Musti Group Oyj · OMXHEX:MUSTI
Musti Group Oyj — Q3 2025 Earnings Presentation
17 slides from Musti Group Oyj's earnings presentation, Nov 12, 2025
Slide 1: Musti Group Interim Report January–September 2025
Musti Group Interim Report January–September 2025 12 November 2025 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 + 89 Stores E-com + 129 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 third quarter of financial year 2025
Summary of the third quarter of financial year 2025 Net sales Net sales growth Like-for-like sales growth EUR 127.3m 17.0% 14.2% 2.3% (EUR 111.5m) EUR 121.7m (1.0%) (1.0%) 5.7% (-0.9%) (EUR 111.5m) (-0.9%) O&E brands Operating cash flow Online LFL sales growth 51.0% EUR 13.1m 1.0% (50.9%) (EUR 19.9m
Slide 4: Key topics of Q3
Key topics of Q3 4
Slide 5: Net sales grew 14.2% to EUR 127.3 million driven by solid growth in Norway
Net sales grew 14.2% to EUR 127.3 million driven by solid growth in Norway and Finland and acquisition of Pet City Quarterly net sales, EUR million Net sales in Jan–Sep, EUR million LTM net sales, EUR million 491 475 1.0% 5.6% 11.8% 17.0% 14.2% 12.9% 8.8% 2.4% 14.3% 458 440 425 127.3 368.9 122.2 119
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 44.3% Gross margin, %* (43.2%). O&E, %* • This was mainly driven by the investments made in gross margin during the last year, especially the increased share of production of own brand food in the own factory. 44
Slide 7: Group adjusted EBITDA increased by 2.4% to EUR 16.9 million
Group adjusted EBITDA increased by 2.4% to EUR 16.9 million • Group adjusted EBITDA increased by Quarterly adjusted EBITDA, EUR million Adjusted EBITDA in Jan–Sep, EUR million 2.4% to EUR 16.9 (16.5) million. Non- 54.5 recurring costs had EUR 2.4 million impact on the adjusted EBITDA. 20 55,0 17.2 1
Slide 8: Operating segments
Operating segments 8
Slide 9: Net sales in Finland increased by 3.8% to EUR 49.8 million
Net sales in Finland increased by 3.8% to EUR 49.8 million • Net sales in Finland increased by 3.8% Quarterly net sales, EUR million Quarterly adjusted EBITDA, Adjusted EBITDA Jan-Sep, to EUR 49.8 (47.9) million. The EUR million EUR million investments made in growth were 40.1 visible in all categor
Slide 10: Net sales in Sweden increased by 3.9% to EUR 47.3 million
Net sales in Sweden increased by 3.9% to EUR 47.3 million • Net sales in Sweden increased by 3.9% to EUR 47.3 (45.5) million. The growth Quarterly net sales, EUR million Quarterly adjusted EBITDA, Adjusted EBITDA Jan-Sep, was driven by the increased number of EUR million EUR million stores opened an
Slide 11: Net sales in Norway increased by 19.6% to EUR 21.6 million
Net sales in Norway increased by 19.6% to EUR 21.6 million • Net sales in Norway increased by Quarterly net sales, EUR million Quarterly adjusted EBITDA, Adjusted EBITDA Jan-Sep, 19.6% to EUR 21.6 (18.1) million, EUR million EUR million driven by like-for-like sales growth of 12.1 10.6% and ramp-up
Slide 12: Net sales in New Markets amounted to EUR 8.7 million
Net sales in New Markets amounted to EUR 8.7 million Quarterly adjusted EBITDA, • The Baltic business, which is reported in Quarterly net sales, EUR million the segment New Markets, was EUR million acquired in November 2024. • Net sales in New Markets was EUR 8.7 million in the quarter. 8.5 8.8 8.7
Slide 13: Financial position
Financial position 13
Slide 14: Operating cash flow totaled EUR 13.1 million
Operating cash flow totaled EUR 13.1 million • Net cash flow from operating activities totaled EUR 13.1 (19.9) million in the quarter. Non-recurring items had EUR -2.5 (-0.1) million impact and change in net working capital had EUR 0.0 (5.0) million impact on Quarterly operating cash flow, EUR milli
Slide 15: Summary of Q3/25
Summary of Q3/25 • Group net sales totaled EUR 127.3 (111.5) million, an increase of 14.2%. • Like-for-like sales growth, which is calculated in local currencies, amounted to 2.3% (-0.9%). • Gross margin increased to 44.3% (43.2%). The share of sales of own and exclusive brands was 51.0% (50.9%). •
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 Financial Statements Release for January– December 2025 period will be published on 10 February 2026. 16
Slide 17: Musti Group – Pets' best friend
&@ Musti GROUP Pets’ best friend