurance 
engagement in accordance 
with International Standard on Assurance Engagements 
(ISAE) 3000. 
The engagement includes procedures to obtain evidence on: 
●
 
whether the primary financial statements in the consolidated 
financial 
statements that are included in the ESEF financial statements 
have been 
tagged, in all material respects, with iXBRL tags in accordance 
with the 
requirements of Article 4 of the Commission's regulatory 
technical 
standard and 
●
 
whether the notes and company's identification data in the consolidated 
financial statements that are included in the ESEF financial 
statements 
have been tagged, in all material respects, with iXBRL 
tags in accordance 

188
with the requirements of Article 4 of the Commission's regulatory 
technical 
standard and 
●
 
whether there is consistency between the ESEF financial 
statements and 
the audited financial statements. 
The nature, timing and extent of the selected procedures 
depend on the auditor’s 
judgement. This includes an assessment of the risk of material 
deviations due to 
fraud or error from the requirements of the Commission’s 
technical regulatory 
standard. 
We believe that the evidence we have obtained is sufficient 
and appropriate to 
provide a basis for our opinion. 
Opinion
Our opinion pursuant to Chapter 7, Section 8 of the 
Securities Markets Act is that 
the primary financial statements, notes and company's 
identification data in the 
consolidated financial statements that are included in the 
ESEF financial 
statements of Lindex Group plc 743700IFQI6W89M1IY95-2025-12-31-1-fi.zip 
for 
the financial year ended 31.12.2025 have been tagged, in all material 
respects, in 
accordance with the requirements of the Commission's regulatory 
technical 
standard.
Our opinion on the audit of the consolidated financial statements 
of Lindex Group 
plc for the financial year ended 31.12.2025 has been 
expressed in our auditor's 
report dated 26.2.2026. With this report we do not express 
an opinion on the audit 
of the consolidated financial statements nor express another 
assurance 
conclusion.
Helsinki 2.3.2026
Ernst & Young 
Oy
Authorized Public Accountant Firm
Terhi 
Mäkinen
Authorized Public Accountant

 
189
ASSURANCE REPORT ON THE SUSTAINABILITY STATEMENT
(Translation of the Finnish original)
To the Annual General 
Meeting of Lindex Group plc
We have performed a limited assurance 
engagement on the group sustainability 
statement of 
Lindex Group plc (business identity code 0114162 
-2) that is 
referred 
to in 
Chapter 7 of the 
Accounting Act and that 
is included in the report of 
the Board of 
Directors for the reporting period 
1.1.–31.12.2025.
Opinion 
Based on the procedures we have performed and the 
evidence we have obtained, 
nothing has come to our attention that causes us to believe 
that the group 
sustainability statement does not comply, 
in all material respects, with
1)
 
the requirements laid down in Chapter 7 of the Accounting 
Act and the 
sustainability reporting standards (ESRS), and
2)
 
the requirements laid down in Article 8 of the Regulation 
(EU) 2020/852 of 
the European Parliament and of the Council on the establishment 
of a 
framework to facilitate sustainable investment, and amending 
Regulation 
(EU) 2019/2088 (EU Taxonomy).
Point 1 above also contains the process in which Lindex 
Group plc has identified 
the information for reporting in accordance with the sustainability 
reporting 
standards (double materiality assessment). 
Our opinion does not cover the tagging of the group sustainability 
statement with 
digital XBRL sustainability tags in accordance with Chapter 7, 
Section 22, 
Subsection 1(2), of the Accounting Act, because sustainability 
reporting companies 
have not had the possibility to comply with that requirement 
in the absence of 
requirements for the tagging of sustainability information in 
the ESEF regulation or 
other European Union legislation.
Basis for Opinion 
We performed the assurance of the group sustainability 
statement as a limited 
assurance engagement in compliance with good assurance 
practice in Finland and 
with the International Standard on Assurance Engagements 
(ISAE) 3000 (Revised) 
Assurance Engagements Other than Audits or Reviews 
of Historical Financial 
Information
.
Our responsibilities under this standard are further described 
in the 
Responsibilities of the Authorized Group Sustainability Auditor
 
section of our 
report.
We believe that the evidence we have obtained is sufficient 
and appropriate to 
provide a basis for our opinion.
Authorized Group Sustainability Auditor's Independence and Quality 
Management 
We are independent of the parent company and of 
the group companies in 
accordance with the ethical requirements that are applicable 
in Finland and are 
relevant to our engagement, and we have fulfilled our other 
ethical responsibilities 
in accordance with these requirements. 
The Authorized Group Sustainability Auditor applies International 
Standard on 
Quality Management ISQM 1, which requires the Authorized 
Sustainability Audit 
Firm to design, implement and operate a system of quality 
management including 
policies or procedures regarding compliance with ethical requirements, 
professional standards and applicable legal and regulatory 
requirements.
Responsibilities of the Board of Directors and the Managing 
Director
The Board of Directors and the Managing Director of Lindex 
Group plc are 
responsible for: 
●
 
the group sustainability statement and for its preparation 
and presentation 
in accordance with the provisions of Chapter 7 of the Accounting 
Act, 
including the process that has been defined in the sustainability 
reporting 
standards and in which the information for reporting in 
accordance with 
the sustainability reporting standards has been identified, 
●
 
the compliance of the group sustainability statement with the 
requirements laid down in Article 8 of the Regulation (EU) 
2020/852 of the 
European Parliament and of the Council on the establishment 
of a 
framework to facilitate sustainable investment, and amending 
Regulation 
(EU) 2019/2088, and for

 
 
 
190
●
 
such internal control as the Board of Directors and the 
Managing Director 
determine is necessary to enable the preparation of a group sustainability 
statement that is free from material misstatement, whether due 
to fraud or 
error.
Inherent Limitations in the Preparation of a Sustainability Statement
The preparation of the group sustainability statement requires 
a materiality 
assessment from the company in order to identify relevant disclosures. 
This 
significantly involves management judgment and choices. 
Group Sustainability 
reporting is also characterized by the fact that reporting 
of this type of information 
involves estimates and assumptions, as well as measurement 
and assessment 
uncertainty.
The determination of greenhouse gases is subject to inherent 
uncertainty due to 
the incomplete scientific data used to determine the emission 
factors and the 
numerical values needed to combine emissions of different 
gases.
When reporting future-related information in accordance 
with the ESRS standards, 
the company’s management must present assumptions 
regarding possible future 
events and disclose the company's potential future actions 
related to these events, 
as well as prepare future-related information based on these assumptions. 
The 
actual outcome is likely to differ, 
as predicted events often do not occur as 
expected.
Responsibilities of the Authorized Group Sustainability 
Auditor
Our responsibility is to perform an assurance engagement 
to obtain limited 
assurance about whether the group sustainability statement 
is free from material 
misstatement, whether due to fraud or error, 
and to issue a limited assurance 
report that includes our opinion. Misstatements can arise 
from fraud or error and 
are considered material if, individually or in the aggregate, 
they could reasonably 
be expected to influence the decisions of users taken 
on the basis of the group 
sustainability statement.
Compliance with the International Standard on Assurance 
Engagements (ISAE) 
3000 (Revised) requires that we exercise professional judgment 
and maintain 
professional skepticism throughout the engagement. We 
also:
●
 
Identify and assess the risks of material misstatement 
of the group 
sustainability statement, whether due to fraud or error, 
and obtain an 
understanding of internal control relevant to the engagement 
in order to 
design assurance procedures that are appropriate in the circumstances, 
but 
not for the purpose of expressing an opinion on the effectiveness 
of the 
parent company’s or the group’s internal 
control. 
●
 
Design and perform assurance procedures responsive 
to those risks to 
obtain evidence that is sufficient and appropriate to 
provide a basis for our 
opinion. The risk of not detecting a material misstatement resulting 
from 
fraud is higher than for one resulting from error, 
as fraud may involve 
collusion, forgery, 
intentional omissions, misrepresentations, or the override 
of internal control.
Description of the Procedures That Have Been Performed
The procedures performed in a limited assurance engagement 
vary in nature and 
timing from, and are less in extent than for, 
a reasonable assurance engagement. 
The nature, timing and extent of assurance procedures 
selected depend on 
professional judgment, including the assessment of risks 
of material misstatement, 
whether due to fraud or error. 
Consequently, 
the level of assurance obtained in a 
limited assurance engagement is substantially lower than the 
assurance that would 
have been obtained had a reasonable assurance engagement 
been performed.
Our procedures included for ex. the following:
●
 
We have interviewed the management of the group 
as well as key 
personnel responsible for collecting and reporting of the 
information 
included in the group sustainability statement.
●
 
Through interviews, we gained an understanding of the 
group’s control 
environment related to the group sustainability reporting process.
●
 
We evaluated the implementation of the company's 
double materiality 
assessment process in relation to the requirements of 
the ESRS standards, 
as well as whether the information provided from the double 
materiality 
assessment is in material respects in accordance with 
the ESRS standards.
●
 
We assessed whether the group sustainability 
statement in material 
respects 
meets the requirements of the ESRS standards regarding 
material 
sustainability topics: 
-
 
We have tested the accuracy of the information presented 
in the 
group sustainability statement by comparing the information 
on a 

191
sample basis to the documentation and records prepared by 
the 
company and assessed whether they support the information 
included in the group sustainability statement. 
-
 
We have on a sample basis performed analytical 
assurance 
procedures and related inquiries, recalculations 
and inspected 
documentation, as well as tested data aggregation to assess 
the 
accuracy of the group sustainability statement.
●
 
Regarding EU Taxonomy 
data, we gained an understanding of the process 
by which a company has defined taxonomy-eligible and taxonomy-aligned 
economic activities, and we assessed the compliance of the 
information 
provided.
Helsinki 26.2.2026
Ernst & Young 
Oy
Authorized Sustainability Audit Firm
Terhi 
Mäkinen
Authorized Sustainability Auditor

3–5% annual local currency revenue growth in the mid-term and reaching an annual revenue of SEK 10 billion by 2030, %	1.3	-0.9	2.7	10.9
30% digital share of revenue in the mid-term, %	22.1	20.8	19.0	18.5
15% adjusted operating margin in the long-term, %	11.2	13.2	14.3	13.6

Revenue growth in line with market* ) growth in the mid-term, %	-1.5** )	-2.2	-0.6	10.0
Reaching a positive operating free cash flow in the mid-term, EUR mill.*** )	-19.4	-19.4	-12.0	-20.9
5% adjusted operating margin in the mid-term, %	0.4	-1.3	-2.0	-1.7

Operating result	64.7	60.9
Adjustments to operating result
Costs and reversals related to restructuring programme and other disputes	-5.0	10.9
Costs related to strategic projects and structural changes	9.8	7.5
Insurance claim settlement for losses related to COVID-19		-4.4
Adjusted operating result	69.5	74.9

Net result for the period	24.4	13.2
Non-controlling interest	1.8
Adjustments to operating result	4.8	14.0
Adjustments to taxes	-1.0	-2.8
Adjusted net result for the period	30.0	24.4

Revenue, EUR mill.	645.9	628.8
Revenue growth, %	2.7	-0.7
Local currency revenue growth, %	1.3	-0.9
Digital share of revenue, %	22.1	20.8
Digital revenue growth in local currencies, %	6.8	8.3
Gross profit, EUR mill.	416.1	409.1
Gross margin, %	64.4	65.1
Adjusted operating result, EUR mill.	72.1	82.9
Adjusted operating margin, %	11.2	13.2
Operating result, EUR mill.	64.6	85.1
Operating margin, %	10.0	13.5
Inventories, EUR mill.	111.4	113.8
Capital expenditure, EUR mill.	24.5	39.9
Stores	442	442

Revenue, EUR mill.	306.8	311.6
Revenue growth, %	-1.5	-2.2
Digital share of revenue, %	13.6	12.7
Digital revenue growth, %	5.2	0.2
Gross profit, EUR mill.	138.3	138.8
Gross margin, %	45.1	44.5
Adjusted operating result, EUR mill.	1.2	-3.9
Adjusted operating margin, %	0.4	-1.3
Operating result, EUR mill.	5.6	-14.2
Operating margin, %	1.8	-4.6
Inventories, EUR mill.	52.4	55.8
Capital expenditure, EUR mill.	6.6	5.8

E1-6 Scope 3 cat 7 Employee commuting	Employee commuting emission figures Approximations have been made based on the were only partly based on the survey survey result or of assessments and assumptions result. The majority is based on of average distance to the workplace per country. estimations of both the distances and Generic approximations have been used for part travel modes. of the result.
E1-6 Scope 3 cat 11 Use of sold products	To calculate emissions from the use of The emissions are estimated based on number of sold products, the number of appliances appliances and number of textile pieces sold. and number of textile pieces sold and their estimated weight were used. Energy used for appliances or for washing and drying textiles has been estimated.
E1-6 Scope 3 cat 12 End-of-life treatment of sold products	For emissions from use of sold products, Estimations were based on units of sold products number of appliances and number of recalculated as weight. Assumptions on recycling textile pieces sold, and their estimated of waste are partly based on countries’ average weight were used. recycling rate published by the European Parliament.

	Members in total	Women	Men	Executive members	Non- executive members	Independent members of the company	Employee representatives
Board of Directors	7	3 (43%)*	4 (57%)*	0	7	7 (100%)**	2***
Audit Committee	3	1 (33%)	2 (67%)	0	3	3	0
People & Remuneration Committee	4	3 (75%)	1 (25%)	0	4	4	0
Group Leadership Team	5	1 (20%)	4 (80%)	5	0	0	0

Embedding due diligence in governance, strategy, and business model	GOV-1 The role of the administrative, management and supervisory bodies SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model S1-1 Policies related to own workforce S2-1 Policies related to value chain workers S3-1 Policies related to affected communities S4-1 Policies related to consumers and end-users
Engaging with affected stakeholders in all key steps of due diligence	SBM-2 Interests and views of stakeholders IRO-1 Description of the process to identify and assess material impacts, risks and opportunities S1-2 Processes for engaging with own workers and workers’ representatives about impacts S2-2 Processes for engaging with value chain workers about impacts S3-2 Processes for engaging with affected communities about impacts S4-2 Processes for engaging with consumers and end-users about impacts
Identifying and assessing adverse impacts	SBM-2 Interests and views of stakeholders IRO-1 Description of the process to identify and assess material impacts, risks and opportunities
Taking actions to address adverse impacts	S1-4 Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions S2-4 Taking action on material impacts on value chain workers, and approaches to mitigating material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions S3-4 Taking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities, and effectiveness of those actions S4-4 Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions
Tracking the effectiveness of these efforts and communicating	S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities S2-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities S3-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities S4-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities

Customers	Interaction in stores and digital marketplaces and at events, customer service, customer surveys, customer panels, marketing communications, loyal customer programmes, websites, social media. Understanding customers’ views is crucial in order to secure relevance for customers.	Customer service and satisfaction, materials and chemicals in products, climate impacts, labour practices and wages in supply chain. Fair marketing practices and social inclusion in supply chain.	Lindex Group continued to develop its operations and offering to better meet customers’ expectations.
Personnel	Performance and development discussions, Employees’ Councils, change negotiations, personnel events, workshops, intranet, engagement platforms such as Teams, and union clubs. Lindex Voice and Stockmann Staff Barometer (engagement platforms), unions and worker representatives. Engagement with personnel enhances employee experience and talent retention.	Employee wellbeing and safety, continuous learning, professional and career development, diversity, equity and inclusion, equal opportunities, work life balance.	Personnel participated in the development of operations and strategy implementation in many ways as part of continuous dialogue and development projects. Development measures were taken based on personnel surveys.
Shareholders and investors	Stock exchange releases, press releases, financial reviews, annual reporting, webcasts, investor meetings, Capital Markets Day, Annual General Meeting, Group website, and social media channels. With investor engagement, Lindex Group gives a transparent view of the company’s strategy, financials and sustainability.	Financial performance, strategy and corporate restructuring programme, strategic assessment, Group leadership, progress in sustainability.	Open and transparent communication in line with regulation provides a reliable view of the company’s operations and financial situation.
Suppliers and other business partners	Meetings, negotiations, cooperation projects, collaboration platforms, factory visits and audits, and supplier surveys. In addition, biannual evaluation meetings, capacity building programmes and classroom training in the Lindex division. With all this, Lindex Group promotes sustainability in the supply chain.	Implementing sustainability targets and initiatives in supply chain, sustainability topics such as climate, environment, human rights, materials, production processes, and transparency.	Lindex Group supported suppliers in sustainability topics, with focus on human rights, climate and circularity. Close dialogue related to fair purchasing practices.
Authorities and non- governmental organisations (NGOs)	Collaboration, projects, understanding the views of affected stakeholders, cooperation meetings, responding to surveys, charitable work, website, and annual reporting.	Evolving regulation, environmental and human rights risks in the supply chain, supply chain management and transparency, climate change, compliance with regulations and guidelines.	Lindex Group responded to surveys, gave interviews, and continued dialogue with authorities and organisations, and participated in membership meetings and collaborative efforts to drive sustainability on an industry level.

ENVIRONMENTAL TOPICS
Climate change (E1)
Climate change adaptation	Decreased revenue due to supply chain disruptions caused by extreme weather events in areas particularly vulnerable to such events, such as South and East Asia.	Physical risk
	Increased costs of raw materials due to global changes in weather conditions.	Transition & physical risk
	Increased costs and loss of sales caused by product and production related legislation. Failure to live up to minimum standards may cause product removals and loss of sales.	Transition risk
	Failure to achieve climate goals could result in reputational damage , leading to potential losses in sales and investments due to heightened stakeholder concerns.	Transition risk
	Increased stakeholder awareness of the climate crisis could lead to higher sales and investment , as customers may prefer products and services with a low climate impact. This shift presents an opportunity for the Group.	Opportunity
	Transitioning to circular business models —optimizing product volumes, designing for longevity and circularity, and using recycled and recyclable materials—represents an opportunity for the Group.	Opportunity

Climate change mitigation	Reducing reliance on virgin materials and enhancing the climate resilience of natural fiber production can help mitigate costs and build resilience in raw material sourcing.	Opportunity
Climate change mitigation	Transitioning to lower-emission technology may result in increased costs and investment risks for fashion retailers as they work to decarbonise their value chains.	Transition risk
Energy	Emissions in production: High energy consumption in production, particularly in Tier 2 dyeing and wet processing, which often rely on fossil fuels, leading to elevated greenhouse gas emissions and contributing to global warming.	Actual negative impact
	Emissions in fibre production: Fibre-related emissions arise from both the extraction and energy-intensive production of petroleum-based synthetic fibres, as well as from agricultural practices and land-use change (carbon absorption capacity).	Actual negative impact
	Emissions in own operations: Energy consumption across the Group’s operations (stores, warehouses, offices) contributes to increased greenhouse gas emissions.	Actual negative impact
	Emissions in transportation: Transportation of products contributes to greenhouse gas emissions, as it often relies on fossil fuels.	Actual negative impact
	Emissions in the user-phase: Factors such as washing, drying, and the disposal of garments and textiles contribute to greenhouse gas emissions.	Actual negative impact
	Reduced costs and return of investment through energy efficiency measures: Investing in energy efficiency across stores, offices, and the supplier base would lower operational and production costs, while also reducing emission intensity.	Opportunity
Pollution (E2)
Microplastics	Microplastic pollution from synthetic fibers: Throughout the value chain from fibre, production to use-phase and end-of-life, synthetic fibres such as polyester and polyamide contribute to microplastic pollution.	Potential negative impact
Pollution of soil	Soil pollution in agriculture: Soil degradation is primarily associated with cotton cultivation, where agricultural practices, including the use of pesticides, fertilisers, and GMOs, deplete the soil of its natural nutrients and organisms.	Potential negative impact
Pollution of water	Water pollution in the supply chain: Wet processing during production can release polluted water containing chemicals and dyes into nearby water bodies, severely impacting water quality.	Potential negative impact

Water (E3)
Water consuption	Water consumption in raw materials: Cotton is a highly water-intensive crop, requiring significant irrigation, particularly in regions with low rainfall. The heavy water use in raw material production can contribute to degradation in arid regions.	Actual negative impact
	Water consumption in wet processing: Wet processing requires large volumes of water for dyeing fabrics, applying finishes, and removing excess chemicals and dyes. This consumes significant amounts of water contributing to a negative overall water footprint.	Actual negative impact
	Operational risks from water scarcity: Risks stem from the limited availability of water needed for agriculture (e.g., cotton crops) and production processes (such as wet processing). These shortages can impact the availability and cost of raw materials and cause disruptions in production.	Risk
	Reduced costs due to efficient water management: Opportunities lie in implementing sustainable water management practices, such as advanced technologies, water recycling, rainwater harvesting, and a shift to regenerative agriculture. These measures can potentially reduce costs associated with water usage and create resilience against water shortages.	Opportunity
Water discharges	Water discharges in manufacturing: Water discharges from wet processing strains local water resources and contributes to water pollution.	Potential negative impact
Water withdrawals	Water withdrawals in the supply chain: Cotton cultivation and garment wet processing are highly water-intensive, requiring significant withdrawals from nearby lakes, rivers, and groundwater. This can contribute to the depletion of freshwater resources in several regions.	Potential negative impact
Water withdrawals	Cost resilience through the adoption of recycled fibers: Shifting to recycled fibres can help mitigate the risk of price increases.	Opportunity
Biodiversity (E4)
Direct impact drivers of biodiversity loss, land-use change and fresh water- use	Biodiversity loss and deforestation through raw material production: The cultivation of fibres requires significant land and water use, often leading to deforestation, habitat destruction, and depletion of freshwater resources in nearby areas. Monocultures of wood-based or natural fibres, such as viscose, contribute to biodiversity loss and deforestation.	Potential negative impact
Direct impact drivers of biodiversity loss, pollution	Impact of using chemicals, fertilisers, and pesticides in agricultural processes: The use of these substances can lead to soil degradation, negatively affecting biodiversity and the pollination of crops.	Potential negative impact

Impacts and dependencies on ecosystem services	Landscape alteration and community impact: Cotton agriculture and textile production can displace local communities, disrupting their access to essential ecosystem services such as food, water, and livelihoods. Large-scale agricultural practices and deforestation can significantly alter landscapes.	Potential negative impact
Impacts and dependencies on ecosystem services	Cost and availability of raw materials: Heavy reliance on land and water for raw materials may lead to higher costs and reduced availability in the future.	Risk
Impacts on the extent and condition of ecosystems, land degradation	Land degradation: Cotton agriculture contributes to land degradation through intensive water use. Agricultural practices can lead to soil erosion, loss of biodiversity, and reduced land fertility over time.	Potential negative impact
Circular economy (E5)
Resource inflows	Negative impact on natural resources: The use of natural resources, such as cotton and wood-based fibres, along with water consumption in production, creates negative impacts in the upstream value chain. This can lead to environmental stress, reduced land availability, and limited access to freshwater.	Actual negative impact
	Cost and availability of raw materials: Heavy reliance on land and water for raw materials may lead to higher costs and reduced availability in the future.	Risk
	Circular business transformation: Transitioning to circular business models—optimising product volumes, designing for longevity and circularity, and using recycled and recyclable materials—represents a key business opportunity for the Group.	Opportunity
Resource outflows	Post-consumer resource loss: When products are not used until worn out and textiles are not recycled into new materials, valuable resources are lost.	Actual negative impact
Resource outflows	Capturing valuable resource flows: Scaling up reuse and recycling efforts, while collaborating with innovators and solution providers to improve recyclability, creates growth opportunities for creating circular business models and scaling up recommerce.	Opportunity
Waste	Waste creation at the end-use phase: Products often result in waste post-purchase, which may end up in landfills, especially in countries lacking proper waste management systems.	Potential negative impact
	Packaging waste creation: Packaging used in products may end up as waste and not be properly recycled, causing harm to both the environment and communities.	Potential negative impact
	Regulatory risks: The EU Textile Strategy includes regulatory requirements on ERP systems and end-of-life treatment, which could pose operational risks and added costs per product to the Group.	Risk

SOCIAL TOPICS
Own workforce (S1)
Working conditions, freedom of association	Restricted freedom of association: The Group operates in countries where the right to freedom of association and collective bargaining may be restricted. Independent unions are illegal in China, and reports suggest that unions in India and Bangladesh might be compromised or ineffective.	Potential negative impact
Working conditions, work- life balance	Work-life balance: The divisions' business models, including distribution centres and retail stores, inherently carry risks related to temporary and part-time workers with irregular scheduling. These practices can negatively impact workers' mental health, hinder their ability to enjoy family life, and affect their financial stability.	Actual negative impact
Working conditions, health and safety	Health and safety: Potential issues across various countries include fire safety concerns, accident and near-accident risks, and ergonomic challenges. If the Group fails to provide safe and healthy working conditions, it could lead to decreased performance and increased absenteeism due to illness or injury.	Potential negative impact
Equal treatment and opportunities for all, diversity	Discrimination in the workplace: Discrimination on various grounds negatively impacts employees' well-being and the Group’s reputation as an employer. This applies not only to hiring and occupational opportunities but also throughout the employment relationship, including termination, promotions, and pensions.	Potential negative impact
Equal treatment and opportunities for all, diversity	Promoting diversity, equity, and inclusion (DEI): Fostering DEI in the workplace creates a more inclusive and accepting environment. By offering training on these topics, the Group can significantly enhance employees' competence and knowledge, while also improving their overall well-being.	Potential positive impact
Workers in the value chain (S2)
Working conditions, adequate wages	Inadequate wages in the textile industry: The lack of living wages has severe consequences for the entire workforce in the textile supply chain. Additionally, since the majority of workers are female, this wage disparity contributes to gender pay inequality, limits access to education for children, and leads to poorer health outcomes for workers and their families.	Actual negative impact
Working conditions, freedom of association	Restricted freedom of association for supply chain workers: In many countries, freedom of association, the right to unionise, worker representation, and collective bargaining are under significant pressure. Industry trends indicate that unionisation efforts among garment workers face severe backlash in most production countries, compounded by a lack of government support and insufficient collaboration between trade unions, NGOs, factories, and fashion brands.	Potential negative impact
Working conditions, health and safety	Health and Safety: Workers in regions such as Bangladesh, China, India, Pakistan, and Turkey face common risks, including fires, electrical hazards, building safety issues, and workplace violence—each of which can lead to injuries and health problems.	Potential negative impact

Equal treatment and opportunities for all, measures against violence and harassment in the workplace	Discrimination and harassment: Women, who make up the majority of garment workers, often face gender-based discrimination, sexual harassment, unequal pay, and limited career progression. These issues negatively impact their emotional wellbeing, career opportunities, and safety.	Potential negative impact
	Reputational risk related to harassment and discrimination in the supply chain: The Group faces reputational and credibility risks in cases of harassment and discrimination within the supply chain. These issues can negatively impact the Group’s financial situation and lead to the potential loss of business partners.	Risk
Equal treatment and opportunities for all – Gender equality	Brand recognition for driving WE Women: Promoting gender equality and diversity presents valuable opportunities to enhance brand reputation and attract positive recognition. The WE Women management system aims to foster inclusive workplaces, ensuring equal opportunities and career advancement for women.	Opportunity
Other work- related rights, child labour	Child labour in the supply chain: There is a risk of child labour in the supply chain, particularly in regions with weaker regulatory enforcement. This can have harmful impacts on children's health, education, and overall development.	Potential negative impact
Other work- related rights, child labour	Forced labour in the supply chain: There is a risk of forced labour in the supply chain, particularly in regions with weaker regulatory enforcement. This can have harmful impacts on worker's health, education, and overall development.	Potential negative impact
Affected communities (S3)
Communities’ economic, social, and cultural rights, water and sanitation	Access to clean water: Many waterways in high-risk countries are being contaminated by industries, affecting access to clean water, as well as impacting fishing and soil quality for nearby farms. Lack of access to clean water affects especially women and girls, lowering the quality of their lives and limiting their future opportunities.	Potential negative impact
	Improving access to clean water: Lindex division's partnership with WaterAid has a positive impact by improving access to clean water and empowering women in readymade garment (RMG) worker communities.	Potential positive impact
Communities’ economic, social, and cultural rights, land- related impacts	Supply chain impacts on communities' rights: Industrial expansion for cotton agriculture and textile production can displace local communities, disrupt access to essential resources, such as food and water, and degrade the natural environment, ultimately undermining livelihoods and human rights.	Potential negative impact
	Impacts on communities where products are discarded: The Group's products may be discarded near communities, impacting the local economy and businesses due to the sheer volume of clothes entering the ecosystem. These discarded garments can pollute waterways and soil, negatively affecting the health of the community.	Potential negative impact
Consumers and end-users (S4)
Personal safety of consumers and/or end-users, health and safety	Product safety and compliance: The Group may fail to ensure the safety of children’s apparel and to comply with legal standards. This can lead to choking hazards, strangulation, and exposure to harmful chemicals, posing health and safety risks for customers.	Potential negative impact

Social inclusion of consumers and/or end-users, responsible marketing practices	Responsible marketing practices: The Group has an impact on millions of women globally through its communication channels and portrayals of women and children. If the Group is not cautious and fails to practice responsible marketing, promoting unrealistic beauty standards or neglecting to represent diverse body types and demographics this can perpetuate negative stereotypes, potentially harming consumers' self-esteem and mental health.	Potential negative impact
Social inclusion of consumers and/or end- users, non- discrimination	Inclusive assortment: Failing to offer an inclusive assortment that represents diverse body types, sizes, genders, and cultural preferences can perpetuate stereotypes, limit self-expression, and reinforce social inequities.	Potential negative impact
	Inclusive design and marketing: Designing clothes for a broader range of body types and featuring diverse women and children in marketing presents a valuable opportunity. This approach could attract more customers and build long-term brand value by visibly demonstrating commitment to diversity and inclusion.	Opportunity
	Consumer backlash from lack of inclusivity in marketing and assortment: If the Group fails to practice responsible marketing and offer an inclusive assortment, there is a risk of consumer backlash and reputational damage.	Risk
GOVERNANCE TOPICS
Business conduct (G1)
Corporate culture	Impact on consumers' purchasing decisions: By offering sustainable options in stores, the Group passively influences consumer purchasing behaviours, as consumers are unlikely to change their purchasing habits in the future without further education.	Actual positive impact
Management of relationships with suppliers incl. payment practises	Inability to provide timely payments to suppliers: Timely payment to suppliers is crucial for the supply chain. Late payments can strain workers and create unequal power imbalances between suppliers and the Group.	Potential negative impact
Protection of whistleblowers	Not detecting ethical breaches: Poorly managed whistleblowing programmes fail to meet risk management standards, making it harder to identify and mitigate risks like harassment, discrimination, corruption, or bribery. The EU Whistleblower Directive (EU) 2019/1937 requires secure, accessible reporting channels and protects whistleblowers from retaliation.	Potential negative impact
Corruption and bribery, prevention and detection including training	Corruption within supply chain and own operations: According to research, women are disproportionately affected by corruption in the textile supply chain. This undermines the Lindex division’s higher purpose 'to drive meaningful change for women'. Corruption and bribery also conflicts with the Lindex Group's ethical standards. To mitigate corruption and bribery, all the Lindex division's suppliers are required to sign a Supplier Code of Conduct, and for the Stockmann division, sustainability themes are integrated into procurement contracts.	Potential negative impact

TRANSITION RISKS	Regulatory Risks MEDIUM	Failure to achieve climate goals could result in reputational damage, leading to potential losses in sales and investments due to heightened stakeholder concerns. Failure to deliver on target may result in decreased stakeholder attraction from both customers and the financial sector. Companies obligation to report on the stringent requirements of the EU Taxonomy will further enhance the transparency on company performance. Setting a climate goal in line with science, to deliver a climate action roadmap, and to report on progress will be mandatory for Lindex Group latest in 2028.	Short (<5 years)	Lindex Group has committed to Science Based Target. Lindex division has developed a 2030 climate transition plan to fullfill the target and implemented regular follow-ups and progress reporting.
	Regulatory Risks HIGH	Increased costs and loss of sales caused by product and production related legislation. Failure to live up to minimum standards may cause product removals and loss of sales. Product and production related legislation (i.e. ESPR, EUDR, DPP, EPR, Right to repair) will increase costs and fees which may affect product margins if they can not be transferred to consumers. Failure to live up to minimum product requirements may cause product market removals, loss of sales, fines and consumer compensation costs. Regional regulations may hinder expansion and impact cost.	Short (<5 years)	Lindex Group has set a circular business transformation strategy which includes circular products, cicular supply chain and circular business models. Lindex Group has also set a strategy on tracebility and transparency, and started the development of a digital product passport.
	Technology Risks	Transitioning to lower-emission technology may result in increased costs and investment risks for fashion retailers as they work to decarbonize their value chains. Insufficient investments in renewable energy infrastructure and technology for electrification may fail the transition from fossil fuels in our production countries.	Short (<5 years)	Lindex division engage in policy dialogue and technology matchmaking in our production countries.
	MEDIUM
	Technology Risks MEDIUM	Transitioning to lower-emission technology may result in increased costs and investment risks for fashion retailers as they work to decarbonize their value chains. Fashion retailers may face increased costs and investments risk to decarbonize their value chains. Fossil fuels remains a significant source of energy in most production countries. The transition to renewable energy means large investments for suppliers in advance technology and will require countries to allocate resources for renewable energy infrastructure.	Short (<5 years)	Lindex division's production offices support suppliers with identifying actions, developing transition plans and overall business cases. The division has further engagement in technology matchmaking.
	Market Risks	Increased costs of raw materials due to global changes in weather conditions. Lindex Group is heavily dependent on natural resources such as water, cotton and wood. Higher temperatures and water shortage will affect production and agriculture in many regions. India, where the majority of cotton in Lindex division's supply chain is grown, is already at severe water shortage risk which will affect the availability and price of cotton. Extraction of forest raw material has reached its limit, affecting both availability and price.	Medium (5–10 years)	Lindex Group has a water strategy that supports supply chain business partners to adopt water efficient technologies in the areas most affected by water shortages. Lindex Group has also set a material transformation strategy with clear targets and goals to shift to recycled and regenerative materials to create resilience. Lindex division is collaborating with chemical recyclers such as Södra Sogsägarna and Infinited Fiber in order to scale recycling.
	HIGH		Medium (5–10 years)
	Reputational Risks	Failure to achieve climate goals could result in reputational damage, leading to potential losses in sales and investments due to heightened stakeholder concerns. Awareness of company and industry negative impact on climate change is likely to cause changes in consumer behaviour, such as less garments bought per consumer, increased interest in recommerce, a shift from synthetic fibers, and less purchases from "Fast Fashion" brands.	Short (<5 years)	Lindex Group has committed to a Science Based Target and Lindex division has developed a 2030 climate transition plan to fullfill the target. Lindex division has also set a circular business transformation strategy, which includes circular products, circular supply chain and circular business models.
	MEDIUM		Short (<5 years)
	Reputational Risks MEDIUM	Failure to achieve climate goals could result in reputational damage, leading to potential losses in sales and investments due to heightened stakeholder concerns. Awareness of the company's and industry's negative impact on climate can cause reputational risks related to brand perception. Negative publicity may cause not only changes in consumer behaviour but may also shy away investments from the Group.	Short (<5 years)	The Group’s strategies within the sustainability area will allow it to build trust in its brands and offerings. Transparency and clear customer communication connected to sustainability will help to build trust and increase customer loyalty.
PHYSICAL RISKS	Acute Physical Risks MEDIUM	Decreased revenue due to supply chain disruptions caused by extreme weather events in areas particularly vulnerable to such events, such as South and East Asia. Increased frequency and intensity of extreme weather events such as extreme heat, floods, hurricanes or tropical cyclones due to climate change may cause disruptions throughout the value chain such as raw materials agriculture, production, transportation, and point of sales. This could lead to increased operating cost, volatility in supply, and loss of sales.	Short (<5 years)	Lindex Group has set a supply chain strategy, which includes nearshoring, contingency plans and alternative transportation route planning. Lindex Group has also set a material transformation strategy with clear targets to shift to recycled and regenerative materials. Lindex division is collaborating with chemical recyclers such as Södra Skogsägarna and Infinited Fiber.
	Chronic Physical Risks	Increased costs of raw materials due to global changes in weather conditions. Changing temperature, heat stress, water scarcity and sea level rise will affect operational changes to the supply chain with consequences for where and how garments and materials can be produced. This will have impact both on availability and cost.	Medium (5–10 years)	Lindex Group has set a supply chain strategy, which includes nearshoring, contingency plans and alternative transportation route planning. Lindex Group has also set a material transformation strategy with clear targets to shift to recycled and regenerative materials. Lindex division is collaborating with chemical recyclers such as Södra Skogsägarna and Infinited Fiber.
	HIGH		Medium (5–10 years)

Resource Efficiency MEDIUM	Reduced costs and return of investment through energy efficiency measures. Investing in energy efficiency across stores, offices, and the supplier base would lower operational and production costs, while also reducing emission intensity.	Short (<5 years)	Lindex Group has set goals and action plans to reduce energy throughout the value chain and are supporting its suppliers in setting targets and developing action plans for energy efficiency as well as the transition to renewable sources. See E1 Climate Change for further details.
Products & Services HIGH	Increased stakeholder awareness of the climate crisis could lead to higher sales and investment, as customers may prefer products and services with a low climate impact from companies that customers trust and that share their values. Based on Lindex Group's sustainability strategies there is an opportunity to attract more customers and expand the current business-to-business sales by providing a more sustainable and transparent offering. Positive reputation impact both investments and customers as well as sales.	Short (<5 years)	Delivering on Lindex Group’s strategy and meeting climate related customer expectations can lead to a bigger market share. Transparency and clear communication about sustainability can increase customer loyalty.
Products & Services HIGH	Transitioning to circular business models —optimizing product volumes, designing for longevity and circularity, and using recycled and recyclable materials—represents a key business opportunity for the Group. Increasing awareness of the climate crisis may change customer behaviour as people are incentivised to switch to new ways of enjoying fashion without the climate impact associated with garment production. This shift will reduce Lindex Group’s climate impact and offer the company new revenue streams that complement the traditional business model.	Short (<5 years)	Lindex Group is preparing to scale up recommerce and is continually testing and scaling new business models and new revenue streams, such as wardrobe services, rental and repairs. See E5 Resource use and circular economy for further details.
Products & Services HIGH	Transitioning to circular business models —optimizing product volumes, designing for longevity and circularity, and using recycled and recyclable materials—represents a key business opportunity for the Group. Product volume optimisation, reducing the markdown clearance, and increasing full price sales not only reduces absolute emissions but is also an important enabler to reduce costs. There is an opportunity to optimize the value of every product produced, better respond to consumer needs and secure the right product in the right place and in the right amount.	Short (<5 years)	Lindex Group is adopting a Supply chain Strategy approach that includes nearshoring. The utilization of analytics to make data-driven decisions further improves forecasting and minimizes overproduction. The investments and development of Lindex division omnichannel distribution centre will streamline inventory across channels and fulfill customer demands more efficiently.
Resilience HIGH	Reducing reliance on virgin materials and enhancing the climate resilience of natural fiber production can help mitigate costs and build resilience in raw material sourcing. Scaling recycled materials and transitioning to regenerative agriculture for key virgin materials like cotton can reduce the company’s material vulnerability and improve the climate resilience of both farmers and its business.	Short (<5 years)	Lindex Group is increasing the share of recycled materials and working to bridge technology, infrastructure, feedstock, and finance gaps to make commercial scaling of recycled fibres more feasible through its industry collaborations and commitments. Lindex Group is investing in collaborative projects in India, where most of its cotton is grown, to help farmers transition to regenerative practices.

Restricted freedom of association	P	Operating in countries where freedom of association and collective bargaining are restricted can be a consequence of local legal frameworks and political environments. These restrictions limit employees' ability to establish and join organisations and negotiate effectively, resulting in a potential negative human rights impact on the employees. The impact is related to individual incidents, as it is experienced by a limited number of workers compared to the total number of workers.	Enhancing due diligence processes and embedding human rights policies as well as having grievance mechanisms in place.
Work-life balance	A	The Group’s operational model, which includes retail stores and distribution centres, depends on the flexibility of labour agreements to meet fluctuating demand. This creates irregular scheduling and unstable working conditions for part-time and temporary employees, which might impact the employee’s mental health, hindering their ability to enjoy life outside work, and affecting their financial stability. The impact can be considered widespread, due to the large number of store staff employed by the Group.	Implementing predictable shift patterns and offering flexible arrangements.
Health and safety	P	The physical demands of the warehouse and retail environment and ergonomic challenges in the office environment can pose a risk to employee safety. Additionally, the risks are enhanced during high-demand seasons in warehouses. Failure to ensure health and safety in working conditions can lead to decreased performance and increased absenteeism due to illness or injury. The potential impacts can be either widespread or related to individual incidents.	Investments in safety training, better equipment, and compliance monitoring.
Discrimination in the workplace	P	The Group’s business models, which operate across diverse regions, increase the potential for discrimination based on, for example, gender, origin, age, or disability. The potential discrimination can negatively impact employee wellbeing and the Group’s reputation as an employer. The potential impacts are usually related to individual incidents.	Clear policies, such as Human Rights Policy, Discrimination Policy, and Offence and Harassment Policy, alongside our Diversity Plan and Equal Opportunities Plan.
Promoting diversity, equity, and inclusion (DEI)	P	The Group can have a positive impact by promoting diversity, equity, and inclusion in the workplace and creating a more inclusive and accepting working environment, which can significantly enhance employee’s competence and knowledge while improving their overall wellbeing. The potential impacts are usually related to individual incidents.	Conducting diversity and inclusion training sessions, participating in different networks, such as the Diversity Charter, and committing to transparent, fair recruitment processes. Actively monitoring and reviewing practices to ensure compliance with human rights standards and continuously improve workplace culture.

Inadequate wages in the textile industry	A	Wages in the textile industry, particularly in low-cost manufacturing countries, are often not sufficient to meet basic living expenses. The impact on value chain workers is tied to the Group’s business model, as it has workers in its value chain in these countries.	The Group commits to decent working conditions in its value chains and to cooperating with others where infringements on workers’ rights are identified. The Group believes that improving working conditions is a collaborative effort involving employers, employees, governments, unions, and workers’ organisations. The Group works closely with its commercial goods suppliers to create supportive environments where women have the same opportunities as men. The Lindex division addresses these impacts through a due diligence process, transparency requirements, and comprehensive sustainability frameworks that includes purchasing practices, self- assessments, social auditing, living wage strategy, improving supplier transparency and supply chain traceability, and implementing policies to safeguard workers’ rights and prevent child labour and modern slavery as well as the WE Women management programme. Currently, the Stockmann division does not have a due diligence process in place.
Restricted freedom of association for supply chain workers	P	In countries where the Group sources materials or manufactures products, restrictions on unionisation and collective bargaining can significantly limit workers’ ability to negotiate for better conditions. This challenge can arise from the Group’s sourcing strategies in regions, which can lack labour protections.
Health and safety	P	The Group sources from regions such as Bangladesh, China, India, Pakistan, and Turkey where there can be a risk of inadequate health and safety standards, including fire hazards, structural issues, and workplace violence.
Discrimination and harassment	P	The potential issue of gender-based discrimination, sexual harassment, and unequal pay especially for women garment workers, can be a consequence of the Group’s global supply chain.
Child labour in the supply chain	P	The risk of child labour in the supply chain, especially in regions with weak regulatory enforcement, poses a significant risk to the Group. Child labour is often linked to low-cost production regions.
Forced labour in the supply chain	P	Forced labour, particularly in regions where workers are vulnerable due to poor legal enforcement, can be a risk linked to the Group’s supply chain management, which includes outsourcing global supply chain operations.

Access to clean water	P	Textile manufacturing and cotton agriculture can lead to significant contamination of local waterways, affecting communities’ access to clean water. This impact is linked to the Group’s business models, as the Group’s business models relies on textile production and cotton farming in high-risk regions.	The Lindex division’s partnership with WaterAid to improve access to clean water as well as empower women in RMG worker communities in Bangladesh. The programme benefits women by freeing up time for education, work, and community engagement, enhancing their confidence and health. The program strengthens the Group’s brand as a water- responsible company and leader in women’s empowerment.
Improving access to clean water	P	The Lindex division’s partnership with WaterAid to improve access to clean water in worker communities positively impacts the company’s reputation and the health of local communities. The Group is committed to supporting community welfare and empowering women in RMG worker communities.
Supply chain impacts on communities’ rights	P	The activities in the Group’s supply chain, particularly in areas of cotton agriculture and textile production, can displace local communities, disrupt access to resources like food and water, and contribute to environmental degradation.	The Lindex division mitigates these risks through the implementation of sustainable water management practices, eliminating the release of hazardous and toxic substances from its supply chain, waste management improvements, and collaboration with partners to protect ecosystems and communities.
Impacts on communities where products are discarded	P	The Group’s products may eventually end up as waste in landfills or are discarded in nearby communities, leading to environmental pollution. This can be a direct consequence of the Group’s business models.

Product and safety compliance	P	The Group’s responsibility to ensure the safety of products, particularly children’s apparel, is directly tied to its business models. Failing to meet safety standards can lead to significant health and safety risks.	To mitigate the impact connected to product safety, the Lindex division has a restricted substances list in place, as well as product testing and children’s safety design guides and training for designers and quality controllers.
Inclusive assortment	P	The Group’s ability to offer an inclusive assortment of products that represent diverse body types, sizes, genders, and cultural preferences is directly connected to its strategy of offering the best customer experience. Failing to provide an inclusive product range can harm the Group’s brand image and perpetuate negative stereotypes.	The Group has responsible marketing policies and guidelines in place. The Group has diverse representation in its advertising. The Lindex division’s higher purpose is to drive meaningful change for women, with empowerment and inclusivity in mind. The Lindex division offers its employees relevant training to mitigate negative impacts.
Responsible marketing practices	P	The Group’s marketing practices, especially in its portrayals of women and children, can significantly influence consumer perception and behaviour. If the Group fails to practice responsible marketing, it can promote unrealistic beauty standards potentially harming consumers’ self-esteem and mental health.

Group Environmental Policy	The policy outlines the Group's commitment to respecting the environment and safeguarding a healthy and safe planet throughout its value chain, covering its sourcing, production, logistics, and sales processes. The policy focuses on the material environmental topics: climate change, pollution, water, biodiversity and ecosystems, circular economy & resource use.	Lindex Group's full value chain: E1 Climate Change E2 Pollution E3 Water E4 Biodiversity E5 Resource use and circular economy S3 Affected communities G1 Business conduct	The Board of Directors	The Ten Principles of the UN Global Compact The UN Framework Convention on Climate Change (UNFCCC) The OECD Guidelines for Multinational Enterprises The United Nations Paris Agreement The Science Based Targets Initiative The Ellen MacArthur Foundation’s Principles on Circular Economy The Kunming- Montreal Global Biodiversity Framework (GBF) REACH legislation and the EU regulation on persistent organic pollutants (POPs)	Stakeholder engagement was integral to the development and execution of the policy and the Group consulted suppliers, NGOs, customers, and industry partners.	Available on the Group’s website for all stakeholders.
Group Human Rights Policy	The policy provides guidelines to respect human rights, conduct human rights due diligence, protect vulnerable groups, prevent or mitigate impacts, prevent harassment, avoid contributing to violations, and promote a positive impact on society by fostering human rights and sustainability. The policy also supports diversity and inclusion by valuing different perspectives and backgrounds, promoting equal opportunities, and embedding diversity throughout operations.	Lindex Group's full value chain: S1 Own workforce S2 Workers in the value chain S3 Affected communities S4 Consumers and end- users G1 Business conduct	The Board of Directors	The International Bill of Human Rights. ILO Declaration on Fundamental Principles and Rights at Work and core conventions. UN Conventions, such as those on the Elimination of All Forms of Discrimination Against Women, on the Rights of the Child, and on the Elimination of All Forms of Racial Discrimination. OECD Guidelines for Multinational Enterprises and UN Global Compact. UN Guiding Principles on Business and Human Rights Women’s Empowerment Principles Children’s Rights and Business Principles.	In developing the policy, stakeholders from several relevant groups were consulted, including union representatives for own workforce, internal stakeholders from various parts of the organisation, credible proxies representing workers in the value chain, and affected communites.	Available on the Group’s website for all stakeholders.
Group Speak-Up Policy	The policy outlines guidelines to provide a safe grievance mechanism with whistleblowing protection and prompt investigation of concerns.	Lindex Group's full value chain: S1 Own workforce S2 Workers in the value chain S3 Affected communities S4 Consumers and end- users G1 Business conduct	The Board of Directors	Whistleblower Protection Directive (Directive 2019/1937 (EU))	In developing the policy, stakeholders from several relevant groups were consulted, including union representatives for own workforce, internal stakeholders from various parts of the organisation, credible proxies representing workers in the value chain, and affected communites.	Available on the Group’s website for all stakeholders.
Group Anti- Corruption Policy	The policy provides guidelines and instructions to the standards of conduct regarding corruption and conflicts of interest.	Lindex Group's full value chain: G1 Business conduct	The Board of Directors	The Ten Principles of the UN Global Compact	The policy was developed through consultation with the internal auditor, key suppliers, and internal stakeholders from Human Resources, Security, Finance, Sustainability, and Legal departments.	Available on the Group’s website for all stakeholders.
Group Consumer and End-User Policy	The policy outlines the Group's approach to respecting the rights of consumers and end-users, while having a positive impact in their lives.	Lindex Group's upstream value chain: S4 Consumers and end- users G1 Business conduct	The Board of Directors	The United Nations Guidelines for Consumer Protection (UNGCP), International Chamber of Commerce Advertising and Marketing Communications Code, World Federation of Advertisers’ global principles, The UN convention on the Rights of the Child	The insights gathered from customer surveys and customer service channels were considered when setting the Consumer and End-User Policy. With a specific focus on the needs of women and children, to enable remedy for human rights impacts, there are dedicated channels like customer service and a speak-up portal that reinforce Lindex Group’s commitment to consumer rights.	Available on the Group’s website for all stakeholders.

Code of Conducts
Group Code of	The document provides guidelines on	The Group's full value	The Board of	The Group Code of Conduct is guided by		Available on
Conduct	legal compliance, ethical conduct, fair	chain:	Directors	international treaties and recommendations, such		the Group’s
	competition, consumer rights, employees	S1 Own workforce		as UN’s Universal Declaration of Human Rights		website for all
	and working conditions, environment, anti-	G1 Business conduct		and Convention on the Rights of the Child, the		stakeholders.
	corruption, and conflicts of interest.			ILO’s Declaration on Fundamental Principles
				and Rights at Work and the OECD Guidelines for
				Multinational Enterprises.
Lindex division	The document outlines the division’s	Lindex division's full value	Lindex	Lindex division CoC is build on Lindex Group's	Internal Steering Committee, internal subject	Accessible
Code of	ethical business practices, respect for	chain:	division	Human Rights, Environmental, Speak up, Anti-	matter experts, and Union representatives	on the Lindex
Conduct	human rights, environmental responsibility,	S1 Own workforce	Leadership	corruption, and Consumer and End-User policies.	from Head Office have been involved in the	division’s
	workplace safety, proper use of information	G1 Business conduct	Team	See separate policies for detailed information.	development of the Code of Conduct.	website for all
	and assets, and mechanisms for reporting					stakeholders.
	concerns.
Lindex division	The document provides guidelines on	Lindex division’s upstream	See Lindex	The Lindex Division Supplier Code of Conduct	See Lindex Group Human Rights Policy and	Accessible
Supplier Code	gender equality, non-discrimination, labour	value chain:	Group Human	is based on the Ethical Trading Initiative (ETI)	Lindex Group Speak-Up Policy.	on the Lindex
of Conduct	conditions, harassment, working hours,	G1 Business conduct	Rights Policy	Code of Conduct, as well as the Lindex Group		division’s
	and freedom of association in the upstream		and Lindex	Human Rights Policy and the Lindex Group		website for all
	value chain.		Group	Speak-Up Policy, with an enhanced focus on		stakeholders.
			Speak-Up	gender equality.
			Policy

ESRS 2	BP-1	General basis for preparation of the sustainability statement	General information (ESRS 2)
ESRS 2	BP-2	Disclosures in relation to specific circumstances	General information (ESRS 2)
ESRS 2	GOV-1	The role of the administrative, management and supervisory bodies	General information (ESRS 2)
ESRS 2	GOV-2	Information provided to, and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies	General information (ESRS 2)
ESRS 2	GOV-3	Integration of sustainability-related performance in incentive schemes	General information (ESRS 2)
ESRS 2	GOV-4	Statement on sustainability due diligence	General information (ESRS 2)
ESRS 2	GOV-5	Risk management and internal controls over sustainability reporting	General information (ESRS 2)
ESRS 2	SBM-1	Strategy, business model and value chain	General information (ESRS 2)
ESRS 2	SBM-2	Interests and views of stakeholders	General information (ESRS 2)
ESRS 2	SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	General information (ESRS 2)
ESRS 2	IRO-1	Description of the process to identify and assess material impacts, risks and opportunities	General information (ESRS 2)
ESRS 2	IRO-2	Disclosure Requirements in ESRS covered by the undertaking’s sustainability	General information (ESRS 2)
ESRS 2	MDR-P	Policies adopted to manage material sustainability matters	E1 Climate Change E2 Pollution E3 Water E4 Biodiversity and ecosystems S1 Own workforce S2 Workers in the value chain S3 Affected communities S4 Consumers and end-users G1 Business conduct

ESRS 2	MDR-A	Actions and resources in relation to material sustainability matters	E1 Climate Change E2 Pollution E3 Water E4 Biodiversity and ecosystems S1 Own workforce S2 Workers in the value chain S3 Affected communities S4 Consumers and end-users G1 Business conduct
ESRS 2	MDR-M	Metrics in relation to material sustainability matters	E1 Climate Change E2 Pollution E3 Water E4 Biodiversity and ecosystems S1 Own workforce S2 Workers in the value chain S3 Affected communities S4 Consumers and end-users G1 Business conduct
ESRS 2	MDR-T	Tracking effectiveness of policies and actions through targets	E1 Climate Change E2 Pollution E3 Water E4 Biodiversity and ecosystems S1 Own workforce S2 Workers in the value chain S3 Affected communities S4 Consumers and end-users G1 Business conduct
E1	E1-1	Transition plan for climate change mitigation	E1 Climate Change
E1	E1-2	Policies related to climate change mitigation and E1 Climate Change adaptation
E1	E1-3	Actions and resources in relation to climate change policies	E1 Climate Change
E1	E1-4	Targets related to climate change mitigation and E1 Climate Change adaptation
E1	E1-5	Energy consumption and mix	E1 Climate Change

E1	E1-6	Gross Scopes 1,2,3 and Total Greenhouse Gas emissions	E1 Climate Change
E1	E1-7	GHG removals and GHG mitigation projects financed through carbon credits	E1 Climate Change
E1	E1-8	Internal carbon pricing	E1 Climate Change
E2	E2-1	Policies related to pollution	E2 Pollution
E2	E2-2	Actions and resources related to pollution	E2 Pollution
E2	E2-3	Targets related to pollution	E2 Pollution
E2	E2-4	Metrics related to pollution	E2 Pollution
E3	E3-1	Policies related to water	E3 Water
E3	E3-2	Actions and resources related to water and marine resources	E3 Water
E3	E3-3	Targets related to water	E3 Water
E3	E3-4	Metrics and water consumption	E3 Water
E4	E4-1	Transition plan and consideration of biodiversity and ecosystems in strategy and business model	E4 Biodiversity and ecosystems
E4	E4-2	Policies related to biodiversity and ecosystems	E4 Biodiversity and ecosystems
E4	E4-3	Actions and resources related to biodiversity and ecosystems	E4 Biodiversity and ecosystems
E4	E4-4	Targets related to biodiversity and ecosystems	E4 Biodiversity and ecosystems
E4	E4-5	Impact metrics related to biodiversity and ecosystems	E4 Biodiversity and ecosystems
E5	E5-1	Policies related to resource use and circular economy	E5 Resource use and circular economy
E5	E5-2	Actions and resources related to resource use and circular economy	E5 Resource use and circular economy
E5	E5-3	Targets related to resource use and circular economy	E5 Resource use and circular economy
E5	E5-4	Resource inflows	E5 Resource use and circular economy

E5	E5-5	Resource outflows	E5 Resource use and circular economy
E1		Disclosures pursuant to Article 8 of Taxonomy Regulation	Environmental information
S1	S1-1	Policies related to own workforce	S1 Own workforce
S1	S1-2	Process for engaging with own workers and workers’ representatives about impacts	S1 Own workforce
S1	S1-3	Process to remediate negative impacts and channels for own workers to raise concerns	S1 Own workforce
S1	S1-4	Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions	S1 Own workforce
S1	S1-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	S1 Own workforce
S1	S1-6	Characteristics of the undertaking's own employees	S1 Own workforce
S1	S1-7	Characteristics of the undertaking's non- employee workers in own workforce	S1 Own workforce
S1	S1-8	Collective bargaining coverage and social dialogue	S1 Own workforce
S1	S1-9	Diversity metrics	S1 Own workforce
S1	S1-10	Adequate wages	S1 Own workforce
S1	S1-14	Health and safety metrics	S1 Own workforce
S1	S1-16	Remuneration metrics (pay gap and total remuneration)	S1 Own workforce
S1	S1-17	Incidents, complaints and severe human rights impacts	S1 Own workforce
S2	S2-1	Policies related to value chain workers	S2 Workers in the value chain
S2	S2-2	Processes for engaging with value chain workers about impacts	S2 Workers in the value chain

S2	S2-3	Processes to remediate negative impacts and channels for value chain workers to raise concerns	S2 Workers in the value chain
S2	S2-4	Taking action on material impacts on value chain S2 Workers in the value chain workers, and approaches to mitigating material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions
S2	S2-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	S2 Workers in the value chain
S3	S3-1	Policies related to affected communities	S3 Affected communities
S3	S3-2	Processes for engaging with affected communities about impacts	S3 Affected communities
S3	S3-3	Processes to remediate negative impacts and channels for affected communities to raise concerns	S3 Affected communities
S3	S3-4	Taking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities, and effectiveness of those actions	S3 Affected communities
S3	S3-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	S3 Affected communities
S4	S4-1	Policies related to consumers and end-users	S4 Consumers and end-users
S4	S4-2	Processes for engaging with consumers and end-users about impacts	S4 Consumers and end-users
S4	S4-3	Processes to remediate negative impacts and channels for consumers to raise concerns	S4 Consumers and end-users
S4	S4-4	Taking action on material impacts on consumers and end-users, and approaches to mitigating material risks and pursuing material opportunities related to consumers and end- users, and effectiveness of those actions	S4 Consumers and end-users