Net sales grew 14.7% year-over-year to EUR 277.1 million in H1 2026, with strong growth in Norway and contributions from the ZU acquisition.
Gross margin improved to 44.2% (from 43.2%), driven by increased own brand production and strategic investments.
Adjusted EBITDA rose 10.1% to EUR 28.3 million, but profitability was impacted by ongoing investments in digital, logistics, and integration projects.
The customer base expanded to 1.87 million, and the store network grew to 522 locations.
Q2 net sales increased 13.8% year-over-year to EUR 138.5 million; like-for-like sales growth was 2.1%.
H1 adjusted EBITA was EUR 4.8 million (down from EUR 5.4 million), with a margin of 1.7%.
Operating result for H1 was EUR -3.2 million; net loss for the period was EUR -7.8 million, with EPS at EUR -0.23.
Net cash flow from operating activities was EUR 14.2 million, impacted by increased working capital.
Net debt rose to EUR 239.3 million, with gearing at 149.9% and net debt/LTM adjusted EBITDA at 3.7.
The pet care market is expected to return to long-term growth of ~4% in 2026, supported by stabilizing pet populations and improving consumer conditions.
The company aims to outpace market growth through innovation, operational excellence, and geographic expansion.
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