Thank you very much. Welcome, everyone, listening in to our financial statements release for '25.

Starting off with the the landscape where we are today with our 497 locations, 54 vet clinics, and 173 spas. We have been growing a lot, as you can see, in in new market as well.

Starting off in Finland with Musti ja Mirri and Peten, we have 136 stores and also, of course, our e-com, both pure play and omnichannel. When we look at Sweden, 137 stores in Arken and one in VetZoo.

We are going to open more stores in VetZoo Sweden this year. In Norway, growing rapidly, as we saw in the in the headlines in the report, performing extremely well, with 91 stores and also our e-com and pure play.

The new countries that we took in during the year: Baltics with 67 stores and e-com, and then the new acquisition of ZOO, 65 stores. We are soon going over 500 locations.

This year we have a plan to open more than 50 stores in total, it's going to be interesting to see the growth going forward. If we move on and look a bit more into the numbers, we can see that the financial year '25 came in super good.

If we look at the quarter, €140 million sales, good growth versus versus last year. Net sales increased 14.6%, really really strong number.

Like-for-like also increased more than last year, 2.8%. Something that we've been talking a lot about and still are focusing a lot in is our own and exclusive brands, and share of sales of that was 52.4%.

Also an increase versus versus last year fourth quarter. Cash flow super strong, mainly related to net working capital, came in at €23.4 million.

Online share of sales, online like-for-like sales was quite slow. We did a platform change during the quarter in VetZoo, so that's why the sales in the pure play part was a bit lower.

It's ramping up nice now. We did it during the quarter, now good momentum in in this quarter.

Number of customers growth a bit slower, also related to platform change. Gross margin had a fantastic development, 45.1% versus 44% last year's quarter.

O&E percentage share of sales was impacting that, and of course less discounting, more full price, and also all the initiatives that we've been working with during the year with our own brands is is now giving a good a good impact. Coming down then to adjusted EBITA, 19.5 versus last year 17.2, and in those 19.5, there are also a couple of millions that has been burdened the result during the quarter that we relate to investments for for getting more efficiency in growth going forward.

Very, very happy with the quarter and the year, but especially the quarter was very strong from our side. If we move on and and look more into the topics, we can see that we were performing really well in the quarter from from a sales perspective, 14.6%, that's including then, of course, acquisition of Pet City and ZOO.

Norway was performing really well, strong development in in more or less all areas, sales, gross margin, and profitability. We can see that we ended up at the full year of €508.9 million, also very good growth, stable 8% growth CAGR since '22.

When we look at the sales per per country still, Finland still the biggest part of of the pie, but we're seeing that Sweden is getting getting close and then also Norway growing fast, and we have added the new markets with 9%. Stable and good growth and very strong performance, especially in the last in in this last quarter of of the year.

If we move on and look at the margin, super happy to see that the gross margin is also coming up, even though we're having this fantastic growth. High double-digit growth numbers with increase in gross margin.

A couple of things driving that gross margin uplift, and as I said earlier, O&E very important, as you can see, increasing versus last year, still not at the level where it was, but we should also have in mind that we've added new countries that is taking it down a bit. Of course, moving in our production to to our production facility in PPF is having an impact.

Sales with more full price, less discounting having an impact, and also of course then the share of sales of own brands. Good performance and a good trend in our gross margin.

We look at the profitability, if we look at the middle of the page, of course, you can see that we were we have been declining a bit. We came in more or less flat versus last year in adjusted EBITA, 62.

61.2. I think the most important thing here is to see the trend.

We started off with a quite weak first quarter of the year. Was not mainly sales, but it was more from a gross margin and a cost perspective.

During the year, we have been improving sales, but and also gross margin. Then in in the last quarter now, we really broke through with a fantastic growth.

As I said a bit earlier is that we have we have a couple of million euros that has been impact in the result related to initiatives for further investment, for further expansion, efficiency, and growth. Without those, it would be even better, but still fantastic trend, I would say, especially when starting the year a bit slower and now we are going out the year very, very much stronger.

Good trend in the business, good top-line growth, good gross margin growth, and now also the profitability. With this, I'd like to hand over to Robert, that will go through the segments more in detail.

Yes. Thanks, David.

Let's start with Finland. Finland ended up in a sales increase of 3.2%, but actually the like-for-like sales increase was 4.5%, which actually is quite good given the current market conditions.

We ended up at the sales of €53 million. We also saw an increase in absolute profitability of adjusted EBITA, now €13.2 million compared to €12.8 million last year, same quarter, and with the same EBITA margin as this quarter last year.

Of course, with better like-for-like, we also get better scalability, and that contributes. As David said, we at this stage still kind of invest into future, which brings then cost into the business that offset maybe the profitability improvement potential.

Our adjusted EBITA for the full year then ended up at €37.3 million and the margin at 33.9%. Then moving on to Sweden.

Sweden sales increased by €7.1 million. However, like-for-like was actually negative, -1.7%.

David mentioned about the platform changes that, of course, temporarily had an impact. We also see strong price competition on the online market that drives down the kind of sales growth.

Otherwise, store network performed quite okay, and then we also had a strong kind of impact from that exchange trend of €1.7 million. Profitability, the adjusted EBITA landed at €9.5 million compared to €8.8 million last year.

Also here, a increase given the price fight and the platform change. However, the adjusted EBITA margin stayed at the same level.

For the full year, we ended up at €33.1 million adjusted EBITA and 17.6%. Then moving to Norway, and this is maybe a quite repetition of earlier quarters, as Norway continue to perform very well.

Now the sales increase was 17.6%, like-for-like was 9.7% with very small impact from FX changes. We ended up at the sales of €24.3 million.

Also, we saw improving profitability, both absolute and also compared to sales. The adjusted EBITA for the quarter was €6.1 million compared to €5 million last year, and ended up at 25% EBITA margin.

On the year level, the adjusted EBITA was now €18.2 million. Then last but not least, the new market segment, including the acquired business Pet City, which we acquired in November '24, and ZOO that we acquired in December '25.

For ZOO, we only have 1 month in for Pet City, we have the full year. Now the sales for this quarter in Q4 was €12.4 million, and adjusted EBITA €1.5 million.

It's good to remember that these kind of acquisitions are still in a integration phase. Pet City will be shortly finalized, and ZOO, of course, will now start.

The profitability is planned to kind of move in the right direction when we get the integration finalized. Then let's move to the financial position.

We had a strong cash flow, operating cash flow ended at €23.4 million compared to €7.6 million last year's same quarter. A big part of this is actually driven by timing of accounts payables.

The level last year was actually lower than normal and the level was actually higher than normal. They really have to do with kind of a payment timing and kind of which weekdays the holidays are.

Also, we had a positive actually cash flow impact from taxes and also the kind of operating results before net working capital changes. Gearing ended up at 123.8%, net debt €209.4 million, which includes interest-bearing loans of commercial papers of €124.9 million, and then a bit more than €100 million leasing liabilities.

Net debt in relation to LTM adjusted EBITDA was now 3.4 times. We have still good liquidity in the company at the end of the year, €16.2 million in cash and cash equivalents.

Investments amounted to €5.6 million. Here it's good to remember that part of the platform investments are actually not capitalized; they are treated as nonrecurring items.

That was all for my part, and I hand over to David for concluding remarks.

Thank you, Robert. Looking at the quarter and a summary of it, I think fantastic growth in all markets, especially Norway standing out, but also the other markets is performing really well.

Coming in at 14.6% growth is very, very strong. Like-for-like, coming in at 2.8%, also that is much better than last year's quarter.

Super nice to see the gross margin, that we're able to grow the gross margin with 1.1%, even though we are, at the same time, growing top line as much as we're doing. That's super nice to see.

That, of course, have the positive effect on the profitability, adjusted EBITA 13% up to 19.5, and also have in mind that in that number there are still costs that is not coming during '26. The numbers is actually even higher.

Good margin and good number of customers coming in and strong cash flow. I think the most important thing here is to show and see that we are taking a lot of market share.

We're gaining market share, I would say, in all countries. I think also it's proven that our concept now is giving fruit from other new areas.

There's still a lot to do, but nice to see that growth has been coming back to double digit and also very interesting to see during '26 what more we can do with the fantastic Musti concept. With that, I'd like to hand over to Q&A.

Yeah. Please raise your hand for any questions.

I guess we'll start with Maria.

Yes. Hi.

It's always nice to check in every now and then.

Hi.

It looks like the Q4 had quite a bit of progress compared to the rest of '25. Just a little bit would like to have a bit of more views on the Finnish like-for-like, 4% up.

At the same time, there has been Tokmanni, who have been trying to grow in the space. What is your view on the underlying growth in the pet care market?

Have you grown in line the market or taken market share, and what kind of pricing competition you see in the segment?

I would say that we believe that the market is growing slower than we are doing. We have seen that the competition's impact on Musti is not as hard as it was maybe 1 and 1/2 year ago, 1 year ago.

Especially, I think there was a push from others during a situation where we were with this SMAK incident. I think we have recovered really well and we're seeing much less impact from competitors, I would say.

Maybe one then on Sweden. You mentioned the price competition in the online vertical.

Can you be a bit more specific? What are the players you are facing in the online verticals?

Is this more like a persistent or this is more like a campaign, sales-driven to the holiday season?

Yeah. When we look at the market, we divide it into the omni, which is the stores and the online, and then we have the pure play.

Two two kind of channels. When we specifically look at Sweden, we talk about Arken Zoo and VetZoo.

When we talk about the price competition, it's mainly in the pure play. Price competition in Sweden that has been going on for a while.

It's mainly, I would say, from ZooPlus that is pushing. Then there's also newcomers, a bit smaller companies, that is pushing prices.

We have taken decision not to follow that price war, we have been keeping our prices a bit higher. Of course, during the quarter, as said, we changed the platform on VetZoo.

That has a quite big impact. Not only that traffic and other things is going down during the platform change, but we also, by purpose, we're not active with campaigns and marketing, etc., when we're doing a platform change, because we don't want to kind of have disappointed customers with late deliveries or things that can happen.

You acquired the company from Portugal now at the end of last year. What kind of synergies you see from the acquisition to the rest of the business?

As we've seen, we have a fantastic concept that can travel. That's something that we're really going to do.

We're going to take the Musti concept now into new markets. The concept with visualization, store layouts, and so on.

Otherwise, from a synergy perspective, it's mainly our products. We now have over 60 stores in a new country where we can launch and also sell most of our own brands, which is really good.

The synergies for that is, of course, in our own production and so on. Then

my final question is, as it seems to be a very topical in the markets in recent days, is that how do you see AI impacting your business, if any?

Yeah. I think we are using AI, the boring part of AI.

Have done that for quite a long time, and that's related to the store replenishment, how we replenish the stores and products and so on. We also did a huge project called Assortment and Space during the last 6 months, which means that you're kind of from an AI perspective, a lot of data replenish the stores the best way.

That's implemented. We are, of course, looking into AI as much as anyone else, especially if it's related to content, customer service, and so on.

It's perfect. Thank you.

I don't have more questions, wish you a good new year. Thank you.

Thank you.

Thank you. Thank you.

Okay. Thank you very much.

Thanks everyone for listening in.

Thank you very much, and have a great day.

Bye-bye.

Thank you. Bye.