Puuilo (PUUILO) Q3 2025 earnings summary

Executive summary

• Q3 net sales grew 13.7% year-over-year to EUR 116.2 million, with like-for-like sales up 2.2% and customer traffic up 16%, despite a decline in average basket size and low consumer confidence.

• For the first nine months, net sales rose 14.7% to EUR 341.3 million, with like-for-like store sales up 3.0% and online sales up 5.3%.

• Adjusted EBITDA/EBITA increased 11% in Q3 to EUR 21.9 million (18.8% margin), and 15.5% for the nine months to EUR 60.9 million (17.8% margin).

• Five new stores opened in Q1–Q3, bringing the total to 54 at period end; no new stores in Q3.

• Business remained steady and predictable despite cautious consumer spending and increased competition.

Financial highlights

• Q3 gross margin was 38.6%, up 0.6 percentage points year-over-year, driven by private label sales and sales mix shift.

• Q3 net income was EUR 16.2 million, up from EUR 14.5 million year-over-year.

• Earnings per share in Q3 were EUR 0.19, and EUR 0.52 for the nine months.

• Operating free cash flow in Q3 was EUR 12.7 million; cumulative free cash flow for nine months was EUR 64.5 million.

• Investments in Q3 were EUR 1.3 million, mainly for new store openings.

Outlook and guidance

• Net sales for FY2025 are forecast at EUR 430–450 million, with adjusted EBITDA/EBITA of EUR 72–79 million.

• Guidance was narrowed from previous ranges based on strong year-to-date performance.

• At least seven new stores planned for next year; international expansion pilot in Sweden in preparation phase.

• Long-term targets: over 10% annual sales growth, net sales above EUR 800 million by 2030, adjusted EBITDA/EBITA margin above 17%, and net debt/EBITDA below 2.5x.