CEO’s review

“Musti’s positive trend continued in Q3. Strong sales growth underpinned further market share gains, extending our leadership in a rebounding market. Our gross margin and market share growth supports our ambition to continue investing in initiatives to further capitalise on the strengthened position. We are focused on ensuring Musti has the tools needed to meet the changing needs of pet parents and deliver sustained earnings growth.”

Net sales grew by 14.2% to EUR 127.3 million (111.5 million). Norway’s growth strengthened to 19.6% (6.5%), and both Finland 3.8% (-4.1%) and Sweden 3.9% (4.8%) posted resilient growth. In the yet to LFL Baltic market sales are progressing well, and we expect more growth as we optimize the assortment including the addition of exclusive products.

Q3 2025 is the second consecutive quarter to demonstrate that our tactical implementation of our strategic initiatives are delivering above market growth and extending our leadership in our traditional Nordic and new Baltic markets. This reinforces 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.

Adjusted EBITDA increased to EUR 16.9 million (EUR 16.5 million) post investments of approximately EUR 1.0 million related to several initiatives that will improve profitability and growth in the future.  These include investments in central logistics, online and digital platforms and assortment and space projects for our store fleet.  We are not satisfied with the current profitability; however, we are confident that all the actions underway will continue to improve efficiency and support the scalability of the business and we are seeing signs of improvement in our financial performance.

Our focus remains on humbly understanding the high standards of our pet parents and are committed to the continuous evolution of our offer to meet those standards while simultaneously actively seeking new opportunities in existing and new markets to enhance and add value to our offering.

To our team members – on behalf of our pet parents, our shareholders, our Board, our Group management team and myself, thank you again for your incredible effort!

David Rönnberg

CEO