Puuilo’s actual Q1’25 exceeded our expectations in terms of both revenue and earnings.

We expect Puuilo's revenue to have continued its strong growth, mainly driven by new stores. We also expect earnings to have improved, but relative profitability improvement is unlikely to be seen.

Puuilo’s Q4 result was record high, the guidance was strong as expected and shareholders were rewarded with an additional dividend.

Revenue growth was driven by new stores, while like-for-like sales growth remained around zero. The EBITA that exceeded the guidance was, in turn, boosted by a record-high relative gross margin and good cost control.