Puuilo (PUUILO) Q4 2024 earnings summary

Executive summary

• Achieved record year with revenue up 13.3% to €383.4 million and adjusted EBITA up 23.8% to €67.0 million, exceeding guidance.

• Net income rose to €47.9 million from €38.7 million; EPS increased to €0.57 from €0.46.

• Opened seven new stores, strengthening market position and driving customer growth.

• Customer numbers increased significantly in both new and existing stores, while average purchase size declined.

• Growth in own-brand sales and improved sales mix supported margin expansion.

Financial highlights

• Q4 revenue up 11.8% to €85.8 million; adjusted EBITA up 33.6% to €14.3 million.

• Full-year gross margin improved to 37.7% (from 36.6%); Q4 gross margin at 38.5%.

• Operating free cash flow for the year was €44.0 million, impacted by inventory build for new stores.

• Board proposes total dividend of €0.70 per share (including €0.24 extra dividend), up over 20% year-over-year, to be paid in two installments.

• Net debt/adjusted EBITDA at 1.4x (0.5x excluding IFRS 16), well below 2.0x target.

Outlook and guidance

• FY2025 revenue expected between €425–455 million; adjusted EBITA guidance set at €70–80 million.

• Guidance subject to risks from consumer demand shifts, purchasing power, and geopolitical tensions affecting supply and pricing.

• Long-term targets: revenue to exceed €600 million by FY2028, adjusted EBITA margin above 17%.

• Dividend payout policy targets at least 80% of net profit.