Kvartalsrapport Q3 2025

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===== SIDA 1 =====

FENIX OUTDOOR INTERNATIONAL AG 
Interim condensed consolidated financial statements for the period 
ended 30 Sept 2025 
Third quarter 2025-07-01 – 2025-09-30 
• The total income of the Group was TEUR 
212,333 (TEUR: 199,358), an increase of 6.5%. 
• The EBITDA of the Group was TEUR 46,851 
(TEUR: 43,616). 
• The operating profit of the Group was TEUR 
32,061 (TEUR: 28,566). 
• The profit before tax of the Group was TEUR 
27,751 (TEUR: 23,676). 
• The profit after tax of the Group was TEUR 
20,818 (TEUR: 18,485). 
• Earnings per share amounted to EUR 1.50  
(EUR: 1.38).
Period 2025-01-01 – 2025-09-30 
 
• The total income of the Group was TEUR 
518,918 (TEUR: 520,999), a decrease of 0.4%. 
• The EBITDA of the Group was TEUR 71,470 
(TEUR: 78,056). 
• The operating profit of the Group was TEUR  
30,087 (TEUR: 34,831). 
• The profit before tax of the Group was TEUR  
22,010 (TEUR: 27,689). 
• The profit after tax of the Group was TEUR 
10,941 (TEUR: 17,934). 
• Earnings per share amounted to EUR 0.80  
(EUR: 1.34). 
 
Holding of own shares  
As per 30-09-2025 the company held 19,439 B-shares representing 0.14 % of the capital of A-shares 
and B-shares.  
 
Financial information  
 
www.fenixoutdoor.se/investor/financial-reports 
 
The report contains information which Fenix Outdoor International AG is obliged to publish under 
the EU Market Abuse Regulation rules. The information was provided by the contact person stated 
below, for publication October 31, 2025, at 12:30. 
 
Contact person Martin Nordin, Executive Chairman +41 797 99 27 58

===== SIDA 2 =====

2 
 
 
Interim report, nine months 
COMMENTS BY THE EXECUTIVE CHAIRMAN 
Improving bottom line at last 
The third quarter showed an improvement in sales and profitability to the same quarter last year, 
mostly through Devold. The retail market continued to be driven by price pressure and a warm 
start of the winter season, which meant a slower start of winter sales in September. Among the 
Brands there was a mixed picture.  
 
Globetrotter, our German retailer, limited its use of discounts to drive digital sales which meant 
substantially lower digital sales, but it had almost no negative effect on brick-and-mortar sales. This 
lead to an improved gross profit to earlier quarter and a much better gross margin. We also are 
continuing to see improvement in our Nord American business where Canada continues to stand 
out in performance.  The operating profit of the Group increased to 32,061 TEUR from 28,566 TEUR 
last year. Both the comparable business and Devold contributed to the increase. 
 
The Net sales for the quarter ended at 206.4 MEUR vs 197.5 MEUR last year. The increase was 
driven by punctual delivery of preorders and Devold. In terms of the split between consumer sales 
between digital and brick and mortar shifted. The brick and mortar have outperformed digital in 
almost all markets and even more in the third quarter. The gross margin of the Group increased due 
to more direct to consumer sales and less discounting in the quarter as well as a higher gross 
margin in the Brands segment. 
 
We had around 1.3 MEUR in one off costs from some minor restructuring. We also had higher than 
anticipated higher costs in the logistic operations, as we did not gain as much efficiency yet as 
anticipated.  
 
Brands 
The Brands segment, excluding the effect of the North American wholesales business, showed 
increased sales of 17.0 %. The increase was driven by Fjällräven deliveries from a higher preorder 
book as well as the addition from Devold. Hanwag delivered preemptively a part of their preorders 
already in Q2 to take height for startup problems during Q3 in their change of business system. 
Royal Robbins showed increased sales, but from smaller numbers. The North American retail 
operation continued their improvement.  The gross margin recovered compared to earlier quarters, 
due to lower need to discount merchandise. The costs were kept under control and savings were 
taking effect. 
 
Global Sales  
Overall Global sales decreased in net sales to 34.0 MEUR vs 52.8 MEUR last year. Most of the 
decrease was due to the fact that the North American business now are accounted in Brands. On a 
like for like business the European distribution was down 1%, driven by Hanwag orders being 
delivered in Q2 and some IT related delivery problem at Hanwag. The Asia/Pacific markets 
continued to grow, making a rebound from earlier quarters. The non-consolidated Chines business 
continued to grow and is like to show record sales and result for the year in local currency.

===== SIDA 3 =====

3 
 
 
Interim report, nine months 
Frilufts 
Sales in the Frilufts operation showed a decrease of 3.1 %, from 97.4 MEUR to 94.4 MEUR. This was 
driven by a general decrease in digital sales decrease and the volatile warm situation in September. 
Despite that Globetrotter showed an improved result, due to less discounting, meaning a higher 
profitability for Frilufts in the quarter.     
 
Retail channel development from a Group perspective 
Our total brick-and-mortar sales was flat 86.5 MEUR vs 86.7 MEUR. Our digital sales decreased 
from 37.4 MEUR to 32.2 MEUR, -13.7 %.   
 
Q4 sales 
In terms of our expectation for Q4 it is depending on the weather. The colder the better. The actual 
fallout remains to be seen, but we expect Devold to contribute to the total sales and the bottom-line 
in Q4. However, due to the current situation in the market both politically and economically 
nobody knows.  
 
Going forward 
We still have challenges. The original core outdoor market is still not growing. There is a growth in 
extended outdoor like outdoor lifestyle, which is more volatile as it is more fashion and distributed 
through different sales channels. The general price pressure driven by the web retailers is a 
challenge. We are therefore implementing a new channel strategy, which will start being 
implemented next year. We are also entering a faze in our business system change. This will be 
important to our future success as we are changing a lot of our processes to both become more 
efficient as well as enabling us to lower risk and serve the market, both dealers and consumers, 
better. The insecurity in the market also means that we must carry larger risk as dealers are 
returning to a smaller proportion of preorders. Therefore we are working on creating a more 
flexibly supply chain to better serve the market at a lower risk. In terms of our logistic operation, we 
see operative cost savings of around 4 MEUR compared on an annual basis as we finish migrating 
the operation to Ludwigslust.  
 
However, we see a reasonable preorder book for the spring compared to last year for Brands and 
Global sales. We believe will have a stronger contribution from Devold next year as the rollout in 
new markets through Fenix sales channels starts next Spring. In terms of investment, we will next 
year focus on increasing our market presence e.g.  marketing spending.  
 
All the best 
Martin Nordin, Chairman of the Board 
MEUR 
Jul-Sep 
2025 
Jul-Sep 
2024 
Jan-Sep 
2025 
Jan-Sep 
2024 
Oct/Sep 
2024/2025 
Jan-Dec 
2024 
Net sales  206.4 197.5 509.1 511.0 683.7 685.6 
EBITDA 46.9 43.6 71.4 78.1 88.7 95.3 
Operating profit  32.1 28.6 30.0 34.8 32.7 37.4 
Profit margin, %  15.5% 14.5% 5.9% 6.8% 4.8% 5.5% 
Result before tax 27.7 23.7 22.0 27.7 29.6 35.3

===== SIDA 4 =====

4 
 
 
Interim report, nine months 
Net result for the period  20.9 18.4 10.9 17.9 7.7 14.6 
Earnings per B-share, EUR *) 1.50 1.38 0.80 1.34 0.42 1.09 
Solvency rate, % *)     54.9% 61.5%   60.2% 
*) Earnings per share are calculated on outstanding shares. Solvency rate are 
calculated as Equity as a percent of total assets. 
 
 
 
 
 
 
  
206,4 197,5
509,1 511,0
683,7 685,6
 0,0
 100,0
 200,0
 300,0
 400,0
 500,0
 600,0
 700,0
 800,0
Q3, 2025 Q3, 2024 Q1-Q3, 2025 Q1-Q3, 2024 12 months,
2024/2025
Q1-Q4, 2024
Net sales, MEUR
32,1 
28,6 30,0 
34,8 32,7
37,4
 0,0
 5,0
 10,0
 15,0
 20,0
 25,0
 30,0
 35,0
 40,0
Q3, 2025 Q3, 2024 Q1-Q3, 2025 Q1-Q3, 2024 12 months,
2024/2025
Q1-Q4, 2024
Operating profit, MEUR

===== SIDA 5 =====

5 
 
 
Interim report, nine months 
THE OPERATION 
Brands 
  2025 (2024)  2025 (2024) 
 
External sales Q3 78.1 (47.4) +65.0% Q1-Q3    175.5 (127.5) +37.6% 
Operating profit  Q3 26.4 (19.8)  Q1-Q3    35.4 (32.9) 
 
The increase in external sales is related to the added Fjällräven wholesale operations in USA and 
Canada, but also from the acquisition of Devold. The costs were kept under control. 
 
Frilufts 
  2025 (2024)   2025 (2024) 
External sales Q3 94.4 (97.4) -3.1% Q1-Q3   244.2 (250.6) -2.5% 
Operating result Q3 3.9 (3.5)  Q1-Q3   -7.6 (-7.4) 
 
The lower sales was driven by a decrease in digital sales and the volatile warm situation in 
September. Despite that Frilufts showed an improved result, due to less discounting. The OPEX 
came in lower than last year. 
 
Global sales 
  2025 (2024) 2025 (2024) 
External sales Q3 34.0 (52.8) 6.8% Q1-Q3   89.3 (132.7) -32.7% 
Operating result  Q3 7.6 (6.8) Q1-Q3   12.9 (13.3) 
 
The main decrease of sales is related to that the Fjällräven North American wholesale is reported in 
Brands. The Asia/Pacific markets continued to grow, making a rebound from earlier quarters. 
 
Common, Liquidity and financial standing 
 
  2025 (2024) 2025 (2024) 
Operating profit  Q3 -5.8 (-1.5)  Q1-Q3   -10.6 (-4.0) 
 
The Group's financial position remains strong. The major part of the negative EBIT in Common is 
related to elimination of internal profit in stock. Consolidated cash and cash equivalents amounted 
to MEUR 45.5 (MEUR: 67.6) per the end of the period. The Group's interest-bearing liabilities 
amounted to MEUR 82.7 (MEUR: 38.6). Lease liabilities amounted to MEUR 123.8 (MEUR: 128.6). 
Consolidated equity attributable to shareholders was MEUR 404.2 (MEUR: 417.5), corresponding to 
a solvency rate of 54.9% (61.5%).

===== SIDA 6 =====

6 
 
 
Interim report, nine months 
THE OPERATION 
 
External sales and operating result per segment 
 
 
 
 
 
 
  
47,4 45,7
56,9
40,5
78,1
19,8
5,0
14,1
- 5,1
26,4
- 20,0
 0,0
 20,0
 40,0
 60,0
 80,0
 100,0
Q3, 2024 Q4, 2024 Q1, 2025 Q2, 2025 Q3, 2025
Brands
External Net sales, MEUR Operating result, MEUR
97,4 97,0
66,4
83,5
94,4
3,5 1,8
- 9,6 - 1,9
3,9
- 20,0
 0,0
 20,0
 40,0
 60,0
 80,0
 100,0
 120,0
Q3, 2024 Q4, 2024 Q1, 2025 Q2, 2025 Q3, 2025
Frilufts
External Net sales, MEUR Operating result, MEUR
52,8
31,9 34,4
20,8
34,0
6,8
- 1,2
5,8
- 0,5
7,6
- 10,0
 0,0
 10,0
 20,0
 30,0
 40,0
 50,0
 60,0
Q3, 2024 Q4, 2024 Q1, 2025 Q2, 2025 Q3, 2025
Global sales
External Net sales, MEUR Operating result, MEUR

===== SIDA 7 =====

7 
 
 
Interim report, nine months 
FINANCIAL REPORT 
   
3 months 
 
9 months 
 
12 months 
 
CONSOLIDATED INCOME STATEMENT Jul-Sep Jul-Sep 
Jan-
Sep 
Jan-
Sep Oct-Sep Jan-Dec 
MEUR 2025 2024 2025 2024 2024/2025 2024 
              
Net sales  206.4  197.5  509.1  511.0  683.7  685.6  
Other operating income  5.9  1.8  9.8  10.0  13.0  13.2  
Income 212.3  199.4  518.9  521.0  696.7  698.8  
Cost of goods   -84.8  -83.6  -214.4  -220.8  -288.9  -295.3  
Other external expenses  -40.0  -36.0  -112.3  -110.5  -158.9  -157.1  
Personnel expenses  -40.8  -36.1  -121.2  -112.6  -161.7  -153.2  
Depreciation/amortisation -14.8  -15.0  -41.4  -43.2  -56.0  -57.9  
Result from investments in joint ventures and associated 
companies 0.1  0.0  0.4  1.0  1.4  2.0  
Operating expenses  -180.3  -170.8  -488.9  -486.2  -664.1  -661.4  
Operating profit  32.1  28.6  30.0  34.8  32.7  37.4  
Financial income 0.4  -1.0  1.7  0.0  6.0  4.4  
Financial expenses  -4.7  -3.8  -9.7  -7.1  -9.1  -6.5  
Profit before tax  27.7  23.7  22.0  27.7  29.6  35.3  
Income tax expense -7.0  -5.2  -11.1  -9.8  -21.9  -20.7  
Net profit for the period 20.9  18.4  10.9  17.9  7.7  14.6  
Net profit for the period attributable to:                          
Parent Company's shareholders  20.2  18.4  10.8  17.8  5.6  14.4  
Non-controlling interests  0.7  0.0  0.2  0.1  2.1  0.2  
              
Earnings per A share, EUR, before dilution 0.150 0.138 0.080 0.134 0.042 0.109 
Earnings per A share, EUR, after dilution 0.150 0.138 0.080 0.133 0.042 0.110 
Earnings per B share, EUR, before dilution 1.50  1.38  0.80  1.34  0.42  1.09  
Earnings per B share, EUR, after dilution 1.50  1.38  0.80  1.33  0.41  1.10  
Weighted average of outstanding shares, B, thousands 11,041  10,928  11,015  10,928  10,928  10,928  
Weighted average of outstanding shares, A, thousands 24,000  24,000  24,000  24,000  24,000  24,000  
              
Earnings per share calculated as, net profit attributable to Parent company's shareholders divided by number of    
B-shares + 24,000,000/10 A-shares, as A-shares only qualify to a tenth of the dividend compared to B-shares.      
*) 3 months and 12 months of historical data are not included in auditors' review of the interim report.

===== SIDA 8 =====

8 
 
 
Interim report, nine months 
 
Consolidated Statement of  
 
3 months 
 
9 months 
 
12 months 
 
Comprehensive Income Jul-Sep Jul-Sep 
Jan-
Sep 
Jan-
Sep Oct-Sep Jan-Dec 
MEUR  2025 2024 2025 2024 2024/2025 2024 
Net result for the period 20.9 18.4 10.9 17.9 7.7 14.6 
              
Not to be reclassified in the income statement in the future             
  Remeasurements of post employment benefit obligations 0.0 0.0 0.0 0.0 0.0 0.0 
  Taxes 0.0 0.0 0.0 0.0 0.0 0.0 
To be reclassified to the income statement in the future        
  Change in translation reserve during the period  -0.8 1.4 -3.8 -0.8 -9.4 -4.4 
  Cash flow hedges 0.0 0.0 -4.4 0.0 -0.9 3.1 
  Taxes 0.0 0.0 1.0 0.0 0.2 -0.7 
Total other comprehensive income for the period  -0.8 1.4 -7.2 -0.8 -10.1 -2.1 
Total comprehensive income for the period  20.1 19.8 3.8 17.1 -2.4 12.5 
              
Total comprehensive income attributable to:             
Parent Company's shareholders  19.4 19.8 3.6 17.0 -4.5 12.3 
Non-controlling interests  0.7 0.0 0.2 0.1 2.1 0.3 
              
*) 3 months and 12 months of historical data are not included in auditors' review of the interim report.

===== SIDA 9 =====

9 
 
 
Interim report, nine months 
FINANCIAL REPORT 
CONSOLIDATED STATEMENT OF 
 30 Sept   30 Sept    31 Dec  
FINANCIAL POSITION, MEUR 2025 2024 2024 
        
Assets       
Non-current assets       
Intangible fixed assets           84.8           47.9              48.8     
Tangible fixed assets           83.0           78.6              76.7     
Right-of-use assets        118.4         124.0            122.9     
Other non-current assets          33.8           32.0              27.3     
Total non-current assets         320.0         282.5            275.7     
Current assets           
Inventories         254.5         231.4            227.5     
Accounts receivable trade and other receivables           96.7           81.4              59.2     
Tax receivables            8.0             9.2                4.6     
Prepaid expenses and accrued income           11.7             7.3                8.1     
Cash and cash equivalents           45.5           67.6            111.8     
Total current assets         416.4         396.9            411.1     
Total assets        736.4         679.4            686.8     
            
Equity and liabilities           
Equity and reserves attributable to the Parent Company's shareholders        404.2         417.5            413.2     
Non-controlling interests               -                -                    -       
Total equity         404.2         417.5            413.2     
Liabilities           
Non-current liabilities           
Other non-current liabilities          16.9           11.6                9.4     
Non-current lease liabilities          90.1           96.6              96.2     
Interest bearing liabilities           34.2           32.2              33.2     
Total non-current liabilities         141.2         140.4            138.7     
Current liabilities           
Other current liabilities           81.4           56.9              65.9     
Current lease liabilities          33.7           32.0              32.0     
Interest bearing liabilities           48.5             6.4                5.5     
Accrued expenses and deferred income           27.4           26.2              31.4     
Total current liabilities         191.0         121.5            134.9     
Total Liabilities        332.2         261.9            273.6     
Total equity and liabilities        736.4         679.4            686.7

===== SIDA 10 =====

10 
 
 
Interim report, nine months 
FINANCIAL REPORT 
Consolidated statement of changes in equity 
 
 
MEUR 
Share 
capital 
Other 
contributed 
capital 
Cash 
flow 
hedge 
reserve 
Foreign 
currency 
translation 
reserve 
Treasury 
shares *) 
Retained 
earnings Total 
Non-
controlling 
interests 
Total 
Equity 
01-01-2024 12.4 39.8 -0.2 -12.6 -11.2 389.1 417.2 0.0 417.2 
Net profit for the period      17.8 17.8 0.1 17.9 
Other comprehensive income for the period     -0.8   -0.8 -0.1 -0.8 
Total comprehensive income for the period 0.0 0.0 0.0 -0.8 0.0 17.8 17.1 0.0 17.1 
Transactions with non-controlling interests ***)       0.0 0.0 0.0 
Share based payments**)      0.3 0.3  0.3 
Dividends resolved at Annual General 
Meeting      -17.1 -17.1  -17.1 
Transfer of cash flow hedge reserve to 
inventories   0.1    0.1  0.1 
30-09-2024 12.4 39.8 -0.2 -13.3 -11.2 390.1 417.5 0.0 417.5 
 
 
MEUR 
Share 
capital 
Other 
contributed 
capital 
Cash 
flow 
hedge 
reserve 
Foreign 
currency 
translation 
reserve 
Treasury 
shares *) 
Retained 
earnings Total 
Non-
controlling 
interests 
Total 
Equity 
01-01-2025 12.4 39.8 2.0 -17.0 -11.2 387.2 413.2 0.0 413.2 
Net profit for the period      10.8 10.8 0.2 10.9 
Other comprehensive income for the period    -3.4 -3.8   -7.2 0.0 -7.2 
Total comprehensive income for the period 0.0 0.0 -3.4 -3.8 0.0 10.8 3.5 0.2 3.7 
Transactions with non-controlling interests ***)      0.4 0.4 -6.9 -6.6 
Share based payments**)      0.3 0.3  0.3 
Own shares as payment, purchase of 
subsidiary***)     9.6 -4.1 5.5 6.7 12.2 
Dividends resolved at Annual General 
Meeting      -18.6 -18.6  -18.6 
Transfer of cash flow hedge reserve to 
inventories   0.1    0.1  0.1 
30-09-2025 12.4 39.8 -1.4 -20.7 -1.6 375.8 404.3 0.0 404.3 
 
 
 
*) Per 30-09-2025 the company held 19,439 B-shares and per 30-09-2024 the company held 132,337 of B-shares. 
**) Options programs for Senior Managers was introduced in 2022 and 2023. 66,000 options have been granted per 30-09-25, each giving a right to buy one B-share in Fenix 
Outdoor International AG.  
***) Per 03-03-2025 Fenix Outdoor purchased shares in Devold Norway AS and 112,898 of own shares as at FV of MEUR 5,5 (historical book value of MEUR 9.6) were used 
as part of the payment of the purchase price for Devold Norway AS.

===== SIDA 11 =====

11 
 
 
Interim report, nine months 
FINANCIAL REPORT 
  
  9 months 12 months 
Consolidated statement of cash flows Jan-Sept Jan-Sept Jan - Dec 
MEUR   2025 2024 2024 
OPERATING ACTIVITIES         
Net profit for the period   10.9 17.9 14.6 
Income tax expense   11.1 9.8 20.7 
Financial result net    8.1 7.1 2.1 
Depreciation for right-of-use assets   25.6 26.2 35.5 
Depreciation/amortisation tangible and intangible assets   15.8 17.1 22.4 
Adjustment for non cash items   -11.7 -3.3 -0.9 
Interest received    1.6 0.0 3.1 
Interest paid    -6.1 -4.3 -6.6 
Income tax paid    -15.2 -21.2 -22.2 
Cash flow from operating activities before changes in working capital    40.1 49.3 68.7 
Change in inventories    -8.0 41.3 45.1 
Change in operating receivables    -27.5 -28.9 -5.2 
Change in operating liabilities    1.2 -23.9 -12.1 
Cash flow from operating activities    5.8 37.8 96.5 
INVESTING ACTIVITIES         
Purchase of intangible fixed assets    -10.2 -7.1 -10.7 
Purchase of tangible fixed assets    -9.1 -10.1 -12.4 
Sale of tangible fixed assets     5.3 5.2 
Change in non-current receivables   2.0 1.6 0.2 
Purchase of associated company    -0.4 -0.4 
Loan granted     1.5 
Purchase of subsidiaries, net of cash acquired   -27.8   
Cash flow from investing activities    -45.1 -10.7 -16.6 
FINANCING ACTIVITIES         
Increase in borrowings   27.2   
Repaid borrowings   -7.0 -32.7 -35.3 
Payment of lease liabilities   -24.9 -26.0 -36.0 
Dividends paid    -18.6 -17.1 -17.1 
Cash flow from financing activities    -23.3 -75.8 -88.4 
Change in cash and cash equivalents    -62.6 -48.7 -8.4 
Cash and cash equivalents at beginning of year    111.8 119.1 119.1 
Effect of exchange rate differences on cash and cash equivalents    -3.7 -2.8 1.0 
Cash and cash equivalents at period-end    45.5 67.6 111.8

===== SIDA 12 =====

12 
 
 
Interim report, nine months 
Notes to the financial report 
 
Note 1 Accounting principles 
 
Fenix Outdoor International AG is a listed company with its registered office in Zug, Switzerland.  
 
This quarterly report is prepared in accordance with IAS 34, Interim Financial Reporting. The 
accounting policies adopted are consistent with those applied in the Annual Report for the year 
ended 31 December 2024 with the exception of new and revised standards and interpretations that 
become effective January 2025 which did not have an impact on these condensed consolidated 
interim financial statement. The Group has also applied the exception to recognizing and disclosing 
information about deferred tax assets and liabilities related to Pillar Two income taxes (amendment 
to IAS 12 income taxes). 
 
Note 2 Right of use assets 
 
 
 
30.09.2025, 
MEUR Brands Frilufts Global sales Common Total 
Right-of use 
assets 23.0 90.9 1.3 3.2 118.4 
Lease liabilties -25.1 -93.7 -1.2 -3.7 -123.8 
 
 
  Brands Frilufts Global sales Common Total 
Depreciation -6.1 -18.7 -0.6 -0.3 -25.6 
Interest cost -0.6 -1.5 0.0 -0.1 -2.2 
 
 
 
 
 
 
 
31.12.2024, 
MEUR Brands Frilufts 
Global 
sales Common Total 
Right-of-use 
assets 26.8 92.2 1.6 2.4 122.9 
Lease liabilities -28.6 -94.3 -1.7 -3.6 -128.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Brands Frilufts 
Global 
sales Common Total 
Depreciation -9.0 -24.1 -1,0 -1.4 -35.5 
Interest cost -0,8 -2.1 0,0 -0,1 -3.0 
      
 
 
Note 3 Exchange rates 
 
  Average rate   Balance sheet closing rate 
  
Jan-Sep 
2025 
Jan-Sep 
2024 
Jan-Dec 
2024   2025-09-30 2024-09-30 2024-12-31 
EUR/SEK 11.0857 11.4211 11.4498  11.0565 11.3000 11.4590 
EUR/CHF 0.9386 0.9585 0.9532  0.9364 0.9439 0.9412 
EUR/USD 1.1184 1.0870 1.0803  1.1741 1.1196 1.0389 
CHF/SEK 11.8113 11.9158 12.0123  11.8075 11.9716 12.1749 
EUR/NOK 11.6999 11.5962 11.6478  11.7261 11.7647 11.7952

===== SIDA 13 =====

13 
 
 
Interim report, nine months 
Note 4 Risks 
 
The risk factors of the Group, presented in the last published annual report 2024, page 27, are still 
valid.  
 
 
Note 5 Hedge accounting 
 
  2025-09-30 2024-09-30 2024-12-31 
Market value, TEUR -2,120 -606 2,099 
     
FX Forwards    
Purchased TUSD 55,000 46,000 36,000 
Sold TEUR 48,616 41,525 32,379 
Rate 1.131 1.108 1.112 
 
Note 6 Segment reporting – sales and operating result 
 
The Group is organized in three business segments: Brands, Frilufts and Global sales. Fenix 
Outdoor International AG reports sales and operating result for the segments Brands, Frilufts and 
Global Sales. The internal monitoring of the operations takes place in this segmentation. 
Additionally, sales are divided into geographical areas. 
 
Third quarter 2025-07-01 – 2025-09-30 
  
Brands 
              
  Frilufts Global sales 
Common and 
elimination Group 
  Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep 
  2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 
External Sales, MEUR 78.1 47.4 94.4 97.4 34.0 52.8 0.0 0.0 206.4 197.5 
Internal Sales, MEUR 37.8 52.0   4.8 13.5 -42.6 -65.6   
Sum Net Sales, MEUR 115.9 99.4 94.4 97.4 38.9 66.3 -42.7 -65.5 206.4 197.5 
EBITDA, MEUR  30.1 23.5 12.7 11.0 7.9 7.3 -3.9 1.8 46.9 43.6 
Operating result, MEUR 26.4 19.8 3.9 3.5 7.6 6.8 -5.8 -1.5 32.1 28.6 
(3 months data are not included in auditors’ review of the interim report)

===== SIDA 14 =====

14 
 
 
Interim report, nine months 
 
 
  Brands Frilufts Global sales Common Total 
External sales per Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep 
market, MEUR 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 
Switzerland 0.5 0.3   2.1 2.1   2.5 2.4 
Sweden 3.7 3.1 21.3 21.2     25.0 24.3 
Other Nordic countries 10.4 0.4 16.8 16.5 10.6 11.0   37.8 27.9 
Germany 19.7 15.4 50.6 53.6     70.3 69.0 
Benelux 6.6 6.9 0.1 0.1 0.2 2.2   6.9 9.2 
Other Europe 6.1 3.6 5.7 5.8 13.4 14.6   25.2 24.0 
Americas 29.2 16.0   0.0 16.7   29.2 32.7 
Other World 1.7 1.7   7.8 6.2   9.5 7.9 
Total 77.9 47.4 94.5 97.4 34.1 52.8 0.0 0.0 206.4 197.5 
 
 
Period 2025-01-01 – 2025-09-30 
  
Brands Frilufts Global sales 
Common and 
eliminering Group 
  Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep 
  2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 
External Net sales, MEUR 175.5 127.5 244.2 250.6 89.3 132.7 0.0 0.1 509.1 511.0 
Internal Net sales, MEUR 86.8 125.7   10.6 34.1 -97.4 -159.8   
Total Net Sales, MEUR 262.3 253.2 244.2 250.6 99.9 166.8 -97.4 -159.5 509.1 511.0 
                      
EBITDA, MEUR  46.6 44.0 16.1 15.2 14.2 14.8 -5.5 4.0 71.5 78.1 
Operating result, MEUR 35.4 32.9 -7.6 -7.4 12.9 13.3 -10.6 -4.0 30.0 34.8 
Number of Stores 48 40 92 91 41 40   181 171 
of which are franchise   2 2     2 2 
Non-current assets 96.5 55.9 139.2 136.6 12.8 18.1 71.5 72.0 320.0 282.6 
Cap. Expenditures 26.7 3.3 12.1 3.8 1.0 1.1 8.7 9.0 48.5 17.2 
 
 
  Brands Frilufts Global sales Common Total 
External sales per Jan-Jul Jan-Jul Jan-Jul Jan-Jul Jan-Jul Jan-Jul Jan-Jul Jan-Jul Jan-Jul Jan-Jul 
market, MEUR 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 
Switzerland 1.6 0.8   5.5 6.7   7.1 7.5 
Sweden 7.3 6.8 50.0 49.8     57.3 56.6 
Other Nordic countries 15.6 1.3 42.6 43.2 23.2 24.9   81.4 69.4 
Germany 47.5 40.6 136.0 142.5    0.1 183.5 183.2 
Benelux 14.9 15.8 0.2 0.2 6.9 9.5   22.0 25.5 
Other Europe 13.7 11.4 15.4 14.8 31.0 32.8   60.1 59.0 
Americas 70.3 46.3   0.0 35.3   70.3 81.6 
Other World 4.7 4.7   22.7 23.5   27.4 28.2 
Total 175.5 127.5 244.2 250.6 89.3 132.7 0.0 0.1 509.1 511.0

===== SIDA 15 =====

15 
 
 
Interim report, nine months 
Note 7 Outstanding options from acquisitions 
 
From the acquisition of the Taiwanese distributor, Fenix Outdoor International AG has a right and 
an obligation through a put and call arrangement, where the price is based on a profit multiple, to 
acquire the remaining 30% of the company. The exercise period started on 30 June 2022 and ends 30 
June 2027. The present value of the redemption amount is recognized as a short-term liability for the 
amount of MEUR 2.1 and the non-controlling interests are derecognized.  
 
Fenix Outdoor International AG acquired 2017 Alpen International. The agreement from 2017 
includes put/call arrangements for the 25% non-controlling interests, exercisable in the period 
between 2020 and 2029 whereof 16.8 % were exercised in June 2020 and 7.2 % were exercised in July 
2025. Payment for the 7.2 % was made in July 2025 with MEUR 0.5. The present value of the 
redemption amount (1 %) is recognized as a short-term liability for the amount of TEUR 1 and the 
non-controlling interests are derecognized.  
 
Future changes in options liabilities will be recognized in equity.  
 
Note 8 Acquisitions 
 
2025 
Viomoda 
In 2024 Fenix Outdoor entered into a partnership with the German outdoor brand Maloja to operate 
apparel production at their subsidiary production facility, Viomoda, in Plovdiv, Bulgaria. In 2024, as 
part of this agreement Fenix Outdoor provided convertible loans of 1.5 MEUR to Viomoda Austria 
maturing latest 31 December 2025. The loan is convertible into up to 40% of Viomoda shares at the 
option of Fenix Outdoor and 49% at the option of Viomoda. The loan was converted into 49% of 
Viomoda shares per 30 January 2025. 
 
Devold 
Per 03-03-2025 Fenix Outdoor acquired 65 % of Devold Norway AS. The consideration was in NOK 
and recalculated to EUR it amounted to MEUR 35. Payment was in a combination of 112,898 Fenix 
Outdoor treasury B-shares valued to MEUR 5.5 and cash. The net cash acquired to MEUR 2.0 
resulted in cash outflow of MEUR 27.3 and treasury shares MEUR 5.5 to a total of MEUR 32.8. The 
provisional acquisition resulted in a preliminary intangible assets including a goodwill position of 
MEUR 25.4 and is not expected to be tax deductible. The agreement includes put/call arrangements 
for the 35% non-controlling interests. The present value of the redemption amount is recognized as 
liability and the non-controlling interests are derecognized. Future changes in options liabilities will 
be recognized in equity. 
 
Note 9 Transactions with related parties 
 
There have been no major changes in relations to transactions with related parties compared to 
2024.

===== SIDA 16 =====

16 
 
 
Interim report, nine months 
Note 10 Events after period closing 
 
No significant events after period close are noted.  
 
………………………………………………………………………………………………………………… 
Zug, October 31, 2025 
 
The President certifies that this report gives a true and fair view of the Group's operations, position 
and results and describes the principal risks and uncertainties that the Company and the companies 
in the group are exposed. 
 
Alexander Koska  
President  
 
 
 
…………………………………………………………………………………………………………………… 
 
Calendarium 
  
Q4 report 2025, 5th February, 2026 
Q1 report 2026, 27th April, 2026 
Annual General Meeting, April 27th, 2026

===== SIDA 17 =====

17 
Ernst & Young 
Ltd 
Maagplatz 1 
P.O. Box 
CH-8010 Zurich 
Phone: +41 58 286 31 11 
www.ey.com/en_ch 
 
 
 
 
To the Board of Directors of  
Fenix Outdoor International AG, Zug 
 
 
 
Report on the review of interim condensed consolidated financial statements 
 
 
Introduction 
We have reviewed the accompanying interim condensed consolidated financial statements 
(consolidated statement of income, consolidated statement of comprehensive income, 
consolidated balance sheet, consolidated statement of cash flows, consolidated statemen t of 
changes in equity and notes), pages 7 to 16, of Fenix Outdoor International AG for the period 
from 1 January 2025 to 30 September 2025. The Board of Directors is responsible for the 
preparation and presentation of these interim condensed consolidated financial statements in 
accordance with IAS 34 “Interim Financial Reporting”. Our responsibility is to express a 
conclusion on these interim condensed consolidated financial statements based on our 
review. 
 
 
Scope of Review 
We conducted our review in accordance with International Standard on Review Engagements 
2410 Review of Interim Financial Information Performed by the Independent Auditor of the 
Entity. A review of interim financial information consists of making inquiries, primarily of 
persons responsible for financial and accounting matters, and applying analytical and other 
review procedures. A review is substantially less in scope than an audit conducted in 
accordance with International Standards on Auditing and consequently does not enable us to 
obtain assurance that we would become aware of all significant matters that might be 
identified in an audit. Accordingly, we do not express an audit opinion. 
 
 
Conclusion 
Based on our review, nothing has come to our attention that causes us to believe that the 
interim condensed consolidated financial statements are not prepared, in all material 
respects, in accordance with IAS 34 “Interim Financial Reporting”. 
 
 
   Zurich, 31 October 2025 
Ernst & Young Ltd 
   
Kaspar Streiff  Patrick Bächtold 
Licensed audit expert  Licensierad revisionsexpert 
(Auditor in charge)