Net sales rose 15.6% year-over-year to EUR 138.5 million, with strong growth in Norway and significant contributions from acquisitions in Portugal (ZU) and Norway (Petco Retail AS).
Like-for-like sales increased 3.9%, and the customer base expanded by 2.8% to 1,859 thousand.
Gross margin improved to 44.0%, driven by increased own brand production and expansion into new markets.
Adjusted EBITDA rose 11.8% to EUR 14.2 million, with a margin of 10.3%.
Operating result was EUR -1.4 million, and net loss for the period was EUR -3.8 million.
Net sales: EUR 138.5 million (+15.6% year-over-year).
Gross margin: 44.0% (up from 42.5%).
Adjusted EBITDA: EUR 14.2 million (+11.8%), margin 10.3%.
Operating cash flow: EUR 10.6 million, lower than last year due to net working capital swings and non-recurring items.
Net debt stood at EUR 219.1 million, with gearing at 132.7% and net debt to LTM Adjusted EBITDA at 3.4x.
Continued focus on store openings, acquisitions, and omnichannel strategy, especially in Norway, Sweden, Baltics, and Portugal.
Strategy includes increasing own and exclusive brand share in new markets.
Market expected to gradually return to long-term growth of ~4% in 2026, supported by stabilizing pet populations and improving consumer spending.
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