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Dometic Group
Quarterly Report • Oct 23, 2025
2905_10-q_2025-10-23_ae654b7e-e77b-4cd8-a614-bc655fcdea3c.pdf
Quarterly Report
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THIRD QUARTER 2025
- Net sales were SEK4,885 m (5,647); a decrease of -13%. Organic growth was -6%.
- Operating profit (EBITA1)) before items affecting comparability2) was SEK 506 m (483), corresponding to a margin of 10.4% (8.6%).
- Operating profit (EBIT) was SEK 375 m (-1,673 including a goodwill impairment of SEK-2,000 m), corresponding to a margin of 7.7% (-29.6%).
- Profit for the quarter was SEK 113 m (-1.921).
- Earnings per share were SEKO.35 (-6.01). Adjusted earnings per share3) were SEKO.64 (0.59).
- Free cash flow4) was SEK 527 m (713). Cash flow was SEK 2,643 m (-506).
FIRST NINE MONTHS 2025
- Net sales were SEK 16,984 m (19,835); a decrease of -14%. Organic growth was -9%.
- Operating profit (EBITA1)) before items affecting comparability2) was SEK 1,989 m (2,321), corresponding to a margin of 11.7% (11.7%).
- Operating profit (EBIT) was SEK1,583 m (-159 including a goodwill impairment of SEK-2,000 m), corresponding to a margin of 9.3% (-0.8%).
- Profit for the period was SEK 642 m (-1, 205).
- Earnings per share were SEK 2.01 (-3.77). Adjusted earnings per share3) were SEK 2.90 (3.56).
- Free cash flow was SEK 1,424 m (1,895). Cash flow was SEK 3,529 m (-569)
FINANCIAL OVERVIEW
| Q3 | Q3 | YTD | YTD | LTM | FY | |
|---|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Net sales | 4,885 | 5,647 | 16,984 | 19,835 | 21,769 | 24,620 |
| Operating profit (EBITA 1) ) before items affecting comparability 2) | 506 | 483 | 1,989 | 2,321 | 2,338 | 2,670 |
| % of net sales | 10.4% | 8.6% | 11.7% | 11.7% | 10.7% | 10.8% |
| Operating profit (EBITA 1) ) | 504 | 475 | 1,989 | 2,286 | 1,174 | 1,470 |
| % of net sales | 10.3% | 8.4% | 11.7% | 11.5% | 5.4% | 6.0% |
| Operating profit (EBIT) | 375 | -1,673 | 1,583 | -159 | 619 | -1,123 |
| % of net sales | 7.7% | -29.6% | 9.3% | -0.8% | 2.8% | -4.6% |
| Profit for the period | 113 | -1,921 | 642 | -1,205 | -455 | -2,303 |
| Earnings per share, SEK | 0.35 | -6.01 | 2.01 | -3.77 | -1.42 | -7.21 |
| Adjusted earnings per share, SEK 3) | 0.64 | 0.59 | 2.90 | 3.56 | 2.56 | 3.21 |
| Free cash flow 4) | 527 | 713 | 1,424 | 1,895 | 1,833 | 2,304 |
| Cash flow | 2,643 | -506 | 3,529 | -569 | 3,903 | -195 |
| Return on operating capital, excluding goodwill and trademarks, % | 6.5% | 0.7% | 6.5% | 0.7% | 6.5% | -9.7% |
$^{10}\mbox{Before Amortization}$ and impairment of acquisition-related intangible assets
4)For specification see note 10
See definitions of measures and KPIs at the end of the report. See detailed reconciliation tables on www.dometicgroup.com/investors for reconciliation of non-IFRS measures to IFRS
<sup>2)See note 6 Items affecting comparability
<sup>3)Excludes the impact from amortization and impairment of acquisition-related intangible assets and items affecting comparability, for specification see note 8
CEO COMMENTS
Dometic delivered strong EBITA margin improvement and good cash flow, despite continuous macroeconomic challenges.
Net sales for the third quarter totaled SEK 4,885 m (5,647), resulting in an organic net sales decline of -6 percent, reflecting a continued cautious customer behavior. However, the lower level of decline in the quarter indicates some stabilization, compared to the levels seen in recent years. The Marine segment reported 1 percent organic growth driven both by the Service & Aftermarket and OEM sales channels, suggesting the market downturn may be bottoming out. Revenue in the Service & Aftermarket sales channel declined by 4 percent organically, also a notably slower rate of decline. Retailers remain however cautious, maintaining low inventory levels and cautious purchasing behavior as we enter the off-season for many of our products. The Distribution sales channel declined by -6 percent where Mobile Cooling was impacted by additional retail inventory reductions and labor inefficiencies. In the OEM sales channel, the Marine segment reported net sales growth, while primarily recreational vehicle OEM net sales declined, resulting in an -8 percent decrease for the total OEM sales channel. Land Vehicles Americas reported single-digit growth. Generally, there was a positive tone and attendance increased at the major trade shows held in the guarter both in the U.S and Europe.
EBITA1) in the third quarter increased to SEK 506 m (483), driven by improved performance in the Land Vehicle segment, stable development in the Marine and Global Ventures segments, while EBITA in the Mobile Cooling segment declined. The EBITA margin showed a strong improvement of 1.8 percentage points to 10.4 percent (8.6), despite the lower sales volumes. The improvement was largely achieved due to a continued successful execution of the ongoing Global restructuring program, which is delivering savings according to plan, as well as the additional cost reduction activities driven across the Group. In parallel with the cost-reduction activities and capacity adaption in some areas, we continue to invest in strategic growth areas. The Land Vehicles, Marine, and Global Ventures segments all reported margin improvements. The lower EBITA margin in the Mobile Cooling segment was mainly a result of lower volumes as well as continued investments in new product development and in sales and marketing.
Cash generation remained good, with free cash flow in the guarter amounting to SEK 527 m (713), primarily driven by working capital management. The net debt to EBITDA leverage ratio declined sequentially but increased year-over-year to 3.2x. Net debt continues to decline, driven by the consistent cash generation, and is now down by around one third compared to three years ago. Maintaining a strict focus on earnings and cash flow, we are steadily working towards our net debt to EBITDA target of around 2.5x.
The development in order intake shows early signs of recovery in some of our markets. The Service & Aftermarket sales channel demand is still somewhat volatile, and consumer behavior is tilted towards downtrading. While there may be pent-up demand, this is partly offset by dealers' reluctance to increase inventories. In the Distribution sales channel, we're encouraged by our launch of new cooling products and a reasonably positive trend in order intake. Still, retailers continue to manage inventories aggressively. In the OEM sales channel, we seem to be nearing the bottom of the cycle, though trends vary across segments. Here, Marine and Land Vehicles Americas are leading the recovery
We expect positive contributions from investments in new products - such as the award-winning Dometic Recon series of mobile cooling products and the Dometic DG3 Gyro boat stabilizer. The recent interest rate cuts in markets such as the U.S. and Australia are expected to improve consumer confidence, leading to improved market conditions. While we have already announced mitigating price increases to our customers, certain temporary negative effects - due to timing - will impact the fourth quarter. These include import tariffs and regulatory-driven labor cost increases in our Mobile Cooling segment, as well as negative currency effects
Long-term trends in the Mobile Living industry remain strong and we will continue to relentlessly drive our strategic agenda. The Global restructuring program proceeds as planned, which means that we are placing Dometic in a prime position to deliver on our targets while providing highest quality of services and products to our customers.
luan Varques, President and CEO
"Unless stated otherwise, EBITA refers to EBITA before items affecting comparability.
OP. PROFIT (EBITA) BEFORE I.A.C.
FINANCIAL SUMMARY -THIRD QUARTER 2025
Net sales were SEK 4,885 m (5,647). Total growth was -13%, of which -6% was organic growth and -6% currency translation, 0% M&A and -1% portfolio changes related to the ongoing Global restructuring program.
Gross profit was SEK 1.442 m (1.547) corresponding to 29.5% (27.4%) of net sales. The improvement was supported by cost reductions and sales mix.
Sales and administrative expenses totalled SEK-814 m (-890), positively impacted by cost reductions, while investments in strategic growth areas continued. Sales and administrative expenses as a percentage of net sales increased to 16.7% (15.8%), negatively impacted by the lower sales.
Research and development expenses were SEK -141 m (-142) with continued investments in strategic growth areas. In addition, Research and development expenses of SEK-5 m (-13) were capitalized in the quarter. In total, Research and development expenses corresponds to 3.0% (2.7%) of net sales.
Other operating income and expenses were net SEK 18 m (-33) and mainly related to currency revaluation effects.
Operating profit (EBITA) before amortization and impairment of acquisition-related intangible assets and items affecting comparability was SEK $506\,\mathrm{m}$ (483) corresponding to a margin of 10.4% (8.6), mainly attributable to sales mix, cost reductions and efficiency improvements.
Items affecting comparability were SEK-1 m (-8).
Amortization and impairment of acquisition-related intangible assets were SEK-129 m (-2,148).
Operating profit (EBIT) was SEK 375 m (-1,673 m including a goodwill impairment of SEK-2,000 m), corresponding to a margin of 7.7% (-29.6%).
Financial items totaled a net amount of SEK-207 m (-188), whereof SEK-211 m (-197) in interest on external bank and bond loans. Other FX revaluations and other items amounted to SEK-59 m (-34) and financial income amounted to SEK 63 m (43).
Taxes totaled SEK-54 m (-60), corresponding to 32% (-3%) of profit before tax. Current tax amounted to SEK 11 m (-123) and deferred tax to SEK-65 m (63). Paid tax was SEK-211 m (-237).
Profit for the period was SEK 113 m (-1,921).
Earnings per share were SEK 0.35 (-6.01). Adjusted earnings per share were SEK 0.64 (0.59).
Cash flow was SEK 2,643 m (-506). Net cash flow from operations was SEK 926 m (1,141). The difference in cash flow compared to the same quarter last year was mainly due to raising and repayment of long-term borrowings during the quarter.
Net cash flow from investments was SEK-85 m (-164) of which SEK-97 m (-110) related to investments in intangible and tangible assets
Net cash flow from financing was SEK 1,802 m (-1,484). The net of paid and received interest was SEK-227 m (-252). The cash flow effect from short-term borrowings was SEK 0 m (-70).
Free cash flow (see note 10 for specification) was SEK 527 m (713).
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 NINE MONTHS 2025
Net sales were SEK 16,984 m (19,835), total growth was -14%, of which -9% was organic growth, -5% 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 1,989 m (2,321) corresponding to a margin of 11.7% (11.7%). Gross profit as a percentage of net sales increased to 29.3% (27.9%). Sales, Administrative as well as Research and development expenses as a percentage of net sales increased, negatively impacted by the lower net sales which were partly offset by efficiency improvements.
Items affecting comparability were SEK-7 m (-36) and were mainly related to administrative expenses.
Amortization and impairment of acquisition-related intangible assets were SEK-399 m (-2,445 including a goodwill impairment of SEK-2,000 m).
Operating profit (EBIT) was SEK 1,583 m (-159, including a goodwill impairment of SEK-2,000 m), corresponding to a margin of 9.3% (-0.8%).
Financial items totaled a net amount of SEK-633 m (-673), whereof SEK-597 m (-630) in interest on external bank and bond loans. Other FX revaluations and other items amounted to SEK-194 m (-122) and financial income amounted to SEK 157 m (79).
Taxes totaled SEK-308 m (-373), corresponding to 32% (-45%) of profit before tax. Current tax amounted to SEK-315 m (-558) and deferred tax to SEK 7 m (185). Paid tax was SEK -400 m (-574) corresponding to a paid tax rate of 42% (-69%). Deferred tax recognized in the balance sheet on tax losses amounts to SEK 714 m, of which SEK 44 m has been recognized in the period. The recognition is supported by future utilization based on forecasts.
Profit for the period was SEK642 m (-1,205).
Earnings per share were SEK 2.01 (-3.77). Adjusted earnings per share were SEK 2.90 (3.56).
Cash flow was SEK 3,529 m (-569). Net cash flow from operations was SEK 2,550 m (3,131). The difference in cash flow compared to the same period last year was mainly due to long-term borrowings raised during 2025.
Net cash flow from investments was SEK -269 m (-408) of which SEK 0 m (-159) payments of deferred considerations related to acquisitions completed previous years and SEK-292 m (-260) related to investments in intangible and tangible assets.
Net cash flow from financing was SEK-1,248 m (-3,292). The net of paid and received interest was SEK-596 m (-741). The cash flow effect from short-term borrowings was SEK-34 m (406). Dividend paid to shareholders was SEK-415 m (-607).
Free cash flow (see note 10 for specification) was SEK 1,424 m (1,895). The decline was driven by lower net cash flow from operations.
During the last 12 months, October 2024 - September 2025, average core working capital in relation to net sales was 26% (30%). Financial position. During the guarter, a EUR 300 m bond (5-year maturity, fixed rate of 5.00 per cent) was issued in the European bond market. The bond was issued under Dometic's EUR 1,500 m EMTN (Euro Medium Term Note) program. Of the proceeds, EUR 100 m was used to repay outstanding EUR debt.
Dometic's commercial papers program with a framework of SEK 3.000 m, had SEK 348 m (401) outstanding at the end of the period. The average maturity of interest-bearing debts was 2.8 years (2.3) 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 3.2x (3.0x) at the end of the period. At the end of the second quarter 2025 the ratio was 3.3x.
During the guarter the annual impairment test of all Cash Generating Units (CGU), which is required under IFRS, was performed. None of the CGU's tested were impaired as carrying amount exceeded the recoverable amount. Consequently, no impairment losses have been recognized.
Return on Operating Capital (RoOC) excluding goodwill and trademarks was 6.5% (0.7%). Excluding items affecting comparability of SEK-1,200 m in Q4 2024 and the non-cash goodwill impairment of SEK-2,000 m in Q3 2024, the ratio was 19.2% (17.6%).
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 around 250 employees have been impacted by the program and one manufacturing site and two distribution centres have been closed. Annual run rate saving at the end of the third guarter was approximately SEK 250 m and cash out related to restructuring charges during the first nine months were SEK 109 m. The impact on net sales growth in the quarter from portfolio changes was -1%.
Employees. Number of employees in terms of headcount was 6,942 (7,259) at the end of the period.
FINANCIAL PERFORMANCE BY SEGMENT
| Q3 | Q3 | Chang | e (%) | YTD | YTD | Change | e (%) | |
|---|---|---|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | Reported | Organic 1) | 2025 | 2024 | Reported | Organic 1) |
| Land Vehicles, where of; - Americas - EMEA |
2,180 773 1,192 |
2,605 886 1,421 |
-16% -13% -16% |
-9% -3% -10% |
7,317 2,414 4,197 |
8,660 2,751 4,956 |
-16% -12% -15% |
-10% -7% -11% |
| -APAC | 215 | 298 | -28% | -18% | 707 | 952 | -26% | -18% |
| Marine | 1,199 | 1,277 | -6% | 1% | 3,744 | 4,313 | -13% | -8% |
| Mobile Cooling Solutions | 1,052 | 1,242 | -15% | -8% | 4,354 | 4,972 | -12% | -8% |
| Global Ventures | 454 | 522 | -13% | -6% | 1,568 | 1,891 | -17% | -8% |
| Net sales | 4,885 | 5,647 | -13% | -6% | 16,984 | 19,835 | -14% | -9% |
| Land Vehicles, where of; | 138 | 97 | 601 | 638 | ||||
| - Americas | -20 | -72 | -101 | -180 | ||||
| - EMEA - APAC |
108 50 |
93 77 |
518 184 |
546 274 |
||||
| Marine | 249 | 247 | 749 | 959 | ||||
| Mobile Cooling Solutions | 66 | 91 | 435 | 475 | ||||
| Global Ventures | 52 | 48 | 205 | 246 | ||||
| Operating profit (EBITA 2) ) before i.a.c. 3) | 506 | 483 | 1,989 | 2,321 | ||||
| Land Vehicles, where of; | 6.3% | 3.7% | 8.2% | 7.4% | ||||
| - Americas | -2.6% | -8.2% | -4.2% | -6.5% | ||||
| - EMEA | 9.1% | 6.5% | 12.3% | 11.0% | ||||
| -APAC | 23.4% | 25.9% | 26.0% | 28.8% | ||||
| Marine | 20.8% | 19.3% | 20.0% | 22.2% | ||||
| Mobile Cooling Solutions | 6.3% | 7.3% | 10.0% | 9.6% | ||||
| Global Ventures | 11.5% | 9.2% | 13.1% | 13.0% | ||||
| Operating profit (EBITA) before i.a.c. % | 10.4% | 8.6% | 11.7% | 11.7% |
<sup>13Net sales growth excluding acquisitions/divestments/portfolio changes related to the ongoing Global restructuring program and currency translation effects.
SEGMENT LAND VEHICLES
THIRD QUARTER 2025 NET SALES AND OPERATING PROFIT
Segment Land Vehicles reported net sales of SEK 2,180 m (2,605), representing 45% (46%) of Group net sales. Total growth was -16%, of which-9% was organic growth, -5% currency translation, 0% M&A and -2% portfolio changes related to the ongoing Global restructuring program. The portfolio changes are 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 mainly in Americas and EMEA. Organic net sales in the OEM sales channel in Americas increased slightly compared to the same quarter last year.
Operating profit (EBITA) before amortization and impairment of acquisition-related intangible assets and items affecting comparability increased to SEK 138 m (97), corresponding to a margin of 6.3% (3.7%). The EBITA and margin improved in both Americas and EMEA, signaling operational flexibility and that the global restructuring program is gaining traction. Operating profit (EBIT) was SEK 107 m (-1,944 including a goodwill impairment of SEK-2,000 m), corresponding to a margin of 4.9% (-74.6%).
SEGMENT MARINE
THIRD QUARTER 2025 NET SALES AND OPERATING PROFIT
Segment Marine reported net sales of SEK 1,199 m (1,277), representing 25% (23%) of Group net sales. Total growth was -6%, of which 1% was organic growth, -7% currency translation and 0% M&A. The organic net sales growth - the first since Q2 2023 - was mainly attributable to the OEM sales channel, with additional support from stabilization in Service & Aftermarket sales channel.
Operating profit (EBITA) before amortization and impairment of acquisition-related intangible assets and items affecting comparability was SEK 249 m (247), corresponding to a margin of 20.8% (19.3%). The increase was due to slightly improved sales volumes and cost reductions. Operating profit (EBIT) was SEK 204 m (196), corresponding to a margin of 17.0% (15.4%).
<sup>2)Before amortization and impairment of acquisition-related intangible assets.
3)See note 4 for Operating profit (EBIT) by segment and note 6 for details on i.a.c. (items affecting comparability).
SEGMENT MOBILE COOLING SOLUTIONS
THIRD QUARTER 2025 NET SALES AND OPERATING PROFIT
Segment Mobile Cooling Solutions reported net sales of SEK 1,052 m (1,242), representing 22% (22%) of Group net sales. Total growth was -15%, of which -8% was organic growth, -8% currency translation and 0% M&A. The organic net sales decline was largely impacted by cautious inventory management by the US retailers, in combination wth labor inefficiencies.
Operating profit (EBITA) before amortization and impairment of acquisition-related intangible assets and items affecting comparability was SEK 66 m (91), corresponding to a margin of 6.3% (7.3%). The margin was negatively impacted by lower sales volumes and the timing of mitigating actions to compensate for tariff cost. Operating profit (EBIT) was SEK 26 m (43), corresponding to a margin of 2.5% (3.5%).
SEGMENT GLOBAL VENTURES
THIRD QUARTER 2025 NET SALES AND OPERATING PROFIT
Segment Global Ventures reported net sales of SEK 454 m (522), representing 9% (9%) of Group net sales. Total growth was -13%, of which -6% was organic growth, -7% currency translation, 0% M&A and 0% portfolio changes. The organic net sales in subsegment Mobile Power Solutions declined mainly due to lower demand in the OEM sales channel. The organic net sales in subsegment Other Global Verticals developed positively driven by both the Residential and the Hospitality businesses.
Operating profit (EBITA) before amortization and impairment of acquisition-related intangible assets and items affecting comparability was SEK 52 m (48), corresponding to a margin of 11.5% (9.2%). The improvement was mainly an effect of higher EBITA and margin in the subsegment Other Global Verticals, as a result of higher net sales. Operating profit (EBIT) for the whole segment was SEK 38 m (32), corresponding to a margin of 8.5% (6.1%).
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 |
|---|---|---|---|---|
| People | LTIFR | 0.6 | 1.7 | <1.5 |
| People | Share of female managers | 30% | 30% | 30% |
| Planet | Share of renewable electricity in operations | 37% | 30% | 35% |
| Planet | Product Innovation Index | 22% | 20% | 25% |
| Governance | Share of high-spend direct material suppliers assessed for sustainability | 60% | n/a | 65% |
<sup>1)Previous year refers to actual results for the same reporting period previous year.
For definitions of KPIs, and what the actual period refers to for each KPI, see Definitions and Key ratios at the end of the report.
LTIFR (Lost Time Injury Frequency Rate). LTIFR for the third quarter was 0.6 (1.7), 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% (30%), 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 37% (30%) for Q3 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 Q3 2025 was 22% (20%).
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 Q3 2025, 60% of the suppliers in scope underwent sustainability assessments with satisfactory outcomes. Remaining suppliers in scope are being planned to be assessed in Q4.
PARENT COMPANY DOMETIC GROUP AB (PUBL)
THIRD 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 0 m (1), including administrative expenses of SEK-39 m (-51) and other operating income of SEK 38 m (51), of which the full amount relates to income from Group companies. Net financial expenses totaled SEK-41 m (19).
Profit for the period amounted to SEK-41 m (25).
FIRST NINE MONTHS 2025
Operating profit amounted to SEK1 m (5), including administrative expenses of SEK-178 m (-176) and other operating income of SEK179 m (182). of which the full amount relates to income from Group companies. Net financial expenses totaled SEK 49 m (1,623).
Profit for the period amounted to SEK 50 m (1,634).
Solna, October 23, 2025
luan Varques President and CEO
AUDITORS' REVIEW REPORT
(translation of Swedish original)
Dometic Group AB (publ) reg. no. 556829-4390
We have reviewed the condensed interim financial information (interim report) of Dometic Group AB (publ) as of 30 September 2025 and the ninemonth period then ended. The board of directors and the CEO are responsible for the preparation and presentation of the interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review
Scope of Review
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review 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, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do 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 report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company
Stockholm, October 23, 2025
Öhrlings PricewaterhouseCoopers AB
Patrik Adolfson Authorized Public Accountant Auditor in charge
ANNUAL GENERAL MEETING 2026
Dometic Group's Annual General Meeting will be held on April 14, 2026, in Stockholm.
NOMINATION COMMITTEE - ANNUAL GENERAL MEETING 2025
In accordance with the resolution adopted by the 2025 Annual General Meeting (AGM), the Nomination Committee ahead of the 2026 AGM shall be composed of the Chairman of the Board of Directors together with one representative from each of the three largest shareholders, based on the ownership structure at August 31, 2025. Further details about the Nomination Committee are available on www.dometicgroup.com
CONSOLIDATED INCOME STATEMENT
| Q3 | Q3 | YTD | YTD | FY | |
|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 | 2024 |
| Net sales | 4,885 | 5,647 | 16,984 | 19,835 | 24,620 |
| Cost of goods sold | -3,443 | -4,100 | -12,011 | -14,299 | -17,800 |
| Gross Profit | 1,442 | 1,547 | 4,973 | 5,536 | 6,820 |
| Sales expenses | -492 | -530 | -1,514 | -1,650 | -2,160 |
| Administrative expenses | -322 | -360 | -1,034 | -1,113 | -1,485 |
| Research and development expenses | -141 | -142 | -421 | -440 | -587 |
| Other operating income and expenses | 18 | -33 | -15 | -11 | 82 |
| Items affecting comparability | -1 | -8 | -7 | -36 | -1,200 |
| Amortization and impairment of acquisition-related intangible assets | -129 | -2,148 | -399 | -2,445 | -2,593 |
| Operating profit | 375 | -1,673 | 1,583 | -159 | -1,123 |
| Financial income | 63 | 43 | 157 | 79 | 151 |
| Financial expenses | -270 | -232 | -791 | -752 | -998 |
| Net financial expenses | -207 | -188 | -633 | -673 | -847 |
| Profit before tax | 168 | -1,861 | 950 | -832 | -1,970 |
| Taxes | -54 | -60 | -308 | -373 | -332 |
| Profit for the period | 113 | -1,921 | 642 | -1,205 | -2,303 |
| Profit for the period attributable to owners of the Parent Company | 113 | -1,921 | 642 | -1,205 | -2,303 |
| Earnings per share before and after dilution, SEK - Owners of the Parent Company | 0.35 | -6.01 | 2.01 | -3.77 | -7.21 |
| Adjusted earnings per share, SEK | 0.64 | 0.59 | 2.90 | 3.56 | 3.21 |
| Average number of shares, million | 319.5 | 319.5 | 319.5 | 319.5 | 319.5 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| Q3 | Q3 | YTD | YTD | FY | |
|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 | 2024 |
| Profit for the period | 113 | -1,921 | 642 | -1,205 | -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 | 13 | -13 | 39 | 33 | 22 |
| 13 | -13 | 39 | 33 | 22 | |
| Items that may be reclassified subsequently to profit or loss: | |||||
| Cash flow hedges, net of tax | 6 | - | -10 | 4 | 15 |
| Gains/losses from hedges of net investments in foreign operations, net of tax | 62 | 260 | 823 | -167 | -630 |
| Exchange rate differences on translation of foreign operations | -311 | -1,381 | -4,771 | 696 | 2,976 |
| -243 | -1,122 | -3,958 | 533 | 2,361 | |
| Other comprehensive income for the period | -230 | -1,134 | -3,919 | 566 | 2,383 |
| Total comprehensive income for the period attributable | |||||
| to the owner of the Parent Company | -116 | -3,056 | -3,277 | -639 | 80 |
CONSOLIDATED BALANCE SHEET (IN SUMMARY)
| SEK m | Sep 30, 2025 | Sep 30, 2024 | Jun 30, 2025 | Dec 31, 2024 |
|---|---|---|---|---|
| ASSETS | ||||
| Non-current assets | ||||
| Goodwill and trademarks | 23,735 | 25,411 | 23,909 | 26,756 |
| Other intangible assets | 5,595 | 6,469 | 5,777 | 6,795 |
| Tangible assets | 2,078 | 2,369 | 2,109 | 2,421 |
| Right-of-use assets | 1,539 | 1,809 | 1,591 | 1,878 |
| Deferred tax assets | 989 | 862 | 1,087 | 1,091 |
| Other non-current assets | 225 | 250 | 231 | 248 |
| Total non-current assets | 34,160 | 37,170 | 34,704 | 39,189 |
| Current assets | ||||
| Inventories | 4,577 | 6,341 | 4,782 | 6,455 |
| Trade receivables | 2,222 | 2,630 | 3,054 | 2,300 |
| Current tax assets | 186 | 91 | 31 | 84 |
| Derivatives, current | - | 4 | 1 | 17 |
| Other current receivables | 417 | 396 | 348 | 361 |
| Prepaid expenses and accrued income | 185 | 197 | 215 | 203 |
| Cash and cash equivalents | 7,119 | 3,804 | 4,498 | 4,213 |
| Total current assets | 14,706 | 13,463 | 12,928 | 13,633 |
| TOTAL ASSETS | 48,866 | 50,633 | 47,631 | 52,822 |
| EQUITY AND LIABILITIES | ||||
| EQUITY | 21,773 | 24,746 | 21,890 | 25,465 |
| LIABILITIES | ||||
| Non-current liabilities | ||||
| Long-term borrowings | 13,355 | 12,494 | 11,269 | 13,077 |
| Deferred tax liabilities | 2,679 | 2,920 | 2,731 | 3,091 |
| Other non-current liabilities | 4 | 4 | 4 | 5 |
| Leasing liabilities, non-current | 1,392 | 1,659 | 1,449 | 1,716 |
| Provisions for pensions | 427 | 488 | 446 | 512 |
| Other provisions, non-current | 350 | 233 | 352 | 435 |
| Total non-current liabilities | 18,208 | 17,797 | 16,250 | 18,836 |
| Current liabilities | ||||
| Short-term borrowings | 3,727 | 2,401 | 3,689 | 2,388 |
| Trade payables | 2,017 | 2,403 | 2,349 | 2,581 |
| Current tax liabilities | 60 | 69 | 127 | 43 |
| Advance payments from customers | 17 | 33 | 22 | 25 |
| Leasing liabilities, current | 393 | 425 | 414 | 443 |
| Derivatives, current | 9 | 14 | 18 | 13 |
| Other provision, current | 574 | 441 | 641 | 731 |
| Other current liabilities | 859 | 999 | 887 | 950 |
| Accrued expenses and prepaid income | 1,229 | 1,306 | 1,344 | 1,347 |
| Total current liabilities | 8,885 | 8,090 | 9,492 | 8,520 |
| TOTAL LIABILITIES | 27,092 | 25,887 | 25,742 | 27,356 |
| TOTAL EQUITY AND LIABILITIES | 48,866 | 50,633 | 47,631 | 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 |
| Profit for the period | 642 | -1,205 | -2,303 |
| Other comprehensive income for the period | -3,919 | 566 | 2,383 |
| Total comprehensive income for the period | -3,277 | -639 | 80 |
| Transactions with owners | |||
| Dividend paid to shareholders of the Parent Company | -415 | -607 | -607 |
| Total transactions with owners | -415 | -607 | -607 |
| Closing balance for the period | 21,773 | 24,746 | 25,465 |
CONSOLIDATED STATEMENT OF CASH FLOW
| Q3 | Q3 | YTD | YTD | FY | |
|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 | 2024 |
| Cash flow from operating activities | |||||
| Operating profit | 375 | -1,673 | 1,583 | -159 | -1,123 |
| Adjustment for non-cash items | |||||
| Amortization, depreciation and impairment | 321 | 2,372 | 988 | 3,136 | 3,510 |
| Other non-cash items | -66 | -193 | -244 | -146 | 1,243 |
| Changes in working capital | |||||
| Changes in inventories | 158 | 168 | 1,199 | 1,109 | 843 |
| Changes in trade receivables | 850 | 1,139 | -148 | -298 | 142 |
| Changes in trade payables | -327 | -409 | -299 | -197 | -151 |
| Changes in other working capital | -175 | -25 | -129 | 261 | 144 |
| Income taxes paid | -211 | -237 | -400 | -574 | -740 |
| Net cash flow from operations | 926 | 1,141 | 2,550 | 3,131 | 3,869 |
| Cash flow from investments | |||||
| Acquisition of operations, net of cash acquired | - | -56 | - | -159 | -159 |
| Investments in intangible and tangible assets | -97 | -110 | -292 | -260 | -379 |
| Proceeds from sales of intangible and tangible assets | 6 | 1 | 7 | 1 | 3 |
| Other investing activities | 6 | 1 | 16 | 10 | 17 |
| Net cash flow from investments | -85 | -164 | -269 | -408 | -519 |
| Cash flow from financing | |||||
| Raised long-term borrowings | 3,267 | - | 5,755 | - | - |
| Repayment of long-term borrowings | -1,095 | -1,056 | -3,091 | -2,056 | -2,056 |
| Changes in short-term borrowings | 0 | -70 | -34 | 406 | 389 |
| Payment of lease liabilities | -86 | -69 | -261 | -245 | -352 |
| Paid interest | -290 | -263 | -744 | -776 | -939 |
| Received interest | 63 | 11 | 149 | 35 | 85 |
| Other financing activities | -56 | -38 | -109 | -48 | -66 |
| Dividend paid to shareholders of the Parent Company | - | - | -415 | -607 | -607 |
| Net cash flow from financing | 1,802 | -1,484 | 1,248 | -3,292 | -3,545 |
| Cash flow for the period | 2,643 | -506 | 3,529 | -569 | -195 |
| Cash and cash equivalents at beginning of period | 4,498 | 4,326 | 4,213 | 4,348 | 4,348 |
| Exchange differences on cash and cash equivalents | -22 | -16 | -623 | 24 | 59 |
| Cash and cash equivalents at end of period | 7,119 | 3,804 | 7,119 | 3,804 | 4,213 |
PARENT COMPANY INCOME STATEMENT
| Q3 | Q3 | YTD | YTD | FY | |
|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 | 2024 |
| Administrative expenses | -39 | -51 | -178 | -176 | -243 |
| Other operating income | 38 | 51 | 179 | 182 | 247 |
| Operating profit | -0 | 1 | 1 | 5 | 4 |
| Interest income from Group companies | 131 | 174 | 396 | 583 | 741 |
| Result from participation in Group companies | - | - | - | 1,800 | 1,800 |
| Other financial income and expenses | -171 | -156 | -347 | -760 | -1,090 |
| Net financial expenses | -41 | 19 | 49 | 1,623 | 1,451 |
| Group contributions | - | - | - | - | 173 |
| Profit (loss) before tax | -41 | 19 | 50 | 1,628 | 1,629 |
| Taxes | - | 5 | - | 5 | 14 |
| Profit (loss) for the period | -41 | 25 | 50 | 1,634 | 1,643 |
| Other comprehensive income | - | - | - | - | - |
| Total comprehensive income | -41 | 25 | 50 | 1,634 | 1,643 |
PARENT COMPANY BALANCE SHEET (IN SUMMARY)
| SEK m | Sep 30, 2025 | Sep 30, 2024 | Jun 30, 2025 | Dec 31, 2024 |
|---|---|---|---|---|
| ASSETS | ||||
| Non-current assets | ||||
| Shares in subsidiaries | 16,228 | 16,228 | 16,228 | 16,228 |
| Other non-current assets | 6,671 | 6,975 | 6,703 | 7,446 |
| Total non-current assets | 22,899 | 23,203 | 22,931 | 23,674 |
| Current assets | ||||
| Current assets | 6,514 | 4,365 | 4,467 | 4,551 |
| Total current assets | 6,514 | 4,365 | 4,467 | 4,551 |
| TOTAL ASSETS | 29,413 | 27,568 | 27,398 | 28,225 |
| EQUITY | 11,995 | 12,352 | 12,036 | 12,361 |
| PROVISIONS | ||||
| Provisions | 125 | 115 | 124 | 124 |
| Total provisions | 125 | 115 | 124 | 124 |
| LIABILITIES | ||||
| Non-current liabilities | ||||
| Non-current liabilities | 13,355 | 12,494 | 11,269 | 13,077 |
| Total non-current liabilities | 13,355 | 12,494 | 11,269 | 13,077 |
| Current liabilities | ||||
| Current liabilities | 3,937 | 2,607 | 3,969 | 2,664 |
| Total current liabilities | 3,937 | 2,607 | 3,969 | 2,664 |
| TOTAL LIABILITIES | 17,418 | 15,217 | 15,362 | 15,864 |
| TOTAL EQUITY AND LIABILITIES | 29,413 | 27,568 | 27,398 | 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 March 2026.
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
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 SEKO m (4) and SEK9 m (14). 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.
| Sep 30, 2025 | Balance sheet carrying amount | Financial instruments at amortized cost |
Financial instruments at fair value |
Derivatives used for hedging |
|---|---|---|---|---|
| Per category | ||||
| Derivatives | - | - | - | - |
| Financial assets | 9,982 | 9,982 | - | - |
| Total financial assets | 9,982 | 9,982 | - | - |
| Derivatives | 9 | - | - | 9 |
| Financial liabilities | 19,963 | 19,364 | 599 | - |
| Total financial liabilities | 19,972 | 19,364 | 599 | 9 |
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.
| Land Vehicles Marine Mobile Cooling Solutions Global Ventures | 2,180 1,199 1,052 454 |
2,605 1,277 |
7,317 3,744 |
8,659 | 10,858 |
|---|---|---|---|---|---|
| Mobile Cooling Solutions | 1,052 | 2 744 | 10,000 | ||
| 7.040 | 3,/44 | 4,313 | 5,571 | ||
| Global Ventures | 454 | 1,242 | 4,354 | 4,972 | 5,824 |
| - | 522 | 1,568 | 1,891 | 2,368 | |
| Total Net sales, external | 4,885 | 5,647 | 16,984 | 19,835 | 24,620 |
| Land Vehicles | 138 | 97 | 601 | 638 | 664 |
| Marine | 249 | 247 | 749 | 959 | 1,198 |
| Mobile Cooling Solutions | 66 | 91 | 435 | 475 | 538 |
| Global Ventures | 52 | 48 | 205 | 246 | 271 |
| Total Operating profit (EBITA) before items affecting comparability | 506 | 483 | 1,989 | 2,321 | 2,670 |
| Land Vehicles | 6.3% | 3.7% | 8.2% | 7.4% | 6.1% |
| Marine | 20.8% | 19.3% | 20.0% | 22.2% | 21.5% |
| Mobile Cooling Solutions | 6.3% | 7.3% | 10.0% | 9.6% | 9.2% |
| Global Ventures | 11.5% | 9.2% | 13.1% | 13.0% | 11.4% |
| Total Operating profit (EBITA) before items affecting comparability $\%$ | 10.4% | 8.6% | 11.7% | 11.7% | 10.8% |
| Land Vehicles | -31 | -2,035 | -94 | -2,102 | -2,137 |
| Marine | -46 | -50 | -140 | -150 | -201 |
| Mobile Cooling Solutions | -39 | -47 | -121 | -141 | -187 |
| Global Ventures | -14 | -16 | -44 | -52 | -69 |
| Total amortization and impairment of acqusition-related intangible assets | -129 | -2,148 | -399 | -2,445 | -2,593 |
| Land Vehicles | - | -7 | -4 | -34 | -983 |
| Marine | - | - | - | - | -100 |
| Mobile Cooling Solutions | -1 | -1 | -3 | -3 | -54 |
| Global Ventures | - | - | - | - | -63 |
| Total Items affecting comparability | -1 | -8 | -7 | -36 | -1,200 |
| Land Vehicles | 107 | -1,944 | 502 | -1,496 | -2,456 |
| Marine | 204 | 196 | 609 | 810 | 897 |
| Mobile Cooling Solutions | 26 | 43 | 311 | 331 | 297 |
| Global Ventures | 38 | 32 | 161 | 194 | 139 |
| Total Operating profit (EBIT) | 375 | -1,673 | 1,583 | -159 | -1,123 |
| Land Vehicles | 4.9% | -74.6% | 6.9% | -17.3% | -22.6% |
| Marine | 17.0% | 15.4% | 16.3% | 18.8% | 16.1% |
| Mobile Cooling Solutions | 2.5% | 3.5% | 7.1% | 6.7% | 5.1% |
| Global Ventures | 8.5% | 6.1% | 10.3% | 10.3% | 5.9% |
| Total Operating profit (EBIT) % | 7.7% | -29.6% | 9.3% | -0.8% | -4.6% |
| Financial income | 63 | 43 | 157 | 79 | 151 |
| Financial expenses | -270 | -232 | -791 | -752 | -998 |
| Taxes | -54 | -60 | -308 | -373 | -332 |
| Profit for the period | 113 | -1,921 | 642 | -1,205 | -2,303 |
Inter-segment sales
| Q3 | Q3 | YTD | YTD | FY | |
|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 | 2024 |
| Land Vehicles | 71 | 94 | 246 | 372 | 441 |
| Marine | 58 | 28 | 135 | 71 | 91 |
| Mobile Cooling Solutions | 32 | 27 | 79 | 56 | 75 |
| Global Ventures | 18 | 7 | 36 | 11 | 18 |
| Total eliminations | 179 | 157 | 496 | 509 | 624 |
NOTE 5 | NET SALES BY SALES CHANNEL
| Q3 | Q3 | Change | ∈ (%) | YTD | YTD | Change | e (%) | |
|---|---|---|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | Reported | Organic 1) | 2025 | 2024 | Reported | Organic 1) |
| OEM | 1,835 | 2,182 | -16% | -8% | 6,238 | 7,701 | -100% | -13% |
| Distribution | 1,480 | 1,696 | -13% | -6% | 5,768 | 6,436 | -100% | -5% |
| Service & Aftermarket | 1,571 | 1,768 | -11% | -4% | 4,979 | 5,698 | -100% | -8% |
| Total net sales, external | 4,885 | 5,647 | -13% | -6% | 16,984 | 19,835 | -100% | -9% |
<sup>1)Net sales growth excluding acquisitions/divestments/portfolio changes related to the ongoing Global restructuring program and currency translation effects.
NOTE 6 | ITEMS AFFECTING COMPARABILITY
| Q3 | Q3 | YTD | YTD | FY | |
|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 | 2024 |
| Global restructuring program | - | - | - | - | -1,159 |
| Other | -1 | -8 | -7 | -36 | -40 |
| Total | -1 | -8 | -7 | -36 | -1,200 |
Specification of items affecting comparability by function and other operating income and expenses
| Global restructuring program | Q3 | Q3 | YTD | YTD | FY |
|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 | 2024 |
| Cost of goods sold | 070 | ||||
| Global restructuring program | - | - | - | - | -876 |
| Other | - | - | - | -24 | -27 |
| Total | - | - | - | -24 | -903 |
| Sales expenses | |||||
| Global restructuring program | - | = | - | = | -97 |
| Other | - | - | - | 1 | -] |
| Total | - | - | - | 1 | -98 |
| Administrative expenses | |||||
| Global restructuring program | - | - | - | - | -56 |
| Other | - | - | -4 | -1 | -] |
| Total | - | = | -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 | -8 | -3 | -12 | -12 |
| Total | -1 | -8 | -3 | -12 | -136 |
| Total items affecting comparability | |||||
| Global restructuring program | - | - | - | - | -1,159 |
| Other | -7 | -8 | -7 | -36 | -40 |
| Total | -] | -8 | -7 | -36 | -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.
| Q3 | Q3 | YTD | YTD | FY | |
|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 | 2024 |
| Cost of goods sold | |||||
| Amortization of technology | -13 | -18 | -39 | -55 | -70 |
| Amortization of intellectual property | -1 | -2 | -2 | -3 | -3 |
| Total | -14 | -20 | -42 | -58 | -73 |
| Sales expenses | |||||
| Amortization trademarks | -10 | -14 | -34 | -41 | -55 |
| Amortization of customer relationship assets | -105 | -114 | -324 | -346 | -465 |
| Total | -116 | -127 | -357 | -387 | -520 |
| Other operating income and expenses | |||||
| Impairment of goodwill | - | -2,000 | - | -2,000 | -2,000 |
| Total | - | -2,000 | - | -2,000 | -2,000 |
| Total amortization and impairment of acquisition-related intangible assets | -129 | -2,148 | -399 | -2,445 | -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.
| Q3 | Q3 | YTD | YTD | FY | |
|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 | 2024 |
| Profit before tax, reported | 168 | -1,861 | 950 | -832 | -1,970 |
| A) Adjustment for amortization and impairment of acquisition-related intangible assets | 129 | 2,148 | 399 | 2,445 | 2,593 |
| B) Adjustment for items affecting comparability | 1 | 8 | 7 | 36 | 1,200 |
| Profit before tax, adjusted | 298 | 295 | 1,356 | 1,648 | 1,823 |
| Taxes, reported | -54 | -60 | -308 | -373 | -332 |
| Taxes, adjustment for A) and B) | -40 | -45 | -121 | -139 | -465 |
| Profit for the period, adjusted | 204 | 190 | 927 | 1,137 | 1,026 |
| Average number of shares, million | 319.5 | 319.5 | 319.5 | 319.5 | 319.5 |
| Earnings per share, adjusted | 0.64 | 0.59 | 2.90 | 3.56 | 3.21 |
NOTE 9 | NET DEBT TO EBITDA LEVERAGE RATIO
Specification of Net debt to EBITDA leverage ratio.
| SEK m | Sep 30, 2025 | Sep 30, 2024 | Jun 30, 2025 | Dec 31, 2024 |
|---|---|---|---|---|
| Long-term borrowings | 13,355 | 12,494 | 11,269 | 13,077 |
| Short-term borrowings | 3,727 | 2,401 | 3,689 | 2,388 |
| Add-back capitalized transaction costs | 59 | 44 | 47 | 37 |
| Borrowings excluding capitalized transaction costs | 17,141 | 14,939 | 15,005 | 15,501 |
| Total cash and cash equivalents | -7,119 | -3,804 | -4,498 | -4,213 |
| Net Debt* | 10,022 | 11,135 | 10,508 | 11,289 |
| EBITDA before items affecting comparability (i.a.c) LTM | 3,153 | 3,723 | 3,162 | 3,587 |
| EBITDA Acquisitions proforma LTM | - | - | - | |
| EBITDA before i.a.c. incl acquisitions proforma LTM | 3,153 | 3,723 | 3,162 | 3,587 |
| Net debt to EBITDA leverage ratio | 3.2x | 3.0x | 3.3x | 3.1x |
*Net debt excluding provision for pension and accrued interest
NOTE 10 | FREE CASH FLOW
Specification of Free cash flow.
| Q3 | Q3 | YTD | YTD | FY | |
|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 | 2024 |
| Net cash flow from operations | 926 | 1,141 | 2,550 | 3,131 | 3,869 |
| Investments in intangible and tangible assets | -97 | -110 | -292 | -260 | -379 |
| Paid and received interest | -227 | -252 | -596 | -741 | -853 |
| Payment of lease liabilites | -86 | -69 | -261 | -245 | -352 |
| Other | 12 | 2 | 23 | 11 | 20 |
| Free cash flow | 527 | 713 | 1,424 | 1,895 | 2,304 |
| Acqusitions and divestments | - | -56 | - | -159 | -159 |
| Financing exluding interest and lease amortization | 2,116 | -1,164 | 2,105 | -2,305 | -2,340 |
| Cash flow for the period | 2,643 | -506 | 3,529 | -569 | -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 nine months 2025.
NOTE 12 | ACQUISITIONS AND DIVESTMENTS
Dometic has not made any acquisitions or divestments during the first nine 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 Om (-159) during the first nine 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 interestbearing 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 EBITA and EBITA 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 before i.a.c. and EBITA before i.a.c. margin
Operating profit (EBIT) before amortization and impairment of acquisition-related intangible assets, divided by net sales gives the 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
Operating cash flow
Interest-bearing debt plus equity less cash and cash equivalents, excluding goodwill and trademarks.
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
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.
Lost Time Injury Frequency Rate. Work related accidents with lost time (greater or equal to one day) per million actual working hours. LTIFR
Reporting period is YTD.
ITM Last twelve months
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.
Q3 2025 and Q3 2024 July to September 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.
operations
Share of renewable electricity in 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 - September 2025 and 2024.
PRESENTATION OF THE REPORT
Analysts and media are invited to participate in a telephone conference at 10.00 (CEST), October 23, 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/2025-10-23-q3-2025
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 with phone numbers and a conference ID to access the conference.
Registration link:
https://service.flikmedia.se/teleconference/?id=5009570
FOR FURTHER INFORMATION, PLEASE CONTACT
Tobias Norrby Head of Investor Relations E-mail: [email protected] Tel. +46 706647335
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 October 23, 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
January 28, 2026 April 23, 2026 July 14, 2026 October 22, 2026 Interim report for the fourth quarter 2025 and full year 2025 report Interim report for the first quarter 2026 Interim report for the second quarter 2026 Interim report for the third quarter 2026