Puuilo (PUUILO) Q2 2026 earnings summary

Executive summary

• Net sales in H1 2026 reached €257.0 million, up 14.2% year-over-year, with like-for-like sales up 6.8% and Q2 net sales at €153.2 million, up 12.8%.

• Adjusted EBITA increased by 28.2% to €50.0 million in H1, with Q2 adjusted EBITA at €33.8 million (22% margin).

• Gross margin improved to 39.2% in both Q2 and H1, driven by strong private label sales.

• Customer traffic and average basket size increased, reflecting improved consumer sentiment.

• Three new stores opened and one relocation completed in H1 2026; preparations for Swedish market entry are on track.

Financial highlights

• Like-for-like sales grew 6.8% in H1; online sales rose 15.5% in H1.

• Private label sales increased 19% in Q2 and 23% in H1, supporting margin improvement.

• Operating free cash flow was €43.3 million in Q2 and €60.4 million in H1, both up year-over-year.

• Inventory at end of July was €129.6 million, up due to network expansion and private label growth.

• EPS was €0.30 in Q2 and €0.44 in H1.

Outlook and guidance

• Full-year 2026 guidance raised: net sales expected at €495–515 million and adjusted EBITA at €87–97 million.

• Previous guidance was €480–510 million in sales and €80–90 million in adjusted EBITA.

• Uncertainties include consumer purchasing power, geopolitical risks, inflation, and international expansion costs.