Musti Group (MUSTI) Q1 2026 earnings summary

Executive summary

• 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.

Financial highlights

• 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.

Outlook and guidance

• 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.