Puuilo (PUUILO) Q4 2025 earnings summary

Executive summary

• Net sales grew 15.4% year-over-year to €442.3 million, with Q4 net sales up 17.7% to €101.0 million and like-for-like sales up 3.7%.

• Adjusted EBITA increased 15.5% to €77.4 million, maintaining a 17.5% margin.

• Gross margin improved to 38.2% for the year and 38.8% in Q4, supported by strong private label sales.

• Seven new stores opened during the year, bringing the total to 56, with all new stores profitable shortly after opening.

• Preparations for international expansion into Sweden are progressing, with the first pilot store targeted within 18 months.

Financial highlights

• Q4 net sales rose 17.7% year-over-year to €101.0 million; like-for-like sales up 6.1%.

• Operating free cash flow for the year was €72.6 million, up from €44.0 million.

• Net income for the year was €56.0 million; EPS: €0.66.

• Inventories increased to €123.2 million, mainly due to new store openings and higher private label imports.

• Cash and cash equivalents at year-end: €33.0 million.

Outlook and guidance

• FY2026 net sales forecasted at €480–510 million; adjusted EBITA expected at €80–90 million.

• Guidance includes €1 million setup costs for Swedish expansion.

• Long-term targets: net sales above €800 million, adjusted EBITA above €136 million, EBITA margin above 17%, and over 80% profit distribution by 2030.

• Uncertainties include economic conditions, consumer behavior, and geopolitical risks affecting product availability and prices.