Fenix Outdoor (FOI-B) Q4 2025 earnings summary

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.