Musti Group plc Financial Statements Release 10
February 2026 at 8:30 a.m. EET
Musti Group plc Financial Statements Release 1 January 2025 - 31 December 2025
Musti Delivers Strong Q4 and Returns to Double‑Digit Growth in 2025
October - December 2025 highlights
· Group net sales totaled EUR 140.0 (122.2) million, an increase of 14.6%
(5.6%). The growth was solid especially in Norway. In addition, the acquisition
of Pet City in the Baltics increased the net sales by EUR 6.2 million. The
acquisition ZU Produtos e Serviços Para Animais SA (ZU) in December increased
the net sales by EUR 3.1 million. Like-for-like sales growth was 2.8% (1.2%).
· The gross margin improved to 45.1% (44.0%) mainly driven by the investments
made in gross margin during the last year, especially the increased share of
production of own brand food in the own factory.
· Adjusted EBITDA was EUR 19.5 (17.2) million and adjusted EBITDA margin was
13.9% (14.1%). Profitability was still impacted by the investments in growth
which increased operating expenses.
· Adjusted EBITA was EUR 8.6 (7.3) million and adjusted EBITA margin was 6.2%
(6.0%).
· Net cash flow from operating activities was EUR 23.4 (7.6) million which was
attributable especially to the timing effects of the net working capital.
· Operating result was EUR 3.9 (4.5) million, result for the period totaled
EUR 0.5 (2.8) million, earnings per share, basic was EUR 0.01 (0.08).
· Number of stores grew to 497 (416) mainly driven by the acquisition of ZU.
· Total number of customers grew to 1,870 thousand (1,866 thousand*).
January - December 2025 highlights
· Group net sales totaled EUR 508.9 (444.9) million, an increase of 14.4%
(3.2%). Net sales increased, especially during the three last quarters of the
year. The growth was strong especially in Norway and Finland. Also, the
acquisition of Pet City in the Baltics increased the net sales by EUR 32.2
million. The acquisition of ZU increased the net sales by EUR 3.1 million. Like
-for-like sales growth was 3.3% (0.2%).
· The gross margin remained stable 44.0% (43.6%), with an improving trend
towards the end of the year.
· Adjusted EBITDA was EUR 62.0 (61.2) million and adjusted EBITDA margin was
12.2% (13.7%).
· Adjusted EBITA was EUR 20.6 (25.6) million and adjusted EBITA margin was
4.0% (5.7%).
· Adjusted EBITA was lower than last year due investments in growth which
increased operating expenses
· Net cash flow from operating activities was EUR 66.6 (31.3) million which
was attributable especially to the favorable development of the net working
capital and the significant amount of non-recurring costs during the comparison
period.
· Operating result was EUR 6.8 (6.8) million, result for the period totaled
EUR -3.7 (0.9) million, earnings per share, basic was EUR -0.11 (0.03).
· The Board of Director proposes in accordance with the Company's dividend
policy that no dividend will be distributed for the financial year 2025
*) Total number of customers excluding the Baltics and ZU
The figures in parentheses refer to the comparison period, i.e., the same period
in the previous year, unless stated otherwise. Musti Group's financial year is
calendar year.
“Q4s additional market share gains completed a solid 2025 for Musti. I am super
proud of our team and their achievements - continued strong sales and gross
margin growth; successful integration of new markets; the launch of new brands;
increased food production capacity; expanded TAM with the move into a new
market; successful investment to strengthen Musti's IT and logistics backbone.
All enhance value creation opportunities as we continue to determinedly develop
Musti's market leadership.” - David Rönnberg, Musti Group CEO
After a slow start in Q1, 2025 was a rebound year for Musti. Q4 again
highlighted that our strategic initiatives are delivering above market growth,
extending our market leadership reinforcing that our offering of top-quality,
good value food and accessories, supportive pet care and vet clinic services,
and our fast and easy to use online offer is meeting the ever-changing needs of
an informed consumer.
In Q4, net sales grew 14.6% to EUR 140.0 million (122.2 million) including key
market growth - Norway 17.6% (11.7%), Finland 3.2% (0.1%) and Sweden 7.1%
(2,4%). Baltic market sales benefited from integration initiatives including the
optimization of assortment and the introduction of Musti's extensive range of
exclusive products. The acquisition of ZU in Portugal in December, extended our
omni-channel reach to 7 countries adding EUR 30 million in pro-forma annual
sales. This delivered full year net sales of EUR 508.9 (444.9) million, an
increase of 14.4% (3.2%). Proforma including ZU, the total would be
approximately EUR 536 million representing total growth of 20.5%.
Q4 adjusted EBITDA increased to EUR 19.5 million (17.2 million), including
approximately EUR 3.0 million of incremental costs related to backbone
initiatives. These include investments in online and ERP platforms, central
logistics, and store planning and assortment optimization projects to improve
efficiency and scalability enhancing Musti's capacity for further growth and
geographical expansion. Full year adjusted EBITDA increased to EUR 62 million
(EUR 61.2 million) which was burdened by approximately EUR 5.6 million of
incremental costs related to backbone initiatives
As always, our focus remains on humbly understanding the high standards of our
pet parents to continuously evolve our offer to support further value creation
opportunities in existing and new markets. Following a productive 2025, we are
excited for what we can achieve in 2026 and beyond.
To our team members - on behalf of our pet parents, our shareholders, our Board,
our Group management team and myself, thank you again for your incredible
effort!
David Rönnberg
CEO
Key figures
+-----------+------+------+------+------+------+--------+---------------+
|EUR million|10-12/|10-12/|Change|1-12/2|1-12/2|Change %|10/2023-12/2024|
|or as |2025 |2024 |% |025 |024 | | |
|indicated | | | | | | | |
+-----------+------+------+------+------+------+--------+---------------+
|Net sales |140.0 |122.2 |14.6% |508.9 |444.9 |14.4% |560.6 |
+-----------+------+------+------+------+------+--------+---------------+
|Net sales |14.6% |5.6% | |14.4% |3.2% | |N/A |
|growth, % | | | | | | | |
+-----------+------+------+------+------+------+--------+---------------+
|LFL sales |2.8% |1.2% | |3.3% |0.2% | |1.1% |
|growth, % | | | | | | | |
+-----------+------+------+------+------+------+--------+---------------+
|LFL store |3.2% |-1.1% | |3.2% |-2.6% | |-1.6% |
|sales | | | | | | | |
|growth, % | | | | | | | |
+-----------+------+------+------+------+------+--------+---------------+
|Online |22.1% |23.9% | |22.9% |24.6% | |24.3% |
|share, % | | | | | | | |
+-----------+------+------+------+------+------+--------+---------------+
|Gross |45.1% |44.0% | |44.0% |43.6% | |44.1% |
|margin, % | | | | | | | |
+-----------+------+------+------+------+------+--------+---------------+
|EBITDA |16.5 |15.9 |3.8% |54.9 |48.4 |13.4% |67.2 |
+-----------+------+------+------+------+------+--------+---------------+
|EBITDA |11.8% |13.0% | |10.8% |10.9% | |12.0% |
|margin, % | | | | | | | |
+-----------+------+------+------+------+------+--------+---------------+
|Adjusted |19.5 |17.2 |13.1% |62.0 |61.2 |1.4% |81.6 |
|EBITDA | | | | | | | |
+-----------+------+------+------+------+------+--------+---------------+
|Adjusted |13.9% |14.1% | |12.2% |13.7% | |14.6% |
|EBITDA | | | | | | | |
|margin, % | | | | | | | |
+-----------+------+------+------+------+------+--------+---------------+
|EBITA |5.6 |6.0 |-5.9% |13.5 |12.8 |5.4% |23.6 |
+-----------+------+------+------+------+------+--------+---------------+
|EBITA |4.0% |4.9% | |2.7% |2.9% | |4.2% |
|margin, % | | | | | | | |
+-----------+------+------+------+------+------+--------+---------------+
|Adjusted |8.6 |7.3 |17.8% |20.6 |25.6 |-19.4% |38.0 |
|EBITA | | | | | | | |
+-----------+------+------+------+------+------+--------+---------------+
|Adjusted |6.2% |6.0% | |4.0% |5.7% | |6.8% |
|EBITA | | | | | | | |
|margin, | | | | | | | |
|% | | | | | | | |
+-----------+------+------+------+------+------+--------+---------------+
|Operating |3.9 |4.5 |-11.7%|6.8 |6.8 |0.4% |16.2 |
|profit | | | | | | | |
+-----------+------+------+------+------+------+--------+---------------+
|Operating |2,8% |3.6% | |1.3% |1.5% | |2.9% |
|profit | | | | | | | |
|margin, % | | | | | | | |
+-----------+------+------+------+------+------+--------+---------------+
|Profit/loss|0.5 |2.8 |-82.7%|-3.7 |0.9 | |6.7 |
|for the | | | | | | | |
|period | | | | | | | |
+-----------+------+------+------+------+------+--------+---------------+
|Earnings |0.01 |0.08 |-83.2%|-0.11 |0.03 | |0.20 |
|per share, | | | | | | | |
|basic, EUR | | | | | | | |
+-----------+------+------+------+------+------+--------+---------------+
|Net cash |23.4 |7.6 |210.5%|66.6 |31.3 |113.0% |46.9 |
|flow from | | | | | | | |
|operating | | | | | | | |
|activities | | | | | | | |
+-----------+------+------+------+------+------+--------+---------------+
|Investments|5.6 |4.8 |16.5% |21.7 |15.2 |43.0% |19.2 |
|in | | | | | | | |
|tangible | | | | | | | |
|and | | | | | | | |
|intangible | | | | | | | |
|assets | | | | | | | |
+-----------+------+------+------+------+------+--------+---------------+
|Net debt / |3.4 |3.1 |10.1% |3.4 |3.1 |10.1% |3.1 |
|LTM | | | | | | | |
|adjusted | | | | | | | |
|EBITDA | | | | | | | |
+-----------+------+------+------+------+------+--------+---------------+
|Total |1,870 |1,866 |0.3% |1,870 |1,866 |0.3% |1,866 |
|number of | | | | | | | |
|customers, | | | | | | | |
|thousands* | | | | | | | |
+-----------+------+------+------+------+------+--------+---------------+
|Number of |497 |416 |19.5% |497 |416 |19.5% |415 |
|stores at | | | | | | | |
|the end of | | | | | | | |
|the period | | | | | | | |
+-----------+------+------+------+------+------+--------+---------------+
|of which |495 |412 |20.1% |495 |412 |20.1% |411 |
|directly | | | | | | | |
|operated | | | | | | | |
+-----------+------+------+------+------+------+--------+---------------+
*) Excluding Baltics and ZU
Webcast for analysts and media
A webcast for the analysts and media will be arranged on 10 February 2026 at
14:00 EET via Teams. To register in advance, please send an email to
ir@mustigroup.com. The event will be held in English. The report will be
presented by CEO David Rönnberg and CFO Robert Berglund.
Helsinki 10 February 2026
Board of Directors
The information in this Financial Statements Release is unaudited.
Further Information:
David Rönnberg, CEO, tel. +46 70 896 6552
Robert Berglund, CFO, tel. +358 50534 8657
Distribution:
Nasdaq Helsinki
Principal media
www.mustigroup.com
Musti Group in brief
Musti makes the life of pets and their owners easier, safer and more fun. We are
the leading Nordic pet care company with an increasing footprint in the Baltic
countries. Our omnichannel business model caters the needs of pets and their
owners across Finland, Sweden, Norway and the Baltics. We offer a wide, curated
assortment of pet products. We also provide pet care services such as grooming,
training and veterinary services in selected locations.
Musti Group's net sales were EUR 509 million in 2025. At the end of year 2025,
the company had nearly 4,000 employees, 1.9 million customers and 497 stores.