Musti Group plc Interim Report 12 November 2025 at 8:30 a.m. EET
Musti Group plc Interim Report 1 January 2025 - 30 September 2025
Musti Group's positive trend continued in Q3
July - September 2025 highlights
- Group net sales totaled EUR 127.3 (111.5) million, an increase of 14.2% (1.0%). The growth was solid especially in Norway and Finland. In addition, the acquisition of Pet City in the Baltics increased the net sales by EUR 8.7 million. Like-for-like sales growth was 2.3% (-0.9%).
- The gross margin improved to 44.3% (43.2%) 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 16.9 (16.5) million and adjusted EBITDA margin was 13.3% (14.8%). Profitability was negatively impacted by the investments in growth which increased operating expenses.
- Adjusted EBITA was EUR 6.6 (7.8) million and adjusted EBITA margin was 5.2% (7.0%).
- Net cash flow from operating activities was EUR 13.1 (19.9) million which was attributable especially to the timing effects of the net working capital.
- Operating result was EUR 2.5 (5.8) million, result for the period totaled EUR 0.2 (2.8) million, earnings per share, basic was EUR 0.01 (0.09).
- Number of stores grew to 425 (351) mainly driven by the acquisition of Pet City.
- Total number of customers grew to 1,870 thousand (1,861 thousand*).
January - September 2025 highlights
- Group net sales totaled EUR 368.9 (322.8) million, an increase of 14.3% (2.4%). Net sales increased in all markets, especially during the second and third quarter. Also, the acquisition of Pet City in the Baltics increased the net sales by EUR 26.0 million. Like-for-like sales growth was 3.4% (-0.1%).
- The gross margin remained stable 43.5% (43.5 %), with an improving trend over the second and third quarter
- Adjusted EBITDA and EBITA were lower than last year due investments in growth which increased operating expenses
- Adjusted EBITDA was EUR 42.6 (44.0) million and adjusted EBITDA margin was 11.5% (13.6%).
- Adjusted EBITA was EUR 12.0 (18.2) million and adjusted EBITA margin was 3.2% (5.6%).
- Net cash flow from operating activities was EUR 43.1 (23.7) 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 2.9 (2.4) million, result for the period totaled EUR -4.2 (-2.2) million, earnings per share, basic was EUR -0.13 (-0.06).
*) Total number of customers excluding the Baltics
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.
"Musti's positive trend continued in Q3. Strong sales growth underpinned further market share gains, extending our leadership in a rebounding market. Our gross margin and market share growth supports our ambition to continue investing in initiatives to further capitalise on the strengthened position. We are focused on ensuring Musti has the tools needed to meet the changing needs of pet parents and deliver sustained earnings growth." - David Rönnberg, Musti Group CEO
Net sales grew by 14.2% to EUR 127.3 million (111.5 million). Norway's growth strengthened to 19.6% (6.5%), and both Finland 3.8% (-4.1%) and Sweden 3.9% (4.8%) posted resilient growth. In the yet to LFL Baltic market sales are progressing well, and we expect more growth as we optimize the assortment including the addition of exclusive products.
Q3 2025 is the second consecutive quarter to demonstrate that our tactical implementation of our strategic initiatives are delivering above market growth and extending our leadership in our traditional Nordic and new Baltic markets. This reinforces 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.
Adjusted EBITDA increased to EUR 16.9 million (EUR 16.5 million) post investments of approximately EUR 1.0 million related to several initiatives that will improve profitability and growth in the future. These include investments in central logistics, online and digital platforms and assortment and space projects for our store fleet. We are not satisfied with the current profitability; however, we are confident that all the actions underway will continue to improve efficiency and support the scalability of the business and we are seeing signs of improvement in our financial performance.
Our focus remains on humbly understanding the high standards of our pet parents and are committed to the continuous evolution of our offer to meet those standards while simultaneously actively seeking new opportunities in existing and new markets to enhance and add value to our offering.
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 or as indicated | 7-9/2025 | 7-9/2024 | Change % | 1-9/2025 | 1-9/2024 | Change % | 10/2023-12/2024 |
Net sales | 127.3 | 111.5 | 14.2% | 368.9 | 322.8 | 14.3% | 560.6 |
Net sales growth, % | 14.2% | 1.0% | 14.3% | 2.4% | N/A | ||
LFL sales growth, % | 2.3% | -0.9% | 3.4% | -0.1% | 1.1% | ||
LFL store sales growth, % | 2.8% | -3.9% | 3.2% | -3.1% | -1.6% | ||
Online share, % | 22.4% | 24.5% | 23.2% | 24.9% | 24.3% | ||
Gross margin, % | 44.3% | 43.2% | 43.5% | 43.5% | 44.1% | ||
EBITDA | 14.5 | 16.0 | -9.3% | 38.4 | 32.5 | 18.2% | 67.2 |
EBITDA margin, % | 11.4% | 14.3% | 10.4% | 10.1% | 12.0% | ||
Adjusted EBITDA | 16.9 | 16.5 | 2.4% | 42.6 | 44.0 | -3.2% | 81.6 |
Adjusted EBITDA margin, % | 13.3% | 14.8% | 11.5% | 13.6% | 14.6% | ||
EBITA | 4.2 | 7.3 | -42.7% | 7.8 | 6.8 | 15.4% | 23.6 |
EBITA margin, % | 3.3% | 6.5% | 2.1% | 2.1% | 4.2% | ||
Adjusted EBITA | 6.6 | 7.8 | -15.8% | 12.0 | 18.2 | -34.3% | 38.0 |
Adjusted EBITA margin, % | 5.2% | 7.0% | 3.2% | 5.6% | 6.8% | ||
Operating profit | 2.5 | 5.8 | -56.4% | 2.9 | 2.4 | 23.5% | 16.2 |
Operating profit margin, % | 2,0% | 5.2% | 0.8% | 0.7% | 2.9% | ||
Profit/loss for the period | 0.2 | 2.8 | -93.7% | -4.2 | -2.2 | 6.7 | |
Earnings per share, basic, EUR | 0.01 | 0.09 | -92.2% | -0.13 | -0.06 | 0.20 | |
Net cash flow from operating activities | 13.1 | 19.9 | -34.0% | 43.1 | 23.7 | 82.0% | 46.9 |
Investments in tangible and intangible assets | 4.2 | 2.8 | 51.4% | 16.1 | 10.4 | 55.2% | 19.2 |
Net debt / LTM adjusted EBITDA | 3.3 | 2.4 | 36.8% | 3.3 | 2.4 | 36.8% | 3.1 |
Total number of customers, thousands* | 1,870 | 1,861 | 0.5% | 1,870 | 1,861 | 0.5% | 1,866 |
Number of stores at the end of the period | 425 | 351 | 21.1% | 425 | 351 | 21.1% | 415 |
of which directly operated | 423 | 346 | 22.3% | 423 | 346 | 22.3% | 411 |
*) Excluding Baltics
Webcast for analysts and media
A webcast for the analysts and media will be arranged on 12 November 2025 at 14:00 EEST 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 12 November 2025
Board of Directors
The information in this Interim Report is unaudited.
Further Information:
David Rönnberg, CEO, tel. +46 70 896 6552
Robert Berglund, CFO, tel. +358 50 534 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 444 million during the past 12 months (calendar year 2024). At the end of year 2024, the company had over 2,000 employees, 1.9 million customers and 415 stores.