Fenix Outdoor International Ltd.

Latest Results (27.12.2025):

Fenix Outdoor International Ltd. — Q1 2025: The Group reported weaker quarterly results versus Q1 2024 with net sales of EUR 157.7m (Q1 2024: 163.8m), EBITDA EUR 18.0m (27.2m) and operating profit EUR 5.2m (12.8m). Profit before tax fell to EUR 3.7m (11.4m) and net profit to EUR 0.1m (6.9m), leaving earnings per B‑share at EUR 0.01 (0.51). Cash on hand decreased to EUR 57.8m (88.4m) and the Group completed the acquisition of 65% of Devold on 4 March 2025.

Key financials

Net sales: EUR 157.7m (-3.7% vs Q1 2024). EBITDA: EUR 18.0m (down from 27.2m). Operating profit: EUR 5.2m vs EUR 12.8m. Profit before tax: EUR 3.7m. Net profit: EUR 0.1m. EPS (B‑share): EUR 0.01 vs EUR 0.51. Reported total income TEUR 160,082 (-5.1%).

Profitability & margins

Operating margin declined to 3.3% (7.8% in Q1 2024). The main driver was a EUR ~4.9m lower gross profit; operating costs were broadly unchanged year‑on‑year. Management cites warm/volatile weather and weaker consumer demand (especially online) as key causes.

Segments — Brands, Frilufts, Global Sales

Brands: external sales EUR 56.9m (45.2m) and operating profit EUR 14.1m (12.9m) — partly boosted by reclassification of Fjällräven wholesale in N.A. Frilufts: sales EUR 66.4m (71.1m) with operating loss EUR -9.6m (-7.3m), hit by lack of winter weather and e‑commerce weakness. Global Sales: sales EUR 34.4m (47.6m) and operating profit EUR 5.8m (7.8m); China JV performed well but currency headwinds limited group‑level benefit.

Cash flow, liquidity & balance sheet

Cash and cash equivalents at 31‑Mar‑2025: EUR 57.8m (88.4m). Net change in cash during Q1: approx. EUR -53.6m. Operating cash flow before working capital EUR 12.3m; after working capital effects the operating cash flow was negative. Interest‑bearing liabilities ~EUR 62.4m and lease liabilities ~EUR 125.6m. Consolidated equity ~EUR 415.6m; solvency 57.7% (59.4%).

Acquisition activity

On 4 March 2025 Fenix acquired 65% of Devold Norway AS for total consideration ~EUR 35m (paid partly with 112,898 treasury shares valued at EUR 5.5m and cash). Provisional goodwill ~EUR 24.2m; Devold had limited impact on Q1 sales and operating profit.

Other operational notes

Capex in Q1 was elevated (total ~EUR 28.9m, Brands ~EUR 24.6m) — reflecting investments and acquisitions. The company holds 19,439 B‑shares (0.14%) as treasury shares at 31‑03‑2025. Management expects continued unpredictability but notes orderbook improvement for fall/winter and benefits from new logistics/ERP and near‑market production capacity.

Outlook / risk commentary

Management flags weather volatility, macro and political uncertainty and possible tariff developments (US) as near‑term risks but says structural improvements (logistics, production footprint) and strong brand assortments position the Group to capitalize when markets recover. No significant events after period close were reported.