Marimekko Oyj

Financial Statements

and Report of the

Board of Directors 2024

2Contents

Report of the Board of Directors 2024 3

Share and shareholders 6

Proposal for the distribution of profit 11

Key figures of the Group and formulas for the key figures 12

Sustainability report 15

Consolidated financial statements, IFRS 60

Consolidated income statement 60

Consolidated balance sheet 61

Consolidated cash ﬂow statement 62

Consolidated statement of changes in shareholders’ equity 63

Notes to the consolidated financial statements 64

Parent company financial statements, FAS 83

Parent company income statement 83

Parent company balance sheet 84

Parent company cash ﬂow statement 85

Notes to the parent company financial statements 86

Signatures to the financial statements and the report of the Board of Directors 95

Auditor’s Report 96

Assurance report on the Sustainability report 100

Independent Auditor’s Reasonable Assurance Report on

Marimekko Corporation’s ESEF Financial Statements 102

This is a voluntary published translation of the official ESEF financial statements.

Official Financial Statements are published in Finnish and

can be found on the company’s website.

Report of the Board of Directors 2024

2024 IN BRIEF

• In 2024, Marimekko’s net sales increased by 5 percent and amounted to

EUR 182,604 thousand (174,105). Net sales were especially boosted by the

growth of retail sales in all market areas as well as an increase in wholesale

sales in the Asia-Pacific region and Scandinavia. Net sales in Finland grew by

2 percent and international sales by 9 percent.

• Marimekko’s omnichannel retail sales increased by 10 percent with all market

areas contributing to growth. Wholesale sales grew in the Asia-Pacific region

and Scandinavia but total global sales were on a par with the comparable

year as wholesale sales in Finland and in the EMEA region decreased.

Marimekko’s licensing income grew by 11 percent from the record high in

the comparable year.

• Brand sales¹ of Marimekko products amounted to EUR 419,167 thousand

(376,746). 68 percent (66) of brand sales were international sales.

• Operating profit totaled EUR 31,380 thousand (31,400). Operating profit

included EUR 552 thousand (631) from items affecting comparability.

Comparable operating profit was EUR 31,932 thousand (32,031) equaling to

17.5 percent of net sales (18.4).

• Operating profit was boosted by increased net sales. On the other hand,

especially higher fixed costs but also lower relative sales margin had a

weakening impact on the operating profit.

• Result for the period was EUR 24,372 thousand (23,601) and earnings per

share were EUR 0.60 (0.58).

• The Board of Directors proposes that a regular dividend of EUR 0.40 and

an extraordinary dividend of EUR 0.25 will be paid for 2024.

OPERATING ENVIRONMENT

The following outlook information is based on

materials published by the Confederation of Finnish

Industries EK and Statistics Finland.

The world economy outlook has remained largely

unchanged. The world economy is estimated to grow

3.3 percent in 2025, but the growth rate will vary

clearly between markets. Growth in the Euro area

is expected to reach only 1.0 percent even though

interest rates are estimated to decrease further.

There are major factors of uncertainty in the global

economic development, related to geopolitical

developments in particular. These include, for

example, possible new tariffs between different

countries.

The economic outlook for Finnish companies

is estimated to have turned, but the recovery

is expected to be moderate due to lower than

expected consumer demand, among other factors.

The confidence indicator for retail trade decreased

slightly at the beginning of the year and remains

below the long-term average in Finland. Retail sales

have continued to decrease, but sales expectations

for the coming months are moderately positive.

Consumer confidence continues to be clearly

below the long-term average. Consumer estimates

concerning the current state of personal finances

weakened and were at a very low level. Expectations

for the future of personal finances decreased slightly

while those of Finland’s economy were slightly higher

than before. Estimates concerning inﬂation and

expectations for its future development continued at

a fairly high level.

(Confederation of Finnish Industries EK: Business

Tendency Survey, January 2025; Confidence

Indicators, January 2025. Statistics Finland:

Consumer Confidence, January 2025.)

The working-day-adjusted turnover of Finnish

retail trade increased by 3.6 percent in December

compared to the previous year and the volume of

sales increased by 2.3 percent. The cumulative

working-day-adjusted turnover of retail trade in the

January–December period decreased by 0.6 percent

and the volume of sales decreased by 1.1 percent.

(Statistics Finland: Turnover of Trade, retail trade

ﬂash estimate, December 2024.)

NET SALES

In 2024, Marimekko’s net sales increased by 5

percent and amounted to EUR 182,604 thousand

(174,105). Net sales were especially boosted by the

growth of retail sales both in Finland and in other

market areas as well as an increase in wholesale sales

in the Asia-Pacific region and Scandinavia. On the

other hand, net sales were negatively impacted by

¹ Brand sales are given as an alternative non-IFRS key figure,

representing the reach of the Marimekko brand through

different distribution channels. An unofficial estimate of sales

of Marimekko products at consumer prices, brand sales are

calculated by adding together the company’s own retail net

sales and the estimated retail value of Marimekko products

sold by other retailers. The estimated retail value is based on

the company’s realized wholesale sales and licensing income.

Brand sales do not include VAT, and the key figure is not

audited. Some licensees provide exact retail figures, in which

case these figures are used in reporting brand sales. For other

licensing agreements, Marimekko’s own retail coefficients for

different markets are used. Licensing income is reported as

brand sales when licensed products are sold.

4Report of the Board of Directors 2024

a decrease in wholesale sales in Finland and in the

EMEA region, where Marimekko is modernizing its

brand and distribution. In total, net sales in Finland

grew by 2 percent and international sales by 9

percent.

During the financial year, Marimekko’s

omnichannel retail sales grew in all market area

and increased by 10 percent. Wholesale sales were

on a par with the comparable year while licensing

income grew by 11 percent from the record high in the

comparable year.

Net sales in Finland increased by 2 percent

and amounted to EUR 100,986 thousand (98,914).

The strong appeal of the Marimekko brand and the

commercial agility of the company are demonstrated

by the good development of retail sales: In 2024,

retail sales in Finland grew by 6 percent and

comparable retail sales, which excludes new or

significantly renewed stores in both the review

and comparison periods, increased by 5 percent.

Wholesale sales in Finland decreased by 6 percent as

the non-recurring promotional deliveries were below

the comparable year, in line with the earlier estimate.

Domestic wholesale sales were also weakened by

some of the wholesale deliveries in the first quarter

of 2024 being already realized in the fourth quarter

of 2023.

In the company’s second-biggest market, the

Asia-Pacific region, net sales in 2024 grew by 11

percent to EUR 39,246 thousand (35,415). Net

sales were boosted by the good development of

both wholesale sales and retail sales. In addition,

licensing income grew. Wholesale sales in the market

area increased by 8 percent and in Japan, the most

significant country to Marimekko in this region, by

3 percent. Retail sales in the Asia-Pacific region

increased by 20 percent and licensing income by

12 percent.

FINANCIAL RESULT

In 2024, the Group’s operating profit was at the

comparable year’s record level and totaled EUR

31,380 thousand (31,400). Operating profit included

EUR 552 thousand (631) from items affecting

comparability. Comparable operating profit was

EUR 31,932 thousand (32,031). Operating profit was

improved by increased net sales. On the other hand,

especially higher fixed costs but also lower relative

sales margin had a weakening impact on operating

profit.

Fixed costs grew from comparable year due to

increased personnel and marketing expenses. The

increase in personnel expenses was especially due

to general pay increases in different markets but also

increased personnel costs in the stores supporting

retail sales growth. Marketing expenses grew due

to the planned investments in the 60th anniversary

of the Unikko print, among others. Relative sales

margin in 2024 was negatively affected especially by

higher logistic costs. On the other hand, record high

licensing income boosted relative sales margin.

Marketing expenses in 2024 were EUR 10,557

thousand (9,483), or 6 percent of the Group’s net

sales (5).

The Group’s depreciation during the financial

year amounted to EUR 9,344 thousand (9,180),

representing 5 percent of net sales (5).

In 2024, operating profit margin was 17.2 percent

(18.0) and comparable operating profit margin was

17.5 percent (18.4).

Net sales by market area

(EUR 1,000) 2024 2023 Change, %

Finland 100,986 98,914 2

Retail sales 70,636 66,627 6

Wholesale sales 30,057 32,133 -6

Licensing income 293 154 90

Scandinavia 18,475 15,557 19

Retail sales 5,581 4,386 27

Wholesale sales 12,744 11,096 15

Licensing income 150 75 100

EMEA 13,052 14,645 -11

Retail sales 3,639 3,008 21

Wholesale sales 8,827 10,802 -18

Licensing income 586 834 -30

North America 10,845 9,575 13

Retail sales 5,613 4,523 24

Wholesale sales 4,705 4,688 0

Licensing income 527 365 45

Asia-Pacific 39,246 35,415 11

Retail sales 8,104 6,775 20

Wholesale sales 29,166 26,883 8

Licensing income 1,976 1,758 12

International sales, total 81,618 75,191 9

Retail sales 22,937 18,691 23

Wholesale sales 55,441 53,469 4

Licensing income 3,240 3,031 7

Total 182,604 174,105 5

Retail sales 93,573 85,318 10

Wholesale sales 85,498 85,602 0

Licensing income 3,533 3,186 11

Wholesale net sales are

recognized according to the

geographical location of the

wholesale customer.

All figures in the table have

been individually rounded to

thousands of euros, so there

may be rounding differences

in the totals. The change

percentages have been

calculated on exact figures

before rounding.

Net financial items in the year under review

totaled EUR -406 thousand (-1,663), or 0 percent of

net sales (1). Financial items include exchange rate

differences amounting to EUR 315 thousand (-626), of

which EUR 381 thousand (-497) were unrealized. The

impact of lease liabilities on interest expenses was

EUR -1,003 thousand (-1,020).

The Group’s result before taxes in 2024 was EUR

30,974 thousand (29,737). Net result for the period

was EUR 24,372 thousand (23,601) and earnings per

share were EUR 0.60 (0.58).

BALANCE SHEET

The consolidated balance sheet total as at 31

December 2024 was EUR 130,349 thousand

(123,258). Equity was EUR 75,521 thousand (65,738),

or EUR 1.86 per share (1.62).

Non-current assets at the end of the year stood

at EUR 36,442 thousand (37,259). Lease liabilities

amounted to EUR 30,647 thousand (32,294).

Marimekko did not have financial liabilities at the

end of the year (EUR 615 thousand). The Group

had unused committed credit lines of EUR 32,637

thousand (31,932).

At the end of December, net working capital was

EUR 29,350 thousand (24,345). Inventories were

EUR 35,429 thousand (29,268). The inventories were

increased in part by the contingency planning for the

demand of the continuing collection in the event of

possible supply and logistic chain disruptions.

CASH FLOW AND FINANCING

In 2024, cash ﬂow from operating activities was EUR

29,107 thousand (29,427), or EUR 0.72 per share

(0.73). Increased inventories weakened cash ﬂow

from operating activities, while decrease in current

non-interest bearing trade receivables had a positive

impact. Cash ﬂow before cash ﬂow from financing

activities was EUR 26,776 thousand (27,402).

The Group’s cash and cash equivalents at the

end of the year amounted to EUR 40,376 thousand

(37,044). Dividends paid in the review period

totaled EUR 15,011 thousand (13,794). Return on

capital employed (ROCE) was at an excellent level,

31.4 percent (33.0). Unlike in the comparable year,

Marimekko had no interest-bearing credit facilities

drawn down in 2024 (EUR 615 thousand). The Group

had unused committed credit lines of EUR 32,637

thousand (31,932), including short-term revolving

credit facilities, which include covenants, totaling

EUR 16,000 thousand.

The Group’s equity ratio at the end of financial

year was 58.7 percent (54.1). Gearing was -12.9

percent (-6.3). The ratio of net debt to 12-month

rolling EBITDA was -0.24 (-0.10), i.e. well below the

company’s long-term goal, with the goal being a

maximum of 2.

INVESTMENTS

The Group’s gross investments in 2024 were EUR

2,330 thousand (2,033), or 1 percent of net sales

(1). The investments were mainly devoted to digital

development but also to the revamping of the store

network. New lease agreements included in balance

sheet (IFRS 16) are not included in gross investments

in the review or comparison period.

RESEARCH AND DEVELOPMENT

Marimekko’s product design and development costs

arise from the design of collections and collaborations

on new materials and manufacturing methods. Design

costs are recorded in expenses.

STORE NETWORK

Omnichannel retail sales, operated by the company

itself or its partners, represents the core of

Marimekko’s distribution strategy. It is complemented

with select, and increasingly online, retailers to gain

scale and access to new customers. Even in the

digitalized business, physical stores play an important

role not only as a distribution channel but also as the

hearts of brand culture, supporting, in addition, sales

online and in other channels.

Good store locations that cater to Marimekko’s

target audience are essential for the company. The

operations and efficiency of the store network are

continuously assessed and developed. In 2024, 10

new Marimekko stores were opened, of which 9 in

different locations in Asia. In addition, Marimekko

changed its loose-franchise partner responsible

for Taiwanese market at the beginning of the year.

As a result of the partner change, the Taiwanese

store network was fully revamped: five old stores or

shop-in-shops were closed and four new Marimekko

stores were opened instead. In other markets, eight

stores were closed during the year. At the end of

year, there were a total of 168 Marimekko stores and

shop-in-shops worldwide. Local customers make

up the primary audience for Marimekko stores in

each market, although sales to tourists represent a

significant portion at certain central stores, especially

during the holiday seasons. In addition to Marimekko

stores, 19 pop-up stores delighted the customers

mostly in the Asia-Pacific region during the year.

E-commerce plays an important role in

Marimekko’s omnichannel retail. Following a

successful pilot in the United States in spring, the

omnichannel Marimekko experience was further

strengthened as the fully revamped ecommerce

platform was introduced in all other markets where

Marimekko operates its own online store at the

beginning of September. Online sales developed well

and grew in 2024. The company’s own and partner-

operated Marimekko webstores serve customers

in 38 countries. In addition, Marimekko also has

distribution through other online channels.

Digital service solutions are constantly increasing

the integration of e-commerce and in-store

retailing. For this reason, Marimekko reports its own

e-commerce net sales as part of retail sales and sales

through other online channels as part of wholesale

sales. In order to accelerate its long-term international

growth, Marimekko continues to invest in its digital

and omnichannel business.

SUSTAINABILITY

Marimekko’s operations and design philosophy

have always been based on a sustainable approach:

Marimekko wants to offer its customers timeless,

functional and high-quality products that bring them

long-lasting joy and that they will not want to throw

away. Determined sustainability efforts support the

company’s long-term success and sustainability has

been defined as one of the five strategic success

factors during the strategy period of 2023–2027. The

company’s sustainability strategy from 2021 to 2025

Report of the Board of Directors 2024

is built on three guiding principles as well as related

ambitious targets and a roadmap for the entire value

chain: timeless design brings joy for generations to

come, the products of tomorrow leave no trace, and

positive change through fairness and equality.

In 2024, the company’s activities included, for

example, work to further increase the share of less

emission intensive materials in its collections as

well as to launch products designed in line with the

principles of circular economy. In 2024, Marimekko

for the first time reached its goal to reduce the

greenhouse gas emissions of textile materials (per

kg of sourced textiles) by 20 percent and to cut the

water scarcity score of these materials (per kg of

sourced textiles) to half compared to the baseline

of 2019. The greenhouse gas emissions of textile

materials (per kg of sourced textiles) decreased by

21 percent and the water scarcity score (per kg of

sourced textiles) reduced by 76 percent from the

baseline year levels. The emission intensity of textile

materials decreased especially due to smaller share

of animal-derived materials such as wool and leather,

reductions in the emission factor of leather as well as

an increased share of organic cotton from all cotton

sourced. In addition to Marimekko’s determined

execution of its material strategy, achieving the

goal was supported by a methodological update in

2023 to better account for the dyeing and printing

practices of different product types, implemented

since 2022. During 2024, Marimekko also prepared

its science-based near-term emission reduction

targets, and after the review period in January 2025

Science Based Targets announced the approval of

these targets. These new targets are in line with

the UN Paris Climate Agreement goals and a logical

next step in Marimekko’s long-term work to reduce

its environmental impact. Marimekko’s sustainability

work is described in more detail in the sustainability

report for 2024, in accordance with EU Corporate

Sustainability Reporting Directive, included in the

report of the Board of Directors 2024.

PERSONNEL

In 2024, the number of employees, expressed as full-

time equivalents, averaged 466 (462) and at the end

of the year, the Group had 480 (468) employees. By

market area, the number of Marimekko’s personnel

at the end of December was as follows: Finland 396

(385), Scandinavia 35 (33), North America 17 (16)

and the Asia-Pacific region 32 (33). The personnel

at company-owned stores, expressed as full-time

equivalents, totaled 233 (226) at the end of the year.

Marimekko’s headcount at the end of December

was 677 (654). Salaries, wages and bonuses paid

to personnel during the financial year amounted to

EUR 28,261 thousand (26,245). In 2024, the average

turnover of employees leaving was 16.7 percent (18.5).

More information on personnel and the development

of staff is available in the sustainability report for

2024.

MANAGEMENT

Board of Directors, management and auditors

Marimekko’s Annual General Meeting on 16 April

2024 appointed six members to the company’s Board

of Directors. Carol Chen, Mika Ihamuotila, Teemu

Kangas-Kärki, Tomoki Takebayashi and Marianne

Vikkula were re-elected, and Massimiliano Brunazzo

was elected as a new member to the Board of

Directors. From among its members, the Board of

Directors elected Mika Ihamuotila as Chair of the Board

and Teemu Kangas-Kärki as Vice Chair of the Board.

From among its members, the Board also elected

Teemu Kangas-Kärki as Chair and Mika Ihamuotila

and Marianne Vikkula as members of the Audit

and Remuneration Committee. The majority of the

Committee members are independent of the company

and its significant shareholders.

The AGM re-elected KPMG Oy Ab, Authorized

Public Accountants, as the company’s auditor, with

Heli Tuuri, Authorized Public Accountant, as the auditor

with principal responsibility. In addition, the AGM

elected the company’s auditor for the assurance of

the company’s sustainability reporting for the financial

year 2024. It was decided that the auditor’s fee will be

paid as per invoice approved by the company.

The following change in the company’s

management took place in 2024. On 2 November 2023,

Marimekko informed that Mikko-Heikki Inkeroinen was

appointed as Chief Technology Officer and member of

the Management Group as of 29 January 2024.

At the end of the year 2024, the company’s

Management Group comprised Tiina Alahuhta-Kasko

as Chair and Elina Anckar (Chief Financial Officer),

Rebekka Bay (Creative Director), Tina Broman (Chief

Supply Chain and Product Officer), Natacha Defrance

(Senior Vice President, Sales, Region East), Mikko-

Heikki Inkeroinen (Chief Technology Officer), Noora

Laurila (Senior Vice President, Sales, Region West),

Sanna-Kaisa Niikko (Chief Marketing Officer), Tanya

Strohmayer (Chief People Officer), Essi Weseri

(General Counsel) and Riika Wikberg (Chief Business

Development Officer) as members.

Corporate governance statement

The corporate governance statement for 2024

is issued separately from the report of the Board

of Directors. It will be available on the company’s

website and in the Marimekko’s year 2024

publication.

Remuneration of the Board and management

The remuneration of Marimekko’s Board of Directors

and President & CEO is presented in more detail in

the Remuneration Report for 2024. Remuneration

Report will be available at Marimekko’s website and in

the Marimekko’s year 2024 publication.

SHARES AND SHAREHOLDERS

Share capital and number of shares

Marimekko Corporation’s share is quoted in the

Consumer Discretionary sector of Nasdaq Helsinki

Ltd. Marimekko Corporation was listed on the I List of

the Helsinki Stock Exchange in March 1999 and on the

main list on 27 December 2002. Marimekko’s trading

code is MEKKO and its ISIN code is FI0009007660.

The company has one series of shares, each

conferring the same voting rights to their holders.

At the end of the financial year, the company’s fully

paid-up share capital, as recorded in the Trade

number of shares totaled 40,649,170.

Shareholdings

According to the book-entry register, Marimekko had

37,588 shareholders (39,014) at the end of December

2024. Of the shares, 14.77 percent (13.68) were

owned by nominee-registered or non-Finnish holders.

Report of the Board of Directors 2024

7Report of the Board of Directors 2024

Monthly updated information on the largest

shareholders can be found on the company’s website

at company.marimekko.com under Investors/Share

information/Shareholders.

At the end of the financial year, members of

the Board of Directors and the President and

CEO together, either directly or indirectly, owned

5,265,860 Marimekko shares corresponding to

12.95 percent of the number and voting rights of

the company’s shares. The management in total,

including also other members of the Management

Group, either directly or indirectly owned 5,359,010

Marimekko shares corresponding to 13.18 percent

of the number and voting rights of the company’s

shares.

Updated information on the holdings of the

Board of Directors, President and CEO and other

members of the Management Group can be found on

the company’s website at company.marimekko.com

under Investors/Share information/Shareholders/

Management’s shareholding.

Shareholder agreements

Marimekko has neither made nor is aware of any

shareholder agreements concerning the company’s

shares or other commitments agreeing on the

company’s ownership or the use of voting rights.

Own shares

Marimekko did not acquire the company’s own

shares during the financial year. On 31 December

2024, Marimekko held 77,790 of its own shares,

corresponding to approximately 0.19 percent of the

total number of the company’s shares. Marimekko

shares held by the company carry no voting rights

and no entitlement to dividends.

Flagging announcements

There were no ﬂagging announcements on

Marimekko shares in 2024.

Share trading and the company’s market

capitalization

In 2024, a total of 6,022,481 Marimekko shares

(9,658,017) were traded on Nasdaq Helsinki,

representing 14.82 percent (23.76) of the shares

outstanding. The total value of the share turnover in

the January–December period was EUR 77,743,164

(95,729,933). The lowest price of the share was EUR

10.82 (8.56), the highest was EUR 16.02 (13.60) and

the average price was EUR 12.91 (9.91). At the end of

December, the closing price of the share was EUR

12.12 (13.31).

The company’s market capitalization on 31

December 2024, excluding the Marimekko shares

held by the company, was EUR 491,725,126

(540,005,068).

Authorizations

The Annual General Meeting on 16 April 2024

authorized the Board of Directors to decide on

the acquisition of a maximum of 150,000 of the

company’s own shares in one or more instalments.

The maximum number of shares represents

approximately 0.4 percent of the total number of the

company’s shares. The shares would be acquired

with funds from the company’s non-restricted equity,

which means that the acquisition would reduce

funds available for distribution. The shares would

be acquired otherwise than in proportion to the

shareholdings of the shareholders through public

trading on Nasdaq Helsinki Ltd at the market price

prevailing at the time of acquisition and in accordance

Ownership by size of holding, 31 December 2024

Number of % of Number of % of holding

Number of shares shareholders shareholders shares and votes and votes

1–100 23,245 61.84 833,747 2.05

101–500 9,842 26.18 2,494,488 6.14

501–1,000 1,987 5.29 1,563,676 3.85

1,001–5,000 2,035 5.41 4,538,954 11.17

5,001–10,000 237 0.63 1,726,460 4.25

10,001–50,000 184 0.49 3,588,008 8.83

50,001–100,000 27 0.07 1,870,037 4.60

100,001–500,000 21 0.06 4,480,993 11.02

500,001– 10 0.03 19,552,807 48.10

Total 37,588 100.00 40,649,170 100.00

Ownership by sector, 31 December 2024

Number of % of holding

Owner shares and votes and votes

Nominee-registered and non-Finnish holders 6,003,213 14.77

Households 17,044,072 41.93

Financial and insurance corporations 5,013,864 12.33

Non-financial corporations and housing corporations 7,320,684 18.01

Non-profit institutions 261,677 0.64

General government 5,005,660 12.31

Total 40,649,170 100.00

with the rules and regulations of Nasdaq Helsinki Ltd.

The shares would be acquired to be used as a part

of the company’s incentive system, to be transferred

for other purposes or to be cancelled. The Board of

Directors is authorized to decide on all of the other

terms and conditions of the acquisition of the shares.

The authorization was not used during the financial

year. The authorization is valid until 16 October 2025.

Furthermore, the AGM on 16 April 2024 authorized

the Board of Directors to decide on the issuance of

new shares and the transfer of the company’s own

shares in one or more instalments. The total number

of shares to be issued or transferred pursuant to

the authorization may not exceed 200,000 new or

8Report of the Board of Directors 2024

Largest shareholders according to the book-entry register, 31 December 2024

Number of % of holding

Owner shares and votes and votes

1. PowerBank Ventures Oy (Mika Ihamuotila) 5,088,500 12.52

2. Ilmarinen Mutual Pension Insurance Company 1,980,440 4.87

3. Varma Mutual Pension Insurance Company 1,929,600 4.75

4. Ehrnrooth Anna Sophia 1,651,885 4.06

5. Nordea Nordic Small Cap Fund 1,049,425 2.58

6. Evli Finnish Small Cap Fund 962,129 2.37

7. Elo Pension Insurance Company Ltd. 713,000 1.75

8. Oy Talcom Ab 505,000 1.24

9. Oy Etra Invest Ab 500,000 1.23

10. Alahuhta Matti 447,750 1.10

Total 14,827,729 36.47

Management shareholdings, 31 December 2024

Number of % of holding

shares and votes and votes

Members of the Board of Directors, total 5,103,015 12.55

President and CEO 162,845 0.40

Other members of the Management Group, total 93,150 0.23

the company’s own shares. The number of shares

represents approximately 0.5 percent of the total

number of the company’s shares. Pursuant to the

authorization, the Board may decide on a directed

share issue in deviation from the shareholders’ pre-

emptive rights for a weighty financial reason, such

as the company’s incentive system, personnel share

issue, developing the company’s capital structure,

using the shares as consideration in possible

company acquisitions or carrying out other business

transactions. The share issue may be subject to a

charge or free. A directed share issue can be free of

charge only if there is a particularly weighty financial

reason for the company and taking into account the

interests of all of the company’s shareholders. The

subscription price of the new shares and the amount

paid for the company’s own shares would be recorded

in the company’s reserve for invested non-restricted

equity. The Board of Directors is authorized to

decide on all of the other terms and conditions of the

share issue. The authorization was not used during

the financial year. The authorization is valid until 16

October 2025.

During the financial year, the Board of Directors

had no valid authorizations to issue convertible bonds

or bonds with warrants.

INFORMATION CONTAINED IN THE NOTES TO

THE FINANCIAL STATEMENTS

• Information on the Group’s personnel expenses is

disclosed in note 4.

• Financial risks are presented in note 20 and

information on financial instruments measured at

fair value is disclosed in note 17.

• Subsidiaries and related party transactions are

disclosed in note 19.

MAJOR RISKS AND FACTORS OF UNCERTAINTY

Marimekko’s business exposes the company to

various risks. The risks and uncertainties presented

below have the potential to substantially weaken

Marimekko’s business conditions, sales, financial

results and position. Marimekko’s risk management

practices are described in the Corporate Governance

Statement.

The economic and political operating environment

The uncertainties related to the general development

of the global economy, such as the risk of an

economic recession, and geopolitical tensions

inﬂuence consumer confidence, purchasing power

and behavior in all of Marimekko’s market areas.

Declining consumer confidence and purchasing

power may have a significant unfavorable impact

on Marimekko’s sales and profitability. This risk is,

in particular, emphasized in Finland and in other key

countries for Marimekko business, such as Sweden

and Japan.

Geopolitical tensions can also affect Marimekko’s

procurement and logistics chains and operating

possibilities in certain countries. Geopolitical tensions

may lead, for example, to military action, trade

disputes, economic sanctions, increasing tariffs

as well as export and import restrictions that can

affect the reliability and efficiency of the company’s

value chain as well as Marimekko’s competitiveness.

Pandemics and epidemics may also have a negative

impact on Marimekko’s sales, profitability and cash

ﬂow as well as the reliability and efficiency of the

company’s supply chain.

Sudden market movements, development of

inﬂation, changes in the price development of

production factors, exchange rates (particularly the

US dollar) and taxation, as well as rising interest rates

may affect Marimekko’s financial position.

Marimekko is also exposed to labor market

disputes, and strikes and other labor market

disturbances may have a negative impact on the

company’s business.

Marimekko continuously monitors the

development of the economic and political operating

environment, takes various scenarios into account

in the management of the company’s business, and

adapts its operations as necessary. The company’s

strong balance sheet and stable financial position

introduce ﬂexibility also in exceptional circumstances.

Risks are also mitigated by striving for diverse

geographical presence throughout the value chain.

9Report of the Board of Directors 2024

The retail environment, customers and partners

The company’s growth in the longer term is based,

in particular, on omnichannel retail: on increasing

e-commerce, on partner-led retail in Asia, as well

as on enhancing the sales per square meter of

existing stores in the company’s main market areas.

In addition, the company expands its distribution

through physical and digital wholesale channels

appropriate for the Marimekko brand. The Asia-

Pacific region is Marimekko’s second-biggest market,

and especially Asia plays an important role in the

company’s international growth.

The importance of omnichannel business in the

retail trade has been emphasized over the past years.

International e-commerce has increased the options

available to consumers and the significance of big

e-commerce operators. The digitization of retail and

weak macroeconomic situation has deepened the

financial difficulties for some wholesale customers

in the fashion and design sector. Structural changes

in the retail environment may have an impact on

Marimekko’s distribution channel decisions, the

prioritization of different distribution channels, sales

and profitability. The structural changes can also

lead to the creation of new revenue models. Risks

related to the sales structure may have an impact

on the company’s financial position. Maintaining

competitiveness in a rapidly changing operating

environment being revolutionized by digitization

demands agility, efficiency, ﬂexibility and constant re-

evaluation of operations from the company.

Major partnership choices, partnering contracts,

licensing and other collaboration agreements involve

considerable risks. Store lease agreements in Finland

and abroad also contain risks. With the company’s

internationalization and the growing interest in its

brand, risks related to gray exports may increase,

which may have an impact on the company’s sales

and profitability, among others. In addition, risks

related to changes in the company’s cost structure

as well as the liquidity of customers and partners

may also have an impact on the company’s financial

position.

Other significant risks include risks related

to changes in the company’s design, product

assortment and product distribution and pricing.

Increased inﬂation creates pressure to raise prices

while the uncertainties in the global economy and

the operating environment may affect consumers’

purchasing power and behavior negatively. Fast

reactivity and competitive pricing are crucial in a

tactical operating environment. The company’s ability

to design, develop and commercialize new products

that meet consumers’ expectations while ensuring

the effectivity and quick reactions in the production,

sourcing and logistics as well as active work towards

sustainability has an impact on the company’s sales

and profitability.

Supply chain

The risks related to Marimekko’s supply chain are

associated especially with production, procurement

and logistics processes and their reliability, ﬂexibility

and efficiency, sustainability, ﬂuctuations in the prices

of raw materials and other factors of production

as well as the availability and price of logistics.

For example, geopolitical tensions, cyber security

incidents and possible epidemics and pandemics

as well as other uncertainties in the global economy

may cause even significant disruptions in production

and logistics chains that may have a negative impact

on the company’s sales, profitability and cash ﬂow.

In addition, fires, natural disasters and machine

breakdowns can cause damages to supplier’s

factories, Marimekko’s own textile printing factory

or the operations of the logistics chain. Overall, it is

of utmost importance to safeguard the operational

reliability of the company’s own printing factory in

all circumstances. The availability of biogas, among

others, is critical to the operations of the company’s

own printing factory. The company has a business

interruption insurance for assets and business

operations that covers insured risks of damage in line

with the terms and conditions of the insurance.

Higher costs of raw materials, energy and other

factors of production may affect Marimekko’s sales

and profitability. Early commitment to product

orders from partner suppliers, which is typical of

the industry, means that changes in costs affect the

company with a delay. These early commitments

have partly been further emphasized, for example,

by the Russian invasion of Ukraine, undermining the

company’s ability to optimize product orders and

respond to rapid changes in demand and consumer

behavior, which also increases risks related to

inventory management and cash ﬂow. To avoid

even earlier commitment and the possible resulting

unoptimized production, Marimekko may need to

partly use faster but more emission-intensive air

freight instead of sea transport.

In addition to supply chain disruptions and even

earlier commitment to product orders, risks related to

inventory and product ﬂow management increase as

product distribution is expanded and operations are

diversified, which may have a weakening impact on

the company’s sales, cash ﬂow as well as on relative

profitability. Substantial non-recurring wholesale

promotions can also increase risks related to

procurement, transport and inventory management,

especially in exceptional circumstances. Any delays

or disturbances in supply, or ﬂuctuations in the

quality of products, may have a harmful impact on

business, also on substantial non-recurring wholesale

promotions.

Marimekko works actively to ensure functioning

production and logistics chains, to avoid delays, to

mitigate the negative impacts of generally increased

costs, and to enhance inventory management.

Sustainability

Enhancing sustainability is increasingly important

for competitiveness in Marimekko’s industry, which

can have an impact on the company’s sales and

profitability. Versatile investments are required for the

enhancement. Risks and opportunities with regard to

Marimekko’s sustainability work and targets include,

for example, changes in consumer behavior and in

the company’s product portfolio weightings, growing

expectations as well as new tools for transparency in

the value chain, continuously evolving best practices

in the industry as well as increasing regulation that

may affect, for example, the company’s products,

communications and the value chain more broadly.

The company’s ability to anticipate changes, react to

them and actively advance its sustainability targets

throughout the value chain plays a key role with

regard to the company’s competitiveness.

Marimekko primarily uses partner suppliers to

manufacture its products. Global supply chains

in the fashion and design business are complex,

10Report of the Board of Directors 2024

which despite active sustainability work, makes it

challenging for companies to ensure the sustainability

of the entire supply chain. The sustainability elements

of manufacturing are of growing significance to

customers, in particular the social aspects (e.g.

human rights, working conditions and remuneration)

and environmental aspects (e.g. production methods

and raw materials and chemicals used) related to the

supply chain, as well as transparent communications

on these issues in compliance with continuously

increasing legislation. These sustainability topics

apply to Marimekko’s sourcing and the company’s

own production as well as to licensed products.

Marimekko can reduce the environmental impacts

and increase transparency in its upstream value chain

through material choices, among others. Therefore,

the company is committed to increasing the share

of, e.g., less emission-intense and water consuming

materials, such as certified organic and recycled

cotton, in its products and packaging. As a result of

complex supply chains, uncertainties may pertain also

to the use of certified materials.

Marimekko’s continuous sustainability work

as well as compliance with responsible business

practices and legislation are important in maintaining

the trust of customers and other stakeholders; any

failures or errors in these areas will involve reputation,

financial liability and business risks.

The environment and climate change

Climate change increases the likelihood of extreme

weather phenomena and natural disasters, such as

ﬂoods, forest fires, wildfires and storms. Extreme

weather phenomena and natural disasters pose a

risk to the operational reliability and efficiency of

Marimekko’s value chain. Climate change-related

heatwaves, drought, water shortages, soil depletion

and other changes may, in turn, affect the availability

and price of the raw materials used in Marimekko’s

products, such as cotton. Extreme weather

phenomena and natural disasters may also affect

the availability of products if they cause damage to

the company’s suppliers’ factories, the company’s

own textile printing factory or hamper the logistics

chains. In addition, Marimekko has stores and offices

in areas in which extreme weather phenomena or

natural disasters may occur, and if they damage

stores or offices or cause momentary changes in

consumer behavior, it may result in lost sales as well

as expenses.

Risks related to climate change are managed by,

for example, diversifying the material selection in use,

increasing the share of materials with lower emission

intensity and water consumption in Marimekko’s

collections and exploring new material and production

method innovations. Marimekko’s insurance program

covers insured risks of damage in line with the terms

and conditions of the insurance.

Compliance

Compliance with the applicable legislation,

regulations and ethical business practices, as well

as product safety and quality, are essential for

Marimekko. Potential allegations, failures or mistakes

can lead to, for example, reputation and business

damages for the company, fines, claims for damages,

or criminal charges. Internationalization increases the

regulations applicable to the company’s operations

and elevates the risk of potential allegations, failures

and mistakes. Risks are prevented by focusing on

sustainability and compliance work as well as by

ensuring product safety and continuous quality

control.

Intellectual property rights

Intellectual property rights play a vital role in the

company’s success, and the company’s ability to

manage and protect these rights may have an impact

on the company’s business, value and reputation.

Agreements with freelance designers and fees

paid to designers based on these agreements

are also an essential part of the management of

intellectual property rights. As the company grows

and internationalizes, the risks related to intellectual

property rights in general may increase, in particular

for the most renowned prints of the company.

Information security risks

There are risks associated with information system

reliability, dependability and compatibility. With

digitization, internationalization, Russia’s war and

different geopolitical tensions, cybercrime and

cyber attacks as well as various other risks related

to cyber security and personal data protection have

also increased. DoS attacks, malfunctions in data

communications or, for example, in the company’s

own online store as well as system changes and

replacements may disrupt business or result in lost

sales. Personal data breaches can lead to claims

for damages, fines and reputation risks. Marimekko

manages risks with the systematic management

and development of cybersecurity. In addition, the

company has a cybersecurity insurance program.

Personnel and competence

As Marimekko is a small company, risks related to

securing the necessary talent for international growth

as well as risks related to key personnel can be

significant. Marimekko’s competence development

efforts include, for example, training of personnel on

leadership, among others, succession planning and

performance management. These measures support

a performance-oriented, diverse and inclusive culture.

Potential epidemics or pandemics may increase

risks related to taking care of the health and safety of

employees and securing sufficient workforce in cases

of sickness.

MARKET OUTLOOK AND GROWTH TARGETS

FOR 2025

The uncertainties related to the development of the

global economy, such as geopolitical tensions and

their impact on the general economic situation, and

general cost inﬂation inﬂuence consumer confidence,

purchasing power and behavior and, as a result,

can have an impact on Marimekko’s business in

2025, especially in the important domestic market

of Finland. Different exceptional situations may

cause even significant disruptions in production and

logistics chains, and may thus have a negative impact

on the company’s sales, profitability and cash ﬂow.

Finland, Marimekko’s important domestic market,

traditionally represents about half of the company’s

net sales. Sales in Finland in 2025 are impacted

by the weak general economy and low consumer

confidence as well as the development of purchasing

power and behavior. In addition, the tactical operating

environment continues to have an impact on the

11Report of the Board of Directors 2024

business. The timing between quarters of the non-

recurring promotional deliveries in Finnish wholesale

sales and their size typically vary on an annual basis.

In 2025, the non-recurring promotional deliveries in

wholesale sales are expected to be significantly lower

than in the comparable year and weighted clearly in

the second half of the year. Despite the weak market

situation, net sales in Finland are expected to be

approximately at the level of the previous year.

International sales are estimated to grow in

2025. In the strategy period 2023–2027, Marimekko

focuses on Asia as the most important geographical

area for international growth. In 2025, net sales in

the Asia-Pacific region, Marimekko’s second-largest

market, are expected to increase. All brick-and-

mortar Marimekko stores and most online stores in

Asia are partner-owned. In 2025, the aim is to open

approximately 10–15 new Marimekko stores and shop-

in-shops, and most of the planned openings will be

in Asia.

Licensing income in 2025 is forecasted to be

significantly below the previous year’s record level.

Due to the seasonal nature of Marimekko’s

business, a major portion of the company’s euro-

denominated net sales and operating result are

traditionally generated during the second half of

the year. Net sales and operating profit in the first

quarter of 2025 are significantly impacted by timing

differences from the comparison period. In the

comparable year, a large amount of non-recurring

promotional deliveries in Finnish wholesale sales

occurred exceptionally during the first quarter of the

year. In addition, a significant part of licensing income

in 2024 was recorded already during the first quarter

of the year, unlike in 2025.

Marimekko develops its business with a long-

term view and aims to continue scaling its profitable

growth in the upcoming years. In 2025, fixed costs are

expected to be up on the previous year. The general

cost inﬂation continues to also affect Marimekko in

2025. Personnel expenses are impacted, for example,

by general pay increases in different markets.

Marketing expenses are expected to increase (2024:

EUR 10.6 million).

Early commitments to product orders from

partner suppliers, typical of the industry and

partly further emphasized due to different factors,

undermine the company’s ability to optimize product

orders and respond to rapid changes in demand

and consumer behavior, which also increases risks

related to sales, inventory management, cash ﬂow

and relative profitability. There are still significant

uncertainties related to global production and logistic

chains, which may cause delays. If realized, these

kinds of delays can have an impact on the company’s

sales and profitability. Marimekko works actively to

ensure functioning production and logistics chains,

to avoid delays, to mitigate the negative impacts of

generally increased costs, and to enhance inventory

management.

Marimekko is closely monitoring the general

economic situation, the development of consumer

confidence and purchasing power and the impacts

of possible exceptional situations and disruptions,

and the company will adjust its operations and plans

according to the circumstances.

FINANCIAL GUIDANCE FOR 2025

The Marimekko Group’s net sales for 2025 are

expected to grow from the previous year (2024: EUR

182.6 million). Comparable operating profit margin is

estimated to be approximately some 16–19 percent

(2024: 17.5 percent). Development of consumer

confidence and purchasing power especially in

Finland as well as general uncertainties and possible

disruptions in global supply chains, among others,

cause volatility to the outlook for 2025.

Uncertainties related to the development of net

sales and result are described in more detail in the

Major risks and factors of uncertainty section.

DIVIDEND POLICY

Marimekko aims to pay a regular dividend every year.

The dividends to be paid and their amount and the

payout date depend on the company’s financial result,

financial situation, equity ratio, need for working

capital and other factors.

Marimekko intends to follow a stable and active

dividend policy that by and large reﬂects the

company’s earnings trend. Marimekko’s goal is to

distribute as dividends at least half of earnings per

share annually.

ANNUAL GENERAL MEETING

The Annual General Meeting 2025 will be held on

Tuesday, 15 April 2025 at 2.00 p.m. EEST.

THE BOARD OF DIRECTORS’ PROPOSAL FOR DIVIDENDS

On 31 December 2024, the parent company’s distributable funds amounted to EUR

70,604,754.43; profit for the financial year was EUR 25,011,306.84. The Board of

Directors will propose to the Annual General Meeting that a regular dividend of EUR

0.40 and an extraordinary dividend of EUR 0.25 will be paid for 2024.

The Board will propose 17 April 2025 as the dividend payout record date and 28

April 2025 as the dividend payout date. A dividend of EUR 0.37 per share was paid

for 2023.

Key figures of the Group and formulas for the key figures

Key financial figures

2024 2023 2022

Net sales, EUR 1,000 182,604 174,105 166,515

Change in net sales, % 4.9 4.6 9.4

Operating profit, EUR 1,000 31,380 31,400 30,236

% of net sales 17.2 18.0 18.2

Comparable operating profit, EUR 1,000 31,932 32,031 30,382

% of net sales 17.5 18.4 18.2

Financial income, EUR 1,000 1,181 393 1,241

Financial expenses, EUR 1,000 -1,587 -2,056 -2,339

Result before taxes, EUR 1,000 30,974 29,737 29,139

% of net sales 17.0 17.1 17.5

Taxes, EUR 1,000 6,602 6,137 6,430

Net result for the period, EUR 1,000 24,372 23,601 22,708

Balance sheet total, EUR 1,000 130,349 123,258 114,587

Net working capital, EUR 1,000 29,350 24,345 20,557

Interest-bearing liabilities, EUR 1,000 30,647 32,909 33,993

Shareholders’ equity, EUR 1,000 75,521 65,738 55,425

Net debt / EBITDA -0.24 -0.10 0.03

Return on equity (ROE), % 34.5 39.0 36.3

Return of capital employed (ROCE), % 31.4 33.0 31.5

Equity ratio, % 58.7 54.1 49.2

Gearing, % -12.9 -6.3 2.2

Gross investments, EUR 1,000 2,330 2,033 999

% of net sales 1.3 1.2 0.6

Employee salaries, wages and bonuses, EUR 1,000 28,261 26,245 24,155

Average personnel 466 462 434

Personnel at the end of the financial year 480 468 459

Return on equity (ROE)

2022

36.3 39.0 34.5

2023 2024

Return of capital employed (ROCE)

2022

31.5 31.4

33.0

2023 2024

13Key figures of the Group and formulas for the key figures

Per-share key figures

2024 2023 2022

Earnings per share (EPS), EUR 0.60 0.58 0.56

Equity per share, EUR 1.86 1.62 1.37

Dividend per share, EUR¹ 0.65 0.37 0.34

Dividend per profit, %¹ 108.3 63.8 60.7

Effective dividend yield, %¹ 5.4 2.8 3.9

P/E ratio 20.2 22.9 15.5

Share issue adjusted average number of shares 40,571,380 40,571,380 40,623,999

Share issue adjusted number of shares at the end of the period 40,571,380 40,571,380 40,571,380

Earnings per share

Euroa

0.1

0.2

0.3

0.4

0.5

0.6

0.7

2022

0.56 0.58 0.60

2023 2024

Dividend per share

Euroa

0.2

0.4

0.6

0.8

2022

0.65

0.34

0.37

2023 2024¹

Effective dividend yield

2022

3.9

2.8

5.4

2023 2024¹

P/E ratio

Euroa

2022

15.5

22.9

20.2

2023 2024

¹ The Board of Directors of Marimekko proposed on 19 February 2025 to the AGM on 15 April 2025 that a regular dividend of

EUR 0.40 and an extraordinary dividend of EUR 0.25 per share is paid for 2024.

14Key figures of the Group and formulas for the key figures

Reconciliation of alternative key figures to IFRS

(EUR 1,000) 2024 2023 2022

Items affecting comparability

Employee benefit expenses -552 -631 -146

Items affecting comparability in operating profit -552 -631 -146

EBITDA 40,724 40,580 39,887

Employee benefit expenses 552 631 146

Comparable EBITDA 41,276 41,211 40,033

Operating profit 31,380 31,400 30,236

Employee benefit expenses 552 631 146

Comparable operating profit 31,932 32,031 30,382

Net sales 182,604 174,105 166,515

Operating profit margin, % 17.2 18.0 18.2

Comparable operating profit margin, % 17.5 18.4 18.2

Items affecting comparability are exceptional transactions that are not related to the company’s regular

business operations. The Group’s management exercises its discretion when making decisions regarding the

classification of items affecting comparability. Items affecting comparability include, for example, restructuring

costs, expenses related to ending employment contracts as well as exceptional and unexpected events.

Formulas for key figures

Comparable EBITDA, EUR:

Operating result - depreciation - impairments - items affecting comparability

Comparable operating result, EUR:

Operating result - items affecting comparability in operating result

Comparable operating result margin, %:

(Operating result - items affecting comparability in operating result) x 100 / Net sales

Earnings per share (EPS), EUR:

(Profit before taxes - income taxes) / Adjusted number of shares (average for the period under review)

Comparable earnings per share (EPS), EUR:

Comparable profit before taxes - income taxes on comparable profit / Adjusted number of shares

(average for the period under review)

Return on equity (ROE), %:

Rolling 12 months (Profit before taxes - income taxes) x 100 / Shareholders’ equity (average)

Return on capital employed (ROCE), %:

Rolling 12 months (Profit before taxes + interest and other financial expenses) x 100 / Balance sheet total - non-interest-

bearing liabilities (average)

Equity ratio, %:

Shareholders’ equity x 100 / (Balance sheet total - advances received)

Equity per share, EUR:

Shareholders’ equity / Number of shares, 31 Dec.

Dividend per profit, %:

Dividend per share x 100 / Earnings per share (EPS)

Effective dividend yield, %:

Dividend per share x 100 / Adjusted share price, 31 Dec.

P/E ratio:

Adjusted share price, 31 Dec. / Earnings per share (EPS)

Net working capital, EUR:

Inventories + trade and other receivables + current tax assets - tax liabilities - current provisions - trade and other payables

Gearing, %:

Interest-bearing net debt x 100 / Shareholders’ equity

Net debt / EBITDA:

Interest-bearing net debt / Comparable rolling 12-month EBITDA

Sustainability report 2024

ESRS 2 – GENERAL DISCLOSURES

REPORTING PRINCIPLES

General basis for preparing the sustainability report

Company profile

Marimekko Corporation is a Finnish clothing

and textile design company. Marimekko and its

subsidiaries form a group that designs, produces,

sources, sells and markets clothing, bags and

accessories, as well as home décor items ranging

from textiles to tableware. A large proportion of the

fabrics used in Marimekko’s products are printed at

the company’s own textile printing factory in Finland.

In Marimekko’s sustainability report and

financial statements, operations are reported at

the Marimekko Group level. Any exceptions to

this principle are indicated in conjunction with the

information in question. In this report, Marimekko

has not used the possibility to exclude information

related to intellectual property, know-how or results

of innovation, or the exception related to impending

developments or matters in the course of negotiation

as per Article 19a(3) and Article 29a(3) of Directive

2013/34/EU.

This report contains relevant information on

upstream and downstream of Marimekko’s value

chain, particularly regarding environmental impacts

and supply chain. The upstream reporting includes

data related to materials, among others. The

complexity of value chain determines the extent of

tiers from which Marimekko collects information.

For example, in the textile value chain, the company

typically maps the sewing factory and the material

supplier. The company continuously strives to improve

the transparency of the supply chain. Downstream in

the value chain, the company reports on matters such

as its work to reduce the environmental impacts of

products in the use phase.

The sustainability report is published annually as

part of the Report of the Board of Directors, and the

reporting period is the same as for financial reporting.

This sustainability report covers the financial year

from 1 January 2024 to 31 December 2024.

Reporting principles applied to each topic are

presented at the end of each ESRS standard.

Basis of preparation

This sustainability report has been prepared for

the financial year 2024 and replaces the previous

reporting of non-financial information in accordance

with the EU Non-Financial Reporting Directive

(2014/95/EU, NFRD). In addition, the sustainability

report details on actions based on Marimekko’s

sustainability strategy for 2021–2025.

The sustainability report has been prepared in

accordance with the requirements of Chapter 7 of

the Accounting Act and the Sustainability Reporting

Standards (ESRS) and Article 8 of the Taxonomy

Regulation (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).

The topics and key figures reported in the

sustainability report are based on a double materiality

analysis. The double materiality analysis is described

in more detail in this section under Identification

and assessment of material impacts, risks and

opportunities.

The reported sustainability data and related

claims have been verified (limited verification) by

an independent third party, KPMG Oy Ab. The

verification was carried out in accordance with

the international verification standards ISAE

3000 (Revised). Data and benchmarks based on

Marimekko’s sustainability strategy 2021–2025 have

not been verified.

Use of transitional provisions

In the Sustainability Report 2024, Marimekko utilizes

the transitional provision in the E4 – Biodiversity and

ecosystems standard. With regard to this standard,

the company has identified the following material

sub-topics: factors directly impacting biodiversity

loss, impacts on the state of species, impacts on

the extent and state of ecosystems and impacts on

ecosystem services and dependencies on them.

Biodiversity and the preservation of ecosystems

are closely related to other environmental topics,

such as climate change and water and marine

resources, of which Marimekko reports in 2024.

Factors emphasized in Marimekko’s sustainability

work include, e.g., designing long-lasting products,

extending the life cycle of products and the use of

recycled materials, which play an important role

in mitigating the impacts on biodiversity through

reducing such factors as the pressure on land use

change related to the production of new materials,

greenhouse gas emissions and water use. The

company’s actions to mitigate climate change also

affect biodiversity, as climate change and biodiversity

are closely linked.

Material choices based on the company’s

sustainability and material strategies contribute to

the protection of biodiversity. For reasons related to

biodiversity, the company’s Product Requirements

outline that any material from species defined

endangered or vulnerable in the International Union

for Conservation of Nature’s (IUCN) Red List or

included in the Convention on International Trade

in Endangered Species of Wild Fauna and Flora

(CITES) must not be used in Marimekko products.

The Product Requirements also prohibit the use

of leather from farms located in the felled Amazon

region or other areas where land has been cleared for

cultivation by felling old, endangered or conservation-

critical forests. Starting from 2024, Marimekko is

committed to sourcing only wood-based textile

materials that are made from recycled or FSC or

PEFC certified raw materials to reduce the risk of

deforestation in the supply chain.

Marimekko has mapped the locations of its own

operating sites in relation to biodiversity-sensitive

areas. During the reporting year, Marimekko

did not have any of its own operations in areas

classified as Key Biodiversity Areas, Ramsar areas,

UNESCO World Heritage Sites or legally protected

areas. Marimekko has not identified or assessed

dependencies on biodiversity and ecosystems,

identified or assessed related transition or systemic

risks, or consulted affected communities on the

subject.

The company has not identified that it should

implement biodiversity-related mitigation measures,

which are identified, for example, in the following:

Directive 2009/147/EC of the European Parliament and

of the Council on the conservation of wild birds; Council

Directive 92/43/EEC on the conservation of natural

habitats and of wild fauna and ﬂora; an Environmental

Impact Assessment (EIA) as defined in Article 1(2), point

(g), of Directive 2011/92/EU of the European Parliament

and of the Council on the assessment of the effects of

certain public and private projects on the environment.

The need for mitigating measures will be reassessed

once biodiversity impacts have been systematically

identified.

Marimekko intends to deepen the assessment

of its biodiversity impacts, particularly with regard

to the most significant raw materials and countries

of origin. The aim is to identify the most important

biodiversity impacts of the company’s operations in

order to systematically reduce them. In the coming

years, the company will examine the setting of targets

and indicators related to biodiversity and ecosystems

and further specify its operating principles related to

this theme.

Marimekko also makes use of the transitional

provision, where applicable, in relation to standards

S1 – Own workforce and S2 – Workers in the

value chain. The impacts related to these topics

on the company’s business model and strategy are

presented under Strategy and business model.

RISK MANAGEMENT AND INTERNAL CONTROLS

OVER SUSTAINABILITY REPORTING

Marimekko’s sustainability report is prepared in

accordance with the Group’s statutory reporting,

risk management and internal control principles

and processes, which are consistent with financial

reporting where applicable. Risks related to the

company’s business are assessed by means

of comprehensive risk management, which is a

continuous and systematic process for identifying

and assessing key risks related to the company’s

operations and operating environment. Key risks

are those that may prevent the use of a business

opportunity, jeopardize or prevent the achievement

of strategic goals set by or the continuity of the

operations of the Group or a part of it, or otherwise

cause significant consequences for the company,

personnel or stakeholders. It is essential to identify

and assess the risks, threats and opportunities

that may be of significance to the implementation

of the company’s values and strategy and to the

achievement of short- and long-term goals, as well

as to identify and assess the company’s impact on

society and the environment.

In both financial and sustainability reporting, risk

assessment, prioritization and internal control are

based on risk identification and analysis. The control

is focused on the most material identified risks.

Marimekko’s internal control is based on the COSO

(Committee of Sponsoring Organizations) model, and

the internal control related to the reporting process is

part of Marimekko’s comprehensive internal control

and risk management framework.

The risks identified for sustainability reporting

comprise the completeness and integrity of the

reported information, particularly regarding the

information collected from the value chain, and the

timeliness of reporting. To ensure the accuracy and

timeliness of the reported information, Marimekko has

defined a governance model that includes the roles

and responsibilities of sustainability reporting.

The implementation of sustainability reporting

is the responsibility of Marimekko’s CFO together

with the sustainability team (part of the Business

Development and Transformation function) and

the company’s Legal, People & Culture as well as

Communications and Investor Relations teams. The

company also uses the Group’s financial services and

external service providers for sustainability reporting.

Business process owners are responsible for

producing reported information in a transparent

manner. The responsibility for the accuracy of reported

content, adherence to reporting schedules and

delivery according to the process is assigned to the

work roles defined in the governance model. Internal

controls are in place to ensure the accuracy and

timeliness of the reported content, and the reporting

is steered and monitored by Marimekko’s Audit and

Remuneration Committee and Management Group.

SUSTAINABILITY GOVERNANCE

Role of the administrative, management and

supervisory bodies

The sustainability report contains information

on sustainability management. Information on

the general tasks, composition, competence of

the governance and control bodies as well as

risk management processes is presented in the

Corporate Governance Statement.

Sustainability management at Marimekko

Marimekko is committed to observing the same

operating principles all over the world, in compliance

with international and local laws and regulations,

Marimekko’s values and ethical business conduct.

Responsibility for sustainability matters lies with

the Board of Directors, the President and CEO and

the Management Group. Marimekko’s operating

practices are based on the company’s Code of

Conduct approved by the Board of Directors. In

addition, the Board of Directors has approved in the

beginning of 2025 Marimekko’s Sustainability Policy,

which further specifies the operating practices

related to sustainable business. More information on

the content of the Code of Conduct can be found in

section G1 – Business Conduct under Policies and

under each topic under Policies.

Marimekko’s sustainability work is guided by the

company’s business strategy as well as the related

sustainability strategy, which is set for the period

2021–2025. The focus areas of the sustainability

strategy and work are based on Marimekko’s brand,

vision and values, analyses of the megatrends

affecting the fashion and textile industry, consumer

trends and insight, studies on sustainability factors

throughout the value chain, the benchmarking of

industry practices, stakeholder dialogue and input

from employees. In addition, the company has carried

out a double materiality analysis required by the

Sustainability Reporting Directive, which contributes

to specifying sustainability actions. The double

materiality analysis is described under Identification

and assessment of material impacts, risks and

opportunities.

Sustainability-related impacts, risks and

opportunities are described in the section

Identification and assessment of material impacts,

risks and opportunities and topically in the sections

dealing with environmental, social and governance

aspects. Other significant risks and uncertainties

related to the company’s business operations are

described in the Report of the Board of Directors.

Board of Directors

The Annual General Meeting elects the Board of

Directors annually. A person elected to the Board of

Directors must have the competence required for

the position, including competence in sustainability

themes, and the opportunity to devote sufficient

time to the Board duties. Diversity of the Board

of Directors, including the members’ mutually

complementing competencies, education and

experience of different industries and geographical

regions significant for the company’s business,

as well as their personal characteristics, helps

ensure that the Board as a whole supports the

implementation of Marimekko’s business and

sustainability strategies and the customer orientation

of its business in an optimal manner.

Sustainability report 2024

BOARD OF DIRECTORS

• approves and signs the sustainability report

• approves Marimekko Code of Conduct, Sustainability Policy and ethics & compliance program and monitors its progress

• approves the sustainability strategy and its key targets and monitors the progress of the strategy

• sets annual sustainability targets for the President and CEO and Management Group members

AUDIT AND REMUNERATION COMMITTEE

• is responsible for the appropriate monitoring of the company’s sustainability reporting and its organization and assurance

• is responsible for monitoring the company’s impacts, risks and opportunities

• monitors the effectiveness of internal control and risk management systems

• assesses risk reports and prepares matters related to risk management for the Board of Directors

PRESIDENT AND CEO

• is responsible for the company’s compliance with laws and regulations

• is responsible for the appropriate organization of risk management in the Group

• is responsible for implementing the ethics & compliance program in accordance with the Board’s instructions

THE MANAGEMENT GROUP

• is responsible for identifying and assessing risks both in general and each within their own areas of responsibility,

as well as for the appropriate risk management measures

• oversees the implementation of the ethics & compliance program

• approves Supplier Code of Conduct and its supporting detailed guidelines

Business Development & Transformation

and its Sustainability team

• is responsible for developing the

sustainability strategy in the company and

in the value chain

• with its in-depth expertise, supports and

advises the organization in wide-ranging

sustainability work

• monitors the progress of sustainability

work in relation to the targets

• is partly responsible for the sustainability

reporting

Design, Innovation & Creative Concepts

• is responsible for designing the collections

following Marimekko’s design philosophy

based on timelessness, functionality and

longevity, and taking into account the prin-

ciples of circular economy

Innovation Works team

• is responsible for promoting the adoption

of innovative and new projects related to

sustainability and circular economy, such as

new materials

Product and Supply Chain

• is responsible for product development,

procurement and manufacturing in line

with the sustainability strategy, taking into

account Marimekko’s material strategy and

the principles of circular economy

• selects partner suppliers and constantly

communicates with them in accordance

with the defined due diligence process

Quality team

• is responsible for product quality and

compliance in different markets

Other business units and teams

• mapping and mitigating sustainabi-

lity risks, sustainability measures and

sustainability work development in their

respective area

• providing information for sustainability

reporting from their area

Marimekko’s Board of Directors approves

the company’s Code of Conduct, sustainability

strategy and its key targets and is responsible

for sustainability reporting. In addition, the Board

approves the company’s ethics & compliance

program and monitors its progress. In accordance

with the annual cycle, the Board of Directors follows

up on the progress of the company’s sustainability

strategy and reviews the sustainability report.

The Board addresses other sustainability-related

matters as necessary and consults the company’s

sustainability experts.

At the end of 2024, Marimekko’s Board of

Directors consisted of 6 members (31 December

2023: 6), of whom 67 percent (67) were men and

33 percent (33) women. A total of 83 percent (83)

of the members are independent of the company

or the company’s significant shareholders. 1 of the

6 members of the Board of Directors also serves in

company management under a half-day executive

contract. The personnel do not have a representative

in the company’s management.

Through operational positions and/or positions of

trust, the Board members have diverse experience in

the fashion, clothing, technology and retail industries

and knowledge of the impacts, risks and opportunities

related to sustainable business in these industries.

This industry and business model expertise supports

the Board’s work with regard to material impacts,

risks and opportunities. In addition, all Board

members have strong expertise in good governance

through operational management positions and/or

positions of trust in listed companies or other large

companies. All members of the Board of Directors

have a university degree and one has a doctorate.

The degrees come from different fields, with a focus

on business and administration. The Board members’

ages vary between 32 and 60 years (31–59).

Sustainability report 2024

The sustainability competence of Marimekko’s

Board of Directors is ensured through regular sustain-

ability, environmental and compliance briefings

given by the company’s experts, which provide

the members of the Board with information on the

company’s most material sustainability-related

impacts, risks and opportunities as well as the

progress towards the company’s sustainability goals.

Based on this information and previous experience,

the Board of Directors is able to consider different

perspectives when overseeing the company’s

strategy and risk management process as well as

possible compromises in decision-making. The

Board of Directors and its Audit and Remuneration

Committee may also obtain external expert

assistance in sustainability matters, if necessary.

During the financial year 2024, the Board of

Directors met 8 times (7) and discussed the following

sustainability topics in its meetings: Risks; Personnel

competence mapping and succession planning;

Development of the company’s culture; Two updates

on the progress of the sustainability strategy and

reporting; Sustainability reporting in accordance with

CSRD; Setting science-based short-term emission

reduction targets; and The progress of the ethics

& compliance program. Each theme was presented

to the Board by a member of the company’s top

management, related to their respective area of

responsibility.

Board of Directors’ Committees

Marimekko’s Audit and Remuneration Committee

is responsible for the appropriate organization of

control over the company’s accounting, financial and

sustainability reporting, monitors the effectiveness

of internal control and risk management systems,

assesses risk reports and prepares risk management

matters for the Board of Directors.

During the financial year 2024, the Audit and

Remuneration Committee of the Board of Directors

met 5 times (5) and discussed the following themes

related to material impacts, risks and opportunities in

its meetings: Risks; Four updates on the company’s

sustainability reporting in accordance with the

CSRD, including the double materiality analysis; Two

updates on the progress of the company’s material

strategy; and The progress of the company’s ethics &

compliance program.

President and CEO and Management Group

The Board of Directors sets annual targets for senior

management, which comprises the President and

CEO and the members of the Management Group.

The targets for senior management members also

include sustainability-related indicators related to

each member’s area of responsibility. These targets

are expanded to and implemented in Marimekko’s

teams and business units and the Management Group

monitors their progress at least once every six months.

The President and CEO is responsible for day-

to-day management in accordance with the Board’s

instructions. Responsible for the implementation of

the company’s sustainability measures, the President

and CEO reports to the Board of Directors on the

material impacts, risks and opportunities related

to sustainability as well as the progress towards

the sustainability targets by providing the Board

of Directors, alone or together with the company’s

sustainability experts, with an annual sustainability

report as well as reviews of sustainability-related

themes in accordance with the Board of Directors’

annual cycle. In addition, the President and CEO is

responsible for the appropriate organization of risk

management in the Group.

Members of Marimekko’s Management Group have

diverse experience in the fashion, clothing, technology

and retail industries and knowledge of the impacts,

risks and opportunities related to sustainable

business practices in these industries. In addition,

the Management Group members have expertise

in good governance through earlier and/or current

management positions and/or positions of trust in

listed companies or other large companies. At the end

of 2024, Marimekko’s Management Group consisted

of 11 members (10), of whom 9 percent (0) were men

and 91 percent (100) women.

The members of the Management Group are

each responsible for sustainability measures in

their area of responsibility in accordance with the

Group’s sustainability strategy and for identifying and

assessing sustainability-related risks and appropriate

risk management measures. The responsibility

for implementing the sustainability strategy in the

company’s own operations and in the value chain,

monitoring material impacts, opportunities and risks

related to sustainability (double materiality analysis)

and developing sustainability work accordingly

belongs to the Director of Business Development

and Transformation. This Director reports to the

Management Group on topical sustainability issues

affecting the company every six months.

From the members of the Management Group,

the Chief Financial Officer is responsible for the

implementation of sustainability reporting. The

General Counsel is responsible for supporting the risk

assessment process, developing and harmonizing

risk management, risk management training and

guidance provision, and ensuring the consistency

of the reporting templates and systems used in risk

management.

The Group’s Legal, Communications and Investor

Relations, People & Culture as well as Business

Development and Transformation functions are

jointly responsible for the accuracy and timeliness of

sustainability communications and compliance with

laws and regulations related to reporting.

Integration of sustainability-related performance in

incentive schemes

Marimekko’s Remuneration Policy forms the basis for

the remuneration of Marimekko’s Board of Directors

and President and CEO. The Annual General Meeting

has confirmed Marimekko’s Remuneration Policy

with an advisory decision. The purpose of the policy

is to support the company’s long-term financial

performance and success, contribute to the positive

development of shareholder value and increase

commitment to the company. The remuneration

practices support Marimekko’s financial and business

strategy objectives and targets as well as the

company’s sustainability strategy and values.

Marimekko’s Annual General Meeting decides on

the remuneration of the Board of Directors annually.

There are no business or sustainability targets

included in the remuneration of the Board of Directors.

The Board of Directors decides on the remuneration of

the President and CEO and the Management Group on

the basis of a proposal by the Audit and Remuneration

Committee.

The short-term incentive scheme for the President

and CEO is decided annually and may not exceed

50 percent of the fixed annual salary. The incentive

is based on the achievement of the annually set

targets. In 2024, the earning criteria for the President

and CEO’s short-term incentive were based on the

development of the company’s net sales (30 percent

of the incentive) and comparable operating margin

(50 percent) as well as personal targets (20 percent),

which included various sustainability targets, such as

reducing greenhouse gas emissions intensity.

Other members of the Management Group

also have part of their remuneration tied to

sustainability targets related to their respective area

of responsibility. In 2024, the Management Group’s

sustainability targets included, for example, reducing

Sustainability report 2024

the intensity of greenhouse gas emissions and water

use, and promoting an ethical corporate culture in

the company’s value chain. For other members of

the Management Group, sustainability targets were

included in the personal targets with a maximum

weight of 20 percent in the remuneration for 2024.

Report on sustainability due diligence process

Marimekko Corporation complies with the Finnish

Limited Liability Companies Act, other regulations

concerning publicly listed companies, Marimekko

Corporation’s Articles of Association and the rules

and guidelines of Nasdaq Helsinki Ltd. In addition,

Marimekko complies with the Corporate Governance

Code for listed companies, which entered into force

on 1 January 2025.

The due diligence process is integrated into

the company’s governance, strategy and business

model. The roles of the administrative, management

and supervisory bodies are described in the section

Sustainability management at Marimekko.

The most important ethical business principles

are outlined in the Marimekko Code of Conduct

and Supplier Code of Conduct. These codes cover,

among other things, the company’s commitment

to sustainability and responsible operation in such

matters as environmental issues, social aspects,

respect for human rights and combating corruption

and bribery. The Supplier Code of Conduct is

appended as a part of the agreements between

Marimekko and its partner suppliers i.e. contract

manufacturers.

The identification and assessment of adverse

impacts is described in more detail in the section

G1 – Business conduct under Identification

and assessment of material impacts, risks and

opportunities. The implementation of measures to

prevent adverse impacts is described in sections

E1 – Climate change, E3 – Water and marine

resources, S1 – Own workforce and S2 – Workers

in the value chain under Actions. The monitoring

and communication of the actions’ effectiveness is

reported in the section S2 – Workers in the value

chain under Processes to remediate negative

impacts and channels for value chain workers to

raise concerns.

Marimekko is a member of numerous international

cooperation networks, such as amfori BSCI, whose

monitoring mechanisms include interviewing

employees. In addition, public consultations are

carried out in connection with the regular review

of the criteria for these cooperation networks, and

employees can also participate in these consultations.

Interaction with affected stakeholders at key stages

of the due diligence process is described in section

S2 – Workers in the value chain under Actions.

Marimekko has instructions and defined processes

to apply in case of suspected violations of legislation

or the company’s Code of Conduct and other industry

guidelines. The company’s due diligence process is

continuously evaluated and developed.

STRATEGY, BUSINESS MODEL AND VALUE CHAIN

Strategy and business model

Marimekko’s design philosophy and operations have

since the company’s founding been based on the aim

of providing its customers in all markets with timeless,

functional and high-quality products that bring them

long-lasting joy and that they will not want to throw

away. Marimekko’s most significant product groups

are fashion, bags and accessories as well as home

products. There were no significant changes in these

during the reporting period.

Marimekko designs, produces, sources, markets

and sells clothing, bags and accessories, as well as

home décor items ranging from textiles to tableware.

The business model is based on a variety of

distribution channels, which include company-owned

Marimekko stores, outlet stores and e-commerce

(retail), partner-owned Marimekko stores, shop-in-

shops and e-commerce as well as department stores

and multi-brand stores or e-tailers (wholesale), and

licensing as well as various creative retail concepts,

such as pop-up stores, which are constantly

increasing in importance. Marimekko’s wide product

range is manufactured by an international network

of approximately 150 partner suppliers. In 2024, 44

percent (44) of Marimekko’s products sold were

manufactured in EU countries and the remainder was

mainly manufactured in non-EU European countries

or in Asia. A large proportion of the fabrics used in

different product lines are printed at the company’s

own textile printing factory in Helsinki, Finland. The

textile printing factory also serves as an innovation

hub for the company’s most important differentiator,

its art of printmaking, and enables active participation

in research and development projects related to

products and operations.

Marimekko’s key markets are Northern Europe,

the Asia-Pacific region and North America. Finland

is a strong domestic market for the company. At the

end of 2024, Marimekko’s personnel by headcount

(in an employment relationship on 31 December)

were distributed by market area as follows: Finland

544 (519), Scandinavia 57 (57), the EMEA region 0

(0), North America 24 (22), the Asia-Pacific region

52 (56). The average number of full-time equivalent

employees is presented in Note 4 to the consolidated

financial statements. The number of full-time

equivalent employees by market area is presented

in the Report of the Board of Directors under

Personnel.

Based on the business model, Marimekko’s

customer groups comprise consumers in all operating

countries as well as wholesale customers, such as

company’s partners in different markets, department

stores and multi-brand stores. There were no changes

in the key markets or customer groups during the

reporting period.

In both its business and its value chain, the

company emphasizes a proactive approach to solving

sustainability-related challenges. Long-lasting

products play a key role in this work, and in their

design and manufacture, factors taken into account

include, for example, the quality of the materials used

in the products, the environmental and social impacts,

the repairability of the product and the principles of

circular economy. In addition, in its operations the

company pays attention to direct logistics deliveries,

the use of renewable energy and closed-loop

production models.

Marimekko has defined five strategic success

factors on which the company intends to scale

its growth during the strategy period 2023–2027.

The company focuses on scaling the Marimekko

phenomenon and business to bring joy and empower

an increasing number of people around the world.

These five strategic SCALE success factors are:

S: Determined sustainability efforts support

Marimekko’s long-term success

C: Sharpened creative vision to speak to a wider global

audience

A: Accelerating growth in Asia

L: Love for Marimekko life

E: End-to-end digitalization to boost omnichannel

growth and efficiency

The company believes that determined

sustainability efforts support long-term success, which

is why sustainability work is one of the five success

factors in its strategy. Marimekko’s sustainability work

is based on the sustainability strategy for 2021–2025.

It is summarized in three main principles that extend

to the value chain in addition to the company’s own

Sustainability report 2024

operations. These principles and related targets are:

Timeless design that brings joy for generations to

come

• Our design philosophy is based on timelessness

• We offer durable, high-quality and functional

products

• We actively work to prolong product lifetime

• We contribute to the circular economy through new

processes and services

The products of tomorrow leave no trace

• We work to reduce our greenhouse gas emissions

intensity throughout the value chain

• We work to reduce the amount of chemicals used in

our supply chain

• We work to reduce the water use intensity in our

supply chain

• We minimize waste and maximize recycling and

upcycling of materials in our operations

Positive change through fairness and equality

• We promote human rights, living wages, worker

empowerment, and safe working conditions in our

supply chain

• We aim for full product transparency

• We provide an inspiring, responsible and caring

workplace

• Our culture is founded on equality, diversity, and

inclusivity and we promote and foster these values

in our entire value chain

These principles and targets guide everything

Marimekko does, from design and product

development to production, logistics and serving

customers in stores or online. More detailed

information on the actions related to these targets is

provided in each topical standard under Actions.

The value chain

In the fashion and textile industry, value chains

are typically long and global. The upstream of

Marimekko’s value chain is related to the products’

raw materials, such as the production of fibers and

materials (yarn, pulp and material production) as well

as assembly, including dyeing, cutting and sewing

and, in home products, also casting. In this part of

the value chain, direct suppliers include the factories

that manufacture the end products and the material

suppliers of the textile printing factory in Helsinki.

Marimekko’s own operations within the value

chain include product design and development that

steer the important material and production phases

and, consequently, the related sustainability impacts,

as well as material sourcing, the textile printing

factory’s production, product storage, logistics and

distribution, and product sales through Marimekko’s

own stores, online store and wholesale.

Consumers are downstream of the value chain,

and this phase also includes the end of the product

life cycle, such as reuse and recycling. For the

downstream of the value chain, Marimekko offers

in some markets repair, alteration and maintenance

services and an online reselling service to help to

extend the product life cycle.

INTERESTS AND VIEWS OF STAKEHOLDERS

At Marimekko, sustainability is integrated into business

decisions and long-term planning. This approach

reﬂects the company’s commitment to delivering

long-term benefits to stakeholders while reducing

environmental impacts and social risks. Marimekko’s

key stakeholders are: Consumers; Distribution partners

and retailers; Personnel; Shareholders and investors

and analysts; Contract manufacturers; Media and

inﬂuencers; Partners; NGOs and charities; Universities

and research institutions.

For consumer customers, for example, quality

and long-lasting products are factors that increase

satisfaction and loyalty. Investors can benefit from the

company’s expansion into international markets in the

form of return on investment. Marimekko’s continuous

sustainability work and compliance with responsible

operating practices and legislation are important

for maintaining the trust of customers and other

stakeholders. The company’s sustainability initiatives,

such as setting science-based emission reduction

targets and committing to material strategy and ethical

business practices, can improve its reputation and

reduce environmental impacts, thus benefiting a wide

range of stakeholders, such as communities along the

value chain and supply chain partners.

Marimekko is committed to the continuous

improvement of its products and practices in

collaboration with its personnel, partner suppliers and

other stakeholders. The company is a member of the

world’s largest corporate responsibility initiative, the

UN Global Compact, and is committed to fostering

its ten principles. Marimekko is also committed to the

Science Based Targets initiative (SBTi) and has set

near-term science-based emission reduction targets.

The company wants to communicate its

operations transparently and maintain an active

dialog with its stakeholders. For example, in creating

the company’s current SCALE strategy and annual

action plans, the company’s own workforce is

involved in defining the priorities and content through

workshops and surveys, among other things. In

addition, each function creates its own annual plan

based on company-level priorities, and this plan forms

the basis for each employee’s annual targets. The

execution of annual plans is reviewed within each

project as it progresses, within functions, and for

employees, at least every six months. Marimekko’s

management issues an update on the progress of

the company’s strategy and the achievement of its

objectives for the personnel at least quarterly.

The company receives feedback on its operations

through, e.g., customer feedback from retail and

wholesale customers, suggestions from employees,

meetings and surveys with investors, suppliers and

other stakeholders, and via traditional and social

media. Key stakeholder messages and essential

feedback are regularly reported to Marimekko’s Board

of Directors and Management Group.

Stakeholder views were utilized in the double

materiality analysis conducted in 2023–2024, on the

basis of which Marimekko confirmed the operationally

material sustainability themes. Different stakeholders

highlighted different perspectives, but all stakeholder

groups valued environmental and social aspects and

good governance throughout the value chain. The

interviews deepened Marimekko’s view of topics that

are significant to different stakeholders, and they are

reﬂected in the themes that proved to be material in

the double materiality analysis.

The sustainability expectations and perspectives

that emerged through the double materiality analysis

and other stakeholder surveys already have an

impact on the company’s sustainability strategy and

sustainability work as well as the communication

of sustainability-related matters at the product and

company level. They also serve as the basis for

the planning and implementation of the company’s

sustainability strategy period starting in 2026.

The double materiality analysis is described in

more detail under Identification and assessment of

material impacts, risks and opportunities.

IDENTIFICATION AND ASSESSMENT OF

MATERIAL IMPACTS, RISKS AND OPPORTUNITIES

For this sustainability report, Marimekko’s

material impacts, risks and opportunities related

to sustainability have been identified in a double

materiality analysis based on the principles of the

company’s risk management process.

Sustainability report 2024

Other risks related to the company’s business

are assessed by means of comprehensive risk

management, which is a continuous and systematic

process for identifying and assessing key risks

related to the company’s operations and operating

environment. Key risks are those that may prevent the

use of a business opportunity, jeopardize or prevent

the achievement of strategic goals set by or the

continuity of the operations of the Group or a part

of it, or otherwise cause significant consequences

for the company, personnel or stakeholders. It is

essential to identify and assess the risks, threats

and opportunities that may be of significance to the

implementation of the company’s values and strategy

and to the achievement of short- and long-term

goals, as well as to identify and assess the company’s

impact on society and the environment.

According to the comprehensive analysis, risks

and opportunities related to Marimekko’s material

sustainability themes include the impacts of climate

change and loss of biodiversity on the availability and

supply chain of raw materials, changes in consumer

behavior and in the company’s product portfolio

weightings, increasing expectations and new tools

regarding the transparency of the value chain,

continuously evolving best practices in the industry

as well as increasing regulation that may affect, for

example, the company’s products, communications

and the value chain more broadly.

The themes arising from the double materiality

analysis are consistent with the findings of Marimekko’s

comprehensive risk management process.

The members of Marimekko’s Management

Group are responsible for identifying and assessing

risks both as a whole and in their respective areas

of responsibility, implementing appropriate risk

management measures and communicating risks

and measures to the personnel. The General

Counsel is responsible for supporting the risk

assessment process and developing and steering

risk management, among other things. The material

impacts, risks and opportunities identified in the

double materiality analysis are managed in the same

way as the risks identified in the comprehensive risk

management process.

Double materiality analysis

The identification and assessment of sustainability-

related impacts, risks and opportunities covers the

company’s own operations as well as different stages

and business relationships in the international value

chain and other parties that are or may be affected

by the company’s operations. The company strived to

extensively examine impacts, risks and opportunities

in the value chain, from raw material production

to product end-of-life and recycling. Marimekko’s

double materiality assessment process did not focus

on any specific activities, business relationships or

geographical areas, and Marimekko’s due diligence

process has recognized regional differences in such

areas as the assessment of human rights risks. These

were taken into account as part of the assessment of

impacts, risks and opportunities.

Marimekko does not have own workforce in

countries that have been identified as high-risk areas,

and its own workforce does not involve the risk of

using child or forced labor.

Marimekko conducted the double materiality

analysis in four phases in 2023–2024. The first

phase consisted of defining Marimekko’s value chain

and the impacts of Marimekko’s operations in its

various parts as well as sorting the impacts between

those attributable to Marimekko’s strategy and

business model and those attributable to business

relationships.

In the second phase, views on the company’s

actual and potential impacts, risks and opportunities

were collected from internal and external

stakeholders by conducting interviews and surveys

as well as analyzing research and survey results

concerning Marimekko and its industry. The ten

topics defined in the EU Sustainability Reporting

Standard were used as a reference framework.

In addition to the company’s own personnel, the

involved stakeholders comprised raw material

suppliers, product manufacturers (partner suppliers),

customers, consumers as well as investors and NGOs.

The sustainability impacts were identified

using Marimekko’s internal and external reporting

data, existing assessments on various topics, the

company’s operating principles and objectives,

external research and surveys as well as expert

opinions collected in stakeholder interviews.

Environmental impacts related to climate, water

and marine resources were identified using targets

and policies set by Marimekko, previous reporting

and assessments on environmental impacts such as

greenhouse gas calculations, and data on energy

and water consumptions and generated waste.

The material impacts, risks and opportunities of water

resources are related to Marimekko’s entire business,

which is the Group’s only business segment. Water

is a material issue in the company’s own operations

in Finland. Upstream of the value chain, water is

a material issue in several geographies in Europe

and Asia for the sourcing of raw materials and the

manufacture of products. Downstream of the value

chain, water is a material issue in the use phase of

products that require frequent washing. Marimekko

does not use significant amounts of marine

natural resources that are essential for the good

environmental status or protection of marine waters.

APPLIED MATERIAL IMPACT CRITERIA AND VALUES

Criterion Criterion description Applied numerical values

Scale How severe is the negative impact, whether it leads

to non-compliance with laws or regulations; or how

beneficial is the positive impact for people or the

environment?

1–5

(minimal–absolute)

Scope How widespread are the negative impacts?

Regarding environmental impacts, extent refers

to the spread of environmental damage or a

geographical region; with regard to impacts on

people, to the number of people affected.

1–5

(limited–very widely spread)

Irremediability Can the negative impacts be mitigated and to what

extent; can the environment be restored or people’s

previous state recovered?

1–5

(easy–non-remediable)

Likelihood How likely is it that the impact will occur? 25/50/75/100 %

(very unlikely–very likely)

The materiality of positive impacts was calculated using the formula: (scale + extent)/2 x likelihood percentage

The materiality of negative impacts was calculated using the formula: (scale + extent + restorability)/3 x likelihood percentage

If an identified impact scored 3.5 or more in this calculation, it was assessed to be material.

Sustainability report 2024

22Sustainability report 2024

However, the company’s printing factory uses some

chemicals, for which seaweed is used for raw material

production.

Impacts on own workforce, workers in the value

chain and business operations were identified

using Marimekko’s values, objectives and operating

principles of the company, information generated

from internal and external reporting concerning, for

example, the company’s own workforce, personnel

surveys and the human rights risk assessment carried

out by Marimekko.

In the third phase, internal workshops were

arranged to identify and assess the financial impacts

of the material topics. Risks and opportunities for

Marimekko’s business were assessed on the basis

of the thresholds in euros defined in the company’s

risk management process as well as the likelihood

and possible time horizon of the event. Risks and

opportunities were identified using internal and

external reporting data, risks identified in the risk

management system, existing reports on different

topics, Marimekko’s operating principles and

objectives, and the expert opinions gathered in the

workshops and stakeholder interviews. In addition, a

scenario analysis based on climate scenarios defined

by the IPCC was used in the identification of climate

risks. Water risks and opportunities related to the

company’s own operations and value chain have been

identified using the same climate scenarios as in the

climate risk assessment, as well as publicly available

geographic information tools that provide information

on regional water risks.

Risks and opportunities related to the company’s

own workforce were identified with reference to

existing practices and guidelines, external reporting

and the equality plan. Risks related to workers in the

value chain and business operations were identified

using Marimekko’s external reporting, sustainability

strategy, existing reports on operating principles and

NGO reports on sustainability in the textile sector.

In the fourth phase, the project team reviewed

the topics raised in the analysis. Marimekko’s

management and sustainability experts validated

the impacts, risks and opportunities based on their

likelihood, scope and irremediability, and assessed

the time frame for their possible realization using

the same time frames that are generally used in

the company’s assessment of financial risks and

opportunities:

• short term (1–2 years)

• medium term (2−5 years)

• long term (more than 5 years).

The time frames related to climate change are

an exception to the above, and they are presented in

connection with section E1 – Climate change.

The project team proposed threshold values

for the most material themes. With regard to the

selected threshold values, it was emphasized that the

impacts, risks and opportunities of the topics defined

as material are clearly severe or significant for the

company, in which case the threshold value on a scale

of 1–5 starts at 3.5 (+70%).

In the double materiality analysis, the threshold

for material topics was exceeded in terms of positive

and/or negative impacts. In the double materiality

analysis, there were no risks or opportunities whose

impact on the company’s financial status, result or

financing was material.

Based on the threshold values, Marimekko’s

material sustainability topics and sub-topics

(in brackets) were:

• E1 – Climate change (climate change mitigation,

energy)

• E3 – Water and marine resources (water)

• E4 – Biodiversity and ecosystems (factors directly

impacting biodiversity loss, impacts on the state

of species, impacts on the extent and state of

ecosystems and impacts on ecosystem services

and dependencies on them)

• S2 – Workers in the value chain (working

conditions, equal treatment and opportunities for

all, other work-related rights).

The double materiality analysis was reviewed by

Marimekko’s Management Group, which approved

the threshold value for the double materiality analysis

but decided that, based on the company’s values,

strategy and the continuity of reporting as well as

the decision-making needs of report users, the

material themes to be reported according to the EU

Sustainability Reporting Standard shall also include

the following:

• S1 – Own workforce (working conditions, equal

treatment and equal opportunities for all)

• G1 – Business conduct (corporate culture,

whistleblower protection, animal welfare, political

interaction and lobbying, relationships with

suppliers of goods and services, including payment

practices, corruption and bribery)

The material impacts, risks and opportunities of

these topics are the sub-topics whose value rose to

the highest in the double materiality analysis, being

3.0 (+60%). These sub-topics, which are all positive

impacts, are presented in the table Material topics

and sub-topics.

The double materiality analysis was then

presented to the company’s Audit and Remuneration

Committee, which confirmed six themes for the

company’s sustainability reporting.

In addition to the required reporting on material

topics according to the double materiality analysis,

the sustainability report includes company-specific

key figures related to greenhouse gas emissions

(section E1 – Climate change), water use (section E3

– Water and marine resources ) and workers in the

value chain (section S2 – Workers in the value chain).

SUSTAINABILITY TOPICS DEFINED AS MATERIAL

The sustainability topics in the green section of the matrix

have been identified as material for Marimekko. The letter-

number abbreviations in the matrix correspond to the

sustainability topics’ abbreviations used in the Sustainability

Reporting Directive.

MATERIAL TOPICS AND SUB-TOPICS

Descriptions, impacts, origin, time horizon and phase in the value chain

Theme and description (material sub-theme) Impact (positive/negative) and its origin (strategy/business model) and relation

(own operations/business relationship)

Value chain phase Time horizon of

impacts

E1 – Climate change (E1.2, E1.3)

Greenhouse gas emissions from raw material production Negative impact on people and the environment due to the business model; relation due to business relationships Upstream Short

Energy consumption and greenhouse gas emissions from the product

manufacturing process

Negative impact on people and the environment due to the business model; relation due to business relationship Upstream Short

Greenhouse gas emissions from product transport Negative impact on people and the environment due to the business model; relation due to business relationships Own operations Short

Energy consumption and greenhouse gas emissions during the product use phase Negative impact on people and the environment due to the business model; relation due to business relationships Downstream Short

E3 – Water and marine resources (E3.1.)

Using organic and recycled cotton to reduce the use of blue water Positive impact on people and the environment due to strategy; relation due to business relationships Upstream Short

Water use and emissions into water from raw material production Negative impact on people and the environment due to the business model; relation due to business relationships Upstream Short

Water use and emissions into water from the product manufacturing process Negative impact on people and the environment due to the business model; relation due to business relationships Upstream Short

Water use in the use phase of textile and ceramic products Negative impact on people and the environment due to the business model; relation due to the business relationship Downstream Short

E4 – Biodiversity and ecosystems (E4.1, E4.2, E4.3, E4.4)

Land use pressure and loss of habitats and deterioration of soil quality due to raw

material production and textile production

Negative impact on people and the environment due to the business model; relation due to the business relationship Upstream Short

Biodiversity loss due to global warming caused by greenhouse gas emissions Negative impact on people and the environment due to the business model; relation due to the business relationship Upstream Short

Biodiversity loss due to water and soil pollution from textile dyeing and printing and

leather tanning

Negative impact on people and the environment due to the business model; relation due to the business relationship Upstream Short

S1 – Own workforce (S1.1, S1.2)

Opportunities for professional development and career development Positive impact on people due to strategy; relation due to own operations Own operations Short

Actions related to occupational health and safety management and well-being Positive impact on people due to business model; relation due to own operations Own operations Short

Developing the employee experience through the development of leadership skills

and managerial work and through an inspiring and caring workplace

Positive impact on people due to strategy; relation due to own operations Own operations Short

Global corporate culture based on equality, diversity and inclusion Positive impact on people due to strategy; relation due to own operations and business relationship Own operations,

downstream

Short

S2 – Workers in the value chain (S2.1, S2.2, S2.3)

Promoting a socially responsible supply chain, including the implementation of

human rights, guided by Marimekko’s Supplier Code of Conduct

Positive impact on people due to strategy; relation due to business relationship Upstream Short

External audits and visits help to ensure compliance with guidelines at product

manufacturing sites

Positive impact on people due to strategy, relation due to business relationship Upstream Short

Improvement of due diligence processes to ensure up-to-date practices in the

changing value chain conditions

Positive impact on people due to strategy; relation due to business relationship Upstream Short

Neglecting human rights, such as appropriate working conditions, working hours

and wages, in the value chain

Negative impact on people due to the business model; relation due to business relationship Upstream Short

Sustainability report 2024

Theme and description (material sub-theme) Impact (positive/negative) and its origin (strategy/business model) and relation

(own operations/business relationship)

Value chain phase Time horizon of

impacts

G1 – Business conduct (G1.1, G1.2, G1.4, G1.5, G1.6)

Environmental practices, strict risk and due diligence practices and compliance

with environmental legislation throughout the supply chain lead to a healthier and

more responsible environment

Positive impact on people and the environment due to strategy; relation due to own operations and business relationship Upstream,

own operations

Medium

Human-related business practices, such as working conditions, occupational

safety and human rights aspects, improve the lives of Marimekko’s employees and

workers in the value chain

Positive impact on people due to strategy and business model; relation due to own operations and business relationship Upstream,

own operations

Short

Ethical business practices, such as combating corruption and bribery, avoidance

of conflicts of interest and fair payment practices, build trust in the value chain and

business

Positive impact on people and the environment due to strategy and business model; relation due to own operations and business

relationship

Upstream,

own operations

Short

Favoring long-lasting materials and banning materials that do not promote animal

welfare

Positive impact on people and the environment due to strategy and business model; relation due to own operations and business

relationship

Upstream,

own operations

Short/medium

Assessing the impacts, risks and opportunities of

non-material themes

As part of the double materiality analysis, Marimekko

also identified impacts, risks and opportunities

for themes that did not exceed the materiality

threshold in the assessment. With regard to topics

E2 – Pollution and E5 – Resource use and circular

economy, Marimekko’s internal and external reporting

data, studies on various themes, the company’s

policies and targets, external studies and surveys,

and expert views gathered in stakeholder interviews

were utilized in identifying sustainability impacts,

risks and opportunities. The company did not conduct

consultations with affected communities on pollution

or resource use and circular economy.

Regarding the topic E2 – Pollution, Marimekko

mapped the locations of its offices and operations.

The company’s only industrial plant is located in

Helsinki, Finland, where pollution is prevented in

accordance with the valid environmental permit.

There is no risk of pollution in the company’s other

own operations, as they do not generate wastewater

or involve hazardous chemicals. Downstream of the

value chain, disposal of products is also not estimated

to cause pollution, as the products do not contain

any hazardous substances. At the beginning of the

value chain, the company has not systematically

assessed pollution risks, but the company’s policies,

such as the Supplier Code of Conduct, compliance

with REACH and the company’s list of prohibited

substances, are in place to prevent pollution.

Regarding to topic E5 – Use of resources and

circular economy, Marimekko treated the company’s

raw material procurement and product manufacturing

as resource inﬂows. The treatment of resource

outﬂows included products sold and their compliance

with circular economy, as well as waste generated in

operations. With regard to waste, the company’s aim

to use materials efficiently, reduce waste generated

and sort waste as efficiently as possible for further

recycling were considered in the assessment. In

its value chain, Marimekko strives to promote the

sustainable use of natural resources and operating

models in line with circular economy, as well as to

promote the recycling of materials in cooperation

with its suppliers. In addition, the company has

requirements for the waste management of partner

suppliers.

Material impacts, risks and opportunities and their

interaction with the strategy and business model

The identified material impacts, risks and

opportunities are considered in the company’s

business and strategy. For example, the material

strategy created by the company in 2021 plays an

important role in reducing the environmental impacts

of the products. Marimekko’s material strategy aims

to clearly increase the use of organic, regenerative,

recycled and bio-based materials and new material

innovations by the end of 2025. In addition, by

increasing the use of such fibers in the collections,

the company further aims to also improve the status

of workers in the value chain, as social aspects are

included in the criteria related to the certification of

organic fibers, for example.

Marimekko has not prepared a company-wide

strategy or business resilience analysis in relation to

the material impacts, risks or opportunities identified

in the double materiality analysis. As part of its normal

operations, the company mitigates identified risks and

potential negative impacts identified in a number of

ways: The material strategy executed by the company

improves the resilience in relation to the availability

of raw materials due to extreme weather conditions,

among other things. The geographical diversification

of raw material sourcing and product manufacture

increases the resilience of the business in various

disruptions and other such situations. The company

has made a climate-related resilience analysis that is

described in the section E1 – Climate change under

Identification and assessment of material impacts,

risks and opportunities.

Sustainability report 2024

DISCLOSURE REQUIREMENTS IN ESRS COVERED BY THE SUSTAINABILITY REPORT

Disclosure requirement Item

ESRS 2 – General disclosures

BP-1 – General basis for preparation of sustainability statements ESRS 2 under Principles for preparing the sustainability report

BP-2 – Disclosures in relation to specific circumstances ESRS 2 under Principles for preparing the sustainability report and Identification and assessment of material impacts, risks

and opportunities and E1, E3, S1, S2 and G1 under Reporting principles for metrics

GOV-1 – The role of the administrative, management and supervisory bodies ESRS 2 under The role of the administrative, management and supervisory bodies

GOV-2 – Information provided to and sustainability matters addressed by the undertaking’s administrative, management and

supervisory bodies

ESRS 2 under The role of the administrative, management and supervisory bodies

GOV-3 – Integration of sustainability-related performance in incentive schemes ESRS 2 under Integration of sustainability-related performance in incentive schemes

GOV-4 – Statement on due diligence ESRS 2 under Statement on due diligence

GOV-5 – Risk management and internal controls over sustainability reporting ESRS 2 under Risk management and internal controls over sustainability reporting

SBM-1 – Strategy, business model and value chain ESRS 2 under Strategy, business model and value chain

SBM-2 – Interests and views of stakeholders ESRS 2 under Interests and views of stakeholders

SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model ESRS 2 under Identification and assessment of material impacts, risks and opportunities

IRO-1 – Description of the processes to identify and assess material impacts, risks and opportunities ESRS 2 under Identification and assessment of material impacts, risks and opportunities and Use of transitional provisions;

E1, E3, S1, S2 and G1 under Identification and assessment of material impacts, risks and opportunities

IRO-2 – Disclosure requirements in ESRS covered by the undertaking’s sustainability statement ESRS 2 under Disclosure requirements in ESRS covered by the undertaking’s sustainability statement

E1 – Climate change

E1-1 – Transition plan for climate change mitigation E1 under Transition plan for climate change mitigation

E1-2 – Policies related to climate change mitigation and adaptation E1 under Policies

E1-3 – Actions and resources in relation to climate change policies E1 under Actions

E1-4 – Targets related to climate change mitigation and adaptation E1 under Targets related to climate change mitigation and adaptation

E1-5 – Energy consumption and mix E1 under Actions

E1-6 –Gross Scopes 1, 2, 3 and Total GHG emissions E1 under Actions

E1-7 – GHG removals and GHG mitigation projects financed through carbon credits E1 under Actions

E3 – Water and marine resources

E3-1 – Policies related to water and marine resources E3 under Policies

E3-2 – Actions and resources related to water and marine resources E3 under Actions

E3-3 – Targets related to water and marine resources E3 under Targets related to water and marine resources

E3-4 – Water consumption E3 under Actions

E3-5 – Potential financial effects from water and marine resources-related impacts, risks and opportunities Not reported in 2024

Sustainability report 2024

Disclosure requirement Item

E4 – Biodiversity and ecosystems

IRO-1 – Description of the process to identify and assess material impacts, risks and opportunities ESRS 2 under Use of transitional provisions and Identification and assessment of material impacts, risks and opportunities

S1 – Own workforce

S1-1 – Policies related to own workforce S1 under Policies

S1-2 –Processes for engaging with own workers and workers’ representatives about impacts S1 under Policies

S1-3 – Processes to remediate negative impacts and channels for own workers to raise concerns S1 under Policies and G1 under Mechanisms for identifying, reporting and investigating concerns

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 under Actions

S1-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and

opportunities

S1 under Actions

S1-6 – Characteristics of the undertaking’s employees Reported partly in 2024, S1 under Actions and ESRS 2 under Strategy and business model

S1-8 – Collective bargaining coverage and social dialogue S1 under Actions

S1-9 – Diversity metrics S1 under Actions

S1-10 – Adequate wages Reported partly in 2024, S1 under Actions

S1-14 – Health and safety metrics Reported partly in 2024, S1 under Actions

S1-15 – Work-life balance metrics Reported partly in 2024, S1 under Actions

S1-17 – Incidents, complaints and severe human rights impacts G1 under Prevention and detection of corruption and bribery

S2 – Workers in the value chain

S2-1 – Policies related to value chain workers S2 under Policies

S2-3 – Processes to remediate negative impacts and channels for value chain workers to raise concerns Reported partly in 2024, S2 under Actions and Processes to remediate negative impacts and channels for value chain workers

to raise concerns

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

S2 under Actions

S2-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and

opportunities

Reported partly in 2024, S2 under Actions

G1 – Business conduct

G1-1 – Corporate culture and business conduct policies G1 under Business conduct policies and corporate culture

G1-2 – Management of relationships with suppliers G1 under Management of relationships with suppliers and S2 under Actions

G1-3 – Prevention and detection of corruption and bribery G1 under Prevention and detection of corruption and bribery

G1–4 – Confirmed incidents of corruption or bribery G1 under Mechanisms for identifying, reporting and investigating concerns

G1-5 – Political influence and lobbying activities G1 under Political influence and lobbying

G1-6 – Payment practices G1 under Payment practices

Sustainability report 2024

ADDENDUM 56 B: LIST OF DATA POINTS FOR INTERDISCIPLINARY AND THEMATIC STANDARDS DERIVED FROM EU LEGISLATION

Disclosure requirement and related

data point

Reference to the Disclosure Regulation Reference to pillar 3 Reference to the reference value

setting

Reference to European Climate Law Item

ESRS 2 GOV-1 Gender distribution of the

Board of Directors, paragraph 21(d)

Appendix 1 Table 1 Indicator 13 Commission Delegated Regulation (EU)

2020/1816(5), Annex

ESRS 2 under Sustainability

management at Marimekko

ESRS 2 GOV-1 Percentage of

independent Board members, paragraph

21(e)

Delegated Regulation (EU) 2020/1816,

Annex II

ESRS 2 under Sustainability

management at Marimekko

ESRS 2 GOV-4 Statement on due

diligence item 30

Appendix 1 Table 3 Indicator 10 ESRS 2 under Report on sustainability

due diligence process

ESRS 2 SBM-1 Participation in fossil fuel-

related activities 40(d)(i)

Appendix 1 Table 1 Indicator 4 Article 449a of Regulation (EU) No

575/2013; Commission Implementing

Regulation (EU) 2022/2453(6) Table 1:

Qualitative data on environmental risk,

and Table 2: Qualitative information on

societal risk

Delegated Regulation (EU) 2020/1816,

Annex II

Not material

ESRS 2 SBM-1 Participation in activities

related to the production of chemicals

40(d)(ii)

Appendix 1 Table 2 Indicator 9 Delegated Regulation (EU) 2020/1816,

Annex II

Not material

ESRS 2 SBM-1 Participation in activities

related to controversial weapons 40(d)

(iii)

Appendix 1 Table 1 Indicator 14 Article 12(1) of Delegated Regulation

(EU) 2020/1818(7), Annex II to Delegated

Regulation (EU) 2020/1816

Not material

ESRS 2 SBM-1 Participation in activities

related to tobacco cultivation and

production 40(d)(iv)

Article 12(1) of Delegated Regulation

(EU) 2020/1818, Annex II to Delegated

Regulation (EU) 2020/1816

Not material

ESRS E1-1 Transition plan for achieving

climate neutrality by 2050, paragraph 14

Article 2(1) of Regulation (EU) 2021/1119 E1 under Transition plan for climate

change mitigation

ESRS E1-1 Companies excluded from EU

Paris-aligned benchmarks 16(g)

Article 449a of Regulation (EU) No

575/2013; Commission Implementing

Regulation (EU) 2022/2453 Template

1: Items outside the banking book –

Climate change transition risk: Credit

rating of liabilities according to sector,

emissions and remaining maturity

Article 12(1)(d)-(g) and Article 12(2) of

Delegated Regulation (EU) 2020/1818

E1 under Transition plan for climate

change mitigation

Sustainability report 2024

Disclosure requirement and related

data point

Reference to the Disclosure Regulation Reference to pillar 3 Reference to the reference value

setting

Reference to European Climate Law Item

ESRS E1-4 Greenhouse gas emission

reduction targets, paragraph 34

Appendix 1 Table 2 Indicator 4 Article 449a of Regulation (EU) No

575/2013; Commission Implementing

Regulation (EU) 2022/2453 Template

3: Items outside the banking book

– Climate change transition risk:

Adaptation metrics

Article 6 of Delegated Regulation (EU)

2020/1818

E1 under Targets related to climate

change mitigation and adaptation

ESRS E1-5 Energy consumption from

fossil sources disaggregated by source

(sectors with material climate impact

only) paragraph 38

Appendix 1 Table 1 indicator 5 and Table

2 indicator 5

E1 under Actions

ESRS E1-5 Energy consumption and mix,

paragraph 37

Appendix 1 Table 1 Indicator 5 E1 under Actions

ESRS E1-5 Energy intensity associated

with activities in high climate impact

sectors, paragraphs 40–43

Appendix 1 Table 1 Indicator 6 E1 under Actions

ESRS E1-6 Gross Scopes 1, 2, 3 and Total

GHG emissions, paragraph 44

Appendix 1, Table 2 Indicators 1 and 2 Article 449a of Regulation (EU) No

575/2013; Commission Implementing

Regulation (EU) 2022/2453 Template

1: Items outside the banking book –

Climate change transition risk: Credit

rating of liabilities according to sector,

emissions and remaining maturity

Article 5(1), Article 6 and Article 8(1) of

Delegated Regulation (EU) 2020/1818

E1 under Actions

ESRS E1-6 Gross GHG intensity,

paragraphs 53–55

Appendix 1 Table 1 Indicator 3 Article 449a of Regulation (EU) No

575/2013; Commission Implementing

Regulation (EU) 2022/2453 Template

3: Items outside the banking book

– Climate change transition risk:

Adaptation metrics

Article 8(1) of Delegated Regulation (EU)

2020/1818

E1 under Actions

ESRS E1-7 GHG removals and GHG

mitigation projects, paragraph 56

Article 2(1) of Regulation (EU) 2021/1119 E1 under Actions

ESRS E1-9 The exposure of the

benchmark portfolio to physical climate-

related risks, paragraph 66

Annex II to Delegated Regulation (EU)

2020/1818; Annex II to Delegated

Regulation (EU) 2020/1816

Not material

ESRS E1-9 Proportion of assets at

material physical risk over the short and

long term, paragraph 66(a)

ESRS E1-9 The location of significant

assets at material physical risk,

paragraph 66(c)

Article 449a of Regulation (EU) No

575/2013; Commission Implementing

Regulation (EU) 2022/2453, paragraphs

46 and 47; Template 5: Items outside the

banking book – Climate change physical

risk: Exposures subject to physical risk

Not material

Sustainability report 2024

Disclosure requirement and related

data point

Reference to the Disclosure Regulation Reference to pillar 3 Reference to the reference value

setting

Reference to European Climate Law Item

ESRS E1-9 A breakdown of the carrying

value of the undertaking’s real estate

assets by energy efficiency classes,

paragraph 67(c)

Article 449a of Regulation (EU) No

575/2013; Commission Implementing

Regulation (EU) 2022/2453, paragraph

34; Template 2: Items outside the

banking book – Climate change

transition risk: Loans collateralised by

immovable property – Energy efficiency

of the collateral

Not material

ESRS E1-9 Consideration of climate-

related opportunities in the portfolio,

paragraph 69

Delegated Regulation (EU) 2020/1818,

Annex II

Not material

ESRS E2-4 Quantity of each air, water

and soil pollutant listed in the E-PRTR

(European Pollutant Release and

Transfer Register), Annex II, list item 28

Appendix 1 Table 1 Indicator 8, Table 2

Indicators 1, 2 and 3

Not material

ESRS E3-1 Water and marine natural

resources, paragraph 9

Appendix 1 Table 2 Indicator 7 E3 under Policies

ESRS E3-1 Targeted policies, paragraph

Appendix 1 Table 2 Indicator 8 E3 under Policies

ESRS E3-1 Sea and ocean sustainability,

paragraph 14

Appendix 1 Table 2 Indicator 12 Not material

ESRS E3-4 Total water recycled and

reused, paragraph 28(c)

Appendix 1 Table 2 Indicator 6.2 E3 under Actions

ESRS E3-4 Total water consumption in

m3 per net revenue on own operations,

paragraph 29

Appendix 1 Table 2 Indicator 6.1 E3 under Actions

ESRS 2 – SBM-3 – E4 paragraph 16(a)(i) Appendix 1 Table 1 Indicator 7 ESRS 2 under Principles for preparing

the sustainability report

ESRS 2 – SBM-3 – E4 paragraph 16(b) Appendix 1 Table 2 Indicator 10 ESRS 2 under Principles for preparing

the sustainability report

ESRS 2 – SBM-3– E4 paragraph 16(c) Appendix 1 Table 2 Indicator 14 ESRS 2 under Principles for preparing

the sustainability report

ESRS E4-2 Sustainable land/agriculture

practices or policies, paragraph 24(b)

Appendix 1 Table 2 Indicator 11 Not reported in 2024

(transitional provision)

ESRS E4-2 Sustainable ocean/sea

practices or policies, paragraph 24(c)

Appendix 1 Table 2 Indicator 11 Not reported in 2024

(transitional provision)

Sustainability report 2024

Disclosure requirement and related

data point

Reference to the Disclosure Regulation Reference to pillar 3 Reference to the reference value

setting

Reference to European Climate Law Item

ESRS E4-2 Sustainable ocean/sea

practices or policies, paragraph 24(c)

Appendix 1 Table 2 Indicator 12 Not reported in 2024

(transitional provision)

ESRS E4-2 Policies to address

deforestation, paragraph 24(d)

Appendix 1 Table 2 Indicator 15 Not reported in 2024

(transitional provision)

ESRS E5-5 Non-recycled waste,

paragraph 37(d)

Appendix 1 Table 2 Indicator 13 Not material

ESRS E5-5 Hazardous waste and

radioactive waste, paragraph 39

Appendix 1 Table 1 Indicator 9 Not material

ESRS 2 – SBM-3 – S1 Risk of forced

labor, paragraph 14(f)

Appendix I Table 3 Indicator 13 S1 under Identification and assessment

of material impacts, risks and

opportunities

ESRS 2 – SBM-3 – S1 Risk of incidents of

child labour, paragraph14(g)

Appendix I Table 3 Indicator 12 S1 under Identification and assessment

of material impacts, risks and

opportunities

ESRS S1-1 Human rights policy

commitments, paragraph 20

Appendix I Table 3 Indicator 9 and Table

1 Indicator 11

S1 under Policies

ESRS S1-1 Due diligence with regard to

the eight fundamental conventions of

the International Labor Organization,

paragraph 21

Delegated Regulation (EU) 2020/1816,

Annex II

S1 under Policies

ESRS S1-1 Processes and measures

addressing the prevention of human

trafficking, paragraph 22

Appendix I Table 3 Indicator 11 S1 under Policies

ESRS S1-1 Workplace accident

prevention policy or management

system, paragraph 23

Appendix I Table 3 Indicator 1 S1 under Policies

ESRS S1-3 Grievance/complaints

handling mechanism related to employee

matters, paragraph 32(c)

Appendix I Table 3 Indicator 5 S1 under Policies and G1 under

Mechanisms for identifying, reporting

and investigating concerns

ESRS S1-14 Number of fatalities and

number and rate of recordable work-

related accidents, paragraphs 88(b)

and (c)

Appendix I Table 3 Indicator 2 Delegated Regulation (EU) 2020/1816,

Annex II

S1 under Actions

ESRS S1-14 Number of days lost to work-

related injuries and fatalities from work-

related accidents, work-related ill health,

paragraph 88(e)

Appendix I Table 3 Indicator 3 S1 under Actions

ESRS S1-16 Pay gap between female and

male employees, paragraph 97(a)

Appendix I Table 1 Indicator 12 Delegated Regulation (EU) Not reported in 2024

(transitional provision)

Sustainability report 2024

Disclosure requirement and related

data point

Reference to the Disclosure Regulation Reference to pillar 3 Reference to the reference value

setting

Reference to European Climate Law Item

ESRS S1-16 Disproportionately high

salary of the President and CEO,

paragraph 97(b)

Appendix I Table 3 Indicator 8 Not reported in 2024

(transitional provision)

ESRS S1-17 Incidents of discrimination,

paragraph 103(a)

Appendix I Table 3 Indicator 7 S1 under Actions

ESRS S1-17 Non-compliance with the

UN Guiding Principles on Business and

Human Rights and OECD Guidelines,

paragraph 104(a)

Appendix I Table 1 Indicator 10 and Table

3 Indicator 14

Annex II to Delegated Regulation (EU)

2020/1816; Article 12(1) of Delegated

Regulation (EU) 2020/1818

S1 under Actions

ESRS2 – SBM-3 – S2 Significant risk of

child labor or forced labor in the value

chain, paragraph 11(b)

Appendix I Table 3 Indicators 12 and 13 S2 under Policies

ESRS S2-1 Human rights policy

commitments, paragraph 17

Appendix 1 Table 3 Indicator 9 and Table

1 Indicator 11

S2 under Policies

ESRS S2-1 Policies in relation to value

chain workers, paragraph 18

Appendix 1, Table 3, Indicators 11 and 4 S2 under Policies

ESRS S2-1 Non-compliance with the

UN Guiding Principles on Business and

Human Rights and OECD Guidelines,

paragraph 19

Appendix 1 Table 1 Indicator 10 Annex II to Delegated Regulation (EU)

2020/1816; Article 12(1) of Delegated

Regulation (EU) 2020/1818

S2 under Actions

ESRS S2-1 Due diligence with regard to

the eight fundamental conventions of

the International Labor Organization,

paragraph 19

Delegated Regulation (EU) 2020/1816,

Annex II

S2 under Actions

ESRS S2-4 Human rights issues and

incidents connected to its upstream and

downstream value chain, paragraph 36

Appendix 1 Table 3 Indicator 14 S2 under Actions

ESRS S3-1 Human rights policy

commitments, paragraph 16

Appendix 1 Table 3 Indicator 9 and Table

1 Indicator 11

Not material

ESRS S3-1 Non-compliance with the

UN Guiding Principles on Business and

Human Rights, ILO principles and OECD

Guidelines, paragraph 17

Appendix 1 Table 1 Indicator 10 Annex II to Delegated Regulation (EU)

2020/1816; Article 12(1) of Delegated

Regulation (EU) 2020/1818

Not material

ESRS S3-4 Human rights issues and

incidents, paragraph 36

Appendix 1 Table 3 Indicator 14 Not material

ESRS S4-1 Policies related to consumers

and end users, paragraph 16

Appendix 1 Table 3 Indicator 9 and Table

1 Indicator 11

Not material

ESRS S4-1 Non-compliance with the

UN Guiding Principles on Business and

Human Rights and OECD Guidelines,

paragraph 17

Appendix 1 Table 1 Indicator 10 Annex II to Delegated Regulation (EU)

2020/1816; Article 12(1) of Delegated

Regulation (EU) 2020/1818

Not material

Sustainability report 2024

Disclosure requirement and related

data point

Reference to the Disclosure Regulation Reference to pillar 3 Reference to the reference value

setting

Reference to European Climate Law Item

ESRS S4-4 Human rights issues and

incidents, paragraph 35

Appendix 1 Table 3 Indicator 14 Not material

ESRS G1-1 United Nations Convention

against Corruption, paragraph 10(b)

Appendix 1 Table 3 Indicator 15 G1 under Policies

ESRS G1-1 Protection of whistleblowers,

paragraph 10(d)

Appendix 1 Table 3 Indicator 6 Delegated Regulation (EU) 2020/1816,

Annex II

G1 under Mechanisms for identifying,

reporting and investigating

ESRS G1-4 Fines for violations of

anti-corruption and anti-bribery laws,

paragraph 24(a)

Appendix 1 Table 3 Indicator 17 G1 under Prevention and detection of

corruption and bribery

ESRS G1-4 Anti-corruption and anti-

bribery norms, paragraph 24(b)

Appendix 1 Table 3 Indicator 16 G1 under Prevention and detection of

corruption and bribery

Sustainability report 2024

E – ENVIRONMENTAL INFORMATION

INFORMATION PURSUANT TO

ARTICLE 8 OF REGULATION (EU)

2020/852 (TAXONOMY REGULATION)

GENERAL

Marimekko’s EU Taxonomy reporting complies

with Regulation (EU) 2020/852 of the European

Parliament and of the Council. The purpose of

the EU’s Sustainable Finance Taxonomy is to help

undertakings and investors to assess whether their

economic activities are environmentally sustainable.

TAXONOMY REPORTING

The taxonomy defines criteria for business operations

that can be used to assess the extent to which the

activities of an undertaking support the achievement

of environmental objectives. The objectives are:

• Climate change mitigation;

• Climate change adaptation;

• The sustainable use and protection of water and

marine resources;

• The transition to a circular economy;

• Pollution prevention and control;

• The protection and restoration of biodiversity and

ecosystems.

The reporting obligations defined in the EU

Taxonomy have entered into force gradually. The

technical screening criteria related to the first two

objectives, climate change mitigation and climate

change adaptation, entered into force in 2021, and

the technical screening criteria related to other

environmental objectives in 2023. Taxonomy eligibility

and alignment have been reported for activities

related to climate change mitigation and adaptation

since 2023. With regard to other environmental

criteria, taxonomy alignment will be reported for the

first time for 2024.

The following key figures are presented for

taxonomy-eligible and taxonomy-aligned activities:

share of the company’s turnover, operating

expenditure (OpEx) and capital expenditure (CapEx).

Marimekko presents the key figures in accordance

with the tables defined in the Taxonomy Regulation

for non-financial companies. In addition, a table of

activities related to nuclear power and fossil gas is

presented in accordance with the regulation, even

though the company does not have any business

operations related to these activities.

ASSESSMENT OF TAXONOMY ELIGIBILITY AND

ALIGNMENT AND MARIMEKKO’S ACTIVITIES

Marimekko annually assesses the taxonomy eligibility

of its activities and the taxonomy alignment of

eligible activities. In 2024, the company introduced

a tool for carrying out and documenting the annual

assessments. The assessment of taxonomy eligibility

is carried out by comparing the definitions of

taxonomy-eligible economic activities defined in

the Regulation with Marimekko’s activities. When an

activity has been identified as eligible, the related

potential turnover, capital expenditure and operating

expenditure are also identified.

In its operations, Marimekko has identified the

management of Marimekko’s marketplace focused

on the sale of vintage and second-hand products

(Marimekko Pre-loved), the sale of vintage and

second-hand products in different channels, and the

Care & Repair service as taxonomy-eligible economic

activities. These economic activities are taxonomy-

eligible for the “Transition to a Circular Economy”

objective. In addition, the installation of electric

car charging stations at Marimekko’s Herttoniemi

property has been identified as taxonomy-eligible

operating expenditure and the installation of an

energy efficiency equipment at the same property

as taxonomy-eligible capital expenditure for 2024.

Both are taxonomy-eligible for the “Climate change

mitigation” objective.

The assessment of taxonomy alignment takes into

account whether the activity significantly contributes

to at least one of the environmental objectives of the

taxonomy, whether the activity significantly harms

other environmental objectives mentioned in the

Taxonomy Regulation (so-called DNSH criteria) and

whether the minimum safeguards in accordance

with the Taxonomy Regulation are implemented.

The assessment of minimum safeguards considers

the fulfillment of criteria related to human rights,

corruption and bribery, fair competition, and taxation.

Marimekko’s guidelines and measures related to

minimum safeguards are described in more detail in

sections S2 – Workers in the value chain and G1 –

Business conduct under Policies and Actions.

Marimekko has assessed the taxonomy alignment

of the activities it has identified as taxonomy-eligible.

According to the assessment carried out, none of

the activities identified by Marimekko as taxonomy-

eligible meet the criteria set for taxonomy alignment.

No separate criteria for substantial contribution

have been set for the installation of charging stations

for electric cars, so they are considered to be met in

the assessment. The DNSH criteria are not met as

Marimekko has not assessed the climate risks of this

activity and has not prepared an adaptation plan for

significant risks. For this reason, the implementation

of the minimum safeguards was not assessed, either.

The installation of energy efficiency equipment

at the Herttoniemi property does not meet the

DNSH criteria, as Marimekko has not assessed the

climate risks of this activity and has not prepared an

adaptation plan for significant risks. For this reason,

the implementation of substantial contribution or

minimum safeguards was not assessed, either.

Moreover, the management of the Marimekko

Pre-loved marketplace and the Care & Repair service

do not meet the DNSH criteria, as Marimekko has not

assessed the climate risks of these activities and has

not drawn up an adaptation plan for significant risks.

For this reason, the implementation of substantial

contribution or minimum safeguards was not

assessed, either.

Sales of second-hand products in different

channels do not meet the criteria for substantial

contribution, as the paper bags used for packaging

the products are not mainly made of recycled

material and are not designed for reuse. The DNSH

criteria are not met, either, as Marimekko has not

assessed the climate risks of this activity and has not

prepared an adaptation plan for significant risks. For

these reasons, the implementation of the minimum

safeguards was also not assessed for this function.

Turnover related to the Care & Repair service

and the management of the Marimekko Pre-loved

marketplace, capital expenditure related to the

installation of energy efficiency equipment and

operating expenditure related to the installation of

electric car charging stations are insignificant in

relation to Marimekko’s business as a whole and are

rounded to zero in the table.

Sustainability report 2024

34Sustainability report 2024

PERFORMANCE INDICATOR ACCOUNTING

POLICY

Turnover

Marimekko applies the same accounting principles

to the calculation of the taxonomy turnover KPI as

for net sales in the consolidated financial statements

prepared in accordance with IFRS. The accounting

policies for net sales are presented in the notes to the

consolidated financial statements. The total turnover

presented in the following tables corresponds to

Marimekko Group’s net sales for 2024.

Taxonomy-eligible turnover includes the share

of the Group’s total net sales that is allocated to

taxonomy-eligible activities. Marimekko has identified

the turnover of Marimekko’s marketplace focused

on the sale of vintage and second-hand products

(Marimekko Pre-loved) (CE 5.6), the turnover of

vintage and second-hand products in different

channels (CE 5.4) and the turnover related to the

Care & Repair service (CE 5.1) as taxonomy-eligible

economic activities in its operations.

Capital expenditure (CapEx)

According to the taxonomy definition, taxonomy-

eligible or taxonomy-aligned capital expenditure can

be identified in three different categories (numerator):

A) it is linked to assets or processes related to

taxonomy-aligned economic activities;

B) it is part of a plan to expand taxonomy-aligned

economic activities or convert taxonomy-eligible

economic activities to taxonomy-aligned (CapEx plan);

C) it relates to the purchase of outputs from

taxonomy-aligned economic activities and individual

measures to make the activities concerned low-

carbon or to reduce greenhouse gas emissions; in

particular, the activities listed in points 7.3 to 7.6

of Annex I to the Climate Delegated Act and other

economic activities listed in Article 10(3) of Regulation

(EU) 2020/852, in delegated acts adopted pursuant

to Articles 11(3), 12(2), 13(2), 14(2) and 15(2), provided

that such measures are implemented and initiated

within 18 months.

Taxonomy-eligible capital expenditure identified

by Marimekko falls into category C). There was no

capital expenditure related to category A) in 2024.

Marimekko does not have a CapEx plan referred to

in category B) with the aim of expanding taxonomy-

aligned financial activities or converting taxonomy-

eligible financial activities to taxonomy-aligned.

Activity CCM 7.3 Installation, maintenance and

repair of energy efficiency equipment has been

identified as taxonomy-eligible capital expenditure in

category C).

The energy efficiency investment related to

the Herttoniemi property has been identified as

taxonomy-eligible capital expenditure.

Marimekko includes increases in tangible and

intangible assets as well as increases in right-of-use

assets during the financial year in capital expenditure.

Increases in fixed assets and right-of-use assets are

presented in Note 11 to the consolidated financial

statements.

The definition in the Taxonomy Regulation

differs from the gross investments KPI reported

by Marimekko, which does not include right-of-use

assets in accordance with IFRS 16. In the financial

year 2024, the Group’s gross investments amounted

to EUR 2.3 million. The disaggregation of capital

expenditure required by the Taxonomy Regulation

is presented in table Taxonomy capital expenditure

(CapEx) disaggregation.

Taxonomy capital expenditure (CapEx)

disaggregation

EUR million 2024

Increases in intangible assets (Note 11.1) 1.3

Increases in tangible assets (Note 11.2) 7.9

Total 9.3

Operating expenditure (OpEx)

In accordance with the taxonomy definition, operating

expenditure includes direct uncapitalized costs

related to research and development, renovation

of buildings, short-term leases, maintenance and

repairs. In addition, operating expenditure includes all

other direct expenses related to the maintenance of

tangible fixed assets carried out by the undertaking or

outsourced to a third party and which are necessary

to ensure the continuous and efficient operation of

these assets.

Marimekko’s operating expenditure includes

the costs of servicing, maintenance and repairs.

In addition, operating expenditure includes wage

costs related to development and research, as well

as external services. In the income statement, these

expenses are included in other operating expenses

presented in Note 6 to the consolidated financial

statements and in employee benefits expenses

presented in Note 4 to the consolidated financial

statements.

Taxonomy-eligible operating expenditure includes

defined operating expenses related to the following

activities: Operating expenditure of Marimekko’s

marketplace focusing on the sale of vintage and

second-hand products (Marimekko Pre-loved) (CE

5.6), operating expenditure related to the sale of

vintage and second-hand products (CE 5.4) and

operating expenditure of the Care & Repair service

(CE 5.1). In addition, taxonomy-eligible operating

expenditure includes the operating expenditure

of electric car charging stations installed at the

Herttoniemi property (CCM 7.4).

Duplicate calculation

At Marimekko, all costs, investments and turnover

are recorded in only one cost center, which means

that it is not possible for the figures to be included in

the numerator as duplicate figures. In addition, the

consolidation phase of the taxonomy figures checks

separately that the figures in the numerator are not

duplicated under different activities. The verification

is carried out by comparing the total figures of the

cost centers with the figures presented in the table

in order to ensure that the total figures do not exceed

100 percent.

35Sustainability report 2024

36Sustainability report 2024

37Sustainability report 2024

NUCLEAR ENERGY AND FOSSIL GAS RELATED ACTIVITIES

Row Nuclear energy related activities

1. The undertaking carries out, funds or has exposures to research, development,

demonstration and 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 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 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 facilities that produce electricity using fossil gaseous fuels.

5. The undertaking carries out, funds or has exposures to construction, refurbishment, and

operation of 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 generation facilities that produce heat/cool using fossil gaseous fuels.

E1 – CLIMATE CHANGE

IDENTIFICATION AND ASSESSMENT OF

MATERIAL IMPACTS, RISKS AND OPPORTUNITIES

Marimekko has assessed the impacts, risks and

opportunities related to climate as part of the double

materiality analysis related to its sustainability

reporting. The material themes that emerged were

all negative impacts. The double materiality process

and material impacts are presented in section

ESRS 2 – General disclosures under Identification

and assessment of material impacts, risks and

opportunities.

Marimekko has also carried out a more detailed

climate risk assessment using two time horizons: risks

until 2030 (short and medium term) and risks beyond

2030 (long term). Risk identification and assessment

covers both Marimekko’s own operations and assets

as well as the value chain, focusing on upstream value

chain risks. The most significant climate-related risks

identified by Marimekko in the short and medium term

as well as an analysis of the strategy and business

resilience to these risks are described in table

Marimekko’s key climate risks and resilience. The

risks are divided into physical risks and transition risks.

The resilience of the strategy and business has

been analyzed with regard to the most significant

identified risks in the short and medium term. The

analysis includes both Marimekko’s own operations

and the value chain and covers both physical and

transition risks. Both the sourcing of raw materials

and the manufacturing of products have been

taken into account in the upstream value chain.

The resilience analysis considered the climate

change mitigation measures already implemented or

planned by the company, such as the use of recycled

materials and reducing the water scarcity score of

textile materials, and the resources used for them.

The resilience analysis was carried out under the

leadership of Marimekko’s Sustainability team during

2024, and it is updated annually as part of the update

of the risk assessment.

No assets subject to significant risks were

identified in the risk assessment.

The climate-related risks described in the table

Marimekko’s key climate risks and resilience are more

significant in the long term, i.e. beyond 2030, than in

the short and medium term. Risks related to pests,

ﬂoods and heavy rainfall as well as sea level rise are

identified as significant risks in the long term.

Identified opportunities related to global warming

include diversification of the material base, reducing

dependence on virgin raw materials by further

increasing the share of recycled materials and

offering Marimekko’s customers lower-emission

products or services, such as circular economy

services. The opportunities related to the demand for

lower-emission products or services are highlighted in

the lower-emission scenario, while the opportunities

related to the diversification of the material base and

the reduction of dependence on virgin raw materials

are highlighted in the high-emission scenario.

There are significant uncertainties related to the

pace, severity and probability of climate change,

as the climate and the factors affecting it are a

complex system and it is not possible to model future

changes with complete certainty. Thus, there are

also uncertainties related to the climate risks and

opportunities identified by Marimekko as well as the

resilience of the strategy and business in these areas.

Sustainability report 2024

MARIMEKKO’S KEY CLIMATE RISKS AND RESILIENCE

Key identified climate risks in the short and medium term (until 2030) and an assessment of the resilience of the strategy and business to them.

Risk Type of risk Description of the risk Strategy and business resilience

Rising temperatures and

heat waves

Physical risk Elevated average temperatures and acute heat waves can have a negative impact on the health of both

Marimekko’s own personnel and employees in the supply chain and reduce work efficiency. Heat waves

can also affect the production of agricultural raw materials, which can lead to increased prices and lower

availability. Above-average winter temperatures can also have a negative impact on the demand for winter

collections.

Marimekko diversifies the sourcing of raw materials and the manufacturing of its products geo-

graphically, which increases resilience to the identified risks. Marimekko has increased and con-

tinues to increase the share of recycled materials, which increases resilience to risks related to

raw material availability and prices. Resilience is weakened by hot climate zones accounting for a

significant share of manufacturing and raw material sourcing. Resilience can be further increased

by diversifying the material base from the current one.

Drought and water

scarcity

Physical risk Global warming increases the likelihood and severity of extreme drought, which can affect the production

of agricultural raw materials, especially in areas where the risk of water scarcity is already high. Extreme

drought can lead to lower raw material availability and higher prices. Drought can also cause disruptions in

product manufacturing processes and reduce the availability of clean drinking water in the supply chain.

The geographical diversification of raw material sourcing and product manufacturing increases

resilience to risks related to water availability. Increasing the share of recycled materials inc-

reases resilience, as less water is required to produce the raw material compared to virgin raw

materials. Marimekko works actively to reduce the water scarcity score of the textiles it purcha-

ses, which increases resilience. Resilience is weakened by areas with a high water scarcity risk

accounting for a significant share of manufacturing and raw material sourcing. Resilience can be

further increased by preferring water-saving production processes.

Wildfires Physical risk Increased temperatures and drought increase the likelihood and severity of wildfires, which can destroy

forests serving wood industry and thus affect the availability and prices of wood or wood-based raw mate-

rials used by Marimekko. Wildfires may also cause temporary closures of Marimekko’s stores or offices as

well as factories in the supply chain.

Marimekko has several sales channels, which increases resilience to the harm caused by indivi-

dual store closures. Wood-based materials account for only a small part of Marimekko’s material

base, which increases resilience to the risks associated with wildfires.

Storms Physical risk Extreme weather events, such as strong winds and storms, can cause power outages and temporary

shutdowns at Marimekko’s own textile printing factory, stores and offices as well as in Marimekko’s supply

chain.

Marimekko has several sales channels, which increases resilience to the harm caused by indivi-

dual store closures or power outages. Marimekko’s production is diversified to several partner

suppliers, which increases business resilience to production delays caused by local storms.

Increased regulation Transition risk The EU’s due diligence regulation may also apply to Marimekko in the future. This would mean increased

responsibility for climate risks in the supply chain, for example, and additional investments in due diligence

processes.

Marimekko actively monitors regulatory developments and prepares for future regulations in

good time. Marimekko actively develops supply chain due diligence processes. Resilience can be

increased by further developing Marimekko’s climate and environmental due diligence process.

Increased energy costs,

investments in energy

equipment and power

outages

Transition risk Fossil fuels continue to be an important energy source in global textile value chains. The prices of fossil

fuels are expected to increase due to emissions pricing, which may lead to increased production costs in

Marimekko’s supply chain and indirectly affect the availability and prices of biogas used in the company’s

own textile printing factory. Achieving the climate targets requires a transition to renewable energy

sources in Marimekko’s supply chain, which may lead to investment needs and thereby an increase in

production costs. The introduction of new carbon taxes can also increase production costs in some

regions. In addition, electricity distribution may be restricted in some production countries, which may

cause production delays.

Marimekko’s production is diversified to several partner suppliers, which increases resilience

to rising production costs caused by rising energy prices or investment needs. However, the

significant share of fossil energy sources in the value chain weakens resilience to the identified

risks, and resilience can be actively increased by accelerating the adoption of renewable energy

and promoting energy efficiency in Marimekko’s value chain. Resilience in the company’s own

textile printing factory can be further increased by considering alternative energy sources

alongside biogas.

Sustainability report 2024

Description of the processes to identify and

assess material climate-related impacts, risks and

opportunities

Marimekko’s material impacts, risks and opportunities

related to climate change have been identified in

the company’s double materiality analysis, which is

presented in section ESRS 2 – General disclosures

under Identification and assessment of material

impacts, risks and opportunities. In addition, the

company has identified its climate-related impacts

by calculating the annual greenhouse gas emissions

(Scopes 1, 2 and 3) of its own operations and value

chain in accordance with the GHG Protocol standards.

Marimekko’s most significant sources of

emissions are related to indirect emissions in the

value chain (Scope 3), and include, for example,

purchased products and services, in particular

purchased textiles, use of sold products as well as

transport and distribution. More detailed information

on Marimekko’s Scope 1–3 emissions can be found

under Gross Scopes 1, 2 and 3 and Total GHG

emissions.

The identification of physical risks and

opportunities considered chronic and acute risks

related to global warming, water and wind. Transition

risks and opportunities have been identified taking

into account the impacts on business caused by the

transition to a low-carbon society, such as the costs

caused by the transition to lower-emission technology,

as well as changes in the requirements and

expectations of customers and other stakeholders.

Scenario analysis has been used to identify risks

and opportunities. The risks and opportunities have

been assessed in two different scenarios based on

the climate scenarios presented in the IPCC’s sixth

assessment report (AR6): the lower emissions scenario

(SSP1-2.6) and the high emissions scenario (SSP5-8.5).

In scenario SSP1-2.6, global warming is likely to

be limited to 1.2–1.8 degrees Celsius by 2040 and

1.3–2.4 degrees Celsius by 2100, according to the

IPCC. Correspondingly, in the SSP5-8.5 scenario, the

climate is likely to warm by 1.3–1.9 degrees Celsius by

2040 and 3.3–5.7 degrees Celsius by 2100, according

to the IPCC. In the short and medium term defined

by Marimekko (until 2030), the risks of these two

different scenarios do not differ significantly from

each other, but in the long term (beyond 2030), the

physical risks of the high-emissions scenario are

clearly emphasized.

The lower emissions scenario SSP1-2.6 has been

selected to represent the development of global

warming in line with Marimekko’s climate targets

and transition plan. SSP5-8.5 has been selected

to represent a development path that deviates

significantly from the previous one, where global

warming is significantly greater, in order to take into

account the worst threats caused by global warming

in the risk management of the undertaking.

The risks presented in table Marimekko’s key

climate risks and resilience are material in both

climate scenarios used, but their probability and

impact on Marimekko’s profitability are higher in the

high-emissions scenario.

The risks identified by Marimekko, including the

most significant identified climate risks, are taken

into account in Marimekko’s strategy updates and

business planning.

POLICIES

Marimekko aims to reduce the intensity of

greenhouse gas emissions throughout the value

chain. Marimekko has set science-based climate

targets for its own operations and value chain by

2030. In addition, the company’s sustainability

strategy extending to 2025 sets three targets related

to climate change mitigation that guide its operations

and are related to reducing the greenhouse gas

emissions of its own operations and the greenhouse

gas emissions intensity of its logistics and purchased

textile materials.

The Marimekko Code of Conduct covers the

principles for mitigating climate impacts in both

Marimekko’s own operations and those of contractual

partners. In accordance with the Code of Conduct, the

company assesses the environmental impacts of its

operations and takes measures to reduce and prevent

any negative impacts, such as climate impacts.

Marimekko’s Supplier Code of Conduct contains

requirements related to climate change mitigation for

Marimekko’s partner suppliers. Marimekko requires

partner suppliers to strive to reduce greenhouse gas

emissions where possible, for example, by favoring

renewable energy sources and continuously improving

the energy efficiency of their operations. Marimekko

also requires partner suppliers to report their

greenhouse gas emissions to Marimekko upon request.

For the time being, Marimekko’s climate-related

policies do not cover climate change adaptation.

However, some climate change mitigation measures,

such as increasing the share of recycled materials,

support the company’s adaptation to the impacts of

climate change. More information on the content of the

Code of Conduct can be found in sections ESRS 2 –

General information under Sustainability governance

and G1 – Business conduct under Policies.

TARGETS RELATED TO CLIMATE CHANGE

MITIGATION AND ADAPTATION

Marimekko has set targets for reducing Scope 1–2

emissions and Scope 3 emission intensity, and these

are presented in table Marimekko’s Scope 1–3

emission reduction targets. Marimekko’s emission

reduction targets implement the company’s policy of

aiming to reduce greenhouse gas emission intensity

throughout the value chain.

The targets to reduce Scope 1–2 emissions by

42.0 percent and Scope 3 emissions by 51.6 percent

per value added (EUR million) by the end of 2030

are science-based emission reduction targets

validated by the Science Based Targets initiative and

aligned with the goals of the Paris Agreement. The

target boundaries include land-related emissions

and removals from bioenergy feedstocks. No other

external stakeholders of Marimekko have been

engaged in setting the targets. The targets have

been set using absolute reduction and economic

intensity (GEVA) methods. Targets have not been set

according to sectoral development paths (SDA), but

according to cross-sector pathways. Marimekko’s

emissions modeling for 2030 and Marimekko’s value

added modeling in accordance with Marimekko’s

business strategy have been used in setting the

targets.

The target for Scope 1–2 emissions covers

100 percent of Marimekko’s Scope 1–2 emissions.

In the base year of the target, Scope 1 emissions

accounted for 57 percent of the total Scope 1–2

emissions and Scope 2 emissions for 43 percent.

The target is a combined target that does not have

a target level defined separately for Scope 1 and

2 emissions. The Scope 2 emissions included in

the target are calculated using the market-based

method and the target is aligned with the goal of

limiting global warming to 1.5 degrees Celsius.

In 2024, Marimekko’s Scope 1–2 emissions were

203 tCO2e (2023: 203), remaining at the previous

year’s level. However, the combined scope 1 and 2

emissions were 7 percent higher than the target in

the base year 2022, mainly due to the increase in

Sustainability report 2024

MARIMEKKO’S SCOPE 1–3 EMISSION REDUCTION TARGETS

Description of the target Scope Target period Base year level Reduction target Target level Comparative (2023) 2024 2024 change from

base year (%)

Reduce absolute Scope 1 and 2 greenhouse gas emissions

by 42 percent. The target boundary includes land-related

emissions and removals from bioenergy feedstocks.

Scopes 1 and 2 2022–2030 189 tCO2e -42% 110 tCO2e 203 tCO2e 203 tCO2e +7%

Reduce Scope 3 greenhouse gas emissions by 51.6 percent

per value added (EUR million). The target boundary inclu-

des land-related emissions and removals from bioenergy

feedstocks.

Scope 3 2022–2030 597 tCO2e/M€ -51.6% 289 tCO2e/M€ 461 tCO2e/M€ 504 tCO2e/M€ -16%

Reduce greenhouse gas emissions of textile materials by

20% per kg of sourced textiles.

Scope 3 2019–2025 13.9 kgCO2e/kg -20% 11.1 kgCO2e/kg 12.7 kgCO2e/kg 11.0 kgCO2e/kg -21%

Reduce greenhouse gas emissions from logistics by 50%

per kilogram of transported product.

Scope 3 2018–2025 2.2 kgCO2e/kg -50% 1.1 kgCO2e/kg 1.5 kgCO2e/kg 1.7 kgCO2e/kg -20%

purchased electricity consumption in countries with a

relatively high electricity emission factor.

The economic intensity target for Scope 3

emissions covers all of the company’s Scope 3

emissions, except for emissions from the use of sold

products (Scope 3, Category 11). The Scope 3 target

is aligned with the target of limiting global warming

to well below 2 degrees Celsius. Marimekko’s

Scope 3 emissions per value added (EUR million)

were 504 tCO2e/M€, 16 percent lower than in the

base year 2022. The positive development is due

to the reduction in emissions included in the Scope

3 target boundary compared to the 2022 level and

the simultaneous increase in Marimekko’s added

value. Compared to the base year 2022, emissions

have decreased particularly in purchased goods and

services (Scope 3, Category 1) and transportation

and distribution (Scope 3, Categories 4 and 9). The

emissions development of purchased goods and

services is mainly due to the lower total volume of

purchased products, as Marimekko prepared for

the demand for the continuous collection in 2022

in the event of any supply chain disruptions and the

number of purchased products was thus higher, as

well as a decrease in the emission intensity of textile

products. Compared to 2023, Marimekko’s Scope

3 emissions in relation to value added increased

mainly due to the higher volume of purchased textile

products, a decrease in the volume of lower-emission

ceramic purchases, and increased emissions from

transportation and distribution. The development of

emissions is presented in more detail in section Gross

Scope 1, 2 and 3 and Total GHG emissions.

The base year for Marimekko’s science-based

climate targets published at the beginning of 2025

is 2022. The company has estimated that 2022

represents a sufficiently normal business year, as

Marimekko purchased significantly fewer ceramic

and glass products in 2023 due to the good inventory

situation, which affected the emissions of purchased

products and logistics.

In addition to the aforementioned science-based

climate targets, Marimekko aims to reduce the

greenhouse gas emissions of textile materials by 20

percent per kilogram of sourced textiles by the end of

2025 and the greenhouse gas emissions of logistics by

50 percent per kilogram of transported product by the

end of 2025. The target period for the target for textile

materials is 2019–2025 and the target period for the

target for logistics is 2018–2025. The purpose of these

targets is to support Marimekko in systematically

reducing and monitoring the emission intensity of

emission sources identified as material. Emissions

calculation and modeling have been used in setting the

targets. These intensity targets are not science-based

emission reduction targets and are therefore not

aligned with the goal of limiting global warming to 1.5

degrees Celsius. The targets have not been validated

by a third party and Marimekko’s external stakeholders

have not participated in setting them.

The greenhouse gas emissions of textile

materials per kg of sourced textiles in 2024 were

11.0 kgCO2e/kg (2023: 12.7), 21 percent lower than

in the target base year 2019. In 2024, Marimekko

achieved its goal of reducing the emission intensity

of textile materials. The emission intensity of textile

materials was reduced in particular by a decrease in

the proportion of animal-derived materials, such as

wool and leather, the lower emission factor of leather

and an increase in the share of organic cotton of all

sourced cotton. In addition to determined execution

of Marimekko’s material strategy, the achievement of

the target was supported by a methodological update

in 2023, thanks to which product category-specific

dyeing and printing practices have been better taken

into account in the calculations from 2022 onwards.

Emissions of logistics per kilogram of transported

product are calculated by dividing Scope 3, Category 4

emissions by the total weight of ordered products (kg)

with a delivery date in the reporting year. Emissions

of logistics per kilogram of transported product in

2024 were 1.7 kgCOe/kg (2023: 1.5), or 20 percent

lower than in the target base year 2018. The increase

in the emission intensity of logistics compared to the

previous year is due to an increase in the share of air

freight in the company’s shipments. Early commitment

to product orders from partner suppliers is typical of

the textile industry. Russia’s attack on Ukraine in spring

2022 ended sea-train transport, which is faster than

sea transport. This further amplified the lead-time

needed for product orders from the supply chain. In

order to avoid over-production, this necessitated also

in 2024 some increase in faster, but more emission-

intensive air transport, which increased the emissions

intensity of logistics.

Sustainability report 2024

For the time being, Marimekko does not plan

to adopt new production technologies in its own

operations to achieve the emission reduction

targets. The use of new low-emission technologies

is promoted in the value chain together with the

company’s partners. The key emission reduction

measures and their quantitative contributions

to achieving the emission reduction targets are

described in section Transition plan for climate

change mitigation.

Factors inﬂuencing the achievement of

Marimekko’s emission reduction targets include the

achievement of the business strategy targets and the

resulting development of value added, which has an

impact on the economic intensity target in particular,

as well as changes in customer preferences, which

may have an impact on, for example, the materials

used by the company and the weightings between

different product categories.

Transition plan for climate change mitigation

In 2024, Marimekko prepared a transition plan for

climate change mitigation. The transition plan extends

to 2030, which is also the end year for Marimekko’s

science-based emission reduction targets. The

company has not set a science-based net-zero target

for 2050.

Marimekko’s transition plan is based on the

science-based emission reduction targets validated

by the Science Based Targets initiative (SBTi). The

targets for Scope 1 and 2 emissions are aligned with

the 1.5 degrees Celsius warming target and the target

for Scope 3 emissions is aligned with the well below 2

degrees Celsius warming target.

Marimekko’s means of reducing emissions can be

divided into four main categories: material transition,

logistics optimization, transition to renewable energy,

and other measures. Marimekko’s transition plan

includes the actions already taken and planned

to reduce greenhouse gas emissions or emission

intensity. According to the estimated emission

reduction potential, the actions are divided into

three categories: low potential (less than 50 tCO2e

reduction on an annual basis), medium potential

(50–500 tCO2e reduction on an annual basis) and

high potential (more than 500 tCO2e reduction on an

annual basis).

The actions to achieve the Scope 1 and 2 target

are related to the transition to renewable energy.

The most important actions include phasing out

the use of fossil fuel oil in the heating of the leased

factory property in Kitee and switching to renewable

electricity in all own electricity contracts worldwide.

The impact of both actions has been assessed

as medium. Marimekko has already switched to

renewable electricity in most of its own contracts

in Finland, but the transition is underway in foreign

electricity contracts. Preparations are being made to

discontinue the use of fuel oil at Kitee.

The most significant planned actions to achieve

the Scope 3 target are related to continuing the

material transition in line with Marimekko’s material

strategy, optimizing logistics and transitioning

to renewable energy. In 2024, purchased textile

materials accounted for 36 percent of Marimekko’s

total carbon footprint and logistics for 12 percent.

Correspondingly, purchased textile materials

accounted for 48 percent of the emissions included

in Marimekko’s science-based Scope 3 target

boundary and logistics for 16 percent. The following

planned actions are estimated to have a high emission

reduction potential (a reduction of more than 500

tCO2e):

• increasing the proportion of organic and recycled

cotton

• increasing the share of traceable and lower-

emission leather

• increasing the share of recycled wool

• optimizing logistics routes, especially in Asia

• supporting Marimekko’s partner suppliers in the

energy transition

In addition, the following planned actions are

estimated to have a medium emission reduction

potential (50–500 tCO2e reduction): further

increasing the share of recycled materials in materials

other than cotton and wool, increasing the share

of lower-emission packaging materials, reducing

e-commerce returns and taking used energy sources

into account when selecting new suppliers.

Some of the actions with high and medium

emission reduction potential listed above have

already been implemented or are underway. The

rest are planned to be implemented in 2025–2030,

i.e. during the target period of Marimekko’s science-

based climate targets. The feasibility, method and

schedule of the measures are assessed on a case-by-

case basis.

Marimekko has been advancing its material

strategy since 2021 and has made progress in

transitioning to its preferred materials, such as

organic, recycled, and innovative materials. The

progress is described in more detail in section

Actions. However, the transition in materials

continues, and the share of materials preferred by

Marimekko will continue to increase. The company

has been optimizing logistics routes for a long time,

but as business grows in Asia, there is still a need for

this. Marimekko has required its contractual partners

to favor renewable energy and strive for emission

reductions. The company is now investigating

concrete ways to support its partners in the transition

to renewable energy.

Marimekko has carried out a qualitative

assessment of the potential locked-in greenhouse gas

emissions of key assets and products. The company

owns one fossil-fuel-powered plant, the heating oil

boiler of the property in Kitee. However, the company

has decided to discontinue the use of fuel oil at the

Kitee property, which is why Marimekko estimates

that the achievement of its emission reduction targets

will not be compromised and that no transition risk

will arise.

During the reporting period, Marimekko did not

make any significant capital investments related

to coal, oil or gas-related economic activities.

Marimekko also made no capital investments related

to climate change mitigation during the reporting

period.

Marimekko is not excluded from the EU’s Paris-

aligned Benchmarks.

The transition plan has been approved by

the company’s Management Group and Board of

Directors. The transition plan has been worked on and

the costs or investment needs caused by the actions

have been assessed together with the members of

the Management Group, and they have been partially

taken into account in the company’s budget. The

member of the Management Group responsible for

preparing Marimekko’s business strategy is also

responsible for the transition plan. These actions are

aimed to ensure that the transition plan is aligned

with Marimekko’s business strategy. Any need for

changes in the company’s business strategy caused

by the transition plan will be assessed regularly in

connection with the updates to the transition plan.

In 2024, Marimekko had financial activities related

to climate change mitigation, which are described

in section Actions. Marimekko has no objectives

or plans to adapt its operations to comply with the

criteria set out in Commission Delegated Regulation

(EU) 2021/2139.

Sustainability report 2024

43Sustainability report 2024

ACTIONS

Marimekko’s most important climate change

mitigation measures are related to continuing the

material transition in line with Marimekko’s material

strategy, optimizing logistics, and transitioning to

renewable energy.

In 2024, Marimekko continued the work to

increase the share of lower-emission recycled

materials, organic materials, materials from

regenerative farming and innovative materials. In

2024, the share of recycled materials remained

nearly at the previous year’s level, being 20 percent

(21), the share of organic materials and materials

from regenerative farming increased to 39 percent

(20), and the share of new innovative materials

remained at 0 percent (0) of all sourced textile

materials. The remaining sourced textile materials

are classified by Marimekko as conventional or

conventional enhanced materials. The emission

intensity of Marimekko’s textile materials per

kilogram of sourced textiles decreased compared

to the previous year and was 21 percent lower

than in 2019, the base year of Marimekko’s target.

Marimekko thus achieved its emission target for

textile materials in 2024.

In 2024, Marimekko continued to optimize

logistics routes by increasing direct deliveries

from suppliers to wholesale customers in Asia and

opening new direct delivery routes to Korea and

Malaysia, which shortened transport routes and

thus reduced emissions from logistics. As the share

of emission-intensive air freight in Marimekko’s

shipments increased at the same time, the emission

intensity of Marimekko’s logistics per kilogram

of transported product increased compared

to the previous year. More information on the

development of the emissions intensity of logistics

and its reasons is provided in section Targets related

to climate change mitigation and adaptation.

The aforementioned climate change mitigation

measures do not cause capital expenditure.

Marimekko does not have a CapEx plan as referred to

in Commission Delegated Regulation (EU) 2021/2178.

Financial investments have been allocated to the

action related to the material transition described

above, which are reﬂected as part of product costs

in Marimekko’s operating expenditure and taken

into account in the company’s budget. However, the

additional costs of the material transition cannot

be separated from product costs as required by

the reporting standard. The company’s ability to

implement the material transition depends, to some

extent, on the availability and costs of lower-emission

materials.

More detailed information on Marimekko’s climate

change mitigation measures and planned measures

is presented in section Transition plan for climate

change mitigation.

Energy consumption and mix

Marimekko’s energy intensity (total energy

consumption per net sales) is presented in table

Energy intensity per net revenue. The energy

consumption in the entire Group’s own operations has

been taken into account in the calculation of energy

intensity, as the NACE code corresponding to the

Group’s main industry is 4771 (Retail sale of clothing),

which is classified as an industry with significant

climate impacts. The entire Group’s net sales, which

are presented under Net sales in the Report of the

Board of Directors, have therefore been used in

calculating the energy intensity.

ENERGY INTENSITY PER NET REVENUE

Comparative

(2023) 2024 % 2024/2023

Total energy consumption per net revenue from activities in high

climate impact sectors (MWh/M€)

39 40 +2%

TOTAL ENERGY CONSUMPTION OF MARIMEKKO’S OWN OPERATIONS

Energy consumption and mix

Comparative

(2023)

2024

Fuel consumption from coal and coal products (MWh) 0 0

Fuel consumption from crude oil and petroleum products (MWh) 336 349

Fuel consumption from natural gas (MWh) 0 0

Fuel consumption from other fossil sources (MWh) 0 0

Consumption of purchased or acquired electricity, heat, steam, or cooling from fossil

sources (MWh)

102 110

Total fossil energy consumption (MWh) 438 459

Share of fossil sources in total energy consumption (%) 6% 6%

Consumption from nuclear sources (MWh) 58 34

Share of consumption from nuclear sources in total energy consumption (%) 1% 0%

Fuel consumption for renewable sources, including biomass (also comprising industrial

and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) (MWh)

3,786 4,265

Consumption of purchased or acquired electricity, heat, steam, and cooling from

renewable sources (MWh)

2,436 2,455

The consumption of self-generated non-fuel renewable energy (MWh) 156 152

Total renewable energy consumption (MWh) 6,378 6,872

Share of renewable sources in total energy consumption (%) 93% 93%

Total energy consumption (MWh) 6,874 7,365

44Sustainability report 2024

Gross Scopes 1, 2, 3 and Total GHG emissions

The table Marimekko’s GHG emissions (Scopes 1–3) presents Marimekko’s Scope 1–3 greenhouse gas

emissions for all emission categories relevant to Marimekko’s operations. Marimekko’s Scope 3 emissions

calculation includes all emission categories except categories 10 (processing of sold products), 13

(downstream leased assets) and 15 (investments), as they are not relevant to Marimekko’s operations.

MARIMEKKO’S GHG EMISSIONS (SCOPES 1–3)

Retrospective Target years

Base year (2022) Comparative (2023) 2024 % 2024/2023 2030

Annual % target/

base year

Scope 1 GHG emissions

Gross Scope 1 GHG emissions (tCO2eq) 109 124 105 -15% - -

Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%) 0% 0% 0% 0% - -

Scope 2 GHG emissions

Gross location-based Scope 2 GHG emissions (tCO2eq) 282 279 274 -2% - -

Gross market-based Scope 2 GHG emissions (tCO2eq) 81 79 98 +23% - -

Significant Scope 3 GHG emissions

Total Gross indirect (Scope 3) GHG emissions (tCO2eq) 68,302 50,119 51,110 +2% - -

1. Purchased goods and services 33,368 26,021 29,837 +15% - -

2. Capital goods 360 366 476 +30% - -

3. Fuel and energy-related activities (not included in Scope 1 or Scope 2) 276 249 215 -14% - -

4. Upstream transportation and distribution 4,372 3,647 4,138 +13% - -

5. Waste generated in operations 19 14 26 +87% - -

6. Business traveling 274 596 757 +27% - -

7. Employee commuting 240 394 423 +7% - -

8. Upstream leased assets 134 132 310 +134% - -

9. Downstream transportation 2,390 1,800 2,054 +14% - -

11. Use of sold products 26,063 15,985 12,478 -22% - -

12. End-of-life treatment of sold products 75 52 16 -70% - -

14. Franchising 730 863 380 -56% - -

Total GHG emissions

Total GHG emissions (location-based) (tCO2eq) 68,693 50,522 51,489 +2% - -

Total GHG emissions (market-based) (tCO2eq) 68,492 50,323 51,313 +2% - -

Marimekko’s biogenic emissions in 2024 were

850 tCO2e (754). Biogenic emissions increased by

13 percent year-on-year due to increased production

and biogas consumption of Marimekko’s own

printing factory. The biogenic emissions of indirect

emissions of purchased energy (Scope 2) or other

indirect emissions (Scope 3) have not been calculated

separately, as no information on the share of biogenic

emissions was available. The calculation therefore

assumes that the indirect emissions of purchased

energy and other indirect emissions are entirely fossil

emissions.

In connection with the calculation of emissions

in 2024, a methodological change was made to the

calculation of market-based Scope 2 emissions, the

impact of which on the Scope 1+2 emissions in the

base year 2022 of Marimekko’s target was more

than 5 percent, i.e. above the threshold of change

considered significant by Marimekko. For this reason,

the same methodological change was also made to

the calculation of market-based Scope 2 emissions for

2022–2023. In the change, the source of the emission

factors for purchased energy was changed to country-

specific residual mix emission factors when no energy

company-specific emission factor was available.

Previously, the emission factors used in location-

based calculations had been used in corresponding

situations. The change is aligned with the GHG

Protocol guidelines. Due to the change, the market-

based Scope 2 emissions for 2022–2023 differ from

the figures previously reported by the company.

Some methodological changes were also made

to the calculation of Scope 3 emissions in 2024, and

the calculation of emissions in 2022–2023 has been

subsequently adjusted due to their significance or

instructions received from the Science Based Targets

initiative. This makes Marimekko’s science-based

Scope 3 emissions target base year 2022 comparable

with subsequent years. The biggest change is the

inclusion of land use sector emissions in the calculation

of Scope 3 Category 1 (purchased goods and services)

starting from 2022, which increased Category 1

emissions. Another significant change is the transfer

of emissions from Marimekko’s distribution center

and e-commerce warehouses as well as from

distribution transports from Category 9 (downstream

transportation) to Category 4 (upstream transportation

and distribution) from 2022 onwards. The change did

not affect the total emissions of transportation and

distribution, but increased Category 4 emissions and

correspondingly reduced Category 9 emissions. The

calculation of Category 12 (end-of-life treatment of

sold products) has been changed for 2022–2023 so

that the emission factor for the treatment of mixed

waste has been updated from the Finnish emission

factor to a Defra factor that is more representative

of the global situation. In addition, a minor calculation

error in the 2022 Category 14 (franchising) emissions

was corrected in the calculation. Due to the above-

mentioned changes, Marimekko’s Scope 3 emissions

for 2022–2023 deviate somewhat from the company’s

previously reported figures.

The greenhouse gas emissions intensity per net

sales is presented in table GHG intensity per net

revenue.

GHG INTENSITY PER NET REVENUE

Comparative

(2023) 2024 % 2024/2023

Total GHG emissions (location-based) per net revenue

(tCO2eq/M€)

290 282 -3%

Total GHG emissions (market-based) per net revenue

(tCO2eq/M€)

289 281 -3%

The net sales presented in section Net sales of

the Report of the Board of Directors have been used

in calculating the greenhouse gas emissions intensity.

GHG removals and GHG mitigation projects financed

through carbon credits

During the reporting year, Marimekko has not

allocated significant funding to projects aimed

at climate change mitigation or greenhouse gas

removals in the company’s own operations, value

chain or outside the value chain.

REPORTING PRINCIPLES FOR METRICS

Calculation of Scope 1–3 emissions

Greenhouse gas emissions are presented for the

entire Marimekko Group. Marimekko calculates its

greenhouse gas emissions on a calendar year basis

in accordance with the GHG Protocol standards.

The standards used include the GHG Protocol

Corporate Accounting and Reporting Standard,

Corporate Value Chain (Scope 3) Accounting and

Reporting Standard and GHG Protocol Land Sector

and Removals Guidance. Greenhouse gas emissions

are presented in tons of carbon dioxide equivalents

and are calculated taking into account the following

greenhouse gases: carbon dioxide (CO2), methane

(CH4), nitrous oxide (N2O), hydroﬂuorocarbons

(HFCs), perﬂuorocarbons (PCFs), sulfur hexaﬂuoride

(SF6), and nitrogen triﬂuoride (NF3).

Some methodological changes were made to the

calculation of Scope 1–3 greenhouse gas emissions in

2024, which did not have a significant impact on the

total emissions, and thus no changes were made to

the calculation of the company’s emission target base

year 2022. Since 2024, the biogenic emissions of

petrol and diesel have been added to the Scope 1

calculation, as fuels are subject to the distribution

obligation in Finland. Since 2024, Category 14 has

been calculated on the basis of the assumption that

retailer-owned stores in Asia do not have district

heating due to the fact that the majority of stores are

unlikely to have heating due to the warmer climate. As

of 2024, only the electricity consumption of retailer-

owned stores has hence been taken into account in

the calculation of Category 14.

Scope 3 Category 1 land-use sector emissions

calculation takes into account emissions from

land use and land-use change. Land-use change

emissions have been calculated by considering the

2–3 most significant countries of origin of the sourced

materials, for which land-use change emissions have

been calculated on the basis of country-specific

information, and for materials sourced from other

countries of origin (or if the country of origin is

unknown), the assumption of the country of origin

has been made in the calculation, applying the

precautionary principle.

The data used in the calculation of greenhouse

gas emissions comes from, among other things,

Marimekko’s service providers (e.g. energy and

biogas consumption data and emission factors),

logistics partners (emission reports, delivery data,

and data on energy consumption of warehouses),

partner suppliers (e.g. emission factors of ceramics

and some textile materials, such as cupro and

Sustainability report 2024

traceable leather, as well as data on emissions arising

from the sewing of Marimekko’s products), from

Marimekko’s own systems (e.g. quantities of materials

procured and cost information), from Marimekko’s

employees (emissions from commuting have been

determined by means of a survey) and from several

databases (e.g. Higg MSI 3.9.1, which collects

environmental impact information on materials,

available at app.worldly.io, and the emission factors of

the UK Department for Environment, Food and Rural

Affairs (Defra), available at Greenhouse gas reporting:

conversion factors 2024 – GOV.UK). Approximately

24 percent of the reported scope 3 emissions in 2024

have been calculated based on primary information

from Marimekko’s suppliers and other partners. The

figure only includes those emissions for which there is

primary data both for activities and emission factors.

The calculation of greenhouse gas emissions from

the manufacture of Marimekko’s products is based

on energy consumption and emissions data collected

from Marimekko’s tier 1 suppliers in an annual survey.

The results of the 2023 survey have been used in

the calculation for 2024, as newer data was not yet

available. The survey results for the years in question

have been used in the calculation of emissions for

2022 and 2023. As data was not obtained from

all suppliers, the result has been extrapolated to

represent all suppliers based on the weight of

products purchased from the suppliers.

The Scope 1–3 emissions have been calculated

by a third party but have not been validated by other

external parties. The GHG intensity per net revenue

has not been validated by an external party.

Calculation of Marimekko’s emission targets

Marimekko’s target for Scope 1 and 2 emissions

is calculated as the sum of Scope 1 emissions

and market-based Scope 2 emissions. The target

boundary includes all Scope 1 and 2 emissions. The

economic intensity target for Marimekko’s Scope

3 emissions is calculated by dividing the Scope 3

emissions in tons of carbon dioxide equivalents by

the added value, which is the sum of EBITDA and

personnel costs in millions of euros. The target covers

all of the company’s Scope 3 emissions, excluding

emissions from the use of sold products (Scope 3,

Category 11). The target boundary includes emissions

from the land use sector. Both Scope 1 and 2 as well

as Scope 3 emission reduction targets cover land-

related emissions and removals from bioenergy

feedstocks. The base year and target year levels for

Scope 1–2 and Scope 3 have been validated by a third

party (the Science Based Targets initiative).

The greenhouse gas emissions intensity of

textile materials per kilogram of sourced textiles is

calculated by Marimekko and is based on emission

factors obtained from the Higg MSI 3.9.1 database.

The intensity is calculated by dividing the cradle-to-

gate emissions from the production of purchased

textiles (part of Scope 3, Category 1)

by the total amount of textiles purchased during

the reporting period, which is the weight of ordered

textile products (kg) with a planned delivery date

in the reporting year. Marimekko has only included

emissions from the land-use sector comprehensively

in the calculation of greenhouse gas emissions

since 2022, and the change in textile emissions is

significant to the extent that the new sources of

emissions from the land use sector included in the

calculation (mainly land-use change emissions) have

not been taken into account in the calculation of

the emission intensity of textile materials in order to

maintain comparability with the target base year. The

greenhouse gas emissions intensity of Marimekko’s

textile materials has not been validated by an external

party.

The emission intensity of logistics presented

in the Actions section is calculated by dividing the

greenhouse gas emissions from logistics paid by

Marimekko (emissions included in Scope 3 Category

4, upstream transportation and distribution) by the

total amount of ordered products (kg) with a planned

delivery date in the reporting year. As of 2022,

emissions from Marimekko’s distribution center

and e-commerce warehouses as well as delivery

transports from them have been added to Category 4

emissions, which increases the emission intensity of

logistics and weakens the comparability of 2022–

2024 with previous years to some extent. However,

the change is not significant. The metric has not been

validated by an external party.

Total energy consumption

The reporting boundaries for total energy

consumption are consistent with the reporting

of Scope 1 and 2 emissions. The total energy

consumption includes the consumption of fuels

purchased by Marimekko and the consumption of

electricity and heat purchased and generated by

Marimekko worldwide. The origin of purchased

electricity and heat is divided into consumption

from renewable sources, nuclear sources and fossil

sources in accordance with Marimekko’s contracts. In

some cases, the exact electricity origin mix was not

available from the energy utility in question, in which

case information on the country-specific residual

mix was used. The calculation method for 2023 has

been adjusted to be consistent with the calculation

for 2024, which is why the energy consumption data

for 2023 differs slightly from the figures previously

reported by the company. In some cases, accurate

information on electricity consumption was not

obtained, in which case electricity consumption was

estimated based on the surface area of the premises

in question using Motiva Oy’s conversion factors. The

consumption of fossil fuels in megawatt hours has

been calculated by converting the consumption from

units of volume to megawatt hours using fuel-specific

density values and default lower effective heating

values. The fuel classification published by Statistics

Finland for the latest available year was used as the

source of these conversion factors (for 2023–2024,

2023 factors were used). Marimekko’s total energy

consumption and energy intensity per net revenue

have not been validated by an external party.

Sustainability report 2024

E3 – WATER AND MARINE RESOURCES

IDENTIFICATION AND ASSESSMENT OF

MATERIAL IMPACTS, RISKS AND OPPORTUNITIES

Marimekko has assessed the impacts, risks and

opportunities related to water and marine resources

as part of the double materiality analysis related to

its sustainability reporting. The emerged material

topics included both positive and negative impacts.

The double materiality analysis process and material

impacts are presented in section ESRS 2 – General

disclosures under Identification and assessment of

material impacts, risks, and opportunities.

Water-related risks and opportunities have

also been identified and assessed in a separate

risk assessment as part of the company’s risk

management process. Risks related to water

resources are identified and assessed annually by

Marimekko’s Sustainability team, and Marimekko’s

Management Group reviews the most significant

identified risks annually as part of the company’s risk

management process.

Marimekko uses two time horizons for water-

related risk assessment: risks until 2030 (short and

medium term) and risks beyond 2030 (long term).

The risk assessment covers both Marimekko’s own

operations and assets as well as the value chain,

focusing on the risks in the upstream value chain.

The most significant water risks facing Marimekko

are related to the adequacy of water in the upstream

value chain, especially in the cultivation of agricultural

raw materials, but also in the textile manufacturing

process. Global warming can increase water scarcity,

which can reduce the availability of raw materials and

increase raw material prices and production costs or

disrupt production processes, especially in areas of

high water stress. In addition, the increasing scarcity

of water resources may impair access to clean drinking

water and sanitation, especially for Marimekko’s

value chain workers. In the long term, these risks will

increase. No significant water risks related to own

operations have been identified. No stakeholder

consultations have been organized to identify water-

related risks and opportunities.

The most significant opportunities related to

water include, for example, reducing the use of virgin

raw materials, which reduces dependence on water-

intensive agricultural raw materials, and reducing the

use of water-intensive cotton.

POLICIES

Marimekko’s environmental work is guided by

Marimekko’s sustainability strategy and related action

plan. The Marimekko Code of Conduct covers the

principles for the use of water in both the company’s

own operations and those of its partner suppliers.

The company’s sustainability strategy sets a target

related to the water scarcity score of sourced textile

materials, which guides operations. The company aims

to reduce the intensity of water use in the upstream

value chain by favoring less water-intensive materials.

Marimekko’s Supplier Code of Conduct includes

requirements related to water use and wastewater

for Marimekko’s partner suppliers. In order to prevent

and reduce the pollution of water bodies, Marimekko

requires that partner suppliers ensure the adequate

and appropriate treatment of wastewater and that

suppliers continuously strive to improve the efficiency

of water use. The quality of wastewater is monitored

regularly at the company’s own textile printing

factory in accordance with the environmental permit

conditions, and wastewater is treated at a municipal

wastewater treatment plant. More information on

the content of the Code of Conduct is available

in sections ESRS 2 – General information under

Sustainability governance and G1 – Business

conduct under Policies.

TARGETS RELATED TO WATER AND MARINE

RESOURCES

Marimekko’s target is to reduce the water scarcity

score of sourced textile materials by 50 percent

per kilogram of sourced textiles by the end of 2025

compared to 2019. The baseline score for 2019 was

41.4, so the target level by the end of 2025 is 20.7.

The target is relative, as the water scarcity score

is measured in relation to the sourced kilograms of

textiles. The target is voluntary and applies to the

upstream value chain and is not a science-based

nature target.

The target is related to both water consumption

and water risks, as the water scarcity score of

textile materials takes into account the blue water

consumption in the cradle-to-gate production of

textiles (from raw material to finished fabric) and

the water scarcity of the region where the water is

consumed. Ecological thresholds or the definition of

community-specific shares have not been considered

in setting the target, and Marimekko’s external

stakeholders have not been engaged in setting it.

During the target period, one methodological

change related to the metric describing water

scarcity was made. From 2022, the material-specific

water scarcity scores used in calculating the metric

have considered which product types are only dyed

on average and which are both dyed and printed. This

methodological change has a very small impact on

the annual water scarcity score of textile materials, so

the results for different years are comparable despite

the change. No other changes have been made to

the target or its metric or the methods or sources

underlying the metric.

In 2024, the water scarcity score of textile

materials sourced by Marimekko per kilogram of

sourced textiles was 9.8 (27.8), which is 76 percent

lower than in 2019. The decrease in the score was

mainly due to the lower water scarcity score of Better

Cotton, which was driven by a regular update of the

factors in the Higg MSI database in December 2024,

as well as an increase in the share of organic cotton to

52 percent (29) of all cotton sourced. Marimekko thus

achieved the target set for water scarcity score.

Marimekko does not have a target related to

the water consumption of its own operations, but

Marimekko strives to use water efficiently in its own

operations and monitors the water consumption and

water consumption intensity of the head office and its

own textile printing factory.

ACTIONS

In line with its material strategy, Marimekko aims to

increase the share of less water-intensive organic and

recycled materials as well as new innovative materials

of all sourced materials. In 2024, 20 percent of the

textile materials sourced by Marimekko were recycled

materials (21) and 39 percent were organic and

regenerative materials (20). According to Marimekko’s

own classification, the remaining materials were

conventional and conventional enhanced materials.

Actions related to reducing the water use intensity

of materials are also indirectly linked to areas at water

risk, as Marimekko monitors its progress with the

water scarcity score of textile materials. This score

takes into account both the consumption of blue

water in the cradle-to-gate production of textiles

and the water scarcity of the region where water is

consumed.

Sustainability report 2024

In addition to material choices, Marimekko aims to

reduce the water use intensity of textile production

by utilizing water-saving production technologies.

In 2024, for example, laser and ozone technologies

were used to create patterns, wear and finishes

for Marimekko Maridenim products, which use less

water than conventional manufacturing methods.

The actions mentioned are related to the mitigation

hierarchy level “Reduction of the use of water

resources”.

The actions listed above are global, as Marimekko

sources raw materials from and manufactures

products in several different countries. The

actions apply to the upstream value chain and own

operations. The actions apply directly to the farmers

of the raw materials for textile materials used by

Marimekko and Marimekko’s partner suppliers, and

indirectly to those communities whose water supply

is located in the same areas as the water supply

of the raw material farmers and factories used by

Marimekko.

Marimekko has no specific activities or resources

allocated to marine resources.

Water consumption

Marimekko uses water in its own textile printing

factory mainly for steam production and for

washing fabrics and tools. In addition, water is used

as domestic and sanitary water at Marimekko’s

headquarters, other offices and stores.

Marimekko’s total water consumption in 2024

was 716 cubic meters. The total water consumption

is a theoretical estimate made by Marimekko, which

includes the water evaporated in the processes using

steam at the textile printing factory and the water

consumed with food and drink in the head office and

canteen located in the same property. Marimekko’s

water intensity, i.e. total water consumption per net

sales, was 3.9 cubic meters per million EUR in 2024.

The total water withdrawal of Marimekko’s own

textile printing factory and head office in 2024

was 22,432 cubic meters (21,422). The total water

withdrawal includes all water withdrawn from the

water supply network for the textile printing factory

and the head office.

In Marimekko’s own textile printing factory,

water is recycled in the washing of the rotary and

ﬂatbed printing machines. The amount of recycled

and reused water in 2024 was 673 cubic meters

(643). The figure is a theoretical estimate made by

Marimekko, based on the total water withdrawal

and an estimate of the proportion of recycled water

obtained from the employees of the printing factory.

Marimekko does not store water.

The water withdrawn for Marimekko’s own textile

printing factory and head office is purchased from

the Helsinki Region Environmental Services Authority

(HSY), and it is surface water from Lake Päijänne.

Päijänne is located in an area of low water stress

and low overall water risk, so all water consumption

reported by Marimekko concerns an area with low

water risk.

Domestic water used at Marimekko’s other

locations, i.e. stores and offices, is not included in

the reported total water consumption or total water

withdrawal, as data on the water consumption of all

locations is not available. The other locations are

located in river basins with a physical and regulatory

water risk that ranges from very low to moderate.

The water risk associated with the reputation of the

river basins varies from low to very high. However,

as the water consumption at these locations is

minor, Marimekko does not have significant water

withdrawal or consumption in areas with high water

risk or high water stress.

Marimekko monitors the water consumption of

sourced textiles in the upstream value chain. The

target and metric for sourced textiles is described

in more detail under Targets related to water and

marine resources. In other respects, the company

does not measure or monitor water consumption in

the upstream or downstream value chain, particularly

because it is difficult to obtain reliable information on

water consumption.

REPORTING PRINCIPLES FOR METRICS

Marimekko has calculated the water scarcity score

of sourced textile materials for 2024 using material-

specific water scarcity scores from the Higg

MSI 3.9.1 database and data from the company’s

systems on the volumes of textile materials sourced

by the company. Water scarcity scores from the

Higg MSI database are based on the AWARE LCIA

methodology. The Higg MSI database is available

at app.worldly.io. The water scarcity score of

Marimekko’s sourced textile materials has not been

validated by an external party.

Marimekko’s total water consumption is a

theoretical estimate made by Marimekko based on

the total water withdrawal of the company’s own

textile printing factory and head office, an estimate

of the amount of water evaporated in the printing

processes and an estimate of the domestic water

consumption based on the number of visitors to the

head office and canteen. The estimate of the amount

of water evaporated in the printing processes has

been obtained from Marimekko’s printing factory

employees and Marimekko’s partner responsible

for the operation of the steam boiler. The estimate

of the number of daily visitors to the head office

and canteen is based on observations made by

Marimekko and the head office restaurant operator.

The estimates of the domestic water used at the

head office and in the canteen per visitor are made by

Marimekko. Marimekko’s water intensity is calculated

by dividing the estimated total water consumption

by the net sales for the reporting period. The metrics

have not been validated by an external party.

The water withdrawal in 2023 differs from the

previously reported figure (21,294 cubic meters),

as the total water withdrawal was obtained from a

different source at that time. The water withdrawal

in 2023 has now been adjusted to be comparable

with the water withdrawal in 2024. The total water

withdrawal figure is obtained from the property’s

usage monitoring report prepared by an external

party. The water withdrawal reading in the usage

monitoring report is based on the property’s water

meter.

The amount of water recycled and reused in

Marimekko’s own operations is an estimate made

by Marimekko based on the total water withdrawal

of the company’s own textile printing factory and

head office, as well as an estimate of the proportion

of recycled water obtained from Marimekko’s

employees. The metric has not been validated by an

external party.

The assessment of the water risk in the area from

which HSY withdraws the water used by Marimekko’s

textile printing factory and head office is based on

the Aqueduct 4.0 service, which is available at

https://www.wri.org/applications/aqueduct/.

The estimate of the water risk in the river basins

where Marimekko’s other own operations are located

is based on the WWF Water Risk Filter tool, which is

available at https://riskfilter.org/water.

Sustainability report 2024

S – SOCIAL INFORMATION

S1 – OWN WORKFORCE

IDENTIFICATION AND ASSESSMENT OF

MATERIAL IMPACTS, RISKS AND OPPORTUNITIES

Marimekko has assessed the impacts, risks and

opportunities related to its own workforce as part

of the double materiality analysis carried out in

conjunction with its sustainability reporting. The

analysis utilized, for example, the human rights impact

assessment carried out by the company in 2022 on its

own workforce, which covered all of the company’s

personnel groups, i.e. the textile printing factory, stores

and offices in every country in which it operates.

The company did not identify any material themes

exceeding the set threshold related to the company’s

own workforce in its double materiality analysis. The

sub-topics with the highest value in the analysis,

all of which are positive impacts, are considered as

material sub-topics in the reporting. These sub-

topics are presented in section ESRS 2 – General

disclosures under Identification and assessment of

material impacts, risks, and opportunities. As a rule,

the identified impacts apply to all of the company’s

own workforce and do not primarily concern a specific

personnel group.

Marimekko assesses the special needs of

different groups on a case-by-case basis. Potential

needs may emerge in addition to direct feedback,

for example, through the company’s employee

engagement surveys or reports of misconduct,

as raised by employee representatives or in the

preparation of the annual plan regarding diversity,

equity and inclusion.

Marimekko does not have own workforce in

countries that have been identified as high-risk areas

and there is no risk of child or forced labor associated

with its own workforce.

With regard to possible epidemics or pandemics,

the employees of Marimekko’s textile printing factory

and stores are seen to be in a particularly vulnerable

position, among other things, because on-site work

is emphasized in the work. The risk of occupational

accidents is also seen to be greater in the textile

printing factory, for example, related to the operation

of equipment and the use of chemicals.

POLICIES

Marimekko is committed to promoting human

rights, living wages, employee empowerment and

safe working conditions. The company’s ways of

working are based on its values and Marimekko

Code of Conduct, which follows the ten principles

of the United Nations Global Compact. The content

of the Code of Conduct is described in more detail

in sections ESRS 2 – General information under

Sustainability governance and G1 – Business

conduct under Policies.

The company’s human rights practices are based

on the United Nations Guiding Principles on Business

and Human Rights (UNGP). The company respects

internationally recognized human rights in accordance

with the United Nations International Bill of Human

Rights and the International Labour Organization’s

Declaration on Fundamental Principles and Rights at

Work and the core conventions that underpin it.

The company respects its employees’ freedom

of association, right to collective bargaining and

the national regulations on working hours. A large

proportion of Marimekko’s employees are in Finland

and other countries where, for example, the statutory

requirements regarding working conditions, such

as reasonable working hours, annual leave, parental

leave and part-time work, are high-quality. More

than 80 percent of the company’s employees are in

Finland. Marimekko respects children’s rights and has

zero tolerance for the use of child or forced labor or

human trafficking.

At Marimekko, all employees are paid adequate

wages in accordance with the applicable benchmarks.

Marimekko pays all employees covered by collective

agreements at least the minimum wage as specified

in the collective agreements, which is in accordance

with the minimum wage set in accordance with

Directive (EU) 2022/2041 of the European Parliament

and of the Council. Outside the EEA, rewarding in

accordance with local legislation is applied in relation

to adequate pay.

Marimekko has guidelines and processes to

provide an inspiring and caring workplace. They

cover topics such as occupational health and safety,

well-being at work, employee engagement and

performance. In addition, the company prepares

annually a diversity, equity and inclusion plan. The

company has a work community development plan

covering learning and professional development.

The company has no specific commitments

related to principles that concern those who are in

a particularly vulnerable position. In addition to the

broad application of the Marimekko Code of Conduct,

the company takes into account, for example,

possible feedback related to persons in vulnerable

positions in the preparation of the annually updated

diversity, equity and inclusion plan and related

measures.

Diversity, equity and inclusion

Marimekko’s corporate culture and working

environment are founded on equality, valuing

diversity, and inclusion. The company wants to

provide a safe, caring, communal and respectful

working environment for all its employees. Among

other things, Marimekko Code of Conduct includes

zero tolerance for all forms of discrimination,

and the company does not tolerate any form of

discrimination based on, for example, gender, gender

identity, gender expression, sexual orientation, age,

origin, nationality, language, religion, conviction,

opinion, political activity, trade union activity, family

relationships, health, disability or discrimination

or other inappropriate treatment based on

other personal ground. Both direct and indirect

discrimination or other inappropriate treatment are

prohibited regardless of whether they are based

on a fact or an assumption concerning the person

themselves or someone else. The process of

implementing any measures related to discrimination

or other inappropriate treatment immediately upon

observation is described in G1 – Business conduct

under Mechanisms for identifying, reporting and

investigating concerns.

Marimekko’s equality plan is the basis for

promoting equality in the company and success is

measured through the results of employee surveys,

among other things. The company’s Diversity, Equity

and Inclusion (DEI) Foundational Principles are the

framework for the annually updated Diversity, Equity

and Inclusion Plan, covering both Marimekko’s DEI

measures and the related key performance indicators.

The company prepares annually a work

community development plan and an equality and

non-discrimination plan as required by Finnish law.

In addition, the company has an equality working

group in Finland, which includes occupational safety

and health deputy delegates and shop stewards

of each personnel group as well as the employer’s

representatives. The equality working group

participates in the annual updating of the above

mentioned plans.

Sustainability report 2024

50Sustainability report 2024

Occupational health and safety

Marimekko’s policies and management system

for preventing work-related accidents consist of

different levels of entities. The company’s well-being

at work and the promotion of work ability are guided

by the Code of Conduct. Marimekko promotes the

well-being of personnel by, among other things,

supporting its employees’ physical and mental

health, work ability and functional capacity, and by

ensuring an empowering working atmosphere. This

work is done in close cooperation with occupational

health care, the People & Culture team, managers

and the occupational safety organization. In Finland,

the company has in use an early support model that

is aimed at improving work ability and workplace

well-being. Marimekko’s entire own workforce was

covered by the company’s occupational health and

safety management system in both 2023 and 2024.

In Finland, Marimekko’s occupational safety is

guided by the company’s general safety instructions

as well as the property safety instructions, such as

the fire and rescue instructions, of each location. As

preventive occupational safety measures, hazards

and risks related to work are identified and assessed.

This helps the company to prevent accidents and

near misses. The company also ensures that the

work environment is safe and ergonomic, and that

appropriate tools and protective equipment are used.

Marimekko’s safety management system takes

into account the legislation of each country, such as

the Finnish Occupational Safety and Health Act. In

Finland, Marimekko offers its employees occupational

health care beyond the statutory requirements and, in

other countries where it has its own employees, offers

an occupational health benefit in accordance with

local market practice.

Engaging with own workforce and workers’

representatives about impacts and processes to

remediate negative impacts

Marimekko complies with local labor laws and

applicable collective agreements in all of its countries

of operation. Collective cooperation is carried out

in accordance with the local legislation of each

countries. The aim of the collective cooperation is to

develop the company’s operations and the personnel’s

opportunities to inﬂuence the company’s decision-

making regarding their work, working conditions and

position in the company. In addition to the collective

agreements in Finland, the company complies with

two local collective agreements in Sweden and

operates in accordance with the General Retail

Industry Award guidelines and regulation in Australia.

In Finland, collective cooperation with Marimekko’s

employee representatives is active and exceeds the

scope set out in the Finnish Act on Co-operation

in Undertakings. Marimekko’s Chief People Officer

has the overall responsibility for ensuring that the

cooperation has been carried out in accordance with

the Finnish Act on Co-operation in Undertakings.

As part of the collective cooperation in Finland,

the personnel cooperation committee meets four

times a year. In addition to the Chief People Officer,

the committee includes President and CEO, Chief

Financial Officer and employee representatives.

The meetings discuss topical matters, such as

the development of the company’s business, the

impact of sustainability measures on personnel and

the themes proposed by the quarterly convening

personnel cooperation working group.

The above-mentioned parties are responsible

for their part for the operational implementation

of the collective cooperation. If development or

KEY FIGURES RELATED TO OWN WORKFORCE

Gender

Number of employees

(head count) 2024

Male 66

Female 611

Other -

Not reported -

Total employees 677

Country

Finland 544

2024 2023

Of the total number of employees (head count)

under 30 years of age (head count / %) 197 / 29 189 / 29

aged 30–50 (head count / %) 364 / 54 353 / 54

over 50 years of age (head count / %) 116 / 17 112 / 17

Employee turnover

Employees who have left, head count 85 78

Average turnover, total personnel, % 16.7 18.5

Occupational accidents

Work-related accidents, Finland 8 12

Fatal work-related accidents, entire company 0 0

Diversity

Number of men and women in top management (Management Group) 1 / 10 0 / 10

Ratio of men to women in top management (Management Group; %) 9 / 91 0 / 100

Family leaves

Share of employees entitled to family-related leave, % 100 100

Marimekko's personnel headcount by market area can be found from ESRS 2 – General information under Strategy and business model.

change needs arise in the collective cooperation,

discussions on the necessary changes are held

directly and carried out together with the employee

representatives. In addition, the company engages in

regular dialogue to resolve personnel-related matters

or make information about them to ﬂow easily.

The needs regarding employees in a particularly

vulnerable position are always addressed as

necessary, for example, on the basis of the results

of employee engagement surveys or otherwise on

the basis of direct feedback received from employee

representatives.

51Sustainability report 2024

The company assesses the effectiveness of its

engagement with its personnel by means of bi-annually

conducted employee engagement surveys, through

which the company obtains information from different

parts of the organization about matters of relevance

to employees. In addition, the whistleblowing channel

open to employees is an important feedback channel.

Collective cooperation, employee engagement surveys

and the whistleblowing channel also enable raising

matters related to compliance with human rights

policy commitments. The procedures for dealing with

the issues raised or the related communication with

persons of own workforce vary depending on the

topic. The whistleblowing channel, raising concerns

and handling of reports, including possible corrective

actions, are described in more detail in section G1 –

Business conduct under Mechanisms for identifying,

reporting and investigating concerns.

ACTIONS

Marimekko’s SCALE strategy, business model and

corporate culture create opportunities and positive

impacts for the company’s employees in the form of

both career and development opportunities.

Reﬂecting the themes that have emerged

as material impacts, Marimekko invests, e.g.,

in personnel training, succession planning and

performance management, which support the

company’s profitability and business continuity. In

addition, the company invests in the continuous

development of the employee experience by,

for example, developing the leadership culture,

managerial work as well as processes and systems.

The development of leadership and managerial

work and, for example, people processes is

continuous, but their focuses and scopes vary

annually. In 2024, the renewal of the onboarding

process continued and the outputs of the first

development phase were launched. The second

phase of the development work was also started

during the year. More information on the development

of the onboarding processes can be found in G1

– Business conduct under Code of Conduct and

corporate culture. The section also covers the

development of the feedback culture.

Marimekko trains its personnel on people

processes. Training on these topics is offered, for

example, on the performance management process

and other topical themes. People managers are also

continuously offered customizable support regarding

the processes or other personnel matters.

Work on diversity, equity and inclusion contributes

to building the employee experience. The measures

of the annually created DEI plan, such as training,

apply to the entire personnel or its employee groups

based on the needs that have arisen, for example,

through the results of employee engagement surveys

or other feedback. Some of the actions are recurring

or continuous in nature unless the need for them

changes. More information on Marimekko’s DEI work

can be found in G1 – Business conduct under Code of

Conduct and corporate culture.

At Marimekko, employees are regularly trained

related to occupational safety. The company ensures

that the employees have the appropriate competence

to perform their duties. The company’s employees

are under an obligation to report any safety-related

problems or shortcomings. In Finland, employees

report their safety observations through a joint

system. Marimekko regularly monitors reported

observations and work-related accidents and takes

necessary corrective measures based on them.

Marimekko carries out regular risk assessments

in stores, the textile printing factory and offices

in Finland, collects information and feedback

through employee engagement and leadership

surveys and works in close cooperation with

employee representatives in Finland. The employee

METRICS RELATED TO MARIMEKKO’S OWN WORKFORCE

Metric Description Evaluation of impact 2024 2023

Employee Net Promoter Score

(eNPS), range of results -100–100

Measures the commitment of employees and their willingness to recommend the company.

The full-year result takes into account the weighted eNPS result of the two employee

engagement surveys conducted within the year.

Actions are implemented based on the results. The results are reviewed at company, market area,

function, team or other similar levels in accordance with the process. 28 30

Leadership KPIs: Total result,

office employees

Measures the quality of leadership and managerial work of office employees globally. The

result is obtained by means of a survey conducted once a year. Results on a scale of 1–5

(Strongly disagree; Strongly agree).

Managers implement actions based on their results and plan actions also with the People & Culture

team. More extensive actions are taken into account, for example, in the training offering or performance

management model.

4.2 4.3

Leadership KPIs: Total result,

retail

Measures the quality of leadership and managerial work of store managers globally. The result

is obtained by means of a survey conducted once a year. Results on a scale of 1–5 (Strongly

disagree; Strongly agree).

Same as above. Possible actions are implemented for example with the market area’s retail management.

4.2 4.3

Sick leaves, % Applies to employees in Finland. An overview of sick leaves is discussed with the occupational health and safety committee. The People

& Culture team has the main responsibility for the actions in cooperation with the Finland’s occupational

health service provider.

2.8 3.1

Number of work-related accidents Applies to employees in Finland. In Finland, the occupational health and safety committee handles work-related accidents and implements

actions in cooperation with the occupational health service provider and the People & Culture team.

8 12

The company’s Management Group defines the target levels and reviews the results of the metrics and the effectiveness of the actions. The target levels of the metrics will be defined in 2025. The results of the employee Net Promoter Score are also covered by the

Board of Directors of Marimekko.

52Sustainability report 2024

SHARE OF EMPLOYEES COVERED BY COLLECTIVE AGREEMENTS

Collective bargaining coverage Social dialogue

Coverage rate

Employees – EEA

(countries with more than 50 employees

representing more than 10% of the total number

of employees)

Employees – Non-EEA

(estimate for regions with more than 50

employees representing more than 10% of the total

number of employees)

Workplace representation (EEA only)

(for countries with more than 50 employees

representing more than 10% of the total

number of employees)

0–19%

20–39%

40–59%

60–79% Finland Finland

80–100%

engagement surveys are conducted twice a year

and the survey on leadership and managerial work

is carried out once a year as part of the Maripeople

performance management process.

As described above, the company’s actions

related to material impacts on its own workforce are

by nature, for example, continuous development work

related to processes, ways of working, organizational

culture as well as leadership and managerial work.

The company monitors the data presented in the

Metrics related to Marimekko’s own workforce table

annually as part of its impacts.

The number of complaints and cases of severe

human rights incidents filed through channels for

personnel in the undertaking’s own workforce are

reported in G1 – Business Conduct in table Key

figures related to ethical business practices.

Collective bargaining coverage and social dialogue

At Marimekko, the percentage of employees covered

by collective agreements is 67 percent (68). In

Finland, this ratio is 78 percent (78). In addition, in

Finland 75 percent (78) of employees have workplace

representation. The other countries do not have more

than 10 percent of the total number of employees or

more than 50 employees required for reporting.

The company has no agreements with employees

of the company on representation by a European

Works Council (EWC), a Societas Europaea (SE)

Works Council or a Societas Cooperativa Europaea

(SCE) Works Council.

REPORTING PRINCIPLES FOR METRICS

Metrics related to Marimekko’s own workforce

Employee Net Promoter Score (eNPS) takes into

account the results of the two surveys during the

same reporting year. The number of responses is

taken into account in the calculation, i.e. the result is

weighted. The numbers used in the calculation are

from the system of an external partner.

Leadership KPI total results (office employees

& retail) take into account the results for the

five statements. Following the 2023 results, one

statement was revised for 2024 and another one was

replaced. However, the total results are comparable

between these years as they represent the overall

success of leadership and managerial work against

the defined target state.

Sick leaves applies to employees in Finland,

where more than 80 percent of Marimekko’s

employees are located. Calculated by dividing

sick leave absence hours by theoretical working

hours.

Work-related accidents applies to employees

in Finland, where more than 80 percent of

Marimekko’s employees are located.

Key figures related to own workforce

Employee figures reported as head count at

the end of the year (31 December). Employees

include active and absent employees.

The number of employees who have left

the company includes employees that have left

voluntarily, have been terminated or have retired

as well as employment relationships that have

been terminated by mutual agreement. Fixed-

term employment is not included in the number

of left employees.

Average turnover calculation is based on

the head count and only considers permanent

employment relationships. The average turnover

is calculated using the following formula: Average

turnover = ((permanent employees who have joined

the company + permanent employees who have left the

company)/2)/number of permanent employees at the

end of the period. The number of employees at the end

of the period includes employees, i.e. both active and

absent employees.

Work-related accidents include employees in

Finland, accounting for more than 80 percent of

Marimekko’s personnel. The fatal work-related

accidents number covers all of the company’s own

operations globally. The number of occupational

accidents and fatal occupational accidents has been

provided by the accident insurance company.

Diversity figures reported as at the end of the year

(31 December).

All employees are entitled to a family leave based

on the labor legislation of each country and/or the

collective agreement applicable to the employee.

The share of employees covered by collective

agreements

Figures are reported as at the end of the year

(31 December). The share (%) of employees in scope

of collective agreements of all employees and of

employees of Finland has been calculated taking

into account employees who are in scope of some

collective agreement. For Finland, the difference

between the coverage of collective agreements

and social dialogue (workplace representation)

is due to one of the employee groups not having,

as an exception, a representative at the end of

the year even though the employees belonging to

this employee group in question are in scope of a

collective agreement.

The metrics have not been validated by an external

party.

S2 – WORKERS IN THE VALUE CHAIN

IDENTIFICATION AND ASSESSMENT OF

MATERIAL IMPACTS, RISKS AND OPPORTUNITIES

Marimekko has assessed the impacts, risks and

opportunities related to workers in the value chain

as part of the double materiality analysis related

to its sustainability reporting. The material themes

detected in the double materiality analysis included

both positive and negative impacts. The double

materiality process and material impacts are

presented in section ESRS 2 – General disclosures

under Identification and assessment of material

impacts, risks and opportunities, and resources used

to manage material impacts are presented in the

same section, under Sustainability governance and

strategy.

Marimekko’s operations have an impact on

employees working in the supply chain of the

company’s products. Marimekko has not identified

any employee groups that would be particularly

affected by material impacts. Impacts related to the

company’s own workforce are addressed in section

S1 – Own workforce.

Regarding the sustainability elements of

manufacturing, social aspects related to the supply

chain (e.g. human rights, working conditions and

remuneration) and environmental aspects (e.g.

production methods as well as raw materials

and chemicals used) as well as transparent

communications on these issues in compliance with

continuously increasing legislation, are of growing

significance to customers. These sustainability topics

apply to Marimekko’s sourcing and own production as

well as to licensed products.

Marimekko’s extensive product range is

manufactured by an international network of

approximately 150 partner suppliers in the Baltic

countries, Portugal, China and Thailand, among

others. In 2024, 44 percent (2023: 44) of Marimekko’s

products sold were manufactured in EU countries and

the remainder was mainly manufactured in non-EU

European countries or Asia. The company’s objective

is to always find the most suitable manufacturing

location for each product category. Partner

suppliers have a significant impact on Marimekko’s

competitiveness, so the company strives to establish

long-term partnerships with its partner suppliers.

The complexity of global supply chains in the

fashion and design business makes it challenging for

companies to ensure sustainability throughout the

entire value chain despite active efforts. Improving

the transparency of complex multi-actor supply

chains from raw materials to the store requires

persistent work. Marimekko publishes a list of its

partner suppliers on its website and on the Open

Supply Hub platform. The content of the list is aligned

with the requirements of the Apparel and Footwear

Supply Chain Transparency Pledge.

Marimekko can have a positive impact on supply

chain workers through its Supplier Code of Conduct

that contains requirements related to human

rights, employee rights and working conditions,

environmental aspects and business principles.

The fulfillment of these requirements is monitored

by Marimekko’s own factory visits and third-party

audits. Marimekko uses a specific tool to check the

background of partner suppliers and other significant

business partners, including potential trade sanctions

and corruption risk. Negative impacts may arise

if the requirements are neglected and the partner

supplier does not commit to corrective measures.

Marimekko’s primary objective is always to ensure

that corrective measures are implemented and that

the partner supplier commits to the continuous

improvement of its operations. If the partner supplier

refuses to do this, Marimekko has the contractual

right to terminate the cooperation.

POLICIES

In accordance with its sustainability strategy,

Marimekko promotes equality and fairness

throughout its value chain. The company continuously

strives to improve the transparency of its value chain

and is committed to promoting human rights, living

wages, employee empowerment and safe working

conditions in all of its operations. The company’s

human rights practices are based on the United

Nations Guiding Principles on Business and Human

Rights (UNGP).

Marimekko’s commitment to human rights,

including respect for freedom of association and the

right to collective bargaining, the prohibition of forced

labor and child labor and the prohibition of human

trafficking, is included in Marimekko Code of Conduct

and Supplier Code of Conduct, which also outline

Marimekko’s zero tolerance for discrimination and

principles related to the management of other social

aspects. The Code of Conduct and the Supplier Code

of Conduct are also described in ESRS 2 – General

Disclosures in Sustainability governance and G1 –

Business Conduct under Policies.

Marimekko’s sourcing complies with the principles

of sustainable sourcing and the Supplier Code of

Conduct. Marimekko’s Supplier Code of Conduct

is based on the amfori Business Social Compliance

Initiative (BSCI) Code of Conduct, which in turn

is based on key international principles on human

rights and labor rights, such as the UN Declaration of

Human Rights, the International Labor Organization

(ILO) Conventions, the OECD Guidelines for

Multinational Enterprises and the UN Children’s

ORIGIN OF MARIMEKKO’S PURCHASES

2024 2023

Origin of products, share of sales, %

EU countries 44 44

Non-EU countries 56 56

Share of purchases from audited

suppliers in non-EU countries, %

100 100

Main countries of origin of products,

share of sales, %

China 19 24

Thailand 16 18

Portugal 15 17

Türkiye 12 6

Estonia 10 11

Lithuania 6 4

Finland 5 5

India 3 2

Romania 3 2

Pakistan 2 3

Hungary 2 3

Vietnam 2 2

Italy 2 2

Sustainability report 2024

Rights and Business Principles. The Supplier Code

of Conduct is appended as a part of the agreements

between Marimekko and its partner suppliers. By

signing the Supplier Code of Conduct, partner

suppliers undertake to comply with the principles

described therein and to take adequate measures to

ensure that they are complied with throughout their

supply chain.

Partner suppliers also undertake to observe

Marimekko’s Product Requirements on sustainable

material sourcing in their own operations and

throughout their supply chain. The Product

Requirements state that the company does not

accept materials from extremely high-risk countries.

This applies to, for example, the sourcing of cotton

from Uzbekistan, Turkmenistan and the Xinjiang

Uygur Autonomous Region in China. As part of

its material strategy and in line with the Product

Requirements, Marimekko has increased the share

of traceable materials, such as organic cotton

and certified wool, in its products. Many material

certifications, such as the Global Organic Textile

Standard (GOTS) and Global Recycled Standard

(GRS), also include social sustainability requirements

that all certified companies must meet. They also help

Marimekko monitor the fulfillment of these criteria

throughout the supply chain.

Marimekko offers training to its partner suppliers,

especially in connection with updates to the Supplier

Code of Conduct and Product Requirements. The

latest training events took place in 2022. Personnel

involved in Marimekko’s sourcing also receive training

related to sustainable sourcing practices and human

rights matters.

As a member of the UN Global Compact initiative,

Marimekko is committed to following the ten

principles of the initiative in its own operations and in

its value chain. Marimekko is also a member of, e.g.,

the following international cooperation networks:

• amfori BSCI – an initiative that promotes the

monitoring and development of working conditions

in global supply chains

• Better Cotton – an initiative to help cotton farmer

communities thrive while protecting and restoring

the environment

• Leather Working Group (LWG) – an initiative

committed to building a sustainable leather supply

chain

• Responsible Sourcing Network (RSN) – an initiative

to combat human rights violations and the use

of forced labor associated with raw materials for

consumer products.

ACTIONS

The factories of Marimekko’s partner suppliers are

monitored by independent third-party inspections

mainly in countries outside Europe that are classified

as higher-risk countries, by factory visits carried

out by Marimekko employees in Europe and Asia,

and by surveys conducted among partner suppliers

regarding such matters as the origin of the materials

used.

Third-party audits are mandatory for Marimekko’s

partner suppliers operating outside the EU in higher

risk countries. In 2024, a total of 100 percent of

products sourced from outside the EU were subject

to social compliance audits. Of these, 83 percent

(82) were covered by amfori BSCI audits and the rest

by other similar social compliance audits, such as

SA8000 or SMETA.

Amfori BSCI has updated its auditing system

to comply with the new amfori Code of Conduct

published at the beginning of 2022. When drafting

the new Code of Conduct in 2021, stakeholders were

consulted extensively: The draft version of the Code

of Conduct was open to comments from such parties

as amfori members, industry associations, other

sustainability initiatives and NGO representatives for

two months, and the comments received were taken

into account when preparing the final version. Audits

in accordance with the new amfori Code of Conduct

began in September 2023, and the transition period

given to factories to fully implement all changes

ended in October 2024.

Amfori audits include interviews with factory

management, a document review, factory tour

and employee interviews. The auditor selects the

employees to be interviewed. The interviews are

confidential, and it is not possible for the employer

to identify the interviewed employees from the

audit report. Employees in a particularly vulnerable

position, such as young employees, migrant workers

and pregnant employees, are identified as part of the

audit and special attention is paid to the realization of

their rights in the audit.

In 2024, a total of 33 amfori BSCI audits (27)

were carried out at Marimekko’s partner suppliers’

factories. The number of audits varies from year to

year due to the timing of audits, as audits are carried

out every one or two years depending on the results

of the previous audit, or changes in the supplier field,

as a new factory may, for example, have an audit

other than amfori BSCI.

No findings were made in the audits concerning

workers’ freedom of association or collective

bargaining, discrimination, child labor or special

protection for young workers. Most of the findings

concerned occupational health and safety issues,

management systems and workers’ involvement and

protection. The relative share of observations by

performance area is presented in the table Audits and

audit findings. The audits carried out during the year

identified two findings in the category "Prohibition of

AUDITS AND AUDIT FINDINGS

2024 2023

Number of audits and audit results

Outstanding (A) 10 2

Good (B) 6 7

Acceptable (C) 15 18

Insufficient (D) 2 0

Total 33 27

amfori BSCI audit findings by

performance area, %

Occupational health and safety 34 35

Social management system and

cascade effect 23 23

Workers’ involvement and

protection 15 14

Fair remuneration 12 10

Decent working hours 8 8

Protection of the environment 3 5

No precarious employment 2 0

Ethical business behavior 2 5

No bonded labor 1 0

The rights of freedom of

association and collective

bargaining 0 0

No discrimination 0 0

No child labor 0 0

Special protection for young

workers 0 0

Sustainability report 2024

forced labor". These findings concerned a situation

where the factory did not have sufficiently robust

policies to assess and address risks related to the

recruitment of migrant workers, nor to document and

communicate disciplinary practices in a language

that workers could understand. No forced labor or

actual disciplinary cases were detected at the factory.

Marimekko will reassess the cooperation with the

factory once the follow-up audit has been carried out.

Corrective actions identified as necessary in

monitoring actions are followed up regularly, either

during factory visits or in separate supplier meetings.

Based on the follow-up audits carried out in 2024,

corrective measures had been implemented with

regard to 30 percent (38) of the observations.

However, the observations and required corrective

actions are not fully comparable: some observations

concern issues that may require a lot of time and

resources to correct, while other issues are smaller

and easier to correct. Marimekko monitors the

implementation of the pending corrective actions, and

they will also be monitored in future audits according

to the amfori BSCI audit cycle.

PROCESSES TO REMEDIATE NEGATIVE IMPACTS

AND CHANNELS FOR VALUE CHAIN WORKERS TO

RAISE CONCERNS

Marimekko has instructions and defined processes to

apply in case of suspected violations of legislation or

the company’s Code of Conduct and other guidelines.

Possible violations can be reported personally or

through a channel maintained by an external service

provider that also allows anonymous reporting. The

channel is also open to parties outside the company.

In 2024, Marimekko did not receive any reports from

its supply chain employees via this channel.

In addition, amfori BSCI’s Speak for Change

program offers supply chain employees and

communities from areas close to the factories the

opportunity to report any violations of the amfori

Code of Conduct. Amfori requires that the Code of

Conduct must be visibly available to employees in the

local language on the factory premises. The Speak

for Change channel is provided in the local language

and it allows anonymous reporting by many means,

including by phone, scanning a QR code or via a chat

app. The aim is to make the channel as accessible as

possible to the factory employees and surrounding

communities. The program includes an investigation

by an independent party and the definition of

corrective measures in case any report is found to be

justified. The Speak for Change program is active in

Vietnam, Türkiye, Bangladesh, India and Cambodia

and is currently being rolled out in other countries. In

2024, Marimekko did not receive any reports through

the amfori Speak for Change program.

REPORTING PRINCIPLES FOR METRICS

Information on the total number of partner suppliers

has been collected from the purchase report and

Marimekko’s supplier management system. It includes

factories that manufactured Marimekko’s products

and consumer-visible packaging during the reporting

year, as well as related agents and suppliers (tier 0

and 1). License partners are included if their products

are sold in Marimekko’s own channels.

The manufacturing of products in EU and non-EU

countries and the shares of the products’ countries

of origin have been calculated from the sales data

for the reporting year, which includes sales both

to wholesale customers and in Marimekko’s retail

channels. Internal wholesale is not included. The

figure is based on sales in euros.

Information related to amfori BSCI audits comes

from amfori platform and information on other audits

comes from Marimekko’s supplier management

system. The data includes the audit results of

factories that manufactured Marimekko’s products

and packaging visible to consumers during the

reporting year.

The coverage of amfori and other audits for

products procured from outside the EU has been

calculated on the basis of the purchase report at

supplier level so that the most common audit used

at the supplier’s factories has been generalized to

cover all purchases from the supplier in question: for

example, if three out of five factories have an amfori

audit and two have an SMETA audit, all purchases

from this supplier are included in amfori audits.

The implementation percentage of corrective

actions detected in audits is calculated as the share

of actions taken according to the follow-up audit of

the reporting year as a proportion of the number of

observations made in the previous full audit.

The metrics have not been validated by an

external party.

Sustainability report 2024

G – GOVERNANCE INFORMATION

G1 – BUSINESS CONDUCT

Role of the administrative, management and

supervisory bodies

Marimekko is committed to observing the same

operating principles all over the world, in compliance

with international and local laws and regulations,

Marimekko’s values and ethical business conduct.

The most important ethical business principles are

outlined in the Marimekko Code of Conduct and

Supplier Code of Conduct.

The role of the company’s administrative,

management and supervisory bodies in sustainability

is described in more detail in section ESRS

2 – General disclosures under Sustainability

management at Marimekko.

The company’s Board members’ competence in

sustainability-related themes is described in more

detail in section ESRS 2 – General disclosures under

Board of Directors. The competence of the members

of the Management Group in relation to sustainability

is described in more detail in section ESRS 2 –

General disclosures under President and CEO and

Management Group.

IDENTIFICATION AND ASSESSMENT OF

MATERIAL IMPACTS, RISKS AND OPPORTUNITIES

Marimekko has assessed the impacts, risks and

opportunities related to business operations and

ethical business conduct as part of the double

materiality analysis related to its sustainability

reporting.

The double materiality analysis did not reveal any

material themes related to business conduct that

exceed the set threshold. The sub-themes addressed

as material in reporting are those with the highest

threshold value, which are all positive impacts. These

sub-themes are presented in section ESRS 2 – General

disclosures under Identification and assessment of

material impacts, risks and opportunities.

Risks related to ethical business conduct are

identified and addressed as part of the Group’s risk

management and presented quarterly in the company’s

interim reports and in the Report of the Board of

Directors. The members of the Management Group

are responsible for identifying and assessing risks in

their respective areas of responsibility, implementing

appropriate risk management measures and

communicating risks and measures to the personnel.

In the identification, analysis and management

of the impacts, risks and opportunities related to

ethical business conduct, key measures include

supplier assessments and audits, internal controls,

classroom training for employees and a whistleblowing

channel. To ensure the ethical business conduct of the

company’s suppliers, customers and other partners,

Marimekko uses a risk management tool maintained by

a third party to check partners’ backgrounds regarding

trade sanctions, corruption, money laundering,

human rights violations and various misconduct risks.

Practices of ensuring suppliers’ sustainability are

described in more detail in section S2 – Workers in the

value chain.

BUSINESS CONDUCT POLICIES AND CORPORATE

CULTURE

Business conduct

In addition to applicable legislation, Marimekko’s

ethical business conduct is guided by the company’s

values approved by the Board of Directors, the

Marimekko Code of Conduct and other policies and

guidelines based on it. The Code of Conduct covers,

among other things, the company’s commitment to

sustainability and ethical business conduct in such

matters as environmental issues, social aspects,

respect for human rights and combating corruption

and bribery. The content of the Code covers all

material themes identified in the company’s double

materiality analysis.

The Marimekko Code of Conduct and other

policies and guidelines based on it contain operating

principles on combating corruption and bribery

in accordance with the UN Convention against

Corruption. The requirements for suppliers are set

out in Marimekko’s Supplier Code of Conduct, which

is based on the ILO conventions and the amfori BSCI

Code of Conduct. As a participant in the UN Global

Compact initiative, Marimekko is committed to

following the ten principles of the initiative in its own

operations and in its value chain.

The Supplier Code of Conduct applies to all

Marimekko suppliers, their subcontractors and third

parties acting on behalf of the supplier, regardless of

where they are located. The internal Marimekko Code

of Conduct applies to all employees and management

of the company.

All of Marimekko’s policies and guidelines based

on the Code of Conduct were updated between

2022 and 2024 to reﬂect the development of

legislation and the company’s operating practices.

The Marimekko Code of Conduct is reviewed and, if

necessary, updated at least every two years, most

recently in 2024. Code of Conduct, Supplier Code

of Conduct and Sustainability Policy are publicly

available, other policies and guidelines are internal.

More about Policies in ESRS 2 – General information

under Sustainability governance.

All employees and management in the Group

must complete an e-learning module on the Marimekko

Code of Conduct every two years. The Code of

Conduct e-learning module covers the key practices of

ethical business conduct followed at Marimekko and

procedures for reporting misconduct, and illustrates

ethical business conduct through examples and

assignments. According to Marimekko’s assessment,

the personnel functions most at risk in respect of

corruption and bribery are those working in sourcing

and wholesale. These employees must complete

the above-described Code of Conduct e-learning

module, including principles of combating corruption

and bribery. Every year, all employees must also

complete an e-learning module on information security.

In addition, relevant employees must participate

annually in classroom training on competition law and

complete e-learning modules on data protection and

the company’s Insider Policy every two years. Every

Marimekko business area and function also receives a

tailored classroom training session including a section

on ethical business conduct once a year on average.

The company’s onboarding processes and the

separately provided instructions and training on

HR processes also contribute to the company’s

corporate culture and compliance with ethical business

conduct. Adherence to the desired working and

operating methods is also supported by Marimekko’s

performance management process Maripeople.

The completion of the e-learning modules and

classroom training sessions on the Code of Conduct,

data protection, competition law and insider guidelines

is monitored and the results are reported to the

Board of Directors once a year as part of the ethics

& compliance review. The completion rates for these

training modules are presented in table Key figures

related to ethical business practices.

Marimekko publishes an internal quarterly

newsletter on a selected topic related to ethical

Sustainability report 2024

business conduct. In 2024, the featured topics

were the responsible use of AI applications,

consideration of diversity, equity and inclusion (DEI)

in HR processes, the revised Code of Conduct, and

conﬂicts of interest. In addition, themes related to

ethical business conduct and sustainability in a larger

perspective are regularly discussed in briefings

and training sessions aimed at supervisors and all

employees.

Policies with respect to animal welfare

The company’s policies related to animal welfare are

described in Marimekko’s Sustainability Policy and in

more detail in Product Requirements, which is binding

on the company’s suppliers as part of the Supplier

Code of Conduct.

The Product Requirements state that when using

animal derived materials, Marimekko’s suppliers must

comply with the “Five Freedoms” as defined by the

World Organization for Animal Health (WOAH; prev.

OIE) concerning such matters as nutrition, health and

species-typical behavior. Suppliers must also take

the necessary measures to ensure that their sub-

suppliers comply with these principles. Furthermore,

any material from species defined as endangered or

vulnerable in the International Union for Conservation

of Nature’s (IUCN) Red List or included in the

Convention on International Trade in Endangered

Species of Wild Fauna and Flora (CITES) are ruled out

from use in Marimekko products.

Marimekko is committed to using responsibly

sourced raw materials and prefers certified materials

in its procurement. Marimekko strives to ensure

animal welfare by using wool, alpaca and mohair

meeting the requirements of the Responsible Animal

Fiber (RAF) standard and down and feathers meeting

the Responsible Down Standard (RDS) in its products.

Corporate culture

Marimekko believes in fairness, courage and

cooperation and fosters an open, low-hierarchy

corporate culture that is built on creativity and

entrepreneurship. Equality, valuing diversity, and

inclusion are also important pillars of Marimekko’s

corporate culture and working environment.

Discrimination in any form is prohibited at Marimekko.

The company wants to provide a safe, caring,

communal and respectful working environment for all

its employees.

Marimekko’s ways of working are based on

the company’s values and Code of Conduct. The

company has created its own principles regarding

diversity, equity and inclusion (DEI Foundational

Principles) and, based on them, creates an annual DEI

action plan. This topic is addressed in more detail in

section S1 – Own workforce under Policies.

Diversity, equity and inclusion are an important

and continuously developed part of Marimekko’s

people processes. In 2024, the company provided

training regarding DEI themes for new people

managers, organized events on the topic and

shared information more widely with the whole

organization. As in previous years, the company was

an official partner of Helsinki Pride and supported the

LGBTQIA+ community through omnichannel content

and collaborations. Marimekko worked with various

models, inﬂuencers and creatives to make sure that

the company fosters diversity, for example, in age,

size, gender and ethnic background. Supporting

inclusion through, for example, choices in imagery

and representation is a constant and consistent part

of the company’s marketing activities.

In addition to DEI themes, the company also

promotes other necessary important company

culture- and value-based actions. The company

continuously develops its people processes and

leadership culture, as they play an important role

in building employee experience. Marimekko has

guidelines and processes to support providing an

inspiring, responsible and caring workplace. This

topic is addressed in more detail in section S1 – Own

workforce under Policies.

In 2024, the company focused, e.g., on developing

its feedback culture by organizing training and a pilot

project, among other things. The aim of developing

the feedback culture is to enable more effective

development at the individual level, utilization of each

employee’s potential and agility and, thereby, also to

achieve gradual improvements at the organizational

level, for example in the capabilities important to

the company. The effectiveness of the development

actions of 2024 is monitored through, for example,

surveys regarding feedback culture. The progress of

this theme has been included in Marimekko’s metrics

of the quality of leadership and managerial work.

In 2024, the company started a renewal of

its onboarding processes. The content related to

company culture is a key part of the onboarding

journeys and DEI perspectives related to, for example,

the availability of information, language and process

application are now taken into account better than

before. The revised materials also provide employees

who have worked in the company for a longer

period of time with a comprehensive compilation of

important instructions, ways of working and content

regarding corporate culture. The development of

onboarding processes continues in 2025.

DEI themes are discussed regularly by the

company’s Board of Directors and Management

Group.

MECHANISMS FOR IDENTIFYING, REPORTING

AND INVESTIGATING CONCERNS

Employees and other stakeholders are encouraged

to report suspected misconduct related to

Marimekko’s operations, and the reporting channel

is also introduced as part of the company’s Supplier

Code of Conduct. Employees are primarily asked to

contact their supervisor, Marimekko’s Chief People

Officer or the General Counsel. They can also use

the reporting channel maintained by an external

service provider that enables anonymous reporting.

This whistleblowing channel tool is available on

Marimekko’s intranet and the company’s public

website. In addition, the company’s whistleblowing

channel instructions must be available in the break

room of each Marimekko store.

The channel is also available to external

stakeholders. More information on reporting channels

available for suppliers is provided in section S2 –

Workers in the value chain under Processes to

remediate negative impacts and channels for value

chain workers to raise concerns.

All cases of misconduct and suspected

misconduct that the company becomes aware of are

investigated in accordance with a predetermined

process. In this process, Marimekko complies with

the EU Whistleblowing Directive (2019/1937/EU)

and the national regulations issued on the basis of

it. Marimekko is committed to fairly investigating

all reports made in good faith and, based on the

investigation and its outcome, taking the necessary

measures. Those investigating the cases must

be separate from the chain of command involved

in the matter. The company is also committed to

protecting the rights and privacy of persons who

have submitted misconduct reports in good faith.

These commitments are confirmed in Marimekko’s

Sustainability report 2024

Whistleblowing Guidelines, which were last updated

in 2024. In 2024, the company did not become aware

of any cases where whistleblowers would have been

subjected to retaliation.

The Group’s Chief People Officer and General

Counsel are responsible for steering the investigation

of suspected misconduct. The purpose of this

steering is, among other things, to ensure that

the consequences in cases of similar severity

are consistent and that corrective measures are

sufficient. Confirmed misconduct may result in

disciplinary or legal action. Any suspected crimes

are reported to the police. The company’s General

Counsel reports all investigations annually to the

Management Group and Board of Directors.

Apart from the continuous development of its

ethics & compliance program, the company has not

identified any need to initiate separate development

projects regarding anti-bribery and anti-corruption

processes. Marimekko has not been involved in any

legal proceedings or court rulings related to corruption,

bribery or other unethical business in 2024.

MANAGEMENT OF RELATIONSHIPS WITH

SUPPLIERS

Marimekko strives to establish long-term partnerships

with its partner suppliers and always find the most

suitable manufacturing location for each product

category. Marimekko’s sourcing complies with the

principles of sustainable sourcing and the Supplier

Code of Conduct. The Supplier Code of Conduct

is appended as a part of the agreements between

Marimekko and its partner suppliers. Marimekko

has the right to terminate the agreement if the

supplier violates the stipulations of the Supplier

Code of Conduct. However, Marimekko always aims

to support its partner supplier in taking corrective

measures in the event of violations.

Marimekko selects its partner suppliers carefully.

In addition to commercial terms, it pays attention

to sustainability aspects and possible certifications

and audits in its selection. When Marimekko selects

partner suppliers operating in countries outside the

EU, it requires that the factory has already undergone

an amfori BSCI audit or SA8000 certification, or that

such audit or certification process is started. On

a case-by-case basis, the company also approves

suppliers covered by other social compliance audits.

The audits of our contract manufacturers and their

results are described in more detail in section S2 –

Workers in the value chain under Actions.

Marimekko maintains continuous contact with

its partner suppliers. Sourcing personnel are trained

in supplier relationship management mainly through

on-the-job learning when they participate in various

supplier meetings. Other training is arranged as

necessary. The aim is to conduct regular factory visits

to all suppliers. The implementation of corrective

actions identified in third-party audits is monitored

through factory visits and separate supplier

meetings. The company conducts regular supplier

surveys on such issues as the origin of materials

and environmental aspects. In addition, suppliers

are provided with training on, for example, the

requirements of the Supplier Code of Conduct and

Product Requirements, especially in connection with

updates to these documents.

Marimekko uses a supplier rating, which is

updated regularly. The rating assesses the supplier’s

performance based on factors such as quality,

pricing, delivery reliability, product development,

supply chain transparency, setting sustainability

targets and environmental management. Suppliers

are given feedback on the assessment results and

corrective actions are agreed on when necessary.

KEY FIGURES RELATED TO ETHICAL BUSINESS PRACTICES

2024 2023

Ethical business conduct training completion records

Marimekko’s objective is a completion rate exceeding 90 for each training module.

Code of Conduct e-learning (including anti-corruption and anti-bribery principles)

• All personnel (incl. Management Group and Board of Directors), %

• Risk functions, %

E-learning module on insider information and unpublished financial information

• Employees who regularly process unpublished financial information, % 100 100

Classroom training on competition law

• Employees working in wholesale and other selected groups, %

100

E-learning module on EU General Data Protection Regulation

• Employees working in the EU or processing personal data of EU residents, % 93 86

Classroom training modules including a section on ethical business conduct for

Marimekko’s business areas and other functions. Members of the Management

Group are obliged to participate in the classroom training module for their

respective function. 12 pcs / 13 hours 13 pcs / 13 hours

Violations of ethical business conduct

All reports of potential misconduct that led to an investigation

• Related to corruption or bribery

• Related to discrimination, harassment or bullying (of which against one’s own

workforce)

• Related to serious human rights violations (of which against one’s own workforce)

2 (1)

0 (0)

4 (1)

0 (0)

All confirmed cases of misconduct

• Of which related to corruption or bribery

• Of which related to discrimination or harassment

Number of convictions and fines for breaches of anti-corruption and

anti-bribery laws 0 / 0 euros 0 / 0 euros

Number of fines, penalties or damages paid in response to cases of discrimination

and complaints (of which related to own labour) 0 euros (0) 0 euros (0)

Sustainability report 2024

The risks related to Marimekko’s supply chain are

associated especially with production, procurement

and logistics processes and their reliability, ﬂexibility

and efficiency, sustainability, ﬂuctuations in the prices

of raw materials and other factors of production as

well as the availability and price of logistics. Risks

related to the supply chain and their management

are described in more detail in the Report of the

Board of Directors under Most significant risks and

uncertainties.

PREVENTION AND DETECTION OF CORRUPTION

AND BRIBERY

Marimekko is committed to observing anti-corruption

and anti-bribery activities in its own operations and

in relations with its partners. The Marimekko Code of

Conduct prohibits corruption and bribery. The same

prohibition is also included in Marimekko’s Supplier

Code of Conduct. In addition, the Marimekko Code

of Conduct contains principles regarding conﬂicts of

interest and gifts and hospitality, which are essential

in the prevention of corruption. The company also has

separate guidelines regarding gifts and hospitality.

The most important means of preventing and

detecting corruption and bribery are:

• Training on ethical business conduct (for more

information, see Business conduct).

• Risk assessment regarding ethical business

conduct (for more information, see Management of

relationships with suppliers).

• A whistleblowing channel available to all internal

and external stakeholders. There are instructions

and a predefined process for submitting and

processing reports (for more information, see

Mechanisms for identifying, reporting and

investigating concerns).

• Sustainability surveys and background checks

among partners (for more information, see

Management of relationships with suppliers).

• Continuous development of ethical business

conduct in the supply chain. In this, the most

important means are audits and assessments

of partner suppliers and their commitment to

Supplier Code of Conduct. Other partners, such

as IT and other service providers, may also

observe their own operating principles similar to

Supplier Code of Conduct (for more information,

see Management of relationships with suppliers).

During the reporting period, the company was

not aware of any complaints about its operations

to the OECD Contact Points for Multinational

Enterprises.

POLITICAL INFLUENCE AND LOBBYING

Marimekko systematically monitors upcoming

legislation and develops its operating practices

accordingly. However, Marimekko does not engage

in direct political inﬂuence or lobbying and is not

registered in the EU Transparency Register.

Marimekko is a member of several trade and

industry organizations, the most important of

which are:

• The Finnish Fashion and Sports Commerce

association

• Fashion Finland

• The Finnish Textile and Fashion Association

• The Finnish Commerce Federation

• Finnish Business & Society

• Ellen MacArthur Foundation Trading Ltd.

• Better Cotton Initiative

• AISBL amfori

• Leather Working Group Limited

• The Climate Leadership Coalition

• The Responsible Sourcing Network

Marimekko may participate in open consultations

or requests for opinions related to the development

of legislation as part of the joint statements of these

organizations.

In 2024, Marimekko paid a total of EUR 151,925

(184,496) in membership fees to trade and industry

organizations. Marimekko does not make donations to

political campaigns.

During the reporting period, no persons were

appointed as members of Marimekko’s administrative,

management or supervisory bodies who, during the

two years preceding their appointment, had held

similar positions in the public administration (including

regulatory authorities).

PAYMENT PRACTICES

Marimekko has uniform payment practices for all its

customer groups.

Marimekko has not set a standard term of

payment; this is agreed on a contract-specific

basis with each supplier or customer. The standard

contract term is payment on receipt of the invoice,

but no later than the due date. The most common

payment terms for suppliers vary from 7 to 45 days

net. Marimekko has 0 pending legal proceedings (0)

due to late payments.

Marimekko’s payments to suppliers and service

providers follow the company’s internal invoice

approval policy. According to this policy, the number

of approvers required for each invoice depends on

the internal process and the euro amount-based

approval limits set for each approver. The purchase

invoice is paid as soon as the approvals have been

obtained. The company’s finance department

regularly monitors that invoices have been approved

for payment. These procedures aim to prevent

payment delays to all customer groups.

Marimekko’s supplier network is extensive

and includes companies of many sizes from

many countries, which means that there are also

differences in payment practices. Domestic payments

arrive in the supplier’s account on the same day and

SEPA payments to countries within the EU on the

same day or no later than the next two banking days.

For other foreign and foreign currency payments,

it may take longer than two banking days for the

payment to arrive.

As the payment terms are agreed on an order- and

agreement-specific basis and vary greatly, Marimekko

does not monitor the average time it takes for the

company to pay an invoice from the date from which

the contract or statutory payment term is determined.

Marimekko is preparing to report the average

payment period, payment terms by supplier group

and the percentage of payments made in the coming

years.

REPORTING PRINCIPLES FOR METRICS

In the completion data for training related to ethical

business conduct, the completion percentages

include all employees in the target group, including

those with longer absences, such as those on

parental leave.

Cases that violate ethical business conduct, the

figure on reports of possible misconduct that led to

an investigation includes reports received through

whistleblowing channels on the company’s intranet

and external websites, as well as reports received

through other reporting methods instructed by the

company.

The metrics have not been validated by an

external party.

Sustainability report 2024

Consolidated financial statements, IFRS

CONSOLIDATED INCOME STATEMENT

(EUR 1,000) Note 1 Jan.–31 Dec. 2024 1 Jan.–31 Dec. 2023

NET SALES 1. 182,604 174,105

Other operating income 2. 143 91

Change in inventories of finished goods and work in progress 5,755 -4,489

Raw materials and consumables 3. -77,923 -63,190

Employee benefit expenses 4. -35,868 -33,512

Depreciation and impairments 5. -9,344 -9,180

Other operating expenses 6. -33,986 -32,425

OPERATING PROFIT 31,380 31,400

Financial income 7. 1,181 393

Financial expenses 8. -1,587 -2,056

-406 -1,663

RESULT BEFORE TAXES 30,974 29,737

Income taxes 9. -6,602 -6,137

NET RESULT FOR THE PERIOD 24,372 23,601

Distribution of net result to equity holders

of the parent company 24,372 23,601

Basic and diluted earnings per share calculated

on the result attributable to equity holders

of the parent company, EUR 10. 0.60 0.58

COMPREHENSIVE CONSOLIDATED INCOME STATEMENT

(EUR 1,000) 1 Jan.–31 Dec. 2024 1 Jan.–31 Dec. 2023

Net result for the period 24,372 23,601

Items that could be reclassified to profit or loss

at a future point in time

Change in translation difference -87 90

COMPREHENSIVE RESULT FOR THE PERIOD 24,285 23,691

Distribution of net result to equity holders of the parent company 24,285 23,691

The notes are an integral part of the financial statements.

61Consolidated financial statements, IFRS

CONSOLIDATED BALANCE SHEET

(EUR 1,000) Note 31 Dec. 2024 31 Dec. 2023

ASSETS

NON-CURRENT ASSETS

Intangible assets 11.1 1,644 453

Tangible assets 11.2 33,279 35,100

Other financial assets 11.3, 17. 530 595

Deferred tax assets 14. 989 1,110

36,442 37,259

CURRENT ASSETS

Inventories 12.1 35,429 29,268

Trade and other receivables 12.2 17,683 19,688

Current tax assets 419 -

Cash and cash equivalents 17. 40,376 37,044

93,907 85,999

ASSETS, TOTAL 130,349 123,258

(EUR 1,000) 31 Dec. 2024 31 Dec. 2023

SHAREHOLDERS’ EQUITY AND LIABILITIES

EQUITY ATTRIBUTABLE TO EQUITY HOLDERS

PARENT COMPANY

Share capital 13. 8,040 8,040

Reserve for invested non-restricted equity 13. 1,228 1,228

Treasury shares 13. -541 -541

Translation differences -119 -32

Retained earnings 66,914 57,043

Shareholders’ equity, total 75,521 65,738

NON-CURRENT LIABILITIES

Lease liabilities 15.1, 20. 22,297 24,984

22,297 24,984

CURRENT LIABILITIES

Trade and other payables 16. 24,181 24,599

Current tax liabilities - 12

Lease liabilities 15.2, 20. 8,350 7,309

Financial liabilities 17., 20. - 615

32,531 32,536

Liabilities, total 54,827 57,520

SHAREHOLDERS’ EQUITY AND LIABILITIES, TOTAL 130,349 123,258

The notes are an integral part of the financial statements.

62Consolidated financial statements, IFRS

CONSOLIDATED CASH FLOW STATEMENT

(EUR 1,000) 1 Jan.–31 Dec. 2024 1 Jan.–31 Dec. 2023

CASH FLOW FROM OPERATING ACTIVITIES

Net result for the period 24,372 23,601

Adjustments

Depreciation and impairments 9,344 9,180

Financial income and expenses 406 1,663

Taxes 6,602 6,137

Share-based payments 510 417

Cash flow before change in working capital 41,234 40,997

Change in working capital -4,443 -3,342

Increase (-) / decrease (+) in current

non-interest-bearing trade receivables 2,046 -7,690

Increase (-) / decrease (+) in inventories -6,140 4,449

Increase (+) / decrease (-) in current

non-interest-bearing liabilities -348 -101

Cash flow from operating activities before

financial items and taxes 36,790 37,655

Paid interest and payments on other financial expenses -1,418 -1,532

Interest received and payments on other financial income 633 223

Taxes paid -6,900 -6,919

CASH FLOW FROM OPERATING ACTIVITIES 29,107 29,427

(EUR 1,000) 1 Jan.–31 Dec. 2024 1 Jan.–31 Dec. 2023

CASH FLOW FROM INVESTING ACTIVITIES

Investments in tangible and intangible assets -2,330 -2,025

CASH FLOW FROM INVESTING ACTIVITIES -2,330 -2,025

CASH FLOW FROM FINANCING ACTIVITIES

Short-term loans drawn - 149

Short-term loans repaid -621 -1,562

Payments of lease liabilities -7,978 -7,381

Dividends paid -15,011 -13,794

CASH FLOW FROM FINANCING ACTIVITIES -23,610 -22,588

Change in cash and cash equivalents 3,166 4,814

Cash and cash equivalents at the beginning of the period 37,044 32,711

Effects of exchange rate fluctuations 166 -482

Cash and cash equivalents at the end of the period 40,376 37,044

The notes are an integral part of the financial statements.

63Consolidated financial statements, IFRS

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

Equity attributable to equity holders of the parent company

Reserve for invested Treasury Translation Retained Shareholders’

(EUR 1,000) Share capital non-restricted equity shares differences earnings equity total

Shareholders’ equity, 1 Jan. 2023 8,040 1,228 -541 -122 46,820 55,425

Comprehensive result

Net result for the period 23,601 23,601

Translation differences 90 90

Total comprehensive result for the period 90 23,601 23,691

Transactions with owners

Dividends paid -13,794 -13,794

Share-based payments 417 417

Shareholders’ equity, 31 Dec. 2023 8,040 1,228 -541 -32 57,043 65,738

Shareholders’ equity, 1 Jan. 2024 8,040 1,228 -541 -32 57,043 65,738

Comprehensive result

Net result for the period 24,372 24,372

Translation differences -87 -87

Total comprehensive result for the period -87 24,372 24,285

Transactions with owners

Dividends paid -15,011 -15,011

Share-based payments 510 510

Shareholders’ equity, 31. Dec. 2024 8,040 1,228 -541 -119 66,914 75,521

The notes are an integral part of the financial statements.

64Consolidated financial statements, IFRS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

COMPANY PROFILE

Marimekko Corporation (business identity code

0111316-2) is a Finnish clothing and textile design

company. Marimekko Corporation and its subsidiaries

form a Group that designs, sources, sells and

markets clothing, bags and accessories, and interior

decoration products. In addition, the company

produces printed fabrics in its own textile printing

factory.

Marimekko Corporation’s shares are quoted on

Nasdaq Helsinki Ltd. The company is domiciled in

Helsinki, and its registered address is Puusepänkatu

4, 00880 Helsinki, Finland. The financial year of all

Group companies is the calendar year.

Copies of the consolidated financial statements

are available at company.marimekko.com and

the head office of the Group’s parent company at

Puusepänkatu 4, 00880 Helsinki, Finland.

Marimekko Corporation’s Board of Directors

approved these financial statements for publication at

its meeting on 4 March 2025 According to the Finnish

Companies Act, shareholders have the right to accept

or reject the financial statements at the AGM held

after the publication. The AGM may also amend the

financial statements.

ACCOUNTING POLICY APPLIED IN THE

CONSOLIDATED FINANCIAL STATEMENTS

Accounting policy

The financial statements have been prepared

in accordance with the International Financial

Reporting Standards (IFRS), complying with the IAS

and IFRS standards as well as the SIC and IFRIC

interpretations in force as at 31 December 2024. In

the Finnish Accounting Act and the provisions laid

down pursuant to the Act, International Financial

Reporting Standards refer to the standards approved

for use in the EU in accordance with the procedures

laid down in IAS Regulation (EC) 1606/2002 of the

European Parliament, and the interpretations of these

standards. The notes to the consolidated financial

statements also comply with Finnish accounting

and company legislation which complements IFRS

regulations.

Financial statement information is presented in

thousands of euros.

Marimekko has in its double materiality analysis

concluded that climate change does not have a

material impact on the Group’s results or balance

sheet.

Sources of uncertainty related to accounting

estimates

When preparing consolidated financial statement in

accordance with the International Financial Reporting

Standards (IFRS), the company’s management must

make estimates and assumptions about the future,

which include uncertainty.

The company’s management must evaluate

the recording of deferred tax assets, as their

realization requires taxable income in the coming

years. In addition, there is uncertainty related to the

assessment of the useful life of fixed assets and

the execution or non-execution of lease contract

extension options. There is also uncertainty related to

the valuation of inventory and credit losses on trade

receivables. Uncertainty in inventory is related to

situations where the stock moves slowly. For credit

losses on trade receivables, the uncertainty is related

to the assessment of credit losses based on the

historical data and information available at the time of

the review.

The estimates and assumptions included in the

consolidated financial statements are based on the

best knowledge of the management as at the closing

of the books. The actual figures may deviate from

these estimates.

Estimates based on the management judgement

are related to the return accrual and its calculation.

In some cases, the customer has the right to

return the product. The estimate on the number of

products potentially returned is calculated based on

the historical data. In addition, management uses

estimates on likely lease period of renewable lease

agreements when determining the total lease period.

Principles of consolidation

Marimekko’s consolidated financial statements

include the accounts of the parent company

Marimekko Corporation and its subsidiaries.

Subsidiaries are all entities over which the Group

has control. The Group controls an entity where it

is exposed to, or has rights to, variable returns from

its involvement with the entity and has the ability to

affect those returns through its power to direct the

activities of the entity.

Translation of items denominated in foreign currency

The results and the financial position of the Group

units are measured in the currency used in the

primary business environment of the unit in question

(functional currency). The consolidated financial

statements are presented in euros, the functional and

presentation currency of the parent company.

Transactions in foreign currencies are recognized

in the functional currency at the exchange rate

on the date of transaction. The foreign-currency-

denominated receivables and liabilities of the parent

company and its Finnish subsidiary have been

converted to euro amounts using the exchange

rates quoted by the European Central Bank on the

closing date. The foreign-currency-denominated

receivables and liabilities of foreign subsidiaries have

been converted at the exchange rate of the country

in question on the closing date. Foreign exchange

differences in business operations are booked in the

corresponding income statement accounts above

operating profit and foreign exchange differences on

financial items in financial income and expenses.

The foreign-currency-denominated income

statements of subsidiaries are converted to euro

amounts using the average exchange rate for

the financial year and the balance sheets at the

exchange rate on the closing date. Differences

arising from translation and translation differences in

shareholders’ equity are recorded as a separate item

in shareholders’ equity.

Revenue recognition and net sales

The Group sells products in Marimekko’s retail stores

and online store, and through wholesale channels in

Finland and abroad. Most of the Group’s income is

comprised of wholesale and retail sales of products

plus licensing income.

The goods are handed over to the customer

one item or several items at a time in the stores or

65Consolidated financial statements, IFRS

by a carrier. The customer can utilize each sold

product separately and the utilization of a single

product is not dependent on other products sold

by Marimekko. Revenue is recognized when the

buyer obtains control of the product – that is when

the significant risks and rewards of ownership have

been transferred to the buyer. In wholesale, this

is mainly the moment when the goods are handed

over to the customer as set forth in the agreed

delivery clause. In wholesale and export trade,

the terms of delivery determine the point of time

when the customer obtains control of the goods. In

retail where cash, credit card or gift card is used as

means of payment, the income is recognized at the

time of sale.

Sales revenues are recognized at the amount to

which Marimekko expects to be entitled in exchange

for transferring the promised goods to the

customer, except for amounts collected on behalf

of third parties, such as indirect taxes. Discounts

granted are taken into account when determining

the revenue to be recognized. The fulfillment

of performance obligations is verifiable from

payment receipts or transportation documents. In

compliance with IFRS 15, customer contributions

are allocated to distinct goods and recognized

as revenue by the Group when the goods are

handed over to the customer in the store or when

a wholesale customer obtains control of the goods

according to the terms of delivery. In some cases,

the customer has the right to return the product.

The estimate on the number of products potentially

returned is calculated based on the historical data.

Licensing income is recognized in accordance

with the clauses of the agreement between

Marimekko and the licensee when the later of the

following events occurs:

(a) the subsequent sale or usage occurs, and

(b) the performance obligation to which some or all

of the sales-based or usage-based royalty has been

allocated has been fully or partially satisfied.

The clauses in the licensing agreements provide

for licensing income payable to Marimekko for

sales of products covered by the agreement as

percentage-based licensing income or lump sum

payments based on the fulfillment of performance-

based obligations. Some licensees paying

percentage-based licensing income are according

to the agreement obligated to pay at least an annual

minimum licensing income.

The Group also engages in commission trading,

where Marimekko is considered as principal, as

Marimekko determines the selling price of the

products and is responsible for the inventory

and product defects, although the agent handles

complaints. The group records the revenue as

gross amount to which it expects to be entitled of in

exchange for specified goods or services delivered.

Commission trading is carried out on a shop-in-shop

basis, where the seller of the product is an agent who

charges the customer for the product, provides a

sales receipt and acts on his own behalf. Any defects

in the products are reported to the agent.

Other operating income

Other operating income includes, for example, rental

income from operating lease agreements classified as

other lease agreements, insurance payouts and sales

proceeds of fixed assets.

Operating profit

IAS 1 Presentation of Financial Statements does not

contain a definition of operating profit. The Group

has defined this concept as follows: operating profit

is the net amount of net sales and other operating

income less purchase expenses adjusted with change

in inventories of finished goods and work in progress

and the expenses incurred due to production for own

use, less employee benefit expenses, depreciation,

possible impairment loss and other operating

expenses. Any income statement items other than

the above are presented below the operating profit.

Foreign exchange differences are included in the

operating profit, provided they are attributable to

items related to business operations. Otherwise, they

are recognized in financial items.

Employee benefits

Pension commitments

The pension security of the personnel of the Group’s

Finnish companies has been arranged under the

Finnish statutory employee pension plan (TyEL)

through an external pension insurance company.

Foreign subsidiaries have arranged pensions for

their personnel in accordance with local legislation.

The Group’s pension cover is arranged wholly

under defined contribution schemes. Under a

defined contribution arrangement, the Group pays

contributions to publicly or privately managed

pension insurances. These contributions are either

compulsory, based on an agreement or voluntary.

The Group does not have any payment obligations

other than these contributions. The contributions

are recognized as employee benefit expenses at the

time when they become due. Any contributions paid

in advance are included in the assets on the balance

sheet, insofar as they are recoverable as future

refunds or future reductions of contributions.

Share-based payment

The Board of Directors of Marimekko Corporation

decided in 2022 to continue the share-based long-

term incentives for the company’s management.

Estimate of the fair value of share-based payments is

recorded evenly over the duration of the program to

the employee benefit expenses.

The incentive system for years 2022–2026

is described in greater detail in note 4 to the

consolidated financial statements.

Interest income

Interest income is recognized on a time-proportion

basis using the effective interest method.

Dividend income

Dividend income is recognized as income when the

right to dividends is established.

Income taxes

Taxes on the Group companies’ financial results

for the period, taxes from previous periods and the

change in deferred taxes are recorded as the Group’s

taxes. Taxes on the taxable income for the period are

calculated on taxable income in accordance with the

tax rate in force in the country in question. Deferred

taxes are calculated on all temporary differences

between the book value and the taxable value.

However, a deferred tax liability is not accounted

for if it arises from the initial recognition of an asset

or liability in a transaction, other than a business

66Consolidated financial statements, IFRS

combination, that at the time of the transaction

affects neither accounting nor taxable income.

Deferred tax is not recognized for distributable

earnings of subsidiaries where it is probable that

the difference will not reverse in the foreseeable

future. Deferred taxes are calculated using the tax

rates set by the closing date. Deferred tax assets are

recognized to the extent that it is probable that future

taxable profit, against which the temporary difference

can be utilized, will be available.

Earnings per share

The basic earnings per share are calculated by

dividing the result for the period attributable to equity

holders of the parent company by the weighted

average of shares outstanding. The weighted average

number of shares used to calculate the diluted

earnings per share takes into account the diluting

effect of the conversion of potential common shares

into actual shares during the period. There are no

potential shares outstanding at the moment.

Intangible assets

Intangible assets with finite useful lives are

recognized in the balance sheet at original cost

less depreciation. Depreciation of intangible assets

is carried out on a straight-line basis over their

estimated useful life.

The estimated useful lives are as follows:

• intangible rights 5 years

• computer software 3–5 years.

The major intangible assets are computer

software. In addition, intangible rights include

trademarks.

The accounting for cloud computing

arrangements depends on whether the cloud-based

software classifies as a software intangible asset or

a service contract. Those arrangements where the

company does not have control over the underlying

software are accounted for as service contracts

providing the company with the right to access

the cloud provider’s application software over the

contract period. The ongoing fees to obtain access

to the application software, together with related

configuration or customization costs incurred, are

recognized as other operating expenses when the

services are received.

Tangible assets

Tangible assets consist of leased fixed assets and

owned fixed assets which mainly comprise buildings,

machinery and equipment. Tangible assets also

include expenditures on conversions and renovations

of leased premises comprising, for example,

completion work on business interiors in rented

premises. Tangible assets are recorded in the balance

sheet at original cost less depreciation. Depreciation

of tangible assets is carried out on a straight-line

basis over their estimated useful life.

The estimated useful lives are as follows:

• buildings and structures 3–30 years

• machinery and equipment 3–15 years.

The residual value and useful life of tangible

assets are reviewed at the end of each financial year

and if necessary, adjusted to reﬂect changes in the

expectation of economic benefit.

If a tangible asset consists of several parts

with different useful lives, each part is treated as a

separate asset. Significant cost of replacing a part is

capitalized when the company will derive economic

benefit from the asset. Other expenses such as

regular maintenance, repair and servicing costs are

entered as expenses in the income statement when

they are incurred.

Provisions

A provision is recognized when the Group has a

present legal or constructive obligation as a result

of a past event, and it is probable that an outﬂow of

resources will be required to settle the obligation and

a reliable estimate of the amount of the obligation can

be made.

A restructuring provision is recognized when the

Group has compiled a detailed restructuring plan,

launched its implementation or informed the parties

concerned.

Impairment

On each closing date, asset items are assessed

for indications of impairment. If there are such

indications, the recoverable amount of said asset

item is estimated. The impairment recognized is the

amount by which the book value of the asset item

exceeds its recoverable amount, which is the higher

of its net selling price or value in use. Value in use

is based on discounted future net cash ﬂows as a rule.

Lease agreements

In accordance with IFRS 16, the Group assesses at

the inception of a contract whether the contract is, or

contains, a lease. A contract is, or contains, a lease

if the contract conveys the right to control the use of

an identified asset for a period of time in exchange

for consideration. The Group has elected to separate

non-lease components from lease components at the

inception of a contract.

The Group recognizes a right-of-use asset and a

lease liability 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 before the

commencement date, incentives received, initial

direct costs incurred and an estimate of costs to

restore the underlying asset. The right-of-use asset is

depreciated over the lease term.

The lease liability is initially measured at the

present value of the lease payments that are not paid

at the commencement date, discounted using the

interest rate implicit in the lease or, if that rate cannot

be readily determined, the Group’s incremental

borrowing rate. The lease liability is measured at

amortized cost using the effective interest method.

Lease payments included in the measurement of the

lease liability comprise the following: fixed payments

and variable lease payments that depend on an

index or a rate. An option to extend the lease term is

included in the lease term if it is reasonably certain

that the option will be exercised.

The lease term for renewable leases is determined

based on non-cancelable lease term of the contract

and management judgement based on estimate of

the likely rental period.

The Group has elected not to recognize right-of-

use assets and lease liabilities for short-term leases

(max. 12 months) and leases of low-value assets. The

Group recognizes the lease payments associated with

these leases as an expense on a straight-line basis

over the lease term.

67Consolidated financial statements, IFRS

Marimekko is a lessee. Lease contracts include

headquarter and printing facilities in Helsinki,

retail stores in Finland and other countries where

Marimekko operates as well as company housing and

leasing cars. In general, lease contracts vary from

1 year to 15 years.

Inventories

Inventories are presented at the acquisition cost

or at the lower probable net realization value. The

acquisition cost of manufactured inventories includes

not only purchase expenditure on materials, direct

labor and other direct costs, but also a share of the

fixed and variable general costs of production. Net

realizable value is the estimated selling price in the

ordinary course of business, less the estimated direct

costs for completion and selling expenses.

Financial assets

Financial assets are classified based on the Group’s

financial asset management business model and

their contractual cash ﬂow characteristics into the

following categories: measured at amortized cost and

measured at fair value through profit or loss.

Financial assets measured at amortized cost

consist of other financial assets, trade receivables,

other receivables, prepaid expenses and accrued

income, as well as cash and cash equivalents. They

are initially recognized at fair value and subsequently

at amortized cost using the effective interest method.

For the estimation of expected credit losses on

trade receivables, the so-called simplified approach

permitted by IFRS 9 is used, according to which credit

losses are recorded at an amount equal to lifetime

expected credit losses. Expected credit losses are

estimated based on historical credit losses, and

the model also takes into account the information

available on future financial conditions at the time of

review. Expected credit losses are recognized in other

operating expenses in the income statement.

A final impairment of trade receivables is

recognized when there is objective evidence that

the Group will not receive all of the benefits on the

original terms. Indications of the impairment of trade

receivables include significant financial difficulties

of the debtor, the likelihood of bankruptcy, failure to

make payments, or a delay of over 90 days in paying.

Impairment loss is recognized under other operating

expenses in the income statement.

Financial assets measured at fair value through

profit or loss comprise shares and they are included in

noncurrent assets, unless it is intended that they will

be held for less than 12 months from the closing date,

in which case they are included in current assets.

The fair value of financial assets and liabilities

classified as level 1 is based on unadjusted quoted

prices in active markets at the closing date. Level 1

includes listed shares.

Cash and cash equivalents

The Group’s cash and cash equivalents include cash

on hand and at banks. The Group does not have any

other items classified as cash and cash equivalents.

Dividends, shareholders’ equity and treasury shares

The Board of Directors’ proposal for dividend

distribution has not been recognized in the financial

statements; dividends are only recognized on the

basis of the AGM’s approval.

Outstanding common shares are presented

as share capital. Costs related to the granting or

acquisition of the company’s own equity instruments

are presented as equity allowance. If the company

purchases its own shares, the price including direct

costs is recognized as decrease in equity.

Financial liabilities

Financial liabilities are initially recognized at fair value

excluding transaction costs and subsequently at

amortized cost using the effective interest method.

Financial liabilities are non-current, unless they are

repayable on demand within the next 12 months.

New standards and interpretations and change in

accounting principles

These consolidated financial statements have been

prepared using the same accounting principles as

were applied in the 2023. The new and amended

IFRS accounting standards that came into effect

during 2024 have no material effect on the financial

statements.

Adoption of new and amended standards in future

financial years

According to the company’s preliminary assessment,

the following new and amended IFRS accounting

standards applied in future financial periods may have

an impact on the consolidated financial statements:

IFRS 18 Presentation and Disclosure in Financial

Statements (effective for financial years beginning

on or after 1 January 2027, early application is

permitted).

IFRS 18 will replace IAS 1 Presentation of Financial

Statements. The key new requirements are as follows:

• Income and expenses in the income statement to

be classified into three new defined categories—

operating, investing and financing—and two new

subtotals to be presented: “Operating profit or loss”

and “Profit or loss before financing and income tax”.

• Disclosures about management-defined

performance measures (MPMs) in the financial

statements are to be presented. MPMs are

subtotals of income and expenses used in public

communications to communicate management’s

view of the company’s financial performance.

• Disclosure of information based on enhanced

general requirements on aggregation and

disaggregation. In addition, specific requirements

to disaggregate certain expenses, in the notes, will

be required for companies that present operating

expenses by function in the income statement.

68Consolidated financial statements, IFRS

1. SEGMENT INFORMATION AND DISTRIBUTION OF SALES

The Group’s business segment is the Marimekko business. The segment information presented by the Group

is based on internal reporting to the chief operational decision-maker. The President and CEO of the company

acts as the chief operational decision-maker.

The total amount of assets in Finland was EUR 110,422 thousand (106,872), of which the amount of non-current

assets excluding financial instruments and deferred tax assets was EUR 27,439 thousand (29,797). The amount

of assets in other countries was EUR 19,927 thousand (16,386), of which non-current assets accounted for EUR

8,014 thousand (6,352).

Marimekko has no individual customers representing 10 percent or more of the Group’s total income.

Net sales by market area

(EUR 1,000) 2024 2023Finland Retail sales 70,636 66,627 Wholesale sales 30,057 32,133 Licencing income 293 154Total 100,986 98,914Scandinavia Retail sales 5,581 4,386 Wholesale sales 12,744 11,096 Licencing income 150 75Total 18,475 15,557EMEA Retail sales 3,639 3,008 Wholesale sales 8,827 10,802 Licencing income 586 834Total 13,052 14,645North America Retail sales 5,613 4,523 Wholesale sales 4,705 4,688 Licencing income 527 365Total 10,845 9,575

(EUR 1,000) 2024 2023Asia-Pacific Retail sales 8,104 6,775 Wholesale sales 29,166 26,883 Licencing income 1,976 1,758Total 39,246 35,415International sales (total) Retail sales 22,937 18,691 Wholesale sales 55,441 53,469 Licencing income 3,240 3,031Total 81,618 75,191Retail sales 93,573 85,318Wholesale sales 85,498 85,602Licencing income 3,533 3,186Total 182,604 174,105Net sales by product line(EUR 1,000) 2024 2023Fashion 60,230 55,171Home 82,284 77,475Bags and accessories 40,090 41,460Total 182,604 174,105Investments (excluding the impact of IFRS 16)(EUR 1,000) 2024 2023Finland 2,096 1,191Other countries 234 842Total 2,330 2,033

69Consolidated financial statements, IFRS

2. OTHER OPERATING INCOME

(EUR 1,000) 2024 2023Rental income 54 54Other income 89 37Total 143 91

3. RAW MATERIALS AND CONSUMABLES

(EUR 1,000) 2024 2023Materials and supplies Purchases during the financial year 51,419 40,232 Increase (-) / decrease (+) in inventories -451 -71 Total 50,968 40,161External services 26,955 23,029Total 77,923 63,190

Exchange rate differences included in raw materials and consumables

Exchange rate gains (-) / losses (+) on purchases 190 -41

4. EMPLOYEE BENEFIT EXPENSES

(EUR 1,000) 2024 2023Salaries, wages and bonuses 28,261 26,245Share-based payments 510 417Pension expenses – defined contribution plans 3,979 3,745Other indirect social expenditure 3,118 3,105Total 35,868 33,512

Average number of employees2024 2023Salaried employees 450 443Production personnel 16 19Total 466 462

Share-based payments

The Board of Directors of Marimekko Corporation decided at 15th of February 2022 to continue the share-based

long-term incentives for the company’s management. The share-based incentive system for years 2022–2026

is targeted to the Management Group of Marimekko and at the end of financial period, it encompasses 11 people

including the President and CEO.

The Performance share plan 2022–2026 is composed of two earnings periods: 1 January 2022–30 June 2025

and 1 January 2023–30 June 2026. The potential reward from each earnings period is based on total sharehol-

der return (TSR) i.e. the total yield on Marimekko Corporation’s shares, including dividends, at the end of the

period. The achievement of the required TSR levels will determine the proportion out of the maximum reward

that will be paid to a participant. The potential rewards are primarily planned to be paid half in company shares

and half in cash after each earnings period. The cash part of the reward is intended to cover the taxes and tax-li-

ke payments incurred by the participant. The arrangement is treated entirely as equity paid. Earning the reward

requires that the person is still working for the company at the time of the payment. The reward amounts earned

through the system will be capped if the maximum limit set by the Board for the payable reward is reached. The

shares received as part of the reward are subject to a two-year transfer restriction. An estimate of the fair value

of possible rewards is recorded evenly over the entire duration of the program as employee benefits expenses.

The Board of Directors of Marimekko has decided that if the targets set for the first earnings period are met

in full, the rewards to be paid on the basis of it correspond to the value of an approximate maximum total of

170,706 Marimekko shares including also the cash portion of the reward. The potential rewards from the first

earnings period are estimated to be paid in early autumn 2025.

The Board of Directors has decided that if the targets set for the second earnings period of 1 January 2023–

30 June 2026 are met in full, the rewards to be paid on the basis of the period correspond to the value of an

approximate maximum total of 290,148 Marimekko shares including also the cash portion of the reward. The po-

tential rewards from the second earnings period are estimated to be paid at the latest by the end of September

2026.

For the financial year 2024, a total of EUR 510 thousand (417) has been recorded from the incentive system

for years 2022–2026 in the employee benefits expenses in the Marimekko Group’s 2024 consolidated income

statement.

70Consolidated financial statements, IFRS

5. DEPRECIATION AND IMPAIRMENTS

(EUR 1,000) 2024 2023Intangible assets Intangible rights 53 44 Computer software 95 139 Total 148 183Tangible assets Buildings and structures 339 263 Machinery and equipment 588 505 Right-of-use assets, buildings and structures 8,165 8,159 Right-of-use assets, machinery and equipment 105 70 Total 9,196 8,998Total 9,344 9,180

6. OTHER OPERATING EXPENSES

(EUR 1,000) 2024 2023Leases 2,473 1,850Marketing 10,557 9,483Management and maintenance of business premises 1,644 1,634Administration 10,752 11,200Other expenses 8,560 8,258Total 33,986 32,425

Exchange rate differences included in other operating expenses

Exchange rate gains (-) / losses (+) on sales -44 101Rents(EUR 1,000) 2024 2023Low-value rents 506 484Variable rents 1,967 1,366Total 2,473 1,850

Auditor’s fee

(EUR 1,000) 2024 2023KPMG Audit 127 124 Assignments referred to in Section 1, Subsection 1, Paragraph 2 of the Auditing Act 38 - Tax advice 2 2 Other services 29 3Total 196 129Others Audit 13 9Total 13 9

Remuneration to KPMG Oy Ab on other services to Marimekko Group companies: EUR 29 thousand (3).

71Consolidated financial statements, IFRS

7. FINANCIAL INCOME

(EUR 1,000) 2024 2023Interest income on loans and other receivables 557 193Exchange rate gains, realized 67 71Exchange rate gains, unrealized 557 45Change in fair value of shares - 85Total 1,181 393

8. FINANCIAL EXPENSES

(EUR 1,000) 2024 2023Interest expenses on financial liabilities measured at amortized cost 120 173Interest expenses on lease liabities 1,003 1,020Exchange rate losses, realized 134 200Exchange rate losses, unrealized 175 542Change in fair value of shares 66 -Other financial expenses 90 123Total 1,587 2,056

9. INCOME TAXES

(EUR 1,000) 2024 2023Taxes on taxable earnings for the financial year 6,283 6,380Taxes from previous financial years 185 136Deferred taxes 134 -379Total 6,602 6,137

Reconciliation statement of taxes calculated on the basis of tax expenses in the income statement and the

Group’s Finnish tax rate (20 percent both in 2024 and 2023)

Result before taxes 30,974 29,737Taxes calculated at the Finnish tax rate 6,195 5,947Different tax rates of foreign subsidiaries 0 -7Non-recognized deferred tax assets on taxable losses 122 69Taxes from previous financial years 185 136Non-deductible items 8 5Others 92 -14Taxes in the income statement 6,602 6,137

10. EARNINGS PER SHARE

2024 2023Net result for the period, EUR 1,000 24,372 23,601Weighted average number of shares, 1,000 40,571 40,571Basic and diluted earnings per share, EUR 0.60 0.58

72Consolidated financial statements, IFRS

11. NON-CURRENT ASSETS

11.1 Intangible assets

2024

Advance paymentsIntangible Computer and acquisitions(EUR 1,000) rights software in progress TotalAcquisition cost, 1 Jan. 2024 2,627 7,105 235 9,968Translation differences 2 -37 -35Increases 48 45 1,246 1,339Decreases -Transfers between categories 954 -954 -Acquisition cost, 31 Dec. 2024 2,677 8,067 528 11,272Accumulated depreciation, 1 Jan. 2024 2,469 7,045 9,515Translation differences 2 -37 -35Accumulated depreciation of decreases -Depreciation during the financial year 53 95 148Accumulated depreciation, 31 Dec. 2024 2,524 7,103 9,627Book value, 31 Dec. 2024 153 964 528 1,644

Advance payments and acquisitions in progress of intangible assets presentation has been changed during 2024

and comparative figures has been adjusted accordingly.

2023

Advance paymentsIntangible Computer and acquisitions(EUR 1,000) rights software in progress TotalAcquisition cost, 1 Jan. 2023 2,551 7,336 9,887Translation differences -1 2 1Increases 77 36 235 348Decreases -269 -269Transfers between categories -Acquisition cost, 31 Dec. 2023 2,627 7,105 235 9,968Accumulated depreciation, 1 Jan. 2023 2,427 7,173 9,600Translation differences -1 2 1Accumulated depreciation of decreases -269 -269Depreciation during the financial year 44 139 183Accumulated depreciation, 31 Dec. 2023 2,469 7,045 9,515Book value, 31 Dec. 2023 158 60 235 453

73Consolidated financial statements, IFRS

11.2 Tangible assets

2024

Right-of-use assets, Right-of-use assets, Advance paymentsBuildings and Machinery and buildings and machinery and and acquisitions(EUR 1,000) Land structures Equipment structures equipment in progress TotalAcquisition cost, 1 Jan. 2024 55 5,957 20,425 78,791 691 69 105,988Translation differences 11 209 144 364Increases 118 316 6,916 28 557 7,935Decreases -729 -729Transfers between categories 103 465 -568 -Acquisition cost, 31 Dec. 2024 55 6,188 21,416 85,122 719 58 113,558Accumulated depreciation, 1 Jan. 2024 3,471 18,171 48,763 482 70,888Translation differences 7 206 159 372Accumulated depreciation of decreases -177 -177Depreciation during the financial year 339 588 8,165 105 9,196Accumulated depreciation, 31 Dec. 2024 3,816 18,965 56,911 587 80,279Book value, 31 Dec. 2024 55 2,372 2,451 28,211 132 58 33,279

74Consolidated financial statements, IFRS

11.2 Tangible assets

2023

Right-of-use assets, Right-of-use assets, Advance paymentsBuildings and Machinery and buildings and machinery and and acquisitions(EUR 1,000) Land structures Equipment structures equipment in progress TotalAcquisition cost, 1 Jan. 2023 55 6,106 20,170 71,624 470 81 98,507Translation differences -46 -165 -587 -798Increases 719 548 7,772 221 417 9,677Decreases -915 -465 -18 -1,398Transfers between categories 92 337 -429 -Acquisition cost, 31 Dec. 2023 55 5,957 20,425 78,791 691 69 105,988Accumulated depreciation, 1 Jan. 2023 4,171 18,296 41,067 412 63,946Translation differences -49 -165 -453 -666Accumulated depreciation of decreases -915 -465 -10 -1,390Depreciation during the financial year 263 505 8,159 70 8,998Accumulated depreciation, 31 Dec. 2023 3,471 18,171 48,763 482 70,888Book value, 31 Dec. 2023 55 2,486 2,254 30,028 209 69 35,100

11.3 Other financial assets

(EUR 1,000) 2024 2023Other financial assets 530 595

Other financial assets comprise listed shares and bonds.

75Consolidated financial statements, IFRS

12. CURRENT ASSETS

12.1 Inventories

(EUR 1,000) 2024 2023Raw materials and consumables 5,775 5,211Finished products/goods 29,655 24,057Total 35,429 29,268Impairment of inventories -487 -458

12.2 Trade and other receivables

(EUR 1,000) 2024 2023Trade receivables 13,645 16,643Other receivables 1,172 877Prepaid expenses and accrued income 2,866 2,168Total 17,683 19,688Prepaid expenses and accrued income Royalty receivables 219 277 Receivables from payment service providers 675 89 Commission receivables 145 24 Employee benefits 45 5 Other prepaid expenses and accrued income 1,782 1,773Total 2,866 2,168

Analysis of trade receivables by age

(EUR 1,000) 2024 2023Trade receivables not past due 9,587 12,775Past due less than 30 days 2,834 2,760 30–60 days 699 595 more than 60 days 525 513Total 13,645 16,643

The amount of credit loss provisions recognized on trade receivables, EUR 80 (155) thousand, reduces

receivables in the balance sheet. The expected credit loss risk is not material due to the Group’s effective credit

management policy, where the credit history of wholesale customers is monitored regularly and prepayments,

guarantees and letters of credit are used when needed.

76Consolidated financial statements, IFRS

13. SHARES AND OTHER EQUITY

Reserve for investedNumber of shares non-restricted Number ofoutstanding Share capital, EUR equity, EUR treasury shares Treasury shares, EUR1 Jan. 2023 40,571,380 8,040,000 1,227,957 77,790 -541,10531 Dec. 2023 40,571,380 8,040,000 1,227,957 77,790 -541,1051 Jan. 2024 40,571,380 8,040,000 1,227,957 77,790 -541,10531 Dec. 2024 40,571,380 8,040,000 1,227,957 77,790 -541,105

Marimekko Corporation’s Articles of Association do not specify maximum share capital. Marimekko Corporation

has one series of shares; the shares do not have a nominal value. All shares in issue have been paid in full. As

at 31 December 2024, Marimekko Corporation held 77,790 treasury shares. The Group does not have any share

option schemes.

The Board of Directors of Marimekko proposed on 19 February 2025 to the AGM on 15 April 2025 that a regular

dividend of EUR 0.40 and an extraordinary dividend of EUR 0.25 per share is paid for 2024.

The reserve for invested non-restricted equity contains other equity-like investments and the share subscription

price to the extent that this is not entered in share capital under a specific decision.

77Consolidated financial statements, IFRS

14. DEFERRED TAX ASSETS AND LIABILITIES

Deferred tax assets and liabilities are offset against each other where the Group has a legally enforceable

right to offset deferred tax assets and liabilities based on taxable earnings for the period against each other

and where they relate to income taxes levied by the same taxation authority on the same taxpayer or different

taxpayers and the intention is to settle on a net basis. The amounts offset against each other are as follows:

Changes in deferred taxes in 2024

Recognized in the(EUR 1,000) 1 Jan. 2024 income statement 31 Dec. 2024Deferred tax assets Internal margin of inventories 416 76 493 Lease agreements 6,459 159 6,618 Intangible assets 726 -191 535Total 7,601 44 7,645Deferred tax liabilities Accumulated depreciation difference -259 -27 -286 Lease agreements -6,054 -100 -6,154 Fixed costs included in inventories -177 -39 -216Total -6,491 -165 -6,656Deferred tax asset, net 1,110 989

Changes in deferred taxes in 2023

Recognized in the(EUR 1,000) 1 Jan. 2023 income statement 31 Dec. 2023Deferred tax assets Internal margin of inventories 371 45 416 Lease agreements 6,354 105 6,459 Intangible assets 587 139 726Total 7,312 289 7,601Deferred tax liabilities Accumulated depreciation difference -225 -35 -259 Lease agreements -6,133 79 -6,054 Fixed costs included in inventories -206 29 -177Total -6,564 73 -6,491Deferred tax asset, net 748 1,110

Deferred tax assets are recognized for tax losses carried forward to the extent that the realization of the related

tax benefit through future taxable profits is probable. Deferred tax assets amounting to EUR 122 thousand (69)

have not been recognized.

78Consolidated financial statements, IFRS

15. INTEREST-BEARING LIABILITIES

15.1 Non-current liabilities

(EUR 1,000) 2024 2023Lease liabilities 22,297 24,984Total 22,297 24,984

15.2 Current liabilities

(EUR 1,000) 2024 2023Lease liabilities 8,350 7,309Financial liabilities - 615Total 8,350 7,925

16. OTHER CURRENT LIABILITIES

(EUR 1,000) 2024 2023Trade payables and other current liabilities Trade payables 9,277 9,808 Other payables 5,778 5,618 Accrued liabilities and deferred income 7,334 7,359 Advances received 1,790 1,815Total 24,181 24,599Accrued liabilities and deferred income Employee benefits 5,463 5,104 Unpaid designer and agent provisions 848 772 Return accruals 699 655 Other accrued liabilities and deferred income 325 828Total 7,334 7,359

17. FINANCIAL ASSETS AND LIABILITIES

Financial assets measured at fair value through profit or loss

(EUR 1,000) 2024 2023Other financial assets 205 271

Financial assets measured at fair value through profit or loss comprise listed shares, bonds and currency

derivatives.

Financial assets measured at amortized cost

(EUR 1,000) 2024 2023Other financial assets 324 324Trade receivables 13,645 16,643Other receivables, prepaid expenses and accrued income 4,038 3,045Cash and cash equivalents 40,376 37,044

Financial liabilities measured at amortized cost

Trade payables 9,277 9,808Credit facilities drawn down - 615Other liabilities 14,903 14,791

The fair value of financial assets and financial liabilities measured at amortized cost equals their book value.

18. GUARANTEES, CONTINGENT LIABILITIES AND OTHER COMMITMENTS

(EUR 1,000) 2024 2023Other own liabilities and commitments Lease liabilities for machinery and equipment 1,136 739

Lease liabilities relate to low-value and short-term leases not recorded in the balance sheet.

(EUR 1,000) 2024 2023Guarantees 4,329 4,880

Guarantees are related to letter of credits, rental and customs guarantees.

79Consolidated financial statements, IFRS

19. RELATED PARTY TRANSACTIONS

The Group’s related parties include the members of the Board of Directors and the Management Group, as well

as their close family members and controlling entities, the Group’s parent company and its subsidiaries.

The relationships of the Group’s parent company and subsidiaries are as follows:

Parent company

Marimekko Corporation, Helsinki, Finland¹

Subsidiaries

Share ofCompany and domicile Group’s holding, % voting rights, %Marimekko Services Oy, Helsinki, Finland 100 100Marimekko AB, Stockholm, Sweden² 100 100Marimekko Australia PTY Ltd, Victoria, Australia 100 100Marimekko GmbH, Frankfurt am Main, Germany 100 100Marimekko North America LLC, Delaware, United States 100 100Marimekko North America Retail LLC, Delaware, United States 100 100Marimekko North America Holding Co, Delaware, United States 100 100Marimekko Trading (Shanghai) Co., Ltd, Shanghai, China 100 100Marimekko UK Ltd, London, United Kingdom 100 100Marimekko Denmark ApS, Herlev, Denmark 100 100Marimekko Japan Godo Kaisha, Tokyo, Japan 100 100Marimekko Singapore Pte. Ltd., Singapore, Republic of Singapore 100 100Marimekko Korea Limited, Yongin, South Korea 100 100

The following transactions were carried out with related parties:

Management’s employee benefits

Paid remuneration of the President and CEO and other members of the Management Group

(EUR 1,000) 2024 2023Mika Ihamuotila, Chair of the Board³ 58 53Tiina Alahuhta-Kasko, President and CEO 504 453Other members of the Management Group 2,405 2,294Total 2,967 2,799

Share-based incentive system

(EUR 1,000) 2024 2023Tiina Alahuhta-Kasko, President and CEO 110 105Other members of the Management Group 400 312Total 510 417

Share-based incentive system presentation has been changed to accrual basis and comparative figures has

been adjusted accordingly.

Pensions

(EUR 1,000) 2024 2023Mika Ihamuotila, Chair of the Board³ 19 17Tiina Alahuhta-Kasko, President and CEO 86 77Other members of the Management Group 266 236Total 371 330

Remuneration to the Board of Directors

(EUR 1,000) 2024 2023Carol Chen 30 26Mika Ihamuotila 55 48Mikko-Heikki Inkeroinen - 31Tomoki Takebayashi 31 26Marianne Vikkula 35 31Teemu Kangas-Kärki 50 45Massimiliano Brunazzo 31 -Total 232 207Management’s employee benefits, total 4,080 3,753

Pension benefits include only statutory pension payments. The management does not have additional pension

benefits.

Related parties are among beneficiaries of a share-based incentive system. The management’s long-term incentive

system is presented in greater detail under note 4 to the financial statements.

¹ Marimekko Corporation has branch in France.

² Marimekko AB has branches in Norway and Denmark.

³ Fee paid to Mika Ihamuotila for half-time duty pursuant to a separate service agreement

80Consolidated financial statements, IFRS

20. FINANCIAL RISK MANAGEMENT

During the normal course of its business operations, the Marimekko Group is exposed to financial risks. The

principal financial risks are liquidity risk, credit risk, foreign currency risk and interest rate risk.

The company’s Board of Directors has confirmed the principles, responsibilities and organization of risk

management for the Group. The Board of Directors also monitors the success of risk management. According to

its risk management principles, Marimekko classifies its risks as strategic, operational, economic and accident

risks. Economic risks include financial risks. Responsibility for the implementation of risk management measures

concerning financial risks lies with the Group’s CFO. The main objective of financial risk management is to

ensure reasonably-priced financing in all circumstances, and thereby minimize the unfavorable effects, if any, on

the Group’s financial performance.

Liquidity risk

The Group continuously seeks to assess and monitor the amount of funding required for business operations

to ensure that sufficient liquid funds are available for daily business and repayment of maturing debts. The

assessment is based on monthly cash ﬂow and liquidity forecasts. The Group aims to maintain a high liquidity

level at all times in order to eliminate liquidity risk. In order to minimize liquidity risk, the Group’s near-term and

next few years’ financing needs can be covered by liquid funds as well as committed long-term or short-term

credit facilities or credit facilities valid until further notice. At the end of the financial year, the Group credit

facilities and revolving credit facilities totaled EUR 32,637 thousand (32,547). The amount of credit facilities

drawn down at the end of the year was EUR 0 thousand (615). Revolving facilities remained unused during 2024.

Maturity analysis for the Group’s financial liabilities; the figures are not discounted, and they include both

interest payments and capital repayments:

31 Dec. 2024(EUR 1,000) Less than 1 year 1–2 years 3–5 years Over 5 yearsLease liabilities 9,267 12,794 6,889 4,079Trade and other payables 24,181 - - -Total 33,447 12,794 6,889 4,07931 Dec. 2023(EUR 1,000) Less than 1 year 1–2 years 3–5 years Over 5 yearsLease liabilities 8,259 13,410 6,811 6,516Credit facilities drawn down 615 - - -Trade and other payables 24,599 - - -

Total 33,473 13,410 6,811 6,516

The presentation has been changed in 2024 and the comparable year has been adjusted accordingly.

Credit risk

The trade receivables generated in the Group’s wholesale operations are associated with a credit risk, which is

reduced by the Group’s broad and geographically diverse clientele. Marimekko continuously monitors the credit

limits, credit history and financial situation of its customers. The Group has a centralized process in place for this

purpose. Responsibility for the credit monitoring process lies with the Group’s CFO. The credit risk related to

the wholesale business is also reduced by means of credit insurance, advance payments, bank guarantees and

letters of credit.

Retail customers pay for their purchases using cash or the most common debit/credit cards.

Note 12.2 (Trade and other receivables) to the consolidated financial statements includes an analysis of trade

receivables by age.

Foreign currency risk

The Group’s currency risk consists of sales and purchases made in foreign currency as well as balance sheet

items and foreign-currency-denominated net investments in units abroad.

Transaction risk

The Group’s transaction risk derives from currency ﬂows connected with wholesale and retail sales as well as

purchases and operating expenses of the Group’s business units, and from loans and receivables denominated

in foreign currency. The Group’s principal sales currency is the Euro. The other significant sales and invoicing

currencies are the US dollar, Swedish krona, Danish krone, Norwegian krone, Australian dollar and Canadian

dollar. The principal currencies used for purchases are the Euro and, to a lesser extent, the US dollar. In 2024,

foreign-currency-denominated sales accounted for approximately 22 percent (21) of the Group’s total sales and

foreign-currency-denominated purchases made up about 19 percent (19) of the Group’s purchases.

Marimekko protects itself against the transaction risk of sales by taking account of the estimated exchange rate

changes at the time of sale when carrying out wholesale and retail pricing of products. Foreign subsidiaries are

financed primarily in local currency, so they do not incur significant transaction risk.

The Group’s transaction exposure

Foreign-currency-denominated assets and liabilities (cash and cash equivalents, trade receivables and trade

payables) converted to euro amounts using the exchange rates quoted on the closing date(EUR 1,000) 2024 2023 USD SEK AUD USD SEK AUDCurrent assets 2,694 7,970 3,064 3,416 4,580 4,653Current liabilities -230 -190 -87 -722 -138 -90Foreign currency exposure in the balance sheet 2,464 7,780 2,977 2,694 4,442 4,563

81Consolidated financial statements, IFRS

Sensitivity analysis, effect on net result for the period

The strengthening or weakening of the Euro against the US dollar, the Swedish krona or the Australian dollar

would, given that all other factors remain unchanged, impact the Group’s net result for the period as follows. The

impact portrays the Group’s transaction risk.

2024 2023 USD SEK AUD USD SEK AUDStrengthening of the Euro by 10 percent Effect on net result for the period, EUR 1,000 399 -1,228 -459 281 -1,086 -470

Translation risk

The Marimekko Group incurs translation risk when the financial statements of foreign subsidiaries are

translated into euro amounts in the consolidated financial statements. For foreign-currency-denominated

net investments, the effects of changes in foreign exchange rates appear as translation differences

in the Group’s equity. Marimekko has so far not hedged against translation risk for equity, as the

subsidiary sales and net investments are small from the Group’s perspective.

Interest rate risk

The Group’s interest rate risk primarily results from changes in interest rates on cash and cash

equivalents and on current and noncurrent interest-bearing liabilities due to changes in market rates.

Changes in the interest rates of these assets and liabilities have an impact on the Group’s profit.

The average interest rate of interest-bearing liabilities without lease liabitilies was 0% (3.97%) since group

had no other interest bearing liabilities at balance sheet date. The change in the interest rate does not have a

significant effect on the financial year’s result.(EUR 1,000) 2024 2023Cash and cash equivalents 40,376 37,044Credit facilities drawn down - 615

21. CAPITAL MANAGEMENT

The purpose of capital management is to maintain a capital structure that optimally supports the Group’s

strategic objectives. Efficient capital management measures ensure normal operating conditions for the

business and increase the shareholder value in the long term. The principal factors affecting the capital

structure are profitability, dividend distribution and investments. The capital managed equals the shareholders’

equity shown on the consolidated balance sheet. No external capital requirements are applied to the Group.

The Group continuously monitors its capital structure. The Group’s strategic objective is to keep the ratio of net

debt to EBITDA at or below 2 (one of the company’s long-term financial goals). At the end of 2024, the ratio of

net debt to EBITDA was -0.24 (-0.10), i.e. well below the long-term goal level.

Net debt / EBITDA

(EUR 1,000) 2024 2023Interest-bearing liabilities Non-current lease liabilities 22,297 24,984 Current lease liabilities 8,350 7,309 Other current interest-bearing liabilities - 615Total 30,647 32,909Cash and cash equivalents 40,376 37,044Net debt -9,729 -4,135EBITDA 40,724 40,580Net debt / EBITDA -0.24 -0.10

82Consolidated financial statements, IFRS

Change in net debt

Loans from Cash andfinancial Lease cash(1 000 euroa) institutions liabilities Equivalents TotalBook value, 1 Jan. 2024 -615 -32,294 37,044 4,135Changes in net debt, cash: Loan repayments 621 621 Payments of lease liabilities 7,978 7,978 Change in cash and cash equivalents 3,166 3,166Cash flows, total 621 7,978 3,166 11,766Changes in net debt, non-cash: Changes in lease liabilities including effects of exchange rate fluctuations -6,332 -6,332 Effects of exchange rate fluctuations -6 0 166 160Non-cash movements, total -6 -6,332 166 -6,171Book value, 31 Dec. 2024 - -30,647 40,376 9,729Book value, 1 Jan. 2023 -2,169 -31,824 32,711 -1,282Changes in net debt, cash: Loan repayments 1,562 1,562 Payments of lease liabilities 7,381 7,381 Change in cash and cash equivalents 4,814 4,814Cash flows, total 1,562 7,381 4,814 13,757Changes in net debt, non-cash: Changes in lease liabilities including effects of exchange rate fluctuations -7,851 -7,851 Effects of exchange rate fluctuations -8 -482 -490Non-cash movements, total -8 -7,851 -482 -8,341Book value, 31 Dec. 2023 -615 -32,294 37,044 4,135

22. EVENTS AFTER THE CLOSING DATE

The management of the company is not aware of any significant events after the closing date.

Parent company financial statements, FAS

PARENT COMPANY INCOME STATEMENT

(€) Note 1 Jan.–31 Dec. 2024 1 Jan.–31 Dec. 2023

NET SALES 1. 175,552,280.63 168,742,808.88

Other operating income 2. 137,915.30 86,355.88

Change in inventories of finished goods and work in progress 5,164,093.70 -4,735,944.43

Materials and services 3. -76,691,866.71 -62,082,858.54

Personnel expenses 4. -26,775,117.68 -26,039,583.87

Depreciation and impairments 5. -2,233,845.06 -1,677,494.37

Other operating expenses 6. -44,919,626.26 -42,430,207.49

OPERATING PROFIT 30,233,833.92 31,863,076.06

Financial income and expenses 7. 1,170,873.43 -91,439.55

RESULT BEFORE APPROPRIATIONS AND TAXES 31,404,707.35 31,771,636.51

Appropriations 8. -132,845.25 -172,809.00

Income taxes 9. -6,260,555.26 -6,239,355.46

NET RESULT FOR THE PERIOD 25,011,306.84 25,359,472.05

84Parent company financial statements, FAS

PARENT COMPANY BALANCE SHEET

(€) Note 31 Dec. 2024 31 Dec. 2023

ASSETS

FIXED ASSETS

Intangible assets 10.1 6,068,596.48 5,943,073.44

Tangible assets 10.2 2,233,513.27 2,091,294.81

Investments 10.3

Participations in Group companies 2,294,459.41 1,939,748.32

Other shares and participations 205,660.46 271,425.58

Other receivables 323,854.00 2,823,973.87 323,854.00 2,535,027.90

FIXED ASSETS, TOTAL 11,126,083.62 10,569,396.15

CURRENT ASSETS

Inventories 11. 31,957,531.06 26,342,614.37

Long-term receivables 12. 6,367,274.87 0.00

Current receivables 13. 27,662,699.00 32,485,912.66

Cash in hand and at banks 34,610,577.60 32,348,915.99

CURRENT ASSETS, TOTAL 100,598,082.53 91,177,443.02

ASSETS, TOTAL 111,724,166.15 101,746,839.17

(€) Note 31 Dec. 2024 31 Dec. 2023

SHAREHOLDERS’ EQUITY AND LIABILITIES

SHAREHOLDERS’ EQUITY 14.

Share capital 8,040,000.00 8,040,000.00

Reserve for invested non-restricted equity 1,227,957.00 1,227,957.00

Retained earnings 44,365,490.59 34,017,429.14

Net result for the period 25,011,306.84 25,359,472.05

SHAREHOLDERS’ EQUITY, TOTAL 78,644,754.43 68,644,858.19

ACCUMULATED APPROPRIATIONS 15. 1,429,298.54 1,296,453.29

LIABILITIES 16.

Current liabilities 31,650,113.18 31,805,527.69

LIABILITIES, TOTAL 31,650,113.18 31,805,527.69

SHAREHOLDERS’ EQUITY AND LIABILITIES, TOTAL 111,724,166.15 101,746,839.17

85Parent company financial statements, FAS

PARENT COMPANY CASH FLOW STATEMENT

(€) 1 Jan.–31 Dec. 2024 1 Jan.–31 Dec. 2023

CASH FLOW FROM OPERATIONS

Net result for the period 25,011,306.84 25,359,472.05

Depreciation and impairments 2,233,845.06 1,677,494.37

Change in depreciation difference 132,845.25 172,809.00

Financial income and expenses -1,170,873.43 91,439.55

Taxes 6,260,555.26 6,239,355.46

Cash flow before change in working capital 32,467,678.98 33,540,570.43

Change in working capital

Increase (-) / decrease (+) in current non-interest-bearing

trade receivables -661,480.90 -10,025,658.64

Increase (-) / decrease (+) in inventories -5,614,916.69 4,674,934.76

Increase (+) / decrease (-) in current non-interest-bearing

liabilities -155,055.38 1,206,888.05

Cash flow from operations before financial items and taxes 26,036,226.01 29,396,734.60

Paid interest and payments on other financial expenses -290,561.04 -328,254.85

Interest received and payments on other financial income 1,151,424.79 612,175.94

Taxes paid -6,507,375.30 -6,659,352.23

CASH FLOW FROM OPERATIONS 20,389,714.46 23,021,303.46

(€) 1 Jan.–31 Dec. 2024 1 Jan.–31 Dec. 2023

CASH FLOW FROM INVESTMENTS

Investments in tangible and intangible assets -2,501,586.56 -2,754,303.15

Purchase of subsidiary shares -67,688.46 -33,910.41

Change in loan receivables -730,985.97 -407,112.71

CASH FLOW FROM INVESTMENTS -3,300,260.99 -3,195,326.27

CASH FLOW FROM FINANCING

Dividends paid -15,011,410.60 -13,794,269.20

CASH FLOW FROM FINANCING -15,011,410.60 -13,794,269.20

Change in cash and cash equivalents 2,078,042.87 6,031,707.99

Cash and cash equivalents at the beginning of the financial year 32,348,915.99 26,616,403.29

Effects of exchange rate fluctuations 183,618.74 -299,195.29

Cash and cash equivalents at the end of the financial year 34,610,577.60 32,348,915.99

86Parent company financial statements, FAS

NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS

ACCOUNTING POLICY

Marimekko Corporation’s financial statements have

been prepared in accordance with the legislation and

regulations that are in force in Finland. The financial

year of the company is the calendar year.

Valuation of fixed assets

Fixed assets are recorded in the balance sheet at the

original acquisition cost less depreciation according

to plan. Depreciation according to plan has been

calculated using straight-line depreciation on the

estimated useful life of the fixed assets.

Periods of depreciation:

· intangible rights 5 years

· computer software 3–5 years

· other capitalized expenditure 3–15 years

· buildings 30 years

· machinery and equipment 5–15 years.

Shares have been valuated at fair value in

accordance with IFRS 9 standard.

More information on valuation can be found in the

notes to the consolidated financial statements.

Inventories

Inventories are presented at the acquisition cost or

at the lower probable net realisation value. The value

of inventories does not include any share of fixed

purchasing and manufacturing costs.

Pension commitments

The pension security of the company’s personnel has

been arranged under the statutory employee pension

plan (TyEL) through a pension insurance company.

Items denominated in foreign currency

The foreign-currency-denominated receivables and

liabilities of the company have been converted to

euro amounts using the exchange rate quoted by the

European Central Bank on the closing date.

Revenue recognition

Revenue is recognized when the buyer obtains control

of the product – that is when the significant risks and

rewards of ownership have been transferred to the

buyer. In wholesale, this is mainly the moment when

the goods are handed over to the customer as set

forth in the agreed delivery clause. In wholesale and

export trade, the terms of delivery determine the

point of time when the customer obtains control of

the goods. In retail where cash or a credit card is used

as means of payment, the income is recognized at the

time of sale.

More information on revenue recognition can

be found in the notes to the consolidated financial

statements.

Leasing

Leasing payments are treated as rental expenditures.

Appropriations

Appropriations consist of depreciation differences

due to differences between accounting and tax

depreciation of tangible and intangible assets.

Taxes

Income taxes include income taxes calculated on

the result for the financial year and taxes paid or

refunded in previous financial years. Deferred taxes

are not recognized in the parent company’s income

statement and balance sheet.

Branches

Branches are consolidated into Marimekko

Corporation’s accounts and intercompany items have

been eliminated.

Marimekko Corporation has branch in France.

Loans

Loan receivables from the Group companies are

presented as non-current receivables in the financial

statements for 2024. Previously these were classified

as current receivables.

87Parent company financial statements, FAS

NOTES TO THE INCOME STATEMENT

1. NET SALES BY MARKET AREA

(€) 2024 2023

Finland

Retail sales 70,636,029.03 66,626,663.02

Wholesale sales 30,056,564.61 32,133,033.47

Licencing income 293,451.37 154,297.09

Total 100,986,045.01 98,913,993.58

Scandinavia

Retail sales 2,517,618.27 2,174,961.34

Wholesale sales 14,767,445.19 12,705,221.35

Licencing income 150,000.00 75,000.00

Total 17,435,063.46 14,955,182.69

EMEA

Retail sales 3,639,362.46 3,008,161.86

Wholesale sales 8,826,658.28 10,802,263.96

Licencing income 585,981.79 834,100.90

Total 13,052,002.53 14,644,526.72

North America

Wholesale sales 7,964,858.67 7,235,749.13

Licencing income 527,229.02 364,562.78

Total 8,492,087.69 7,600,311.91

Asia-Pacific

Wholesale sales 33,610,648.74 30,871,046.85

Licencing income 1,976,433.21 1,757,747.13

Total 35,587,081.95 32,628,793.98

(€) 2024 2023

International sales (total)

Retail sales 6,156,980.73 5,183,123.20

Wholesale sales 65,169,610.88 61,614,281.29

Licencing income 3,239,644.02 3,031,410.81

Total 74,566,235.63 69,828,815.30

Retail sales 76,793,009.76 71,809,786.22

Wholesale sales 95,226,175.49 93,747,314.76

Licencing income 3,533,095.38 3,185,707.90

Total 175,552,280.63 168,742,808.88

Net sales by product line

Fashion 56,792,956.49 52,185,009.61

Home 79,741,590.08 75,575,047.58

Bags and accessories 39,017,734.06 40,982,751.69

Total 175,552,280.63 168,742,808.88

2. OTHER OPERATING INCOME

(€) 2024 2023

Rental income 54,000.00 54,000.00

Other income 83,915.30 32,355.88

Total 137,915.30 86,355.88

88Parent company financial statements, FAS

3. MATERIALS AND SERVICES

(€) 2024 2023

Materials and supplies

Purchases during the financial year 50,916,612.44 40,007,296.95

Increase (-) / decrease (+) in inventories -450,823.00 -70,930.00

Total 50,465,789.44 39,936,366.95

External services 26,226,077.27 22,146,491.59

Total 76,691,866.71 62,082,858.54

4. PERSONNEL EXPENSES

(€) 2024 2023

Salaries, wages and bonuses 22,475,894.60 21,669,677.04

Pension and pension insurance payments 3,765,262.42 3,591,466.59

Other indirect social expenditure 533,960.66 778,440.24

Total 26,775,117.68 26,039,583.87

Salaries and bonuses for management

Members of the Board of Directors and the President and CEO 794,179.00 712,595.00

Itemised in the note 19 to the consolidated financial statements.

Average number of employees

Salaried employees 372 365

Production personnel 16 19

Total 388 384

5. DEPRECIATION AND IMPAIRMENTS

DEPRECIATION

(€) 2024 2023

Intangible assets

Intangible rights 52,868.58 43,750.08

Computer softwares 1,342,709.99 970,356.86

Other capitalised expenditure 212,055.72 195,780.96

Total 1,607,634.29 1,209,887.90

Tangible assets

Buildings and structures 5,038.87 5,038.88

Machinery and equipment 507,015.85 462,567.59

Total 512,054.72 467,606.47

IMPAIRMENTS

(€) 2024 2023

Intangible assets

Computer softwares 114,156.05 0.00

Total 114,156.05 0.00

Total 2,233,845.06 1,677,494.37

6. OTHER OPERATING EXPENSES

(€) 2024 2023

Leases 8,781,409.47 7,660,106.78

Marketing 13,744,002.66 13,478,116.53

Other costs 22,394,214.13 21,291,984.18

Total 44,919,626.26 42,430,207.49

AUDITOR’S FEE

(€) 2024 2023

KPMG

Audit 84,087.89 81,057.73

Assignments referred to in section 1, subsection 1,

point 2 of the Audit Act 38,300.00 0.00

Other services 29,301.25 3,360.00

Total 151,689.14 84,417.73

7. FINANCIAL INCOME AND EXPENSES

(€) 2024 2023

Other interest and financial income

From Group companies 522,784.56 391,887.32

From others 1,176,594.45 306,257.55

Changes in value of investments 0.00 82,894.18

Change in fair value of derivatives 0.00 1,788.00

Total 1,699,379.01 782,827.05

Interest and other financial expenses

Change in fair value of shares 65,765.12 0.00

To others 462,740.46 874,266.60

Total 528,505.58 874,266.60

Financial income and expenses total 1,170,873.43 -91,439.55

Financial income and expenses include exchange

rate differences (net)

Realised -19,024.26 -26,852.50

Unrealised 384,624.54 -501,271.82

Total 365,600.28 -528,124.32

8. APPROPRIATIONS

(€) 2024 2023

Change in depreciation difference -132,845.25 -172,809.00

Total -132,845.25 -172,809.00

9. INCOME TAXES

(€) 2024 2023

Income taxes on operations 6,260,555.26 6,239,355.46

Total 6,260,555.26 6,239,355.46

Parent company financial statements, FAS

10. NOTES TO THE BALANCE SHEET

FIXED ASSETS

10.1 Intangible assets

2024

Advance payments

Intangible Computer Other capitalized and acquisitions

(€) rights software expenditure in progress Total

Acquisition cost, 1 Jan. 2024 1,943,762.08 10,642,613.71 7,018,066.47 2,099,846.12 21,704,288.38

Increases 47,651.41 44,913.00 136.15 1,652,072.91 1,744,773.47

Transfers between categories 3,126,879.40 102,539.91 -3,126,879.40 102,539.91

Decreases -613,599.02 -613,599.02

Acquisition cost, 31 Dec. 2024 1,991,413.49 13,200,807.09 7,120,742.53 625,039.63 22,938,002.74

Accumulated depreciation, 1 Jan. 2024 1,788,510.22 8,819,195.06 5,153,509.66 15,761,214.94

Depreciation during the financial year 52,868.58 1,342,709.99 212,055.72 1,607,634.29

Impairments 114,156.05 114,156.05

Accumalated depreciaton of decreases -613,599.02 -613,599.02

Accumulated depreciation, 31 Dec. 2024 1,841,378.80 9,662,462.08 5,365,565.38 16,869,406.26

Book value, 31 Dec. 2024 150,034.69 3,538,345.01 1,755,177.15 625,039.63 6,068,596.48

2023

Advance payments

Intangible Computer Other capitalized and acquisitions

(€) rights software expenditure in progress Total

Acquisition cost, 1 Jan. 2023 1,866,392.00 10,100,423.40 7,463,121.77 1,076,696.26 20,506,633.43

Increases 77,370.08 46,944.16 147,459.92 1,787,361.23 2,059,135.39

Transfers between categories 764,211.37 91,886.11 -764,211.37 91,886.11

Decreases -268,965.22 -684,401.33 -953,366.55

Acquisition cost, 31 Dec. 2023 1,943,762.08 10,642,613.71 7,018,066.47 2,099,846.12 21,704,288.38

Accumulated depreciation, 1 Jan. 2023 1,744,760.14 8,117,803.42 5,642,130.03 15,504,693.59

Depreciation during the financial year 43,750.08 970,356.86 195,780.96 1,209,887.90

Accumalated depreciaton of decreases -268,965.22 -684,401.33 -953,366.55

Accumulated depreciation, 31 Dec. 2023 1,788,510.22 8,819,195.06 5,153,509.66 15,761,214.94

Book value, 31 Dec. 2023 155,251.86 1,823,418.65 1,864,556.81 2,099,846.12 5,943,073.44

Parent company financial statements, FAS

10.2 Tangible assets

2024

Advance payments

Land and Buildings and Machinery and Other tangible and acquisitions

(€) water areas structures equipment assets in progress Total

Acquisition cost, 1 Jan. 2024 38,165.97 55,633.88 13,619,501.79 28,033.93 68,600.00 13,809,935.57

Increases 199,811.03 557,002.06 756,813.09

Transfers between categories 465,117.35 -567,657.26 -102,539.91

Acquisition cost, 31 Dec. 2024 38,165.97 55,633.88 14,284,430.17 28,033.93 57,944.80 14,464,208.75

Accumulated depreciation, 1 Jan. 2024 -9,451.53 11,728,092.29 11,718,640.76

Depreciation during the financial year 5,038.87 507,015.85 512,054.72

Accumulated depreciation, 31 Dec. 2024 -4,412.66 12,235,108.14 12,230,695.48

Book value, 31 Dec. 2024 38,165.97 60,046.54 2,049,322.03 28,033.93 57,944.80 2,233,513.27

2023

Advance payments

Land and Buildings and Machinery and Other tangible and acquisitions

(€) water areas structures equipment assets in progress Total

Acquisition cost, 1 Jan. 2023 38,165.97 285,816.33 13,465,156.30 28,033.93 81,244.40 13,898,416.93

Increases 278,532.43 416,635.33 695,167.76

Transfers between categories 337,393.62 -429,279.73 -91,886.11

Decreases -230,182.45 -461,580.56 -691,763.01

Acquisition cost, 31 Dec. 2023 38,165.97 55,633.88 13,619,501.79 28,033.93 68,600.00 13,809,935.57

Accumulated depreciation, 1 Jan. 2023 215,692.04 11,727,105.26 11,942,797.30

Depreciation during the financial year 5,038.88 462,567.59 467,606.47

Cumulative depreciation of decreases -230,182.45 -461,580.56 -691,763.01

Accumulated depreciation, 31 Dec. 2023 -9,451.53 11,728,092.29 11,718,640.76

Book value, 31 Dec. 2023 38,165.97 65,085.41 1,891,409.50 28,033.93 68,600.00 2,091,294.81

Parent company financial statements, FAS

10.3 Investments

2024

Shares in Group Other shares and Other

(€) companies participations receivables Total

Acquisition cost, 1 Jan. 2024 1,939,748.32 271,425.58 323,854.00 2,535,027.90

Increases 354,711.09 354,711.09

Changes in value -65,765.12 -65,765.12

Acquisition cost, 31 Dec. 2024 2,294,459.41 205,660.46 323,854.00 2,823,973.87

Book value, 31 Dec. 2024 2,294,459.41 205,660.46 323,854.00 2,823,973.87

Detailed information of Group holdings is presented in note 19 to the consolidated financial statements.

2023

Shares in Group Other shares and Other

(€) companies participations receivables Total

Acquisition cost, 1 Jan. 2023 1,905,837.91 188,531.38 323,854.00 2,418,223.29

Changes in value 33,910.41 33,910.41

Transfers between groups 82,894.20 82,894.20

Acquisition cost, 31 Dec. 2023 1,939,748.32 271,425.58 323,854.00 2,535,027.90

Book value, 31 Dec. 2023 1,939,748.32 271,425.58 323,854.00 2,535,027.90

11. INVENTORIES

(€) 2024 2023

Raw materials and consumables 5,515,589.00 5,064,766.00

Finished products/goods 26,441,942.06 21,277,848.37

Total 31,957,531.06 26,342,614.37

12. LONG-TERM RECEIVABLES

(€) 2024 2023

Receivables from Group companies

Loan receivables 6,367,274.87 0.00

Total 6,367,274.87 0.00

13. CURRENT RECEIVABLES

(€) 2024 2023

Trade receivables 13,322,018.25 16,316,711.23

Receivables from Group companies

Trade receivables 11,044,898.59 8,480,148.81

Loan receivables 0.00 5,722,305.73

Prepaid expenses and accrued income 216.20 1,498.16

Total 11,045,114.79 14,203,952.70

Other receivables 311,658.71 17,912.88

Prepaid expenses and accrued income 2,983,907.25 1,947,335.85

Total 27,662,699.00 32,485,912.66

Prepaid expenses and accrued income

Royalty receivables 218,670.00 227,268.03

Occupational health care reimbursement 120,000.00 130,000.00

Receivables from payment service providers 675,206.17 89,462.41

Commission receivables 145,000.55 23,687.23

Other prepaid expenses and accrued income 1,825,030.53 1,426,918.18

Total 2,983,907.25 1,947,335.85

Parent company financial statements, FAS

14. SHAREHOLDERS’ EQUITY

Restricted Shareholders’ equity

(€) 2024 2023

Share capital, 1 Jan. 8,040,000.00 8,040,000.00

Share capital, 31 Dec. 8,040,000.00 8,040,000.00

Restricted Shareholders’ equity, total 8,040,000.00 8,040,000.00

Non-restricted Shareholders’ equity

Reserve for invested non-restricted equity, 1 Jan. 1,227,957.00 1,227,957.00

Reserve for invested non-restricted equity, 31 Dec. 1,227,957.00 1,227,957.00

Treasury shares, 1 Jan. -541,105.08 -541,105.08

Treasury shares, 31. Dec -541,105.08 -541,105.08

Retained earnings, 1 Jan. 59,918,006.27 48,352,803.42

Dividends paid -15,011,410.60 -13,794,269.20

Retained earnings, 31 Dec. 44,906,595.67 34,558,534.22

Net result for the period 25,011,306.84 25,359,472.05

Non-restricted Shareholders’ equity, total 70,604,754.43 60,604,858.19

Shareholders’ equity, total 78,644,754.43 68,644,858.19

Calculation of distributable funds, 31 Dec.

(€) 2024 2023

Retained earnings 44,906,595.67 34,558,534.22

Net result for the period 25,011,306.84 25,359,472.05

Purchase of own shares -541,105.08 -541,105.08

Reserve for invested non-restricted equity 1,227,957.00 1,227,957.00

Total 70,604,754.43 60,604,858.19

15. ACCUMULATED APPROPRIATIONS

(€) 2024 2023

Accumulated depreciation difference

Intangible rights 28,451.90 24,310.85

Other capitalised expenditure 885,932.97 771,333.76

Machinery and equipment 391,328.92 372,866.54

Buildings and structures 123,584.75 127,942.14

Total 1,429,298.54 1,296,453.29

16. LIABILITIES

(€) 2024 2023

Advances received 1,741,761.86 1,760,847.64

Trade payables 8,699,901.85 9,250,777.88

Debts to Group companies

Trade payables 3,003,875.10 2,609,605.63

Accrued liabilities and deferred income 6,379,578.79 6,587,405.43

Other current liabilities 4,452,567.89 4,376,503.65

Accrued liabilities and deferred income 7,372,427.69 7,220,387.46

Total 31,650,113.18 31,805,527.69

Accrued liabilities and deferred income

Wages and salaries with social security contributions 5,208,259.66 4,932,486.19

Unpaid designer provisions and agent fees 848,080.20 771,665.77

Return accruals 698,511.20 655,062.04

Other accrued liabilities and deferred income 617,576.63 861,173.46

Total 7,372,427.69 7,220,387.46

Parent company financial statements, FAS

17. GUARANTEES, CONTINGENT LIABILITIES AND OTHER COMMITMENTS

(€) 2024 2023

Leasing liabilities

Payments due in the following financial year 611,623.56 526,478.65

Payments due later 708,092.59 433,175.79

Total 1,319,716.15 959,654.44

Liabilities relating to lease agreements

Payments due in the following financial year 7,326,304.92 6,862,477.68

Payments due later 19,206,510.95 25,442,703.57

Total 26,532,815.87 32,305,181.25

Guarantees on behalt of subsidiaries 878,903.62 1,596,585.84

Indirect liability for rent and other guarantees 3,450,384.28 3,283,541.61

The breakdown of guarantees on behalf of subsidiaries and other indirect liabilities including lease liabilities has

been changed. The comparable year has been adjusted accordingly.

Parent company financial statements, FAS

Signatures to the financial statements and

the report of the Board of Directors

CONFIRMATION OF THE BOARD OF DIRECTORS AND THE PRESIDENT & CEO

We confirm that

• the consolidated financial statements prepared in accordance with the

International Financial Reporting Standards (IFRS) as adopted by the European

Union and the financial statements of the parent company prepared in

accordance with the laws and regulations governing the preparation of financial

statements in Finland give a true and fair view of the assets, liabilities, financial

position and profit or loss of the company and the undertakings included in the

consolidation taken as a whole;

• the Report of Board of Directors includes a fair review of the development

and performance of the business and the position of the company and the

undertakings included in the consolidation taken as a whole, together with a

description of the principal risks and uncertainties that they face and

• that the sustainability report within the Report of Board of Directors is prepared

in accordance with sustainability reporting standards referred to in Chapter 7 of

the Accounting Act (1336/1997) and with the Article 8 of Taxonomy Regulation

(EU) 2020/852.

Helsinki, 4 March 2025

Mika Ihamuotila Teemu Kangas-Kärki

Chair of the Board Vice Chair of the Board

Tomoki Takebayashi Massimiliano Brunazzo

Member of the Board Member of the Board

Carol Chen Marianne Vikkula

Member of the Board Member of the Board

Tiina Alahuhta-Kasko

President and CEO

THE AUDITOR’S NOTE

Our auditor’s report has been issued today.

Helsinki, 4 March 2025

KPMG Oy Ab

Heli Tuuri

Authorized Public Accountant

Auditor’s Report

TO THE ANNUAL GENERAL MEETING OF MARIMEKKO CORPORATION

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

Opinion

We have audited the financial statements of Marimekko Corporation (business identity code 0111316-2) for the

year ended 31 December 2024. 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 and Remuneration 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 6 to the

consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our

opinion.

Materiality

The scope of our audit was inﬂuenced by our application of materiality. The materiality is determined based

on our professional judgement and is used to determine the nature, timing and extent of our audit procedures

and to evaluate the effect of identified misstatements on the financial statements as a whole. The level of

materiality we set is based on our assessment of the magnitude of misstatements that, individually or in

aggregate, could reasonably be expected to have inﬂuence on the economic decisions of the users of the

financial statements. We have also taken into account misstatements and/or possible misstatements that in our

opinion are material for qualitative reasons for the users of the financial statements.

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. The significant risks of material misstatement referred to in the EU Regulation No 537/2014

point (c) of Article 10(2) are included in the description of key audit matters below.

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.

97Auditor’s Report

THE KEY AUDIT MATTER HOW THE MATTER WAS ADDRESSED IN THE AUDIT

Revenue recognition (”Revenue recognition and net sales” in the consolidated accounting principles and note 1)

Marimekko Group’s revenue is generated from wholesale and retail sales of clothes, bags and accessories, and

interior decoration products as well as licensing income.

Group’s net sales were EUR 183 million, consisting of a large number of transactions from different revenue

streams as well as diverse sales contracts and terms with customers.

Wholesale contracts include several different delivery terms and might contain right of return, which

determine when the ownership of the product is transferred to the customer. Retail sales mainly consists of

small transactions paid by cash or payment cards and the revenue is recognized when the product is sold to the

customer. Revenue from licensing is recognized in accordance with the terms of the contract.

Revenue recognition is a key audit matter due to a large number of transactions as well as for a risk that

revenue is recognized in an incorrect period.

We have formed an understanding of accounting principles and practices in different revenue streams and

evaluated the appropriateness of the revenue recognition principles in relation to IFRS, tested company’s key

controls related to sales and performed substantive audit procedures.

• For wholesale we have selected a sample of sales transactions comparing them to sales invoices, contracts,

delivery notes and payments received.

• For retail sales we have reviewed cash and sales routines in selected retail stores.

• We have tested that the revenue has been recognized in the right financial period by comparing sales

transactions, invoices and delivery terms to actual deliveries as well as by testing possible return provisions

and a sample of credit invoices made at the beginning of 2025.

• We have also compared selected accounts receivables to the confirmations received from counterparties.

• We have reviewed the most significant licensing contracts and that the revenue has been recognized in

accordance with the contract terms.

• In addition, we considered the appropriateness of the disclosure regarding net sales.

Valuation and existence of inventory (“Inventories” in the consolidated accounting principles and note 12.1)

Marimekko purchases, manufactures and sells consumer goods and is subject to changing consumer demands.

Inventory consists of fabrics and other raw materials as well as half-finished and finished goods including

clothes, bags, accessories and interior decoration products.

Inventories are valued at the lower of acquisition cost or probable net realizable value. Manufactured

inventories include a share of directly attributable general costs of production.

Inventory value EUR 35 million is a significant item in Marimekko’s balance sheet and inventories are in

several locations. Inventory accounting includes manual processes in valuation and compiling the inventory

balances and it increases, therefore the risk for human errors. In addition, inventory includes management’s

judgement on probable net realizable value.

We evaluated the appropriateness of the accounting policies by reference to IFRS standards and tested the

company’s key controls and performed substantive audit procedures. We have attended physical stock takings

in selected inventory locations. We have analyzed company’s own results of stocktaking differences and how

they have been resolved.

• We have compared the value of selected inventory items to the latest purchase prices.

• We have tested slow-moving inventory items as well as exceptional values in inventory accounting.

• We have compared the unit prices of selected inventory items to their sales prices.

• In addition, we considered the appropriateness of the disclosure regarding inventory.

We have not identified other key audit matters relating to the financial statement of the parent company.

98Auditor’s Report

Responsibilities of the Board of Directors and the President and CEO for the Financial Statements

The Board of Directors and the President and CEO 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 President and CEO 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 President and CEO are responsible

for assessing the parent company’s and the group’s ability to continue as a 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 about 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 the 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 President and CEO’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.

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.

99Auditor’s Report

OTHER REPORTING REQUIREMENTS

Information on our audit engagement

We were first appointed as auditors by the Annual General Meeting on 12 April 2018, and our appointment

represents a total period of uninterrupted engagement of 7 years.

Other Information

The Board of Directors and the President and CEO 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 or 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 the 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.

Helsinki, 4 March 2025

KPMG Oy Ab

Heli Tuuri

Authorized Public Accountant, KHT

100

Assurance Report on the Sustainability Report

TO THE ANNUAL GENERAL MEETING OF MARIMEKKO CORPORATION

We have performed a limited assurance engagement on the group sustainability report of Marimekko

Corporation (business identity code 0111316-2) 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 financial year 1 January–31 December 2024.

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 report 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);

2) 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 Marimekko Corporation has identified the information for

reporting in accordance with the sustainability reporting standards (double materiality assessment) and the

tagging of information as referred to in Chapter 7, Section 22 of the Accounting Act.

Our opinion does not cover the tagging of the group sustainability report 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 provision in the absence of the ESEF

regulation or other European Union legislation.

Basis for Opinion

We performed the assurance of the group sustainability report 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.

Other Matter

We draw attention to the fact that the group sustainability report of Marimekko Corporation that is referred to

in Chapter 7 of the Accounting Act has been prepared and assurance has been provided for it for the first time

for the financial year 1 January–31 December 2024. Our opinion does not cover the comparative information

that has been presented in the group sustainability report. Our opinion is not modified in respect of this matter.

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 President and CEO

The Board of Directors and the President and CEO of Marimekko Corporation are responsible for:

• the group sustainability report 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 as well as the tagging of information as referred to in Chapter 7, Section 22 of

the Accounting Act and

• the compliance of the group sustainability report 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;

• such internal control as the Board of Directors and the President and CEO determine is necessary to enable

the preparation of a group sustainability report that is free from material misstatement, whether due to fraud

or error.

101

Inherent Limitations in the Preparation of a Sustainability Report

Preparation of the sustainability report requires company to make materiality assessment to identify relevant

matters to report. This includes significant management judgement and choices. It is also characteristic to the

sustainability reporting that reporting of this kind of information includes estimates and assumptions as well as

measurement and estimation uncertainty. Furthermore, when reporting forward looking information company

has to disclose assumptions related to potential future events and describe company´s possible future actions

in relation to these events. Actual outcome may differ as forecasted events do not always 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 report 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 report.

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 report, 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 interviewed company’s management and persons responsible for the preparation and gathering of the

sustainability information.

• We familiarized with interviews to the key processes related to collecting and consolidating the sustainability

information.

• We got acquainted with the relevant guidances and policies related to the sustainability information disclosed

in the sustainability report.

• We acquainted ourselves to the background documentation and other records prepared by the company, as

appropriate and assessed how they support the information included in the sustainability report.

• In relation to the double materiality assessment process, we interviewed persons responsible for the process

and familiarized ourselves with the documentation and background materials of the double materiality

assessment.

• In relation to the EU taxonomy information we interviewed the management of the company and persons

with key roles in reporting taxonomy information to understand how taxonomy eligible activities have been

identified, we obtained evidence supporting the interviews and reconciled the reported EU taxonomy

information to supporting documents and to the bookkeeping, as applicable.

• We assessed the application of the ESRS sustainability reporting standards reporting principles in the

presentation of the sustainability information.

Helsinki, 4 March 2025

KPMG Oy Ab

Authorized Sustainability Audit Firm

Heli Tuuri

Authorized Sustainability Auditor, KRT

Assurance Report on the Sustainability Report

102

Independent auditor’s report on the ESEF financial

statements of Marimekko Corporation

TO THE BOARD OF DIRECTORS OF MARIMEKKO CORPORATION

We have performed a reasonable assurance engagement on the financial statements

74370053IOY42B9YJ350-2024-12-31-0-en.zip of Marimekko Corporation (Business ID 0111316-2) that have

been prepared in accordance with the Commission’s regulatory technical standard for the financial year ended

31 December 2024.

Responsibilities of the Board of Directors and the President and CEO

The Board of Directors and the President and CEO are responsible for the preparation of the company’s report

of the 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 President and CEO are also responsible for such internal control as they

determine is necessary to enable the preparation of ESEF financial statements in accordance with 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 auditor 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

regulatory technical 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 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 judgment. This

includes an assessment of the risk of a material deviation due to fraud or error from the requirements of the

Commission’s regulatory technical 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 Marimekko Corporation 74370053IOY42B9YJ350-2024-12-31-0-en.zip for

the financial year ended 31 December 2024 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 Marimekko Corporation for the financial

year ended 31 December 2024 has been expressed in our auditor’s report dated 4 March 2025. With this

report we do not express an opinion on the audit of the consolidated financial statements nor express another

assurance conclusion.

Helsinki, 17 March 2025

KPMG Oy Ab

Heli Tuuri

Authorized Public Accountant, KHT

103

marimekko.com