PUUILO PLC, BUSINESS REVIEW, 11 JUNE 2026 at 8.30 a.m.
Highlights Q1/2026
- Net sales increased by 16.3% (+18.4%) and were €103.8 million (89.3)
- Like-for-like store net sales increased by 7.7% (+6.5%)
- Online store net sales increased by 17.6% (+19.6%)
- Gross profit was €40.5 million (33.1) and gross margin was 39.0% (37.1%)
- Adjusted EBITA was €16.3 million (10.8), increasing by 50.2%, which corresponds to an adjusted EBITA margin of 15.7% (12.1%)
- EBIT was €15.7 million (10.4) which corresponds to 15.1% of net sales (11.7%)
- Operating free cash flow was €17.1 million (13.6)
- Earnings per share were €0.13 (0.09)
- Two new stores were opened during the first quarter (three new stores)
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 | Q1/2026 | Q1/2025 | 2025 |
| Net sales | 103.8 | 89.3 | 442.3 |
| Net sales development (%) | 16.3% | 18.4% | 15.4% |
| Like-for-like store net sales development (%) | 7.7% | 6.5% | 3.7% |
| Online store net sales development (%) | 17.6% | 19.6% | 5.6% |
| Gross profit | 40.5 | 33.1 | 169.0 |
| Gross margin (%) | 39.0% | 37.1% | 38.2% |
| Adjusted EBITA* | 16.3 | 10.8 | 77.4 |
| Adjusted EBITA* margin (%) | 15.7% | 12.1% | 17.5% |
| Adjusted EBITA* development (%) | 50.2% | 31.2% | 15.5% |
| EBITA | 16.1 | 10.8 | 76.8 |
| EBITA margin (%) | 15.5% | 12.1% | 17.4% |
| EBIT | 15.7 | 10.4 | 75.1 |
| EBIT margin (%) | 15.1% | 11.7% | 17.0% |
| Net income | 11.3 | 7.3 | 56.0 |
| EPS (€) | 0.13 | 0.09 | 0.66 |
| Operating free cash flow | 17.1 | 13.6 | 72.6 |
| Net debt / adjusted EBITDA* | 1.2x | 1.3x | 1.3x |
| Net debt / adjusted EBITDA excl. impact of IFRS 16* | 0.3x | 0.3x | 0.5x |
| Number of stores (end of period) | 58.0 | 52.0 | 56.0 |
| Number of personnel converted into full-time employees (FTE) | 974 | 877 | 950 |
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.
Outlook for the financial year 2026
Puuilo reiterates the outlook for the financial year 2026 given in its financial statements release on 25 March 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 started the financial year strongly, and growth continued in the first quarter. Net sales grew by 16.3% to EUR 103.8 million and by 7.7% in like-for-like stores. Customer traffic continued to develop positively, increasing by 14.5%. In like-for-like stores customers traffic grew by 6.2%. The average basket size also increased slightly compared to the previous year.
Profitability also improved well. The gross margin improved to 39.0% (37.1%), supported in particular by the increased share of private label sales. The adjusted EBITA grew by 50.2% to EUR 16.3 million, which represents 15.7% of net sales. Profitability improved clearly compared to the previous financial year, and the scalability of the business was reflected in a lower expense ratio.
We expanded our store network in line with our plans. During Q1, we opened new stores in Hollola and Jyväskylä Vaajakoski, and in May (Q2) we opened a store in Espoo Espoonlahti. The new stores have performed well, and they got off to a good start as expected. We expect the new stores to support growth during the rest of the financial year. For the full financial year, we are targeting at least eight new store openings.
Preparations for the international expansion have progressed as planned. Our Country Manager for Sweden started at the beginning of June, and we have continued negotiations regarding the first store locations, with several negotiations underway. In-line with our previously communicated target, we expect to open the first store in Sweden within 15 months. Start-up costs related to the international expansion have so far remained moderate, and we expect the costs for the financial year to remain at approximately EUR 1 million, as previously communicated. As in all our operations, cost discipline remains strict.
Despite the consumer confidence remaining below normal levels, customers continue to find their way to Puuilo, and the customer traffic has continued to grow. Decks are being treated, lawnmowers are being serviced and punctured tyres are being repaired - everyday maintenance tasks continue. We continue to grow faster than the overall market, which shows that our strategy works and delivers value to customers also in an uncertain market environment.
I would like to thank our customers, personnel and shareholders for a good start to the year. We will continue our work to deliver profitable growth and a good customer experience.
I wish everyone a great grilling season and strong summer for sales!
Significant events of the reporting period
The Shareholders' Nomination Board of Puuilo Plc proposed to the Annual General Meeting that the number of the members of the Board of Directors will be five (previously five) and current members of the Board of Directors, Susanne Hounsgaard, Jens Joller, Mammu Kaario, Tuomas Piirtola, and Markku Tuomaala, be re-elected. The Nomination Board proposed that Mammu Kaario be re-elected as the Chair of the Board of Directors. The Nomination Board proposed a raise in the remunerations of the members of the Board of Directors. (Stock exchange release 20 March 2026)
Puuilo repurchased 385,000 shares during 27.3.-9.4.2026. Amount corresponds to approximately 0.45% of the total number of the company's shares, which is 84,776,953. The average purchase price per share was €12.798540 and the total amount € 4,927,438. The repurchased shares are to be used primarily as part of the reward payments under the share-based incentive plans for key personnel. Following the repurchases, the company holds a total of 813,519 shares. (Stock exchange release 9 April 2026)
The Company launched a long-term incentive plan for its key personnel and those of its subsidiaries for the years 2026-2028. The purpose of the plan is, among other things, to encourage key personnel to acquire and hold shares in the Company and to align the interests of shareholders and key personnel. In addition, a new strategic performance-based share incentive plan was established for senior management for the earning period 2026-2030. Members of the Management Team are subject to holding obligations regarding the shares received under the incentive plan. (Stock exchange release 16 April 2026)
Significant events after the end of the reporting period
JPMorgan Chase & Co.'s total indirect holdings in shares and votes of the Company decreased below the threshold of 5% on 4 May and was 4.97% after the transaction. Total indirect holdings increased above the threshold of 5% on 5 May and was 5.03%. Total indirect holdings decreased below the threshold of 5% on 6 May 2026 and was 4.97% after the transaction. (Stock exchange releases 6, 7 and 8 May 2026)
Puuilo Plc transferred without consideration a total of 142,573 own shares held by the Company to 27 key employees participating in the performance period 2023-2025 of the performance matching share plan for the payment of rewards in accordance with the terms of the plan. After the share transfer, Puuilo holds a total of 670,946 own shares. (Stock exchange release 12 May 2026)
M.Sc. (Econ.) Annu von Weymarn was appointed as Chief Financial Officer (CFO) of Puuilo and a member of the Management Team. (Stock exchange release 18 May 2026)
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.
Half-year Financial Report (February - July 2026) on 10 September 2026
Business review Q3 (February - October 2026) on 10 December 2026
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.events.inderes.com/2026-q1-results. Asking questions requires participation in the conference call. You can access the teleconference by registering on the link https://events.inderes.com/puuilo/2026-q1-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/q1-2026.
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.
For further information, please contact:
Juha Saarela, CEO, mobile phone: +358 50 409 7641
Annu von Weymarn, CFO, mobile phone: +358 40 749 0271
