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Fenix Outdoor (FOI-B) investor relations material
Fenix Outdoor Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Total income for Q4 2025 increased by 6.2% year-over-year to €188.8M, with EBITDA up to €20.5M from €17.2M.
Operating profit for Q4 was €3.0M, but profit before tax was negative at -€0.1M due to one-time costs and write-downs.
Full-year 2025 total income rose 1.3% to €707.7M, but net profit dropped to €5.3M from €14.6M in 2024.
Extraordinary costs in Q4 included €2.5M for warehouse relocation, €0.7M for ERP implementation, and €0.8M for Devold integration.
Financial highlights
Q4 2025 net sales: €185.6M (up from €174.6M); full-year net sales: €694.7M (up from €685.6M).
Q4 EBITDA: €20.5M (up from €17.2M); full-year EBITDA: €91.9M (down from €95.3M).
Q4 operating profit: €3.0M (up from €2.6M); full-year operating profit: €33.0M (down from €37.4M).
Q4 net loss: -€5.7M (vs. -€3.2M); full-year net profit: €5.3M (down from €14.6M).
Earnings per share for 2025: €0.36 (down from €1.08).
Outlook and guidance
2026 market remains challenging, but order books look promising.
Early 2026 sales in Frilufts showed 15-20% growth in January due to colder weather.
Margin improvement expected from a weaker USD/EUR and supply chain efficiencies, with full effect by Spring/Summer 2027.
Focus remains on sales and cost control, with further cost savings from warehouse automation expected in 2026.
- TimeTickerHeadlineOpen
- 6 FebSCW
73% revenue growth and record backlog driven by new space contracts and strategic investments. - 6 FebCDP
2025 FFO/share rose 5.8% with strong leasing and retention; 2026 guidance signals further growth. - 6 FebSCW
Revenue at 15.86 mln PLN, backlog 17.14 mln PLN, and major space contracts drive 2025 outlook. - 6 FebPENG
All proposals passed, with no questions raised during the Q&A session. - 6 FebSCW
Q2 2024 revenue up 115% y/y, backlog nearly doubled, Space segment leads growth. - 6 FebPECO
2026 FFO per share growth guided at 5.5% with record occupancy and strong acquisitions. - 6 FebISCTR
Net profit up 90% in 2025, with strong NIM, fee growth, and positive 2026 outlook. - 6 FebSCW
Q2 2025 revenue surged 120% y/y, driven by a record Asian contract and a tripled backlog. - 6 FebSCW
Q1 2025 revenue jumped 97% year-over-year, with strong backlog and major new contracts secured. - 6 FebSCW
Q3 revenue up 39% y/y, backlog at 58.3 mln PLN, Space leads growth with global contracts.
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Frequently asked questions
The Kånken Originator
Regardless of where you live, you have probably seen Fjällräven’s iconic Kånken backpacks, and Fenix Outdoor is the less-known parent company. Fjällräven was founded in 1960 by Åke Nordin and became synonymous with experiencing nature in Sweden during the 1970s. The name Fjällräven, Arctic Fox in Swedish, honored the small and highly adaptable predator living in the Swedish mountains under demanding conditions. Fenix aims to make its products timeless, functional, and sustainable. Some of the company’s competitors include Björn Borg, RVRC Holding, and Lululemon.
An international group of outdoor brands
Fenix Outdoor Group is today an international group of outdoor brands, including, among others:
Naturkompaniet. Sweden’s leading retailer focused on outdoor life and travel products which has been a part of Fenix since 2001.
Tierra. Developer of technical and sustainable clothes for the long run. Also a part of Fenix since 2001.
Hanwag. The mountaineering and trekking footwear maker with over 100 years of experience. Part of Fenix since 2004.
Royal Robbins. Maker of enduring, classic outdoor clothing that works on the trail, at the office, and dinner. Part of Fenix since 2018.
In Q4 2022 Fenix sold one of their brands to Silva Sweden – Primus, with products such as portable stoves, lanterns, and fuel. A brand with a remarkable history as their products helped feed Tenzing Norgay and Edmund Hilary on the world’s first ascent of Mount Everest in 1953.
Apart from their brands and manufacturers, the company has retail stores across Germany, Finland, Denmark, and the UK.
The Nordin family
Over the last decade and a half, Fenix has endured a remarkable growth. This performance is often attributed to the owner family, the Nordin's, who are still major shareholders. Martin Nordin, son of Åke Nordin, who founded Fjällräven in 1960, is Chairman of the Board and the company’s largest shareholder, holding over 50 percent of the votes. The top four shareholders are all part of the Nordin family.
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