Slides
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Musti Group Financial Statements Release January–December 2025 10 February 2026 CEO David Rönnberg CFO Robert Berglund
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Musti is the only pan-Nordic omnichannel player in pet care 2 New market with substantial development and growth opportunities E-com + 65 Stores Store rollout with increasing footprint maturity E-com + 91 Stores E-com Further expansion and convergence to Finnish levels E-com + 137 Stores E-com + 1 store Underlying core business with steady growth E-com + 130 Stores E-com + 6 stores Baltics - Next growth step with great opportunities E-com + 67 Stores 497 Stores
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Gross margin Summary of the last quarter of financial year 2025 3 EUR 121.7m (EUR 111.5m) 5.7% (-0.9%) Net sales EUR 140.0m (EUR 122.2m) *excluding Baltics & ZU O&E brands # of customers growth* Adjusted EBITDA Operating cash flow Online LFL sales growth Like-for-like sales growth 17.0% (1.0%) 2.8% (1.2%) EUR 23.4m (EUR 7.6m) 1.6% (8.8%) EUR 19.5m (EUR 17.2m) 45.1% (44.0%) 0.3% (2.6%) 52.4% (51.8%) Net sales growth 14.6% (5.6%)
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Key topics of Q4 4
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400.2 431.0 444.9 508.9 FY22 FY23 FY24 FY25 Net sales grew 14.6% to EUR 140.0 million driven by strong growth in Norway and acquisitions of Pet City and ZU 5 14.2% 14.6%5.6% 11.8% 17.0% Quarterly net sales, EUR million 38 % 36 % 17 % 9 % Finland Sweden Norway New Markets* LTM net sales, EUR million 122.2 119.8 121.7 127.3 140.0 Q5/24 Q1/25 Q2/25 Q3/25 Q4/25 Net sales in Jan–Dec, EUR million % Net sales growth, %Net sales 14.4%3.2%7.7%11.8% 8% % CAGR FY22–FY25 440 458 475 491 509 Q5/24 Q1/25 Q2/25 Q3/25 Q4/25 Net sales by segment in Q4/25 *including Pet City and ZU
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6 Gross margin and share of O&E brands increased year-on-year Gross margin increased to 45.1% (44.0%). This was mainly driven by the investments made in gross margin during the last year, especially the increased share of production of own brand food in the own factory. The share of sales of own and exclusive brands was 52.4% (51.8%). 45.1% Q1 Q2 Q3 Q4 FY22 FY23 FY24 FY25 52.4% Q1 Q2 Q3 Q4 FY22 FY23 FY24 FY25 Gross margin, %* O&E, %* *Comparative periods correspond to calendar year quarters
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7 Group adjusted EBITDA increased by 13.1% to EUR 19.5 million Group adjusted EBITDA increased by 13.1% to EUR 19.5 (17.2) million. Non- recurring costs had EUR 3.0 million impact on adjusted EBITDA. Currency exchange rates did not have significant impact on adjusted EBITDA during the quarter. The Baltics, which is still in the integration phase, had a negative impact of EUR 1.0 million, and ZU had a positive impact of EUR 0.8 million on adjusted EBITDA. Adjusted EBITDA margin was 13.9% (14.1%). Adjusted Group functions cost in relation to group net sales was 8.6% (9.4%). 17.2 12.7 12.9 16.9 19.5 0,0 5,0 10,0 15,0 20,0 Q5/24 Q1/25 Q2/25 Q3/25 Q4/25 14.1% 10.6% 10.6% 13.3% 13.9% 66.2 75.0 61.2 62.0 0,0 5,0 10,0 15,0 20,0 25,0 30,0 35,0 40,0 45,0 50,0 55,0 60,0 65,0 70,0 75,0 80,0 FY22 FY23 FY24 FY25 Quarterly adjusted EBITDA, EUR million Adjusted EBITDA in Jan–Dec, EUR million -2% % Adjusted EBITDA margin, % % CAGR FY22–FY25
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8 Group adjusted EBITDA increased by 13.1% to EUR 19.5 million Group adjusted EBITDA increased by 13.1% to EUR 19.5 (17.2) million. Non- recurring costs had EUR 3.0 million impact on adjusted EBITDA. Currency exchange rates did not have significant impact on adjusted EBITDA during the quarter. The Baltics, which is still in the integration phase, had a negative impact of EUR 1.0 million, and ZU had a positive impact of EUR 0.8 million on adjusted EBITDA. Adjusted EBITDA margin was 13.9% (14.1%). Adjusted Group functions cost in relation to group net sales was 8.6% (9.4%). 17.2 12.7 12.9 16.9 19.5 0,0 5,0 10,0 15,0 20,0 Q5/24 Q1/25 Q2/25 Q3/25 Q4/25 14.1% 66.2 75.0 61.2 62.0 0,0 5,0 10,0 15,0 20,0 25,0 30,0 35,0 40,0 45,0 50,0 55,0 60,0 65,0 70,0 75,0 80,0 FY22 FY23 FY24 FY25 Quarterly adjusted EBITDA, EUR million Adjusted EBITDA Jan-Dec, EUR million % Adjusted EBITDA margin, % 10.6% 10.6% 13.3% 13.9% -2% % CAGR FY22–FY25 Adjusted EBITDA vs LY, EUR million -2.3 0.4 0.4 2.3 -15.3% 3.2% 2.4% 13.4% - 2,6 - 2,1 - 1,6 - 1,1 - 0,6 - 0,1 0,4 0,9 1,4 1,9 2,4 Q1/25 Q2/25 Q3/25 Q4/25 % Adjusted EBITDA YoY change, %
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Operating segments 9
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10 Net sales in Finland increased by 3.2% to EUR 53.0 million Net sales in Finland increased by 3.2% to EUR 53.0 (51.3) million. Continuing the steady pattern during the last 12 months, the sales growth has stabilized on a solid level. Like-for-like sales growth was 4.5%. Adjusted EBITDA increased by 3.3% to EUR 13.2 (12.8) million. Adjusted EBITDA margin was 25.0% (25.0%). The increase in profitability was driven by growth, partly offset by the increased costs relating to growth initiatives. One directly operated store was opened during the quarter. 0.1% Quarterly net sales, EUR million 51.3 47.4 47.7 49.8 53.0 Q5/24 Q1/25 Q2/25 Q3/25 Q4/25 12.8 10.7 10.6 12.7 13.2 0 5 10 15 Q5/24 Q1/25 Q2/25 Q3/25 Q4/25 25.0% 44.3 54.3 46.9 47.3 0,0 5,0 10,0 15,0 20,0 25,0 30,0 35,0 40,0 45,0 50,0 55,0 60,0 FY22 FY23 FY24 FY25 Quarterly adjusted EBITDA, EUR million Adjusted EBITDA Jan-Dec, EUR million % Segment sales growth, % % Adjusted EBITDA margin, % 22.7% 22.2% 25.6% 25.0% 25.6% 28.1% 24.6% 1.8% 6.0% 3.8% 3.2% 23.9%
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11 Net sales in Sweden increased by 7.1% to EUR 50.4 million Net sales in Sweden increased by 7.1% to EUR 50.4 (47.1) million. The growth was driven by the increased number of stores opened and acquired during the last 12 months. Stronger SEK exchange rate had EUR 1.7 million positive impact on net sales in the quarter. Like-for-like sales, which is calculated in local currencies, was -1.7% diluted by strong price competition in online. Adjusted EBITDA increased by 7.2% to EUR 9.5 (8.8) million which was attributable to the improved gross margin offset by increased operating expenses. Adjusted EBITDA margin was 18.8% (18.8%). Two directly operated stores were opened during the quarter. 2.4% Quarterly net sales, EUR million 47.1 44.8 45.4 47.3 50.4 Q5/24 Q1/25 Q2/25 Q3/25 Q4/25 8.8 7.3 7.4 8.9 9.5 0,0 5,0 10,0 Q5/24 Q1/25 Q2/25 Q3/25 Q4/25 18.8% 36.2 37.4 33.7 33.1 0,0 5,0 10,0 15,0 20,0 25,0 30,0 35,0 40,0 FY22 FY23 FY24 FY25 Quarterly adjusted EBITDA, EUR million Adjusted EBITDA Jan-Dec, EUR million % Segment sales growth, % % Adjusted EBITDA margin, % 16.3% 16.3% 18.9% 18.8% 21.7% 21.7% 18.9% 2.8% 7.8% 3.9% 7.1% 17.6%
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12 Net sales in Norway increased by 17.6% to EUR 24.3 million Net sales in Norway increased by 17.6% to EUR 24.3 (20.6) million, driven by like-for-like sales growth of 9.7% across the categories and ramp- up of the stores opened during the last twelve months. NOK exchange rate had EUR 0.2 million negative impact on net sales in the quarter. Adjusted EBITDA increased by 21.3% to EUR 6.1 (5.0) million driven by improved gross margin. Adjusted EBITDA margin was 25.0% (24.3%). Two directly operated stores were opened during the quarter. 11.7% Quarterly net sales, EUR million 20.6 19.1 19.8 21.6 24.3 Q5/24 Q1/25 Q2/25 Q3/25 Q4/25 5.0 3.3 4.6 4.2 6.1 0,0 5,0 Q5/24 Q1/25 Q2/25 Q3/25 Q4/25 24.3% 15.3 15.2 15.9 18.2 0,0 5,0 10,0 15,0 FY22 FY23 FY24 FY25 Quarterly adjusted EBITDA, EUR million Adjusted EBITDA Jan-Dec, EUR million % Segment sales growth, % % Adjusted EBITDA margin, % 17.5% 23.5% 19.2% 25.0% 25.5% 23.2% 21.8% 21.5% 12.0% 16.9% 19.6% 17.6%
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13 Net sales in New Markets amounted to EUR 12.4 million The Baltic business, which is reported in the segment, was acquired in November 2024. New segment addition was ZU which was acquired in December 2025. ZU is a retailer of pet food, accessories and veterinary services in Portugal. Net sales in New Markets was EUR 12.4 million in the quarter. Adjusted EBITDA was EUR 1.5 million and adjusted EBITDA margin was 12.0%. During 2025 the sales and profitability of the segment were impacted by the activities to fully integrate the Baltics Musti’s concept and platforms. Financial performance improved as the integration process continued but was negatively affected by the weak consumer climate in the Baltic markets. Pet City opened two directly operated stores during the quarter in the Baltics. Quarterly net sales, EUR million 3.2 8.5 8.8 8.7 12.4 Q5/24* Q1/25 Q2/25 Q3/25 Q4/25 0.2 0.5 0.8 0.8 1.5 0,0 0,2 0,4 0,6 0,8 1,0 1,2 1,4 Q5/24* Q1/25 Q2/25 Q3/25 Q4/25 5.8% 9.3% 9.3% 12.0% Quarterly adjusted EBITDA, EUR million % Adjusted EBITDA margin, % 5.6% *Pet City consolidated as of Dec-24
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Financial position 14
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15 Operating cash flow totaled EUR 23.4 million 7.6 18.7 11.4 13.1 23.4 Q5/24 Q1/25 Q2/25 Q3/25 Q4/25 Quarterly operating cash flow, EUR million Net cash flow from operating activities totaled EUR 23.4 (7.6) million in the quarter. Non-recurring items had EUR -2.6 (-1.2) million impact and change in net working capital had EUR 5.5 (-6.8) million impact on operating cash flow. Gearing at the end of the reporting period was 123.8% (31 December 2024: 112.3%). Net debt amounted to EUR 209.4 million (31 December 2024: EUR 187.5 million). At the end of the reporting period: interest-bearing loans and commercial papers included in net debt amounted to EUR 124.9 million (31 December 2024: EUR 104.3 million). lease liabilities EUR 100.5 million (31 December 2024: EUR 95.6 million). Net debt in relation to LTM adjusted EBITDA was 3.4x. Cash and cash equivalents at the end of the reporting period amounted to EUR 16.2 million (31 December 2024: EUR 11.8 million). Investments in tangible and intangible assets amounted to EUR 5.6 (4.8) million in the quarter.
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Summary of Q4/25 Group net sales totaled EUR 140.0 (122.2) million, an increase of 14.6%. Like-for-like sales growth, which is calculated in local currencies, amounted to 2.8% (1.2%). Gross margin increased to 45.1% (44.0%). The share of sales of own and exclusive brands was 52.4% (51.8%). Adjusted EBITDA increased 13.1% to EUR 19.5 (17.2) million including non-recurring costs of EUR 3.0 million. Adjusted EBITDA margin was 13.9% (14.1%). The total number of customers increased by 0.3% to 1,870 thousand (31 December 2024: 1,866 thousand). Net cash flow from operating activities was EUR 23.4 (7.6) million. 16
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More information David Rönnberg, CEO +46 70 896 6552 david.ronnberg@mustigroup.com Robert Berglund, CFO +358 50 534 8657 robert.berglund@mustigroup.com www.mustigroup.com/investors 17 Annual Report for financial year 2025 will be published on 31 March 2026. Interim Report for January–March 2026 period will be published on 7 May 2026. Annual Report for financial year 2025 will be published on 31 March 2026. Interim Report for January–March 2026 period will be published on 7 May 2026.
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