PUUILO PLC, FINANCIAL STATEMENTS RELEASE, 25 March 2026 at 8.30 EET
A strong finish to a solid financial year
Highlights Q4/2025
- Net sales increased by 17.7% (+11.8%) and were €101.0 million (85.8)
- Like-for-like store net sales increased by 6.1% (+0.3%)
- Online store net sales increased by 6.8% (-0.9%)
- Gross profit was €39.2 million (33.1) and gross margin was 38.8% (38.5%)
- Adjusted EBITA was €16.5 million (14.3), increasing by 15.7%, which corresponds to an adjusted EBITA margin of 16.3% (16.6%)
- EBIT was €16.0 million (13.9) which corresponds to 15.8% of net sales (16.1%)
- Operating free cash flow was €8.0 million (0.0)
- Earnings per share were €0.14 (0.12)
- Two new stores were opened during the fourth quarter (two new store)
Highlights FY2025
- Net sales increased by 15.4% (+13.3%) and were €442.3 million (383.4)
- Like-for-like store net sales increased by 3.7% (+1.5%)
- Online store net sales increased by 5.6% (+1.7%)
- Gross profit was €169.0 million (144.6) and gross margin was 38.2% (37.7%)
- Adjusted EBITA was €77.4 million (67.0), increasing by 15.5%, which corresponds to an adjusted EBITA margin of 17.5% (17.5%)
- EBIT was €75.1 million (65.1) which corresponds to 17.0% of net sales (17.0%)
- Operating free cash flow was €72.6 million (44.0)
- Earnings per share were €0.66 (0.57)
- Seven new stores were opened during the reporting period (seven new stores)
- Board proposes that a dividend of €0.54 per share will be distributed based on the net result of the financial year 2025. Additionally, the board proposes a special dividend of €0.12 per share, which implies a total dividend per share of €0.66. The dividend is proposed to be paid in two instalments
Figures are in millions of euros unless otherwise stated and have been rounded. Hence the sum of individual figures may differ from the total shown. Puuilo's financial year starts on 1 February and ends on 31 January the following year. The figures in parentheses refer to the comparison period the previous year, unless otherwise stated. The information in this report is unaudited.
Key Figures
| € million | Q4/2025 | Q4/2024 | 2025 | 2024 |
| Net sales | 101.0 | 85.8 | 442.3 | 383.4 |
| Net sales development (%) | 17.7% | 11.8 % | 15.4% | 13.3% |
| Like-for-like store net sales development (%) | 6.1% | 0.3% | 3.7% | 1.5% |
| Online store net sales development (%) | 6.8% | -0.9% | 5.6% | 1.7% |
| Gross profit | 39.2 | 33.1 | 169.0 | 144.6 |
| Gross margin (%) | 38.8% | 38.5% | 38.2% | 37.7% |
| Adjusted EBITA* | 16.5 | 14.3 | 77.4 | 67.0 |
| Adjusted EBITA* margin (%) | 16.3% | 16.6% | 17.5% | 17.5% |
| Adjusted EBITA* margin development (%) | 15.7% | 33.6% | 15.5% | 23.8% |
| EBITA | 16.4 | 14.3 | 76.8 | 67.0 |
| EBITA margin (%) | 16.2% | 16.6% | 17.4% | 17.5% |
| EBIT | 16.0 | 13.9 | 75.1 | 65.1 |
| EBIT margin (%) | 15.8% | 16.1% | 17.0% | 17.0% |
| Net income | 11.9 | 10.0 | 56.0 | 47.9 |
| EPS (€) | 0.14 | 0.12 | 0.66 | 0.57 |
| Dividend (€ per share) | 0.66** | 0.70 | ||
| Operating free cash flow | 8.0 | 0.0 | 72.6 | 44.0 |
| Net debt / adjusted EBITDA* | 1.3x | 1.4x | 1.3x | 1.4x |
| Net debt / adjusted EBITDA excl. impact of IFRS 16* | 0.5x | 0.5x | 0.5x | 0.5x |
| Number of stores (end of period) | 56 | 49 | 56 | 49 |
| Number of personnel converted into full-time employees (FTE) | 888 | 761 | 950 | 849 |
Puuilo's financial year starts on 1 February and ends on 31 January the following year
* Adjustments relate to items affecting comparability, which originate from significant items outside the ordinary course of the business and are related to strategic projects.
** Board proposal
Outlook for the financial year 2026
Puuilo forecasts that net sales will be €480 - 510 million and the adjusted EBITA will be €80 - 90 million in the financial year 2026.
The forecast includes elements of uncertainty related to changes in consumer purchasing power and behaviour. Additionally, geopolitical crises and international tensions may affect product availability and prices.
Puuilo's long-term targets
The company's long-term financial targets for the strategy period 2026 - 2030:
- Growth: Net sales CAGR above 10% and net sales above €800 million by the end of financial year 2030 (ends in January 2031)
- Profitability: Adjusted EBITA margin above 17% of net sales
- Profit distribution: The company aims to distribute at least 80% of net income for each financial year
- Leverage: Net debt to adjusted EBITDA below 2.5x
CEO Juha Saarela's review
Puuilo ended the financial year with continued strong growth. In Q4, Puuilo's net sales increased by 17.7% and like-for-like net sales grew by 6.1%. Customer traffic continued to develop positively, increasing by 17.0% and by 5.6% on a like-for-like basis. The average basket size increased slightly compared to the previous year. The gross margin improved to 38.8%, driven primarily by the growing share of private label products. Adjusted EBITA increased to EUR 16.5 million and amounted to 16.3% (16.6%) of net sales. Our profitability remained at a very good level.
For the entire financial year, net sales increased by 15.4% to EUR 442.3 million. Like-for-like net sales grew by 3.7%. Customer traffic increased by 16.3%. The gross margin improved to 38.2%, exceeding the previous year by 0.5 percentage points. The significant increase in the relative share of private label sales supported the positive development of the gross margin. The share of private labels increased to 23.6% of net sales, up by 1.9 percentage points year-on-year. Adjusted EBITA amounted to EUR 77.4 million, which represents 17.5% of net sales, and increased by 15.5% compared to the previous financial year. Relative profitability remained excellent and exceeded our long-term target level.
We continued to expand our store network actively. During Q4, we opened new stores in Iisalmi and Heinola, and during the financial year we opened seven new stores. All new stores have performed as planned and became profitable shortly after opening. Store openings for the new financial year began in early March in Hollola. During the financial year 2026, we plan to open even eight new stores across Finland.
As communicated in connection with the strategy update last autumn, we are preparing for international expansion. During autumn and winter, we worked systematically across organization to achieve readiness for the opening of the first pilot stores in Sweden. Alongside growth in Finland, this forms part of our growth objectives for the strategy period 2026-2030. We have also appointed a Country Manager for Sweden, who together with the Finnish organization continues preparations for the opening of the first stores. We have initiated negotiations regarding location of the first Swedish store, which we plan to open within the next 18 months.
Consumers' purchasing power has strengthened during 2026, but consumer confidence remains below normal levels. Despite this, we have succeeded in increasing customer traffic and maintaining strong growth. We are growing clearly faster than the overall market and the industry, which demonstrates that our strategy works even in a more challenging operating environment.
For the next financial year, we estimate that our net sales will be in the range of €480-510 million and expect adjusted EBITA to be between €80-90 million.
Our guidance accounts for budgeted setup expenses for our international expansion: approximately €1 million, covering IT, legal, and organizational costs, including the Swedish Country Manager, to get us fully ready for our first pilot store in Sweden. This is a small, defined price to evaluate whether a new market can extend the significant growth runway we already have in Finland. Our approach to international expansion is based on organic pilot store openings, not acquisitions, built on the same capital-light model you're accustomed to from our Finnish stores. We apply the same cost discipline to international expansion that we apply to everything else at Puuilo.
I would like to thank our customers, personnel and shareholders for a successful year. We will continue our determined work to drive profitable growth and deliver excellent customer experience in the years ahead. I wish everyone a successful and thriving spring!
Significant events of the reporting period
Refinancing
Puuilo signed a new €100 million long-term financing agreement with OP Corporate Bank Plc. The new financing agreement has a maturity of 36 months and includes two 12-month extension options. The new financing agreement replaced the previous agreement signed in 2021.
The financing agreement includes a total of €70 million term loan and €30 million revolving credit facility (RCF). The funds will be used to repay existing loans, working capital financing and for the Group's other general financing needs.
The terms of the financing agreement include one covenant: net debt/EBITDA ratio.
The agreement also includes €30 million uncommitted additional financing option (accordion option). However, this accordion option requires a separate financing decision from the bank. (Stock exchange release 27 March 2025)
Change in the holding of Puuilo Plc's treasury shares
A total of 126,481 Puuilo shares held by the company were conveyed without consideration to 28 key employees who participated in the 2022 - 2024 share-based incentive program. The program was originally announced on 20 April 2022 with a stock exchange release. The conveyance is based on the authorisation granted to the Board of Directors by the Annual General Meeting of Shareholders held on 15 May 2024. After the share transfer on 14 April 2025, the company held a total of 428,519 own shares. (Stock exchange release 15 April 2025)
Board of Directors established a new long-term incentive plan for company's key employees
The Board of Directors of Puuilo Plc decided to establish a new Long-Term Incentive Plan for the key employees of the Company and its subsidiaries ("LTI") and launch the first LTI plan period for 2025 - 2027.
The purpose of the LTI is to encourage key employees to acquire and own the Company's shares. The LTI also aims to align the interests of the shareholders and the key employees as well as to increase key employees' motivation and long-term commitment to the Company. The LTI is intended to consist of annually commencing plan periods, each with a 12-month savings period followed by a holding period of approximately one and a half years. The Board of Directors will resolve annually on the launch of a new plan period. Participation in the LTI is voluntary, and key employees are invited to participate in each plan period separately.
The first LTI plan period 2025 - 2027 began on 1 June 2025 and ends on 31 May 2028. The first savings period ends on 31 May 2026. The holding period begins at the first acquisition of savings shares. In the 2025-2027 plan period, the LTI was offered to approximately 100 key employees of the Group, including also the Management Team and the CEO. As part of the LTI, the key employees have an opportunity to make a one-off investment and/or save a proportion of their salaries and invest those savings in Puuilo shares. With the savings of the 2025-2027 plan period, Puuilo shares will be acquired in four tranches estimated in September 2025, December 2025, March 2026 and June 2026.
In the 2025 - 2027 plan period, as a reward for their commitment, the Company grants the key employees participating in the LTI a gross reward of one free matching share for every savings share acquired with their savings. The participants have also an opportunity to earn one to three performance-based matching shares (gross) for each savings share acquired with their savings if the performance criteria set for the plan period are met. The performance criteria of the plan are tied to the total shareholder return of the share (TSR), the company's adjusted earnings before interest, taxes and amortisation (EBITA) and return on invested capital (ROIC). Continuity of employment and holding of acquired savings shares for the duration of the holding period, ending on the day following the 2027 financial statement release, are prerequisites for receiving the award. The potential award will be paid partly in shares and partly in cash after the end of the holding period. The cash proportion is intended to cover taxes and statutory social security contributions arising from the award. Matching shares will be freely transferable after their registration in a participant's book-entry account. The savings shares and matching share are Puuilo shares.
The maximum number of matching shares (gross before taxes) for the first plan period of 2025-2027 is approximately 519 000 shares, calculated at the share price on 16 April 2025. The final number of matching shares depends on the key employees' participation and savings rate in the plan, the fulfilment of the prerequisites for receiving matching shares and the number of shares acquired from the market with savings. (Stock exchange release 17 April 2025)
Updated long-term financial targets for the strategy period 2026 - 2030
On 10 September 2025, Puuilo's Board decided on the updated long-time targets. The new targets are discussed on the first page of this review. (Stock exchange release 11 September 2025)
CFO Ville Ranta left Puuilo in the end of 2025
CFO Ville Ranta announced that he leaves Puuilo to join another company. He left his position on 31 December 2025. The company has started a search for his successor. (Stock exchange release 1 October 2025)
Members of Nomination Board
Representatives of the three largest shareholders registered in Puuilo Plc's shareholder register as of 1 October 2025 were elected to the Puuilo's Shareholders' Nomination Board along with the Chair of the Board of Directors, Mammu Kaario, as an expert member. Puuilo Plc's Shareholders' Nomination Board is a body of the Company's shareholders responsible for preparing proposals for the election and remuneration of the members and the Chair of the Board of Directors as well as the remuneration of Board committee members to the Annual General Meeting 2026 and, when necessary, to the Extraordinary General Meeting.
The three largest shareholders have nominated following members to Puuilo's Shareholders Nomination Board:
Ampfield Management, L.P., represented by Emerson Moore, Markku Tuomaala, represented by Janne Koikkalainen, Evli Fund Management Company Ltd, represented by Ville Tiainen. (Stock exchange release 14 October 2025)
Interim CFO
Annu von Weymarn was appointed as interim CFO and member of the Management Team of Puuilo effective 1 January 2026. Weymarn has served at Puuilo since 2019 and is currently the company's Head of Financial Controlling. (Stock exchange release 10 December 2025)
Significant events after the end of the reporting period
Flagging notification
On 17 March 2026 Puuilo received a notification in accordance with the Chapter 9, Section 5 of the Finnish Securities Market Act from The Capital Group Companies, Inc. According to the notification, The Capital Group Companies, Inc. indirect holdings in shares and votes of the Company fell below the flagging threshold of 5 percent and was 4.98% after the transaction. (Stock exchange release 18 March 2026)
Proposals of the Shareholders' Nomination Board
The Shareholders' Nomination Board of Puuilo Plc proposes to the Annual General Meeting that the number of the members of the Board of Directors will be five (previously five). The Nomination Board proposes that current members of the Board of Directors, Susanne Hounsgaard, Jens Joller, Mammu Kaario, Tuomas Piirtola, and Markku Tuomaala, be re-elected. All proposed persons are independent of the company and its major shareholders except Jens Joller who is independent of the company, but dependent of the major shareholder. The Nomination Board proposes to the Annual General Meeting that Mammu Kaario be re-elected as the Chair of the Board of Directors.
The Nomination Board proposes that the remunerations of the members of the Board of Directors are as follows:
-€70.000 (earlier €65.000) to the Chair of the Board of Directors as annual remuneration
-€37.000 (earlier €33.000) to the other members of the Board of Directors as annual remuneration
-In addition, the Chair of the Audit Committee will be paid €7.000 (earlier €6.000) as annual remuneration and other members of the Audit Committee €4.000 (earlier €3.000) as annual remuneration
All remunerations will be paid in cash. (Stock exchange release 20 March 2026)
Proposal for profit distribution
The Board of Directors of Puuilo Plc proposes to the Annual General Meeting to be held on 12 May 2026 that a dividend of €0.54 per share be distributed based on the financial year 2025 result and that an additional special dividend of €0.12 per share be distributed. The total proposed dividend which implies to €0.66 per share and will be paid based on the balance sheet to be confirmed for the financial year 1 February 2025 - 31 January 2026 on shares held outside the company. The remaining distributable assets will remain in equity. The Board of Directors proposes that the dividend be paid in two instalments.
The first instalment, €0.33 per share, will be paid to shareholders registered in the company's register of shareholders kept by Euroclear Finland Ltd on the instalment's record date 19 May 2026. The board proposes that the first dividend instalment payment date be 26 May 2026.
The second instalment, €0.33 per share, will be paid to shareholders registered in the company's register of shareholders kept by Euroclear Finland Ltd on the instalment's record date 15 October 2026. The board proposes that the second instalment payment date be 22 October 2026. The Board proposes that it be authorised to decide, if necessary, on new dividend payment record dates and pay dates for the second instalment, if the rules and statutes of the Finnish book-entry system change or otherwise so require.
As at the date of the proposal for the distribution of profit, 24 March 2026, a total of 84,348,434 shares were held outside the company, and the corresponding total amount of dividends was €55,669,966.44.
The distributable assets of the Group's parent company total €133,155,191.36 which profit for the financial year is €57,574,379.88. The proposed regular dividend based on the financial year 2025 result corresponds to approximately 81% of Puuilo Group's net income for the financial year. The proposed total dividend corresponds to approximately 100% of Puuilo Group's net income for the financial year 2025.
Financial statements
The Annual Reporting 2025, including the financial statements and the Report by the Board of Directors, Sustainability Report, Corporate governance statement as well as Remuneration report will be published during week 16.
Annual General Meeting
Puuilo's Annual General Meeting is planned for Tuesday 12 May 2026. The meeting will be convened by the company's Board of Directors separately at a later date.
Next financial reports
Puuilo's financial year starts on 1 February and ends on 31 January the following year. The company publishes Business reviews for the first and third quarter, a Half-year financial report and a financial statements release.
Business review Q1 (February - April 2026) on 11 June 2026
Half-year Financial Report (February - July 2026) on 10 September 2026
Business review Q3 (February - October 2026) on 10 December 2026
The Financial Statements 2025 and the Report by the Board of Directors will be published during week 16.
All financial reports are published in English and in Finnish and are available at: https://www.investors.puuilo.fi/en/investors/reports_and_presentations.
Conference call in English and webcast in Finnish
The report will be presented for analysts, investors, and the media on the publication date in English at 10:00 am EET (9:00 am CET) and in Finnish at 11:30 am EET (10:30 am CET).
The conference call in English can be followed live at https://puuilo.videosync.fi/2025-q4-results. Asking questions requires participation in the conference call. You can access the teleconference by registering on the link https://player.videosync.fi/puuilo/2025-q4-results/dial-in. After the registration you will be provided phone numbers and a conference ID to access the conference. If you wish to ask questions, please, dial *5 on your telephone keypad to enter the queue. The webcast in Finnish will begin at 11:30 am EET at https://puuilo.events.inderes.com/q4-2025
Recordings of both events will be available later the same day at Puuilo's Investors website at https://www.investors.puuilo.fi/en/investors/reports_and_presentations.
PUUILO PLC
For further information, please contact:
Juha Saarela, CEO, mobile phone: +358 50 409 7641
Annu von Weymarn, Interim CFO, mobile phone: +358 40 749 0271
