Musti Group Plc (0A3B), the leading Nordic pet care retailer, reported third-quarter net sales of EUR 149.9 million for the period July to September 2026, a 17.7% increase year-on-year, in an interim report released on 5 November 2026. Like-for-like sales growth accelerated to 5.6% across all markets, while adjusted EBITDA rose 21.9% to EUR 20.6 million. The results highlight the growing contribution of Musti's own-brand food factory and its ZU acquisition in Portugal, both of which are supporting margin improvement across the group's omnichannel operations spanning Finland, Sweden, Norway and the Baltics.

Key Points

  • Musti Group Plc (0A3B) — leading Nordic pet care retailer operating across Finland, Sweden, Norway, the Baltics and Portugal
  • Q3 2026 group net sales reached EUR 149.9 million, up 17.7%, with like-for-like growth of 5.6% in all markets
  • ZU acquisition contributed EUR 9.8 million to Q3 net sales; group now operates 542 locations including veterinary clinics
  • Investors may be watching the year-to-date net loss of EUR 7.7 million against improving quarterly operating trends

ZU Acquisition and Own-Brand Food Production Fuel Musti's Q3 Net Sales Rise to EUR 149.9 Million

Musti Group's third-quarter net sales growth of 17.7% was driven by both organic performance and inorganic contribution. The acquisition of ZU in Portugal added EUR 9.8 million, while growth excluding the acquisition stood at 10.0%. The group's gross margin improved to 44.6% from 44.3% in the prior-year quarter, with the announcement attributing the gain primarily to a higher share of own-brand food produced in Musti's own factory, which now manufactures 70% of Musti-branded food. The number of locations grew to 542 from 425 a year earlier, incorporating stores and veterinary clinics across seven markets.

Norway Grows 22.2% and Sweden Market Share Rises from 26.6% to 29.9% Year-on-Year

Country-level performance was broadly positive. Norway delivered net sales growth of 22.2% and improved its adjusted EBITA margin to 15.6% from 11.2%, marking ten years of Musti's presence in the market with approximately 97 locations and around 26% market share. Sweden grew by 11.8%, with like-for-like growth of 7.2%, and its market share increased from 26.6% to 29.9% year-on-year. Finland grew by 3.4% despite a temporary disruption from an e-commerce platform migration, and New Markets more than doubled net sales to EUR 19.2 million from EUR 8.7 million, with the Baltics now fully integrated.

Operating Cash Flow More Than Doubles to EUR 27.4 Million in Q3 on Profitability and Working Capital Improvement

Net cash flow from operating activities reached EUR 27.4 million in Q3 2026, compared with EUR 13.1 million in the same period a year earlier, representing a 109.2% increase. The announcement attributes this improvement to stronger profitability and a EUR 11.0 million positive impact from net working capital. For the nine months to September 2026, operating cash flow was EUR 41.6 million against EUR 43.1 million in the prior period, with timing effects on working capital partially offsetting the profitability gains. Net debt to last-twelve-months adjusted EBITDA stood at 3.5 times at the quarter end.

Year-to-Date Net Loss Widens to EUR 7.7 Million as Structural Investment Costs Weigh on Full-Period Results

Despite the strong quarterly trading performance, Musti Group's nine-month result showed a net loss of EUR 7.7 million, widening from a loss of EUR 4.2 million in the equivalent period of 2025. Basic earnings per share for the year to date stood at EUR -0.23. The announcement notes that 2026 has involved significant structural investment, including 45 new location openings, a new ICA partnership in Sweden, warehouse automation in Eskilstuna, and a new point-of-sale platform nearing full implementation. Total customers grew to 1,886 thousand, excluding the Baltics and ZU operations, up from 1,839 thousand a year earlier.