Musti Group (MUSTI) Q2 2026 earnings summary

Executive summary

• Net sales grew 14.7% year-over-year to EUR 277.1 million in H1 2026, with strong growth in Norway and contributions from the ZU acquisition.

• Gross margin improved to 44.2% (from 43.2%), driven by increased own brand production and strategic investments.

• Adjusted EBITDA rose 10.1% to EUR 28.3 million, but profitability was impacted by ongoing investments in digital, logistics, and integration projects.

• The customer base expanded to 1.87 million, and the store network grew to 522 locations.

Financial highlights

• Q2 net sales increased 13.8% year-over-year to EUR 138.5 million; like-for-like sales growth was 2.1%.

• H1 adjusted EBITA was EUR 4.8 million (down from EUR 5.4 million), with a margin of 1.7%.

• Operating result for H1 was EUR -3.2 million; net loss for the period was EUR -7.8 million, with EPS at EUR -0.23.

• Net cash flow from operating activities was EUR 14.2 million, impacted by increased working capital.

• Net debt rose to EUR 239.3 million, with gearing at 149.9% and net debt/LTM adjusted EBITDA at 3.7.

Outlook and guidance

• The pet care market is expected to return to long-term growth of ~4% in 2026, supported by stabilizing pet populations and improving consumer conditions.

• The company aims to outpace market growth through innovation, operational excellence, and geographic expansion.