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1. BASIS OF PREPARATION
This section presents the accounting principles applied by the Group for the part that they are not
presented in other notes. These principles have been applied consistently for all the periods under
review, unless otherwise stated. The notes contain the relevant financial information as well as a
description of the accounting policies and key estimates and judgements applied for the topics of the
individual note.
How should I read the accounting principles of the Musti Group?
The accounting principles used for the financial statements of Musti Group are described at the
beginning of each note to help understand each area of the financial statements. The following table
summarizes the notes to each accounting policy and the relevant IFRS standard related to the note.
Accounting principle
Note
IFRS standard
Segment information and net sales
2.1 Segment information and net sales
IFRS 8, IFRS 15
Employee benefits and share-based 2.3 Operating expenses IAS 19, IFRS 2
payments 2.4 Share-based payments
Business combinations
3.1 Business combinations
IFRS 3
Intangible assets
3.2 Intangible assets,
IAS 36, IAS 38
3.3 Group goodwill and impairment testing
Associated companies
3.4 Associated companies
IAS 28
Property, plant and equipment
3.5 Property, plant and equipment
IAS 16, IAS 36
Leases
3.6 Leases
IFRS 16
Inventories
4.1 Inventories
IAS 2
Financial assets and liabilities
5.2 Financial assets and liabilities
IAS 32, IFRS 7, IFRS 9, IFRS 13
Financial risk management
5.1 Financial risk management
IAS 32, IFRS 7, IFRS 9, IFRS 13
Operating leases
5.3 Commitments and contingent liabilities
IAS 37
Equity
5.6 Shareholders' equity
IAS 1
Related party transactions
6.1 Related party transactions
IAS 24
Taxes
6.2 Taxes
IAS 12
1.2 Accounting principles These consolidated financial statements of Musti Group have been prepared on a going concern basis for the financial year 2025 covering the period from 1 January to 31 December 2025. Musti Group\u2019s financial year was changed to calendar year during 2024, and therefore the comparison period covers 15 months. Financial year was from 1 October to 30 September prior to the change. Due to the extended comparison period, the amounts presented in the financial statements are not entirely comparable. Musti Group\u2019s consolidated financial statements have been prepared in compliance with the International Financial Reporting Standards (IFRS) adopted in the European Union, including IAS and IFRS standards and their SIC and IFRIC interpretations in effect on 31 December 2025. In the Finnish Accounting Act and ordinances based on its provisions, IFRS refer to the standards and their interpretations adopted for application in the EU in accordance with the procedures as set in regulation (EC) No 1606/2002. The notes to the consolidated financial statements also satisfy the requirements of the Finnish accounting and corporate legislation that complements the IFRS standards. Consolidated financial statements are presented in thousand euros and figures have been rounded to the nearest thousand, and due to this, the total sum of the presented individual figures may differ from the presented total sum. The consolidated financial statements have been prepared based on initial acquisition costs, except for financial instruments described later that are measured at fair value through profit and loss. The company\u2019s operating currency is euro, which is also the company\u2019s and the Group\u2019s reporting currency. Translation of items in foreign currencies The items in the financial statements of the Group companies are valued in the currency of each company\u2019s main economical operating environment (operating currency). The figures presented in the consolidated financial statements are in thousand euros, unless stated otherwise. Transactions conducted in foreign currencies are converted to the operating currency using exchange rates prevailing on the transaction date. Exchange rate gains and losses arising from payments related to these transactions and conversion of monetary assets and liabilities nominated in foreign currencies using the exchange rates prevailing at the end of the period are recognized through profit and loss. In the consolidated financial statements, the profit and loss statements of the foreign subsidiaries have been converted into euros using the average rate of the financial year, and the balance sheet items have been translated using the exchange rates prevailing on the balance sheet date. The translation differences arising from subsidiary net investments and non-current subsidiary loans without agreed settlement dates are recognized through Other Comprehensive Income (OCI) to cumulative translation adjustments under equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-278": { "value": "1.1 General information Musti Group plc\u2019s line of business is retail sales of pet products in Finland, Sweden, Norway, Baltics and Portugal. Furthermore, the Group provides pet wellbeing services as well as veterinary services. The Group\u2019s parent company is Musti Group plc, domiciled in Helsinki, Finland, and its registered address is M\u00e4kitorpantie 3 B, FI-00620 Helsinki, Finland. The parent company\u2019s shares are listed on Nasdaq OMX Helsinki Stock Exchange. A copy of the consolidated financial statements is available at the Group\u2019s website www.mustigroup.com or at the company\u2019s headquarters M\u00e4kitorpantie 3 B, FI-00620 Helsinki, Finland. Musti Group\u2019s ultimate parent company is Efanor Investimentos, SGPS, S.E, registered in Portugal. The Board of Directors of Musti Group plc has approved the financial statements for publication on 30 March 2026. Under the Finnish Limited Liability Companies Act, the shareholders may accept or reject the financial statement in the shareholders\u2019 Annual General Meeting held after the publication. The Annual General Meeting is also entitled to amend the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-279": { "value": "Musti Group plc\u2019s line of business is retail sales of pet products in Finland, Sweden, Norway, Baltics and Portugal. Furthermore, the Group provides pet wellbeing services as well as veterinary services.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-280": { "value": "Musti Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-281": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-282": { "value": "Helsinki", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-283": { "value": "Finland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-284": { "value": "M\u00e4kitorpantie 3 B, FI-00620 Helsinki", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-285": { "value": "Helsinki", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-286": { "value": "Musti Group\u2019s ultimate parent company is Efanor Investimentos, SGPS, S.E, registered in Portugal. ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-287": { "value": "The Board of Directors of Musti Group plc has approved the financial statements for publication on 30 March 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-288": { "value": "1.2 Accounting principles These consolidated financial statements of Musti Group have been prepared on a going concern basis for the financial year 2025 covering the period from 1 January to 31 December 2025. Musti Group\u2019s financial year was changed to calendar year during 2024, and therefore the comparison period covers 15 months. Financial year was from 1 October to 30 September prior to the change. Due to the extended comparison period, the amounts presented in the financial statements are not entirely comparable. Musti Group\u2019s consolidated financial statements have been prepared in compliance with the International Financial Reporting Standards (IFRS) adopted in the European Union, including IAS and IFRS standards and their SIC and IFRIC interpretations in effect on 31 December 2025. In the Finnish Accounting Act and ordinances based on its provisions, IFRS refer to the standards and their interpretations adopted for application in the EU in accordance with the procedures as set in regulation (EC) No 1606/2002. The notes to the consolidated financial statements also satisfy the requirements of the Finnish accounting and corporate legislation that complements the IFRS standards. Consolidated financial statements are presented in thousand euros and figures have been rounded to the nearest thousand, and due to this, the total sum of the presented individual figures may differ from the presented total sum. The consolidated financial statements have been prepared based on initial acquisition costs, except for financial instruments described later that are measured at fair value through profit and loss. The company\u2019s operating currency is euro, which is also the company\u2019s and the Group\u2019s reporting currency. Translation of items in foreign currencies The items in the financial statements of the Group companies are valued in the currency of each company\u2019s main economical operating environment (operating currency). The figures presented in the consolidated financial statements are in thousand euros, unless stated otherwise. Transactions conducted in foreign currencies are converted to the operating currency using exchange rates prevailing on the transaction date. Exchange rate gains and losses arising from payments related to these transactions and conversion of monetary assets and liabilities nominated in foreign currencies using the exchange rates prevailing at the end of the period are recognized through profit and loss. In the consolidated financial statements, the profit and loss statements of the foreign subsidiaries have been converted into euros using the average rate of the financial year, and the balance sheet items have been translated using the exchange rates prevailing on the balance sheet date. The translation differences arising from subsidiary net investments and non-current subsidiary loans without agreed settlement dates are recognized through Other Comprehensive Income (OCI) to cumulative translation adjustments under equity. Subsidiaries Companies controlled by the Group are subsidiaries. Control exists when the Group has more than half of the voting rights of a subsidiary or otherwise exerts control over the subsidiary. The Group controls a company when it is exposed, or has rights, to variable returns from its involvement with the company and can affect those returns through its power over the company. Subsidiaries are consolidated from the date on which the Group gains control .
Mutual shareholding is eliminated by using the acquisition cost method. The cost of assets acquired
is determined based on the fair value of the acquired assets as at the acquisition date, the issued equity
instruments and liabilities resulting from or assumed on the date of the exchange transaction. The
identifiable assets, liabilities and contingent liabilities acquired are measured at the fair value at the
acquisition date, gross of non-controlling interest.
Intragroup transactions, receivables and payables, unrealized profits and internal distributions of
profits are eliminated. The financial statements of the subsidiaries are adjusted to comply with the
accounting principles applied by the company, if necessary.
Financial year of the Group\u2019s subsidiaries is calendar year except for the Baltic, Pet City companies
where the financial year for 2025 was 1 May \u2013 31 December 2025 due to timing of the acquisition.
Pet City companies have been consolidated as of December 2024. The financial years of the Baltic
subsidiaries were changed to align with the Group\u2019s financial year, resulting in a shortened financial year
for 2025. Prior to the change, the financial years were 1 May \u2013 30 April.
Associated companies Associates are entities in which the Group has a significant influence but not control or joint control. A holding of 20% or more of the voting power (directly or through subsidiaries) will indicate significant influence unless it can be clearly demonstrated otherwise. Investments in associates are accounted for using the equity method, and on initial recognition, they are recognized at cost. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. The Group\u2019s share of profits or losses of the associate is recognized as a separate item. Musti Group has one associated company, a Norwegian veterinary service provider Petrus Veterin\u00e6rer AS, of which the Group holds 40% of the shares and voting rights. In addition, the Group has two seats in the Board of Directors. Due to these factors, Musti\u2019s influence in the company is significant. to which the entity expects to be entitled for those goods or services. IFRS 15 principles are applied using the following five-step model: 1. Identify the contract with a customer 2. Identify the performance obligations in the contract 3. Determine the transaction price 4. Allocate the transaction price to the performance obligations in the contract 5. Recognise revenue The standard requires the entity to exercise judgement when applying the five-step model to contracts with its customers. When exercising judgement, material facts and circumstances used for determining if the performance obligation has been satisfied and the revenue is to be recognized are taken into consideration. Significant determinations based on the management\u2019s judgement Musti Group\u2019s management has applied significant judgement in connection with the right to return products and the loyalty club bonuses. The amount of the consideration to which Musti Group expects to be entitled may vary based on the above-mentioned sub-areas. These sub-areas, that are subject to the management\u2019s judgement, are addressed more in detail in the section for recognition below. Sales of goods and revenue recognition (stores, online and franchising stores) Majority of the Group\u2019s sales revenue originates from retail sales of goods in its stores. The goods sold in the stores comprise pet food and accessories. The sales are mainly carried out in cash or using credits cards, and the revenue from the sales of goods is recognized at the time of transfer when the customer gains control of the goods. Customers may also purchase gift cards and use them for paying goods in the stores. At the time of selling a gift card, Musti Group recognizes a corresponding liability in its balance sheet. Sales revenue is recognized when the customer uses the gift card. Revenue from orders made online and sales to franchising partners is recognized when all products related to the order have been delivered to the customer or the franchising partner, and control of the goods is transferred to the buyer at a specific moment of time. A liability is recorded on the goods in transit delivered from online stores. The provision on goods in transit is included in the contractual liabilities. Adjusted EBITA 46,586 29,052 12,965 -193 -50,457 3 7,9 5 3 Amortization and impairment of intangible assets -7,347 Operating profit 16,218 Financial income 10,096 Financial expenses -18,161 Profit before taxes 8,152 Income tax expense -1,433 Profit/loss for the period 6,719 *Net sales include sales of products and services to external customers. There are no internal net sales between the segments. Revenue recognition Accounting principles IFRS 15 establishes a five-step model that is applied to the amount and timing of recognition of sales revenue. Under the standard, revenue is recognized when the entity satisfies its performance obligation, meaning that the customer obtains control of the goods or services. Control is transferred either over time or at a certain moment, and the revenue is recognized in an amount that reflects the consideration
Revenue from contract manufacturing of pet food is recognized at the time of transfer when the
customer gains control of the goods.
Net sales are measured at the fair value of the consideration received or to be received. Net sales
include proceeds from the sales of goods and franchising fees at the price which the company expect s
to receive adjusted with the indirect taxes, actual and estimated product returns, campaign discounts ,
Loyalty club bonuses and indirect taxes, as well as translation differences from sales in foreign
currencies.
Contingent considerations: right to return products
Goods sold directly to consumers in stores and online include a right to return products within a
period of 14 days in Finland and 30 days in Sweden and Norway. In the Baltic countries, the customers
have a right to return the purchases within 14 days. Net sales are adjusted by the expected number of
returns. For more information of the return policy, see Note 4.3 Trade and other liabilities. In addition, a
customer may receive a discount, for example, in the form of campaign discounts.
For the right to return products, Musti Group estimates the amount of the consideration that it is
entitled to receive against the transfer of promised goods to the customer.
Musti Group includes in the transaction price the estimated amount of the contingent consideratio n
only to the extent that it is very likely that the recognized sales revenue is not required to be reversed
significantly when the uncertainty related to the contingent consideration ceases to exist at a later
moment of time. Musti Group estimates the contingent consideration based on the most likely amoun t
of money.
Franchising fees
Musti Group carries out franchising operations in Sweden, the franchising fees are based on an upfro nt
fee and a fee based on the franchising stores net sales. Fees related to franchising agreements are
recognized over time.
Sales of services and revenue recognition
Musti Group provides welfare, veterinary and trimming services. A customer benefits from these
services when it is provided, and as such, the revenue is recognized over time when Musti Group
satisfies its performance obligation.
Customer loyalty programs The group companies operate loyalty programs where the members accrue bonuses from their purchases made in the stores. The net sales of these companies are adjusted with the customer refunds in the loyalty program as a part of the sales transaction. Simultaneously, accrued liability on bonus is recognized on the balance sheet. Corresponding sales in recognized when the customer refunds are used, or they expire. The expected refunds of the loyalty program bonuses are based on historical information. Musti updates the estimate quarterly. Contractual amounts recorded in balance sheet The Group recognizes in trade receivables the expected considerations to which it is entitled when goods are transferred, or services provided to a customer before the customer pays the consideration (see Note 4.2 Trade and other receivables). Correspondingly, a liability is presented in Note 4.3 Trade and other liabilities when a customer pays the consideration before the goods are transferred or services provided to the customer. In addition, the contractual liabilities include liabilities related to gift cards, Loyalty club bonuses, right to return products and goods in transit. Accounting principles Other operating income includes income that does not relate to the income from regular sales operations. Other operating income includes, among others, received marketing contributions and subsidies, insurance compensations, capital gains on fixed assets and rental income. Premises 12,893 13,704 Maintenance, IT and equipment expense 16,456 10,790 Sales and marketing 21,815 24,547 Travel costs 2,252 2,468 Voluntary staff expenses 2,890 3,516 Other business expense* 14,443 25,769 Total 70,748 80,793 *Other expenses include, among other, expenses related to the administration and the support functions of the company. Auditor\u00b4s fees EUR thousand 1 Jan - 31 Dec 2025 1 Oct 2023 - 31 Dec 2024 Ernst &Young Audit fees 394 505 Sustainability reporting assurance 69 0 Other received contribution 215 298 Other items 897 75 Total 6,030 5,602 2.3 Other operating expenses Accounting principles Other operating expenses include other expenses than cost of goods sold. The main items included in the other operating expenses relate to personnel costs, sales, marketing and premises. All Musti Group\u2019s pension plans are defined contribution plans. In defined contribution plans, the Group pays fixed contributions to the pension insurances. The Group does not have legal or factual obligations to pay any additional amounts, if the insurance does not include sufficient assets for paying to all employees all benefits based on their service during the present and previous financial periods. Accounting principles The fair value of share-based payments is measured on the day which the share-based payment plan is agreed upon between the counterparties and will be recognized as an expense over the vesting period. The settlement, if the set targets are met, is a combination of shares and cash. The component settled in shares is recognized in shareholders\u2019 equity and the payment settled in cash in liabilities. However, for awards with net settlement features, the cash-settled component for withholding tax payment is treated as equity-settled and recognized in shareholders\u2019 equity. At each statement of financial position date, the Group revises its estimates of the number of shares that are expected to be distributed. The impact of the revision of the original estimates, are recognized in the statement of income.
Accounting principles
Acquired subsidiaries and businesses are consolidated in the consolidated financial statements from
the date when Musti Group gained control over the acquired entity. Acquisition cost method is applied
to the business combinations. The consideration transferred in the acquisition of a subsidiary includes
the fair value of the transferred assets, incurred liabilities towards the previous owners of the acquired
entity and the shares issued by the Group. Transferred consideration also includes the fair value of the
asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired
and identifiable liabilities assumed in business combinations are initially valued at the fair value on the
acquisition date. The identifiable assets include both tangible and intangible assets, such as customer
relations, brands and technology.
Expenses related to the acquisitions are recognized when they incur, and they are presented in the
profit and loss statement in other operating expenses.
Goodwill Goodwill arises from the acquisition of subsidiaries, and it corresponds to the amount that the acquisition consideration exceeds the fair value of identifiable net assets. Goodwill acquired in business combinations is allocated for impairment testing to the cash generating units that are expected to gain benefit from the synergies created by the combination. Goodwill is allocated to the unit at the company\u2019s lowest level where the goodwill is monitored internally for the management purposes. Goodwill is reviewed for impairment annually or whenever events or changes in circumstances indicate to a possible impairment. The carrying amount of the cash-generating unit including goodw il l is compared to the recoverable amount that is higher of the value in use or the fair value net of sellin g expenses. Possible impairment is recognized as an expense with immediate effect, and it will not be reversed later. Other intangible assets Other intangible assets include developments costs related to webstores, software and information technology, as well as licenses and customer relations. Intangible assets are recorded in the balance sheet when the accounting requirements of IAS 38 standard are satisfied. Intangible assets with a limited useful life are valued in the original acquisition cost and they are amortised with the straight- line method over their estimated useful life. Intangible assets are amortised over 3-10 years. Intangib le assets with indefinite useful life are not amortised but tested annually for impairment. Except for goodwill, Musti Group does not have intangible assets with indefinite useful life. 3.4 Associated companies Companies where the Group has a significant influence, to participate in the financial and operating policy decisions but not control or joint control them, are treated as associated companies. The Group has one associated company, a Norwegian veterinary service provider Petrus Veterin\u00e6rer AS, of which the Group\u2019s share of the voting rights and shares is 40%. The investment made in Petrus Veterin\u00e6rer AS was accounted for using the equity method and it was recognized at cost including translation difference arising from the translation of the investment to euros. Post-acquisition movements are adjusted against the carrying amount of the investment. In addition, the Group\u2019s share of profits or losses of the associated company is recognized as a separate item on the consolidated statement of income. The Group did not recognize any share of profits or losses of the associated company in the comparison period since the acquisition took place close to the end of the financial year in December 2024.
Accounting principles
Property, plant and equipment are presented at acquisition cost less depreciation and potential
impairment losses. Subsequent costs are included in the carrying amount when they can be measured
reliably, and there is an economic benefit to the company.
Significant leasehold improvements are included in the asset\u2019s carrying amount or are separated as
a separate asset when it is probable that they will be economically useful in the future and the costs
incurred can be distinguished from normal repair and maintenance costs.
Buildings and structures, machinery and equipment as well as other tangible assets are depreciated
over their useful lives. Useful lives are based on estimates of the period over which the assets will
generate revenue. Depreciation is recognized on a straight-line basis based on the cost of the assets
and estimated useful lives. Impairment tests for depreciable non-current assets are performed if there
are indications of impairment at the balance sheet date. Depreciation is not recognized on land, except
for leased land, as the useful life is considered indefinite.
Useful lives of the asset\u2019s categories are:
\u2022 Buildings and structures 30 years
\u2022 Machinery and equipment 3-7 years
\u2022 Right-of-use assets (IFRS 16 Leases) 3-15 years
\u2022 Renewal and refurbishment investments in lease premises 5-10 years
The Group estimates on each balance sheet date, if there is any indication that an asset may be
impaired. If such indication exists, the relevant asset is tested for impairment. The impairment test
estimates the asset\u2019s recoverable amount.
The recoverable amount is higher of an asset\u2019s fair value after selling costs and its value in use. If the
recoverable amount cannot be determined on the asset level, the need for impairment is estimated at
the level of the smallest cash generating unit that is for its main parts independent from other units and
has cash flows that can be separated from the cash flows of other similar units.
Right-of-use assets Musti Group recognizes a right-of-use asset and a lease liability on the date when the agreement comes into effect, excluding short-term lease agreements and leases of low value assets (see the next page). The right-of-use asset is initially measured at cost, and it includes the initial valuation of the lease liability, the lease amounts paid by the date when the agreement comes into effect net of any incentives received in connection with the lease agreement, any initial direct costs incurred to Musti Group and an estimate on costs that will incur to Musti Group from reversal and removal of the asset or the remediation of the premises to the condition defined in the lease agreement. Lease liability Musti Group determines the value of the lease liability on the date when the lease agreement comes into effect. The value of the lease liability includes payments that have not been paid on the date when the lease agreement comes into effect, including fixed payments, variable rents linked to an index or a price level, execution price of an call option, if it is reasonably certain that Musti Group will exercise the option, and payment of sanctions resulting from termination of the lease, if the term of the lease takes into account that Musti Group will exercise the option to terminate the lease. Musti Group uses the minimum rents specified in the lease agreement for estimating the fixed payments. The non-lease components are separated from the lease payments when they can be determined reliably. Musti Group also has lease agreements that include variable payments determined based on net sales. Only minimum payments have been included in the lease liability for such agreements, and variable payments based on the net sales are measured as a cost in the profit and loss statement for the period when they incur. Lease liability is remeasured when the lease term or lease payments are amended. Musti Group uses the interest rate for additional loans for determining the interest rate of the lease liability, as no internal interest rates for the lease agreements are available.
Short-term agreements and leases of low value assets
Musti Group recognizes in its profit and loss statement any lease payments on short-term leases with
a term of 12 months or less, as well as on lease agreements where leased asset is of low value. Leases
for low value assets are agreements where the leased asset would cost less than EUR 5,000 if it were
purchased as new. The expenses from such agreements are presented in this Note below.
Sublease agreements
Musti Group has subleased intra-group commodities relating to store premises and fixtures. They have
no impact on the consolidated figures.
Accounting principles
Musti Group\u2019s inventories are measured at the lower of cost and net realisable value. Net realisable
value is the estimated selling price in the ordinary course of business less direct costs necessary to
make the sale.
The acquisition cost of inventory is determined using the FIFO method. The acquisition cost comprises
all costs incurred from delivering the inventory to the location and condition at time of the review.
Inventory is recognized as a cost for the same period when the corresponding sales is recognized.
Impairment and obsolescence of inventory are recorded as costs at the time they incur. In addition,
Musti Group records continuously a provision for losses on the inventory.
A possible reversal of a write-down is recognized in the period in which the change in value is
recognized.
Accounting principles
Trade receivables are receivables resulting from selling products or providing services to customers
in the ordinary course of business. Receivables that are expected to be paid within one year from the
end of the financial year are classified as current assets. Otherwise, they are presented as non-current
assets. Trade receivables usually fall due within 14 or 30 days, and as such, all of them are classified as
current assets. Note 5.1 describes principles applied to impairment of trade and other receivables, as
well as other accounting principles applied to them.
Other receivables mainly comprise prepayments and accrued income generated in the ordinary
course of the Group\u2019s business.
The Group\u2019s receivables are financial assets not included in the derivatives with fixed or determined
payments that are not quoted on active markets. They are included in the current assets, except for
items maturing over 12 months after the end of the reporting period. Group\u2019s receivables consist of
\u2018Trade and other receivables\u2019 and \u2018Cash and cash equivalents\u2019.
Accounting principles
Trade payables are payment obligations towards suppliers and service providers arising from products
and services acquired in the ordinary course of business. Trade payables are classified as current liabilities
if they fall due for payment within one year from the balance sheet date. Trade payables are initially
measured at fair value, and subsequently at amortized cost using the effective interest rate method. Trade
and other payables are classified as other financial liabilities and measured at amortized cost.
Customers are entitled to return their purchases within 14 days in Finland and Baltics, and within 30
days in Sweden and Norway. For products sold, that have a repayment period at the end of the financial
year, an obligation is recorded as a corresponding contractual liability. Contractual liability includes all
costs incurred in settling an existing obligation. The management estimates the amount of this liability
based on previous claims and any recent developments indicating that the number of claims may differ
from the previous claims in the future. For online sales, products in transit result in a contractual liability.
Accounting principles
Musti Group classifies financial assets and liabilities according to IFRS 9 based on the cash flow
properties of the contracts related to them and their original purpose of use in line with the business
model at the time of the acquisition. The classification is changed only if the business model applied
in the investment activities is amended. Financial assets or liabilities are presented as a non-current
item, if the remaining maturity is over 12 months from the end of the period, and as a current item if
the remaining maturity is under 12 months from the end of period. Financial assets and liabilities are
classified as follows:
Under IFRS 9, financial assets are classified into the following categories:
I. financial assets at amortized cost
II. financial assets at fair value through profit and loss
III. financial assets at fair value through other comprehensive income
Financial assets
Financial assets and amortized cost
Financial assets are classified as financial assets at amortized cost if the following criteria are met:
I. the financial asset is held to generate cash flows based on the business model; and
II. the cash flows are contractual capital returns and interest accrued on the capital.
Financial assets at amortized cost are valued using the effective interest rate method. Impairment is
considered in the valuation. Gains and losses are recognized though profit and loss when the financial
asset is reclassified or changed or its value decreases. Interest income is recognized in finance income.
Financial assets at amortized cost include term deposits, interest-bearing loans and other
receivables, trade receivables and non-interest-bearing receivables.
Expected credit loss under IFRS 9 impacts the valuation of financial assets at amortized cost. Musti
Group applies to the valuation of trade receivables the simplified model under IFRS 9 where a provision
for credit losses is recognized in the trade receivables based on the expected credit losses. See Note 5.1
Financial risk management.
Financial assets at fair value through profit and loss
Financial assets at fair value through profit and loss are financial assets acquired for trading purposes.
Financial assets at fair value through profit and loss are derivatives not eligible for hedge accounting.
Changes in fair value, as well as profit and loss in connection derecognition, are presented in the profit
and loss statement.
Financial assets at fair value through other comprehensive income
Financial assets are classified as financial assets at fair value through other comprehensive income,
if the following criteria are met:
I. according to the business model, the financial asset is held to generate cash flows based on
a contract or it is available for sale; and
II. the cash flows are contractual capital returns and interest accrued on the capital.
Financial liabilities
Under IFRS 9, financial liabilities are classified into the following categories:
I. financial liabilities at amortized cost
II. financial liabilities at fair value through profit and loss
Financial liabilities at amortized cost
Musti Group\u2019s loans from financial institutions, commercial papers and trade and other payables are
recognized at the time on acquisition at fair value net of transaction costs. Loans are subsequently
measured using the effective interest rate method. The interest expenses of the loans are recorded
in the profit and loss statement. Trade and other payables are non-interest-bearing current unpaid
payables.
Financial liabilities at fair value through profit and loss
Financial liabilities at fair value through profit and loss are financial liabilities acquired for trading
purposes.
Financial liabilities measured at fair value through profit and loss are derivatives not eligible for
hedge accounting. Changes in fair value, as well as profit and loss in connection derecognition, are
presented in the profit and loss statement.
Accounting principles
Derivatives are initially recorded at their fair value on the date of the contract, and they are
subsequently valued at their fair value. Derivatives are classified as instruments held for trading and
recorded at fair value through profit and loss.
The Group utilizes derivatives for hedging operative exchange risks and interest rate risk. The
company does not apply hedge accounting.
Accounting principle The Group\u2019s equity includes instruments that evidences a residual interest in the assets of an entity after deducting all its liabilities and contains no contractual obligation for the issuer to deliver cash or other financial asset to another entity. Costs that relate to the issue or repurchase of own equity instruments are recognized as a deduction in equity. All company shares are reported as share capital. Any repurchase of its own shares by the company is deducted from equity. The total equity consists of the share capital, the invested unrestricted equity reserve, translation differences and retained earnings.
Earnings per share
The basic earnings per share figure is calculated by dividing the result for the financial year attributable
to the parent company\u2019s shareholders by the weighted average number of shares outstanding during
the financial year. When calculating the earnings per share adjusted by dilution, the weighted average
of the number of shares takes into account the diluting effect resulting from changing into shares all
potentially diluting shares.
Invested unrestricted equity reserve Under the Finnish Companies Act, the subscription price of new shares is credited to the share capital, unless it is provided in the share issue resolution that it is to be credited in full or in part to the invested unrestricted equity reserve. Contributions to the reserve for invested unrestricted equity can also be made without share issues. Translation differences Translation differences arising on the translation of subsidiaries\u2019 financial statements into euros are recognized in other comprehensive income and accumulated in equity.
6.1 Related party transactions
Parties are considered to be related if one party has the ability to control or exercise significant
influence on the other party, or if the parties exercise joint control in making financial and operating
decisions. Musti Group\u2019s related parties include its subsidiaries, the parent company of the Sonae
Group and its subsidiaries, the Board of Directors and the members of the management team, including
the CEO, as well as their family members and entities controlled by these individuals.
Related party transactions are executed with the arm\u2019s length principle, and their terms and
conditions correspond to transactions carried out with independent parties.
Accounting principles
net profits on an accrual basis, prior period tax adjustments and changes in deferred taxes. The Group
companies\u2019 taxes have been calculated from the taxable income of each company determined by
local jurisdiction. The country of registration of each group company is presented in Note 1.4 Group
information.
Accounting policy
Deferred tax assets and liabilities are recognized on all temporary differences arising between the tax
bases and carrying amounts of assets and liabilities. The most significant temporary differences arise
from right-of-use assets and corresponding liabilities. Deferred tax liability has not been calculated on
goodwill insofar as goodwill is not tax deductible. Deferred tax on subsidiaries\u2019 undistributed earnings
is not recognized unless a distribution of earnings is probable, causing tax implications. A deferred
income tax asset is recognized to the extent that it is probable that it can be utilized against future
taxable income.
Deferred tax has been determined using the tax rates enacted at the balance sheet date, and as the
rates changed, at the known new rate. A deferred income tax asset is recognized to the extent that
it is probable that it can be utilized against future taxable income. The Group\u2019s deferred income tax
assets and liabilities are offset when they relate to income taxes levied by the same taxation authority.
Deferred taxes relating to IFRS 16 right-of-use assets and lease liabilities have been netted on the
consolidated balance sheet but in the specification of the changes below, the gross amounts to the
deferred taxes have been presented.
Determinations based on the management\u2019s judgement
Determining to which extent deferred tax assets can be recognized requires management\u2019s judgement.
The management of Musti Group has used judgement when determining if deferred tax asset is
recognized for an unused tax loss carry forward or unused tax credits. Recognition is done only to
the extent that it is probable that future taxable profits will be available against which the loss or
credit carry forward can be utilized. The Group estimates positions taken in tax return with respect
to situations in which applicable tax regulation is subject to interpretation. If necessary, the booked
amounts are adjusted to correspond to amounts expected to be paid to the tax authorities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-289": { "value": "Musti Group\u2019s financial year was changed to calendar year during 2024, and therefore the comparison period covers 15 months. Financial year was from 1 October to 30 September prior to the change. Due to the extended comparison period, the amounts presented in the financial statements are not entirely comparable", "dimensions": { "concept": "ifrs-full:DescriptionOfReasonWhyFinancialStatementsAreNotEntirelyComparable", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-290": { "value": "Musti Group\u2019s consolidated financial statements have been prepared in compliance with the International Financial Reporting Standards (IFRS) adopted in the European Union, including IAS and IFRS standards and their SIC and IFRIC interpretations in effect on 31 December 2025. In the Finnish Accounting Act and ordinances based on its provisions, IFRS refer to the standards and their interpretations adopted for application in the EU in accordance with the procedures as set in regulation (EC) No 1606/2002. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-291": { "value": "
Translation of items in foreign currencies
The items in the financial statements of the Group companies are valued in the currency of each
company\u2019s main economical operating environment (operating currency). The figures presented in the
consolidated financial statements are in thousand euros, unless stated otherwise.
Transactions conducted in foreign currencies are converted to the operating currency using
exchange rates prevailing on the transaction date. Exchange rate gains and losses arising from
payments related to these transactions and conversion of monetary assets and liabilities nominated in
foreign currencies using the exchange rates prevailing at the end of the period are recognized through
profit and loss.
In the consolidated financial statements, the profit and loss statements of the foreign subsidiaries
have been converted into euros using the average rate of the financial year, and the balance sheet items
have been translated using the exchange rates prevailing on the balance sheet date. The translation
differences arising from subsidiary net investments and non-current subsidiary loans without agreed
settlement dates are recognized through Other Comprehensive Income (OCI) to cumulative translation
adjustments under equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-292": { "value": "1.3 Material accounting estimates and determinations based on the management\u2019s judgement The Group\u2019s material accounting principles are mainly described in the note that relates to the matter in question. Preparation of Musti Group\u2019s consolidated financial statements require estimates, judgement and assumptions that may impact the application of the accounting principles and the amounts presented in the balance sheet as at its date. In addition, they impact on the amount of income and costs recognized for the financial year. The actual amounts may differ from previous estimates and determinations based on the management\u2019s judgement. The estimates and determinations based on management\u2019s judgement are reviewed regularly. Changes in accounting estimates are recognized for the period when the estimate was adjusted, as well as for all subsequent periods. Sources of uncertainty and determinations based on the management\u2019s judgement, which have been identified in the Group and are deemed to satisfy these criteria, are presented in connection with the items that are deemed to be affected by them. The table below sets forth the most significant situations where estimates or the management\u2019s judgement have been applied, as well as references to their descriptions.
Accounting estimates and management judgement
Note
Net sales and contractual liabilities
2.1 and 4.3
Business combinations
3.1
Goodwill impairment
3.3
Inventory valuation
4.1
Leases
3.6
Share-based payments
2.4
Deferred taxes
6.2
Significant determinations based on the management\u2019s judgement
Musti Group\u2019s management has applied significant judgement in connection with the right to return
products and the loyalty club bonuses. The amount of the consideration to which Musti Group expects
to be entitled may vary based on the above-mentioned sub-areas. These sub-areas, that are subject to
the management\u2019s judgement, are addressed more in detail in the section for recognition below.
Sales of goods and revenue recognition (stores, online and franchising stores)
Majority of the Group\u2019s sales revenue originates from retail sales of goods in its stores. The goods sold
in the stores comprise pet food and accessories. The sales are mainly carried out in cash or using credits
cards, and the revenue from the sales of goods is recognized at the time of transfer when the customer
gains control of the goods.
Customers may also purchase gift cards and use them for paying goods in the stores. At the time of
selling a gift card, Musti Group recognizes a corresponding liability in its balance sheet. Sales revenue is
recognized when the customer uses the gift card.
Revenue from orders made online and sales to franchising partners is recognized when all products
related to the order have been delivered to the customer or the franchising partner, and control of the
goods is transferred to the buyer at a specific moment of time. A liability is recorded on the goods in transit
delivered from online stores. The provision on goods in transit is included in the contractual liabilities.
Revenue from contract manufacturing of pet food is recognized at the time of transfer when the customer gains control of the goods. Net sales are measured at the fair value of the consideration received or to be received. Net sales include proceeds from the sales of goods and franchising fees at the price which the company expect s to receive adjusted with the indirect taxes, actual and estimated product returns, campaign discounts , Loyalty club bonuses and indirect taxes, as well as translation differences from sales in foreign currencies. Contingent considerations: right to return products Goods sold directly to consumers in stores and online include a right to return products within a period of 14 days in Finland and 30 days in Sweden and Norway. In the Baltic countries, the customers have a right to return the purchases within 14 days. Net sales are adjusted by the expected number of returns. For more information of the return policy, see Note 4.3 Trade and other liabilities. In addition, a customer may receive a discount, for example, in the form of campaign discounts. For the right to return products, Musti Group estimates the amount of the consideration that it is entitled to receive against the transfer of promised goods to the customer. Musti Group includes in the transaction price the estimated amount of the contingent consideratio n only to the extent that it is very likely that the recognized sales revenue is not required to be reversed significantly when the uncertainty related to the contingent consideration ceases to exist at a later moment of time. Musti Group estimates the contingent consideration based on the most likely amoun t of money.
Customer loyalty programs
The group companies operate loyalty programs where the members accrue bonuses from their
purchases made in the stores. The net sales of these companies are adjusted with the customer refunds
in the loyalty program as a part of the sales transaction. Simultaneously, accrued liability on bonus is
recognized on the balance sheet. Corresponding sales in recognized when the customer refunds are
used, or they expire. The expected refunds of the loyalty program bonuses are based on historical
information. Musti updates the estimate quarterly.
Significant determinations based on management\u2019s judgement At each balance sheet date, the management revises its estimates for the number of shares that are expected to vest. As part of its evaluation, Musti Group considers the expected turnover of the personnel benefiting from the incentive plan and other pertinent information impacting the number of shares to be vested. In addition, the measurement of the fair value for the arrangement and the parameters used in the measurement of the fair value requires judgement from the management.
Accounting estimates and the management\u2019s judgement
Net assets acquired in business combinations are measured at fair value. The fair value of acquired net
assets is determined based on the market value of similar assets (tangible fixed assets) or an estimate
of the expected cash flows (intangible assets). The valuation is based on the current repurchase
values, expected cash flows or estimated selling prices, and it requires management\u2019s judgement
and assumptions. The management believes that the estimates and assumptions used are sufficiently
reliable for determination of the fair value.
The management uses significant estimates and determinations based on judgement for deciding the level where goodwill is allocated, as well as for determining whether there are indications of impairment of goodwill. The recoverable amount of a cash generating unit is determined based on value-in-use calculations requiring estimates. The calculations use cash flow projections based on budgets and financial estimates approved by management covering a five-year period. Cash flow forecasts are based on the Group\u2019s actual results and the management\u2019s best estimates on future sales, cost development, general market conditions and applicable tax rates. Cash flows beyond the five-year period are extrapolated using the estimated growth rates. The growth rates are based on the management\u2019s prudent estimates on future growth in the business. Management tests the impacts of changes in significant estimates used in forecasts by sensitivity analyses as described in this Note. To carry out impairment testing, the management monitors goodwill at the level of Finland, Sweden, Norway and Baltics which are considered as the cash generating units (CGU). The CGU level is based on how the management follows the operative business. The recoverable amounts of the cash generating units are based on value in-use determined by discounted future net cash flows by the CGU.
The management uses judgement for estimating the term of lease agreements with an option for
extension, termination or acquisition. When Musti Group is reasonably certain that the option for
extension, termination or acquisition will be exercised, the option is considered in the determination
of the lease period. If the exercise of the option is uncertain, the option is not included in the
determination of the lease term, right-of-use asset or lease liability.
The management uses judgement for estimating the term of lease agreements in effect until further
notice. The management\u2019s estimates are based on the company\u2019s strategic situation and market
conditions, as well the costs that would incur if the leased commodity would be replaced by another
commodity.
Determination of the interest rate for additional credit also requires management\u2019s judgement. The
interest rate for additional credit is determined based on the Group\u2019s financing agreements considering
the fluctuation of risk-free interest in each country. The company applies single discounting rate for the
portfolio comprising lease agreements with similar characteristics.
Determinations based on the management\u2019s judgement Determining to which extent deferred tax assets can be recognized requires management\u2019s judgement. The management of Musti Group has used judgement when determining if deferred tax asset is recognized for an unused tax loss carry forward or unused tax credits. Recognition is done only to the extent that it is probable that future taxable profits will be available against which the loss or credit carry forward can be utilized. The Group estimates positions taken in tax return with respect to situations in which applicable tax regulation is subject to interpretation. If necessary, the booked amounts are adjusted to correspond to amounts expected to be paid to the tax authorities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-293": { "value": "1.4 Group information The following note summarizes the general accounting principles, as well as the principles and accompanying notes relating to the consolidation of a group. The consolidation package includes notes to help you understand the overall structure of the group and its computing environment. The notes provide information on the classification of holdings and the principles of consolidation. The table below sets forth details of the parent company and the Group\u2019s subsidiaries as of 31 December 2025. Unless stated otherwise, their entire share capital consists of shares held directly by the Group, and the ownership share corresponds to the voting rights of the Group. The registration country of the companies is also their main operating area. Subsidiaries Companies controlled by the Group are subsidiaries. Control exists when the Group has more than half of the voting rights of a subsidiary or otherwise exerts control over the subsidiary. The Group controls a company when it is exposed, or has rights, to variable returns from its involvement with the company and can affect those returns through its power over the company. Subsidiaries are consolidated from the date on which the Group gains control . Mutual shareholding is eliminated by using the acquisition cost method. The cost of assets acquired is determined based on the fair value of the acquired assets as at the acquisition date, the issued equity instruments and liabilities resulting from or assumed on the date of the exchange transaction. The identifiable assets, liabilities and contingent liabilities acquired are measured at the fair value at the acquisition date, gross of non-controlling interest. Intragroup transactions, receivables and payables, unrealized profits and internal distributions of profits are eliminated. The financial statements of the subsidiaries are adjusted to comply with the accounting principles applied by the company, if necessary. Financial year of the Group\u2019s subsidiaries is calendar year except for the Baltic, Pet City companies where the financial year for 2025 was 1 May \u2013 31 December 2025 due to timing of the acquisition. Pet City companies have been consolidated as of December 2024. The financial years of the Baltic subsidiaries were changed to align with the Group\u2019s financial year, resulting in a shortened financial year for 2025. Prior to the change, the financial years were 1 May \u2013 30 April. Subsidiaries
Country of origin
Group ownership, %
Musti Group Nordic Oy
Finland
100.0
Musti ja Mirri Oy
Finland
100.0
Peten Koiratarvike Oy
Finland
100.0
Premium Pet Food Suomi Oy
Finland
100.0
Arken Zoo Syd AB
Sweden
100.0
Arken Zoo Holding AB
Sweden
100.0
Arken Zoo AB
Sweden
100.0
Zoo Support Scandinavia AB
Sweden
100.0
Djurfriskv\u00e5rd Falun AB
Sweden
70.0
Ninas V\u00e4rld Arninge AB
Sweden
70.0
Musti Norge AS
Norway
100.0
Pet City O\u00dc
Estonia
100.0
Eesti Veterinaaria Kliinikum O\u00dc
Estonia
100.0
SIA Pet City
Latvia
100.0
UAB Pet City
Lithuania
100.0
UAB Pet City Klinika
Lithuania
100.0
Zu, Produtos e Servi\u00e7os para Animais, S.A.
Portugal
100.0
Associated companies Associates are entities in which the Group has a significant influence but not control or joint control. A holding of 20% or more of the voting power (directly or through subsidiaries) will indicate significant influence unless it can be clearly demonstrated otherwise. Investments in associates are accounted for using the equity method, and on initial recognition, they are recognized at cost. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. The Group\u2019s share of profits or losses of the associate is recognized as a separate item. Musti Group has one associated company, a Norwegian veterinary service provider Petrus Veterin\u00e6rer AS, of which the Group holds 40% of the shares and voting rights. In addition, the Group has two seats in the Board of Directors. Due to these factors, Musti\u2019s influence in the company is significant. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-294": { "value": "Subsidiaries Companies controlled by the Group are subsidiaries. Control exists when the Group has more than half of the voting rights of a subsidiary or otherwise exerts control over the subsidiary. The Group controls a company when it is exposed, or has rights, to variable returns from its involvement with the company and can affect those returns through its power over the company. Subsidiaries are consolidated from the date on which the Group gains control Mutual shareholding is eliminated by using the acquisition cost method. The cost of assets acquired is determined based on the fair value of the acquired assets as at the acquisition date, the issued equity instruments and liabilities resulting from or assumed on the date of the exchange transaction. The identifiable assets, liabilities and contingent liabilities acquired are measured at the fair value at the acquisition date, gross of non-controlling interest. Intragroup transactions, receivables and payables, unrealized profits and internal distributions of profits are eliminated. The financial statements of the subsidiaries are adjusted to comply with the accounting principles applied by the company, if necessary. Financial year of the Group\u2019s subsidiaries is calendar year except for the Baltic, Pet City companies where the financial year for 2025 was 1 May \u2013 31 December 2025 due to timing of the acquisition. Pet City companies have been consolidated as of December 2024. The financial years of the Baltic subsidiaries were changed to align with the Group\u2019s financial year, resulting in a shortened financial year for 2025. Prior to the change, the financial years were 1 May \u2013 30 April. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-295": { "value": "
Subsidiaries
Country of origin
Group ownership, %
Musti Group Nordic Oy
Finland
100.0
Musti ja Mirri Oy
Finland
100.0
Peten Koiratarvike Oy
Finland
100.0
Premium Pet Food Suomi Oy
Finland
100.0
Arken Zoo Syd AB
Sweden
100.0
Arken Zoo Holding AB
Sweden
100.0
Arken Zoo AB
Sweden
100.0
Zoo Support Scandinavia AB
Sweden
100.0
Djurfriskv\u00e5rd Falun AB
Sweden
70.0
Ninas V\u00e4rld Arninge AB
Sweden
70.0
Musti Norge AS
Norway
100.0
Pet City O\u00dc
Estonia
100.0
Eesti Veterinaaria Kliinikum O\u00dc
Estonia
100.0
SIA Pet City
Latvia
100.0
UAB Pet City
Lithuania
100.0
UAB Pet City Klinika
Lithuania
100.0
Zu, Produtos e Servi\u00e7os para Animais, S.A.
Portugal
100.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-296": { "value": "1.5 New and amended IFRS standards and IFRIC interpretations Amendments and annual improvements to IFRS standards Musti Group has applied amendments and annual improvements to IFRS standards effective from the beginning of January 2025. Amendments and annual improvements have not had a significant impact on the financial statements. The Group will apply the new or amended standards as they become effective. Musti Group estimates that IFRS standards or IFRIC interpretations that are published at the time when these financial statements have been prepared and will become effective in the future, will not have a material impact on the Group\u2019s financial statements except for the new IFRS 18 standard which will be applied for reporting periods beginning on or after 1 January 2027. The new standard focuses on presentation and disclosure in financial statements, and it will replace IAS 1. IFRS 18 will have a material impact on Musti Group\u2019s financial statements, because it will change the classification of the financial items on", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-297": { "value": "Associates are entities in which the Group has a significant influence but not control or joint control. A holding of 20% or more of the voting power (directly or through subsidiaries) will indicate significant influence unless it can be clearly demonstrated otherwise. Investments in associates are accounted for using the equity method, and on initial recognition, they are recognized at cost. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. The Group\u2019s share of profits or losses of the associate is recognized as a separate item.
Companies where the Group has a significant influence, to participate in the financial and operating
policy decisions but not control or joint control them, are treated as associated companies. The Group
has one associated company, a Norwegian veterinary service provider Petrus Veterin\u00e6rer AS, of which
the Group\u2019s share of the voting rights and shares is 40%.
The investment made in Petrus Veterin\u00e6rer AS was accounted for using the equity method and it
was recognized at cost including translation difference arising from the translation of the investment
to euros. Post-acquisition movements are adjusted against the carrying amount of the investment. In
addition, the Group\u2019s share of profits or losses of the associated company is recognized as a separate
item on the consolidated statement of income. The Group did not recognize any share of profits or
losses of the associated company in the comparison period since the acquisition took place close to the
end of the financial year in December 2024.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-298": { "value": "Musti Group has one associated company, a Norwegian veterinary service provider Petrus Veterin\u00e6rer AS, of which the Group holds 40% of the shares and voting rights. 3.4 Associated companies Companies where the Group has a significant influence, to participate in the financial and operating policy decisions but not control or joint control them, are treated as associated companies. The Group has one associated company, a Norwegian veterinary service provider Petrus Veterin\u00e6rer AS, of which the Group\u2019s share of the voting rights and shares is 40%. The investment made in Petrus Veterin\u00e6rer AS was accounted for using the equity method and it was recognized at cost including translation difference arising from the translation of the investment to euros. Post-acquisition movements are adjusted against the carrying amount of the investment. In addition, the Group\u2019s share of profits or losses of the associated company is recognized as a separate item on the consolidated statement of income. The Group did not recognize any share of profits or losses of the associated company in the comparison period since the acquisition took place close to the end of the financial year in December 2024. Summarized financial information in respect of the associated company is set out in the following table:
Summarized balance sheet
EUR thousand
31 Dec 2025
Total non-current assets
392
Current assets
Cash
1,503
Other current assets
170
Total current assets
1,673
Total assets
2,065
Non-current liabilities
Financial liabilities
109
Total non-current liabilities
109
Current liabilities
Financial liabilities
76
Other liabilities
261
Total current liabilities
338
Total liabilities
447
Equity
1,618
Group\u2019s share of equity
647
Summarised statement of profit or loss
EUR thousand
1 Jan - 31 Dec 2025
Net sales
1,282
Cost of sales
-233
Personnel and other operating expenses
-1 510
Depreciation and amortisation
-77
Financial income and expenses
-12
Result for the year
-550
Group\u2019s share of the result
-220
Changes in the carrying amount of the associated company
EUR thousand
31 Dec 2025
Book value at the beginning of the financial year
1,967
Additions
0
Share of result
-220
Translation differences
-6
Book value at the end of the financial year
1,741
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-299": { "value": "2.1 Segment reporting and net sales Reporting segment Musti Group\u2019s reporting segments are primarily based on geographical regions where Finland, Sweden and Norway are separated to individual operating segments based on how the chief operating decision-maker monitors the business operations. In addition, the management monitors new market areas separately, for which the new operating and reporting segment, New Markets, was formed in the end of 2024. Currently the segment comprises of the Baltic countries and Portugal. In other items, Musti Group reports the Group functions, including the operations of the headquarters, the central warehouse and production. Segment information is reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker is the Group\u2019s Management Team, including the CEO. The Management Team is responsible for allocation of resources and reviewing performance, considering its composition and active involvement in material strategic and operative decision-making. The net sales of the reporting segments are derived from retail sales, as well as franchising sales and wholesales in Finland, Sweden, Norway, Baltics and Portugal. Online sales of Vetzoo is reported fully under Sweden. Country directors of the geographical regions are responsible for their business area, and they are members of the Group\u2019s Management Team. Decisions on the offering, product pricing and marketing measures are determined at the country level. The business needs vary among the countries, as their maturity is very different. Finland is a very stable and mature market; Sweden is growing, and Norway is still in growth phase, and as such, their investment needs and profitability differ significantly from each other. Musti Group entered the Baltic markets in the late 2024 and in Portugal in the late 2025. The Group\u2019s Management Team reviews the results of the segments based on net sales, adjusted EBITDA and operating profit before amortisation of intangible assets (EBITA). Transactions outside the scope of the ordinary course of business is treated as items impacting comparability, and they are allocated to the segments. For other parts, the management monitors performance in accordance with IFRS. Financial income and expenses are not allocated to the segments, as the Group Treasury manages
the Group\u2019s cash and cash equivalents and financial liabilities. Similarly, share of profits in associated
companies and income taxes are not allocated to the segments.
The Group does not allocate balance sheet items to the segments in the management reports, and as
such, they are not allocated to segments on this note.
The geographical distribution of the Group\u2019s non-current assets:
EUR thousand 31 Dec 2025 31 Dec 2024
Finland
39,752
34,639
Sweden
50,593
44,043
Norway
8,736
8,603
Baltic countries
3,294
3,040
Portugal
6,218
-
Segments 2025
EUR thousand Finland Sweden Norway
New
markets
Group
functions Group
Net sales* 197,850 187,864 84,727 38,414 0 508,855
% split of net sales between segment 39% 37% 17% 8% 0% 100%
EBITDA 47,1 8 4 33,083 18,216 3,497 - 4 7,0 7 5 54,905
Adjustments 86 23 0 95 6,910 7,114
Adjusted EBITDA 47,270 33,1 06 18,216 3,592 -40,165 62,019
Depreciation and impairment of right-of
use assets and tangible assets -12,106 -13,016 -6,839 -4,756 -4,697 -41,413
EBITA 35,079 20,067 11,377 -1,259 -51,773 13,491
Adjustments 86 23 0 95 6,910 7,114
Adjusted EBITA 35,164 20,090 11,377 -1,163 -44,862 20,605
Amortization and impairment of
intangible assets -6,654
Operating profit 6,838
Financial income 9,584
Financial expenses -19,563
Profit before taxes -3,140
Income tax expense -577
Profit/loss for the period -3,718
*Net sales include sales of products and services to external customers. There are no internal net sales between the segments.
Segments 2024
New Group
EUR thousand
Finland
Sweden
Norway
markets
functions
Group
Net sales*
242,087
224,212
91,11 0
3,1 62
0
560,571
% split of net sales between segment
43%
40%
16%
1%
0%
100%
EBITDA
60,646
43,805
20,554
183
- 5 7,947
6 7, 2 41
Adjustments
539
182
79
0
13,588
14,388
Adjusted EBITDA
61,185
43,987
20,633
183
-44,359
81,629
Depreciation and impairment of right-of
use assets and tangible assets
-14,600
-14,935
-7,669
-376
-6,097
-43,676
EBITA
46,047
28,870
12,886
-193
-64,045
23,565
Adjustments
539
182
79
0
13,588
14,388
Adjusted EBITA
46,586
29,052
12,965
-193
-50,457
3 7,9 5 3
Amortization and impairment of
intangible assets
-7,347
Operating profit
16,218
Financial income
10,096
Financial expenses
-18,161
Profit before taxes
8,152
Income tax expense
-1,433
Profit/loss for the period
6,719
*Net sales include sales of products and services to external customers. There are no internal net sales between the segments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-300": { "value": "Reporting segment Musti Group\u2019s reporting segments are primarily based on geographical regions where Finland, Sweden and Norway are separated to individual operating segments based on how the chief operating decision-maker monitors the business operations. In addition, the management monitors new market areas separately, for which the new operating and reporting segment, New Markets, was formed in the end of 2024. Currently the segment comprises of the Baltic countries and Portugal. In other items, Musti Group reports the Group functions, including the operations of the headquarters, the central warehouse and production. Segment information is reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker is the Group\u2019s Management Team, including the CEO. The Management Team is responsible for allocation of resources and reviewing performance, considering its composition and active involvement in material strategic and operative decision-making. The net sales of the reporting segments are derived from retail sales, as well as franchising sales and wholesales in Finland, Sweden, Norway, Baltics and Portugal. Online sales of Vetzoo is reported fully under Sweden. Country directors of the geographical regions are responsible for their business area, and they are members of the Group\u2019s Management Team. Decisions on the offering, product pricing and marketing measures are determined at the country level. The business needs vary among the countries, as their maturity is very different. Finland is a very stable and mature market; Sweden is growing, and Norway is still in growth phase, and as such, their investment needs and profitability differ significantly from each other. Musti Group entered the Baltic markets in the late 2024 and in Portugal in the late 2025. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-301": { "value": "Revenue recognition Accounting principles IFRS 15 establishes a five-step model that is applied to the amount and timing of recognition of sales revenue. Under the standard, revenue is recognized when the entity satisfies its performance obligation, meaning that the customer obtains control of the goods or services. Control is transferred either over time or at a certain moment, and the revenue is recognized in an amount that reflects the consideration to which the entity expects to be entitled for those goods or services. IFRS 15 principles are applied using the following five-step model: 1. Identify the contract with a customer 2. Identify the performance obligations in the contract 3. Determine the transaction price 4. Allocate the transaction price to the performance obligations in the contract 5. Recognise revenue The standard requires the entity to exercise judgement when applying the five-step model to contracts with its customers. When exercising judgement, material facts and circumstances used for determining if the performance obligation has been satisfied and the revenue is to be recognized are taken into consideration. Significant determinations based on the management\u2019s judgement Musti Group\u2019s management has applied significant judgement in connection with the right to return products and the loyalty club bonuses. The amount of the consideration to which Musti Group expects to be entitled may vary based on the above-mentioned sub-areas. These sub-areas, that are subject to the management\u2019s judgement, are addressed more in detail in the section for recognition below. Sales of goods and revenue recognition (stores, online and franchising stores) Majority of the Group\u2019s sales revenue originates from retail sales of goods in its stores. The goods sold in the stores comprise pet food and accessories. The sales are mainly carried out in cash or using credits cards, and the revenue from the sales of goods is recognized at the time of transfer when the customer gains control of the goods. Customers may also purchase gift cards and use them for paying goods in the stores. At the time of selling a gift card, Musti Group recognizes a corresponding liability in its balance sheet. Sales revenue is recognized when the customer uses the gift card. Revenue from orders made online and sales to franchising partners is recognized when all products related to the order have been delivered to the customer or the franchising partner, and control of the goods is transferred to the buyer at a specific moment of time. A liability is recorded on the goods in transit delivered from online stores. The provision on goods in transit is included in the contractual liabilities. Revenue from contract manufacturing of pet food is recognized at the time of transfer when the customer gains control of the goods. Net sales are measured at the fair value of the consideration received or to be received. Net sales include proceeds from the sales of goods and franchising fees at the price which the company expect s to receive adjusted with the indirect taxes, actual and estimated product returns, campaign discounts , Loyalty club bonuses and indirect taxes, as well as translation differences from sales in foreign currencies. Contingent considerations: right to return products Goods sold directly to consumers in stores and online include a right to return products within a period of 14 days in Finland and 30 days in Sweden and Norway. In the Baltic countries, the customers have a right to return the purchases within 14 days. Net sales are adjusted by the expected number of returns. For more information of the return policy, see Note 4.3 Trade and other liabilities. In addition, a customer may receive a discount, for example, in the form of campaign discounts. For the right to return products, Musti Group estimates the amount of the consideration that it is entitled to receive against the transfer of promised goods to the customer. Musti Group includes in the transaction price the estimated amount of the contingent consideratio n only to the extent that it is very likely that the recognized sales revenue is not required to be reversed significantly when the uncertainty related to the contingent consideration ceases to exist at a later moment of time. Musti Group estimates the contingent consideration based on the most likely amoun t of money. Franchising fees Musti Group carries out franchising operations in Sweden, the franchising fees are based on an upfro nt fee and a fee based on the franchising stores net sales. Fees related to franchising agreements are recognized over time. Sales of services and revenue recognition Musti Group provides welfare, veterinary and trimming services. A customer benefits from these services when it is provided, and as such, the revenue is recognized over time when Musti Group satisfies its performance obligation. Net sales by channel
EUR thousand
1 Jan - 31 Dec 2025
%
1 Oct 2023 - 31 Dec 2024
%
Store sales
383,904
75.4
413,169
73.7
Online sales
116,443
22.9
136,359
24.3
Other sales
8,508
1.7
11,044
2.0
Total
508,855
100.0
560,571
100.0
Sales of services are included in the retail store sales. The share of services in the net sales is not significant, and as such, it is not presented separately. Other sales items include franchising fees and wholesales. Musti Group does not have any individual customer with a share of over 10% of Musti Group\u2019s total net sales. Customer loyalty programs The group companies operate loyalty programs where the members accrue bonuses from their purchases made in the stores. The net sales of these companies are adjusted with the customer refunds in the loyalty program as a part of the sales transaction. Simultaneously, accrued liability on bonus is recognized on the balance sheet. Corresponding sales in recognized when the customer refunds are used, or they expire. The expected refunds of the loyalty program bonuses are based on historical information. Musti updates the estimate quarterly. Contractual amounts recorded in balance sheet The Group recognizes in trade receivables the expected considerations to which it is entitled when goods are transferred, or services provided to a customer before the customer pays the consideration (see Note 4.2 Trade and other receivables). Correspondingly, a liability is presented in Note 4.3 Trade and other liabilities when a customer pays the consideration before the goods are transferred or services provided to the customer. In addition, the contractual liabilities include liabilities related to gift cards, Loyalty club bonuses, right to return products and goods in transit. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-302": { "value": "FRS 15 establishes a five-step model that is applied to the amount and timing of recognition of sales revenue. Under the standard, revenue is recognized when the entity satisfies its performance obligation, meaning that the customer obtains control of the goods or services. Control is transferred either over time or at a certain moment, and the revenue is recognized in an amount that reflects the consideration to which the entity expects to be entitled for those goods or services. IFRS 15 principles are applied using the following five-step model: 1. Identify the contract with a customer 2. Identify the performance obligations in the contract 3. Determine the transaction price 4. Allocate the transaction price to the performance obligations in the contract 5. Recognise revenue The standard requires the entity to exercise judgement when applying the five-step model to contracts with its customers. When exercising judgement, material facts and circumstances used for determining if the performance obligation has been satisfied and the revenue is to be recognized are taken into consideration. Significant determinations based on the management\u2019s judgement Musti Group\u2019s management has applied significant judgement in connection with the right to return products and the loyalty club bonuses. The amount of the consideration to which Musti Group expects to be entitled may vary based on the above-mentioned sub-areas. These sub-areas, that are subject to the management\u2019s judgement, are addressed more in detail in the section for recognition below. Sales of goods and revenue recognition (stores, online and franchising stores) Majority of the Group\u2019s sales revenue originates from retail sales of goods in its stores. The goods sold in the stores comprise pet food and accessories. The sales are mainly carried out in cash or using credits cards, and the revenue from the sales of goods is recognized at the time of transfer when the customer gains control of the goods. Customers may also purchase gift cards and use them for paying goods in the stores. At the time of selling a gift card, Musti Group recognizes a corresponding liability in its balance sheet. Sales revenue is recognized when the customer uses the gift card. Revenue from orders made online and sales to franchising partners is recognized when all products related to the order have been delivered to the customer or the franchising partner, and control of the goods is transferred to the buyer at a specific moment of time. A liability is recorded on the goods in transit delivered from online stores. The provision on goods in transit is included in the contractual liabilities. Revenue from contract manufacturing of pet food is recognized at the time of transfer when the customer gains control of the goods. Net sales are measured at the fair value of the consideration received or to be received. Net sales include proceeds from the sales of goods and franchising fees at the price which the company expect to receive adjusted with the indirect taxes, actual and estimated product returns, campaign discounts Loyalty club bonuses and indirect taxes, as well as translation differences from sales in foreign currencies. Contingent considerations: right to return products Goods sold directly to consumers in stores and online include a right to return products within a period of 14 days in Finland and 30 days in Sweden and Norway. In the Baltic countries, the customers have a right to return the purchases within 14 days. Net sales are adjusted by the expected number of returns. For more information of the return policy, see Note 4.3 Trade and other liabilities. In addition, customer may receive a discount, for example, in the form of campaign discounts. For the right to return products, Musti Group estimates the amount of the consideration that it is entitled to receive against the transfer of promised goods to the customer. Musti Group includes in the transaction price the estimated amount of the contingent consideratio only to the extent that it is very likely that the recognized sales revenue is not required to be reversed significantly when the uncertainty related to the contingent consideration ceases to exist at a later moment of time. Musti Group estimates the contingent consideration based on the most likely amoun of money. Franchising fees Musti Group carries out franchising operations in Sweden, the franchising fees are based on an upfro fee and a fee based on the franchising stores net sales. Fees related to franchising agreements are recognized over time. Sales of services and revenue recognition Musti Group provides welfare, veterinary and trimming services. A customer benefits from these services when it is provided, and as such, the revenue is recognized over time when Musti Group satisfies its performance obligation. Customer loyalty programs The group companies operate loyalty programs where the members accrue bonuses from their purchases made in the stores. The net sales of these companies are adjusted with the customer refunds in the loyalty program as a part of the sales transaction. Simultaneously, accrued liability on bonus is recognized on the balance sheet. Corresponding sales in recognized when the customer refunds are used, or they expire. The expected refunds of the loyalty program bonuses are based on historical information. Musti updates the estimate quarterly. Contractual amounts recorded in balance sheet The Group recognizes in trade receivables the expected considerations to which it is entitled when goods are transferred, or services provided to a customer before the customer pays the consideration (see Note 4.2 Trade and other receivables). Correspondingly, a liability is presented in Note 4.3 Trade and other liabilities when a customer pays the consideration before the goods are transferred or services provided to the customer. In addition, the contractual liabilities include liabilities related to gift cards, Loyalty club bonuses, right to return products and goods in transit. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-303": { "value": "Franchising fees Musti Group carries out franchising operations in Sweden, the franchising fees are based on an upfro nt fee and a fee based on the franchising stores net sales. Fees related to franchising agreements are recognized over time. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFranchiseFeesExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-304": { "value": "Customer loyalty programs The group companies operate loyalty programs where the members accrue bonuses from their purchases made in the stores. The net sales of these companies are adjusted with the customer refunds in the loyalty program as a part of the sales transaction. Simultaneously, accrued liability on bonus is recognized on the balance sheet. Corresponding sales in recognized when the customer refunds are used, or they expire. The expected refunds of the loyalty program bonuses are based on historical information. Musti updates the estimate quarterly. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-305": { "value": "
Employee benefit expenses
EUR thousand
1 Jan - 31 Dec 2025
1 Oct 2023 - 31 Dec 2024
Wages and salaries
81,891
81,252
Pension costs - defined contribution
plans
16,194
18,279
Share based payments
277
1,220
Other employee benefit expenses
5,570
4,019
Total
103,932
104,769
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-306": { "value": "
Auditor\u00b4s fees
EUR thousand
1 Jan - 31 Dec 2025
1 Oct 2023 - 31 Dec 2024
Ernst &Young
Audit fees
394
505
Sustainability reporting assurance
69
0
Tax advisory
32
38
Other services
97
20
Total
591
563
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-307": { "value": "2.2 Other operating income Accounting principles Other operating income includes income that does not relate to the income from regular sales operations. Other operating income includes, among others, received marketing contributions and subsidies, insurance compensations, capital gains on fixed assets and rental income. Other operating income
EUR thousand
1 Jan - 31 Dec 2025
1 Oct 2023 - 31 Dec 2024
Rental income
442
775
Marketing contribution
4,476
4,454
Other received contribution
215
298
Other items
897
75
Total
6,030
5,602
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-308": { "value": "2.3 Other operating expenses Accounting principles Other operating expenses include other expenses than cost of goods sold. The main items included in the other operating expenses relate to personnel costs, sales, marketing and premises. All Musti Group\u2019s pension plans are defined contribution plans. In defined contribution plans, the Group pays fixed contributions to the pension insurances. The Group does not have legal or factual obligations to pay any additional amounts, if the insurance does not include sufficient assets for paying to all employees all benefits based on their service during the present and previous financial periods. Number of personnel
Personnel*
1 Jan - 31 Dec 2025
1 Oct 2023 - 31 Dec 2024
Personnel on average
2,575
1,761
Personnel at the end of period
2,595
2,178
*Full time equivalent Employee benefit expenses
EUR thousand
1 Jan - 31 Dec 2025
1 Oct 2023 - 31 Dec 2024
Wages and salaries
81,891
81,252
Pension costs - defined contribution
plans
16,194
18,279
Share based payments
277
1,220
Other employee benefit expenses
5,570
4,019
Total
103,932
104,769
Other operating expenses
EUR thousand
1 Jan - 31 Dec 2025
1 Oct 2023 - 31 Dec 2024
Premises
12,893
13,704
Maintenance, IT and equipment
expense
16,456
10,790
Sales and marketing
21,815
24,547
Travel costs
2,252
2,468
Voluntary staff expenses
2,890
3,516
Other business expense*
14,443
25,769
Total
70,748
80,793
*Other expenses include, among other, expenses related to the administration and the support functions of the company. Auditor\u00b4s fees
EUR thousand
1 Jan - 31 Dec 2025
1 Oct 2023 - 31 Dec 2024
Ernst &Young
Audit fees
394
505
Sustainability reporting assurance
69
0
Tax advisory
32
38
Other services
97
20
Total
591
563
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-309": { "value": "All Musti Group\u2019s pension plans are defined contribution plans. In defined contribution plans, the Group pays fixed contributions to the pension insurances. The Group does not have legal or factual obligations to pay any additional amounts, if the insurance does not include sufficient assets for paying to all employees all benefits based on their service during the present and previous financial periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-310": { "value": "2.4 Share-based payments The Note below provides information and describes the impacts of the Group\u2019s share-based incentive plan. More information on the plan can be found in the separate Remuneration report. Accounting principles The fair value of share-based payments is measured on the day which the share-based payment plan is agreed upon between the counterparties and will be recognized as an expense over the vesting period. The settlement, if the set targets are met, is a combination of shares and cash. The component settled in shares is recognized in shareholders\u2019 equity and the payment settled in cash in liabilities. However, for awards with net settlement features, the cash-settled component for withholding tax payment is treated as equity-settled and recognized in shareholders\u2019 equity. At each statement of financial position date, the Group revises its estimates of the number of shares that are expected to be distributed. The impact of the revision of the original estimates, are recognized in the statement of income. Significant determinations based on management\u2019s judgement At each balance sheet date, the management revises its estimates for the number of shares that are expected to vest. As part of its evaluation, Musti Group considers the expected turnover of the personnel benefiting from the incentive plan and other pertinent information impacting the number of shares to be vested. In addition, the measurement of the fair value for the arrangement and the parameters used in the measurement of the fair value requires judgement from the management. Share-based commitment and incentive schemes The Board of Directors of Musti Group plc decided on 16 December 2022 to launch a new share-based incentive plan for Musti Group\u2019s key employee, the Performance Share Plan (PSP) 2023-2027. The aim of a share-based compensation plan is to align the objectives of the shareholders and key employees for increasing the value of the company in the long-term. The plan is also to commit the key employees to the company and to offer them competitive incentive schemes that are based on earning and accumulating shares.
Performance Share Plan 2023\u20132027
The Performance Share Plan 2023\u20132027 consists of three consecutive performance periods, covering the
financial years of 2023\u20132025, 2024\u20132026 and 2025\u20132027. The Board of Directors decides on the plan\u2019s
performance criteria and targets to be set for each criterion at the beginning of each performance period.
The potential reward based on the plans will be paid party in the company\u2019s shares and partly in cash
after the end of each performance period. The cash proportion is intended for covering taxes and tax-
related costs arising from the reward to a participant. However, the company has the right to pay the
reward fully in cash under certain circumstances.
The rewards to be paid based on the performance period 2023\u20132025 corresponded to the value of an
approximate maximum total of 171,000 Musti Group plc shares, including the proportion to be paid in cash.
In accordance with the decision of the Board of Directors of the Company, the rewards for the
performance period were paid fully in cash in the spring of 2024.The target group of the plan consisted
of 32 persons, including the group management team members. The reward was based on the company\u2019s
adjusted EBITA and total shareholder return during financial year 2023. The total expense for the share-
based payments were recognized over the financial years 2023-2024.
For the performance period 2024-2026, the plan had 27 participants on 31 December 2025 and the
targets for the performance period relates to company\u00b4s total shareholder return (TSR) and adjusted
EBITA. The maximum number of shares to be paid based on the performance period 2024-2026 is
approximately 143,000 Musti Group plc\u00b4s shares. The number of shares represents gross earning,
from which the withholding of tax and possible other applicable contributions are deducted, and the
remaining net amount is paid in shares. However, the company has the right to pay the reward fully in
cash under certain circumstances. Potential rewards from the performance period 2024-2026 will be paid
out during winter of 2027.
The total expense for the share-based payments is recognized over the vesting period, which is 33
months in the 2024\u20132026 plan. The compensation is measured during performance period in cash, and
only after performance period at grant date translated into shares. The expense recognized for 2025
amounted to EUR 277 (2024: 1,071) thousand. The cost related to share-based payments is recognized
in personnel expenses. The share price at the grant date of the PSP was EUR 26.12. The fair value of the
share plan at the grant date was in total EUR 3.7 million. The fair value of the share plan was determined
from Musti Group\u2019s share price at the grant date less the present value of dividends expected to be paid
during the performance period. Performance conditions and service conditions were accounted for by
adjusting the number of instruments.
The Board of Directors has not made decisions on the performance criteria or the target group of the
performance period 2025-2027.
Assumptions applied in determining the fair value of share award
Performance Performance
period FY2023-25 period FY2024-26
Number of share awards granted, maximum, pcs*
171,000
143,000
Number of plan participants at end of financial year
32
27
Share price at grant date, EUR
15.50
26.12
Assumed fulfilment of performance criteria, %
50.0%
50.0%
Estimated number of share awards returned prior
to the end of commitment period, %
10.0%
10.0%
*Gross number of shares from which the applicable withholding tax is deducted, and the remaining net amount is paid in shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-311": { "value": "3.1 Business combinations Musti Group performs business acquisitions to accelerate the implementation of its strategy. During 2025 Musti Group acquired stores from its franchisees and independent entrepreneurs in Sweden as asset deals. Acquisition of Pet City was finalised with the remaining cash payment made in March 2025. In December 2025, Musti Group acquired 100% of the shares of ZU, Produtos e Servi\u00e7os para Animais, S.A., a retailer of pet food, accessories and vet services in Portugal. Accounting principles Acquired subsidiaries and businesses are consolidated in the consolidated financial statements from the date when Musti Group gained control over the acquired entity. Acquisition cost method is applied to the business combinations. The consideration transferred in the acquisition of a subsidiary includes the fair value of the transferred assets, incurred liabilities towards the previous owners of the acquired entity and the shares issued by the Group. Transferred consideration also includes the fair value of the asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and identifiable liabilities assumed in business combinations are initially valued at the fair value on the acquisition date. The identifiable assets include both tangible and intangible assets, such as customer relations, brands and technology. Expenses related to the acquisitions are recognized when they incur, and they are presented in the profit and loss statement in other operating expenses. Accounting estimates and the management\u2019s judgement Net assets acquired in business combinations are measured at fair value. The fair value of acquired net assets is determined based on the market value of similar assets (tangible fixed assets) or an estimate of the expected cash flows (intangible assets). The valuation is based on the current repurchase values, expected cash flows or estimated selling prices, and it requires management\u2019s judgement and assumptions. The management believes that the estimates and assumptions used are sufficiently reliable for determination of the fair value. Acquisitions 1 Jan-31 Dec 2025 During the financial year 2025 Musti Group acquired five pet stores in Sweden as business acquisitions. The total purchase price for the stores was approximately EUR 2.7 million and the resulting goodwill EUR 2.6 million. Goodwill is based on synergies from the acquisitions. The acquisitions did not have a material impact on group\u2019s net sales or result. Musti acquired the shares of Pet City O\u00dc (including its subsidiaries Pet City UAB, Pet City SIA and Pet City Klinika UAB) and Eesti Veterinaaria Kliinikum O\u00dc from Magnum Group for an Enterprise Value (EV) of EUR 18.1 million, of which EUR 13.7 million was paid in cash at closing in November 2024. The remaining amount EUR 4.5 million was also paid in cash during March 2025. Musti Group acquired 100% of the shares of Zu, Produtos e Servi\u00e7os para Animais, S.A. (\u201cZU\u201d), a retailer of pet food, accessories and vet services in Portugal, from MCRetail SGPS (\u201cMC\u201d). As MC is a part of the Sonae Group, the acquisition is a related party transaction. The provisional purchase price of the transaction amounted to EUR 12.9 million which was paid in cash at closing. The final purchase price, EUR 13.5 million was agreed and the remaining purchase price, EUR 0.5 million, was paid in January 2026. ZU operates 65 retail stores of which 24 include veterinary clinics in Portugal. The aggregated statutory turnover was EUR 31.9 million in FY 2024 (EUR 27.6 million in FY 2024) and the EBITDA (pre- IFRS) was EUR 1.4 million (EUR 0.8 million in FY 2024). In 2025, ZU had assets amounting to 16.7 million (EUR 13.7 million in FY 2024) and liabilities amounting to EUR 12.2 million (EUR 10.3 million in FY 2024). ZU has a team of 350 employees supporting thousands of Pet Parents in Portugal.
Preliminary purchase price allocation for the acquisition is presented below:
EUR thousand
ZU
Acquisition cost
Purchase price paid in cash
13,449
Fair value of net identifiable assets acquired
Non-current assets
Property, plant and equipment
10,569
Trademarks
3,008
Other intangible assets
1,204
Deferred tax assets
66
Current assets
Inventories
2,493
Trade and other receivables
762
Cash and cash equivalents
551
Total assets
18,652
Non-current liabilities
Deferred tax liabilities
779
Lease liabilities
4,243
Current liabilities
Lease liabilities
1,222
Trade and other payables
6,173
Total liabilities
12,417
Net assets acquired
6,236
Goodwill
7, 2 1 3
Cash flow impact
Purchase price paid in cash
-12,905
Cash and cash equivalents of the acquired company
551
Expenses related to the acquisition
-23
Impact on cash flows
-12,376
Acquisitions 1 Oct 2023-31 Dec 2024
During the financial year 2024 Musti Group acquired eight pet stores in Sweden as business
acquisitions. The total purchase price for the stores was approximately EUR 5.6 million and the resulting
goodwill EUR 5.5 million. In addition, Musti Group acquired a 70% share of a veterinary clinic Ninas
V\u00e4rld Arninge AB in Sweden. Purchase price was EUR 0.2 million and the resulting goodwill was EUR 0.1
million. Goodwill is based on synergies from the acquisitions. The acquisitions did not have a material
impact on group\u2019s net sales or result. In December 2024, Musti acquired a 40% share of a veterinary
clinic Petrus Veterin\u00e6rer AS in Norway amounting to EUR 2.0 million. The company is treated as an
associated company.
Musti acquired the shares of Pet City O\u00dc including its subsidiaries UAB Pet City, Pet City SIA and
UAB Pet City Klinika, and Eesti Veterinaaria Kliinikum O\u00dc from Magnum Group for an Enterprise Value
(EV) of EUR 18.0 million, of which EUR 13.7 million was paid in cash at closing. The remaining will be
settled in cash once the closing accounts have been approved by both buyer and the seller. Pet City
operates 46 retail stores and 16 veterinary clinics in the Baltic countries including an e-commerce
platform operating throughout the Baltic region. The store network consists of 25 stores in Estonia, 13
in Latvia and 8 in Lithuania. On the veterinary clinic side, there are 8 clinics in Estonia, 4 in Latvia and 4
in Lithuania. The aggregated turnover of the acquired operations was EUR 31.5 million in FY 2023 (EUR
28.6 million in FY 2022) and the EBITDA EUR -1.1 million (EUR -0.7 million in FY 2022). In FY 2023 Pet City
had assets amounting 8.7 million (EUR 8.9 million in FY 2022) and liabilities amounting EUR 23.7 million
(EUR 21.3 million in FY 2022).
EUR thousand
Pet City
Acquisition cost
Purchase price paid in cash
18,136
Fair value of net identifiable assets acquired
Non-current assets
Property, plant and equipment
17,602
Trademarks
1,750
Other intangible assets
508
Deferred tax assets
142
Current assets
Inventories
2,975
Trade and other receivables
640
Cash and cash equivalents
731
Total assets
24,347
Non-current liabilities
Deferred tax liabilities
329
Lease liabilities
12,045
Current liabilities
Lease liabilities
2,988
Trade and other payables
5,337
Total liabilities
20,699
Net assets acquired
3,649
Goodwill
14,487
Cash flow impact
Purchase price paid in cash
-18,136
Cash and cash equivalents of the acquired company
731
Expenses related to the acquisition
-385
Impact on cash flows
-1 7,790
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-312": { "value": "Accounting principles Acquired subsidiaries and businesses are consolidated in the consolidated financial statements from the date when Musti Group gained control over the acquired entity. Acquisition cost method is applied to the business combinations. The consideration transferred in the acquisition of a subsidiary includes the fair value of the transferred assets, incurred liabilities towards the previous owners of the acquired entity and the shares issued by the Group. Transferred consideration also includes the fair value of the asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and identifiable liabilities assumed in business combinations are initially valued at the fair value on the acquisition date. The identifiable assets include both tangible and intangible assets, such as customer relations, brands and technology. Expenses related to the acquisitions are recognized when they incur, and they are presented in the profit and loss statement in other operating expenses. Accounting estimates and the management\u2019s judgement Net assets acquired in business combinations are measured at fair value. The fair value of acquired net assets is determined based on the market value of similar assets (tangible fixed assets) or an estimate of the expected cash flows (intangible assets). The valuation is based on the current repurchase values, expected cash flows or estimated selling prices, and it requires management\u2019s judgement and assumptions. The management believes that the estimates and assumptions used are sufficiently reliable for determination of the fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-313": { "value": "3.2 Intangible assets The tables below set forth the changes in intangible assets during the financial years covered by the financial statements. Accounting principles Goodwill Goodwill arises from the acquisition of subsidiaries, and it corresponds to the amount that the acquisition consideration exceeds the fair value of identifiable net assets. Goodwill acquired in business combinations is allocated for impairment testing to the cash generating units that are expected to gain benefit from the synergies created by the combination. Goodwill is allocated to the unit at the company\u2019s lowest level where the goodwill is monitored internally for the management purposes. Goodwill is reviewed for impairment annually or whenever events or changes in circumstances indicate to a possible impairment. The carrying amount of the cash-generating unit including goodw is compared to the recoverable amount that is higher of the value in use or the fair value net of sellin expenses. Possible impairment is recognized as an expense with immediate effect, and it will not be reversed later. Other intangible assets Other intangible assets include developments costs related to webstores, software and information technology, as well as licenses and customer relations. Intangible assets are recorded in the balance sheet when the accounting requirements of IAS 38 standard are satisfied. Intangible assets with a limited useful life are valued in the original acquisition cost and they are amortised with the straight- line method over their estimated useful life. Intangible assets are amortised over 3-10 years. Intangib assets with indefinite useful life are not amortised but tested annually for impairment. Except for goodwill, Musti Group does not have intangible assets with indefinite useful life.
Other
Development intangible Advance
EUR thousand
expenditure
Goodwill
assets
payments
Total
2025
Cost 1 Jan 2025
124
195,024
62,326
1,957
259,431
Business combinations
1,189
3,091
4,280
Additions
9,755
9,088
-542
18,301
Disposals and closing of stores
-12
-12
Exchange differences
4,786
860
8
5,654
Cost 31 Dec 2025
124
210,755
75,353
1,423
287,655
Accumulated amortization and
impairment at 1 Jan 2025
-67
133
-44,111
-44,045
Amortization
-38
-6,662
-6,700
Exchange differences
-288
-754
-1,042
Accumulated amortization and
impairment at 31 Dec 2025
-106
-154
-51,526
-51,786
Net book value at 1 Jan 2025
57
195,158
18,215
1,957
215,387
Net book value at 31 Dec 2025
19
210,600
23,827
1,423
235,869
2024
Cost 1 Oct 2023
124
174,210
53,028
2,058
229,420
Business combinations
254
1,753
2,007
Additions
20,344
7,519
-105
27,758
Exchange differences
216
26
4
246
Cost 31 Dec 2024
124
195,024
62,326
1,957
259,431
Accumulated amortization and
impairment at 1 Oct 2023
-19
164
-36,778
-36,633
Amortization
-48
-7,284
-7,332
Exchange differences
-31
-48
-79
Accumulated amortization and
impairment at 31 Dec 2024
-67
133
-44,111
-44,045
Net book value at 1 Oct 2023
105
174,375
16,249
2,058
192,787
Net book value at 31 Dec 2024
57
195,158
18,215
1,957
215,387
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-314": { "value": "Accounting principles Goodwill Goodwill arises from the acquisition of subsidiaries, and it corresponds to the amount that the acquisition consideration exceeds the fair value of identifiable net assets. Goodwill acquired in business combinations is allocated for impairment testing to the cash generating units that are expected to gain benefit from the synergies created by the combination. Goodwill is allocated to the unit at the company\u2019s lowest level where the goodwill is monitored internally for the management purposes. Goodwill is reviewed for impairment annually or whenever events or changes in circumstances indicate to a possible impairment. The carrying amount of the cash-generating unit including goodw il l is compared to the recoverable amount that is higher of the value in use or the fair value net of sellin g expenses. Possible impairment is recognized as an expense with immediate effect, and it will not be reversed later. Other intangible assets Other intangible assets include developments costs related to webstores, software and information technology, as well as licenses and customer relations. Intangible assets are recorded in the balance sheet when the accounting requirements of IAS 38 standard are satisfied. Intangible assets with a limited useful life are valued in the original acquisition cost and they are amortised with the straight- line method over their estimated useful life. Intangible assets are amortised over 3-10 years. Intangib le assets with indefinite useful life are not amortised but tested annually for impairment. Except for goodwill, Musti Group does not have intangible assets with indefinite useful life. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-315": { "value": "Goodwill Goodwill arises from the acquisition of subsidiaries, and it corresponds to the amount that the acquisition consideration exceeds the fair value of identifiable net assets. Goodwill acquired in business combinations is allocated for impairment testing to the cash generating units that are expected to gain benefit from the synergies created by the combination. Goodwill is allocated to the unit at the company\u2019s lowest level where the goodwill is monitored internally for the management purposes. Goodwill is reviewed for impairment annually or whenever events or changes in circumstances indicate to a possible impairment. The carrying amount of the cash-generating unit including goodw il is compared to the recoverable amount that is higher of the value in use or the fair value net of sellin g expenses. Possible impairment is recognized as an expense with immediate effect, and it will not be reversed later. 3.3 Goodwill and impairment testing Accounting estimates and determinations based on the management\u2019s judgement The management uses significant estimates and determinations based on judgement for deciding the level where goodwill is allocated, as well as for determining whether there are indications of impairment of goodwill. The recoverable amount of a cash generating unit is determined based on value-in-use calculations requiring estimates. The calculations use cash flow projections based on budgets and financial estimates approved by management covering a five-year period. Cash flow forecasts are based on the Group\u2019s actual results and the management\u2019s best estimates on future sales, cost development, general market conditions and applicable tax rates. Cash flows beyond the five-year period are extrapolated using the estimated growth rates. The growth rates are based on the management\u2019s prudent estimates on future growth in the business. Management tests the impacts of changes in significant estimates used in forecasts by sensitivity analyses as described in this Note. To carry out impairment testing, the management monitors goodwill at the level of Finland, Sweden, Norway and Baltics which are considered as the cash generating units (CGU). The CGU level is based on how the management follows the operative business. The recoverable amounts of the cash generating units are based on value in-use determined by discounted future net cash flows by the CGU. The table below sets forth the allocation of consolidated goodwill to the Group\u2019s cash generating units:
EUR thousand
31 Dec 2025
31 Dec 2024
Finland
99,136
100,542
Sweden
82,985
74,415
Norway
5,336
5,358
Baltics
14,741
14,842
Portugal
8,402
Total
210,600
195,157
Key assumptions in the projections are the development of net sales and costs, the discount rate, as well as the terminal growth rate after the five-year forecast period. The projections have been prepared to reflect the past performance and expectations for the future considering the Group\u2019s market position and the general economic environment. Cash flows beyond the five-year period are extrapolated using the terminal growth rate of 3% (2%) which management has estimated based on external market forecasts. The discount rate used is weighted average cost of capital (WACC). The discount rate reflects the total cost of equity and debt, and CGU-specific market risks. Discount rate applied in Finland was 7.9% (2024: 9.2%), in Sweden 7.4% (2024: 8.7%), in Norway 7.6% (2024: 8.7%) 8.7% (2024: 9.7%) in the Baltics, and 9.1% in Portugal. In determining the discount rate, the management has assessed the size premium based on recent research and market practice, and decided to remove the size premium and update the rates accordingly compared to the previous year. As a result of the impairment tests performed, no impairment loss was recognized for any period presented. In 2025 the recoverable amount calculated on the basis on value-in use exceeded the carrying value by EUR 402.0 million in Finland, EUR 386.6 million in Sweden, EUR 334.4 million in Norway, EUR 40.1 million in the Baltics, and EUR 34.1 in Portugal (2024: EUR 234.2 million in Finland, EUR 83.0 million in Sweden, EUR 121.1 million in Norway and EUR 2.1 million in the Baltics). Sensitivity analysis The management has estimated that unlikely that a somewhat possible change in key assumptions will cause the carrying amount of any CGU to exceed its recoverable amount. The key assumptions are based on past experience and they reflect the management\u2019s perception of developments of cost and net sales. The average revenue growth used for the forecast period has been 12.0%. The long-term EBITDA margin assumption used for the impairment testing is based on past experience of EBITDA margins and it reflects the management\u2019s of development in sales prices and sales volumes during the forecast period.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-316": { "value": "
Other intangible assets
Other intangible assets include developments costs related to webstores, software and information
technology, as well as licenses and customer relations. Intangible assets are recorded in the balance
sheet when the accounting requirements of IAS 38 standard are satisfied. Intangible assets with a
limited useful life are valued in the original acquisition cost and they are amortised with the straight-
line method over their estimated useful life. Intangible assets are amortised over 3-10 years. Intangib le
assets with indefinite useful life are not amortised but tested annually for impairment. Except for
goodwill, Musti Group does not have intangible assets with indefinite useful life.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-317": { "value": "
Accounting estimates and determinations based on the management\u2019s judgement
The management uses significant estimates and determinations based on judgement for deciding the
level where goodwill is allocated, as well as for determining whether there are indications of impairment
of goodwill.
The recoverable amount of a cash generating unit is determined based on value-in-use calculations
requiring estimates. The calculations use cash flow projections based on budgets and financial
estimates approved by management covering a five-year period. Cash flow forecasts are based on the
Group\u2019s actual results and the management\u2019s best estimates on future sales, cost development, general
market conditions and applicable tax rates. Cash flows beyond the five-year period are extrapolated
using the estimated growth rates. The growth rates are based on the management\u2019s prudent estimates
on future growth in the business. Management tests the impacts of changes in significant estimates
used in forecasts by sensitivity analyses as described in this Note.
To carry out impairment testing, the management monitors goodwill at the level of Finland, Sweden,
Norway and Baltics which are considered as the cash generating units (CGU). The CGU level is based on
how the management follows the operative business. The recoverable amounts of the cash generating
units are based on value in-use determined by discounted future net cash flows by the CGU.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-318": { "value": "Accounting estimates and determinations based on the management\u2019s judgement The management uses significant estimates and determinations based on judgement for deciding the level where goodwill is allocated, as well as for determining whether there are indications of impairment of goodwill. The recoverable amount of a cash generating unit is determined based on value-in-use calculations requiring estimates. The calculations use cash flow projections based on budgets and financial estimates approved by management covering a five-year period. Cash flow forecasts are based on the Group\u2019s actual results and the management\u2019s best estimates on future sales, cost development, general market conditions and applicable tax rates. Cash flows beyond the five-year period are extrapolated using the estimated growth rates. The growth rates are based on the management\u2019s prudent estimates on future growth in the business. Management tests the impacts of changes in significant estimates used in forecasts by sensitivity analyses as described in this Note. To carry out impairment testing, the management monitors goodwill at the level of Finland, Sweden, Norway and Baltics which are considered as the cash generating units (CGU). The CGU level is based on how the management follows the operative business. The recoverable amounts of the cash generating units are based on value in-use determined by discounted future net cash flows by the CGU. economic environment. Cash flows beyond the five-year period are extrapolated using the terminal growth rate of 3% (2%) which management has estimated based on external market forecasts. The discount rate used is weighted average cost of capital (WACC). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-319": { "value": "3.5 Property, plant and equipment The tables below set forth changes in property, plant and equipment during the financial years covered by the financial statements. Musti Group\u2019s land, buildings and structures consist of pet food production facilities. Machinery and equipment mainly comprise store and office equipment. Other tangible assets mainly include refurbishment costs of leased premises. The right-of-use items, based on lease agreements and recognized in compliance with IFRS 16, are included in the tangible assets in the balance sheet. The right-of-use items and the applied accounting principles are presented in the Note 3.6 Leases. Accounting principles Property, plant and equipment are presented at acquisition cost less depreciation and potential impairment losses. Subsequent costs are included in the carrying amount when they can be measured reliably, and there is an economic benefit to the company. Significant leasehold improvements are included in the asset\u2019s carrying amount or are separated as a separate asset when it is probable that they will be economically useful in the future and the costs incurred can be distinguished from normal repair and maintenance costs. Buildings and structures, machinery and equipment as well as other tangible assets are depreciated over their useful lives. Useful lives are based on estimates of the period over which the assets will generate revenue. Depreciation is recognized on a straight-line basis based on the cost of the assets and estimated useful lives. Impairment tests for depreciable non-current assets are performed if there are indications of impairment at the balance sheet date. Depreciation is not recognized on land, except for leased land, as the useful life is considered indefinite. Useful lives of the asset\u2019s categories are: \u2022 Buildings and structures 30 years \u2022 Machinery and equipment 3-7 years \u2022 Right-of-use assets (IFRS 16 Leases) 3-15 years \u2022 Renewal and refurbishment investments in lease premises 5-10 years The Group estimates on each balance sheet date, if there is any indication that an asset may be impaired. If such indication exists, the relevant asset is tested for impairment. The impairment test estimates the asset\u2019s recoverable amount. The recoverable amount is higher of an asset\u2019s fair value after selling costs and its value in use. If the recoverable amount cannot be determined on the asset level, the need for impairment is estimated at the level of the smallest cash generating unit that is for its main parts independent from other units and has cash flows that can be separated from the cash flows of other similar units.
Machinery Other
Buildings and and tangible Advance
EUR thousand
Land
structures equipment assets
payments
Total
2025
Cost 1 Jan 2025
292
6,183
31,458
31,200
1,720
70,852
Business combinations
9,773
15
9,788
Additions
2
3,815
8,687
726
13,230
Disposals
-7
-4
-11
Exchange differences
439
872
44
1,355
Cost 31 Dec 2025
292
6,185
45,478
40,759
2,501
95,215
Accumulated depreciation at
1 Jan 2025
0
-408
-19,976
-18,069
0
-38,453
Depreciation
-221
-8,420
-5,324
-13,965
Impairment
-19
-51
-69
Exchange differences
-378
-490
-868
Accumulated depreciation at
31 Dec 2025
0
-629
-28,792
-23,934
0
-53,355
Net book value at 1 Jan 2025
292
5,775
11,482
13,131
1,720
32,400
Net book value at 31 Dec 2025
292
5,556
16,685
16,825
2,501
41,860
Machinery Other
Buildings and and tangible Advance
EUR thousand
Land
structures equipment assets
payments
Total
2024
Cost 1 Oct 2023
192
6,150
26,151
24,208
265
56,967
Business combinations
483
2,087
251
2,820
Additions
100
32
4,822
5,223
1,204
11,382
Exchange differences
3
-318
-1
-316
Cost 31 Dec 2024
292
6,183
31,458
31,200
1,720
70,852
Accumulated depreciation at
1 Oct 2023
0
-131
-16,193
-13,073
0
-29,398
Depreciation
-276
-3,787
-5,169
-9,232
Impairment
-4
-1
-5
Exchange differences
8
173
181
Accumulated depreciation at
31 Dec 2024
0
-408
-19,976
-18,069
0
-38,453
Net book value at 1 Oct 2023
192
6,019
9,958
11,135
265
27,570
Net book value at 31 Dec 2024
292
5,775
11,482
13,131
1,720
32,400
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-320": { "value": "Accounting principles Property, plant and equipment are presented at acquisition cost less depreciation and potential impairment losses. Subsequent costs are included in the carrying amount when they can be measured reliably, and there is an economic benefit to the company. Significant leasehold improvements are included in the asset\u2019s carrying amount or are separated as a separate asset when it is probable that they will be economically useful in the future and the costs incurred can be distinguished from normal repair and maintenance costs. Buildings and structures, machinery and equipment as well as other tangible assets are depreciated over their useful lives. Useful lives are based on estimates of the period over which the assets will generate revenue. Depreciation is recognized on a straight-line basis based on the cost of the assets and estimated useful lives. Impairment tests for depreciable non-current assets are performed if there are indications of impairment at the balance sheet date. Depreciation is not recognized on land, except for leased land, as the useful life is considered indefinite. Useful lives of the asset\u2019s categories are: \u2022 Buildings and structures 30 years \u2022 Machinery and equipment 3-7 years \u2022 Right-of-use assets (IFRS 16 Leases) 3-15 years \u2022 Renewal and refurbishment investments in lease premises 5-10 years The Group estimates on each balance sheet date, if there is any indication that an asset may be impaired. If such indication exists, the relevant asset is tested for impairment. The impairment test estimates the asset\u2019s recoverable amount. The recoverable amount is higher of an asset\u2019s fair value after selling costs and its value in use. If the recoverable amount cannot be determined on the asset level, the need for impairment is estimated at the level of the smallest cash generating unit that is for its main parts independent from other units and has cash flows that can be separated from the cash flows of other similar units. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-321": { "value": "Accounting principles Right-of-use assets Musti Group recognizes a right-of-use asset and a lease liability on the date when the agreement comes nto effect, excluding short-term lease agreements and leases of low value assets (see the next page). The right-of-use asset is initially measured at cost, and it includes the initial valuation of the lease iability, the lease amounts paid by the date when the agreement comes into effect net of any incentives received in connection with the lease agreement, any initial direct costs incurred to Musti Group and an estimate on costs that will incur to Musti Group from reversal and removal of the asset or the remediation of the premises to the condition defined in the lease agreement. Lease liability Musti Group determines the value of the lease liability on the date when the lease agreement comes nto effect. The value of the lease liability includes payments that have not been paid on the date when the lease agreement comes into effect, including fixed payments, variable rents linked to an index or a price level, execution price of an call option, if it is reasonably certain that Musti Group will exercise the option, and payment of sanctions resulting from termination of the lease, if the term of the lease takes nto account that Musti Group will exercise the option to terminate the lease. Musti Group uses the minimum rents specified in the lease agreement for estimating the fixed payments. The non-lease components are separated from the lease payments when they can be determined reliably. Musti Group also has lease agreements that include variable payments determined based on net sales. Only minimum payments have been included in the lease liability for such agreements, and variable payments based on the net sales are measured as a cost in the profit and loss statement for the period when they incur. Lease liability is remeasured when the lease term or lease payments are amended. Musti Group uses the interest rate for additional loans for determining the interest rate of the lease liability, as no internal nterest rates for the lease agreements are available. Short-term agreements and leases of low value assets Musti Group recognizes in its profit and loss statement any lease payments on short-term leases with a term of 12 months or less, as well as on lease agreements where leased asset is of low value. Leases for low value assets are agreements where the leased asset would cost less than EUR 5,000 if it were purchased as new. The expenses from such agreements are presented in this Note below. Sublease agreements Musti Group has subleased intra-group commodities relating to store premises and fixtures. They have no impact on the consolidated figures. Accounting estimates and management judgment The management uses judgement for estimating the term of lease agreements with an option for extension, termination or acquisition. When Musti Group is reasonably certain that the option for extension, termination or acquisition will be exercised, the option is considered in the determination of the lease period. If the exercise of the option is uncertain, the option is not included in the determination of the lease term, right-of-use asset or lease liability. The management uses judgement for estimating the term of lease agreements in effect until further notice. The management\u2019s estimates are based on the company\u2019s strategic situation and market conditions, as well the costs that would incur if the leased commodity would be replaced by another commodity. Determination of the interest rate for additional credit also requires management\u2019s judgement. The interest rate for additional credit is determined based on the Group\u2019s financing agreements considering the fluctuation of risk-free interest in each country. The company applies single discounting rate for the portfolio comprising lease agreements with similar characteristics. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "
3.6 Leases
The Group has leased store premises and office and warehouse spaces with lease agreements that are
included in the scope of IFRS 16 Leases. In addition, the Group has leased parking spaces, vehicles,
IT and other equipment and advertising spaces. The right-of-use asset classified as land and water
consists of lease agreement for the land of the acquired pet food factory. The lease agreements have
a fixed term, or they can be terminated with a notice. The Group does not have service agreements
containing commodities that should be recognized as right-of-use assets under IFRS 16.
Accounting principles Right-of-use assets Musti Group recognizes a right-of-use asset and a lease liability on the date when the agreement comes into effect, excluding short-term lease agreements and leases of low value assets (see the next page). The right-of-use asset is initially measured at cost, and it includes the initial valuation of the lease liability, the lease amounts paid by the date when the agreement comes into effect net of any incentives received in connection with the lease agreement, any initial direct costs incurred to Musti Group and an estimate on costs that will incur to Musti Group from reversal and removal of the asset or the remediation of the premises to the condition defined in the lease agreement. Lease liability Musti Group determines the value of the lease liability on the date when the lease agreement comes into effect. The value of the lease liability includes payments that have not been paid on the date when the lease agreement comes into effect, including fixed payments, variable rents linked to an index or a price level, execution price of an call option, if it is reasonably certain that Musti Group will exercise the option, and payment of sanctions resulting from termination of the lease, if the term of the lease takes into account that Musti Group will exercise the option to terminate the lease. Musti Group uses the minimum rents specified in the lease agreement for estimating the fixed payments. The non-lease components are separated from the lease payments when they can be determined reliably. Musti Group also has lease agreements that include variable payments determined based on net sales. Only minimum payments have been included in the lease liability for such agreements, and variable payments based on the net sales are measured as a cost in the profit and loss statement for the period when they incur. Lease liability is remeasured when the lease term or lease payments are amended. Musti Group uses the interest rate for additional loans for determining the interest rate of the lease liability, as no internal interest rates for the lease agreements are available. Short-term agreements and leases of low value assets Musti Group recognizes in its profit and loss statement any lease payments on short-term leases with a term of 12 months or less, as well as on lease agreements where leased asset is of low value. Leases for low value assets are agreements where the leased asset would cost less than EUR 5,000 if it were purchased as new. The expenses from such agreements are presented in this Note below. Sublease agreements Musti Group has subleased intra-group commodities relating to store premises and fixtures. They have no impact on the consolidated figures. Accounting estimates and management judgment The management uses judgement for estimating the term of lease agreements with an option for extension, termination or acquisition. When Musti Group is reasonably certain that the option for extension, termination or acquisition will be exercised, the option is considered in the determination of the lease period. If the exercise of the option is uncertain, the option is not included in the determination of the lease term, right-of-use asset or lease liability. The management uses judgement for estimating the term of lease agreements in effect until further notice. The management\u2019s estimates are based on the company\u2019s strategic situation and market conditions, as well the costs that would incur if the leased commodity would be replaced by another commodity. Determination of the interest rate for additional credit also requires management\u2019s judgement. The interest rate for additional credit is determined based on the Group\u2019s financing agreements considering the fluctuation of risk-free interest in each country. The company applies single discounting rate for the portfolio comprising lease agreements with similar characteristics. The tables set forth the amounts of right-of-use assets in the balance sheet and their impact on the profit and loss statement.
Right-of-use assets
Machinery
Land and Buildings and and
EUR thousand water structures
equipment
Total
2025
Net book value at 1 Jan 2025
174
89,533
823
90,529
New contracts
256
9,656
1,704
11,616
Acquisitions through business combinations
0
5,364
100
5,464
Terminated contracts
0
-864
-141
-1,005
Revaluations and modifications
18
18,323
-33
18,309
Exchange rate differences
0
2,104
38
2,142
Depreciation
-10
-31,522
-624
-32,156
Net book value at 31 Dec 2025
439
92,593
1,867
94,899
Machinery
Land and Buildings and and
EUR thousand water structures
equipment
Total
2024
Net book value at 1 Oct 2023
179
74,550
1,043
75,771
New contracts
0
6,525
372
6,897
Acquisitions through business combinations
0
14,942
91
15,033
Terminated contracts
0
-810
-252
-1,062
Revaluations and modifications
0
28,828
157
28,985
Exchange rate differences
0
-465
4
-461
Depreciation
-5
-34,037
-592
-34,634
Net book value at 31 Dec 2024
174
89,533
823
90,529
Lease liability
EUR thousand
31 Dec 2025
31 Dec 2024
Lease liability at the beginning
95,595
79,825
Net increases
36,686
49,173
Rent expenses
-35,715
-37,080
Interest expense
3,943
3,676
Lease liability at the end
100,510
95,595
EUR thousand
31 Dec 2025
31 Dec 2024
Non-current lease liability
69,337
66,889
Current lease liability
31,173
28,706
Total
100,510
95,595
The maturity distribution of lease liabilities is presented in Note 5.1 Financial risk management.
Lease contracts in the income statement
EUR thousand
1 Jan - 31 Dec 2025
1 Oct 2023 - 31 Dec 2024
Expenses from short-term rental agreements, leasing
agreements with minor value and variable rental
costs, that are not included in the lease liability
-599
-1,127
Depreciation of right of use assets
-32,151
-34,454
Interest expenses from lease liability*
-3,943
-3,676
Total
-36,693
-39,257
*Included in the Note for financial expenses, see Note 5.4 Financial income and expenses.
Repayments of lease liabilities in the financing cash flow amounted to EUR 31,773 (33,157) thousand.
The weighted average interest used in the calculation of interest expenses was 3.9% (3.8%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "
4. NET WORKING CAPITAL
This section describes the items included in the net working capital. Net working capital comprises
inventory, trade and other receivables, as well as trade and other payables.
EUR thousand
31 Dec 2025
31 Dec 2024
Net working capital
Inventories
7 7,81 7
66,455
Trade and other receivables
15,432
14,705
Trade and other payables
-90,997
-68,153
Excluding financial items in other liabilities
546
466
Total
2,797
13,472
Change of net working capital in the balance sheet
10,675
-5 024
Items that are not included in the change of net
working capital as presented in the cash flow
statement, with their impact included elsewhere
in the cash flow statement*
1,018
-7 567
Change of net working capital in the
cash flow statement**
11,694
-12 591
*The major items are related to business combinations.
**An increase in the net working capital decreases the cash flow, and a decrease in the net working capital increases the cash flow.
4.1 Inventories
The Group\u2019s inventory mainly consists of purchased pet food and other products. The Group\u2019s
production activities are carried out at the wholly owned pet food factory Premium Pet Food Suomi Oy
in Lieto, Finland. At the end of the financial year, the inventory of the factory amounted to EUR 4.1 (2.3)
million. Consolidated inventories of Pet City amounted to EUR 3.9 (3.7) million and ZU, EUR 3.0 million
at the year-end.
Accounting principles Musti Group\u2019s inventories are measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less direct costs necessary to make the sale. The acquisition cost of inventory is determined using the FIFO method. The acquisition cost comprises all costs incurred from delivering the inventory to the location and condition at time of the review. Inventory is recognized as a cost for the same period when the corresponding sales is recognized. Impairment and obsolescence of inventory are recorded as costs at the time they incur. In addition, Musti Group records continuously a provision for losses on the inventory. A possible reversal of a write-down is recognized in the period in which the change in value is recognized. Accounting estimates The Group regularly reviews inventories for obsolescence and turnover, and for possible reduction of net realizable value below cost and records an impairment as necessary.y. Inventories
EUR thousand
31 Dec 2025
31 Dec 2024
Finished goods
77,565
66,112
Advance payments
252
343
Total
7 7, 8 1 7
66,455
Inventories recognised as expenses, for which the
carrying amount of inventories was reduced to the
net relisable value
3,775
4,725
EUR thousand
1 Jan - 31 Dec 2025
1 Oct 2023 - 31 Dec 2024
The amount of inventories recognized as an
expense during the period
233,315
330,378
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-325": { "value": "Accounting principles Musti Group\u2019s inventories are measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less direct costs necessary to make the sale. The acquisition cost of inventory is determined using the FIFO method. The acquisition cost comprises all costs incurred from delivering the inventory to the location and condition at time of the review. Inventory is recognized as a cost for the same period when the corresponding sales is recognized. Impairment and obsolescence of inventory are recorded as costs at the time they incur. In addition, Musti Group records continuously a provision for losses on the inventory. A possible reversal of a write-down is recognized in the period in which the change in value is recognized. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "4.2 Trade and other receivables Trade and other receivables comprise trade receivables, other receivables (mainly Value Added Tax receivables) and deferred receivables. Income tax receivables are presented as a separate item in the balance sheet. Payment terms of trade receivables vary according to the customer type and credit rating. In the online stores, the customers pay their purchases in advance. Impairment of trade and other receivables, as well as the Group\u2019s exposure to credit risk are described in the Note 5.1. Accounting principles Trade receivables are receivables resulting from selling products or providing services to customers in the ordinary course of business. Receivables that are expected to be paid within one year from the end of the financial year are classified as current assets. Otherwise, they are presented as non-current assets. Trade receivables usually fall due within 14 or 30 days, and as such, all of them are classified as current assets. Note 5.1 describes principles applied to impairment of trade and other receivables, as well as other accounting principles applied to them. Other receivables mainly comprise prepayments and accrued income generated in the ordinary course of the Group\u2019s business. The Group\u2019s receivables are financial assets not included in the derivatives with fixed or determined payments that are not quoted on active markets. They are included in the current assets, except for items maturing over 12 months after the end of the reporting period. Group\u2019s receivables consist of \u2018Trade and other receivables\u2019 and \u2018Cash and cash equivalents\u2019. The table below set forth the items included in the trade and other receivables: Trade and other receivables
EUR thousand
31 Dec 2025
31 Dec 2024
Trade receivables*
7,745
5,723
Prepayments and accrued income
4,835
3,815
Other receivables
2,851
5,167
Total
15,432
14,705
*Credit card receivables are included in the trade receivables.
Of the trade receivables, a total of EUR 282 thousand has been recognized as a credit loss in the
statement of profit and loss in 2025. During 2024, the recognized credit loss in the statement of profit
and loss was EUR 35 thousand.
The credit loss risk is described in more detail in the Note 5.1 Financial risk management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "Accounting principles Trade receivables are receivables resulting from selling products or providing services to customers in the ordinary course of business. Receivables that are expected to be paid within one year from the end of the financial year are classified as current assets. Otherwise, they are presented as non-current assets. Trade receivables usually fall due within 14 or 30 days, and as such, all of them are classified as current assets. Note 5.1 describes principles applied to impairment of trade and other receivables, as well as other accounting principles applied to them. Other receivables mainly comprise prepayments and accrued income generated in the ordinary course of the Group\u2019s business. The Group\u2019s receivables are financial assets not included in the derivatives with fixed or determined payments that are not quoted on active markets. They are included in the current assets, except for items maturing over 12 months after the end of the reporting period. Group\u2019s receivables consist of \u2018Trade and other receivables\u2019 and \u2018Cash and cash equivalents\u2019. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "4.3 Trade and other payables Accounting principles Trade payables are payment obligations towards suppliers and service providers arising from products and services acquired in the ordinary course of business. Trade payables are classified as current liabilities if they fall due for payment within one year from the balance sheet date. Trade payables are initially measured at fair value, and subsequently at amortized cost using the effective interest rate method. Trade and other payables are classified as other financial liabilities and measured at amortized cost. Customers are entitled to return their purchases within 14 days in Finland and Baltics, and within 30 days in Sweden and Norway. For products sold, that have a repayment period at the end of the financial year, an obligation is recorded as a corresponding contractual liability. Contractual liability includes all costs incurred in settling an existing obligation. The management estimates the amount of this liability based on previous claims and any recent developments indicating that the number of claims may differ from the previous claims in the future. For online sales, products in transit result in a contractual liability. Accounting estimates Determination of the liability resulting from the right to return products involves uncertainty, as the actual amount of returned goods may differ from the estimates. Estimates and assumptions are reviewed quarterly. Differences between estimated and actual product returns may impact the amount of future contractual liabilities recorded, in accrued expenses.
The tables below set forth items included in trade and other payables:
Trade and other payables
EUR thousand
31 Dec 2025
31 Dec 2024
Trade payables
50,236
31,300
Advances received
601
612
Other liabilities
15,910
13,317
Accrued expenses
24,251
22,925
Total
90,997
68,153
Material items included in accrued expenses
EUR thousand
31 Dec 2025
31 Dec 2024
Personnel related costs
16,653
13,984
Accrued interests
546
466
Other items
7,051
8,475
Tot al
24,251
22,925
Material items included in other liabilities
EUR thousand
31 Dec 2025
31 Dec 2024
VAT liabilities
9,732
8,234
Payroll taxes
3,695
3,029
Loyalty program
2,437
2,016
Other items
46
37
Tot al
15,910
13,317
Trade and other payables comprise trade payables, other payables, advance payments, and accrued
expenses incurring in the ordinary course of business of the Group.
Contractual liabilities comprise rights to return products, as well as products in transit.
The valuation and revenue recognition of the loyalty program requires management\u2019s judgment,
particularly in determining the fair value of bonuses and the expiration of bonuses. The bonus liability
consists of bonuses or stamp card discounts accrued to the loyal customer account (see Note 2.1
Segment reporting and net sales) less the estimated expiration date of the bonuses or discounts based
on historical information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-329": { "value": "Accounting principles Trade payables are payment obligations towards suppliers and service providers arising from products and services acquired in the ordinary course of business. Trade payables are classified as current liabilities if they fall due for payment within one year from the balance sheet date. Trade payables are initially measured at fair value, and subsequently at amortized cost using the effective interest rate method. Trade and other payables are classified as other financial liabilities and measured at amortized cost. Customers are entitled to return their purchases within 14 days in Finland and Baltics, and within 30 days in Sweden and Norway. For products sold, that have a repayment period at the end of the financial year, an obligation is recorded as a corresponding contractual liability. Contractual liability includes all costs incurred in settling an existing obligation. The management estimates the amount of this liability based on previous claims and any recent developments indicating that the number of claims may differ from the previous claims in the future. For online sales, products in transit result in a contractual liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "value": "
5.1 Financial risk management
The purpose of the risk management is to ensure access to cost efficient funding and to decrease the
negative impacts on the Group\u2019s profit and balance sheet caused by financial markets.
The financial risk management of the Group is governed by the Treasury Policy. The Chief Financial
Officer presents the policy to the Board of Directors for approval. The implementation of the policy
including funding, identification of exposures and hedging is delegated to the Group Treasurer.
Foreign exchange rate risk
Foreign exchange risk is defined as the uncertainty in cash flows, equity and financial performance
arising from currency exchange rate volatility.
The Group is subject to foreign exchange rate risk arising from subsidiary financing, commercial cash
flows and intra-group invoicing. The Group\u2019s most significant transaction currency risks arise from the
Swedish Krona (SEK), Norwegian Krone (NOK), the US dollar (USD) and the British Pound (GBP).
Transaction risk
Transaction risk arises from commercial cashflows in foreign denominated currency (purchases and sales)
and balance sheet items in foreign denominated currency (such as loans, deposits, and interest flows).
Forecasted commercial cash flows are hedged up to 12 months in advance. Finnish and Swedish
subsidiaries have hedged forecasted USD and GBP outflows using currency derivative agreements.
Additionally, sales denominated in NOK and purchases in EUR have been hedged in one of the Swedish
subsidiaries.
Intra-group funding is granted in local currency of the subsidiary and is fully hedged with currency
forward agreements excluding loans classified as net investments in foreign subsidiaries.
The foreign currency positions (in euros) of the segments at the end of the financial year are
represented in the tables below. New Markets segment did not have any foreign currency positions at
the year-end.
Finland
31 Dec 2025
EUR thousand
SEK
NOK
USD
GBP
Trade payables
-187
-3
-200
-323
Cash and cash equivalents
19
54
58
45
Derivative financial instruments*
962
745
Position, total
-168
50
820
468
31 Dec 2024
EUR thousand
SEK
NOK
USD
GBP
Trade payables
24
-204
-223
Interest-bearing liabilities
-8,727
Cash and cash equivalents
-949
-12
31
6
Derivative financial instruments*
8,729
1,072
1,424
Position, total
-922
-12
899
1,207
Sweden
31 Dec 2025
EUR thousand
EUR
NOK
USD
GBP
Trade payables
-13,900
-59
-1,245
-421
Trade receivables
1,229
60
6
Cash and cash equivalents
95
17
2
103
Derivative financial instruments*
17,400
-19,590
10,868
1,450
Position, total
4,824
-19,571
9,632
1,132
31 Dec 2024
EUR thousand
EUR
NOK
USD
GBP
Trade payables
-9,226
-9
-710
-231
Trade receivables
389
56
9
Cash and cash equivalents
-40
35
19
41
Derivative financial instruments*
12,350
-21,026
13,972
1,266
Position, total
3,473
-20,944
13,290
1,076
Norway
31 Dec 2025
EUR thousand
EUR
SEK
USD
GBP
Trade payables
-74
-8
Cash and cash equivalents
-65
-18
Position, total
-139
-26
0
0
31 Dec 2024
EUR thousand
EUR
SEK
USD
GBP
Trade payables
-338
-3
Position, total
-338
-3
0
0
*The Group has entered into foreign exchange derivative agreements to hedge forecasted cashflows in SEK (vs EUR), NOK, USD and GBP. This segment level currency exposure is the basis for the sensitivity analysis of foreign exchange risk. Assuming local currency to appreciate 10% against all other currencies, the impact would be: Finland
31 Dec 2025
EUR thousand
SEK
NOK
USD
GBP
EUR +10%
17
-5
-82
-47
31 Dec 2024
EUR thousand
SEK
NOK
USD
GBP
EUR +10%
92
1
-90
-121
Sweden
31 Dec 2025
EUR thousand
SEK
NOK
USD
GBP
SEK +10%
-482
1 957
-963
-113
31 Dec 2024
EUR thousand
SEK
NOK
USD
GBP
SEK +10%
-347
2,094
-1,329
-108
Norway
31 Dec 2025
EUR thousand
EUR
SEK
USD
GBP
NOK +10%
14
3
0
0
31 Dec 2024
EUR thousand
EUR
SEK
USD
GBP
NOK +10%
34
0
0
0
Assuming local currency to depreciate 10% against all other currencies, the impact would be the same magnitude but opposite. The sensitivity analysis as required by IFRS 7, includes financial instruments, such as trade and other receivables, trade and other payables, interest-bearing liabilities, deposits, non- current receivables, cash and cash equivalents and derivative financial instruments. The following items related to exchange rates were recognized for the period through profit and loss:
EUR thousand
1 Jan - 31 Dec 2025
1 Oct 2023 - 31 Dec 2024
Items recognised through profit and loss
Net exchange rate gains/losses included in the
financial income/expenses
-1,693
345
Exchange rate gains/losses recognised in the result
for the period, total (net)
-1,693
345
Translation risk Translation risk arises when the currency denominated income and balance sheet items of group companies located outside the euro area are consolidated into euro. The most significant translation risk currencies are the Swedish krona (SEK) and the Norwegian krone (NOK). As of 31 December 2025, the total non-EUR denominated equity, goodwill and fair value step up of the subsidiaries was EUR 118.8 (110.2) million. In addition, the group had intra-group loans classified as net investments amounting to EUR 40.6 (38.5) million. Musti Group is currently not hedging any translation exposure. Interest rate risk Changes in interest rates impact the average interest rate of the Group\u2019s loan portfolio, financial expenditure and hence the profitability of the group. The Group is currently hedging interest rate risk using interest rate derivatives. At the end of the financial year 2025, interest-bearing financial assets were EUR 0 (0) thousand and interest-bearing liabilities EUR 227 (200) million. 74% (77%) of the interest-bearing liabilities are denominated in euros. For all interest-bearing liabilities, the ratio of fixed rate paying liabilities in relation to all interest-bearing liabilities was 70% (65%). Excluding leasing agreements, the ratio of fixed rate paying liabilities was 45% (33%). Sensitivity of interest expenses has been calculated by assuming a one-off, +1% (100 basis points) increase in the interest rates of interest-bearing financial liabilities and assuming no change in the net debt during the year. The calculated impact on the company\u2019s interest expenses is EUR 0.5 (0.5) million. Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fail to meet its contractual obligations. The Group\u2019s credit risks arise principally from trade receivables and the market value of financial derivatives. The Group\u2019s customer base is very diversified, and the Group does not have significant credit risk concentrations related to trade receivables. The Group companies analyse solvency of new invoicing customers locally. Payment methods mitigating credit risk, such as advance payments, are applied to customers with high risk. The maximum exposure to credit risk corresponds to the book values of the financial assets presented below. The procedure under IFRS 9 is applied for credit loss provisions where the amount of the provision corresponds to the expected credit losses over the whole lifetime of the receivable. Credit loss provision on the expected credit losses are recognized based on the customers\u2019 payment history and expectations on the credit losses. The Group\u2019s trade receivables have short maturities, and the time value of the money does not have significant impact when estimating the amount expected of credit losses. Counterparty risk relating to financial assets and derivatives is mitigated by diversification of exposures between pre-approved, high creditworthy counterparties. ISDA Master agreements have been signed with counterparties when transacting in derivative agreements. The Chief Financial Officer and the Group Treasurer review annually the creditworthiness of financial counterparties using a framework considering credit rating (Moody\u2019s, S&P) and sustainability rating (Sustainalytics ESG).
EUR thousand
Expected credit loss rate
Trade receivables (gross)
Deduction related to losses
Trade receivables (net)
The table below sets forth the maturity distribution of
receivables and provisions for impairment based on
credit risk estimates.
%
31 Dec 2025
31 Dec 2024
31 Dec 2025
31 Dec 2024
31 Dec 2025
31 Dec 2024
Unmatured
0,5 %
3,912
2,791
18
14
3,895
2,777
1-30 days
1 %
564
400
6
4
558
396
31-60 days
5 %
29
81
1
4
28
77
61-180 days
10 %
134
55
13
5
121
49
180-360 days
50 %
74
173
37
86
37
86
over 360 days
100 %
291
34
291
34
0
0
Total
5,004
3,533
366
148
4,638
3,386
Credit card receivables
0,1 %
3,111
2,340
3
2
3,108
2,337
Tot al
8,115
5,873
369
150
7,74 5
5,723
The groups other receivables do not contain impaired or delayed items. Based on the credit history of other groups, the receivables will be paid when they fall due. The Group has no guarantee for these receivables. Liquidity and refinancing risk Liquidity risk refers to the risk of the Group not being able to fulfil its payment obligations and refinancing risk refers to the risk of the Group not being able to refinance its maturing liabilities. The Treasury Policy governs the mitigation of refinancing and liquidity risk by setting requirements on refinancing, the amount of committed credit facilities and the level of liquid assets to be kept available. Group Treasury monitors and forecasts the short- and long-term needs of the Group and ensures that sufficient liquidity and credit facilities are available. As of 31 December 2025, the Group\u2019s liquidity and refinancing position was good. The amount of cash and cash equivalents was EUR 16.2 (11.8) million and the Group had EUR 85 (100) million of undrawn revolving credit facilities which mature in 2028. Additionally, the Group had EUR 10 (5) million bank overdraft, unutilized term facilities of EUR 0 (15) million, and EUR 50 million commercial paper program of which EUR 13 (7.5) million was in use. Musti Group extended the 3+1-year Facilities Agreement with Danske Bank, OP Corporate Bank plc and Swedbank AB (Publ) on 28 August 2025. The extended Facilities Agreement matures on 28 August 2028. The Facilities Agreement consists of EUR 110 million Term Facility, EUR 100 million Revolving Credit Facility and an uncommitted Accordion Facility of EUR 60 million. The Group\u2019s financing agreements contain covenants relating to the net debt to LTM adjusted EBITDA (leverage) ratio. Violation of covenant terms may increase financial costs or lead to loan termination. The covenants are reviewed and reported to the bank\u2019s quarterly. During the financial year 2025, all quarterly covenant conditions were met. The table below sets forth the Group\u2019s financial liabilities under the relevant maturity groups based on the time remaining until the contractual maturity as at the balance sheet date. The figures presented in the table are contractual undiscounted amounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "value": "Foreign exchange rate risk Foreign exchange risk is defined as the uncertainty in cash flows, equity and financial performance arising from currency exchange rate volatility. The Group is subject to foreign exchange rate risk arising from subsidiary financing, commercial cash flows and intra-group invoicing. The Group\u2019s most significant transaction currency risks arise from the Swedish Krona (SEK), Norwegian Krone (NOK), the US dollar (USD) and the British Pound (GBP). Norway
31 Dec 2025
EUR thousand
EUR
SEK
USD
GBP
Trade payables
-74
-8
Cash and cash equivalents
-65
-18
Position, total
-139
-26
0
0
31 Dec 2024
EUR thousand
EUR
SEK
USD
GBP
Trade payables
-338
-3
Position, total
-338
-3
0
0
*The Group has entered into foreign exchange derivative agreements to hedge forecasted cashflows in SEK (vs EUR), NOK, USD and GBP. This segment level currency exposure is the basis for the sensitivity analysis of foreign exchange risk. Assuming local currency to appreciate 10% against all other currencies, the impact would be: Finland
31 Dec 2025
EUR thousand
SEK
NOK
USD
GBP
EUR +10%
17
-5
-82
-47
31 Dec 2024
EUR thousand
SEK
NOK
USD
GBP
EUR +10%
92
1
-90
-121
Sweden
31 Dec 2025
EUR thousand
SEK
NOK
USD
GBP
SEK +10%
-482
1 957
-963
-113
31 Dec 2024
EUR thousand
SEK
NOK
USD
GBP
SEK +10%
-347
2,094
-1,329
-108
Finland
31 Dec 2025
EUR thousand
SEK
NOK
USD
GBP
Trade payables
-187
-3
-200
-323
Cash and cash equivalents
19
54
58
45
Derivative financial instruments*
962
745
Position, total
-168
50
820
468
31 Dec 2024
EUR thousand
SEK
NOK
USD
GBP
Trade payables
24
-204
-223
Interest-bearing liabilities
-8,727
Cash and cash equivalents
-949
-12
31
6
Derivative financial instruments*
8,729
1,072
1,424
Position, total
-922
-12
899
1,207
Sweden
31 Dec 2025
EUR thousand
EUR
NOK
USD
GBP
Trade payables
-13,900
-59
-1,245
-421
Trade receivables
1,229
60
6
Cash and cash equivalents
95
17
2
103
Derivative financial instruments*
17,400
-19,590
10,868
1,450
Position, total
4,824
-19,571
9,632
1,132
31 Dec 2024
EUR thousand
EUR
NOK
USD
GBP
Trade payables
-9,226
-9
-710
-231
Trade receivables
389
56
9
Cash and cash equivalents
-40
35
19
41
Derivative financial instruments*
12,350
-21,026
13,972
1,266
Position, total
3,473
-20,944
13,290
1,076
Norway
31 Dec 2025
EUR thousand
EUR
SEK
USD
GBP
NOK +10%
14
3
0
0
31 Dec 2024
EUR thousand
EUR
SEK
USD
GBP
NOK +10%
34
0
0
0
Assuming local currency to depreciate 10% against all other currencies, the impact would be the same magnitude but opposite. The sensitivity analysis as required by IFRS 7, includes financial instruments, such as trade and other receivables, trade and other payables, interest-bearing liabilities, deposits, non- current receivables, cash and cash equivalents and derivative financial instruments. The following items related to exchange rates were recognized for the period through profit and loss:
EUR thousand
1 Jan - 31 Dec 2025
1 Oct 2023 - 31 Dec 2024
Items recognised through profit and loss
Net exchange rate gains/losses included in the
financial income/expenses
-1,693
345
Exchange rate gains/losses recognised in the result
for the period, total (net)
-1,693
345
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-332": { "value": "Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fail to meet its contractual obligations. The Group\u2019s credit risks arise principally from trade receivables and the market value of financial derivatives. The Group\u2019s customer base is very diversified, and the Group does not have significant credit risk concentrations related to trade receivables. The Group companies analyse solvency of new invoicing customers locally. Payment methods mitigating credit risk, such as advance payments, are applied to customers with high risk. The maximum exposure to credit risk corresponds to the book values of the financial assets presented below. The procedure under IFRS 9 is applied for credit loss provisions where the amount of the provision corresponds to the expected credit losses over the whole lifetime of the receivable. Credit loss provision on the expected credit losses are recognized based on the customers\u2019 payment history and expectations on the credit losses. The Group\u2019s trade receivables have short maturities, and the time value of the money does not have significant impact when estimating the amount expected of credit losses. Counterparty risk relating to financial assets and derivatives is mitigated by diversification of exposures between pre-approved, high creditworthy counterparties. ISDA Master agreements have been signed with counterparties when transacting in derivative agreements. The Chief Financial Officer and the Group Treasurer review annually the creditworthiness of financial counterparties using a framework considering credit rating (Moody\u2019s, S&P) and sustainability rating (Sustainalytics ESG).
EUR thousand
Expected credit loss rate
Trade receivables (gross)
Deduction related to losses
Trade receivables (net)
The table below sets forth the maturity distribution of
receivables and provisions for impairment based on
credit risk estimates.
%
31 Dec 2025
31 Dec 2024
31 Dec 2025
31 Dec 2024
31 Dec 2025
31 Dec 2024
Unmatured
0,5 %
3,912
2,791
18
14
3,895
2,777
1-30 days
1 %
564
400
6
4
558
396
31-60 days
5 %
29
81
1
4
28
77
61-180 days
10 %
134
55
13
5
121
49
180-360 days
50 %
74
173
37
86
37
86
over 360 days
100 %
291
34
291
34
0
0
Total
5,004
3,533
366
148
4,638
3,386
Credit card receivables
0,1 %
3,111
2,340
3
2
3,108
2,337
Tot al
8,115
5,873
369
150
7,74 5
5,723
The groups other receivables do not contain impaired or delayed items. Based on the credit history of other groups, the receivables will be paid when they fall due. The Group has no guarantee for these receivables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "Liquidity and refinancing risk Liquidity risk refers to the risk of the Group not being able to fulfil its payment obligations and refinancing risk refers to the risk of the Group not being able to refinance its maturing liabilities. The Treasury Policy governs the mitigation of refinancing and liquidity risk by setting requirements on refinancing, the amount of committed credit facilities and the level of liquid assets to be kept available. Group Treasury monitors and forecasts the short- and long-term needs of the Group and ensures that sufficient liquidity and credit facilities are available. As of 31 December 2025, the Group\u2019s liquidity and refinancing position was good. The amount of cash and cash equivalents was EUR 16.2 (11.8) million and the Group had EUR 85 (100) million of undrawn revolving credit facilities which mature in 2028. Additionally, the Group had EUR 10 (5) million bank overdraft, unutilized term facilities of EUR 0 (15) million, and EUR 50 million commercial paper program of which EUR 13 (7.5) million was in use. Musti Group extended the 3+1-year Facilities Agreement with Danske Bank, OP Corporate Bank plc and Swedbank AB (Publ) on 28 August 2025. The extended Facilities Agreement matures on 28 August 2028. The Facilities Agreement consists of EUR 110 million Term Facility, EUR 100 million Revolving Credit Facility and an uncommitted Accordion Facility of EUR 60 million. The Group\u2019s financing agreements contain covenants relating to the net debt to LTM adjusted EBITDA (leverage) ratio. Violation of covenant terms may increase financial costs or lead to loan termination. The covenants are reviewed and reported to the bank\u2019s quarterly. During the financial year 2025, all quarterly covenant conditions were met. The table below sets forth the Group\u2019s financial liabilities under the relevant maturity groups based on the time remaining until the contractual maturity as at the balance sheet date. The figures presented in the table are contractual undiscounted amounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "
Contractual maturities of financial liabilities
31 Dec 2025
EUR thousand
FY2026
FY2027
FY2028
FY2029
FY2030
FY2031-
Tot al
Non-current liabilities
Loans from credit
institutions
109,675
109,675
Lease liability
23,225
17,739
12,838
7,6 9 6
7,838
69,337
Other non-current
interest-bearing liabilities
80
80
Current liabilities
Loans from credit
institutions
12,901
12,901
Lease liability
31,173
31,173
Trade and other
payables*
50,236
50,236
Other current liabilities
2,363
2,363
Tot al
96,672
23,305
127,414
12,838
7,6 9 6
7,8 3 8
275,764
Interest payments
8,567
7,206
4,701
1,113
609
308
22,503
31 Dec 2024
EUR thousand
FY2025
FY2026
FY2027
FY2028
FY2029
FY2030-
Tot al
Non-current liabilities
Loans from credit
institutions
94,668
94,668
Lease liability
24,011
17,101
12,127
6,978
6,672
66,889
Other non-current
interest-bearing liabilities
2,231
2,231
Current liabilities
Loans from credit
institutions
7,458
7,458
Lease liability
28,706
28,706
Trade and other
payables*
31,300
31,300
Tot al
67,464
24,011
114,000
12,127
6,978
6,672
231,252
Interest payments
7,954
6,809
4,430
991
525
257
20,966
*Other payables include only items classified as financial assets or liabilities.
5.2 Financial assets and liabilities Accounting principles Musti Group classifies financial assets and liabilities according to IFRS 9 based on the cash flow properties of the contracts related to them and their original purpose of use in line with the business model at the time of the acquisition. The classification is changed only if the business model applied in the investment activities is amended. Financial assets or liabilities are presented as a non-current item, if the remaining maturity is over 12 months from the end of the period, and as a current item if the remaining maturity is under 12 months from the end of period. Financial assets and liabilities are classified as follows: Under IFRS 9, financial assets are classified into the following categories: I. financial assets at amortized cost II. financial assets at fair value through profit and loss III. financial assets at fair value through other comprehensive income Financial assets Financial assets and amortized cost Financial assets are classified as financial assets at amortized cost if the following criteria are met: I. the financial asset is held to generate cash flows based on the business model; and II. the cash flows are contractual capital returns and interest accrued on the capital. Financial assets at amortized cost are valued using the effective interest rate method. Impairment is considered in the valuation. Gains and losses are recognized though profit and loss when the financial asset is reclassified or changed or its value decreases. Interest income is recognized in finance income. Financial assets at amortized cost include term deposits, interest-bearing loans and other receivables, trade receivables and non-interest-bearing receivables. Expected credit loss under IFRS 9 impacts the valuation of financial assets at amortized cost. Musti Group applies to the valuation of trade receivables the simplified model under IFRS 9 where a provision for credit losses is recognized in the trade receivables based on the expected credit losses. See Note 5.1 Financial risk management. Financial assets at fair value through profit and loss Financial assets at fair value through profit and loss are financial assets acquired for trading purposes. Financial assets at fair value through profit and loss are derivatives not eligible for hedge accounting. Changes in fair value, as well as profit and loss in connection derecognition, are presented in the profit and loss statement. Financial assets at fair value through other comprehensive income Financial assets are classified as financial assets at fair value through other comprehensive income, if the following criteria are met: I. according to the business model, the financial asset is held to generate cash flows based on a contract or it is available for sale; and II. the cash flows are contractual capital returns and interest accrued on the capital. Financial liabilities Under IFRS 9, financial liabilities are classified into the following categories: I. financial liabilities at amortized cost II. financial liabilities at fair value through profit and loss Financial liabilities at amortized cost Musti Group\u2019s loans from financial institutions, commercial papers and trade and other payables are recognized at the time on acquisition at fair value net of transaction costs. Loans are subsequently measured using the effective interest rate method. The interest expenses of the loans are recorded in the profit and loss statement. Trade and other payables are non-interest-bearing current unpaid payables. Financial liabilities at fair value through profit and loss Financial liabilities at fair value through profit and loss are financial liabilities acquired for trading purposes. Financial liabilities measured at fair value through profit and loss are derivatives not eligible for hedge accounting. Changes in fair value, as well as profit and loss in connection derecognition, are presented in the profit and loss statement.
Financial assets and liabilities
The table below sets forth the classification of financial assets and liabilities and their book values:
Financial assets
EUR thousand
Financial assets at fair value through profit and loss
Financial assets at amortised cost
Book value
Fair value
31 Dec 2025
Non-current assets
Derivative financial instruments
118
118 118
Other non-current assets
412
412 412
Tot al
118
412
530 530
Current assets
Trade and other receivables
7,74 5
7,74 5 7,74 5
Derivative financial instruments
773
773 773
Cash and cash equivalents
16,243
16,243
16,243
Tot al
773
23,988
24,761
24,761
Financial assets, total
890
24,400
25,291
25,291
EUR thousand
Financial assets at fair value through profit and loss
Financial assets at amortised cost
Book value
Fair value
31 Dec 2024
Non-current assets
Other non-current assets
240
240 240
Tot al
0
240
240 240
Current assets
Trade and other receivables
5,723
5,723 5,723
Derivative financial instruments
1,076
1,076 1,076
Cash and cash equivalents
11,829
11,829
11,829
Tot al
1,076
17,552
18,628
18,628
Financial assets, total
1,076
1 7,7 9 2
18,868
18,868
Financial liabilities
EUR thousand
Financial liabilities at fair value through profit and loss
Financial liabilities at amortised cost
Book value
Fair value
31 Dec 2025
Non-current liabilities
Loans from credit institutions
109,675
109,675
109,675
Derivative financial instruments
122
122
122
Lease liability
69,337
69,337
69,337
Other non-current liabilities
80
80
80
Tot al
122
179,092
179,214
179,214
Current liabilities
Commercial papers
12,901
12,901
12,901
Lease liability
31,173
31,173
31,173
Trade and other payables
50,236
50,236
50,236
Other current liabilities
2,363
2,363
2,363
Derivative financial instruments
929
929
929
Tot al
929
96,672
97,601
97,601
Financial liabilities, total
1,051
275,764
276,815
276,815
EUR thousand
Financial liabilities at fair value through profit and loss
Financial liabilities at amortised cost
Book value
Fair value
31 Dec 2024
Non-current liabilities
Loans from credit institutions
94,668
94,668
94,668
Derivative financial instruments
240
240
240
Lease liability
66,889
66,889
66,889
Other non-current liabilities
2,231
2,231
2,231
Tot al
240
163,788
164,028
164,028
Current liabilities
Commercial papers
7,458
7,458
7,458
Lease liability
28,706
28,706
28,706
Trade and other payables
31,300
31,300
31,300
Derivative financial instruments
233
233
233
Tot al
233
67,464
67,697
67,697
Financial liabilities, total
473
231,252
231,725
231,725
Changes in financial liabilities arising from financing activities
Foreign exchange Other non-cash
EUR thousand
1 Jan 2025
Cash flows
New leases
movement
Change in fair values
movements
31 Dec 2025
Current interest-bearing loans and borrowings
(excluding items listed below)
7,458
4,957
486
12,901
Current lease liability
28,706
-31,773
3,447
612
30,181
31,173
Non-current interest-bearing loans and borrowings
(excluding items listed below)
94,668
15,079
-72
109,675
Non-current lease liability
66,889
13,633
1,530
-12,715
69,337
Derivative financial instruments
473
-473
1,051
1,051
Earn-out liability
2,231
132
2,363
Other non-current liabilities
0
80
80
Total liabilities from financing activities
200,425
-12,210
17,080
2,142
0
19,143
226,579
Foreign exchange Other non-cash
EUR thousand
1 Oct 2023
Cash flows
New leases
movement
Change in fair values
movements
31 Dec 2024
Current interest-bearing loans and borrowings
(excluding items listed below)
9,412
-1,955
0
7,458
Current lease liability
24,307
-33,157
4,497
-145
33,202
28,706
Non-current interest-bearing loans and borrowings
(excluding items listed below)
69,943
24,475
250
94,668
Non-current lease liability
55,518
17,433
-317
-5,745
66,889
Derivative financial instruments
306
-306
473
473
Earn-out liability
2,031
200
2,231
Total liabilities from financing activities
161,517
-10,942
21,930
-461
0
28,380
200,425
Liquid funds Deposits with a maturity of up to 3 months from the year end are classified as liquid funds and are measured at amortized cost. Cash and cash equivalents include readily available cash and bank deposits, as well as fixed-term deposits. Liquid funds are regularly assessed for impairment, but the risk is limited due to their high credit rating and short maturity. Liquid funds
EUR thousand
31 Dec 2025
31 Dec 2024
Cash and cash equivalents
16,243
11,829
Derivative financial instruments Accounting principles Derivatives are initially recorded at their fair value on the date of the contract, and they are subsequently valued at their fair value. Derivatives are classified as instruments held for trading and recorded at fair value through profit and loss. The Group utilizes derivatives for hedging operative exchange risks and interest rate risk. The company does not apply hedge accounting. The nominal and fair values of the derivatives at the end of the financial period:
Receivables Payables
EUR thousand
Nominal value
at fair value
at fair value
Net fair value
31 Dec 2025
Forward exchange
contracts
89,514
773
-930
-156
Interest rate swaps
55,000
117
-121
-4
Tot al
144,514
890
-1,051
-160
Receivables Payables
EUR thousand
Nominal value
at fair value
at fair value
Net fair value
31 Dec 2024
Forward exchange
contracts
85,585
1,076
-234
842
Interest rate swaps
35,000
0
-239
-239
Tot al
120,585
1,076
-473
603
Maturity distribution of derivates (at nominal value) Maturity distribution of derivatives at 31 December 2025
EUR thousand
FY2026
FY2027
FY2028
FY2029
FY2030
Forward exchange
contracts
88,728
785
0
0
0
Interest rate swaps
0
35,000
20,000
0
0
Tot al
88,728
35,785
20,000
0
0
Maturity distribution of derivatives at 31 December 2024
EUR thousand
FY2025
FY2026
FY2027
FY2028
FY2029
Forward exchange
contracts
85,011
573
0
0
0
Interest rate swaps
0
0
35,000
0
0
Tot al
85,011
573
35,000
0
0
Interest-bearing liabilities Net debt is the total amount of loans from credit institutions and lease liabilities included in the current and non-current liabilities less cash and bank deposits. The ratio of net debt to LTM adjusted EBITDA is linked to the covenants included in the financing agreements. Net debt
EUR thousand
31 Dec 2025
31 Dec 2024
Non-current interest-bearing liabilities
179,092
163,788
Current interest-bearing liabilities
46,436
36,164
Derivative financial instruments
160
-603
Cash and cash equivalents
-16,243
-11,829
Net debt
209,446
187,520
Interest-bearing liabilities
Balance sheet values
Fair values
EUR thousand
31 Dec 2025
31 Dec 2024
31 Dec 2025
31 Dec 2024
Loans from credit institutions
109,675
94,668
94,668
Lease liability
69,337
66,889
66,889
Other non-current liabilities
80
2,231
2,231
Total interest-bearing non-current
liabilities
179,092
163,788
163,788
Commercial papers
12,901
7,458
12,901
7,458
Lease liability
31,173
28,706
31,173
28,706
Other current liabilities
2,363
0
2,363
0
Total interest-bearing current
liabilities
46,436
36,164
46,436
36,164
Derivative financial instruments
1,051
473
1,051
473
Total interest-bearing liabilities
226,579
200,425
226,579
200,425
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "value": "
The Group\u2019s loans from credit institutions on 31 December 2025 amounted to EUR 109.7 (94.7) million.
The non-current loans from credit institutions mature in August 2028.
Fair value hierarchy
Level 1
Quoted unadjusted prices at the balance sheet date in active markets. The market prices are readily
and regularly available from an exchange, dealer, broker, market information service system, pricing
service or regulatory agency. The quoted market price used for financial assets is the current bid price.
Level 1 financial instruments include investments in funds classified as financial instruments at fair value
through profit and loss. Musti Group does not have Level 1 financial instruments.
Level 2
The fair value of financial instruments in Level 2 is determined using valuation techniques. These
techniques utilize observable market data readily and regularly available from an exchange, dealer,
broker, market information service system, pricing service or regulatory agency. Musti Group has
classified derivatives at fair value according to the Level 2.
Level 3
A financial instrument is categorized into Level 3 if the calculation of the fair value cannot be based
on observable market data. Musti Group has classified earn-out liabilities on level 3 of the fair value
hierarchy.
Fair value hierarchy
31 Dec 2025
EUR thousand
Level 1
Level 2
Level 3
Assets
Financial assets at amortised cost
Other non-curret assets
412
Trade and other receivables*
7,745
Cash and cash equivalents
16,243
Financial assets at fair value through profit and loss
Derivative financial instruments
890
Tot al
25,291
31 Dec 2024
EUR thousand
Level 1
Level 2
Level 3
Assets
Financial assets at amortised cost
Other non-curret assets
240
Trade and other receivables*
5,723
Cash and cash equivalents
11,829
Financial assets at fair value through profit and loss
Derivative financial instruments
1,076
Tot al
18,868
31 Dec 2025
EUR thousand
Level 1
Level 2
Level 3
Liabilities
Financial liabilities at amortised cost
Loans from credit institutions
109,675
Commercial papers
12,901
Lease liability
100,510
Trade and other payables*
50,236
Earn-out liability 2,363
Financial assets at fair value through profit and loss
80
Derivative financial instruments
1,051
Tot al
274,452
2,363
31 Dec 2024
EUR thousand
Level 1
Level 2
Level 3
Liabilities
Financial liabilities at amortised cost
Loans from credit institutions
94,668
Commercial papers
7,458
Lease liability
95,595
Trade and other payables*
31,300
Earn-out liability
2,231
Financial assets at fair value through profit and loss
Derivative financial instruments
473
Tot al
229,495
2,231
*Other receivables and other payables includes only items classified as financial assets and liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "Accounting principles Musti Group classifies financial assets and liabilities according to IFRS 9 based on the cash flow properties of the contracts related to them and their original purpose of use in line with the business model at the time of the acquisition. The classification is changed only if the business model applied in the investment activities is amended. Financial assets or liabilities are presented as a non-current item, if the remaining maturity is over 12 months from the end of the period, and as a current item if the remaining maturity is under 12 months from the end of period. Financial assets and liabilities are classified as follows: Under IFRS 9, financial assets are classified into the following categories: I. financial assets at amortized cost II. financial assets at fair value through profit and loss III. financial assets at fair value through other comprehensive income Financial assets Financial assets and amortized cost Financial assets are classified as financial assets at amortized cost if the following criteria are met: I. the financial asset is held to generate cash flows based on the business model; and II. the cash flows are contractual capital returns and interest accrued on the capital. Financial assets at amortized cost are valued using the effective interest rate method. Impairment is considered in the valuation. Gains and losses are recognized though profit and loss when the financial asset is reclassified or changed or its value decreases. Interest income is recognized in finance income. Financial assets at amortized cost include term deposits, interest-bearing loans and other receivables, trade receivables and non-interest-bearing receivables. Expected credit loss under IFRS 9 impacts the valuation of financial assets at amortized cost. Musti Group applies to the valuation of trade receivables the simplified model under IFRS 9 where a provision for credit losses is recognized in the trade receivables based on the expected credit losses. See Note 5.1 Financial risk management. Financial assets at fair value through profit and loss Financial assets at fair value through profit and loss are financial assets acquired for trading purposes. Financial assets at fair value through profit and loss are derivatives not eligible for hedge accounting. Changes in fair value, as well as profit and loss in connection derecognition, are presented in the profit and loss statement. Financial assets at fair value through other comprehensive income Financial assets are classified as financial assets at fair value through other comprehensive income, if the following criteria are met: I. according to the business model, the financial asset is held to generate cash flows based on a contract or it is available for sale; and II. the cash flows are contractual capital returns and interest accrued on the capital. Financial liabilities Under IFRS 9, financial liabilities are classified into the following categories: I. financial liabilities at amortized cost II. financial liabilities at fair value through profit and loss Financial liabilities at amortized cost Musti Group\u2019s loans from financial institutions, commercial papers and trade and other payables are recognized at the time on acquisition at fair value net of transaction costs. Loans are subsequently measured using the effective interest rate method. The interest expenses of the loans are recorded in the profit and loss statement. Trade and other payables are non-interest-bearing current unpaid payables. Financial liabilities at fair value through profit and loss Financial liabilities at fair value through profit and loss are financial liabilities acquired for trading purposes. Financial liabilities measured at fair value through profit and loss are derivatives not eligible for hedge accounting. Changes in fair value, as well as profit and loss in connection derecognition, are presented in the profit and loss statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "Liquid funds Deposits with a maturity of up to 3 months from the year end are classified as liquid funds and are measured at amortized cost. Cash and cash equivalents include readily available cash and bank deposits, as well as fixed-term deposits. Liquid funds are regularly assessed for impairment, but the risk is limited due to their high credit rating and short maturity. Liquid funds
EUR thousand
31 Dec 2025
31 Dec 2024
Cash and cash equivalents
16,243
11,829
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "value": "Derivative financial instruments Accounting principles Derivatives are initially recorded at their fair value on the date of the contract, and they are subsequently valued at their fair value. Derivatives are classified as instruments held for trading and recorded at fair value through profit and loss. The Group utilizes derivatives for hedging operative exchange risks and interest rate risk. The company does not apply hedge accounting. The nominal and fair values of the derivatives at the end of the financial period:
Receivables Payables
EUR thousand
Nominal value
at fair value
at fair value
Net fair value
31 Dec 2025
Forward exchange
contracts
89,514
773
-930
-156
Interest rate swaps
55,000
117
-121
-4
Tot al
144,514
890
-1,051
-160
Receivables Payables
EUR thousand
Nominal value
at fair value
at fair value
Net fair value
31 Dec 2024
Forward exchange
contracts
85,585
1,076
-234
842
Interest rate swaps
35,000
0
-239
-239
Tot al
120,585
1,076
-473
603
Maturity distribution of derivates (at nominal value)
Maturity distribution of derivatives at 31 December 2025
EUR thousand
FY2026
FY2027
FY2028
FY2029
FY2030
Forward exchange
contracts
88,728
785
0
0
0
Interest rate swaps
0
35,000
20,000
0
0
Tot al
88,728
35,785
20,000
0
0
Maturity distribution of derivatives at 31 December 2024
EUR thousand
FY2025
FY2026
FY2027
FY2028
FY2029
Forward exchange
contracts
85,011
573
0
0
0
Interest rate swaps
0
0
35,000
0
0
Tot al
85,011
573
35,000
0
0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "value": "Accounting principles Derivatives are initially recorded at their fair value on the date of the contract, and they are subsequently valued at their fair value. Derivatives are classified as instruments held for trading and recorded at fair value through profit and loss. The Group utilizes derivatives for hedging operative exchange risks and interest rate risk. The company does not apply hedge accounting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "value": "
Net debt
EUR thousand
31 Dec 2025
31 Dec 2024
Non-current interest-bearing liabilities
179,092
163,788
Current interest-bearing liabilities
46,436
36,164
Derivative financial instruments
160
-603
Cash and cash equivalents
-16,243
-11,829
Net debt
209,446
187,520
Interest-bearing liabilities
Balance sheet values
Fair values
EUR thousand
31 Dec 2025
31 Dec 2024
31 Dec 2025
31 Dec 2024
Loans from credit institutions
109,675
94,668
94,668
Lease liability
69,337
66,889
66,889
Other non-current liabilities
80
2,231
2,231
Total interest-bearing non-current
liabilities
179,092
163,788
163,788
Commercial papers
12,901
7,458
12,901
7,458
Lease liability
31,173
28,706
31,173
28,706
Other current liabilities
2,363
0
2,363
0
Total interest-bearing current
liabilities
46,436
36,164
46,436
36,164
Derivative financial instruments
1,051
473
1,051
473
Total interest-bearing liabilities
226,579
200,425
226,579
200,425
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "Net debt
EUR thousand
31 Dec 2025
31 Dec 2024
Non-current interest-bearing liabilities
179,092
163,788
Current interest-bearing liabilities
46,436
36,164
Derivative financial instruments
160
-603
Cash and cash equivalents
-16,243
-11,829
Net debt
209,446
187,520
Interest-bearing liabilities
Balance sheet values
Fair values
EUR thousand
31 Dec 2025
31 Dec 2024
31 Dec 2025
31 Dec 2024
Loans from credit institutions
109,675
94,668
94,668
Lease liability
69,337
66,889
66,889
Other non-current liabilities
80
2,231
2,231
Total interest-bearing non-current
liabilities
179,092
163,788
163,788
Commercial papers
12,901
7,458
12,901
7,458
Lease liability
31,173
28,706
31,173
28,706
Other current liabilities
2,363
0
2,363
0
Total interest-bearing current
liabilities
46,436
36,164
46,436
36,164
Derivative financial instruments
1,051
473
1,051
473
Total interest-bearing liabilities
226,579
200,425
226,579
200,425
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "
5.3 Commitments and contingencies
This Note presents information on items not included in calculations when preparing the financial
statements, as they do not satisfy accounting requirements yet. These items include guarantees,
pledges and contingent liabilities.
Compliance with covenant conditions
Musti Group has EUR 210 million financing agreement that contains a covenant relating to the Group\u2019s
leverage (net debt to LTM adjusted EBITDA) which shall not exceed a ratio of 3.75. The covenant needs
to be met constantly, and it is tested on a quarterly basis. The covenant is calculated based on the
calculation method agreed on the financing agreement. At the end of the financial year, the Group\u2019s
leverage ratio amounted to 3.4 (3.1). Management forecasts the covenant conditions monthly and is
confident that all obligations will be met. Violation of the covenant terms may lead to termination of the
loans. The covenants have been fulfilled during the financial years 2025 and 2024.
Other commitments
During the periods presented in the financial statements, Musti Group has not been involved in legal
proceedings, arbitration or administrative proceedings that could have a significant impact on the
Group\u2019s financial position or profitability.
EUR thousand
31 Dec 2025
31 Dec 2024
Other guarantees given on own behalf
Guarantees relating to rental payments
3,944
3,665
Other commitments
23
23
Tot al
3,968
3,688
EUR thousand
31 Dec 2025
31 Dec 2024
Other commitments
Lease liabilities for leases not recognised in the
balance sheet
5,461
750
Tot al
5,461
750
Lease liabilities not recognized in the balance sheet includes the nominal amount of low-value and
short-term lease liabilities (refer to Note 3.6) and the liability for agreements that will enter into force in
the future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "value": "
5.4 Financial income and expenses
This Note presents the Group\u2019s financial income and expenses. The Group has entered into interest rate
swap agreements to protect itself from the changes of interest of bank loans with variable interest rates,
as well as exchange rate hedges for its purchases in US Dollar and British Pound in Finland and Sweden.
EUR thousand
1 Jan - 31 Dec 2025
1 Oct 2023 - 31 Dec 2024
Financial income
Interest income
1,468
2,771
Exchange gains
3,621
1,996
Exchange gains from derivatives
3,605
4,230
Gain from changes in the fair value of derivatives
890
1,076
Other financial income
0
22
Tot al
9,585
10,096
Financial expenses
Interest expenses on loans valued to amortised cost
-6,083
-6,122
Interest expenses from lease liability
-3,943
-3,676
Exchange losses
-3,532
-3,118
Exchange losses from derivatives
-5,387
-2,763
Loss from changes in the fair value of derivatives
235
-1,731
Other financial expenses
-852
-751
Tot al
-19,563
-18,161
Financial income and expenses, net
-9,978
-8,066
The Group\u2019s interest income and other financial income mainly relate to exchange rate gains and
interest income and changes in the fair value of derivatives. Financial expenses mainly relate to loans
from credit institutions and lease liabilities, and changes in the fair value of derivatives and exchange
rate losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "value": "
5.5 Capital Management
The company\u2019s Board of Directors is responsible for the capital management strategy. The aim of capital
management is to maintain sufficient equity ratio and to comply with requirements set for leverage in
financing agreements. Capital sources include operating cash flows, equity financing from shareholders
and external loans. Covenants included in financing agreements place requirements relating to the ratio
of net debt to LTM adjusted EBITDA (leverage). Other terms and conditions on external capital are not
applied to the Group. In capital management, the Group\u2019s equity consists of equity and liabilities as
presented in the balance sheet.
With capital management, the Group aims to safeguard its continuous operations to provide yield to
the shareholders and increase the value of the capital that they have invested. The Group monitors the
adjusted EBITA, EBITA margin and the net debt ratio to last twelve months adjusted EBITDA.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "5.6 Equity This Note describes items included in the equity of Musti Group. Accounting principle The Group\u2019s equity includes instruments that evidences a residual interest in the assets of an entity after deducting all its liabilities and contains no contractual obligation for the issuer to deliver cash or other financial asset to another entity. Costs that relate to the issue or repurchase of own equity instruments are recognized as a deduction in equity. All company shares are reported as share capital. Any repurchase of its own shares by the company is deducted from equity. The total equity consists of the share capital, the invested unrestricted equity reserve, translation differences and retained earnings. Share capital On 31 December 2025 the share capital of Musti Group amounted to EUR 11,001,853.68 and the number of shares was 33,535,453. The company has one share class, and all shares have equal voting rights at the general meetings. The company holds 147,566 own shares. The shares do not have a nominal value. The Annual General Meeting held on 29 April 2025 authorized the Board of Directors to decide on the repurchase of the company\u2019s own shares and/or on the acceptance as pledge of the company\u2019s own shares as follows. The number of own shares to be repurchased and/or accepted as pledge based on this authorization shall not exceed 3,185,000 shares in total, which corresponds to approximately 9.5 per cent of all the shares in the company. However, the company together with its subsidiaries cannot at any moment own and/or hold as pledge more than 10 per cent of all the shares in the company. Own shares can be repurchased only using the unrestricted equity of the company at a price formed in public trading on the date of the repurchase or otherwise at a price determined by the markets. The Board of Directors decides on all other matters related to the repurchase and/or acceptance as pledge of own shares. Own shares can be repurchased using, inter alia, derivatives. Own shares can be repurchased otherwise than in proportion to the shareholdings of the shareholders (directed repurchase). This authorization cancelled the authorization given by the Annual General Meeting held on 31 January 2024 to decide on the repurchase of the company\u2019s own shares and/or to accept the company\u2019s own shares as pledge. The authorization is effective until the next Annual General Meeting, however, no longer than until 30 June 2026. The Annual General Meeting also authorized the Board of Directors to decide on the issuance of shares as well as the issuance of special rights entitling to shares referred to in chapter 10 section 1 of the Finnish Companies Act as follows. The number of shares to be issued based on this authorization shall not exceed 3,185,000 shares, which corresponds to approximately 9.5 per cent of all the shares in the company. The authorization covers both the issuance of new shares as well as the transfer of treasury shares held by the company. The Board of Directors decides on all the conditions of the issuance of shares and of special rights entitling to shares. The issuance of shares and of special rights entitling to shares may be carried out in deviation from the shareholders\u2019 pre-emptive rights (directed issue). This authorization cancelled the authorization given by the Annual General Meeting held on 31 January 2024 to decide on the issuance of shares as well as on the issuance of special rights entitling to shares. The authorization is effective until the next Annual General Meeting, however, no longer than until 30 June 2026. Changes in share capital and invested unrestricted equity reserve
Own shares
Number of held by Invested
outstanding the parent Total number unrestricted
EUR thousand shares company
of shares
Share capital
equity
1 Jan 2025
33,387,887
147,566
33,535,453
11,002
118,009
Capital return
0
0
0
0
0
Acqusition of own shares
0
0
0
0
0
Shares delivered on the
basis of the share-based
payments
0
0
0
0
0
31 Dec 2025
33,387,887
147,566
33,535,453
11,002
118,009
1 Oct 2023
33,387,887
147,566
33,535,453
11,002
118,009
Capital return
0
0
0
0
0
Acqusition of own shares
0
0
0
0
0
Shares delivered on the
basis of the share-based
payments
0
0
0
0
0
31 Dec 2024
33,387,887
147,566
33,535,453
11,002
118,009
Dividend and profit distribution The Group\u2019s parent company\u2019s distributable funds total EUR 125,108,780.55 of which the result for the financial year is EUR -3,002,474.22. The Board of Directors proposes to the Annual General Meeting that no dividend will be paid for the financial year ended on 31 December 2025. For the financial year ended 31 December 2024, no dividend was distributed. Musti Group plc\u2019s distributable funds
EUR thousand
31 Dec 2025
Retained earnings at the end of financial year
10,102
Unrestricted equity
123,349
Own shares
-5,340
Result for the financial year
-3,002
Distributable funds total
125,109
Invested unrestricted equity reserve Under the Finnish Companies Act, the subscription price of new shares is credited to the share capital, unless it is provided in the share issue resolution that it is to be credited in full or in part to the invested unrestricted equity reserve. Contributions to the reserve for invested unrestricted equity can also be made without share issues. Translation differences Translation differences arising on the translation of subsidiaries\u2019 financial statements into euros are recognized in other comprehensive income and accumulated in equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "value": "Share capital On 31 December 2025 the share capital of Musti Group amounted to EUR 11,001,853.68 and the number of shares was 33,535,453. The company has one share class, and all shares have equal voting rights at the general meetings. The company holds 147,566 own shares. The shares do not have a nominal value. The Annual General Meeting held on 29 April 2025 authorized the Board of Directors to decide on the repurchase of the company\u2019s own shares and/or on the acceptance as pledge of the company\u2019s own shares as follows. The number of own shares to be repurchased and/or accepted as pledge based on this authorization shall not exceed 3,185,000 shares in total, which corresponds to approximately 9.5 per cent of all the shares in the company. However, the company together with its subsidiaries cannot at any moment own and/or hold as pledge more than 10 per cent of all the shares in the company. Own shares can be repurchased only using the unrestricted equity of the company at a price formed in public trading on the date of the repurchase or otherwise at a price determined by the markets. The Board of Directors decides on all other matters related to the repurchase and/or acceptance as pledge of own shares. Own shares can be repurchased using, inter alia, derivatives. Own shares can be repurchased otherwise than in proportion to the shareholdings of the shareholders (directed repurchase). This authorization cancelled the authorization given by the Annual General Meeting held on 31 January 2024 to decide on the repurchase of the company\u2019s own shares and/or to accept the company\u2019s own shares as pledge. The authorization is effective until the next Annual General Meeting, however, no longer than until 30 June 2026. The Annual General Meeting also authorized the Board of Directors to decide on the issuance of shares as well as the issuance of special rights entitling to shares referred to in chapter 10 section 1 of the Finnish Companies Act as follows. The number of shares to be issued based on this authorization shall not exceed 3,185,000 shares, which corresponds to approximately 9.5 per cent of all the shares in the company. The authorization covers both the issuance of new shares as well as the transfer of treasury shares held by the company. The Board of Directors decides on all the conditions of the issuance of shares and of special rights entitling to shares. The issuance of shares and of special rights entitling to shares may be carried out in deviation from the shareholders\u2019 pre-emptive rights (directed issue). This authorization cancelled the authorization given by the Annual General Meeting held on 31 January 2024 to decide on the issuance of shares as well as on the issuance of special rights entitling to shares. The authorization is effective until the next Annual General Meeting, however, no longer than until 30 June 2026.
Changes in share capital and invested unrestricted equity reserve
Own shares
Number of held by Invested
outstanding the parent Total number unrestricted
EUR thousand shares company
of shares
Share capital
equity
1 Jan 2025
33,387,887
147,566
33,535,453
11,002
118,009
Capital return
0
0
0
0
0
Acqusition of own shares
0
0
0
0
0
Shares delivered on the
basis of the share-based
payments
0
0
0
0
0
31 Dec 2025
33,387,887
147,566
33,535,453
11,002
118,009
1 Oct 2023
33,387,887
147,566
33,535,453
11,002
118,009
Capital return
0
0
0
0
0
Acqusition of own shares
0
0
0
0
0
Shares delivered on the
basis of the share-based
payments
0
0
0
0
0
31 Dec 2024
33,387,887
147,566
33,535,453
11,002
118,009
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "Earnings per share The basic earnings per share figure is calculated by dividing the result for the financial year attributable to the parent company\u2019s shareholders by the weighted average number of shares outstanding during the financial year. When calculating the earnings per share adjusted by dilution, the weighted average of the number of shares takes into account the diluting effect resulting from changing into shares all potentially diluting shares.
Earnings per share
31 Dec 2025
31 Dec 2024
Earnings per share, basic
Net profit attributable to equity owners of the parent
company, EUR thousand
-3,723
6,700
Weighted average number of shares
33,387,887
33,387,987
Basic earnings per share, EUR
-0.11
0.20
Earnings per share, diluted
Net profit attributable to equity owners of the parent
company, EUR thousand
-3,723
6,700
Weighted average number of shares
33,387,887
33,387,987
Adjustments:
Average number of treasury shares it is possible to be
issued on the basis of the share-based payments
143,000
158,160
Weighted average number of shares for diluted
earnings per share
33,530,887
33,546,147
Diluted earnings per share, EUR
-0.11
0.20
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "value": "Earnings per share The basic earnings per share figure is calculated by dividing the result for the financial year attributable to the parent company\u2019s shareholders by the weighted average number of shares outstanding during the financial year. When calculating the earnings per share adjusted by dilution, the weighted average of the number of shares takes into account the diluting effect resulting from changing into shares all potentially diluting shares.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "Dividend and profit distribution The Group\u2019s parent company\u2019s distributable funds total EUR 125,108,780.55 of which the result for the financial year is EUR -3,002,474.22. The Board of Directors proposes to the Annual General Meeting that no dividend will be paid for the financial year ended on 31 December 2025. For the financial year ended 31 December 2024, no dividend was distributed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-350": { "value": "Management compensation The CEO and management team remuneration
Management Tot al Management Tot al
EUR thousand
CEO
team
2024
CEO
team 2023
Salaries and other short-term
employee benefits
500
1,800
2,300
607
2,223
2,830
Short-term incentives
0
0
0
0
0
0
Pension costs - defined
contribution plans
0
451
451
0
527
527
Tot al
500
2,251
2,751
607
2,750
3,356
The remuneration of the CEO and the members of the Management Team is presented on accrual basis. The Group management remuneration is described more in detail in the separate Remuneration Statement and Note 2.4 Share-based payments. Remuneration paid to Board of Directors
Paid FY2025 Paid FY2024
EUR thousand 1 Jan - 31 Dec 2025 1 Oct 2023 - 31 Dec 2024
Claudia Azevedo (from 12 April 2024)
0
0
Jeffrey David
30
48
Ingrid Jonasson Blank (until 12 April 2024)
0
45
Ilkka Laurila (until 12 April 2024)
0
43
J\u00f5ao Amaral (from 12 April 2024 until 28 August
2025)
0
0
Johan Dettel
30
41
J\u00f5ao Dolores (from 12 April 2024)
0
0
Joanna Hummel (from 29 April 2025)
18
0
Tiina-Liisa Liukkonen (from 29 April 2025)
21
0
Inka Mero (until 12 April 2024)
0
40
Eduardo Piedade (from 18 September 2025)
0
0
Tot al
99
216
The remuneration of the Board of the Directors is presented on cash basis. According to the decision of the 2025 Annual General Meeting, the annual fees paid to the Board members were: Chairman of the Board EUR 65,000 and other Board members EUR 35,000. The annual fees paid to the members of the Committees were: Chairman of the Committee EUR 7,500 and other Committee members EUR 5,000. The members of the Board who are employees of Sonae Group, do not receive any fee for their duties in the Board.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "value": "6.1 Related party transactions Parties are considered to be related if one party has the ability to control or exercise significant influence on the other party, or if the parties exercise joint control in making financial and operating decisions. Musti Group\u2019s related parties include its subsidiaries, the parent company of the Sonae Group and its subsidiaries, the Board of Directors and the members of the management team, including the CEO, as well as their family members and entities controlled by these individuals. Related party transactions are executed with the arm\u2019s length principle, and their terms and conditions correspond to transactions carried out with independent parties. The following transactions were carried out with related parties: Sonae Group
EUR thousand
31 Dec 2025
31 Dec 2024
Sales of goods and services
227
0
Purchases of goods and services
203
0
Receivables
103
0
Payables
39
0
ZU acquisition
13,449
0
Board of Directors
EUR thousand
31 Dec 2025
31 Dec 2024
Consulting fees
286
0
The management\u2019s remuneration is presented in the next table. No loans have been granted to the management, and no other transactions have been conducted with the management.
Management compensation
The CEO and management team remuneration
Management Tot al Management Tot al
EUR thousand
CEO
team
2024
CEO
team 2023
Salaries and other short-term
employee benefits
500
1,800
2,300
607
2,223
2,830
Short-term incentives
0
0
0
0
0
0
Pension costs - defined
contribution plans
0
451
451
0
527
527
Tot al
500
2,251
2,751
607
2,750
3,356
The remuneration of the CEO and the members of the Management Team is presented on accrual
basis. The Group management remuneration is described more in detail in the separate Remuneration
Statement and Note 2.4 Share-based payments.
Remuneration paid to Board of Directors
Paid FY2025 Paid FY2024
EUR thousand 1 Jan - 31 Dec 2025 1 Oct 2023 - 31 Dec 2024
Claudia Azevedo (from 12 April 2024)
0
0
Jeffrey David
30
48
Ingrid Jonasson Blank (until 12 April 2024)
0
45
Ilkka Laurila (until 12 April 2024)
0
43
J\u00f5ao Amaral (from 12 April 2024 until 28 August
2025)
0
0
Johan Dettel
30
41
J\u00f5ao Dolores (from 12 April 2024)
0
0
Joanna Hummel (from 29 April 2025)
18
0
Tiina-Liisa Liukkonen (from 29 April 2025)
21
0
Inka Mero (until 12 April 2024)
0
40
Eduardo Piedade (from 18 September 2025)
0
0
Tot al
99
216
The remuneration of the Board of the Directors is presented on cash basis. According to the decision of the
2025 Annual General Meeting, the annual fees paid to the Board members were: Chairman of the Board EUR
65,000 and other Board members EUR 35,000. The annual fees paid to the members of the Committees
were: Chairman of the Committee EUR 7,500 and other Committee members EUR 5,000. The members of
the Board who are employees of Sonae Group, do not receive any fee for their duties in the Board.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "value": "6.1 Related party transactions Parties are considered to be related if one party has the ability to control or exercise significant influence on the other party, or if the parties exercise joint control in making financial and operating decisions. Musti Group\u2019s related parties include its subsidiaries, the parent company of the Sonae Group and its subsidiaries, the Board of Directors and the members of the management team, including the CEO, as well as their family members and entities controlled by these individuals. Related party transactions are executed with the arm\u2019s length principle, and their terms and conditions correspond to transactions carried out with independent parties. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "value": "6.2 Taxes Income taxes Accounting principles net profits on an accrual basis, prior period tax adjustments and changes in deferred taxes. The Group companies\u2019 taxes have been calculated from the taxable income of each company determined by local jurisdiction. The country of registration of each group company is presented in Note 1.4 Group information. Income tax expenses
EUR thousand
1 Jan - 31 Dec 2025
1 Oct 2023 - 31 Dec 2024
Current tax:
Current tax on profits for the year
-806
-1,843
Taxes for prior years
-265
-112
Total current tax expense
-1,071
-1,954
Deferred tax:
Change in deferred taxes
494
523
Income taxes
-577
-1,433
Reconciliation of income tax expense and taxes calculated at the Finnish tax rate 20%
EUR thousand
1 Jan - 31 Dec 2025
1 Oct 2023 - 31 Dec 2024
Profit before tax
-3,140
8,152
Tax calculated at Finnish tax rate 20%
628
-1,630
Effect of other tax rates for foreign subsidiaries
-401
-152
Expenses not deductible for tax purposes
-186
-537
Income not subject to tax
0
0
Unrecognized deferred tax assets for losses
-327
-75
Utilisation of previously unrecognised tax losses
0
318
Taxes for prior years
-265
-112
Temporary differences in taxation
0
831
Other items
-27
-77
Taxes in income statement
-577
-1,433
Pillar II Musti Group has been subject to the minimum taxation for large multinational groups under the OECD Pillar II legislation as of 1 March 2024 as part of the Sonae Group. Musti Group has assessed potential Pillar II income tax expenses, taking into account the transitional provisions of Pillar II. Based on the assessment, the impact of Pillar II on Group\u2019s income taxes is not material. The Group has applied the relief permitted by IAS 12 regarding the recognition and disclosure of deferred tax assets and liabilities arising under Pillar II.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "Accounting principles net profits on an accrual basis, prior period tax adjustments and changes in deferred taxes. The Group companies\u2019 taxes have been calculated from the taxable income of each company determined by local jurisdiction. The country of registration of each group company is presented in Note 1.4 Group information. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "Deferred tax assets and liabilities Accounting policy Deferred tax assets and liabilities are recognized on all temporary differences arising between the tax bases and carrying amounts of assets and liabilities. The most significant temporary differences arise from right-of-use assets and corresponding liabilities. Deferred tax liability has not been calculated on goodwill insofar as goodwill is not tax deductible. Deferred tax on subsidiaries\u2019 undistributed earnings is not recognized unless a distribution of earnings is probable, causing tax implications. A deferred income tax asset is recognized to the extent that it is probable that it can be utilized against future taxable income. Deferred tax has been determined using the tax rates enacted at the balance sheet date, and as the rates changed, at the known new rate. A deferred income tax asset is recognized to the extent that it is probable that it can be utilized against future taxable income. The Group\u2019s deferred income tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority. Deferred taxes relating to IFRS 16 right-of-use assets and lease liabilities have been netted on the consolidated balance sheet but in the specification of the changes below, the gross amounts to the deferred taxes have been presented. Determinations based on the management\u2019s judgement Determining to which extent deferred tax assets can be recognized requires management\u2019s judgement. The management of Musti Group has used judgement when determining if deferred tax asset is recognized for an unused tax loss carry forward or unused tax credits. Recognition is done only to the extent that it is probable that future taxable profits will be available against which the loss or credit carry forward can be utilized. The Group estimates positions taken in tax return with respect to situations in which applicable tax regulation is subject to interpretation. If necessary, the booked amounts are adjusted to correspond to amounts expected to be paid to the tax authorities.
Changes in deferred taxes during financial year 2025
Recognised in Business Exchange rate
EUR thousand
1 Jan 2025
profit or loss acqusitions
differences
31 Dec 2025
Deferred tax assets
Tax losses
1,610
2,698
27
46
4,381
Intangible and tangible
assets
615
-294
24
346
Inventories
1,567
-1,301
266
Lease liability
18,105
-579
1,093
456
19,075
Other items
18
56
39
2
115
Tot al
21,916
580
1,1 59
529
24,183
Recognised in Business Exchange rate
EUR thousand
1 Jan 2025
profit or loss acqusitions
differences
31 Dec 2025
Deferred tax liabilities
Intangible and tangible
assets
4,020
1,344
602
163
6,128
Right-of-use assets
17,218
-654
1,093
425
18,083
Other items
2,424
-22
178
-1
2,579
Tot al
23,663
668
1,872
587
26,790
Net deferred taxes
31 Dec 2025
1,747
87
713
58
2,607
Changes in deferred taxes during financial year 2024
Recognised in Business Exchange rate
EUR thousand
1 Oct 2023
profit or loss acqusitions
differences
31 Dec 2024
Deferred tax assets
Tax losses
0
1,610
1,610
Intangible and tangible
assets
653
-184
142
5
615
Inventories
1,322
245
1,567
Lease liability
14,894
301
3,021
-111
18,105
Other items
9
11
-1
18
Tot al
16,878
1,982
3,163
-107
21,916
Recognised in Business Exchange rate
EUR thousand
1 Oct 2023
profit or loss acqusitions
differences
31 Dec 2024
Deferred tax liabilities
Intangible and tangible
assets
2,892
786
329
13
4,020
Right-of-use assets
14,054
250
3,021
-107
17,218
Other items
1,988
423
13
2,424
Tot al
18,935
1,460
3,350
-81
23,663
Net deferred taxes
31 Dec 2024
2,057
-523
187
25
1,747
At the end of financial year 2025 the Group had no temporary differences on which deferred tax assets
were booked for which it is uncertain if they will be realized. Deferred tax assets were recognized from
the cumulative tax losses for the financial year 2025 and 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "value": "Accounting policy Deferred tax assets and liabilities are recognized on all temporary differences arising between the tax bases and carrying amounts of assets and liabilities. The most significant temporary differences arise from right-of-use assets and corresponding liabilities. Deferred tax liability has not been calculated on goodwill insofar as goodwill is not tax deductible. Deferred tax on subsidiaries\u2019 undistributed earnings is not recognized unless a distribution of earnings is probable, causing tax implications. A deferred income tax asset is recognized to the extent that it is probable that it can be utilized against future taxable income. Deferred tax has been determined using the tax rates enacted at the balance sheet date, and as the rates changed, at the known new rate. A deferred income tax asset is recognized to the extent that it is probable that it can be utilized against future taxable income. The Group\u2019s deferred income tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority. Deferred taxes relating to IFRS 16 right-of-use assets and lease liabilities have been netted on the consolidated balance sheet but in the specification of the changes below, the gross amounts to the deferred taxes have been presented. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "value": "
6.3 Subsequent events
Musti Group plc announced that Joanna Hummel, member of the Board of Directors, resigns from the
Board on 4 February 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-359": { "value": "Pillar II Musti Group has been subject to the minimum taxation for large multinational groups under the OECD Pillar II legislation as of 1 March 2024 as part of the Sonae Group. Musti Group has assessed potential Pillar II income tax expenses, taking into account the transitional provisions of Pillar II. Based on the assessment, the impact of Pillar II on Group\u2019s income taxes is not material. The Group has applied the relief permitted by IAS 12 regarding the recognition and disclosure of deferred tax assets and liabilities arising under Pillar II.", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:743700IE9NQGF9YZAI97", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }