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 or as indicated | 10-12/2025 | 10-12/2024 | Change % | 1-12/2025 | 1-12/2024 | Change % | 10/2023-12/2024 |
Net sales | 140.0 | 122.2 | 14.6% | 508.9 | 444.9 | 14.4% | 560.6 |
Net sales growth, % | 14.6% | 5.6% | 14.4% | 3.2% | N/A | ||
LFL sales growth, % | 2.8% | 1.2% | 3.3% | 0.2% | 1.1% | ||
LFL store sales growth, % | 3.2% | -1.1% | 3.2% | -2.6% | -1.6% | ||
Online share, % | 22.1% | 23.9% | 22.9% | 24.6% | 24.3% | ||
Gross margin, % | 45.1% | 44.0% | 44.0% | 43.6% | 44.1% | ||
EBITDA | 16.5 | 15.9 | 3.8% | 54.9 | 48.4 | 13.4% | 67.2 |
EBITDA margin, % | 11.8% | 13.0% | 10.8% | 10.9% | 12.0% | ||
Adjusted EBITDA | 19.5 | 17.2 | 13.1% | 62.0 | 61.2 | 1.4% | 81.6 |
Adjusted EBITDA margin, % | 13.9% | 14.1% | 12.2% | 13.7% | 14.6% | ||
EBITA | 5.6 | 6.0 | -5.9% | 13.5 | 12.8 | 5.4% | 23.6 |
EBITA margin, % | 4.0% | 4.9% | 2.7% | 2.9% | 4.2% | ||
Adjusted EBITA | 8.6 | 7.3 | 17.8% | 20.6 | 25.6 | -19.4% | 38.0 |
Adjusted EBITA margin, % | 6.2% | 6.0% | 4.0% | 5.7% | 6.8% | ||
Operating profit | 3.9 | 4.5 | -11.7% | 6.8 | 6.8 | 0.4% | 16.2 |
Operating profit margin, % | 2,8% | 3.6% | 1.3% | 1.5% | 2.9% | ||
Profit/loss for the period | 0.5 | 2.8 | -82.7% | -3.7 | 0.9 | 6.7 | |
Earnings per share, basic, EUR | 0.01 | 0.08 | -83.2% | -0.11 | 0.03 | 0.20 | |
Net cash flow from operating activities | 23.4 | 7.6 | 210.5% | 66.6 | 31.3 | 113.0% | 46.9 |
Investments in tangible and intangible assets | 5.6 | 4.8 | 16.5% | 21.7 | 15.2 | 43.0% | 19.2 |
Net debt / LTM adjusted EBITDA | 3.4 | 3.1 | 10.1% | 3.4 | 3.1 | 10.1% | 3.1 |
Total number of customers, thousands* | 1,870 | 1,866 | 0.3% | 1,870 | 1,866 | 0.3% | 1,866 |
Number of stores at the end of the period | 497 | 416 | 19.5% | 497 | 416 | 19.5% | 415 |
of which directly operated | 495 | 412 | 20.1% | 495 | 412 | 20.1% | 411 |
*) 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 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 509 million in 2025. At the end of year 2025, the company had nearly 4,000 employees, 1.9 million customers and 497 stores.
