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Introduction & Market Context
Verkkokauppa.com Oyj (HEL:VERK) delivered strong financial results for Q3 2025, with significant revenue growth across all key strategic areas despite a cautious consumer environment. The Finnish e-commerce retailer reported its January-September 2025 interim results on October 23, highlighting double-digit growth and improved operational efficiency.
The company’s stock responded positively to the results, rising 4.44% to €4.00 during trading following the announcement, continuing its impressive year-to-date performance that has seen shares surge nearly 179%.
According to the presentation, consumer sentiment in Finland remains subdued but shows early signs of recovery, while the specialty retail sector has returned to positive growth and the consumer electronics market demonstrated modest growth in Q3.
As shown in the following chart of consumer sentiment and market development:
Quarterly Performance Highlights
Verkkokauppa.com reported Q3 2025 revenue of €131.2 million, representing a 14.9% increase compared to €114.2 million in Q3 2024. This growth was broad-based across all segments, with online sales serving as a particular highlight, growing 23.1% year-over-year and now accounting for 68.9% of total revenue.
The company’s revenue growth across channels is illustrated in this chart:
Gross profit improved for the fourth consecutive quarter, reaching €21.8 million compared to €16.6 million in Q3 2024, an increase of €5.2 million. The gross margin expanded significantly to 16.6% from 14.5% in the prior year period, driven by improved commercial terms, efficient inventory turnover, successful assortment management, and ongoing operational excellence.
The following chart demonstrates the consistent improvement in gross profit:
Profitability metrics showed substantial improvement, with comparable operating result (EBIT) increasing to €3.9 million, compared to a loss of €0.7 million in Q3 2024. The operating result improved dramatically to €7.2 million, or 5.5% of revenue, compared to just €0.1 million in the same period last year.
The key financial metrics are summarized in this table:
Strategic Initiatives
Verkkokauppa.com continued to execute on key strategic initiatives during the quarter. The company’s one-hour delivery service saw volumes increase by 59% year-over-year, with more than 200,000 deliveries completed during the quarter. The service maintained a strong Net Promoter Score (NPS) of 78, and coverage was expanded to reach approximately 300,000 additional people.
Fast deliveries are becoming increasingly important to the company’s business model, with their share of all online orders growing to 24.5% in Q3 2025, compared to 16.1% in the same period last year.
The growth in one-hour deliveries is visualized here:
The company also continued to focus on growing its own brands, which saw sales increase by 7.4% year-over-year to €9.1 million, accounting for 6.9% of total revenue. Growth was primarily driven by small domestic appliances and the IT category. Verkkokauppa.com aims to increase the share of own brands to 10% of revenue by the end of 2028 to support gross margin improvement.
International expansion remains a key growth driver, with sales in new markets increasing by 34.5% year-over-year. The company reported strong performance in Central Europe and solid results in Sweden, with the product assortment expanded to 10,000 SKUs and the launch of Ströme & Blackstorm brand stores.
Financial Position
Verkkokauppa.com significantly strengthened its financial position during the quarter, completing the sale of its consumer financing business to Norion Bank AB for €32.6 million. This transaction, along with strong operational performance, contributed to cash flow from operations reaching €29.6 million, compared to €2.6 million in Q3 2024.
The company’s cash position at the end of September stood at €43.9 million, up from €17.1 million a year earlier, while the equity ratio improved to 21.1% from 16.3%. Inventory levels were optimized at €72.5 million to support growth, with a continued focus on inventory turnover.
The improvement in cash flow is illustrated in this chart:
Market Outlook and Guidance
Looking ahead, Verkkokauppa.com expects general market demand to remain cautious, though private consumption is forecasted to recover. The company anticipates competition will remain tight and the geopolitical environment uncertain.
Despite these challenges, Verkkokauppa.com maintained its guidance for 2025, expecting both revenue and comparable operating result to increase compared to 2024, when the company reported revenue of €467.8 million and a comparable operating result of €1.8 million.
The company believes it is well-positioned to capitalize on the continued shift to online commerce and improve its market position in chosen product categories. Management emphasized that the customer shift to online will be permanent, with fast deliveries becoming increasingly important.
Key Takeaways
Verkkokauppa.com’s Q3 2025 performance demonstrated strong execution across multiple fronts, with the company summarizing its key achievements as follows:
The results reflect Verkkokauppa.com’s ability to gain market share in a challenging environment through its focus on online sales, fast deliveries, and international expansion. The sale of the consumer financing business has strengthened the company’s balance sheet, providing additional resources for future growth initiatives.
With a solid Q3 behind it, Verkkokauppa.com is now preparing for the crucial Q4 holiday shopping season, including Black Friday and Christmas sales periods, which typically represent a significant portion of annual revenue for retailers in the consumer electronics sector.
Full presentation:
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