Puuilo (PUUILO) Q3 2025 earnings summary

Executive summary

• Revenue grew 14.7% year-over-year to €341.3 million for Q1–Q3/2025, with comparable store sales up 3.0%.

• Adjusted EBITA increased 15.5% to €60.9 million, with a margin of 17.8%.

• Five new stores opened during the period, bringing the total to 54, driving customer growth.

• Gross margin improved to 38.0% for Q1–Q3/2025, and to 38.6% in Q3, supported by higher private label sales.

• Operating free cash flow reached €64.5 million for Q1–Q3/2025, with Q3 at €12.7 million.

Financial highlights

• Q3/2025 revenue rose 13.7% to €116.2 million; comparable store sales up 2.2%.

• Q3/2025 adjusted EBITA grew 11.2% to €21.9 million, margin at 18.8%.

• Q1–Q3/2025 EPS was €0.52, up from €0.45 year-over-year; Q3 EPS was €0.19, up from €0.17.

• Q1–Q3/2025 gross profit was €129.8 million, gross margin 38.0%.

• Q1–Q3/2025 online sales increased 5.3% year-over-year, though Q3 online sales declined 1.2%.

Outlook and guidance

• FY2025 revenue forecast at €430–450 million; adjusted EBITA expected at €72–79 million, with guidance narrowed.

• Long-term targets: >10% annual revenue growth, adjusted EBITA margin >17%, net debt/EBITDA below 2.5x.

• Growth strategy includes 7–10 new stores per year and international expansion into Sweden.

• Risks include changes in consumer purchasing power, behavior, inflation, interest rates, and geopolitical tensions.