Puuilo (PUUILO) Q2 2025 & Strategy Update earnings summary

Executive summary

• Revenue grew 15.2% year-over-year to €225.0m in H1/2025, with comparable store sales up 3.4% and online sales up 8.4%.

• Adjusted EBITA increased 18.1% to €39.0m in H1/2025, with margin improving to 17.3%.

• Five new stores opened in H1/2025, bringing the total to 54; seven planned for the year.

• Private label sales and a favorable sales mix supported margin expansion.

• Updated long-term strategy targets over 100 stores and international expansion, starting with Sweden.

Financial highlights

• Q2/2025 revenue rose 13.2% to €135.8m; H1/2025 revenue reached €225.0m.

• H1/2025 operating free cash flow was €51.8m, up from €33.9m year-over-year.

• EPS for H1/2025 was €0.33, up from €0.28.

• Gross margin improved to 37.7% in H1/2025, driven by a 28% increase in private label sales.

• Q2 gross margin improved to 38.2% (from 37.6%).

Outlook and guidance

• Full-year 2025 revenue forecast at €425–455m, with adjusted EBITA of €70–80m.

• Long-term targets: revenue over €600m and adjusted EBITA margin above 17% by 2028.

• New strategy aims for over 100 stores and >€800m revenue by 2030, with international expansion starting in Sweden.

• Guidance reiterates previous statements, but notes risks from consumer behavior and geopolitical tensions.