Musti reports a strong Q4 and achieved double-digit growth in the 2025 financial year
October–December 2025
· Group net sales were EUR 140.0 (122.2) million and grew by 14.6 (5.6) percent. Growth was strong particularly in Norway. The acquisition of Pet City in the Baltics increased net sales by EUR 6.2 million. The acquisition of ZU in December 2025 increased net sales by EUR 3.1 million. Like-for-like Group sales growth was 2.8 (1.2) percent.
· Gross margin improved to 45.1 (44.0) percent. This was mainly driven by investments made in profitability last year, particularly the higher share of own-brand food manufactured at the own factory.
· Adjusted EBITDA (oikaistu EBITDA) was EUR 19.5 (17.2) million and the adjusted EBITDA margin was 13.9 (14.1) percent. Profitability was still affected by investments in growth, which increased operating expenses.
· Adjusted EBITA was EUR 8.6 (7.3) million and the adjusted EBITA margin was 6.2 (6.0) percent.
· Cash flow from operating activities was EUR 23.4 (7.6) million, which was particularly affected by timing effects in net working capital.
· Operating profit was EUR 3.9 (4.5) million, the result for the period was EUR 0.5 (2.8) million and earnings per share, basic, was EUR 0.01 (0.08).
· The number of stores increased to 497 (416), which was particularly affected by the acquisition of ZU.
· The total number of customers increased to 1,870 (1,866) thousand*).
*) Number of customers excluding the Baltics and ZU
In accordance with the dividend policy, no dividend is proposed to be distributed.
