Net sales grew 14.6% year-over-year to EUR 140.0 million in Q4, with full-year sales reaching EUR 508.9 million, driven by strong performance in Norway, Finland, and acquisitions in the Baltics and Portugal.
Adjusted EBITDA for Q4 was EUR 19.5 million (13.9% margin), with full-year Adjusted EBITDA at EUR 62.6 million, though the margin declined due to higher operating expenses.
The group ended the year with 497 locations, including 54 vet clinics and 173 spas, and a customer base of 1.87 million.
Market share increased in all countries, with Norway showing standout growth and new markets contributing 9% of sales.
Integration of Pet City (Baltics) and ZU (Portugal) expanded the group’s footprint and supported growth.
Q4 net sales reached EUR 140.0 million, up 14.6% year-over-year; like-for-like sales up 2.8%.
Gross margin improved to 45.1% in Q4, supported by a higher share of own and exclusive brands.
Adjusted EBITDA for Q4 was EUR 19.5 million, with full-year Adjusted EBITDA at EUR 62.6 million.
Operating cash flow for Q4 was EUR 23.4 million, and full-year net cash flow from operating activities was EUR 66.6 million.
Ended the year with EUR 16.2 million in cash and cash equivalents.
Plans to open more than 50 new stores in the coming year, expanding into new markets and leveraging the Musti concept.
Expansion in the Baltics and Portugal, with ongoing integration of recent acquisitions expected to improve profitability.
The pet care market is expected to return to long-term growth of 4% in 2026, with profits reinvested in growth and no dividend proposed for 2025.
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