Musti Group Oyj · OMXHEX:MUSTI
Musti Group Oyj — Q4 2025 Earnings Presentation
17 slides from Musti Group Oyj's earnings presentation, Feb 10, 2026
Slide 1: Financial Statements Release January–December 2025
Musti Group Financial Statements Release January–December 2025 10 February 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 last quarter of financial year 2025
Summary of the last quarter of financial year 2025 Net sales Net sales growth Like-for-like sales growth EUR 140.0m 17.0% 14.6% 2.8% (EUR 122.2m) EUR 121.7m (1.0%) (5.6%) 5.7% (1.2%) (EUR 111.5m) (-0.9%) O&E brands Operating cash flow Online LFL sales growth 52.4% EUR 23.4m 1.6% (51.8%) (EUR 7.6m) (
Slide 4: Key topics of Q4
Key topics of Q4 4
Slide 5: Net sales grew 14.6% to EUR 140.0 million driven by strong growth in Norway
Net sales grew 14.6% to EUR 140.0 million driven by strong growth in Norway and acquisitions of Pet City and ZU Quarterly net sales, EUR million Net sales in Jan–Dec, EUR million LTM net sales, EUR million 509 491 5.6% 11.8% 17.0% 14.2% 14.6% 11.8% 7.7% 3.2% 14.4% 475 458 440 140.0 508.9 127.3 444.9
Slide 6: Gross margin and share of O&E brands increased year-on-year
Gross margin and share of O&E brands increased year-on-year • Gross margin increased to 45.1% Gross margin, %* O&E, %* (44.0%). • This was mainly driven by the 52.4% investments made in gross margin 45.1% during the last year, especially the increased share of production of own brand food in the own
Slide 7: Group adjusted EBITDA increased by 13.1% to EUR 19.5 million
Group adjusted EBITDA increased by 13.1% to EUR 19.5 million Quarterly adjusted EBITDA, Adjusted EBITDA Jan-Dec, Adjusted EBITDA vs LY, EUR • Group adjusted EBITDA increased by EUR million EUR million million 13.1% to EUR 19.5 (17.2) million. 80,0 75.0 • Currency exchange rates did not have 19.5 75,
Slide 8: Operating segments
Operating segments 8
Slide 9: Net sales in Finland increased by 3.2% to EUR 53.0 million
Net sales in Finland increased by 3.2% to EUR 53.0 million Quarterly adjusted EBITDA, Adjusted EBITDA Jan-Dec, • Net sales in Finland increased by 3.2% Quarterly net sales, EUR million EUR million EUR million to EUR 53.0 (51.3) million. Continuing 15 60,0 the steady pattern during the last 12 0.1% 1
Slide 10: Net sales in Sweden increased by 7.1% to EUR 50.4 million
Net sales in Sweden increased by 7.1% to EUR 50.4 million • Net sales in Sweden increased by 7.1% to EUR 50.4 (47.1) million. The growth Quarterly net sales, EUR million Quarterly adjusted EBITDA, Adjusted EBITDA Jan-Dec, was driven by the increased number of EUR million EUR million stores opened an
Slide 11: Net sales in Norway increased by 17.6% to EUR 24.3 million
Net sales in Norway increased by 17.6% to EUR 24.3 million Quarterly adjusted EBITDA, Adjusted EBITDA Jan-Dec, • Net sales in Norway increased by Quarterly net sales, EUR million EUR million EUR million 17.6% to EUR 24.3 (20.6) million, 6.1 18.2 driven by like-for-like sales growth of 11.7% 12.0% 16
Slide 12: Net sales in New Markets amounted to EUR 12.4 million
Net sales in New Markets amounted to EUR 12.4 million • The Baltic business, which is reported in the segment, was acquired in November Quarterly adjusted EBITDA, 2024. New segment addition was ZU Quarterly net sales, EUR million 1.5 which was acquired in December 2025. EUR million 1,4 ZU is a retai
Slide 13: Financial position
Financial position 13
Slide 14: Operating cash flow totaled EUR 23.4 million
Operating cash flow totaled EUR 23.4 million • Net cash flow from operating activities totaled EUR 23.4 (7.6) million in the quarter. Non-recurring items had EUR -2.6 (-1.2) million impact and change in net working capital had EUR 5.5 (-6.8) million impact on Quarterly operating cash flow, EUR milli
Slide 15: Summary of Q4/25
Summary of Q4/25 • Group net sales totaled EUR 140.0 (122.2) million, an increase of 14.6%. • Like-for-like sales growth, which is calculated in local currencies, amounted to 2.8% (1.2%). • Gross margin increased to 45.1% (44.0%). The share of sales of own and exclusive brands was 52.4% (51.8%). • 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 Annual Report for financial year 2025 will be published on 31 March 2026. Interim Report for January–March 2026 period
Slide 17: Musti Group – Pets' best friend
Musti GROUP Pets’ best friend