Musti Group plc Half-Year Report 23 July 2026 at 8:30 a.m. EEST
Musti delivers solid H1 growth and improved gross margin
April - June 2026
• Group net sales totaled EUR 138.5 (121.7) million, an increase of 13.8% (17.0%). The growth was strong especially in Norway.
• Like-for-like sales growth was 2.1% (5.7%) which was negatively affected by eCom platform changes
• The acquisition of ZU in December 2025 increased the net sales by EUR 8.8 million.
• The gross margin improved to 44.3% (43.8%) 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 14.0 (12.9) million even if it was still impacted by the investments in growth which increased operating expenses.
• Adjusted EBITDA margin was 10.1% (10.6%).
• Adjusted EBITA was EUR 2.2 (2.7) million and adjusted EBITA margin was 1.6% (2.2%).
• Net cash flow from operating activities was EUR 3.5 (11.4) million which was impacted by increased net working capital.
• Operating result was EUR -1.8 (0.3) million, result for the period totaled EUR -4.0 (-0.9) million, earnings per share, basic was EUR -0.12 (-0.03).
• Number of locations grew to 522 (420), including stores and veterinary clinics.
• Total number of customers grew to 1,867 thousand (1,816 thousand)*.
January - June 2026
• Group net sales totaled EUR 277.1 (241.5) million, an increase of 14.7% (14.3%). The growth was strong especially in Norway.
• Like-for-like sales growth was 3.0% (4.0%), growth in all segments.
• The acquisition of ZU in December 2025 increased the net sales by EUR 17.2 million.
• The gross margin improved to 44.2% (43.2%) 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 28.3 (25.7) million even if it was still impacted by the investments in growth which increased operating expenses.
• Adjusted EBITDA margin was 10.2% (10.6%).
• Adjusted EBITA was EUR 4.8 (5.4) million and adjusted EBITA margin was 1.7% (2.2%).
• Net cash flow from operating activities was EUR 14.2 (30.0) million which was attributable especially to the timing effects of the net working capital.
• Operating result was EUR -3.2 (0.4) million, result for the period totaled EUR -7.8 (-4.4) million, earnings per share, basic was EUR -0.23 (-0.13).
*) 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.
"Q2, continued growth, improving gross margin and strategic progress."
- David Rönnberg, Musti Group CEO
The second quarter marked another period of solid growth for Musti Group. H1 net sales growth of 14.7% to EUR 277.1 (241.5) million was supported by Q2's net sales growth of 13.8% to EUR 138.5 (121.7) million. Like-for-like growth of 3.0% for the first half and 2.1% in the quarter was temporarily impacted by the re-platforming of our e-commerce offering. Store traffic reflects resilient underlying demand across our core markets and the expansion of our customer base to 1.9 million pet parents demonstrates the ongoing appeal of our network and its offering.
Gross margin expansion of 50 bps to 44.3% (43.8%) highlights the flow through from the strategic investments we have been implementing and supported adjusted EBITDA increasing to EUR 28.3 (25.7) million in H1 and EUR 14.0 (12.9) million in the quarter strengthening our competitive position and long-term profitability expansion goals.
Our profitability continues to be affected by strategic investments in growth and scalability with approximately EUR 1.9 million impacting adjusted EBITDA YTD. Initiatives include digital platform development, logistics improvements, ERP investments and assortment optimization. While these investments increase our cost base in the short term, they are designed to enhance efficiency, scalability and customer experience, creating a stronger platform for future growth.
Our core markets continue to perform well. Norway delivered exceptional growth and profitability improvements. Finland remained stable despite the impact of the e-commerce platform transition. Sweden maintained positive momentum in customer acquisition and network expansion which will be further enhanced by our acquisition of ICA's Gaston stores and developing long term partnership. The integration of Pet City in the Baltics is approaching its final stages, and the integration of ZU in Portugal is progressing according to plan.
Looking ahead, we remain confident in the prospects for the pet care market. The structural trends of pet parenting continue to support demand for premium products and services, while improving consumer conditions will gradually support market growth across Europe. Our strategy remains unchanged: to grow faster than the market through customer-centric innovation, operational excellence, vertical integration and disciplined geographic expansion.
On behalf of our board and leadership team, I would like to sincerely thank all our team members for their commitment, professionalism and passion. Their dedication enables us to serve pet parents across Europe every day and is the foundation of our success.
David Rönnberg
CEO
Key figures
EUR million or as indicated | 4-6/2026 | 4-6/2025 | Change % | YTD 2026 | YTD 2025 | Change % | FY2025 |
Net sales | 138.5 | 121.7 | 13.8% | 277.1 | 241.5 | 14.7% | 508.9 |
Net sales growth, % | 13.8% | 17.0% | 14.7% | 14.3% | 14.4% | ||
LFL sales growth, % | 2.1% | 5.7% | 3.0% | 4.0% | 3.3% | ||
LFL offline sales growth, % | 2.3% | 5.9% | 3.2% | 3.4% | 3.2% | ||
Online share, % | 21.4% | 23.2% | 22.1% | 23.6% | 22.9% | ||
Gross margin, % | 44.3% | 43.8% | 44.2% | 43.2% | 44.0% | ||
EBITDA | 12.0 | 12.1 | -0.6% | 24.4 | 23.9 | 1.8% | 54.9 |
EBITDA margin, % | 8.7% | 10.0% | 8.8% | 9.9% | 10.8% | ||
Adjusted EBITDA | 14.0 | 12.9 | 8.5% | 28.3 | 25.7 | 10.1% | 62.0 |
Adjusted EBITDA margin, % | 10.1% | 10.6% | 10.2% | 10.6% | 12.2% | ||
EBITA | 0.2 | 1.9 | -89.6% | 0.9 | 3.7 | -76.3% | 13.5 |
EBITA margin, % | 0.1% | 1.6% | 0.3% | 1.5% | 2.7% | ||
Adjusted EBITA | 2.2 | 2.7 | -20.2% | 4.8 | 5.4 | -11.6% | 20.6 |
Adjusted EBITA margin, % | 1.6% | 2.2% | 1.7% | 2.2% | 4.0% | ||
Operating result | -1.8 | 0.3 | -3.2 | 0.4 | 6.8 | ||
Operating result margin, % | -1.3% | 0.2% | -1.2% | 0.2% | 1.3% | ||
Profit/loss for the period | -4.0 | -0.9 | -7.8 | -4.4 | -3.7 | ||
Earnings per share, basic, EUR | -0.12 | -0.03 | -0.23 | -0.13 | -0.11 | ||
Net cash flow from operating activities | 3.5 | 11.4 | -69.0% | 14.2 | 30.0 | -52.9% | 66.6 |
Investments in tangible and intangible assets | 7.6 | 5.9 | 28.6% | 14.8 | 12.0 | 23.8% | 21.7 |
Net debt / LTM adjusted EBITDA | 3.7 | 3.3 | 11.2% | 3.7 | 3.3 | 11.2% | 3.4 |
Total number of customers, thousand* | 1,867 | 1,816 | 2.8% | 1,867 | 1,816 | 2.8% | 1,844 |
Number of locations at the end of the period | 522 | 420 | 24.3% | 522 | 420 | 24.3% | 497 |
of which directly operated | 521 | 418 | 24.6% | 521 | 418 | 24.6% | 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.
Helsinki 23 July 2026
Board of Directors
The information in this Half-Year 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.
