Half Year 2026 Puuilo Oyj Earnings Call Transcript

Sep 10, 2026 / 07:00 AM GMT

Transcript

Key Points

Positve

Puuilo PLC (FRA:8JQ) reported Q2 net sales of approximately EUR 153 million, up nearly 13% year-over-year, with like-for-like growth exceeding 6%.
Customer traffic increased 12% across all stores and 5% in like-for-like stores, serving as the primary driver of growth and confirming the strength of the concept.
Gross margin improved to over 39% in Q2, up 1 percentage point year-over-year, driven by a significant increase in the share of private label sales.
Adjusted EBITDA rose nearly 20% to approximately EUR 34 million in Q2, representing 22% of net sales, with H1 adjusted EBITDA up 28% to EUR 50 million.
Operating free cash flow was strong at EUR 43 million in Q2 and EUR 60 million in H1, up EUR 8.6 million year-over-year, supporting expansion and shareholder distributions.
The company raised its full-year guidance for both net sales (EUR 495-515 million) and adjusted EBITDA (EUR 87-97 million) due to better-than-expected like-for-like growth and disciplined cost control.
Net debt to adjusted EBITDA improved to 1.1x, well below the long-term target of 2.5x, despite adding 13 stores over two years, demonstrating healthy balance sheet management.

Negative

Puuilo PLC (FRA:8JQ) faces uncertainties related to changes in consumer purchasing power and behavior, which could affect sales and profitability.
Geopolitical crises and international tensions may directly or indirectly impact inflation, interest rates, product availability, and product prices, posing risks to both sales and profitability.
The company is entering the Swedish market with pilot stores, incurring approximately EUR 1 million in budgeted set-up expenses, with execution risks in a new market.
Inventory levels increased by EUR 10 million to approximately EUR 130 million year-over-year, partly due to new store openings and private label expansion, which could pressure working capital if not managed carefully.
The competitive market environment in Finland is increasingly intense, which could challenge Puuilo PLC (FRA:8JQ)'s ability to maintain its growth and market share gains.
Salary increases according to union agreements and general cost pressures may impact operating expenses in the second half, though the company does not expect dramatic changes.
The company declined to comment on Q3 sales momentum, leaving uncertainty about whether the strong H1 performance will continue in the near term.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PUUILO.HE - Puuilo Oyj
Half Year 2026 Puuilo Oyj Earnings Call
Sep 10, 2026 / 07:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning to you and welcome to Pulo's half-year financial results presentation.

I am Juha Sarela, CEO of Puilo and with me is Puilo's CFO Anuvan Weimar.

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Unidentified_2 [2]
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Good morning everybody.

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Unidentified_1 [3]
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We will go through the key results for Q2 which was from May to July as well as the results for the first half of the financial year.

And after

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