Musti Group grows sales 14.3% as market rebounds

Musti Group’s net sales rose 14.3% year-on-year to €241.5 million ($263 million) from January to June 2025, with growth recorded across all its markets.

The acquisition of Pet City in the Baltics also contributed to an increase in net sales by €17.3 million ($18.9M).

Store sales rose 17% to €180.1 million ($196.3M), supported by 7 new store openings. Like-for-like store sales grew 3.4% in the first 6 months of 2025.

Q2 insights 

The Nordic pet player hit net sales of €121.7 million ($132.7M) in the second quarter of the year, a rise of 17%.

The Pet City transaction generated €8.8 million ($9.6M) in net sales. Excluding new markets, growth was 8.5%.

“Q2 was a very positive period for Musti. Strong sales growth underpinned market share gains, extending our leadership in a rebounding market,” says David Rönnberg, CEO of Musti Group. “Following a long period of low to flat underlying market growth, we are seeing evidence of a market turnaround, and we’re focused on capitalizing on this in all segments.” 

Store performance rebounded, with like-for-like sales rising 5.9% after a steep decline in the same quarter of the previous year. This was supported by 6 new store openings and the acquisition of 1 third-party location.

Online performance 

Online sales increased 7.4% to €57 million ($62.1M) in H1 2025, with like-for-like growth of 5.8%. E-commerce accounted for 23.6% of total net sales.

The total number of customers, excluding the Baltics, rose 0.2% to 1.853 million, with a rolling 12-month average spend per loyal customer of €218.30 ($238), up from €212.10 ($231) in H1 2024.

From April to June, online sales increased 8.3% to €28.2 million ($30.7M), with a like-for-like growth rate of 4.9%. However, the e-commerce share of total sales dipped slightly year-over-year.

Market breakdown 

Musti in Finland reported a 3.9% increase in net sales to €95.1 million ($103.7M) in H1 2025. Growth was driven by Q2, during which sales rose by 6% to €47.7 million ($52M).

Sweden reported a 5.3% increase in net sales to €90.2 million ($98.3 million), driven by new stores and 1 third-party acquisition. Q2 sales rose 7.8% to €45.4 million ($49.5M). SEK currency tailwinds added €2.6 million ($2.8M). However, adjusted earnings before interest, taxes and amortization (EBITA) declined 15.2% to €8.3 million ($9.1M), impacted by weak consumer sentiment and fixed cost pressures. 

Norway’s net sales climbed 14.4% to €38.9 million ($42.4M), including a 16.9% increase in Q2 to €19.8 million ($21.6M). Like-for-like growth and new store ramp-ups supported this performance. Adjusted EBITA rose 7.4% to €4.6 million ($5.0M), while Q2 EBITA surged 31.9% to €3.0 million ($3.3M), driven by margin gains and operating leverage.  

The Baltic market continued integration activities after acquiring Pet City in November 2024. While these efforts in H1 2025 still weighed down sales and earnings, Q2 showed early signs of improvement. However, performance remained challenged by weak consumer demand in the Baltic region.

4% growth

Musti Group anticipates a gradual return to pre-pandemic growth levels of approximately 4%, supported by stabilizing pet population trends and improving consumer fundamentals.

“The number of puppies and kittens that have been a drag on growth after COVID-related peak levels are stabilizing and returning to long-term averages,” says Rönnberg.

“The pet care market is driven by a long-term structural trend called pet parenting, the growing tendency to treat pets as family members,” he adds. “This continues to drive premiumization and humanization as consumers invest more in higher quality nutrition, broader product ranges and pet services.”

Macroeconomic forecasts also suggest a recovery in consumer spending across the Nordics, driven by improved GDP growth, lower interest rates and rising wages.