Musti Group (MUSTI) Q3 2025 earnings summary

Executive summary

• Net sales rose 14.2% year-over-year to EUR 127.3 million, driven by growth in Norway, Finland, and the acquisition of Pet City in the Baltics.

• Like-for-like sales growth was 2.3% in Q3, reversing a decline from the previous year.

• Adjusted EBITDA increased 2.4% to EUR 16.9 million, with a margin of 13.3%, but margin declined due to higher operating expenses from growth investments.

• The group is focusing on market share gains, digitalization, and integration of new markets, especially the Baltics.

• Operating cash flow was EUR 13.1 million, impacted by non-recurring items.

Financial highlights

• Net sales: EUR 127.3 million (up 14.2% year-over-year).

• Gross margin: 44.3% (up from 43.2%).

• Adjusted EBITDA: EUR 16.9 million (up 2.4%).

• Adjusted EBITDA margin: 13.3% (down from 14.8%).

• Adjusted EBITA for Q3: EUR 6.6 million (down 15.8%).

• Operating cash flow: EUR 13.1 million (down from EUR 19.9 million).

• Net debt: EUR 195.8 million; gearing: 117.5%.

Outlook and guidance

• Integration of Pet City in the Baltics is ongoing, with continued investments expected to impact sales and profitability.

• The pet care market is expected to return to long-term growth of ~4% in 2025, supported by stabilizing pet populations and improving consumer spending power.

• The company will continue to prioritize growth investments and does not expect to distribute dividends.

• Financial Statements Release for January–December 2025 will be published on 10 February 2026.