CEO’s review

“Q1 2026 was another quarter of strong growth, increased profitability and market share gains, highlighting the benefits of Musti’s strategy and the quality of its implementation. It provides additional confidence that our key initiatives; backbone investments, assortment and services optimization, vertical integration and geographic expansion, will continue to deliver above underlying market growth.”– David Rönnberg, Musti Group CEO

Net sales grew 15.6% to EUR 138.5 (119.8) million including key market growth – Norway 25.5% (12.0%), Finland 3.0% (1.8%) and Sweden 8.7% (2.8%).

The New Market segment contributed EUR 17.0 million in sales with an improving profitability pattern. Baltic market sales and profitability benefited from integration initiatives including the optimization of assortment and the introduction of Musti’s extensive range of exclusive products though affected by the Baltic region’s unsettled consumer confidence. The integration of Zu is underway with the benefits expected to contribute towards the end of the year.

Q1 adjusted EBITDA increased to EUR 14.2 (12.7) million, notwithstanding approximately EUR 1.0 million of incremental costs related to backbone initiatives. Included are 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.

As always, our focus remains on humbly understanding the high standards of our pet parents enabling us to continuously evolve our offer to support further value creation opportunities in existing and new markets.  Following a productive 2025 we are confident that these initiatives will continue to deliver growth and profitability.

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