Musti Group announces record sales

Musti Group, the leading Nordic pet care specialist and part of the Sonae Group, closed financial year 2025 with record net sales of €508.9 mio ($590 mio), a 14.4% increase on the prior year's €444.9 mio ($516 mio). On a comparable basis, stripping out the contribution from acquisitions, net sales grew 6.4%, whilst like-for-like growth across existing stores and online came in at 3.3%.

Store sales rose 17.5% to €383.9 mio ($445 mio), supported by network expansion and like-for-like store sales growth of 3.2%. Online sales climbed 6.4% to €116.4 mio ($135 mio), representing 22.9% of total net sales. Average annual spend per loyal customer increased to €220.4 ($256), up from €209.1 ($243) the prior year, with the loyal customer base holding broadly stable at 1.87 million. Own and exclusive brands, which carry margins typically 10–15 percentage points above global brands, accounted for 51.3% of total sales.

Gross margin improved to 44.0% from 43.6%, driven by the growing share of own and exclusive brands. However, adjusted EBITA declined to €20.6 mio ($24 mio) at a 4.0% margin, down from €42.6 mio ($49 mio) and 10.0% in the prior period, primarily reflecting significant investment in geographic expansion, IT infrastructure, and logistics. Operating profit came in at €6.8 mio ($7.9 mio).

Musti ended the year with 497 stores across Finland, Sweden, Norway, the Baltics, and Portugal. The group opened 19 new directly operated stores during the year. Two significant acquisitions shaped the period: Pet City in the Baltics, which added €32.2 mio ($37 mio) to net sales, and ZU in Portugal — comprising 65 stores and 24 veterinary clinics — acquired in late 2025 and contributing €3.1 mio ($3.6 mio) to revenue. Net debt stood at €209.4 mio ($243 mio), at a leverage ratio of 3.4 times adjusted EBITDA. No dividend was distributed for the period.

CEO David Rönnberg acknowledged disappointment with profitability levels whilst expressing confidence in the group's growth trajectory, citing improving consumer confidence, a strengthened store network, and an expanding total addressable market following the Baltics and Portugal investments as reasons for optimism heading into 2026.

On this Thursday, Musti also announced that Annamaija Hujala will step down as Head of Group Pureplay and as a member of the Group Management Team by the end of September.