Puuilo (PUUILO) Q4 2025 earnings summary

Executive summary

• Revenue grew 15.4% year-over-year to €442.3 million for FY2025, with Q4 revenue up 17.7% to €101.0 million and comparable store sales up 3.7% for the year and 6.1% in Q4.

• Adjusted EBITA increased 15.5% to €77.4 million for the year, with Q4 adjusted EBITA up 15.7% to €16.5 million, maintaining a 17.5% margin.

• Seven new stores opened during the year, bringing the total to 56, with all new stores reaching profitability quickly.

• Strong growth in private label sales supported margin improvement, with private label share rising to 23.6%.

• Board proposes a total dividend of €0.66 per share, up 17% from the prior year, to be paid in two installments.

Financial highlights

• Q4 gross margin was 38.8% (up from 38.5%); full-year gross margin improved to 38.2% from 37.7% last year.

• Operating free cash flow for FY2025 was €72.6 million, up from €44.0 million.

• EPS for FY2025 was €0.66, up from €0.57; net income for the year was €56.0 million, up from €47.9 million.

• Net debt/adjusted EBITDA (excl. IFRS 16): 0.5x at year-end; net debt at year-end: €130.4 million; cash: €33.0 million.

• Inventory at year-end: €123.2 million, reflecting new store openings and increased private label imports.

Outlook and guidance

• FY2026 revenue guidance: €480–510 million; adjusted EBITA: €80–90 million.

• Guidance includes approximately €1 million in start-up costs for international expansion.

• Long-term targets: average annual revenue growth >10%, revenue >€800 million by 2030, adjusted EBITA margin >17%, payout ratio ≥80% of net profit, net debt/EBITDA <2.5x.

• Uncertainties include consumer purchasing power, behavior shifts, geopolitical risks, and supply chain disruptions.