Musti Group plc Half-Year Report 28 July 2025 at 8:30 a.m. EET
Musti Group plc Half-Year Report 1 January 2025 - 30 June 2025
Musti Group reinforces market leadership in a rebounding market
April - June 2025 highlights
January - June 2025 highlights
*) Total number of customers excluding the Baltics
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 was a very positive period for Musti. Strong sales growth underpinned market share gains, extending our leadership in a rebounding market. Following a long period of low to flat underlying market growth we are seeing evidence of a market turnaround, and we're focused on capitalizing on this in all segments. Growing faster than the market with improving gross margin signals that our strategic actions are working." - David Rönnberg, Musti Group CEO
In Q2 net sales grew by 17.0% to EUR 121.7 million (104.0 million). Net sales growth excluding the Baltics was 8.5%. All Nordic markets delivered like for like growth - Finland 8.4% (-6.5%); Sweden 0.5% (-1.4%); and Norway 12.3% (6.2%). In the new Baltic market, we do not yet have an LFL comparison, yet sales are progressing well, and we expect further growth as we optimize the assortment including the addition of our own and exclusive products.
Financial performance was in line with expectations. Adjusted EBITDA increased to EUR 12.9 million (EUR 12.5 million) post investments to support market share gains and the integration of the Baltics. Even though we are not fully satisfied with the profitability, we are confident that the actions we have underway will lead to improved efficiency, showing continuous improvement as the year progresses.
The second quarter demonstrates that our tactical and strategic initiatives can and are delivering above market growth, extending our leadership in our traditional Nordic and new Baltic markets. This reinforces that our offering of top-quality, good value food and accessories, supportive pet care and vet clinic services, and our fast and easy to use online offer is meeting the ever-changing needs of an informed consumer. Our focus remains on humbly understanding the high standards of our pet parents and are committed to the continuous evolution of our offer to meet those standards.
Musti continues to actively seek new opportunities in existing and new markets. I'm excited about the journey ahead and confident that our omni channel offering will deliver the value and quality that underpins customer satisfaction in a consolidating European pet retail market.
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 | 4-6/2025 | 4-6/2024 | Change % | 1-6/2025 | 1-6/2024 | Change % | 10/2023-12/2024 |
| Net sales | 121.7 | 104.0 | 17.0% | 241.5 | 211.2 | 14.3% | 560.6 |
| Net sales growth, % | 17.0% | 0.7% |
| 14.3% | 3.1% |
| N/A |
| LFL sales growth, % | 5.7% | -2.6% |
| 4.0% | 0.2% |
| 1.1% |
| LFL store sales growth, % | 5.9% | -5.4% |
| 3.4% | -2.7% |
| -1.6% |
| Online share, % | 23.2% | 25.1% |
| 23.6% | 25.1% |
| 24.3% |
| Gross margin, % | 43.8% | 43.3% |
| 43.2% | 43.6% |
| 44.1% |
| EBITDA | 12.1 | 11.8 | 2.5% | 23.9 | 16.5 | 44.7% | 67.2 |
| EBITDA margin, % | 10.0% | 11.4% |
| 9.9% | 7.8% |
| 12.0% |
| Adjusted EBITDA | 12.9 | 12.5 | 3.9% | 25.7 | 27.4 | -6.5% | 81.6 |
| Adjusted EBITDA margin, % | 10.6% | 12.0% |
| 10.6% | 13.0% |
| 14.6% |
| EBITA | 1.9 | 3.2 | 147.1% | 3.7 | -0.5 |
| 23.6 |
| EBITA margin, % | 1.6% | 3.1% |
| 1.5% | -0.2% |
| 4.2% |
| Adjusted EBITA | 2.7 | 3.9 | -29.1% | 5.4 | 10.4 | -48.1% | 38.0 |
| Adjusted EBITA margin, % | 2.2% | 3.7% |
| 2.2% | 4.9% |
| 6.8% |
| Operating profit | 0.3 | 1.7 | -84.6% | 0.4 | -3.5 |
| 16.2 |
| Operating profit margin, % | 0.2% | 1.7% |
| 0.2% | -1.6% |
| 2.9% |
| Profit/loss for the period | -0.9 | -0.2 |
| -4.4 | -5.0 |
| 6.7 |
| Earnings per share, basic, EUR | -0.03 | -0.01 |
| -0.13 | -0.15 |
| 0.20 |
| Net cash flow from operating activities | 11.4 | -3.3 |
| 30.0 | 3.8 | 682.5% | 46.9 |
| Investments in tangible and intangible assets | 5.9 | 3.7 | 58.2% | 12.0 | 7.6 | 56.6% | 19.2 |
| Net debt / LTM adjusted EBITDA | 3.3 | 2.4 |
| 3.3 | 2.4 |
| 3.1 |
| Total number of customers, thousands* | 1,853 | 1,850 | 0.2% | 1,853 | 1,850 | 0.2% | 1,866 |
| Number of stores at the end of the period | 419 | 350 | 19.7% | 419 | 350 | 19.7% | 415 |
| of which directly operated | 417 | 345 | 20.9% | 417 | 345 | 20.9% | 411 |
*) Excluding Baltics
Webcast for analysts and media
A webcast for the analysts and media will be arranged on 28 July 2025 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 28 July 2025
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
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. Our omnichannel business model caters the needs of pets and their owners across Finland, Sweden, Norway and the Baltics. 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 444 million during the past 12 months (calendar year 2024). At the end of year 2024, the company had over 2,000 employees, 1.9 million customers and 415 stores.