Musti delivers strong Q4 and returns to double-digit growth

After a slow start in Q1, 2025 was a rebound year for Musti. ‘Q4 again highlighted that our strategic initiatives are delivering above market growth, extending our market leadership reinforcing that our offering of top-quality, good value food and accessories, supportive pet care and vet clinic services, and our fast and easy to use online offer is meeting the ever-changing needs of an informed consumer,’ the company reports in its financial report.

‘I am super proud of our team and their achievements – continued strong sales and gross margin growth; successful integration of new markets; the launch of new brands; increased food production capacity; expanded TAM with the move into a new market; successful investment to strengthen Musti’s IT and logistics backbone,’ commented David Rönnberg, CEO.

In Q4, net sales grew 14.6% to EUR 140.0 million (same quarter of the previous year: 122.2 mio) including key market growth – Norway 17.6% (11.7%), Finland 3.2% (0.1%) and Sweden 7.1% (2,4%). Baltic market sales benefited from integration initiatives including the optimization of assortment and the introduction of Musti’s extensive range of exclusive products.

The acquisition of ZU in Portugal in December, extended the omni-channel reach to seven countries adding EUR 30 mio in pro-forma annual sales. This delivered full year net sales of EUR 508.9 mio (444.9 mio), an increase of 14.4% (3.2%). Proforma including Zu, the total would be approximately EUR 536 mio representing total growth of 20.5%.

Q4 adjusted EBITDA increased to EUR 19.5 mio (17.2 mio), including approximately EUR 3.0 mio of incremental costs related to backbone initiatives. These include investments in online and ERP platforms, central logistics, and store planning and assortment optimization projects to improve efficiency and scalability enhancing Musti’s capacity for further growth and geographical expansion.

Full year adjusted EBITDA increased to EUR 62 mio (61.2 mio) which was burdened by approximately EUR 5.6 mio of incremental costs related to backbone initiatives.