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Musti Group plc Half-Year Financial Report 1 October 2022 – 31 March 2023

Musti Group plc                Half-Year Financial Report             4 May 2023 at 8:30 a.m. EEST

Musti Group plc Half-Year Financial Report 1 October 2022 – 31 March 2023

Solid first half of the financial year

January – March 2023   

  • Group net sales totaled EUR 101.7 (92.4) million, an increase of 10.0%.
  • Group net sales growth excluding the changes in the currency exchange rates was 15.4%
  • Like-for-like sales growth was 10.8%.
  • Adjusted EBITDA was EUR 16.6 (14.0) million, up by 19.3%.
  • Adjusted EBITDA margin was 16.4% (15.1%).
  • Adjusted EBITA was EUR 8.9 (7.0) million, up by 27.1%.
  • Adjusted EBITA margin was 8.7% (7.6%).
  • Net cash flow from operating activities was EUR 9.7 (5.3) million, up by 83.9%.
  • Operating profit increased by 30.6% to EUR 7.1 (5.4) million, representing 7.0% (5.9%) of net sales.
  • Profit for the period totaled EUR 4.8 (3.8) million.
  • Earnings per share, basic was EUR 0.14 (0.11).
  • Number of stores grew to 342 (324).
  • Number of loyal customers grew to 1,511 thousand (1,372 thousand).

October 2022 – March 2023                             

  • Group net sales totaled EUR 212.1 (193.8) million, an increase of 9.4%.
  • Group net sales growth excluding the changes in the currency exchange rates was 14.2%
  • Like-for-like sales growth was 8.8%.
  • Adjusted EBITDA was EUR 35.8 (33.8) million, up by 5.9%.
  • Adjusted EBITDA margin was 16.9% (17.4%).
  • Adjusted EBITA was EUR 20.6 (20.3) million, up by 1.3%.
  • Adjusted EBITA margin was 9.7% (10.5%).
  • Net cash flow from operating activities was EUR 28.4 (18.5) million, up by 53.5%.
  • Operating profit increased by 10.1% to EUR 17.2 (15.6) million, representing 8.1% (8.1%) of net sales.
  • Profit for the period totaled EUR 11.8 (10.6) million.
  • Earnings per share, basic was EUR 0.35 (0.32).

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 1-3/2023 1-3/2022 Change % 10/2022-3/2023 10/2021-3/2022 Change % FY2022
Net sales 101.7 92.4 10.0% 212.1 193.8 9.4% 391.1
Net sales growth, % 10.0% 12.1% 9.4% 16.2% 14.7%
LFL sales growth, % 10.8% 4.5% 8.8% 6.9% 6.7%
LFL store sales growth, % 9.0% 1.3% 6.2% 4.1% 4.2%
Online share, % 23.8% 23.6% 22.9% 22.5% 22.2%
Gross margin, % 45.1% 46.5% 45.5% 47.0% 46.4%
EBITDA 16.2 14.0 15.8% 35.3 32.3 9.2% 65.4
EBITDA margin, % 15.9% 15.1% 16.6% 16.7% 16.7%
Adjusted EBITDA 16.6 14.0 19.3% 35.8 33.8 5.9% 66.9
Adjusted EBITDA margin, % 16.4% 15.1% 16.9% 17.4% 17.1%
EBITA 8.4 7.0 20.1% 20.1 18.8 6.6% 37.3
EBITA margin, % 8.3% 7.6% 9.5% 9.7% 9.5%
Adjusted EBITA 8.9 7.0 27.1% 20.6 20.3 1.3% 38.8
Adjusted EBITA margin, % 8.7% 7.6% 9.7% 10.5% 9.9%
Operating profit 7.1 5.4 30.6% 17.2 15.6 10.1% 30.9
Operating profit margin, % 7.0% 5.9% 8.1% 8.1% 7.9%
Profit/loss for the period 4.8 3.8 26.2% 11.8 10.6 11.3% 22.3
Earnings per share, basic, EUR 0.14 0.11 25.6% 0.35 0.32 11.7% 0.67
Net cash flow from operating activities 9.7 5.3 83.9% 28.4 18.5 53.5% 46.1
Investments in tangible and intangible assets 3.1 3.6 -13.1% 6.1 8.2 -25.7 14.2
Net debt / LTM adjusted EBITDA 2.1 2.2 -2.5% 2.1 2.2 -2.5% 2.1
Number of loyal customers, thousands 1,511 1,372 10.1% 1,511 1,372 10.1% 1,454
Number of stores at the end of the period 342 324 5.6% 342 324 5.6% 335
of which directly operated 327 303 7.9% 327 303 7.9% 319

‘The team and I are pleased with the Q2 results boosting H1 beyond last year’s record level, with Q2 adjusted EBITA increasing by 27.1%.  A very strong achievement given the macro-economic environment.’ – David Rönnberg, Musti Group CEO

Musti Group today reported our strongest ever second quarter, accelerating half-year sales growth to 14.2% (in local currencies). Services, store and online sales all grew double-digit. I am extremely proud of what we as a team have achieved, especially in the prevailing inflationary environment, where we have grown store traffic and customer spending in all markets in local currencies. 

Food and consumables, that make up over 70% of our sales, remained strong sales pillars throughout the quarter.  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 and adding to the membership numbers of our Musti loyalty program. 

Group adjusted EBITA increased by a very pleasing 27.1% in the second quarter, boosting our results for the first half of the financial year beyond last year’s record level. Recent movements of the local currencies SEK and NOK had a negative impact of EUR 0.6 million on adjusted EBITA. It is inspiring to see that our relentless focus and effort to improve the productivity and scalability of our operating model is bearing fruit. Group functions cost as a percentage of net sales continue to improve quarter after quarter. The Eskilstuna central warehouse is reaching the efficiency level set for it resulting in significant improvements in our end-to-end supply chain efficiency. 

The demand for local and sustainable products continues to rise and in April we announced that we acquired full ownership of Premium Pet Food Suomi Oy in Lieto, Finland, our joint venture premium pet food manufacturing business. The transaction allows us to deepen our commitment to sustainably produced products given the manufacturing facility is optimized for raw material supply as the majority of ingredients come from local producers.  We are excited about the possibilities this transaction brings to us; 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.  It supports our strategy perfectly.

I am very pleased with the progress we are making. Our ability to combine a growing portfolio of products, services and advice into convenient propositions for Pet Parents is a key enabler of how we consistently outgrow the markets in which we operate. We would not have been able to support our customers and achieve such strong results without the dedication and skill of our incredible team.

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.  So, 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 our customers and their pets. 

Musti Group has a resilient business model, and the Nordic societies are well positioned to weather the challenging economic conditions. The Q2 and H1 results demonstrate this, and we remain on track to achieve our stated financial targets.

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 4 May 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, 4 May 2023

Board of Directors

The information in the Half-Year Financial Report is unaudited.

Further information:

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

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

Essi Nikitin, Head of IR and Communications, tel +358 50 581 1455


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 391 million in the financial year 2022. At the end of the financial year 2022, the company had 1,587 employees, 1.5 million loyal customers and 335 stores.


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