Musti grows sales 15.6% as expansion keeps pressure on earnings

Musti Group said first-quarter 2026 net sales rose 15.6% year over year to €138.5 million, helped by strong performance in Norway and the December 2025 acquisition of Portuguese pet retailer ZU, which added €8.4 million in quarterly sales. The Nordic pet care company’s footprint reached 513 locations, including stores and veterinary clinics, while its new-markets segment, which includes the Baltics and Portugal, contributed €17.0 million in sales. But the company still posted a wider net loss of €3.8 million, versus €3.5 million a year earlier, as it continued to invest in growth initiatives, including online and ERP platforms, logistics, and assortment optimization. (mustigroup.com)

Why it matters: For veterinary professionals, the update shows how large pet retail groups are continuing to tie veterinary services to broader omnichannel expansion. Musti now says it operates 513 locations across its markets, and its Portugal business alone includes 68 retail stores, 24 of them with veterinary clinics. The company has also been building in Norway, where it entered the veterinary market in January 2025 through a stake in Petrus Veterinærer, while Q1 sales in Norway climbed 25.5%. That suggests veterinary care remains part of Musti’s long-term market strategy, even as profitability is still being pressured by integration and infrastructure spending. (mustigroup.com)

What to watch: Watch whether ZU integration and Musti’s broader platform investments start translating into stronger earnings later in 2026, as the company says benefits from the Portugal deal are expected toward year-end. (mustigroup.com)