ROAST 
this Friday. Challenging questions welcome.
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The following things interest me:
- Verkkokauppa.com announced in February 2025 that it would challenge the Nordic e-commerce market by expanding into Sweden on Amazon’s marketplaces. Panu Porkka even got excited and said the following: “We are going big into Sweden now, because there is a lot to gain in Sweden.” And Inderes’ analysis also states that “Sweden’s Amazon is only in the ramp-up phase, and its impact will be seen starting from H2.”
My “roast” pressure is thus related to this Amazon theme. Are they now just regular sellers on Amazon’s platform, and this has been heavily hyped as a conquest of the Swedish market? Yes, international sales have improved during 2025, but apparently, this has not been due to Amazon sales.
- I’m not sure if the CEO can comment on this or even wants to, but the founder-owner’s sales throughout early 2025 have appeared, let’s say, at least peculiar, “dumped on the market with a discount tag.” The company has improved quarter after quarter like a pig running, and yet on several occasions, Seppälä’s sales have shone in stock exchange announcements. Some investors have probably taken this as a signal and viewed the stock with a bit of suspicion, completely unnecessarily, because of this. The founder-owner can, of course, act as he wishes, but one would have at least expected block trades so that the price wouldn’t have had to be pushed down in trading.
Well, this was more of a rant, not so much a serious roast question.
- Perhaps one topic to roast could, however, relate to the result. The optimized selection, accelerated inventory turnover, and cost structure efficiency measures have led to an H1/2025 earnings improvement. It is acknowledged that revenue also turned to a slight increase in Q1/25 and a slightly better one in Q2/25. However, competition is tough, and the economic situation does not look particularly bright. So, was this celebration it - a new earnings level has been reached and revenue has been slightly increased - now back to the trenches to wait for consumers to start spending again someday - or not.
Well, this was a bit forced, but still a valid concern.
Otherwise, I want to congratulate Verkkokauppa.com and Panu Porkka on a great start to the year. I followed my own thoughts shared on the forum and previously exited the stock. I made my biggest profits of the year with this. If the share price corrects, I will definitely buy back. 
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I tried to find a good comment from the past specifically regarding Seppälä’
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Seppälä still owns almost 30% of the company, or 13 million shares. If he has sold 400k shares this year into rising prices, then in my opinion, it shouldn’t be overanalyzed. If the intention is to divest even a part, then one must sell when there are buyers. IMO, it’s quite understandable to take advantage of increased liquidity, and I believe this will also benefit us owners in the long run as ownership becomes more evenly distributed.
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My criticism perhaps relates more to the way it was implemented. So, pretty much directly after a better-than-expected result, when the stock price was about to surge, he started selling heavily, accounting for almost the entire sales volume alone, as I calculated on the forum. The most impatient certainly didn’t look favorably upon that, and it annoyed me too. The execution was not elegant. I understand that in the long run, it’s indeed good if his ownership decreases.
And that brings us to the point raised by @KBusiness. I am also concerned about this: “is he just collecting easy board fees as if they were dividends”? Does he genuinely have the motivation to improve Verkkokauppa.com’s situation from a board perspective? My criticism should not be misunderstood - he has created a great company and deserves everything he wants to do. But if his focus is not 100% on the company’s matters, he should resign from the board.
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Interesting idea, I came across this on social media. Points for daring to try something new & also likely on the right platform where these videos might best reach their audience.
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This is starting right now, i.e., at 2 PM 
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Olli Vilppo has given his comments on Verkkokauppa.com’s consumer finance business sale.
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CEO Panu Porkka visited to talk about his company as an investment target at the Stock Investor’s Week.
Topics: 00:00 Verkkokauppa.com as an investment target 11:53 Q&A
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Finnish Gigantti’s financial year figures ending in April have been updated, and they have performed surprisingly poorly. It seems that Verkkis and Power have performed clearly better recently.
Kauppalehti also published an article about this
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Paywall 
, but the gist is clear from the title
No big revolution, but Verkkokauppa has relatively few stores, and here a competing next-door neighbor in Oulu is closing down. Of course, the store’s closure already speaks volumes about the current situation regarding the choices of consumers shopping in brick-and-mortar stores.
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Gigantti’s revenue has decreased by approximately 233 million euros in 4 years. That’s a terribly large figure.
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Customer traffic towards Power has been very quiet whenever I’ve visited Verkkis. And I’m not surprised, who would voluntarily want to go into that labyrinth now.
Now would be a good time to move some walls again and take over more space from that neighbor.
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Here are Vilpo’s pre-earnings thoughts as Verkkis
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The online store’s survey site seems (unnecessarily) suspicious. This is due to browser settings, but still - as there’s all sorts of things nowadays and people are increasingly cautious. Someone might misinterpret it and cause overreactions.
“Firefox detected a potential security threat and did not proceed to the site link.verkkokauppa.com. If you visit this site, your personal information such as passwords, emails, or credit card details might be attempted to be stolen.”
“You have enabled HTTPS-Only Mode to enhance security, but an HTTPS version of link.verkkokauppa.com is not available.”
Edit: exact links removed.
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Revenue increased by 14.9 percent to EUR 131.2 million (114.2)
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Gross profit was EUR 21.8 million (16.6) and gross profit margin was 16.6% (14.5%)
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Operating profit (EBIT) was EUR 7.2 million (0.1), or 5.5% (0.1%) of revenue
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Comparable operating profit (comparable EBIT) was EUR 3.9 million (-0.7), or 3.0% (-0.7%) of revenue
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Items affecting comparability amounted to EUR 3.3 million (0.8) related to a one-off gain on sale from the divestment of the consumer finance business
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Profit for the period was EUR 5.3 million (-0.3)
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Earnings per share were EUR 0.12 (-0.01)
Verkkokauppa.com Oyj commences share buyback program - Inderes
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Verkkis delivers 
A clear beat to forecasts
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Here are my own thoughts on this
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Here are Olli’s thoughts more comprehensively
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Olli interviewed Verkkis’s CEO Panu Porkka
Topics:
00:00 Start
00:10 Q3 Highlights
02:20 Sales and profitability improved
05:02 Market share has grown
06:35 Retail disruption is progressing
07:45 Sale of scholarship business
10:54 Fat cash reserves
11:25 Tailwinds from Windows 11 and HD televisions
13:50 Discretionary spending is subdued
14:29 How will the result remain at a high level in the future?
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