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Musti Group plc Financial Statements Review 1 October 2022 – 30 September 2023

Musti Group plc                                        Financial Statements Review             9 November 2023 at 8:30 a.m. EEST

Musti Group plc Financial Statements Review 1 October 2022 – 30 September 2023

Strong growth with improving profitability

July – September 2023   

  • Group net sales totaled EUR 110.4 (101.8) million, an increase of 8.4%.
  • Group net sales growth excluding the changes in the
  • currency exchange rates was 14.4%.
  • Like-for-like sales growth was 10.0%.
  • Adjusted EBITDA was EUR 20.6 (17.6) million, up by 17.3%.
  • Adjusted EBITDA margin was 18.7% (17.2%).
  • Adjusted EBITA was EUR 12.6 (10.2) million, up by 23.7%.
  • Adjusted EBITA margin was 11.4% (10.0%).
  • Net cash flow from operating activities was EUR 29.0 (13.6) million, up by 113.6%.
  • Operating profit increased by 24.8% to EUR 10.7 (8.5) million, representing 9.7% (8.4%) of net sales.
  • Profit for the period totaled EUR 7.4 (7.3) million.
  • Earnings per share, basic was EUR 0.22 (0.22).
  • Number of stores grew to 342 (335).
  • Number of loyal customers grew to 1,543 thousand (1,454 thousand).

October 2022 – September 2023            

  • Group net sales totaled EUR 425.7 (391.1) million, an increase of 8.9%.
  • Group net sales growth excluding the changes in the currency exchange rates was 14.6%.
  • Like-for-like sales growth was 9.5%.
  • Adjusted EBITDA was EUR 73.6 (66.9) million, up by 10.1%.
  • Adjusted EBITDA margin was 17.3% (17.1%).
  • Adjusted EBITA was EUR 42.6 (38.8) million, up by 10.0%.
  • Adjusted EBITA margin was 10.0% (9.9%).
  • Net cash flow from operating activities was EUR 79.6 (46.1) million, up by 72.4%.
  • Operating profit increased by 22.4% to EUR 37.8 (30.9) million, representing 8.9% (7.9%) of net sales.
  • Profit for the period totaled EUR 26.5 (22.3) million.
  • Earnings per share, basic was EUR 0.79 (0.67).
  • The Board proposes to the Annual General Meeting that shareholder will be paid a capital return of EUR 0.60 per share.

The figures in parentheses refer to the comparison period, i.e., the same period in the previous year, unless stated otherwise. Musti Group’s financial year is from 1 October to 30 September.

EUR million or as indicated 7-9/2023 7-9/2022 Change % FY2023 FY2022 Change %
Net sales 110.4 101.8 8.4% 425.7 391.1 8.9%
Net sales growth, % 8.4% 11.3% 8.9% 14.7%
LFL sales growth, % 10.0% 4.7% 9.5% 6.7%
LFL store sales growth, % 7.1% 2.4% 6.7% 4.2%
Online share, % 22.5% 21.3% 23.0% 22.2%
Gross margin, % 46.0% 45.2% 45.7% 46.4%
EBITDA 20.1 17.6 14.5% 74.6 65.4 14.0%
EBITDA margin, % 18.2% 17.2% 17.5% 16.7%
Adjusted EBITDA 20.6 17.6 17.3% 73.6 66.9 10.1%
Adjusted EBITDA margin, % 18.7% 17.2% 17.3% 17.1%
EBITA 12.1 10.2 18.9% 43.6 37.3 16.8%
EBITA margin, % 11.0% 10.0% 10.2% 9.5%
Adjusted EBITA 12.6 10.2 23.7% 42.6 38.8 10.0%
Adjusted EBITA margin, % 11.4% 10.0% 10.0% 9.9%
Operating profit 10.7 8.5 24.8% 37.8 30.9 22.4%
Operating profit margin, % 9.7% 8.4% 8.9% 7.9%
Profit/loss for the period 7.4 7.3 1.6% 26.5 22.3 18.6%
Earnings per share, basic, EUR 0.22 0.22 1.1% 0.79 0.67 18.7%
Net cash flow from operating activities 29.0 13.6 113.6% 79.6 46.1 72.4%
Investments in tangible and intangible assets 2.8 2.7 6.1% 11.9 14.2 -16.6%
Net debt / LTM adjusted EBITDA 1.9 2.1 -12.6% 1.9 2.1 -12.6%
Number of loyal customers, thousands 1,543 1,454 6.1% 1,543 1,454 6.1%
Number of stores at the end of the period 342 335 2.1% 342 335 2.1%
of which directly operated 330 319 3.4% 330 319 3.4%

“A solid 10% like-for-like sales growth in Q4 concluded a financial year with a continuous increase in profitability and record-breaking cash flow highlighting Musti’s continuing capacity to meet the changing needs of its customers” – David Rönnberg, Musti Group CEO 

The team and I are proud of financial year 2023 especially the continuous improvement in financial performance quarter over quarter.  Our relentless implementation of our strategic choices is bearing fruit despite the headwinds arising from currency volatility, inflation, and low consumer confidence.

Our Q4 like-for-like growth of 10.0%, the increased adjusted EBITA margin of 11.0% and the record breaking cashflow of EUR 29.0 million highlights momentum in the improvement of core functions and our ability to meet our customer’s changing needs. Improving profitability is bringing us closer to the financial targets we have set ourselves, and I am confident that this performance will continue into the new financial year. 

FY 2023 group adjusted EBITA increased by 23.7% in Q4 and by 10.0% for FY 2023 despite the unfavorable performance of the local currencies SEK and NOK. The negative impact of the local currencies was EUR -0.8 million for Q4 and EUR -3.1 million for FY2023. Hedging of currency exposure was booked in financial income and expense and offsets partly the negative impact of the local currencies. FY 2023 sales were EUR 425.7 million (EUR 391.1 million), local currencies SEK and NOK had a negative impact of EUR -22.6 million on the topline. Growth was due to a higher number of customers, price increases and the acquisition of the second half of our pet food manufacturing factory in Lieto, Finland.

Stable growth in such a volatile operating environment is a great achievement and pinpoints the resilience of the pet care sector and the strength of our ecosystem providing pet food, accessories, and services to our Pet Parent customers.

Food and consumables, that make up over 70% of our sales, remained strong sales pillars throughout the quarter and the full financial year. Pet Parents are not sacrificing their pets’ needs by trading down, and we are maintaining a high level of new puppy customers coming to Musti for advice and support for their new family member and adding to the membership numbers of our Musti loyalty program. 

The team and I are pleased to report that our relentless focus and effort to improve the productivity and scalability of our operating model is bearing fruit. The Eskilstuna central warehouse is reaching the efficiency level set for it resulting in significant improvements in our end-to-end supply chain efficiency and hence a lower level of net working capital.  The integration of our food manufacturing factory in Lieto, Finland is progressing very well. The benefits, both financial and operational, are already visible.

The investment in the factory has strengthened our commitment to sustainably produced products and will be a key success driver going forward. We see that the factory brings us many possibilities; the ability to respond to the increased demand for locally and sustainably produced products and the opportunity to increase our profitability by insourcing the production of our own brands.

Musti Group heads into FY2024 in a position to continue to deliver great value to our Pet Parents and other stakeholders. We continue to gain market share in our core markets and are actively seeking additional value creation opportunities suitable for our ecosystem / business model. Our ability to combine a growing portfolio of products, services, and advice into convenient propositions for Pet Parents is unique and will be the key enabler of future success.

Our primary focus is and always will be to provide the best possible advice and support to our Pet Parent customers. We recognize that without their trust and loyalty we would not be where we are today.

To our almost 2,500 team members – on behalf of our shareholders, our Board, our Group management team and myself, thank you for your tireless commitment to support our customers and their pets.  

David Rönnberg,


Financial targets

The long-term financial targets updated by the Board of Directors on 3 May 2021 are:

Growth Net sales to reach at least EUR 500 million by the financial year 2024 by continuation of strong customer acquisition momentum and increasing share of wallet.
Profitability Mid- to long-term adjusted EBITA margin of at least 13 per cent with steadily improving profile. Margin increase is expected to be realised through steady gross margin and improving operating leverage.
Capital structure Maintain net debt in relation to adjusted EBITDA below 2.5x
in the long term.
Dividend policy To pay a dividend corresponding to 60-80 per cent of net profit. Any potential dividend shall take into account acquisitions, the company’s financial position, cash flow and future growth opportunities.

The financial targets are forward-looking statements and are not guarantees of future financial performance.

Webcast for analysts and media

A webcast and a teleconference for analysts and media will be arranged on 9 November 2023 at 14:00 EET.  The event will be held in English. The report will be presented by CEO David Rönnberg and CFO Toni Rannikko.

The webcast can be followed at A recording of the webcast will be available later at the company’s website at  

The teleconference can be accessed by registering at After the registration, participants will be provided with phone numbers and a conference ID to access the conference. To ask a question, please dial *5 on your telephone keypad to enter the queue.

Helsinki, 9 November 2023

Board of Directors

The information in the Financial Statements Release is unaudited.

Further information:

David Rönnberg, CEO, tel. +46 70 896 6552

Toni Rannikko, CFO, tel. +358 40 078 8812                                                                                                                 

Martin Svedholm, Director, Treasury and Investor Relations, tel. +358 50 579 0324


Nasdaq Helsinki

Main media

Musti Group in brief
Musti makes the life of pets and their owners easier, safer and more fun. We are the leading Nordic pet care company, and we operate an omnichannel business model to cater for the needs of pets and their owners across Finland, Sweden and Norway. We offer a wide, curated assortment of pet products. We also provide pet care services such as grooming, training and veterinary services in selected locations.

Musti Group’s net sales were EUR 426 million in the financial year 2023. At the end of the financial year 2022, the company had 1,643 employees, 1.5 million loyal customers and 342 stores.


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