Puuilo Oyj Q3 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Maria Wikstrom - Seb Enskilda (London) - Analyst : This is Maria from SEB. I had a few questions. First, I wanted to touch on the personal cost and the personal cost inflation, and I think you're right in the report that you had this, wage increases starting from August. I kind of thought that the collective agreement rai raised the wages already starting from May this year. So, can you a little bit disclose, I mean, how are the -- how are your, like what is the timing of your wage increases, please?

Question: Maria Wikstrom - Seb Enskilda (London) - Analyst : And can you remind how much that was in in August?

Question: Maria Wikstrom - Seb Enskilda (London) - Analyst : That's good that -- it's, yeah. Good, I mean that's that clarifies, and then I wanted to ask about the, I mean you were mentioning that the gross margin, improvement came from, partly also on a higher share of, private label products. So can you disclose a bit? I mean, where are you currently as a share of private label? I think you are targeting the. What is the 30% of sales, so how much more room do you have, to reach your target?

Question: Maria Wikstrom - Seb Enskilda (London) - Analyst : Okay, and then finally I wanted to ask about the I mean the Swedish ex expansion. So if you have advantage that product that project somehow I mean during the the third quarter please. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 9:30AM, PUUILO.HE - Q3 2025 Puuilo Oyj Earnings Call

Question: Maria Wikstrom - Seb Enskilda (London) - Analyst : And just to clarify, so you are going to let us know when to open the first store in next spring, or you are opening the first store in Sweden next spring?

Question: Calle Loikkanen - Danske Markets Equities - Analyst : Maybe just to follow-up on the personal costs, was there any increase in personal costs related to Sweden or was this increase in Finland only?

Question: Calle Loikkanen - Danske Markets Equities - Analyst : Okay, thank you, and then I was wondering that that now in Q3 your personnel costs were up like 20%, in Q2 they were, around 14%, and both then, so I was just wondering if that will the personal cost growth that we should kind of expect for the coming quarters, will it be closer to that 20% or or more. Of that like 14% type of of growth that we saw in Q2. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 9:30AM, PUUILO.HE - Q3 2025 Puuilo Oyj Earnings Call

Question: Calle Loikkanen - Danske Markets Equities - Analyst : Okay perfect that's good good to hear and then then I was wondering about the basket size development was this kind of small decline related to any certain product categories, or was it more kind of broad based? I mean, obviously the increasing private label sales probably puts pressure on the basket size as well, but what this kind of related to any certain product category or or was it broad based and then also do you expect this basket size to continue to to tre trend down slightly also in Q4.

Question: Calle Loikkanen - Danske Markets Equities - Analyst : Okay thank you that's that's actually very helpful thanks and then then then my final question regarding Sweden. So when are you expecting the 1st kind of, let's say a bit more significant costs coming in from Sweden, is it already in Q4 or is it more like Q1, Q2. So how should we think about the cost timing of costs from Sweden? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 9:30AM, PUUILO.HE - Q3 2025 Puuilo Oyj Earnings Call

Question: Miika Ihamaki - DNB Carnegie Investment Bank AB - Analyst : Hi, it's Mike from DNB Carnegie. I have also a question on the basket size dynamics, but this time across door vintages. So I would like to understand with your older stores having significantly higher sales per square meter. How does the average basket size correlate with store maturity in this environment? So do your more established stores see typically larger baskets as customers become more familiar with your full assortment, or or does the frequency drive the sales growth? So just trying to understand the dynamics here.

Question: Miika Ihamaki - DNB Carnegie Investment Bank AB - Analyst : And then given that there is, 2% to 8% negative margin differential on higher ticket items, so, do you have any concerns that your gross margins could become under pressure if customers would start purchasing more of these big ticket items, whether it's '26 or '27, so how can you handle this one?