Puuilo Q2'26 flash comment: Key figures in line with what was already communicated
Summary
- Puuilo's Q2 revenue grew by 13% year-on-year to 153 MEUR, slightly below the forecast of 155 MEUR, with strong like-for-like sales growth and online store revenue increasing by 14%.
- Adjusted EBITA rose to 34 MEUR, exceeding forecasts due to a strong gross margin performance, with private label products contributing significantly to profitability.
- The company raised its full-year guidance on September 1, forecasting revenue of 495–515 MEUR and adjusted EBITA of 87–97 MEUR, aligning with previous expectations.
- Puuilo plans to open eight stores in Finland and its first pilot store in Sweden by the turn of the years 2026–2027, maintaining moderate start-up costs for international expansion.
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| Estimates | Q2'25 | Q2'26 | Q2'26e | Diff-% | 2026e |
| MEUR/EUR | Comparison | Actualized | Inderes | Act. vs. Inderes | Inderes |
| Revenue | 136 | 153 | 155 | -1% | 510 |
| EBITA (adj.) | 28.2 | 33.8 | 33.0 | 2% | 93.5 |
| EBIT | 27.5 | 33.1 | 32.6 | 2% | 91.8 |
| EPS (reported) | 0.25 | 0.30 | 0.29 | 2% | 0.81 |
| Revenue growth-% | 13.2% | 12.8% | 14.2% | -1.4 pp | 15.2% |
| EBITA-% (adj.) | 20.8% | 22.1% | 21.3% | 0.8 pp | 18.3% |
Source: Inderes, estimates had not been updated after the guidance upgrade on September 1
Translation: Original published in Finnish on 9/10/2026 at 9:10 am EEST.
Puuilo's Q2 result offered no major surprises, as the company had already released preliminary information on the result and raised its guidance last week. Revenue fell slightly short of our forecasts, which we had prepared before the guidance upgrade, but adj. EBITA was slightly higher than our forecasts thanks to the excellent gross margin performance. Following last week's guidance upgrade, the company's outlook rose to the exact level we expected, and based on the Q2 report, we see no need for significant estimate revisions.
Like-for-like sales growth remained solid
Puuilo's Q2 revenue grew by 13% year-on-year to 153 MEUR as previously announced, which was slightly below our forecast of 155 MEUR. Revenue growth was supported by the expansion of the store network, which is progressing as planned, and the company opened one new store during Q2. Like-for-like store revenue continued its strong 6% growth, with customer count growth accounting for 5% and the average purchase increasing slightly. Online store revenue also grew strongly (14%). Regarding international expansion, the company plans to open its first pilot stores in Sweden around the turn of the years 2026–2027, as it has communicated during the summer.
Strong private label momentum was once again reflected in profitability
Adj. EBITA rose to 34 MEUR (Q2'25: 28 MEUR), corresponding to 22.0% of revenue, whereas our pre-upgrade forecasts expected 33 MEUR and 21%. The earnings improvement was supported in particular by the strengthening of the sales margin, as the margin improved by exactly one percentage point to 39.2%. This level was also better than our estimate (38.4%). According to management, the gross margin was supported in particular by the increased share of private label products in sales. Fixed costs grew more slowly than revenue and were in line with our expectations. Financial expenses and taxes were also largely in line with our estimates, meaning that earnings per share also slightly exceeded our forecast. The company continued to keep start-up costs related to internationalization at a moderate level and estimates that they will settle at approximately EUR 1 million for the full year, in line with previous plans.
Guidance was already raised last week, and our forecasts are in line with the new range
Puuilo raised its full-year outlook in a stock exchange release already published on September 1. It forecasts that its revenue for the 2026 financial year will be 495–515 MEUR and its adjusted EBITA 87–97 MEUR. Previously, the company guided full-year revenue to be between 480-510 MEUR and adjusted EBITA between 80-90 MEUR. The upgrade was not a surprise to us, as we had already considered the previous guidance quite cautious following the previous quarter. Before the guidance upgrade and the Q2 report, we expected full-year revenue to be 509 MEUR and adjusted EBITA to be 92 MEUR, which now fit nicely in the upper half of the new guidance range. Therefore, we see no need to change our full-year or near-term forecasts. Regarding store openings, the company reiterated its target for Finland to open eight stores this year, plus one in Sweden, as announced in the summer.