Fenix Outdoor (FOI-B) Q2 2026 earnings summary

Executive summary

• Q2 2026 saw a 2.8% decrease in total income to €142.4M, with EBITDA dropping to €3.7M from €6.6M year-over-year.

• Operating profit declined to -€11.1M from -€7.2M, and net loss widened to -€12.7M from -€10.0M.

• The German market remained weak and price-driven, while Nordic markets showed resilience.

• Operational issues included ERP integration problems and a change in the European business model, negatively impacting sales and costs.

Financial highlights

• H1 2026 total income rose 1.4% to €310.9M, with EBITDA up to €26.8M from €24.6M year-over-year.

• H1 operating profit was -€3.4M (vs. -€2.0M), and net loss improved to -€8.1M from -€9.9M.

• Earnings per B-share for Q2 were -€0.92 (vs. -€0.72), and for H1 were -€0.56 (vs. -€0.70).

• Cash and cash equivalents at period end were €44.0M, down from €56.0M a year earlier.

Outlook and guidance

• Market volatility is expected to persist, with Germany remaining challenging and the Nordics and Canada showing positive trends.

• Focus remains on cost control, operational stability, and IT system improvements.

• North America, especially the US, is showing promising preorders for next spring.