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Dometic Group
Quarterly Report • Jul 15, 2025
2905_ir_2025-07-15_368f6cc2-7ff7-477c-bb20-4bda316aa594.pdf
Quarterly Report
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QUARTERLY REPORT Q2 2025
Solna, July 15, 2025
ROBUST EBITA MARGIN AND STRONG CASH FLOW IN A CHALLENGING MARKET
SECOND QUARTER 2025 FIRST SIX MONTHS 2025
- Net sales were SEK 6,269 m (7,662); a decrease of -18%. Organic growth was -11%.
- Operating profit (EBITA1)) before items affecting comparability2) was SEK 877 m (1,069), corresponding to a margin of 14.0% (14.0%).
- Operating profit (EBIT) was SEK 743 m (903), corresponding to a margin of 11.9% (11.8%).
- Profit for the quarter was SEK 348 m (443).
- Earnings per share were SEK 1.09 (1.39). Adjusted earnings per share3) were SEK 1.38 (1.76).
-
Free cash flow4) was SEK 1,302 m (1,395). Cash flow was SEK 392 m (990).
-
Net sales were SEK 12,099 m (14,188); a decrease of -15%. Organic growth was -10%.
- Operating profit (EBITA1)) before items affecting comparability2) was SEK 1,484 m (1,838), corresponding to a margin of 12.3% (13.0%).
- Operating profit (EBIT) was SEK 1,208 m (1,514), corresponding to a margin of 10.0% (10.7%).
- Profit for the period was SEK 529 m (716).
- Earnings per share were SEK 1.66 (2.24). Adjusted earnings per share3) were SEK 2.26 (2.96).
- Free cash flow was SEK 897 m (1,183). Cash flow was SEK 886 m (-65).
FINANCIAL OVERVIEW
| Q2 | Q2 | YTD | YTD | LTM | FY | |
|---|---|---|---|---|---|---|
| SEK m ! ! |
2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
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CEO COMMENTS
Dometic delivered a robust double-digit EBITA1 margin and strong cash flow in the second quarter, despite a more uncertain macroeconomic environment due to the ongoing global trade conflict.
Net sales in the quarter totaled SEK 6,269 m (7,662), resulting in an organic net sales decline of 11 percent. Revenue in the Service & Aftermarket channel ended below expectations in the quarter showing a net sales decline of 12 percent organically compared to a relatively strong quarter last year. Weaker end consumer confidence has led to a more careful approach to replacement and upgrades, leading to retailers continuing to be cautious with inventory levels and thereby delaying the gradual recovery we had expected to see. Organic net sales for the Distribution channel was down 7 percent impacted by generally bad weather in the US during the quarter as well as a temporary production stop in our US mobile cooling plant. We estimate that around half the decline in the quarter was attributable to the production stop. The OEM sales channel showed an organic net sales decline of 14 percent in line with expectations. However, we have seen organic net sales growth in LV Americas through the OEM sales channel for two consecutive quarters.
The EBITA margin for the quarter was 14.0 percent (14.0) which is on par with the second quarter last year. Despite lower net sales, the savings generated by the ongoing Global restructuring program combined with other cost containment measures have yielded positive impacts on our profitability. The EBITA margin improvements are mainly shown in the Land Vehicles and Mobile Cooling Solutions segments, where we saw improved EBITA margins year-over-year. In the Land Vehicles segment, EMEA and Americas are driving the improvements while APAC continues to show high margins but still below last year. The Marine Segment shows a robust EBITA-margin, but below last year driven by lower net sales.
Free cash flow continued to be strong at SEK 1,302 m (1,395) primarily driven by improvements in working capital. The net debt to EBITDA leverage ratio remained flat at 3.3x and increased year-on-year by 0.4x due to weaker development of EBITDA, partially compensated by free cash flow and currency effects. We are maintaining a strong focus on profitability and cash flow across the Group and remain committed to achieving our net debt to EBITDA target of around 2.5x. Due to the current macroeconomic uncertainty it is difficult to assess the timing of when we can achieve this target.
Dometic's transformative journey is progressing positively. We have taken significant steps in shifting the focus from a regionally led approach to a global product-led approach. We continue to invest in product innovation and sales capabilities in our strategic growth areas. The product innovation index reached 22 percent in the quarter representing a year-over-year improvement from 19 percent, and demonstrating continued progress toward our 25 percent target. During the quarter we launched the Dometic Recon Series, our premium innovative stackable cooler system, strengthening our Mobile Cooling Solutions portfolio. Together with our Gyro Stabilizer, launched earlier this year in the Marine segment, we continue to deliver innovative solutions across multiple market segments. Both product launches have been very well received in early customer feedback.
We have seen cautious demand in the second quarter influenced by the ongoing global trade conflict. With approximately half of the Group's net sales in the US, we are exposed to tariffs primarily through their impact on consumer sentiment rather than direct tariff costs. Our exposure is limited as 85 percent of our US sales are from products manufactured in the US, or manufactured and sourced in Mexico and Canada with significant protection under the existing North American free trade agreement (USMCA). We have acted quickly by implementing surcharges to offset any negative cost impact and are reviewing our supply chain to minimize the go-forward impact. Considering the geographical spread of our manufacturing footprint, including nine production facilities in the US, we are well positioned from a competitive perspective.
Long-term trends in the Mobile Living industry remain strong. However, it is difficult to predict how the current macroeconomic situation and weak consumer confidence will impact the business in the short term. We are focusing on operational execution and efficiency to be able to adapt to short-term market developments, which will benefit us and further improve our margins when we achieve net sales growth. Under normal circumstances and with current visibility on inventory levels, we would expect to see a gradual recovery in the demand through the Distribution and Service & Aftermarket sales channels. While it remains difficult to predict demand patterns in the coming quarters, we are encouraged by a stabilization in order intake. Going forward the comparables are becoming more favorable, and we expect both new product launches and our restructuring program to continue to contribute positively.
We will continue to relentlessly drive our strategic agenda. With the restructuring program proceeding as planned, we are placing Dometic in a prime position to deliver on our targets while providing the highest quality of services and products to our customers.
Juan Vargues, President and CEO
¹⁾Unless stated otherwise, EBITA refers to EBITA before items affecting comparability.
NET SALES, SEK M
OP. PROFIT (EBITA) BEFORE I.A.C.
FREE CASH FLOW, SEK M
FINANCIAL SUMMARY – SECOND QUARTER 2025
Net sales were SEK 6,269 m (7,662). Total growth was -18%, of which -11% was organic growth, -7% currency translation, 0% M&A and -1% portfolio changes related to the ongoing Global restructuring program.
Gross profit was SEK 1,859 m (2,171) corresponding to 29.7% (28.3%) of net sales. The improvement was supported by cost reductions and sales mix.
Sales and administrative expenses totaled SEK -857 m (-967), positively impacted by cost reductions. Investments in strategic growth areas continued and Sales and administrative expenses in percent of net sales increased to 13.7% (12.6%).
Research and development expenses were SEK -129 m (-149) with continued investments in strategic growth areas. In addition Research and development expenses of SEK -10 m (-11) were capitalized in the quarter. In total, Research and development expenses corresponds to 2.2% (2.1%) of net sales.
Other operating income and expenses were net SEK 4 m (15) and related to currency revaluation effects, currency hedge effects and royalty income.
Operating profit (EBITA) before amortization and impairment of acquisition-related intangible assets and items affecting
comparability was SEK 877 m (1,069) corresponding to a margin of 14.0% (14.0%). The decline was driven by lower net sales partly compensated by cost reductions.
Items affecting comparability were SEK -4 m (-17).
Amortization and impairment of acquisition-related intangible assets were SEK -130 m (-150).
Operating profit (EBIT) was SEK 743 m (903), corresponding to a margin of 11.9% (11.8%).
Financial items totaled a net amount of SEK -228 m (-267), whereof SEK -197 m (-214) in interest on external bank and bond loans. Other FX revaluations and other items amounted to SEK -76 m (-69) and financial income amounted to SEK 45 m (16).
Taxes totaled SEK -167 m (-194), corresponding to 32% (30%) of profit before tax. Current tax amounted to SEK -214 m (-304) and deferred tax to SEK 47 m (111). Paid tax was SEK -74 m (-167).
Profit for the period was SEK 348 m (443).
Earnings per share were SEK 1.09 (1.39). Adjusted earnings per share were SEK 1.38 (1.76).
Cash flow was SEK 392 m (990). Net cash flow from operations was SEK 1,693 m (1,881). The difference in cash flow compared to the same period last year was mainly due to the repayment of long-term borrowings during the quarter.
Net cash flow from investments was SEK -78 m (-74) of which SEK -85 m (-85) related to investments in intangible and tangible assets.
Net cash flow from financing was SEK -1,222 m (-818). The net of paid and received interest was SEK -227 m (-320). The cash flow effect from short-term borrowings was SEK 7 m (177). Dividend paid was SEK -415 m (-607).
Free cash flow (see note 10 for specification) was SEK 1,302 m (1,395).
Other significant events in the quarter. There have been no other significant events in the quarter.
Significant events after the quarter. There have been no significant events that have impacted the financial reporting after the balance sheet date.
FINANCIAL SUMMARY – FIRST SIX MONTHS 2025
Net sales were SEK 12,099 m (14,188), total growth was -15%, of which -10% was organic growth, -4% currency translation, 0% M&A and -1% portfolio changes related to the ongoing Global restructuring program.
Operating profit (EBITA) before amortization and impairment of acquisition-related intangible assets and items affecting
comparability was SEK 1,484 m (1,838) corresponding to a margin of 12.3% (13.0%). Gross profit in percent of net sales increased to 29.2% (28.1%). Sales, Administrative as well as Research and development expenses in percent of net sales increased, impacted by lower net sales and partly offset by efficiency improvements.
Items affecting comparability were SEK -6 m (-28) and were mainly related to administrative expenses.
Amortization and impairment of acquisition-related intangible assets were SEK -270 m (-297).
Operating profit (EBIT) was SEK 1,208 m (1,514), corresponding to margin of 10.0% (10.7%).
Financial items totaled a net amount of SEK -426 m (-485), whereof SEK -386 m (-433) in interest on external bank and bond loans. Other FX revaluations and other items amounted to SEK -135 m (- 88) and financial income amounted to SEK 95 m (36).
Taxes totaled SEK -254 m (-313), corresponding to 32% (30%) of profit before tax. Current tax amounted to SEK -325 m (-435) and deferred tax to SEK 72 m (122). Paid tax was SEK -189 m (-337) corresponding to a paid tax rate of 24% (33%). Deferred tax recognized in the balance sheet on tax losses amounts to SEK 789 m, of which SEK 119 m has been recognized in the period. The recognition is supported by future utilization based on business and strategic plans.
Profit for the period was SEK 529 m (716).
Earnings per share were SEK 1.66 (2.24). Adjusted earnings per share were SEK 2.26 (2.96).
Cash flow was SEK 886 m (-65). Net cash flow from operations was SEK 1,625 m (1,990). The difference in cash flow compared to the same period last year was mainly due to lower operating profit and the repayment of long-term borrowings.
Net cash flow from investments was SEK -184 m (-244) of which SEK -0 m (-103) payments of deferred considerations related to acquisitions completed previous years and SEK -195 m (-151) related to investments in intangible and tangible assets.
Net cash flow from financing was SEK -555 m (-1,810). The net of paid and received interest was SEK -368 m (-489). The cash flow effect from short-term borrowings was SEK -34 m (476). Dividend paid was SEK -415 m (-607).
Free cash flow (see note 10 for specification) was SEK 897 m (1,183). The decline was driven by lower net cash flow from operations.
During the last 12 months, July 2024 - June 2025, average core working capital in relation to net sales was 27% (30%).
Financial position. In the period Dometic issued SEK 2.5 b in the Swedish krona bond market mainly to manage the debt portfolio. The bonds were issued across three tranches consisting of a 3-year Floating Rate Note with a coupon of 3m Stibor +275bps, a 3-year Fixed Rate Note with a coupon of 4.925% and a 5-year Floating Rate Note with a coupon of 3m Stibor +325bps.
During the period Dometic repaid an EKN-backed loan of SEK 1,000 m and a SEK bond of SEK 1,000 m, both maturing in 2025.
Dometic's commercial papers program with a framework of SEK 3,000 m, had SEK 348 m (471) outstanding at the end of the period.
The average maturity of interest-bearing debts was 2.4 years (2.2) at the end of the period. There is an undrawn revolving credit facility available of EUR 300 m maturing in 2028.
Net debt to EBITDA leverage ratio was 3.3x (2.9x) at the end of the period. At the end of the first quarter 2025 the ratio was 3.3x.
Return on Operating Capital (RoOC) excluding goodwill and
trademarks was -14.1% (20.9%). Excluding items affecting comparability and the non-cash goodwill impairment of SEK -2,000 m in Q4, the ratio was 17.3%.
Global restructuring program. On December 12, 2024, Dometic announced a Global restructuring program to strengthen profitability and to release resources for continued investments to drive profitable growth and value creation in strategic growth areas. The program includes portfolio changes and structural cost reductions. Since program start 225 employees have been impacted by the program and one manufacturing site and two distribution centers have been closed. Annual runrate saving at the end of the quarter was SEK 195 m and cash out related to restructuring charges during the first six months were SEK 74 m. The impact on net sales growth in the quarter from portfolio changes was -1%.
Employees. Number of employees in terms of headcount was 7,015 (7,533) at the end of the period.
FINANCIAL PERFORMANCE BY SEGMENT
| Q2 Q2 Change (%) |
! | YTD | YTD | ! Change (%) |
||||
|---|---|---|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | Reported | Organicd | 2025 | 2024 | Reported | Organicd |
| !"#\$BC'E)G+'I-B.E'L'BMNOB !!!!!"!#A%C'E)*! !!!!!"!565#! !!!!!"!#8#9! |
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| c+M@"+BC'#baL'IB | =TS | 4?= | :3V< | :55< | 5-55= | 5-T4? | :5?< | :;< |
| Net sales | 6,269 | 7,662 | -18% | -11% | 12,099 | 14,188 | -15% | -10% |
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| Operating profit (EBITAe ) before i.a.c.f |
877 | 1,069 | 1,484 | 1,838 | ||||
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SEGMENT LAND VEHICLES
SECOND QUARTER 2025 NET SALES AND OPERATING PROFIT
Segment Land Vehicles reported net sales of SEK 2,610 m (3,174), representing 42% (41%) of Group net sales. Total growth was -18%, of which -11% was organic growth, -6% currency translation, 0% M&A and–1% portfolio changes related to the ongoing Global restructuring program. The portfolio changes is related to low margin camping equipment in EMEA. The organic net sales decline was mainly attributable to lower net sales in the OEM sales channel in EMEA and APAC, as well as lower net sales in the Service & Aftermarket sales channel in Americas and APAC. Organic net sales in the OEM sales channel in Americas increased compared to the same period last year.
Operating profit (EBITA) before amortization and impairment of acquisition-related intangible assets and items affecting comparability was SEK 313 m (334), corresponding to a margin of 12.0% (10.5%). The decline was due to reduced operating profit in APAC as a consequence of lower net sales. Profitability and margin improved in both Americas and EMEA, signalling operational flexibility and the global restructuring program is gaining traction. Operating profit (EBIT) was SEK 278 m (284), corresponding to a margin of 10.7% (8.9%).
SEGMENT MARINE
SECOND QUARTER 2025 NET SALES AND OPERATING PROFIT
Segment Marine reported net sales of SEK 1,246 m (1,536), representing 20% (20%) of Group net sales. Total growth was -19%, of which -11% was organic growth, -8% currency translation and 0% M&A. The organic net sales decline was attributable to both the OEM and the Service & Aftermarket sales channels.
Operating profit (EBITA) before amortization and impairment of acquisition-related intangible assets and items affecting comparability was SEK 244 m (359), corresponding to a margin of 19.6% (23.4%). The decline was due to lower net sales, partly offset by cost reductions. Operating profit (EBIT) was SEK 198 m (310), corresponding to a margin of 15.9% (20.2%).
SEGMENT MOBILE COOLING SOLUTIONS
SECOND QUARTER 2025 NET SALES AND OPERATING PROFIT
Segment Mobile Cooling Solutions reported net sales of SEK 1,882 m (2,256), representing 30% (29%) of Group net sales. Total growth was -17%, of which -10% was organic growth, -7% currency translation and 0% M&A. The organic net sales decline was largely impacted by bad weather in the US in parts of the quarter as well as a temporary production stop in our US mobile cooling plant.
Operating profit (EBITA) before amortization and impairment of acquisition-related intangible assets and items affecting comparability was SEK 246 m (270), corresponding to a margin of 13.1% (12.0%). The margin improvement was supported by cost reductions. Operating profit (EBIT) was SEK 206 m (222), corresponding to a margin of 10.9% (9.8%).
SEGMENT GLOBAL VENTURES
SECOND QUARTER 2025 NET SALES AND OPERATING PROFIT
Segment Global Ventures reported net sales of SEK 530 m (695), representing 8% (9%) of Group net sales. Total growth was -24%, of which -11% was organic growth, -7% currency translation, 0% M&A and -5% portfolio changes related to the ongoing Global restructuring program. The portfolio changes is related to the discontinued generator product category business in subsegment Mobile Power Solutions. Organic net sales in subsegment Mobile Power Solutions declined mainly due to lower demand in the OEM sales channel. Organic net sales in subsegment Other Global Verticals was flat with a very positive development in the Residential business while the Hospitality businesses showed negative organic net sales.
Operating profit (EBITA) before amortization and impairment of acquisition-related intangible assets and items affecting comparability was SEK 75 m (105), corresponding to a margin of 14.2% (15.1%). The decline was due to lower net sales in subsegment Mobile Power Solutions and continued investments in product development and sales capabilities, partly offset by cost reductions. The subsegment Other Global Verticals showed an improved margin compared to the same quarter last year. Operating profit (EBIT) for the whole segment was SEK 61 m (87), corresponding to a margin of 11.4% (12.5%).
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SUSTAINABILITY UPDATE
Dometic's sustainability platform is encompassing three ESG focus areas: Planet (E), People (S) and Governance (G). These areas receive strong support from Group management and are embedded into daily operations through clear KPIs, goals, and activities. Progress on all established targets is reported externally via the Annual and Sustainability Report, with quarterly updates provided for five specific KPIs.
The data in the table below cover the full scope of Dometic's operations, and starting from 2025 acquisitions are included in the results and targets for all periods. All data are reported YTD, except for Production Innovation Index (LTM).
| Focus area | KPI | Actual result | Previous year ¹ |
Target 2025 |
|---|---|---|---|---|
| !"#\$%" | &D(FG+ | I-K+ | L-0 | 1L-2++ |
| !"#\$%" | P4RS"+#T+T"8R%"+8R9R:"S; | <I=+ | >?= | <I= |
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| !%R9"@ | !S#deC@+(99#fR@a#9+(9d"g+ | >>=+ | L?= | >2= |
| h#f"S9R9C" " |
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22=+ | 9M R | 02= |
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LTIFR (Lost Time Injury Frequency Rate). LTIFR for the second quarter was 0.7 (1.6), with a target to be below 1.5. Injury prevention efforts within the organization persists, focusing on learning from past incidents, enhancing routines, and fostering an open dialogue and reporting climate.
Share of female managers. The share of female managers was 30% (29%), which is in line with the 2025 target of 30%. This result reflects the company's commitment to fostering an equitable, just, and inclusive work environment. This initiative will be sustained, receiving dedicated support from all segments, with the overall aim of further enhancing the proportion of female managers within the organization.
Share of renewable electricity in operations. The share of renewable electricity in operations is a new KPI from the first quarter of 2025. This is a major driver for Dometic to reduce its operational environmental footprint. The result was 34% (29%) for Q2 2025, reflecting the increasing use of renewable electricity within Dometic's manufacturing and distribution facilities.
Product innovation index. Product innovation is an integral part of Dometic's sustainability strategy. Dometic's aim is to ensure that new products have a lower climate impact and improved energy efficiency compared to previous models, with a continued focus on energy consumption and complemented by research and development in alternative materials and new design solutions. The Product innovation index for Q2 2025 was 22% (19%).
Share of high-spend direct material suppliers assessed for sustainability. Dometic prioritizes the auditing of its suppliers to ensure that business partners understand and comply with Dometic's Code of Conduct and sustainability requirements. This new KPI from the first quarter of 2025 tracks the percentage of suppliers, covering the top 80% of Group direct material spend, that have been assessed for sustainability performance. In Q2 2025, 55% of the suppliers in scope underwent sustainability assessments with satisfactory outcomes. Remaining suppliers in scope are being planned to be assessed in the subsequent quarters.
PARENT COMPANY DOMETIC GROUP AB (PUBL)
SECOND QUARTER 2025
The Parent Company Dometic Group AB (publ) comprises the functions of the Group's head office, such as Group management and administration. The Parent Company invoices its costs to the Group companies.
Operating profit amounted to SEK -2 m (4), including administrative expenses of SEK -69 m (-68) and other operating income of SEK 67 m (73), of which the full amount relates to income from Group companies. Net financial expenses totaled SEK -233 m (1,901).
Profit for the period amounted to SEK -235 m (1,906).
FIRST SIX MONTHS 2025
Operating profit amounted to SEK 1 m (5), including administrative expenses of SEK -140 m (-125) and other operating income of SEK 141 m (130), of which the full amount relates to income from Group companies. Net financial expenses totaled SEK 89 m (1,604).
Profit for the period amounted to SEK 90 m (1,609).
SIGNATURES OF THE BOARD OF DIRECTORS
The Board of Directors and the President and CEO certify that the interim report gives a true and fair overview of the Parent Company's and the Group's operations, their financial position and results of operations, and describes the significant risks and uncertainties facing the Parent Company and other companies in the Group.
Solna, July 15, 2025
Fredrik Cappelen Chairman of the Board Heléne Vibbleus Board member
Rainer E. Schmückle Board member
Jacqueline Hoogerbrugge Board member
Patrik Frisk Board member Peter Sjölander Board member
Mengmeng Du Board member
Juan Vargues President and CEO
REVIEW
This interim report has not been subject to review by the Dometic Group AB (publ)'s external auditor.
CONSOLIDATED INCOME STATEMENT
| Q2 | Q2 | YTD | YTD | FY | |
|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 | 2024 |
| Net sales | 6,269 | 7,662 | 12,099 | 14,188 | 24,620 |
| Cost of goods sold | -4,409 | -5.491 | -8,568 | -10,200 | -17,800 |
| Gross Profit | 1,859 | 2,171 | 3,531 | 3,989 | 6,820 |
| Sales expenses | -512 | -581 | -1,022 | -1,121 | -2,160 |
| Administrative expenses | -345 | -386 | -712 | -753 | -1,485 |
| Research and development expenses | -129 | -149 | -280 | -299 | -587 |
| Other operating income and expenses | 4 | 15 | -33 | 22 | 82 |
| Items affecting comparability | 4 | -17 | -6 | -28 | -1,200 |
| Amortization and impairment of acquisition-related intangible assets | -130 | -150 | -270 | -297 | -2.593 |
| Operating profit | 743 | 903 | 1,208 | 1,514 | -1,123 |
| Financial income | 45 | 16 | 95 | 36 | 151 |
| Financial expenses | -273 | -282 | -521 | -521 | -098 |
| Net financial expenses | -228 | -267 | -426 | -485 | -847 |
| Profit before tax | 515 | 636 | 782 | 1,029 | -1,970 |
| Taxes | -167 | -194 | -254 | -313 | -332 |
| Profit for the period | 348 | 443 | 529 | 716 | -2,303 |
| Profit for the period attributable to owners of the Parent Company | 348 | 443 | 529 | 716 | -2,303 |
| Earnings per share before and after dilution, SEK- Owners of the Parent Company | 1.09 | 1.39 | 1.66 | 2.24 | -7.21 |
| Adjusted earnings per share, SEK | 1.38 | 1.76 | 2.26 | 2.96 | 3.21 |
| Average number of shares, million | 319.5 | 319.5 | 319.5 | 319.5 | 319.5 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| Q2 | Q2 | YTD | YTD | FY | |
|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 | 2024 |
| Profit for the period | 348 | 443 | 529 | 716 | -2,303 |
| Other comprehensive income | |||||
| Items that will not be reclassified subsequently to profit or loss: | |||||
| Remeasurements of defined benefit pension plans, net of tax | 20 | 11 | 26 | 46 | 22 |
| 20 | 11 | 26 | 46 | 22 | |
| Items that may be reclassified subsequently to profit or loss: | |||||
| Cash flow hedges, net of tax | -9 | -7 | -16 | য | 15 |
| Gains losses from hedges of net investments in foreign operations, net of tax | 77 | 103 | 761 | -426 | -630 |
| Exchange rate differences on translation of foreign operations | -1,141 | -151 | -4,460 | 2,077 | 2,976 |
| -1,073 | -55 | -3,715 | 1,655 | 2,361 | |
| Other comprehensive income for the period | -1,053 | -44 | -3,689 | 1,701 | 2,383 |
| Total comprehensive income for the period attributable | |||||
| to the owner of the Parent Company | -704 | 399 | -3,160 | 2,417 | 80 |
CONSOLIDATED BALANCE SHEET (IN SUMMARY)
| SEK m | Jun 30, 2025 | Jun 30, 2024 | Mar 31, 2025 | Dec 31, 2024 |
|---|---|---|---|---|
| ASSETS | ||||
| Non-current assets | ||||
| !""#A%CCD()#DG+(#I-(+.LD | 01OP4P | 0RO1S1 | 0SOT0T | 0TO89T |
| :G;I+D%)G()<%=CID(LLIGLD | 9O888 | TORRP | TO>0> | TO8P9 |
| ?()<%=CID(LLIGLD | 0O>4P | 0OSRP | 0O04R | 0OS0> |
| @%<;GA"BACLID(LLIGLD | >O9P> | >OPPT | >O80P | >OR8R |
| aIBI++I#DG(bD(LLIGLD | >O4R8 | 8P4 | >O400 | >O4P> |
| :G;I+D)")AcC++I)GD(LLIGLD | 01> | >89 | 01R | 0SR |
| Total non-current assets | 34,704 | 40,683 | 35,945 | 39,189 |
| Current assets | ||||
| d)eI)G"+%ILD | SO8R0 | TO8S0 | 9O9RT | TOS99 |
| ?+(#ID+IcI%e(=CILD | 1O49S | 1ORS1 | 1O044 | 0O144 |
| fC++I)GDG(bD(LLIGLD | 1> | R4 | TT | RS |
| aI+%e(G%eILODcC++I)GD | > | T | T | >8 |
| :G;I+DcC++I)GD+IcI%e(=CILD | 1SR | SST | 11P | 1T> |
| g+Ih(%#DIbhI)LILD()#D(cc+CI#D%)c"-ID | 0>9 | 041 | >88 | 041 |
| f(L;D()#Dc(L;DIiC%e(CI)GLD | SOSPR | SO10T | SO0R4 | SO0>1 |
| Total current assets | 12,928 | 15,647 | 13,654 | 13,633 |
| TOTAL ASSETS | 47,631 | 56,330 | 49,599 | 52,822 |
| EQUITY AND LIABILITIES | ||||
| EQUITY | 21,890 | 27,802 | 23,009 | 25,465 |
| LIABILITIES | ||||
| Non-current liabilities | ||||
| M")<AGI+-D="++"A%)<LD | >>O0TP | >1OR8S | >SO84> | >1O488 |
| aIBI++I#DG(bDC%(=%C%G%ILD | 0O81> | 1O4>1 | 0OR10 | 1O4P> |
| :G;I+D)")AcC++I)GDC%(=%C%G%ILD | S | 4 | S | 9 |
| MI(L%)<DC%(=%C%G%ILOD)")AcC++I)GD | >OSSP | >O81> | >O9TS | >O8>T |
| g+"e%L%")LDB"+DhI)L%")LD | SST | SR8 | ST1 | 9>0 |
| :G;I+Dh+"e%L%")LOD)")AcC++I)GD | 190 | 0S0 | 1T0 | S19 |
| Total non-current liabilities | 16,250 | 19,347 | 19,925 | 18,836 |
| Current liabilities | ||||
| k;"+GAGI+-D="++"A%)<LD | 1OTRP | 0OS8> | DDDDDDDDDDDDDDDDDDDDDDR1R | 0O1RR |
| ?+(#IDh(l(=CILD | 0O1SP | 0ORR0 | 0O189 | 0O9R> |
| fC++I)GDG(bDC%(=%C%G%ILD | >08 | >P9 | 0S | S1 |
| m#e()cIDh(l-I)GLDB+"-DcCLG"-I+LD | 00 | 0P | 00 | 09 |
| MI(L%)<DC%(=%C%G%ILODcC++I)GD | S>S | SSS | S0S | SS1 |
| aI+%e(G%eILODcC++I)GD | >R | 01 | >> | >1 |
| :G;I+Dh+"e%L%")ODcC++I)GD | TS> | S19 | 811 | 81> |
| :G;I+DcC++I)GDC%(=%C%G%ILD | RR8 | >O>8T | R8S | P94 |
| mcc+CI#DIbhI)LILD()#Dh+Ih(%#D%)c"-ID | >O1SS | >O90R | >O1T1 | >O1S8 |
| Total current liabilities | 9,492 | 9,183 | 6,664 | 8,520 |
| TOTAL LIABILITIES | 25,742 | 28,529 | 26,589 | 27,356 |
| TOTAL EQUITY AND LIABILITIES | 47,631 | 56,330 | 49,599 | 52,822 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (IN SUMMARY)
| YTD | YTD | FY | |
|---|---|---|---|
| SEK m | 2025 | 2024 | 2024 |
| Opening balance for the period | 25,465 | 25,992 | 25,992 |
| !"#\$%CD\$#"DC()D*)"%#+D | ,-. | /01 | O-P454 |
| 6C()"D7#8")()9:%;)D%97#8)D\$#"DC()D)"%#+DD | O4P1<. | 0P/50 | -P4<4 |
| Total comprehensive income for the period | -3,160 | 2,417 | 80 |
| Transactions with owners | |||
| =%;%+)9+D>%+DC#D:(>")(#?+)":D#\$DC()D!>")9CD@#8>9AD | OB0, | O15/ | O15/ |
| Total transactions with owners | -415 | -607 | -607 |
| Closing balance for the period | 21,890 | 27,802 | 25,465 |
CONSOLIDATED STATEMENT OF CASH FLOW
| Q2 | Q2 | YTD | YTD | FY | |
|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 | 2024 |
| Cash flow from operating activities | |||||
| Operating profit | 743 | 903 | 1,208 | 1,514 | -1,123 |
| Adjustment for non-cash items | |||||
| Amortization, depreciation and impairment | 327 | 382 | 667 | 765 | 3,510 |
| Other non-cash items | -95 | -37 | -179 | 47 | 1,243 |
| Changes in working capital | |||||
| Changes in inventories | 676 | 902 | 1,042 | 941 | 843 |
| Changes in trade receivables | 123 | -249 | -998 | -1,437 | 142 |
| Changes in trade payables | 41 | -39 | 27 | 212 | -151 |
| Changes in other working capital | -47 | 187 | 46 | 286 | 144 |
| Income taxes paid | -74 | -167 | -189 | -337 | -740 |
| Net cash flow from operations | 1,693 | 1,881 | 1,625 | 1,990 | 3,869 |
| Cash flow from investments | |||||
| Acquisition of operations, net of cash acquired | -103 | -159 | |||
| Investments in intangible and tangible assets | -85 | -85 | -195 | -151 | -379 |
| Proceeds from sales of intangible and tangible assets | 0 | 0 | 1 | 1 | 3 |
| Other investing activities | 6 | 11 | 10 | 9 | 17 |
| Net cash flow from investments | -78 | -74 | -184 | -244 | -519 |
| Cash flow from financing | |||||
| Raised long-term borrowings | 2,488 | ||||
| Repayment of long-term borrowings | -498 | -1,996 | -1,000 | -2,056 | |
| Changes in short-term borrowings | 7 | 177 | -34 | 476 | 389 |
| Payment of lease liabilities | -85 | -92 | -175 | -177 | -352 |
| Paid interest | -272 | -330 | -454 | -513 | -039 |
| Received interest | 45 | 10 | 86 | 24 | 85 |
| Other financing activities | -4 | 24 | -53 | -13 | -66 |
| Dividend paid to shareholders of the Parent Company | -4 15 | -607 | -4 15 | -607 | -607 |
| Net cash flow from financing | -1,222 | -818 | -555 | -1,810 | -3,545 |
| Cash flow for the period | 392 | 990 | 886 | -65 | -195 |
| Cash and cash equivalents at beginning of period | 4,280 | 3,347 | 4,213 | 4,348 | 4,348 |
| Exchange differences on cash and cash equivalents | -174 | -10 | -601 | 43 | 59 |
| Cash and cash equivalents at end of period | 4,498 | 4,326 | 4,498 | 4,326 | 4,213 |
PARENT COMPANY INCOME STATEMENT
| Q2 | Q2 | YTD | YTD | FY | |
|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 | 2024 |
| Administrative expenses | -69 | -68 | -140 | -125 | -243 |
| Other operating income | 67 | 73 | 141 | 130 | 247 |
| Operating profit | -2 | 4 | 5 | 4 | |
| Interest income from Group companies | 129 | 218 | 265 | 408 | 741 |
| Result from participation in Group companies | 1,800 | 1,800 | 1,800 | ||
| Other financial income and expenses | -363 | -17 | -176 | -604 | -1,090 |
| Net financial expenses | -233 | 1,901 | 89 | 1,604 | 1,451 |
| Group contributions | 173 | ||||
| Profit (loss) before tax | -235 | 1,906 | 90 | 1,609 | 1,629 |
| Taxes | 0 | 14 | |||
| Profit (loss) for the period | -235 | 1,906 | 90 | 1,609 | 1,643 |
| Other comprehensive income | |||||
| Total comprehensive income | -235 | 1,906 | 90 | 1,609 | 1,643 |
PARENT COMPANY BALANCE SHEET (IN SUMMARY)
| SEK m | lun 30, 2025 | lun 30, 2024 | Mar 31, 2025 | Dec 31, 2024 |
|---|---|---|---|---|
| ASSETS | ||||
| Non-current assets | ||||
| Shares in subsidiaries | 16,228 | 16,228 | 16,228 | 16,228 |
| Other non-current assets | 6,703 | 8,286 | 6.961 | 7,446 |
| Total non-current assets | 22,931 | 24,514 | 23,189 | 23,674 |
| Current assets | ||||
| Current assets | 4,467 | 4,552 | 5,477 | 4,551 |
| Total current assets | 4,467 | 4,552 | 5,477 | 4,551 |
| TOTAL ASSETS | 27,398 | 29,065 | 28,666 | 28,225 |
| EQUITY | 12,036 | 12,327 | 12,686 | 12,361 |
| PROVISIONS | ||||
| Provisions | 124 | 102 | 122 | 124 |
| Total provisions | 124 | 102 | 122 | 124 |
| LIABILITIES | ||||
| Non-current liabilities | ||||
| Non-current liabilities | 11,269 | 13,874 | 14,701 | 13,077 |
| Total non-current liabilities | 11,269 | 13,874 | 14,701 | 13,077 |
| Current liabilities | ||||
| Current liabilities | 3.969 | 2,763 | 1, 157 | 2,664 |
| Total current liabilities | 3,969 | 2,763 | 1,157 | 2,664 |
| TOTAL LIABILITIES | 15,362 | 16,739 | 15,980 | 15,864 |
| TOTAL EQUITY AND LIABILITIES | 27,398 | 29,065 | 28,666 | 28,225 |
CONDENSED NOTES
NOTE 1 | ACCOUNTING PRINCIPLES
Dometic Group AB (publ) ("Parent Company") and its subsidiaries (together "the Dometic Group", "Dometic", "the Group", or "the Group Companies") applies International Financial Reporting Standards (IFRS), as endorsed by the European Union. This consolidated Interim Financial Report has been prepared in accordance with IAS 34 'Interim Financial Reporting'.
The accounting and valuation principles in this interim report correspond to principles applied by the Group in the 2024 Annual and Sustainability Report and should be read in conjunction with that Annual and Sustainability Report, available at www.dometicgroup.com.
The Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities, issued by the Swedish Financial Reporting Board, have been applied for the Parent Company. The interim report comprises pages 1– 20 and pages 1–13 are thus an integral part of this financial report (IAS 34.16A).
Totals quoted in tables and statements may not always be the exact sum of the individual items because of rounding differences. The aim is for each line item to correspond to its source, and rounding differences may therefore arise.
New or amended accounting policies for 2025 adopted by the group
A detailed description of the accounting and valuation principles for new or amended accounting policies for 2025 applied by the Group in this interim report can be found in Note 2.1.1 Changes in accounting policies, New or amended accounting policies for 2025, of the 2024 Annual and Sustainability Report available at www.dometicgroup.com.
NOTE 2 | RISKS AND UNCERTAINTIES
Risks are part of any business and as a global Group with production and distribution all over the world Dometic faces risks that can impact its ability to achieve established strategic and other objectives, including financial targets. Effective risk management of strategic, execution, compliance & regulatory and reporting risks creates opportunities and effective risk mitigation. Dometic's risks and risk management are described on pages 57- 61 and on pages 86-89 in the 2024 Annual and Sustainability Report, available at www.dometicgroup.com.
As communicated before, ACON, the seller of Igloo, has filed a lawsuit against Dometic in the fourth quarter 2022, making certain claims related to the Stock Purchase Agreement ("SPA"). Dometic is confident that the lawsuit lacks any merit, is vehemently contesting this lawsuit and has filed counterclaims against ACON related to its conduct under, and non-compliance with, the SPA. Trial is expected to take place in September 2025.
Long-term trends in Mobile Living are strong as a growing number of consumers are enjoying the outdoors globally. However, the current macroeconomic situation and market conditions, including high interest rates, lower consumer spend and customer purchasing patterns, are currently having a negative impact on the financial performance. On December 12, 2024, Dometic announced a Global restructuring program to strengthen profitability and to release resources for continued investments to drive profitable growth and value creation in strategic growth areas. The program includes portfolio changes and
structural cost reductions. Dometic will explore divestment opportunities and/or will discontinue non-strategic businesses. This includes low-margin businesses and/or areas where synergies are low or non-existing with the rest of the portfolio. Structural cost reductions and discontinued businesses will have an annual positive impact on EBITA estimated to be SEK 750 m when fully implemented. Implementation is expected to be completed within 24 months from the day of the announcement.
The current macroeconomic situation brings uncertainty and it is difficult to predict how geopolitical developments or ongoing tariffs discussions in the US may impact operations. Dometic will continue to be proactive and act on the development while continuing to relentlessly drive the strategic agenda to deliver on its targets.
NOTE 3 | FINANCIAL INSTRUMENTS
Dometic uses currency forward contracts to hedge part of its cash exposure as well as its exposure to forecasted purchases and sales in foreign currency.
The fair values of Dometic's derivative assets and liabilities were SEK 1 m (6) and SEK 18 m (23). The value of derivatives is based on published prices in an active market. No transfers between levels of the fair value hierarchy have occurred during the period.
For financial assets and liabilities other than derivatives, fair value is assumed to be equal to the carrying amount.
| Jun 30, 2025 | Balance sheet carrying amount |
Financial instruments at amortized cost |
Financial instruments at fair value |
Derivatives used for hedging |
|---|---|---|---|---|
| Per category | ||||
| !"#\$%&D\$%"(F | * | + | + | * |
| ,\$-&-.\$&/F&(("D(F | 012 | 012 | + | + |
| Total financial assets | 8,131 | 8,131 | - | 1 |
| !"#\$%&D\$%"(F | *0 | + | + | *0 |
| ,\$-&-.\$&/F/\$&3\$/\$D\$"( | 0145 | *51654 | 7*4 | + |
| Total financial liabilities | 18,215 | 17,579 | 619 | 18 |
NOTE 4 | SEGMENT INFORMATION
All comparative periods have been restated according to the new segment reporting structure starting in Q1 2025. Disclosures of segment information in Note 4 have been restated accordingly.
SEGMENT INFORMATION
| SEK m | Q2 2025 |
Q2 2024 |
YTD 2025 |
YTD 2024 |
FY 2024 |
|---|---|---|---|---|---|
| !"#\$%C'(FG+',% | -.LM1 | 2.M34 | 5.M23 | L.154 | M1.S5S |
| T"8F#'% TV:F+'%;VV+F#<%=V+>?FV#,% |
M.-4L | M.52L | -.545 | 2.123 | 5.53M |
| @+V:"+%C'#?>8',% | M.SS- | -.-5L | 2.21- | 2.321 | 5.S-4 |
| Total Net sales, external | 521 | LA5 | M.MM5 | M.2LA | -.2LS |
| 6,269 | 7,662 | 12,099 | 14,188 | 24,620 | |
| !"#\$%C'(FG+',% | 2M2 | 224 | 4L- | 54M | LL4 |
| T"8F#'% | -44 | 25A | 511 | 3M2 | M.MAS |
| TV:F+'%;VV+F#<%=V+>?FV#,% | -4L | -31 | 2LA | 2S4 | 52S |
| @+V:"+%C'#?>8',% | 35 | M15 | M52 | MAS | -3M |
| Total Operating profit (EBITA) before items affecting comparability | 877 | 1,069 | 1,484 | 1,838 | 2,670 |
| !"#\$%C'(FG+',% | M-B1C | M1B5C | AB1C | SBAC | LBMC |
| T"8F#'% | MABLC | -2B4C | MABLC | -2B5C | -MB5C |
| TV:F+'%;VV+F#<%=V+>?FV#,% | M2BMC | M-B1C | MMB-C | M1B2C | AB-C |
| @+V:"+%C'#?>8',% | M4B-C | M5BMC | M2B3C | M4B5C | MMB4C |
| Total Operating profit (EBITA) before items affecting comparability % | 14.0% | 14.0% | 12.3% | 13.0% | 10.8% |
| !"#\$%C'(FG+',% | a2M | a24 | aL2 | aL3 | a-.M23 |
| T"8F#'% | a4L | a51 | aA4 | aAA | a-1M |
| TV:F+'%;VV+F#<%=V+>?FV#,% | a2A | a4S | aS- | aA4 | aMS3 |
| @+V:"+%C'#?>8',% | aM4 | aMS | a21 | a2L | aLA |
| Total amortization and impairment of acqusition-related intangible assets | -130 | -150 | -270 | -297 | -2,593 |
| !"#\$%C'(FG+',% | a2 | aML | a4 | a-3 | aAS2 |
| T"8F#'% | a | a | a | a | aM11 |
| TV:F+'%;VV+F#<%=V+>?FV#,% | aM | aM | a- | a- | a54 |
| @+V:"+%C'#?>8',% | a | a | a | a | aL2 |
| Total Items affecting comparability | -4 | -17 | -6 | -28 | -1,200 |
| !"#\$%C'(FG+',% | -3S | -S4 | 2A5 | 44S | a-.45L |
| T"8F#'% | MAS | 2M1 | 415 | LM2 | SA3 |
| TV:F+'%;VV+F#<%=V+>?FV#,% | -1L | --- | -S5 | -S3 | -A3 |
| @+V:"+%C'#?>8',% | LM | S3 | M-2 | ML- | M2A |
| Total Operating profit (EBIT) | 743 | 903 | 1,208 | 1,514 | -1,123 |
| !"#\$%C'(FG+',% | M1B3C | SBAC | 3B3C | 3B4C | a--BLC |
| T"8F#'% | M5BAC | -1B-C | M5BAC | -1B-C | MLBMC |
| TV:F+'%;VV+F#<%=V+>?FV#,% | M1BAC | ABSC | SBLC | 3B3C | 5BMC |
| @+V:"+%C'#?>8',% | MMB4C | M-B5C | MMB1C | MMBAC | 5BAC |
| Total Operating profit (EBIT) % | 11.9% | 11.8% | 10.0% | 10.7% | -4.6% |
| bF#"#GF"+%F#GVc'% | 45 | ML | A5 | 2L | M5M |
| bF#"#GF"+%'de'#,',% | a-32 | a-S- | a5-M | a5-M | aAAS |
| I"d',% | aML3 | aMA4 | a-54 | a2M2 | a22- |
| Profit for the period | 348 | 443 | 529 | 716 | -2,303 |
Inter-segment sales
| Q2 | Q2 | YTD | YTD | FY | |
|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 | 2024 |
| !"#\$%C'()G+',% | -. | LMM | L12 | 311 | --L |
| 4"5)#' | -2 | 31 | 11 | -- | M3 |
| 4S7)+'%8SS+)#V%:S+;<)S#, | 33 | 3M | -2 | 3M | 1= |
| >+S7"+%C'#<;5', | M | - | L? | - | L? |
| Total eliminations | 117 | 260 | 318 | 353 | 624 |
NOTE 5 | NET SALES BY SALES CHANNEL
| Q2 | Q2 | Change (%) | YTD | YTD | FY | Change (%) | |||
|---|---|---|---|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | Reported Organic | 2025 | 2024 | 2024 | Reported Organic | ||
| они | 2.102 | 2.701 | -22% - | -14% | 4.403 | 5,518 | 9.863 | -20% - | -15% |
| Distribution | 2.414 | 2.809 | -14% - | -7%/ | 4.288 | 4.741 | 7.641 | -10% | -5% |
| Service & Aftermarket | 1.753 | 2.151 | -19% - | -12% | 3.408 | 3.929 | 7.116 | -13% | -9% |
| Total net sales, external | 6.269 | 7,662 | -18% - | -11% | 12.099 | 14.188 - | 24.620 | -15% - | -10% |
1 Net sales growth excluding acquisitions diver in the ongoing Global restructuring program and currency transation effects.
NOTE 6 | ITEMS AFFECTING COMPARABILITY
| Q2 | Q2 | YTD | YTD | FY | |
|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 | 2024 |
| Global restructuring program | -1.159 | ||||
| Other | প | -17 | မှ | -28 | 40 |
| Total | -4 | -17 - | -6 | -28 | -1.200 |
Specification of items affecting comparability by function and other operating income and expenses
| Global restructuring program | Q2 | Q2 | YTD | YTD | FY |
|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 | 2024 |
| Cost of goods sold | |||||
| Global restructuring program | - | - | -876 | ||
| Other | -16 | -24 | -27 | ||
| Total | - | -16 | - | -24 | -903 |
| Sales expenses | |||||
| Global restructuring program | - | - | - | -97 | |
| Other | - | 0 | - | 1 | -1 |
| Total | 0 | - | 1 | -98 | |
| Administrative expenses | |||||
| Global restructuring program | -56 | ||||
| Other | -4 | - | -4 | -1 | -1 |
| Total | -4 | - | -4 | -1 | -57 |
| Research and development expenses | |||||
| Global restructuring program | - | - | - | -6 | |
| Other | - | - | |||
| Total | - | - | - | -6 | |
| Other operating income and expenses | |||||
| Global restructuring program | - | - | -124 | ||
| Other | -1 | -2 | প | -12 | |
| Total | -1 | -2 | -4 | -136 | |
| Total items affecting comparability | |||||
| Global restructuring program | - | - | - | -1,159 | |
| Other | T | -17 | -6 | -28 | -40 |
| Total | -4 | -17 | -6 | -28 | -1,200 |
NOTE 7 | AMORTIZATION AND IMPAIRMENT OF ACQUISITION-RELATED INTANGIBLE ASSETS
Specification of amortization and impairment of acquisition-related intangible assets by function and other operating income and expenses.
| Q2 | Q2 | YTD | YTD | FY | |
|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 | 2024 |
| Cost of goods sold | |||||
| !"#A%&'(%&#)#+%I-.)#/#01 | 234 | 235 | 267 | 248 | 289 |
| !"#A%&'(%&#)#+&)%I//I-%:(/;A#;IA%1 | 23 | 2 | 26 | 23 | 24 |
| Total | -13 | -18 | -28 | -37 | -73 |
| Sales expenses | |||||
| !"#A%&'(%&#)*%A( |
233 | 23? | 264 | 268 | 2@@ |
| !"#A%&'(%&#)#+-:>%#"IAAI/(%&#)>.&;(>>I%> | 2397 | 2335 | 2635 | 2646 | 2?7@ |
| Total | -117 | -131 | -242 | -260 | -520 |
| Other operating income and expenses | |||||
| A";(&A"I)%#+0##<B&// | 2 | 2 | 2 | 2 | 26C999 |
| Total | - | - | - | - | -2,000 |
| Total amortization and impairment of acquisition-related intangible assets | -130 | -150 | -270 | -297 | -2,593 |
NOTE 8 | ADJUSTED EARNINGS PER SHARE
Specification of Adjusted earnings per share. Adjusted earnings per share excludes the impact from amortization and impairment of acquisition-related intangible assets and items affecting comparability.
| Q2 | Q2 | YTD | YTD | FY | |
|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 | 2024 |
| Profit before tax, reported | 515 | 636 | 782 | 1,029 | -1,970 |
| "#!"AB&'()+(!,-.!/)-.(01/(0-+!/+A!0)2/0.)+(!-,!/34&0'0(0-+5.6/(A!0+(/+T086!/''('! | 9:; | 9<; | =>; | =?> | =@<?: |
| A#!"AB&'()+(!,-.!0()'!/,,*3(0+T!3-)2/./8060(B | C | 9> | a | =b | 9@=;; |
| Profit before tax, adjusted | 650 | 803 | 1,058 | 1,353 | 1,823 |
| c/d'@!.2-.(*A | 59a> | 59?C | 5=<C | 5:9: | 5::= |
| c/d'@!/AB&'()+(!,-.!"#!/+A!A# | 5C; | 5Cb | 5b9 | 5?C | 5Ca< |
| Profit for the period, adjusted | 442 | 561 | 723 | 947 | 1,026 |
| "e./T!+&)8.!-,!'f/.'@!)0660-+ | :9?g< | :9?g< | :9?g< | :9?g< | :9?g< |
| Earnings per share, adjusted | 1.38 | 1.76 | 2.26 | 2.96 | 3.21 |
NOTE 9 | NET DEBT TO EBITDA LEVERAGE RATIO
Specification of Net debt to EBITDA leverage ratio.
| SEK m | Jun 30, 2025 | Jun 30, 2024 | Mar 31, 2025 | Dec 31, 2024 |
|---|---|---|---|---|
| !"#AB&DE)*+"EE"I-#A. | LLMN23 | L4M5ST | LTMS8L | L4M8SS |
| 9:"E&B&DE)*+"EE"I-#A. | 4M253 | NMTSL | 545 | NM455 |
| ;< |
TS | TL | C4 | 4S |
| Borrowings excluding capitalized transaction costs | 15,005 | 16,386 | 15,592 | 15,501 |
| a"&=A>=.:=#<>=.:Dbc-d=AD#&. | BTMT35 | BTM4N2 | BTMN58 | BTMNL4 |
| Net Debt* | 10,508 | 12,060 | 11,312 | 11,289 |
| efgah;+Di"ED-&D).=iiD>&-#A>")@=E=+-A-&Mk-l=l>m!an* | 4ML2N | TMNNL | 4M453 | 4MC5S |
| efgah;;>bc-.-&-"#.@E"i"E)=*!an | B | B | B | B |
| EBITDA before i.a.c. incl acquisitions proforma LTM | 3,162 | 4,221 | 3,389 | 3,587 |
| Net debt to EBITDA leverage ratio | 3.3x | 2,9x | 3.3x | 3.1x |
o pD&*
NOTE 10 | FREE CASH FLOW
Specification of Free cash flow.
| SEK m | Q2 2025 |
Q2 2024 |
YTD 2025 |
YTD 2024 |
FY 2024 |
|---|---|---|---|---|---|
| Net cash flow from operations | 1,693 | 1,881 | 1,625 | 1,990 | 3,869 |
| !"#A%&'A"&%(F"(F"&"+FI-A(".(&"+FI-A(%%A&%( | /01 | /01 | /OP1 | /O1O | /45P |
| 6F.(".(7A8AF#A.(F"&A7A%&(( | /995 | /49: | /4;0 | /<P: | /014 |
| 6='A"&(>?(-A%A(-F*IF-F&A%( | /01 | /P9 | /O51 | /O55 | /419 |
| @&AA7(( | ; | OO | OO | O: | 9: |
| Free cash flow | 1,302 | 1,395 | 897 | 1,183 | 2,304 |
| B8Ca%F&F>"%(*".(.F#A%&'A"&%( | / | / | / | /O:4 | /O1P |
| bF""8F"+(Ac-a.F"+(F"&A7A%&(".(-A%A('>7&Fd*&F>"(( | /PO: | /<:5 | /OO | /OeO<<( | /9e4<: |
| Cash flow for the period | 392 | 990 | 886 | -65 | -195 |
NOTE 11 | TRANSACTIONS WITH RELATED PARTIES
No transactions between Dometic and related parties that have significantly affected the company's position and earnings took place during the first six months 2025.
NOTE 12 | ACQUISITIONS AND DIVESTMENTS
Dometic has not made any acquisitions or divestments during the first six months 2025.
Effect on group cash flow
The cash flow effect from paid deferred considerations is classified within Cash flow from investments on row "Acquisition of operations, net of cash acquired". The cash flow effect from paid deferred considerations on previous acquisitions amounted SEK - m (-103) during the first six months 2025.
NOTE 13 | SIGNIFICANT EVENTS AFTER THE PERIOD
There have been no other significant events that have impacted the financial reporting after the balance sheet date.
RECONCILIATION OF NON-IFRS MEASURES TO IFRS (ALTERNATIVE PERFORMANCE MEASURES)
Dometic presents some financial measures in this interim report, which are not defined by IFRS. Dometic believes that these measures provide valuable additional information to investors and management for evaluating the Group's financial performance, financial position and trends in the operations. It should be noted that these measures, as defined, may not be comparable to similarly titled measures used by other companies. These non-IFRS measures should not be considered as substitutes for financial reporting measures prepared in accordance with IFRS. See www.dometicgroup.com for the detailed reconciliation.
| Adjusted earnings per share | Profit for the period, excluding the impact from amortization and impairment of acquisition-related intangible assets and items affecting comparability, divided by average number of shares. See note 8. |
|---|---|
| Average maturity of interest bearing debts |
Interest-bearing debts excluding provisions for pensions and capitalized transaction costs divided by the number of outstanding days until maturity. |
| Core working capital and Core working capital / net sales |
Consists of inventories and trade receivables less trade payables. Average core working capital from the previous four quarters divided by the last 12 months rolling net sales gives Core working capital/net sales. |
| EBITDA and EBITDA margin | Operating profit (EBIT) before amortization, depreciation and impairment. Depreciation also includes depreciation of right-of-use assets in accordance with IFRS 16 Leases, divided by net sales gives corresponding margin. |
| EBITA and EBITA margin | Operating profit (EBIT) before amortization and impairment of acquisition-related intangible assets, divided by net sales gives the margin. |
| EBITA before i.a.c. and EBITA before i.a.c. margin |
Operating profit (EBIT) before amortization and impairment of acquisition-related intangible assets and items affecting comparability, divided by net sales gives corresponding margin. |
| Free cash flow | Cash flow for the period before acquisition/divestments and financing excluding interest net and lease amortization. |
| Interest-bearing debt | Total borrowings (including capitalized transaction costs) and provisions for pensions. |
| Net debt | Total borrowings incl provisions for pensions, accrued interest & capitalized transaction costs, less cash and cash equivalents. |
| Net debt to EBITDA leverage ratio Net debt excluding provisions for pensions, accrued interest and capitalized transaction costs in relation to the last twelve months EBITDA before items affecting comparability and including acquisitions proforma. Any cash deposits with tax authorities are treated as cash in the leverage calculation. See note 9. |
|
| Operating capital | Interest-bearing debt plus equity less cash and cash equivalents. |
| Operating capital excluding goodwill and trademarks |
Interest-bearing debt plus equity less cash and cash equivalents, excluding goodwill and trademarks. |
| Operating cash flow | Cash flow from operations after investments in fixed assets excluding income tax paid. Paid interest/received interest is part of net cash flow from financing. |
| Organic growth | Net sales growth excluding acquisitions/divestments/portfolio changes related to the ongoing Global Restructuring program and currency translation effects. Quarters are calculated at comparable currency, with the latest period average rate. |
| RoOC – Return on Operating Capital |
Operating profit (EBIT) for the four previous quarters, divided by the average operating capital for the four previous quarters, excluding goodwill and trademarks. |
DEFINITIONS AND KEY RATIOS
| CPV | Commercial and Passenger Vehicles. |
|---|---|
| Earnings per share ("EPS") | Profit for the period divided by average number of shares. |
| FY 2024 | Full Year. January to December 2024 for Income statement. |
| i.a.c. – items affecting comparability |
Items affecting comparability are events or transactions with significant financial effects, which are relevant for understanding the financial performance when comparing profit for the current period with previous periods. Items included are for example restructuring programs, gains and losses from acquisitions or disposals of subsidiaries, or transaction costs related to major mergers and acquisitions. |
| LTIFR | Lost Time Injury Frequency Rate. Work related accidents with lost time (greater or equal to one day) per million actual working hours. Reporting period is YTD. |
| LTM | Last twelve months. |
| OEM | Original Equipment Manufacturers. |
| Operating profit (EBIT) and corresponding margin |
Operating profit (EBIT) before financial items and taxes. Divided by net sales gives corresponding margin. |
| Product innovation index | Share of net sales last 12 months from products launched within past three years. |
| Q2 2025 and Q2 2024 | April to June 2025 and 2024 for Income Statement. |
| RV | Recreational Vehicles. |
| Share of female managers | Percentage of female managers in the Group at the end of each period. |
| Share of high-spend direct material suppliers assessed for sustainability |
This metric tracks the percentage of suppliers, covering the top 80 % of Group direct material spend that have been assessed for sustainability performance. Reporting period is YTD. |
| Share of renewable electricity in operations |
Share of renewable electricity is defined as the electricity consumption from renewable sources (e.g. solar, wind, hydropower, biofuels) over total electricity consumption of Dometic sites in scope. Reporting period is YTD. |
| YTD | Year to date. Accumulated for the period. January – June 2025 and 2024. |
PRESENTATION OF THE REPORT
Analysts and media are invited to participate in a telephone conference at 10.00 (CEST), July 15 , 2025, during which President and CEO, Juan Vargues and CFO, Stefan Fristedt, will present the report and answer questions. To participate in the webcast/telephone conference, please dial in five minutes prior to the start of the conference call. The webcast URL and presentation are available at www.dometicgroup.com.
Webcast link:
https://dometic.videosync.fi/2025-07-15-q2-2025/register
TO PARTICIPATE IN CONFERENCE CALL TO ASK QUESTIONS
Those who wish to participate in the conference call to ask questions in connection with the webcast are welcome to register on the link below. After the registration you will be provided phone numbers and a conference ID to access the conference.
Registration link:
https://service.flikmedia.se/teleconference/?id=5002812
FOR FURTHER INFORMATION, PLEASE CONTACT
Investor Relations E-mail: [email protected]
Dometic Group AB (publ) Hemvärnsgatan 15 SE-171 54 Solna, Sweden Phone: +46 8 501 025 00 www.dometicgroup.com Corporate registration number 556829-4390
This information is information that Dometic Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 07:30 CEST on July 15, 2025.
This document is a translation of the Swedish version of the interim report. In the event of any discrepancy, the Swedish wording shall prevail.
ABOUT DOMETIC
Dometic is a global outdoor tech company on a mission to make mobile living easy.
Leveraging our core expertise in cooling, heating, power & electronics, mobility, and space optimization, we empower more people to connect with nature and elevate their sense of freedom in the outdoors. We achieve this by creating smart, sustainable, and reliable products with outstanding design. Millions of people around the world use our products while camping and exploring nature with their cars, RVs, or boats. Our range of offerings includes installed products for land vehicles and boats, as well as standalone solutions for outdoor enthusiasts.
We employ approximately 7,000 people globally and sell our products in more than 100 countries. In 2024, we reported net sales of SEK 25 billion (USD 2.3 billion) and are headquartered in Stockholm, Sweden.
DISCLAIMER
Some statements herein are forward-looking and the actual outcome could be materially different. In addition to the factors explicitly commented upon, the actual outcome could be materially affected by other factors, (a) changes in economic, market and competitive conditions, (b) success of business and operating initiatives, (c) changes in the regulatory environment and other government actions, (d) fluctuations in exchange rates and (e) business risk management.
FINANCIAL CALENDAR
October 23, 2025 January 28, 2026
Interim report for the third quarter 2025 Interim report for the fourth quarter 2025 and full year 2025 report