Puuilo (PUUILO) Q2 2026 earnings summary

Executive summary

• Revenue grew 14.2% year-over-year in H1 2026 to €257.0 million, with adjusted EBITA up 28.2% and margins rising to 19.5%.

• Customer numbers increased in both new and existing stores, driving revenue growth.

• Three new stores opened and one relocated in H1 2026; nine new stores planned for the year, including the first in Sweden.

• Significant progress made in preparations for international expansion, with Swedish pilot stores set to open in Örebro by late 2026 and Sundsvall in early 2027.

• Consumer confidence is recovering, supporting increased customer activity and strong seasonal performance.

Financial highlights

• H1 2026 revenue: €257.0M (+14.2% YoY); comparable store sales up 6.8%; online sales up 15.5%.

• Adjusted EBITA: €50.0M (+28.2% YoY); EBITA margin 19.5% (17.3%).

• Gross margin: 39.2% (37.7%); own brands' share of sales increased significantly.

• EPS: €0.44 (up from €0.33 YoY); net profit for H1 was €36.7M (up from €28.0M YoY).

• Operating free cash flow: €60.4M (up from €51.8M YoY); inventory increased to €129.6M.

Outlook and guidance

• FY2026 revenue guidance raised to €495–515M; adjusted EBITA to €87–97M.

• Previous guidance was €480–510M revenue and €80–90M adjusted EBITA.

• Long-term targets: average annual revenue growth over 10%, EBITA margin above 17%, and net debt/EBITDA below 2.5x.

• Uncertainties remain due to consumer purchasing power, behavior, and geopolitical risks affecting supply and prices.