Fenix Outdoor (FOI-B) Q2 2025 earnings summary

Executive summary

• Second quarter saw a 4.2% decrease in total income to €146.5M, with EBITDA at €6.6M and operating loss widening to €-7.2M year-over-year.

• Six-month period total income declined 4.7% to €306.6M, with EBITDA at €24.6M and operating loss of €-2.0M.

• Profit after tax for the half-year was €-9.9M, with EPS at €-0.70, compared to €-0.05 last year.

• Market volatility, weather, and price pressure from online discounts impacted sales and margins, especially in Europe and the US.

Financial highlights

• Q2 net sales fell 3.1% year-over-year to €144.9M; operating margin at -4.9%.

• Six-month net sales dropped to €302.6M from €313.5M; operating profit declined from €6.3M to €-2.0M.

• Cash and cash equivalents at period end were €56.0M, down from €75.5M last year.

• Interest-bearing liabilities increased to €87.5M from €50.3M; solvency rate at 53.5% (down from 58.5%).

Outlook and guidance

• Q3 order book is solid, but management refrains from predictions due to ongoing market unpredictability, weather, and economic concerns.

• Uncertainty in US trade and customs discussions may impact pricing for summer 2026.

• Positive effects expected from new warehouse and ERP system in H2 2025.