Cash flow Musti Group Oyj

Equities

MUSTI

FI4000410758

Other Specialty Retailers

Market Closed - Nasdaq Helsinki Other stock markets 17:00:00 10/02/2026 GMT			5-day change	1st Jan Change
18.62 ^EUR	+1.75%		+0.98%	+4.49%

05:07pm	Musti Group Oyj, 2025 Earnings Call, Feb 10, 2026
09:37am	Musti Group Oyj Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2025	CI

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Published financial data: MUSTI GROUP OYJ

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	284M	341M	391M	426M	445M
Total Revenues	284M	341M	391M	426M	445M
Cost of Goods Sold, Total	160M	185M	210M	231M	251M
Gross Profit	125M	156M	181M	194M	194M
Selling General & Admin Expenses, Total	53.86M	61.83M	81.66M	87.23M	97.73M
Depreciation & Amortization - (IS)	24.22M	28.56M	34.54M	36.76M	41.59M
Other Operating Expenses	27.14M	36.88M	34.49M	35.47M	48M
Other Operating Expenses, Total	105M	127M	151M	159M	187M
Operating Income	19.46M	28.35M	30.8M	35.04M	6.81M
Interest Expense, Total	-4.93M	-3.06M	-3.02M	-5.36M	-7.82M
Interest And Investment Income	8K	3K	31K	1.21M	2.77M
Net Interest Expenses	-4.92M	-3.06M	-2.98M	-4.15M	-5.05M
Income (Loss) On Equity Invest.	117K	30K	84K	324K	-
Currency Exchange Gains (Loss)	-865K	1.6M	-3M	-1.6M	-1.12M
Other Non Operating Income (Expenses)	-110K	-42K	3.54M	4.11M	80K
EBT, Excl. Unusual Items	13.68M	26.88M	28.44M	33.72M	719K
Impairment of Goodwill	-19K	-	-	-	-
EBT, Incl. Unusual Items	13.66M	26.88M	28.44M	33.72M	719K
Income Tax Expense	1.91M	5.99M	6.11M	7.23M	-160K
Earnings From Continuing Operations	11.75M	20.9M	22.33M	26.49M	879K
Net Income to Company	11.75M	20.9M	22.33M	26.49M	879K
Minority Interest	-42K	-23K	-2K	-39K	-15K
Net Income - (IS)	11.71M	20.87M	22.33M	26.45M	864K
Net Income to Common Incl Extra Items	11.71M	20.87M	22.33M	26.45M	864K
Net Income to Common Excl. Extra Items	11.71M	20.87M	22.33M	26.45M	864K
Per Share Items
Net EPS - Basic	0.37	0.62	0.67	0.79	0.03
Basic EPS - Continuing Operations	0.37	0.62	0.67	0.79	0.03
Basic Weighted Average Shares Outstanding	31.65M	33.41M	33.34M	33.37M	33.38M
Net EPS - Diluted	0.37	0.62	0.66	0.79	0.03
Diluted EPS - Continuing Operations	0.37	0.62	0.66	0.79	0.03
Diluted Weighted Average Shares Outstanding	31.84M	33.66M	33.58M	33.6M	33.53M
Normalized Basic EPS	0.27	0.5	0.53	0.63	0.01
Normalized Diluted EPS	0.27	0.5	0.53	0.63	0.01
Supplemental Items
EBITDA	28.78M	39.28M	43.38M	47.5M	20.07M
EBITA	25.45M	34.89M	37.22M	40.78M	8.32M
EBIT	19.46M	28.35M	30.8M	35.04M	6.81M
EBITDAR	34.28M	40.75M	52.45M	57.94M	46.26M
Effective Tax Rate - (Ratio)	13.96	22.27	21.48	21.44	-22.25
Total Current Taxes	765K	4.41M	4.88M	4.11M	1.95M
Total Deferred Taxes	1.14M	1.58M	1.23M	3.12M	-523K
Normalized Net Income	8.51M	16.78M	17.77M	21.03M	434K
Interest on Long-Term Debt	2.4M	2.27M	2.23M	2.33M	3.68M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	-	-	-	19K	48K
Net Rental Expense, Total	5.5M	1.47M	9.07M	10.45M	13.7M
Imputed Operating Lease Interest Expense	1.68M	297K	1.55M	2.83M	-
Imputed Operating Lease Depreciation	3.82M	1.17M	7.52M	7.62M	-
Stock-Based Comp., SG&A Exp. (Total)	-	1.37M	1.35M	590K	1.22M
Stock-Based Comp., Other (Total)	276K	-	-	-	-
Total Stock-Based Compensation	276K	1.37M	1.35M	590K	1.22M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	21.61M	13.01M	10.05M	21.95M	11.83M
Trading Asset Securities, Total	-	-	1.55M	-	-
Total Cash And Short Term Investments	21.61M	13.01M	11.6M	21.95M	11.83M
Accounts Receivable, Total	3.48M	3.6M	2.66M	6.05M	5.72M
Other Receivables	2.7M	6.01M	3.24M	3M	9.2M
Notes Receivable	15K	-	-	-	-
Total Receivables	6.2M	9.6M	5.9M	9.06M	14.92M
Inventory	36.38M	44.3M	61.4M	58.38M	66.46M
Prepaid Expenses	1.66M	-	4.21M	4.13M	3.82M
Other Current Assets, Total	-1K	484K	585K	394K	1.08M
Total Current Assets	65.84M	67.4M	83.7M	93.92M	98.09M
Gross Property Plant And Equipment	86.68M	105M	118M	132M	160M
Accumulated Depreciation	-13.41M	-17.98M	-23.43M	-29.4M	-38.45M
Net Property Plant And Equipment	73.27M	87.42M	94.7M	103M	121M
Long-term Investments	960K	990K	1.07M	1.26M	1.97M
Goodwill	145M	158M	171M	174M	195M
Other Intangibles, Total	19M	17.54M	16.09M	16.25M	18.22M
Deferred Tax Assets Long-Term	5.91M	5.01M	4.35M	2.82M	4.7M
Deferred Charges Long-Term	-	-	-	105K	57K
Other Long-Term Assets, Total	1.88M	1.36M	1.02M	2.44M	3.92M
Total Assets	312M	338M	371M	394M	443M
Liabilities
Accounts Payable, Total	20.73M	23.79M	24.26M	35.96M	31.3M
Accrued Expenses, Total	19.3M	16.37M	23.86M	25.31M	27.73M
Short-term Borrowings	-	-	14.95M	9.41M	7.46M
Current Portion of Long-Term Debt	-	-	-	-	-
Current Portion of Leases	15.96M	19.76M	22.9M	24.31M	28.71M
Current Income Taxes Payable	233K	4.26M	3.64M	1.71M	1.38M
Other Current Liabilities	311K	7.1M	516K	783K	9.36M
Total Current Liabilities	56.53M	71.28M	90.14M	97.48M	106M
Long-Term Debt	49.78M	49.87M	59.9M	71.97M	96.88M
Long-Term Leases	50.54M	56.71M	57.78M	55.52M	66.89M
Deferred Tax Liability Non Current	2.17M	2.68M	3.26M	4.88M	6.44M
Other Non Current Liabilities	-1K	14K	1K	-	256K
Total Liabilities	159M	181M	211M	230M	276M
Common Stock, Total	11M	11M	11M	11M	11M
Retained Earnings	-25.13M	-2.89M	21.32M	46.01M	48.33M
Treasury Stock	-	-6.91M	-6.91M	-5.34M	-5.34M
Comprehensive Income and Other	167M	156M	135M	113M	113M
Total Common Equity	153M	157M	160M	164M	167M
Minority Interest	157K	110K	75K	88K	94K
Total Equity	153M	157M	160M	164M	167M
Total Liabilities And Equity	312M	338M	371M	394M	443M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	33.54M	33.29M	33.29M	33.39M	33.39M
ECS Total Common Shares Outstanding	33.54M	33.29M	33.29M	33.39M	33.39M
Book Value / Share	4.57	4.71	4.81	4.92	5
Tangible Book Value	-11.31M	-18.5M	-26.3M	-26.33M	-46.56M
Tangible Book Value Per Share	-0.34	-0.56	-0.79	-0.79	-1.39
Total Debt	116M	126M	156M	161M	200M
Net Debt	94.67M	113M	144M	139M	188M
Debt Equivalent Oper. Leases	43.98M	11.76M	72.54M	83.58M	-
Minority Interest, Total (Incl. Fin. Div)	157K	110K	75K	88K	94K
Equity Method Investments, Total	960K	990K	1.07M	-	1.97M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Finished Goods, Total	34.72M	39.58M	56.78M	58.08M	66.11M
Inventories - Others	1.66M	4.72M	4.62M	300K	343K
Land - (BS)	-	-	-	192K	292K
Buildings, Total	-	-	-	6.15M	6.18M
Machinery, Total	13.73M	17.77M	20.51M	26.15M	31.46M
Full Time Employees	1.16K	1.4K	1.59K	1.64K	2.18K
Accumulated Allowance for Doubtful Accounts (Supple)	98K	80K	84K	66K	150K

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	11.71M	20.87M	22.33M	26.45M	864K
Depreciation & Amortization - CF	18.24M	22.01M	28.12M	30.98M	40.03M
Amortization of Goodwill and Intangible Assets - (CF)	5.99M	6.54M	6.42M	5.75M	1.51M
Depreciation & Amortization, Total	24.24M	28.55M	34.55M	36.73M	41.54M
Amortization of Deferred Charges, Total - (CF)	-	-	-	19K	48K
Asset Writedown & Restructuring Costs	-	14K	-8K	10K	-
Other Operating Activities, Total	7.23M	9.68M	4.65M	1.64M	-1.58M
Change In Accounts Receivable	-693K	-2.78M	-764K	-522K	2.47M
Change In Inventories	-3.66M	-6.65M	-16.3M	2.13M	-6.76M
Change In Accounts Payable	3.49M	5.27M	1.68M	13.1M	-5.32M
Cash from Operations	42.31M	54.95M	46.14M	79.55M	31.26M
Capital Expenditure	-8.91M	-12.88M	-14.22M	-11.86M	-15.18M
Cash Acquisitions	-1.36M	-10.33M	-18.74M	-6.72M	-16.69M
Divestitures	-	-	-	-	52K
Investment in Marketable and Equity Securities, Total	-600K	-	-	-	-1.99M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	10K	-	-	-
Other Investing Activities, Total	-97K	229K	-	-	-1K
Cash from Investing	-10.97M	-22.97M	-32.95M	-18.58M	-33.81M
Short Term Debt Issued, Total	-	-	14.95M	-	-
Long-Term Debt Issued, Total	50M	-	60M	10.04M	95M
Total Debt Issued	50M	-	74.95M	10.04M	95M
Short Term Debt Repaid, Total	-5.03M	-	-	-6.14M	-1.96M
Long-Term Debt Repaid, Total	-99.7M	-17.3M	-72.11M	-32.85M	-104M
Total Debt Repaid	-105M	-17.3M	-72.11M	-38.99M	-94.91M
Issuance of Common Stock	45M	-	-	-	-
Repurchase of Common Stock	-	-6.91M	-	-	-
Special Dividend Paid	-	-12.72M	-14.63M	-16.77M	-
Other Financing Activities, Total	-8.63M	-3.65M	-4.34M	-2.94M	-5.55M
Cash from Financing	-18.36M	-40.57M	-16.14M	-48.66M	-5.47M
Foreign Exchange Rate Adjustments	-	-	-	-417K	910K
Miscellaneous Cash Flow Adjustments	-1K	-	-	-	1K
Net Change in Cash	12.98M	-8.59M	-2.96M	11.9M	-7.11M
Supplemental Items
Cash Interest Paid	5.79M	5.19M	7.09M	4.15M	7.72M
Cash Income Tax Paid (Refund)	762K	-706K	5.2M	7.53M	4.52M
Levered Free Cash Flow	23.66M	33.65M	22.09M	55.63M	-
Unlevered Free Cash Flow	26.74M	35.57M	23.98M	58.98M	-
Change In Net Working Capital	1.02M	-806K	16.96M	-11.61M	-
Net Debt Issued / Repaid	-54.73M	-17.3M	2.83M	-28.95M	87K

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	4.11	5.45	5.43	5.72	-
Return on Total Capital	4.77	6.41	6.42	6.83	-
Return On Equity %	9.34	13.47	14.07	16.31	-
Return on Common Equity	9.32	13.47	14.08	16.3	-
Margin Analysis
Gross Profit Margin %	43.84	45.65	46.4	45.68	43.63
SG&A Margin	18.94	18.14	20.88	20.49	21.97
EBITDA Margin %	10.12	11.52	11.09	11.16	4.51
EBITA Margin %	8.95	10.24	9.52	9.58	1.87
EBIT Margin %	6.84	8.32	7.87	8.23	1.53
Income From Continuing Operations Margin %	4.13	6.13	5.71	6.22	0.2
Net Income Margin %	4.12	6.12	5.71	6.21	0.19
Net Avail. For Common Margin %	4.12	6.12	5.71	6.21	0.19
Normalized Net Income Margin	2.99	4.92	4.54	4.94	0.1
Levered Free Cash Flow Margin	8.32	9.87	5.65	13.07	-
Unlevered Free Cash Flow Margin	9.4	10.43	6.13	13.85	-
Asset Turnover
Asset Turnover	0.96	1.05	1.1	1.11	-
Fixed Assets Turnover	4.37	4.24	4.3	4.31	-
Receivables Turnover (Average Receivables)	84.37	96.27	125.02	97.76	-
Inventory Turnover (Average Inventory)	4.64	4.59	3.97	3.86	-
Short Term Liquidity
Current Ratio	1.16	0.95	0.93	0.96	0.93
Quick Ratio	0.49	0.32	0.19	0.32	0.25
Operating Cash Flow to Current Liabilities	0.75	0.77	0.51	0.82	0.3
Days Sales Outstanding (Average Receivables)	4.34	3.79	2.92	3.73	-
Days Outstanding Inventory (Average Inventory)	78.95	79.48	92.02	94.53	-
Average Days Payable Outstanding	44.87	42.07	38.68	48.15	-
Cash Conversion Cycle (Average Days)	38.42	41.2	56.26	50.11	-
Long Term Solvency
Total Debt/Equity	75.86	80.49	96.98	98.07	119.79
Total Debt / Total Capital	43.14	44.59	49.23	49.51	54.5
LT Debt/Equity	65.45	67.9	73.38	77.56	98.12
Long-Term Debt / Total Capital	37.22	37.62	37.25	39.16	44.64
Total Liabilities / Total Assets	50.92	53.49	56.83	58.3	62.35
EBIT / Interest Expense	3.95	9.26	10.22	6.54	0.87
EBITDA / Interest Expense	8.87	18.59	21.67	13.39	6.18
(EBITDA - Capex) / Interest Expense	7.06	14.39	16.96	11.17	4.24
Total Debt / EBITDA	2.66	2.22	2.38	2.25	4.14
Net Debt / EBITDA	2.17	1.99	2.2	1.94	3.89
Total Debt / (EBITDA - Capex)	3.34	2.87	3.04	2.69	6.03
Net Debt / (EBITDA - Capex)	2.72	2.57	2.81	2.32	5.67
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	15.3	19.85	14.75	8.85	-
Gross Profit, 1 Yr. Growth %	13.99	24.81	16.63	7.16	-
EBITDA, 1 Yr. Growth %	40.62	36.48	10.45	9.48	-
EBITA, 1 Yr. Growth %	41.7	37.09	6.69	9.56	-
EBIT, 1 Yr. Growth %	57.17	45.7	8.65	13.75	-
Earnings From Cont. Operations, 1 Yr. Growth %	289.72	77.77	6.87	18.62	-
Net Income, 1 Yr. Growth %	294.21	78.21	6.98	18.45	-
Normalized Net Income, 1 Yr. Growth %	246.21	97.21	5.92	18.35	-
Diluted EPS Before Extra, 1 Yr. Growth %	270	67.57	6.45	19.7	-
Accounts Receivable, 1 Yr. Growth %	6.94	3.24	-26.05	127.44	-
Inventory, 1 Yr. Growth %	11.81	21.78	38.61	-4.91	-
Net Property, Plant and Equip., 1 Yr. Growth %	28.81	19.31	8.34	8.84	-
Total Assets, 1 Yr. Growth %	11.73	8.09	10.04	6.14	-
Tangible Book Value, 1 Yr. Growth %	-83.34	63.65	42.15	0.08	-
Common Equity, 1 Yr. Growth %	55.74	2.45	2.18	2.5	-
Cash From Operations, 1 Yr. Growth %	7.13	31.26	-16.04	72.43	-
Capital Expenditures, 1 Yr. Growth %	39.96	44.47	10.39	-16.55	-
Levered Free Cash Flow, 1 Yr. Growth %	-	42.22	-34.35	151.77	-
Unlevered Free Cash Flow, 1 Yr. Growth %	-	33	-32.58	145.96	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	17.56	17.27	11.76	-
Gross Profit, 2 Yr. CAGR %	-	19.28	20.65	11.79	-
EBITDA, 2 Yr. CAGR %	-	38.53	22.78	9.96	-
EBITA, 2 Yr. CAGR %	-	39.38	20.94	8.11	-
EBIT, 2 Yr. CAGR %	-	51.32	25.82	11.17	-
Earnings From Cont. Operations, 2 Yr. CAGR %	-	163.21	37.83	12.59	-
Net Income, 2 Yr. CAGR %	-	165.05	38.07	12.57	-
Normalized Net Income, 2 Yr. CAGR %	-	161.3	44.53	11.96	-
Diluted EPS Before Extra, 2 Yr. CAGR %	-	149	33.56	12.88	-
Accounts Receivable, 2 Yr. CAGR %	-	5.07	-12.62	29.69	-
Inventory, 2 Yr. CAGR %	-	16.69	29.92	14.81	-
Net Property, Plant and Equip., 2 Yr. CAGR %	-	23.97	13.69	8.59	-
Total Assets, 2 Yr. CAGR %	-	9.89	9.06	8.07	-
Tangible Book Value, 2 Yr. CAGR %	-	-47.78	52.52	19.28	-
Common Equity, 2 Yr. CAGR %	-	26.31	2.31	2.34	-
Cash From Operations, 2 Yr. CAGR %	-	17.95	4.98	20.32	-
Capital Expenditures, 2 Yr. CAGR %	-	42.2	26.29	-4.02	-
Levered Free Cash Flow, 2 Yr. CAGR %	-	-	-3.37	28.57	-
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-	-5.31	28.78	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	-	16.61	14.39	-
Gross Profit, 3 Yr. CAGR %	-	-	18.39	15.98	-
EBITDA, 3 Yr. CAGR %	-	-	28.46	18.18	-
EBITA, 3 Yr. CAGR %	-	-	27.5	17.02	-
EBIT, 3 Yr. CAGR %	-	-	35.5	21.66	-
Earnings From Cont. Operations, 3 Yr. CAGR %	-	-	94.9	31.1	-
Net Income, 3 Yr. CAGR %	-	-	95.88	31.2	-
Normalized Net Income, 3 Yr. CAGR %	-	-	93.38	35.22	-
Diluted EPS Before Extra, 3 Yr. CAGR %	-	-	87.58	28.77	-
Accounts Receivable, 3 Yr. CAGR %	-	-	-6.54	20.2	-
Inventory, 3 Yr. CAGR %	-	-	23.58	17.08	-
Net Property, Plant and Equip., 3 Yr. CAGR %	-	-	18.52	12.05	-
Total Assets, 3 Yr. CAGR %	-	-	9.94	8.08	-
Tangible Book Value, 3 Yr. CAGR %	-	-	-27.09	32.54	-
Common Equity, 3 Yr. CAGR %	-	-	17.7	2.38	-
Cash From Operations, 3 Yr. CAGR %	-	-	5.32	23.86	-
Capital Expenditures, 3 Yr. CAGR %	-	-	30.69	10	-
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	-	32.97	-
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	-	30.17	-