Fenix Outdoor International Ltd.

Latest Results (27.07.2026):

Summary — Fenix Outdoor International Ltd., Q4 2025: The company’s Annual Report 2025 (covering full-year 2025, including Q4 2025) shows modest top-line growth and compressed bottom-line earnings. Reported 2025 net sales were €694.7m (+1.3% YoY), EBITDA €91.9m, operating profit €33.0m and net profit €5.1m. The group cites one-off integration and ERP costs, trade turbulence and warm late‑fall weather as headwinds in the fourth quarter, while noting improvements in recent quarters and contributions from the 2025 acquisition of Devold.

Top line (sales)

Full‑year 2025 net sales: €694.7m (+1.3% vs 2024). Segment sales per the report: Frilufts ~€339.7m, Brands ~€239.5m, Global Sales ~€115.5m. The report highlights mixed regional trends (strong Canada and a China JV, weaker US early in the year due to customs) and weather effects on Q4 trading.

Profitability and earnings

2025 EBITDA €91.9m; depreciation/amortisation €−58.9m; operating profit €33.0m. Net financial items were negative at €−11.2m, leaving profit after financial items €21.8m and net profit €5.1m. Reported profit margin (profit after financial items / sales) 3.2% and return on equity 1.3% — both down vs prior years.

Cash flow and balance sheet

Cash flow from operations €60.1m; cash flow from investing €−49.6m; cash flow after investments €10.5m. Cash and equivalents €70.6m, inventories €249.2m, total assets €729.5m and equity €384.7m. Equity/assets ratio 52.7%. The company notes logistics consolidation and warehouse investments as part of efficiency work.

Per‑share and market metrics

Earnings per B‑share €0.39; equity per B‑share €34.76. Year‑end market value €596m and reported P/E ~113 (reflecting low 2025 earnings). Proposed dividend per B‑share is €0.69 (subject to AGM approval).

Operational items and one‑offs

The report emphasizes integration costs from the March 2025 acquisition of a 65% stake in Devold, extra costs from implementing a new ERP (D365) while keeping legacy systems running, and trade/customs disruptions affecting the US. The group also reports logistics savings beginning to materialize and consolidation of European warehouses.

Outlook and company commentary

Management expects a challenging market in 2026 but anticipates improved gross margins (particularly in H2) and up to ~€4m in logistics cost improvements during the year. They flag continued inventory risk in the industry, cautious retail customers, but also note positive early‑2026 signs in colder European weather and in selected markets.