Musti Group Oyj · OMXHEX:MUSTI
Musti Group Oyj — H1 2024 Earnings Presentation
15 slides from Musti Group Oyj's earnings presentation, Apr 30, 2024
Slide 1: Half-Year Financial Report 1 October 2023–31 March 2024
Half-Year Financial Report 1 October 2023–31 March 2024 30 April 2024 CEO David Rönnberg CFO Toni Rannikko
Slide 2: Summary of the first half of the financial year 2024
Summary of the first half of the financial year 2024 Net sales Growth excl. currency effects Like-for-like sales growth EUR 222.9m 7.6% 4.0% Own and exclusive brands Cash flow Online like-for-like growth 52.3% EUR 22.9m 12.8% Loyalty club members growth Gross margin Adjusted EBITDA +3.5% 44.9% EUR 3
Slide 3: Key topics of Q2
Key topics of Q2 3
Slide 4: Q2 net sales grew 5.5% to EUR 107.2 million, FX neutral growth 6.4%
Q2 net sales grew 5.5% to EUR 107.2 million, FX neutral growth 6.4% Quarterly net sales, EUR million H1 net sales, EUR million Net sales: rolling 12 months 10.0% 8.2% 8.4% 4.8% 5.5% 20.2% 16.2% 9.4% 5.1% 426 431 437 409 417 115.7 222.9 212.1 110.4 107.2 193.8 101.7 103.3 166.7 10% Q2/23 Q3/23 Q4/23
Slide 5: Gross margin facing temporary pressure
Gross margin facing temporary pressure • Gross margin was 43.9% (45.1%). Gross margin % O&E % • Gross margin was negatively affected by targeted investment in price and campaign activities combined with unfavorable year-on- year currency exchange rate 51.6% development. • The share of sales of own a
Slide 6: Group adjusted EBITDA decreased by 9.9% to EUR 15.0 million in Q2/24
Group adjusted EBITDA decreased by 9.9% to EUR 15.0 million in Q2/24 Quarterly adjusted EBITDA, EUR million H1 adjusted EBITDA, EUR million • Group adjusted EBITDA decreased by 9.9% to EUR 15.0 (16.6) million. 20.6 20.5 35.8 35.5 • The decrease was due to consumer climate and 20 33.8 pressure in gro
Slide 7: Segments
Segments 7
Slide 8: Net sales in Finland increased by 3.7% to EUR 46.6 million in Q2/24
Net sales in Finland increased by 3.7% to EUR 46.6 million in Q2/24 Net sales, EUR million Quarterly adjusted EBITDA, H1 adjusted EBITDA, EUR million EUR million • Net sales in Finland increased by 3.7% to EUR 10.9% 15.6% 12.7% 7.8% 3.7% 25.5 46.6 (44.9) million. 16 15.0 24.9 14.3 25,0 22.5 22.7 • S
Slide 9: Net sales in Sweden increased by 4.8% to EUR 43.6 million in Q2/24
Net sales in Sweden increased by 4.8% to EUR 43.6 million in Q2/24, FX neutral growth 6.0% Net sales, EUR million Quarterly adjusted EBITDA, H1 adjusted EBITDA, EUR million EUR million 12,0 • Net sales in Sweden increased by 4.8% to EUR 43.6 7.2% 1.0% 2.2% 2.5% 4.8% 10.3 9.8 19.1 19.2 (41.6) million
Slide 10: Net sales in Norway increased by 12.4% to EUR 17.1 million in Q2/24
Net sales in Norway increased by 12.4% to EUR 17.1 million in Q2/24, FX neutral growth 15.8% Net sales, EUR million Quarterly adjusted EBITDA, H1 adjusted EBITDA, EUR million EUR million • Net sales in Norway increased by 12.4% to EUR 15.5% 7.1% 13.1% 2.5% 12.4% 5 4.8 17.1 (15.2) million, driven by
Slide 11: Financial position
Financial position 11
Slide 12: Cash flow on a good trend excluding non-recurring items
Cash flow on a good trend excluding non-recurring items • In Q2, the net cash flow from operating activities totaled EUR 7.2 (9.7) million and was negatively affected by EUR 3.8 million non- recurring cost items. Change in net working capital had an impact Cash flow from operating activities, EUR mi
Slide 13: Financial targets
Financial targets • Board of Directors of Musti Group Plc has decided to withdraw the company's long-term financial targets, updated by the Board of Directors on 3 May 2021. • With the new majority owner, Musti Group is now in a new strategic phase with need to focus on sustainable growth to create
Slide 14: Summary of Q2/24
Summary of Q2/24 • Group net sales totaled EUR 107.2 (101.7) million, an increase of 5.5%, and 6.4% excluding changes in currency exchange rates. • Like-for-like growth, which is calculated in local currencies, amounted to 3.1% (10.8%). • Online like-for-like growth was 12.6% (16.4%). • Gross margin
Slide 15: Thank you!
Interim Report for October 2023 – June 2024 will be More information published on 30 July 2024. David Rönnberg, CEO +46 70 896 6552 david.ronnberg@mustigroup.com Toni Rannikko, CFO +358 40 078 8812 toni.rannikko@mustigroup.com www.mustigroup.com/investors X @MustiGroup Thank you! 15