CEO’s review

“Q4s additional market share gains completed a solid 2025 for Musti. 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.  All enhance value creation opportunities as we continue to determinedly develop Musti’s market leadership.” – David Rönnberg, Musti Group CEO”

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.

In Q4, net sales grew 14.6% to EUR 140.0 million (122.2 million) 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 our omni-channel reach to 7 countries adding EUR 30 million in pro-forma annual sales.  This delivered full year net sales of EUR 508.9 (444.9) million, an increase of 14.4% (3.2%).  Proforma including ZU, the total would be approximately EUR 536 million representing total growth of 20.5%.

Q4 adjusted EBITDA increased to EUR 19.5 million (17.2 million), including approximately EUR 3.0 million 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 million (EUR 61.2 million) which was burdened by approximately EUR 5.6 million of incremental costs related to backbone initiatives.

As always, our focus remains on humbly understanding the high standards of our pet parents to continuously evolve our offer to support further value creation opportunities in existing and new markets.  Following a productive 2025, we are excited for what we can achieve in 2026 and beyond.

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