Fenix Outdoor (FOI-B) Q2 2024 earnings summary

Executive summary

• Q2 2024 saw net sales decline 4.2% year-over-year to €149.6m, with operating result dropping to -€6.5m from €0.1m.

• H1 2024 net sales fell 6.7% to €313.5m, and net result for the period was -€0.6m versus €11.0m last year.

• Inventory reduction improved net cash position by €67m year-over-year, now at €25.2m.

• Challenging retail environment with high inventories, price pressure, and shifting consumer behavior.

Financial highlights

• Q2 EBITDA was €7.2m, down from €13.5m; H1 EBITDA was €34.4m, down from €44.7m.

• Q2 result before tax was -€7.4m (vs €2.6m); H1 result before tax was €4.0m (vs €18.9m).

• Q2 earnings per B-share were -€0.56 (vs €0.05); H1 EPS was -€0.05 (vs €0.83).

• Cash and cash equivalents at period end were €75.5m, up from €35.8m last year.

• Solvency rate improved to 58.5% from 57.2% year-over-year.

Outlook and guidance

• Q3 order book in Brands and Global Sales is solid, but management refrains from predictions due to recent volatility.

• Ongoing cost control, efficiency programs, and production investments expected to improve margins over time.