Tokmanni Group (1K) | Hold | Dollarstore turnaround takes longer

Research evidence excerpt

Tokmanni Group (1K) | Hold | Dollarstore turnaround takes longer

#TPchange

Release date: 15 May 2026

Company research

Hold ESG profile Tokmanni Group

Finland | General retail MCap: EUR372.3m

Target Price: EUR7.00 (7.70) Change in TP: -9.1% Bloomberg: TOKMAN FH Reuters: TOKMAN.HE

Current Price: EUR6.36 Change in Sales: -1.0% 26E/-0.3% 27E Free float 78.8%

Avg. daily volume (EURm) 3.5 Up/downside: 10.1% Change in Adj EBIT: -8.6% 26E/-6.8% 27E

YTD abs performance -17.7%

Market data: 15 May 2026 Change in Adj. EPS: -13.6% 26E/-8.5% 27E

52-week high/low (EUR) 11.65/6.22

Dollarstore turnaround takes longer Price performance

Why this report?

We lower our forecasts after the soft Q1 results. While management 16

highlighted encouraging early signs from Dollarstore pilot initiatives, we 1514

expect the turnaround to take longer than previously anticipated due to 1312

weak customer traffic and the need to improve the concept’s attractiveness. 11

Leverage remains elevated, although strong cash flow generation driven by 9

working capital management was a positive in Q1. While the shares appear 87

inexpensive on P/E multiples (2026E below 10x), the stock trades at c. 14x 6

May 25 Nov 25 May 26

2026E EV/EBIT, a clear premium vs peers. We continue to see limited near-

term catalysts and a lengthy turnaround at Dollarstore. We reiterate Hold Price Stoxx Europe 600 (rebased)

and lower our TP to EUR7.0 (from EUR7.7) amid lower earnings forecasts.

Key findings

▪Q1 revenue grew 6.4% YOY to EUR363.6m, slightly ahead of expectations, FY to 31/12 (EUR) 12/26E 12/27E 12/28E

supported by Easter timing, continued growth in Tokmanni Finland and store Sales (m) 1,808.0 1,879.8 1,937.2

expansion at Dollarstore. LFL sales increased 2.5% YOY. EBITDA adj (m) 226.3 239.5 252.5