Chat with Filing

Ask questions about this document
Please log in or register to use the chat feature. Please register first.
ER - Musti Group plc Half-Year Report 1 January 2025 - 30 June 2025

Company: Musti Group Oyj Date: 2025-07-28 Language: English Register to download
Loading document preview...
Document Preview Not Available

The file type (.html) cannot be displayed directly here.
Open Original File
Error loading document preview. Please try the 'Open Original File' link.
You're One Click Away From The Full Filing

Instantly access this document—and 2.8M more—for free. Select your preferred method:
Continue with Google Continue with Microsoft Continue with Facebook Continue with Amazon
 Musti Group plc Half-Year Report 1 January 2025 - 30 June 2025

# Musti Group plc Half-Year Report 1 January 2025 - 30 June 2025

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

  · Group net sales totaled EUR 121.7 (104.0) million, an increase of 17.0%
(0.7%). The growth was strong in all markets. In addition, the acquisition of
Pet City in the Baltics increased the net sales by EUR 8.8 million. Like-for
-like sales growth was 5.7% (-2.6%).
  · The profitability was impacted by the investments in growth and market
share, which was reflected in the gross margin and increased operating expenses.
  · Adjusted EBITDA was EUR 12.9 (12.5) million and adjusted EBITDA margin was
10.6% (12.0%).
  · Adjusted EBITA was EUR 2.7 (3.9) million and adjusted EBITA margin was 2.2%
(3.7%).
  · Net cash flow from operating activities was EUR 11.4 (-3.3) million which
was attributable especially to the favorable development of the net working
capital and non-recurring items, which had a significant negative impact on the
prior year cash flow.
  · Operating result was EUR 0.3 (1.7) million, result for the period totaled
EUR -0.9 (-0.2) million, earnings per share, basic was EUR -0.03 (-0.01).
  · Number of stores grew to 419 (350), mainly driven by the acquisition of Pet
City.
  · Total number of customers grew to 1,853 thousand (1,850 thousand)\*.

January - June 2025 highlights

  · Group net sales totaled EUR 241.5 (211.2) million, an increase of 14.3%
(3.1%). Net sales increased in all markets, especially during the second
quarter. Also, the acquisition of Pet City in the Baltics increased the net
sales by EUR 17.3 million. Like-for-like sales growth was 4.0% (0.2%).
  · Adjusted EBITDA and EBITA were lower than last year due to a conscious
decision to invest in market share through campaign activities.
  · Adjusted EBITDA was EUR 25.7 (27.4) million and adjusted EBITDA margin was
10.6% (13.0%).
  · Adjusted EBITA was EUR 5.4 (10.4) million and adjusted EBITA margin was 2.2%
(4.9%).
  · Net cash flow from operating activities was EUR 30.0 (3.8) million which was
attributable especially to the favorable development of the net working capital
and the significant amount of non-recurring costs during the comparison period.
  · Operating result was EUR 0.4 (-3.5) million, result for the period totaled
EUR -4.4 (-5.0) million, earnings per share, basic was EUR -0.13 (-0.15).

\*) 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|4-6/20|4-6/20|Change|1-6/20|1-6/20|Change %|10/2023-12/2024|
|or as      |25    |24    |%     |25    |24    |        |               |
|indicated  |      |      |      |      |      |        |               |
+-----------+------+------+------+------+------+--------+---------------+
|Net sales  |121.7 |104.0 |17.0% |241.5 |211.2 |14.3%   |560.6          |
+-----------+------+------+------+------+------+--------+---------------+
|Net sales  |17.0% |0.7%  |      |14.3% |3.1%  |        |N/A            |
|growth, %  |      |      |      |      |      |        |               |
+-----------+------+------+------+------+------+--------+---------------+
|LFL sales  |5.7%  |-2.6% |      |4.0%  |0.2%  |        |1.1%           |
|growth, %  |      |      |      |      |      |        |               |
+-----------+------+------+------+------+------+--------+---------------+
|LFL store  |5.9%  |-5.4% |      |3.4%  |-2.7% |        |-1.6%          |
|sales      |      |      |      |      |      |        |               |
|growth, %  |      |      |      |      |      |        |               |
+-----------+------+------+------+------+------+--------+---------------+
|Online     |23.2% |25.1% |      |23.6% |25.1% |        |24.3%          |
|share, %   |      |      |      |      |      |        |               |
+-----------+------+------+------+------+------+--------+---------------+
|Gross      |43.8% |43.3% |      |43.2% |43.6% |        |44.1%          |
|margin, %  |      |      |      |      |      |        |               |
+-----------+------+------+------+------+------+--------+---------------+
|EBITDA     |12.1  |11.8  |2.5%  |23.9  |16.5  |44.7%   |67.2           |
+-----------+------+------+------+------+------+--------+---------------+
|EBITDA     |10.0% |11.4% |      |9.9%  |7.8%  |        |12.0%          |
|margin, %  |      |      |      |      |      |        |               |
+-----------+------+------+------+------+------+--------+---------------+
|Adjusted   |12.9  |12.5  |3.9%  |25.7  |27.4  |-6.5%   |81.6           |
|EBITDA     |      |      |      |      |      |        |               |
+-----------+------+------+------+------+------+--------+---------------+
|Adjusted   |10.6% |12.0% |      |10.6% |13.0% |        |14.6%          |
|EBITDA     |      |      |      |      |      |        |               |
|margin, %  |      |      |      |      |      |        |               |
+-----------+------+------+------+------+------+--------+---------------+
|EBITA      |1.9   |3.2   |147.1%|3.7   |-0.5  |        |23.6           |
+-----------+------+------+------+------+------+--------+---------------+
|EBITA      |1.6%  |3.1%  |      |1.5%  |-0.2% |        |4.2%           |
|margin, %  |      |      |      |      |      |        |               |
+-----------+------+------+------+------+------+--------+---------------+
|Adjusted   |2.7   |3.9   |-29.1%|5.4   |10.4  |-48.1%  |38.0           |
|EBITA      |      |      |      |      |      |        |               |
+-----------+------+------+------+------+------+--------+---------------+
|Adjusted   |2.2%  |3.7%  |      |2.2%  |4.9%  |        |6.8%           |
|EBITA      |      |      |      |      |      |        |               |
|margin,    |      |      |      |      |      |        |               |
|%          |      |      |      |      |      |        |               |
+-----------+------+------+------+------+------+--------+---------------+
|Operating  |0.3   |1.7   |-84.6%|0.4   |-3.5  |        |16.2           |
|profit     |      |      |      |      |      |        |               |
+-----------+------+------+------+------+------+--------+---------------+
|Operating  |0.2%  |1.7%  |      |0.2%  |-1.6% |        |2.9%           |
|profit     |      |      |      |      |      |        |               |
|margin, %  |      |      |      |      |      |        |               |
+-----------+------+------+------+------+------+--------+---------------+
|Profit/loss|-0.9  |-0.2  |      |-4.4  |-5.0  |        |6.7            |
|for the    |      |      |      |      |      |        |               |
|period     |      |      |      |      |      |        |               |
+-----------+------+------+------+------+------+--------+---------------+
|Earnings   |-0.03 |-0.01 |      |-0.13 |-0.15 |        |0.20           |
|per share, |      |      |      |      |      |        |               |
|basic, EUR |      |      |      |      |      |        |               |
+-----------+------+------+------+------+------+--------+---------------+
|Net cash   |11.4  |-3.3  |      |30.0  |3.8   |682.5%  |46.9           |
|flow from  |      |      |      |      |      |        |               |
|operating  |      |      |      |      |      |        |               |
|activities |      |      |      |      |      |        |               |
+-----------+------+------+------+------+------+--------+---------------+
|Investments|5.9   |3.7   |58.2% |12.0  |7.6   |56.6%   |19.2           |
|in         |      |      |      |      |      |        |               |
|tangible   |      |      |      |      |      |        |               |
|and        |      |      |      |      |      |        |               |
|intangible |      |      |      |      |      |        |               |
|assets     |      |      |      |      |      |        |               |
+-----------+------+------+------+------+------+--------+---------------+
|Net debt / |3.3   |2.4   |      |3.3   |2.4   |        |3.1            |
|LTM        |      |      |      |      |      |        |               |
|adjusted   |      |      |      |      |      |        |               |
|EBITDA     |      |      |      |      |      |        |               |
+-----------+------+------+------+------+------+--------+---------------+
|Total      |1,853 |1,850 |0.2%  |1,853 |1,850 |0.2%    |1,866          |
|number of  |      |      |      |      |      |        |               |
|customers, |      |      |      |      |      |        |               |
|thousands\* |      |      |      |      |      |        |               |
+-----------+------+------+------+------+------+--------+---------------+
|Number of  |419   |350   |19.7% |419   |350   |19.7%   |415            |
|stores at  |      |      |      |      |      |        |               |
|the end of |      |      |      |      |      |        |               |
|the period |      |      |      |      |      |        |               |
+-----------+------+------+------+------+------+--------+---------------+
|of which   |417   |345   |20.9% |417   |345   |20.9%   |411            |
|directly   |      |      |      |      |      |        |               |
|operated   |      |      |      |      |      |        |               |
+-----------+------+------+------+------+------+--------+---------------+

\*) 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 50534 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. 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.