Musti Group Interim Report Q3 2026
Musti Group plc Interim Report 1 January – 30 September 2026
Musti Group Plc | Stock Exchange Release | November 05, 2026 at 08:30:00 EET
Musti Delivers Strong Growth with Improving Margins
July – September 2026
- Group net sales totaled EUR 149.9 (127.3) million, an increase of 17.7% (14.2%). The net sales increased in all markets.
- Like-for-like sales growth was 5.6% (2.3%). The growth was solid in all markets.
- The acquisition of ZU increased net sales by EUR 9.8 million.
- The gross margin improved to 44.6% (44.3%) mainly driven by the increased share of production of own brand food in the own factory.
- Adjusted EBITDA was EUR 20.6 (16.9) million and adjusted EBITDA margin was 13.7% (13.3%) which was attributable to both by improved net sales and scalability of the business.
- Adjusted EBITA increased to EUR 8.4 (6.6) million and adjusted EBITA margin was 5.6% (5.2%).
- Net cash flow from operating activities was EUR 27.4 (13.1) million which was attributable especially to the improved profitability and to decreased net working capital.
- Operating result was EUR 3.6 (2.5) million, result for the period totaled EUR 0.1 (0.2) million, earnings per share, basic was EUR 0.00 (0.01).
- Number of locations grew to 542 (425), including stores and veterinary clinics.
- Total number of customers grew to 1,886 (1,839) thousand*.
January – September 2026
- Group net sales totaled EUR 427.0 (368.9) million, an increase of 15.8% (14.3%). The growth was strong especially in Norway.
- Like-for-like sales growth was 3.9% (3.4%), growth in all segments.
- The acquisition of ZU increased net sales by EUR 27.0 million.
- The gross margin improved to 44.3% (43.5%) mainly driven by investments made in gross margin during last year, especially the increased share of production of own brand food in the own factory
- Adjusted EBITDA increased to EUR 48.9 (42.6) million and adjusted EBITDA margin was 11.4% (11.5%).
- Adjusted EBITA was EUR 13.2 (12.0) million and adjusted EBITA margin was 3.1% (3.2%).
- Net cash flow from operating activities was EUR 41.6 (43.1) million which was driven by improved profitability, offset by the timing effects of the net working capital.
- Operating result was EUR 0.4 (2.9) million, result for the period totaled EUR -7.7 (-4.2) million, earnings per share, basic was EUR -0.23 (-0.13).
*The number of customers is excluding Baltics and ZU. The calculation method of the total number of customers was refined in Q1/26; consequently, the comparison period's figure were restated to align with the new calculation method.
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 calendar year.
“The third quarter shows that our strategy is delivering: 17.7% sales growth with 21.9% adjusted EBITDA growth, positive like-for-like sales in every market and improving margins. We are growing faster than the market while building an increasingly scalable business.” – David Rönnberg, Musti Group CEO
In the third quarter, Musti Group's net sales increased by 17.7% to EUR 149.9 (127.3) million. Like-for-like sales grew by 5.6% (2.3%), with solid growth in all markets. The acquisition of ZU in Portugal contributed EUR 9.8 million, and growth excluding the acquisition was 10.0%. Our gross margin strengthened to 44.6% (44.3%), driven by a higher share of own brand food produced in our own factory. Adjusted EBITDA increased by 21.9% to EUR 20.6 (16.9) million, a margin of 13.7% (13.3%).
Cash flow was a clear highlight of the quarter. Net cash flow from operating activities more than doubled to EUR 27.4 (13.1) million, driven by improved profitability and EUR 11.0 million positive impact from net working capital. For January–September, operating cash flow was EUR 41.6 (43.1) million, reflecting the improved profitability but offset by timing of working capital.
We are starting to feel a tailwind in our core Nordic markets. Retail volumes are picking up in Sweden and Finland, and Swedish puppy registrations are now back to pre-Covid levels after five slow years. At the same time, we are winning more customers, and existing customers are spending more: member growth combined with an increase in share of wallet has delivered Nordic growth of around 9% year to date, powered by a steadily growing share of Foodie members.
Sweden grew by 11.8%, with like-for-like growth of 7.2% (-2.5%), and the adjusted EBITA margin rose to 13.0% (12.0%). Norway grew by 22.2% and improved its adjusted EBITA margin to 15.6% (11.2%). This year we celebrate ten years in Norway – a true proof of the Musti concept – with 97 locations, around 26% market share and annual sales of around EUR 100 million. In Finland, sales and profits were held back by the change of our e-commerce platform during the period, which temporarily affected online sales. Despite this, Finland grew by 3.4% and improved its adjusted EBITA margin to 20.6% (19.5%). New Markets more than doubled net sales to EUR 19.2 (8.7) million. The Baltics are now fully integrated and powered by the Musti toolbox, with own brands above 30% of sales.
Market share development gives us a long runway for growth in the Nordics. Finland, where we hold our highest market share at 40%, shows what the Musti concept can achieve, and the potential for Sweden and Norway to gain market share towards Finnish levels is substantial. Year-on-year, we have increased our market share in Sweden from 26.6% to 29.9%, a relative increase of over 12.4%, and we are seeing similar positive trends in Norway. Our goal is, over time, to reach as high market share in Sweden and Norway as in Finland.
2026 has been an intense year of structural projects to prepare the company for further scale, and we are investing in all parts of the organization to build momentum for the coming years. We have opened 45 new locations this year, including a new partnership with ICA in Sweden that entails further co-located stores in the near future. Our own factory now produces 70% of Musti-branded food and we are ramping up wet food capacity. Our central warehouse in Eskilstuna is operating at its best-ever efficiency after heavy investments in packing automatizations, and one of our major platform projects, new POS, will soon be fully implemented.
With a clear strategy, market-leading positions and an improving market, we are well positioned to keep gaining market share and improving profitability. To all our team members: thank you for your outstanding commitment.
David Rönnberg
CEO
Key figures
| EUR million or as indicated | 7–9/2026 | 7–9/2025 | Change % | YTD 2026 | YTD 2025 | Change % | FY2025 |
| Net sales | 149.9 | 127.3 | 17.7% | 427.0 | 368.9 | 15.8% | 508.9 |
| Net sales growth, % | 17.7% | 14.2% | 15.8% | 14.3% | 14.4% | ||
| LFL sales growth, % | 5.6% | 2.3% | 3.9% | 3.4% | 3.3% | ||
| LFL offline sales growth, % | 4.9% | 2.8% | 3.8% | 3.2% | 3.2% | ||
| Online share, % | 21.0% | 22.4% | 21.7% | 23.2% | 22.9% | ||
| Gross margin, % | 44.6% | 44.3% | 44.3% | 43.5% | 44.0% | ||
| EBITDA | 17.8 | 14.5 | 22.8% | 42.2 | 38.4 | 9.7% | 54.9 |
| EBITDA margin, % | 11.9% | 11.4% | 9.9% | 10.4% | 10.8% | ||
| Adjusted EBITDA | 20.6 | 16.9 | 21.9% | 48.9 | 42.6 | 14.8% | 62.0 |
| Adjusted EBITDA margin, % | 13.7% | 13.3% | 11.4% | 11.5% | 12.2% | ||
| EBITA | 5.6 | 4.2 | 35.0% | 6.5 | 7.8 | -17.2% | 13.5 |
| EBITA margin, % | 3.8% | 3.3% | 1.5% | 2.1% | 2.7% | ||
| Adjusted EBITA | 8.4 | 6.6 | 28.3% | 13.2 | 12.0 | 10.3% | 20.6 |
| Adjusted EBITA margin, % | 5.6% | 5.2% | 3.1% | 3.2% | 4.0% | ||
| Operating result | 3.6 | 2.5 | 42.7% | 0.4 | 2.9 | -85.7% | 6.8 |
| Operating result margin, % | 2.4% | 2.0% | 0.1% | 0.8% | 1.3% | ||
| Profit/loss for the period | 0.1 | 0.2 | -23.7% | -7.7 | -4.2 | -3.7 | |
| Earnings per share, basic, EUR | 0.00 | 0.01 | -28.3% | -0.23 | -0.13 | -0.11 | |
| Net cash flow from operating activities | 27.4 | 13.1 | 109.2% | 41.6 | 43.1 | -3.7% | 66.6 |
| Investments in tangible and intangible assets | 6.7 | 4.2 | 59.9% | 21.5 | 16.1 | 33.1% | 21.7 |
| Net debt / LTM adjusted EBITDA | 3.5 | 3.3 | 6.5% | 3.5 | 3.3 | 6.5% | 3.4 |
| Total number of customers, thousand* | 1,886 | 1,839 | 2.6% | 1,886 | 1,839 | 2.6% | 1,844 |
| Number of locations at the end of the period | 542 | 425 | 27.5% | 542 | 425 | 27.5% | 497 |
| of which directly operated | 541 | 423 | 27.9% | 541 | 423 | 27.9% | 495 |
*The number of customers is excluding Baltics and ZU. The calculation method of the total number of customers was refined in Q1/26; consequently, the comparison periods’ figures were restated to align with the new calculation method.
Helsinki 5 November 2026
Board of Directors
The information in this Interim Report is unaudited.
Further Information:
David Rönnberg, CEO, tel. +46 70 896 6552
Robert Berglund, CFO, tel. +358 50 534 8657