The Authority imposes an administrative sanction of 540,000 euros on Verkkokauppa.com.
According to the Regional State Administrative Agency for Southern Finland (AVI), the chain known for selling electronics has neglected the Anti-Money Laundering Act. The law requires, among other things, identifying the customer when sums exceed 10,000 euros as a single transaction or as related transactions.
AVI considers it particularly reprehensible that the company has not reported suspicious transactions.
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Apparently pension company Elo made that block trade, as their ownership increased by +300k shares.
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Consumer electronics growth in Finland has continued strong into Q4, as home electronics sales grew by 10% in October according to data collected by Statistics Finland.
It would be key to see growth continue into 2026 and ensure that this year’s positive domestic sales development does not rely solely on the technological transition in televisions and computers.
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Here is Arttu’s preview report, as Verkkis publishes its Q4 results on Thursday, Feb 12th. 
We expect revenue growth and earnings improvement following the excellent third quarter. The focus of the results day will be particularly on the 2026 guidance, comments on the sustainability of the market turnaround as the technology cycle fades, and the expected return to dividend payments. We reiterate our target price of EUR 4.3 and Accumulate recommendation, as the stock’s risk-reward ratio remains attractive.
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Let’s see if we’re right, but we added a substantial extra dividend to our forecasts in connection with the update, as the company has had to refrain from paying dividends for the past few years. I would be surprised if an extra dividend is not paid, as the company’s cash position is in very solid shape (>50 MEUR). That scenario would likely indicate that some acquisition is in the works.
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Link to the financial statement. Growth was strong and the guidance was certainly in line with expectations.
The 30-cent dividend did not materialize.
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Here are Arttu’s quick comments on this morning’s results.
Verkkokauppa.com’s Q4 was a success in terms of operational figures. Strong revenue growth scaled nicely to the bottom line. The dividend proposal was in line with the company’s profit distribution policy, but the extra dividend we anticipated was not seen. The 2026 guidance meets market expectations, but in our opinion, its form is slightly cautious. According to our preliminary assessment, the excellent report will lead to slight positive forecast revisions and, as it stands, a positive (or market-outperforming) stock market opening.
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I still need to listen to the company’s comments and interviews, but the direction is clearly right.
What I’m wondering now, especially after the clear start in Swedish sales, is whether management already has the next steps in mind? I’m mainly thinking about expanding sales channels across the Nordics?
There is certainly still market share to be gained here at home too, but the price (low margin) just seems to be a bit too tough. Of course, if the company manages to continue improving efficiency (purchasing and otherwise), this might also be possible?
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Since the dividend was not distributed in accordance with Inderes’ (justified) views, even though there was a possibility to do so.
Something new, then, is likely being considered, at least at the evaluation stage.
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Here is the company report on Verkkis from Arttu
Verkkokauppa.com’s Q4 report was a continuation of the excellent earnings performance of 2025. Rapid earnings growth and well-developed free cash flow enabled the company’s return to being a dividend payer after a three-year dry spell. We expect 2026 to be full of growth, but we estimate that the profitability improvement will depend on the coming years due to the divested financing business. Considering the earnings growth, we believe the stock’s valuation picture is moderate. Thus, we reiterate our Accumulate recommendation while raising the target price to 4.5 euros (prev. 4.3e) in line with the increased forecasts.
Quote from the report:
Cash flow increased and the balance sheet strengthened
Verkkokauppa.com’s operating cash flow rose to EUR 22 million (2024: EUR 13 million) mainly thanks to earnings growth. After investments that were slightly higher than in the comparison period and lower lease payments, free cash flow likewise rose to EUR 15 million (2024: EUR 6 million). Free cash flow exceeded the net profit for the financial year, reflecting the company’s strong cash flow generation capacity. Net cash at the end of 2025 was EUR 30 million (excluding IFRS 16 items), which is a clear increase compared to the comparison period. The cash position was strengthened at the end of 2025 by the sold financing business, which yielded over EUR 30 million. Overall, we consider the company’s balance sheet to be quite healthy and estimate that the dividend-paying capacity for the near future is on a solid foundation.
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Arttu interviewed Verkkokauppa.com CEO Panu Porkka after the Q4 results
Topics:
00:00 Introduction
00:13 Verkkis’s year 2025
03:45 HD television and the Windows 11 transition
07:49 International growth
10:17 Consumer environment
12:47 Strategy
16:46 Guidance for 2026
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