Musti Group Oyj · OMXHEX:MUSTI
Musti Group Oyj — Q1 2026 Earnings Presentation
17 slides from Musti Group Oyj's earnings presentation, May 7, 2026
Slide 1: Musti Group Interim Report January–March 2026
Musti Group Interim Report January–March 2026 7 May 2026 CEO David Rönnberg CFO Robert Berglund
Slide 2: Musti is the only pan-Nordic omnichannel player in pet care
Musti is the only pan-Nordic omnichannel player in pet care Store rollout with increasing Underlying core business footprint maturity with steady growth E-com + 91 Stores E-com + 130 Stores E-com E-com + 6 stores Further expansion and Baltics - Next growth step convergence to Finnish levels with gre
Slide 3: Summary of the first quarter of financial year 2026
Summary of the first quarter of financial year 2026 Net sales Net sales growth Like-for-like sales growth EUR 138.5m 17.0% 15.6% 3.9% (EUR 119.8m) EUR 121.7m (1.0%) (11.8%) 5.7% (2.4%) (EUR 111.5m) (-0.9%) O&E brands Operating cash flow Online LFL sales growth 49.2% EUR 10.6m 3.1% (51.0%) (EUR 18.7m
Slide 4: Key topics of Q1
Key topics of Q1 4
Slide 5: Net sales grew 15.6% to EUR 138.5 million driven by strong growth in Norway
Net sales grew 15.6% to EUR 138.5 million driven by strong growth in Norway and acquisition of ZU Quarterly net sales, EUR million Net sales in Jan–Mar, EUR million LTM net sales, EUR million 528 509 11.8% 17.0% 14.2% 14.6% 15.6% 10.0% 5.5% 11.8% 15.6% 491 475 458 140.0 138.5 138.5 127.3 119.8 121.7
Slide 6: Gross margin improved year-on-year
Gross margin improved year-on-year Gross margin, %* O&E, %* • Gross margin increased to 44.0% (42.5%). • This was mainly driven by the 44.0% 49.2% investments made in gross margin during the last year, especially the increased share of production of own brand food in the own factory. • The share of
Slide 7: Group adjusted EBITDA increased by 11.8% to EUR 14.2 million
Group adjusted EBITDA increased by 11.8% to EUR 14.2 million Quarterly adjusted EBITDA, Adjusted EBITDA Jan-Mar, Adjusted EBITDA vs LY, EUR • Group adjusted EBITDA increased by EUR million EUR million million 11.8% to EUR 14.2 (12.7) million. • Currency exchange rates had a positive 19.5 16.6 2.3 20
Slide 8: Operating segments
Operating segments 8
Slide 9: Net sales in Finland increased by 3.0% to EUR 48.9 million
Net sales in Finland increased by 3.0% to EUR 48.9 million Quarterly adjusted EBITDA, Adjusted EBITDA Jan-Mar, • Net sales in Finland increased by 3.0% Quarterly net sales, EUR million EUR million EUR million to EUR 48.9 (47.4) million. Continuing 15 the steady pattern during the last year, 1.8% 6.0
Slide 10: Net sales in Sweden increased by 8.7% to EUR 48.7 million
Net sales in Sweden increased by 8.7% to EUR 48.7 million • Net sales in Sweden increased by 8.7% to EUR 48.7 (44.8) million. The growth was driven by the increased number of Quarterly net sales, EUR million Quarterly adjusted EBITDA, Adjusted EBITDA Jan-Mar, stores opened and acquired during the EU
Slide 11: Net sales in Norway increased by 25.5% to EUR 24.0 million
Net sales in Norway increased by 25.5% to EUR 24.0 million • Net sales in Norway increased by 25.5% to EUR 24.0 (19.1) million, Quarterly net sales, EUR million Quarterly adjusted EBITDA, Adjusted EBITDA Jan-Mar, driven by like-for-like sales growth of EUR million EUR million 6.1 12.6% across the ca
Slide 12: Net sales in New Markets amounted to EUR 17.0 million
Net sales in New Markets amounted to EUR 17.0 million • Musti expanded to Portugal in December 2025 by acquiring the shares Quarterly adjusted EBITDA, of ZU. The Baltic business, which is Quarterly net sales, EUR million reported in the segment, was acquired EUR million in November 2024. 1,6 1.5 • N
Slide 13: Financial position
Financial position 13
Slide 14: Operating cash flow totaled EUR 10.6 million
Operating cash flow totaled EUR 10.6 million • Net cash flow from operating activities totaled EUR 10.6 (18.7) million in the quarter. Non-recurring items had EUR -1.9 (-1.2) million impact and change in net working capital had EUR -0.7 (5.8) million impact on Quarterly operating cash flow, EUR mill
Slide 15: Summary of Q1/26
Summary of Q1/26 • Group net sales totaled EUR 138.5 (119.8) million, an increase of 15.6%. • Like-for-like sales growth, which is calculated in local currencies, amounted to 3.9% (2.4%). • Gross margin increased to 44.0% (42.5%). The share of sales of own and exclusive brands was 49.2% (51.0%). • A
Slide 16: More information
More information David Rönnberg, CEO +46 70 896 6552 david.ronnberg@mustigroup.com Robert Berglund, CFO +358 50 534 8657 robert.berglund@mustigroup.com www.mustigroup.com/investors Half-Year Financial Report for January–June 2026 will be published on 23 July 2026. 16
Slide 17: Musti Group – Pets' best friend
Musti GROUP Pets’ best friend