Fenix Outdoor (FOI-B) Q1 2025 earnings summary

Executive summary

• Net sales for Q1 2025 were MEUR 157.7, down 3.7% year-over-year, with EBITDA at MEUR 18.0 and operating profit at MEUR 5.2, reflecting a challenging quarter due to warm weather and macroeconomic headwinds.

• Profit after tax dropped sharply to MEUR 0.1 from MEUR 6.9 in Q1 2024; EPS was EUR 0.01 compared to EUR 0.51.

• Acquisition of Devold Norway AS (65%) was completed in March 2025, with limited Q1 impact.

Financial highlights

• Total income decreased 5.1% to TEUR 160,082; operating margin fell to 3.3% from 7.8% year-over-year.

• Cash and cash equivalents at period-end were MEUR 57.8, down from MEUR 88.4; solvency rate at 57.7%.

• Interest-bearing liabilities increased to MEUR 62.4 from MEUR 56.2; lease liabilities at MEUR 125.6.

• Cash flow from operating activities was negative MEUR 3.8, with significant outflows for the Devold acquisition.

Outlook and guidance

• Orderbooks for fall and winter 2025 show improvement; positive momentum noted for spring/summer 2026 assortment.

• No major direct effects expected from potential higher US tariffs in 2025, but indirect effects remain uncertain.

• Management refrains from detailed guidance due to unpredictable market conditions but expresses confidence in brand and organizational strength.