Musti Group (MUSTI) Q4 2025 earnings summary

Executive summary

• Net sales grew 14.6% year-over-year to EUR 140.0 million in Q4, with full-year sales reaching EUR 508.9 million, driven by strong performance in Norway, Finland, and acquisitions in the Baltics and Portugal.

• Adjusted EBITDA for Q4 was EUR 19.5 million (13.9% margin), with full-year Adjusted EBITDA at EUR 62.6 million, though the margin declined due to higher operating expenses.

• The group ended the year with 497 locations, including 54 vet clinics and 173 spas, and a customer base of 1.87 million.

• Market share increased in all countries, with Norway showing standout growth and new markets contributing 9% of sales.

• Integration of Pet City (Baltics) and ZU (Portugal) expanded the group’s footprint and supported growth.

Financial highlights

• Q4 net sales reached EUR 140.0 million, up 14.6% year-over-year; like-for-like sales up 2.8%.

• Gross margin improved to 45.1% in Q4, supported by a higher share of own and exclusive brands.

• Adjusted EBITDA for Q4 was EUR 19.5 million, with full-year Adjusted EBITDA at EUR 62.6 million.

• Operating cash flow for Q4 was EUR 23.4 million, and full-year net cash flow from operating activities was EUR 66.6 million.

• Ended the year with EUR 16.2 million in cash and cash equivalents.

Outlook and guidance

• Plans to open more than 50 new stores in the coming year, expanding into new markets and leveraging the Musti concept.

• Expansion in the Baltics and Portugal, with ongoing integration of recent acquisitions expected to improve profitability.

• The pet care market is expected to return to long-term growth of 4% in 2026, with profits reinvested in growth and no dividend proposed for 2025.