Musti Group plc Interim Report 7 May 2026 at 8:30 a.m. EEST
Musti's year started with strong growth and solid margin expansion
January - March 2026
- Group net sales totaled EUR 138.5 (119.8) million, an increase of 15.6% (11.8%). The growth was strong especially in Norway.
- Like-for-like sales growth was 3.9% (2.4%), growth in all segments.
- The acquisition ZU Produtos e Serviços Para Animais SA (ZU) in December 2025 increased the net sales by EUR 8.4 million.
- The gross margin improved to 44.0% (42.5%) mainly driven by the investments during the last year, especially the increased share of production of own brand food in the own factory.
- Adjusted EBITDA increased to EUR 14.2 (12.7) million even if it was still impacted by the investments in growth which increased operating expenses.
- Adjusted EBITDA margin was 10.3% (10.6%).
- Adjusted EBITA was EUR 2.6 (2.7) million and adjusted EBITA margin was 1.9% (2.2%).
- Net cash flow from operating activities was EUR 10.6 (18.7) million which was attributable especially to the timing effects of the net working capital and income tax payments.
- Operating result was EUR -1.4 (0.1) million, result for the period totaled EUR -3.8 (-3.5) million, earnings per share, basic was EUR -0.11 (-0.10).
- Number of locations grew to 513 (415), including stores and veterinary clinics.
- Total number of customers grew to 1,859 thousand (1,809 thousand)*.
*) The number of customers is excluding Baltics and ZU. The calculation method of the total number of customers was refined in Q1/26; consequently, the comparison period's figure were restated to align with the new calculation method.
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.
"Q1 2026 was another quarter of strong growth, increased profitability and market share gains, highlighting the benefits of Musti's strategy and the quality of its implementation. It provides additional confidence that our key initiatives; backbone investments, assortment and services optimization, vertical integration and geographic expansion, will continue to deliver above underlying market growth." David Rönnberg, Musti Group CEO
Net sales grew 15.6% to EUR 138.5 (119.8) million including key market growth - Norway 25.5% (12.0%), Finland 3.0% (1.8%) and Sweden 8.7% (2.8%).
The New Market segment contributed EUR 17.0 million in sales with an improving profitability pattern. Baltic market sales and profitability benefited from integration initiatives including the optimization of assortment and the introduction of Musti's extensive range of exclusive products though affected by the Baltic region's unsettled consumer confidence. The integration of Zu is underway with the benefits expected to contribute towards the end of the year.
Q1 adjusted EBITDA increased to EUR 14.2 (12.7) million, notwithstanding approximately EUR 1.0 million of incremental costs related to backbone initiatives. Included are 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.
As always, our focus remains on humbly understanding the high standards of our pet parents enabling us to continuously evolve our offer to support further value creation opportunities in existing and new markets. Following a productive 2025 we are confident that these initiatives will continue to deliver growth and profitability.
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 | 1-3/2026 | 1-3/2025 | Change % | FY2025 |
Net sales | 138.5 | 119.8 | 15.6% | 508.9 |
Net sales growth, % | 15.6% | 11.8% | 14.4% | |
LFL sales growth, % | 3.9% | 2.4% | 3.3% | |
LFL offline sales growth, % | 4.2% | 1.0% | 3.2% | |
Online share, % | 22.7% | 24.0% | 22.9% | |
Gross margin, % | 44.0% | 42.5% | 44.0% | |
EBITDA | 12.3 | 11.8 | 4.2% | 54.9 |
EBITDA margin, % | 8.9% | 9.9% | 10.8% | |
Adjusted EBITDA | 14.2 | 12.7 | 11.8% | 62.0 |
Adjusted EBITDA margin, % | 10.3% | 10.6% | 12.2% | |
EBITA | 0.7 | 1.8 | -61.7% | 13.5 |
EBITA margin, % | 0.5% | 1.5% | 2.7% | |
Adjusted EBITA | 2.6 | 2.7 | -2.9% | 20.6 |
Adjusted EBITA margin, % | 1.9% | 2.2% | 4.0% | |
Operating result | -1.4 | 0.1 | 6.8 | |
Operating result margin, % | -1.0% | 0.1% | 1.3% | |
Profit/loss for the period | -3.8 | -3.5 | -3.7 | |
Earnings per share, basic, EUR | -0.11 | -0.10 | -0.11 | |
Net cash flow from operating activities | 10.6 | 18.7 | -43.1% | 66.6 |
Investments in tangible and intangible assets | 7.2 | 6.1 | 19.0% | 21.7 |
Net debt / LTM adjusted EBITDA | 3.4 | 3.2 | 6.2% | 3.4 |
Total number of customers, thousand* | 1,859 | 1,809 | 2.8% | 1,844 |
Number of locations at the end of the period | 513 | 414 | 23.6% | 497 |
of which directly operated | 511 | 412 | 23.7% | 495 |
*) The number of customers is excluding Baltics and ZU. The calculation method of the total number of customers was refined in Q1/26; consequently, the comparison periods' figures were restated to align with the new calculation method.
Webcast for analysts and media
A webcast for the analysts and media will be arranged on 7 May 2026 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 7 May 2026
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 and Portugal. Our omnichannel business model caters the needs of pets and their owners across Finland, Sweden, Norway, Estonia, Latvia, Lithuania and Portugal. 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 almost 4,000 employees, 1.9 million customers and 497 stores.
