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Dometic Group Earnings Release 2025
2905_10-k_2026-01-28_d9c44d19-edad-489b-87c4-2affb0fbe3dc.pdf
Earnings Release
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FOURTH QUARTER 2025 FULL YEAR 2025
- Net sales were SEK 4,058 m (4,785); a decrease of -15%, of which -12% was currency translation and -3% organic growth.
- Operating profit (EBITA1)) before items affecting comparability2) was SEK 245 m (349 incl. a one-time positive effect of SEK 63 m), corresponding to a margin of 6.0% (7.3% or 6.0% excluding the one-time positive effect).
- Operating profit (EBIT) was SEK 117 m (-964), corresponding to a margin of 2.9% (-20.1%).
- Profit for the quarter was SEK -214 m (-1,098).
- Earnings per share were SEK -0.67 (-3.44). Adjusted earnings per share3) were SEK -0.39 (-0.35).
-
Free cash flow4) was SEK 20 m (409). Cash flow was SEK -2,116 m (379).
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Net sales were SEK 21,042 m (24,620); a decrease of -15%, of which -6% was currency translation and -8% organic growth.
- Operating profit (EBITA1)) before items affecting comparability2) was SEK 2,234 m (2,670), corresponding to a margin of 10.6% (10.8%).
- Operating profit (EBIT) was SEK 1,700 m (-1,123), corresponding to a margin of 8.1% (-4.6%).
- Profit for the year was SEK 428 m (-2,303).
- Earnings per share were SEK 1.34 (-7.21). Adjusted earnings per share3) were SEK 2.52 (3.21).
- Free cash flow was SEK 1,445 m (2,304). Cash flow was SEK 1,413 m (-195).
- Net debt to EBITDA leverage ratio4) was 3.3x (3.1x) at year-end 2025.
- The Board of Directors proposes a dividend of SEK 1.00 (1.30) per share for 2025, which is to be paid in two installments, SEK 0.50 in April and SEK 0.50 in October.
FINANCIAL OVERVIEW
| Q4 | Q4 | FY | FY | |
|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 |
| Net sales | 4,058 | 4,785 | 21,042 | 24,620 |
| Gross margin | 28.7% | 26.8% | 29.2% | 27.7% |
| Operating profit (EBITA¹⁾) before items affecting comparability²⁾ | 245 | 349 | 2,234 | 2,670 |
| % of net sales | 6.0% | 7.3% | 10.6% | 10.8% |
| Operating profit (EBITA¹⁾) | 243 | -816 | 2,226 | 1,470 |
| % of net sales | 6.0% | -17.0% | 10.6% | 6.0% |
| Operating profit (EBIT) | 117 | -964 | 1,700 | -1,123 |
| % of net sales | 2.9% | -20.1% | 8.1% | -4.6% |
| Profit for the period | -214 | -1,098 | 428 | -2,303 |
| Earnings per share, SEK | -0.67 | -3.44 | 1.34 | -7.21 |
| Adjusted earnings per share, SEK³⁾ | -0.39 | -0.35 | 2.52 | 3.21 |
| Free cash flow⁴⁾ | 20 | 409 | 1,445 | 2,304 |
| Cash flow | -2,116 | 379 | 1,413 | -195 |
| Return on operating capital, excluding goodwill and trademarks, % | 19.2% | -9.7% | 19.2% | -9.7% |
¹⁾Before Amortization and impairment of acquisition-related intangible assets
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
²⁾See note 6 Items affecting comparability
³⁾Excludes the impact from amortization and impairment of acquisition-related intangible assets and items affecting comparability, for specification see note 8
⁴⁾For specification see note 10
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CEO COMMENTS
In 2025, we continued to show resilience by adjusting our capacity while also investing in our customer offering, despite a market environment marked by weak consumer spending and cautious behavior among dealers and retailers. We delivered solid full-year results: the gross margin improved to 29.2 percent (27.7) and the EBITA margin1 remained stable at 10.6 percent (10.8). This was achieved even as currency effects became increasingly unfavorable toward year-end and organic net sales declined by -8 percent due to market conditions. Free cash flow remained solid, totaling SEK 1,445 m for the year, enabling a further reduction in net debt.
Net sales for the fourth guarter, seasonally the smallest guarter for both net sales and earnings, amounted to SEK 4,058 m (4,785), corresponding to an organic net sales decline of -3 percent. Although customer behavior remained cautious, net sales improved sequentially during the quarter, and the rate of decline moderated over the year, signaling gradual market stabilization. In the Service & Aftermarket sales channel, net sales in Land Vehicles EMEA increased and the Marine segment was stable, and total Service & Aftermarket sales channel declined organically by -3 percent. The Distribution sales channel delivered 2 percent organic growth, primarily driven by the Mobile Cooling segment. The OEM sales channel declined by -4 percent, with a stable development in Land Vehicles EMEA offset by declines in Land Vehicles Americas and Marine.
The gross margin for the fourth guarter increased to 28.7 percent (26.8), supported by cost reductions and a favorable sales mix. EBITA1 amounted to SEK 245 m (349), corresponding to a margin of 6.0 percent (7.3). Underlying EBITA margin performance however, improved by approximately 2.9 percentage points year-over-year, primarily driven by efficiency gains from the Global Restructuring Program. EBITA was negatively affected by several items, including a significant USD-related currency impact. As previously communicated, the Mobile Cooling segment had higher labor costs and operational inefficiencies due to government-mandated wage increases and limited availability of seasonal temporary workers, as well as negative impact due to the timing of tariff-mitigation measures. In addition, the prior year's fourth quarter benefited from a one-time positive effect of SEK 63 m in the Mobile Cooling Segment. Both the Land Vehicles and Global Ventures segments delivered improvements in EBITA and EBITA margin. The labor- and tariff-related headwinds in the Mobile Cooling segment have been normalized as of the start of the new year.
Free cash flow was lower in the fourth quarter as we increased inventory in response to higher order intake and receivables were higher as net sales were recorded later in the quarter compared with the prior year. The net debt to EBITDA leverage ratio was 3.3x (3.1) at year-end. We maintain a strict focus on earnings and cash flow to continue reducing debt and leverage, working towards our long-term target of around 2.5x. The Board of Directors has decided to propose a dividend of SEK 1.00 per share for 2025, to be paid in two installments, SEK 0.50 in April 2026 and SEK 0.50 in October 2026, to better align with Dometic's cash flow profile. The proposed dividend corresponds to a pay-out ratio of 40%, in line with the Group's policy.
We remain encouraged by continued improvements in order intake and backlog and expect a gradual demand recovery given current visibility on inventory levels. As we approach the bottom of the demand cycle, we continue to reduce costs and increase efficiency while also investing in growth initiatives, driven by new product development and strengthened sales capabilities. Our product lineup is strong, and we are pleased to see the positive customer reception and orders generated from recent launches, including the award-winning Dometic Recon series of mobile cooling products and the Dometic DG3 Gyro boat stabilizer, among others, In addition, we continue to advance our ESG agenda, highlighted by progress in the product innovation index, among other areas, as we introduce new products with lower climate impact.
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, and thanks to the continued efforts and dedication of our employees worldwide, we are placing Dometic in a strong position to deliver on our targets while providing the highest quality of services and products to our customers.
luan Varques, President and CEO
OP. PROFIT (EBITA) BEFORE I.A.C.
"Unless stated otherwise, EBITA refers to EBITA before items affecting comparability,
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FINANCIAL SUMMARY
FOURTH QUARTER 2025
Net sales were SEK 4,058 m (4,785). Total growth was a decrease of -15%, of which -3% was organic growth, -12% currency translation and -1% impact from portfolio changes related to the ongoing Global restructuring program.
Gross profit was SEK 1,163 m (1,284) corresponding to 28.7% (26.8%) of net sales. The improvement was supported by cost reductions and sales mix.
Sales and administrative expenses declined to SEK -777 m (-881), positively impacted by cost reductions, while investments in strategic growth areas continued. Sales and administrative expenses as a percentage of net sales increased to 19.1% (18.4%), negatively impacted by the lower net sales.
Research and development expenses were SEK -137 m (-147) 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 3.5% (3.3%) of net sales.
Other operating income and expenses were net SEK -4 m (93) and mainly related to currency revaluation effects. The fourth quarter 2024 included a one-time positive effect of SEK 63 m in the Mobile Cooling segment related to a refund of trade tariffs.
Operating profit (EBITA) before amortization and impairment of acquisition-related intangible assets and items affecting comparability amounted to SEK 245 m (349), corresponding to a margin of 6.0% (7.3%). EBITA and EBITA margin were impacted by unfavorable currency effects and by governmentmandated wage increases as well as tariff effects in the Mobile Cooling segment. In addition, the fourth quarter 2024 included a one‑time positive effect of SEK 63 m.
Items affecting comparability were SEK -1 m (-1,164). The fourth quarter 2024 mainly related to the Global Restructuring Program.
Amortization and impairment of acquisition-related intangible assets were SEK -127 m (-148).
Operating profit (EBIT) was SEK 117 m (-964), corresponding to a margin of 2.9% (-20.1%).
Financial items totaled a net amount of SEK -217 m (-174), whereof SEK -217 m (-208) in interest on external bank and bond loans. Other FX revaluations and other items amounted to SEK -51 m (-38) and financial income amounted to SEK 51 m (72).
Taxes totaled SEK -114 m (40), corresponding to -113% (4%) of profit before tax. The tax rate is negatively affected by nondeductible interest expenses in Sweden and a tax provision in Q4 for ongoing tax audits. Current tax amounted to SEK -39 m (-166) and deferred tax to SEK -75 m (206). Paid tax was SEK -113 m (-165).
Profit for the period was SEK -214 m (-1,098).
Earnings per share were SEK -0.67 (-3.44). Adjusted earnings per share were SEK -0.39 (-0.35).
Cash flow amounted to SEK -2,116 m (379), impacted by repayment of long-term borrowings of SEK -2,045m. Net cash flow from operating activities was SEK 289 m (738). Working capital was positively impacted by transfer of trade receivables, see Note 3. Net cash flow from investments was SEK -62 m (-111), of which SEK -70 m (-119) related to investments in intangible and tangible assets.
Net cash flow from financing was SEK -2,343 m (-248), of which SEK -2,045 m (0) was repayment of long-term borrowings. The net of
paid and received interest was SEK -132 m (-111). The cash flow effect from short-term borrowings was SEK -58 m (-17).
Free cash flow (see note 10 for specification) was SEK 20 m (409).
Other significant events in the quarter. Stefan Fristedt, Group CFO, has decided to leave Dometic. He will remain with the company until the end of April 2026 to support a smooth transition to a new CFO. The process to find his successor is ongoing.
Significant events after the quarter. There have been no significant events that have impacted the financial reporting after the balance sheet date.
FULL YEAR 2025
Net sales were SEK 21,042 m (24,620). Total growth was a decrease of -15%, of which -8% was organic growth, -6% currency translation, and -1% impact from 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 2,234 m (2,670) corresponding to a margin of 10.6% (10.8). EBITA and EBITA margin were impacted by unfavorable currency effects. Gross profit as a percentage of net sales increased to 29.1% (27.7%). Sales, Administrative as well as Research and development expenses were lower in absolute terms but increased as a percentage of net sales.
Items affecting comparability were SEK -8 m (-1,200) mainly related to administrative expenses. Prior year's items were related to the Global Restructuring Program.
Amortization and impairment of acquisition-related intangible assets were SEK -526 m (-2,593 including a goodwill impairment of SEK -2,000 m).
Operating profit (EBIT) was SEK 1,700 m (-1,123, including a goodwill impairment of SEK -2,000 m), corresponding to a margin of 8.1% (-4.6%).
Financial items totaled a net amount of SEK -850 m (-847), whereof SEK -814 m (-838) in interest on external bank and bond loans. Other FX revaluations and other items amounted to SEK -245 m (-160) and financial income amounted to SEK 208 m (151).
Taxes totaled SEK -422 m (-332), corresponding to 50% (-17%) of profit before tax. The tax rate is negatively affected by nondeductible interest expenses in Sweden and a tax provision for ongoing tax audits. Current tax amounted to SEK -354 m (-724) and deferred tax to SEK -68 m (392). Paid tax was SEK -513 m (-740) corresponding to a paid tax rate of 60% (-38%). Deferred tax recognized in the balance sheet on tax losses amounted to SEK 831 m, of which SEK 144 m has been recognized during the year. The recognition is supported by future utilization based on forecasts.
Profit for the period was SEK 428 m (-2,303).
Earnings per share were SEK 1.34 (-7.21). Adjusted earnings per share were SEK 2.52 (3.21).
Cash flow was SEK 1,413 m (-195). The improvement was largely due to the net of raised and repaid long-term borrowings. Net cash flow from operating activities was SEK 2,839 m (3,869).
Net cash flow from investments was SEK -331 m (-519) of which SEK 0 m (-159) were payments of deferred considerations related to acquisitions completed previous years and SEK -362 m (-379) related to investments in intangible and tangible assets.
Net cash flow from financing was SEK -1,096 m (-3,545). The net of paid and received interest was SEK -727 m (-854). The cash flow
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effect from short-term borrowings was SEK -92 m (389). Dividend paid to shareholders was SEK-415 m (-607).
Free cash flow (see note 10 for specification) was SEK 1,445 m (2,304). The decline was driven by lower net cash flow from operating activities.
Average core working capital in relation to net sales for the full-year 2025 was 25% (29%).
Financial position. During the quarter, a USD 220 m loan was repaid using cash on hand and the maturity of a USD 233 m loan was extended with one year.
Dometic's commercial papers program with a framework of SEK 3,000 m, had SEK 288 m (388) outstanding at year-end 2025.
The average maturity of total interest-bearing debts was 2.7 years (2.1) at year-end 2025. Dometic has an undrawn revolving credit facility available of EUR 300 m maturing in 2028.
At year-end 2025, net debt amounted to SEK 9 878 m (11 289) and the net debt to EBITDA leverage ratio, was 3.3x (3.1x).
Return on Operating Capital (RoOC) excluding goodwill and trademarks was 19.2% (-9.7%). Excluding items affecting comparability of SEK-1,200 m in the fourth quarter 2024 and the non-cash goodwill impairment of SEK-2,000 m in the third quarter 2024, the ratio for 2024 was 17.9%.
Global restructuring program. In December 2024, Dometic announced a global restructuring program aimed at strengthening profitability and releasing 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 the start of the program, around 300 employees have been impacted, and one manufacturing site and five distribution centres have been closed. The annual run-rate savings at year-end amounted to approximately SEK 350 m, and cash outflows related to restructuring charges during 2025 were SEK 212 m. The impact on net sales growth from portfolio changes was -1% in the fourth quarter as well as for the full year.
Employees. Number of employees in terms of headcount was 7,167 (7,333) at year-end 2025.
OTHER INFORMATION
ANNUAL GENERAL MEETING 2026
Dometic Group AB (publ) Annual General Meeting (AGM) will be held in Stockholm on April 14 2026.
NOMINATION COMMITTEE
In accordance with the resolution adopted by the 2025 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.dometicaroup.com
CHANGES IN MANAGEMENT
Stefan Fristedt, Group CFO, has decided to leave Dometic. He will remain with the company until the end of April 2026 to support a smooth transition to a new CFO. The process to find his successor is ongoing.
Goran Popovski has been appointed President of the Land Vehicles Segment and member of Group Management, effective January 1, 2026. Most recently, he served as President of the Mining and Infrastructure Attachments Division at Epiroc.
PROPOSED DIVIDEND
The Board of Directors has decided to propose a dividend of SEK 1.00 per share for 2025, to be paid in two installments: SEK 0.50 in April 2026 and SEK 0.50 in October 2026, to better align with Dometic's cash flow profile. The proposed dividend corresponds to a pay-out ratio of 40%, in line with the Group's policy.
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FINANCIAL PERFORMANCE BY SEGMENT
| Q4 | Q4 | Change (%) | FY | FY | Change (%) | |||
|---|---|---|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | Reported | Organic¹⁾ | 2025 | 2024 | Reported | Organic¹⁾ |
| Land Vehicles, where of; | 1,852 | 2,199 | -16% | -4% | 9,169 | 10,858 | -16% | -9% |
| - Americas | 570 | 782 | -27% | -10% | 2,984 | 3,533 | -16% | -7% |
| - EMEA | 1,053 | 1,128 | -7% | 1% | 5,250 | 6,084 | -14% | -9% |
| - APAC | 229 | 289 | -21% | -10% | 935 | 1,241 | -25% | -16% |
| Marine | 1,070 | 1,257 | -15% | -3% | 4,814 | 5,571 | -14% | -6% |
| Mobile Cooling Solutions | 733 | 852 | -14% | 3% | 5,087 | 5,824 | -13% | -6% |
| Global Ventures | 403 | 477 | -15% | -3% | 1,971 | 2,368 | -17% | -7% |
| Net sales | 4,058 | 4,785 | -15% | -3% | 21,042 | 24,620 | -15% | -8% |
| Land Vehicles, where of; | 66 | 23 | 667 | 664 | ||||
| - Americas | -11 | -57 | -112 | -237 | ||||
| - EMEA | 26 | 3 | 544 | 550 | ||||
| - APAC | 51 | 77 | 234 | 351 | ||||
| Marine | 198 | 238 | 947 | 1,198 | ||||
| Mobile Cooling Solutions | -48 | 63 | 387 | 538 | ||||
| Global Ventures | 28 | 24 | 234 | 271 | ||||
| Operating profit (EBITA²⁾) before i.a.c.³⁾ | 245 | 349 | 2,234 | 2,670 | ||||
| Land Vehicles, where of; | 3.6% | 1.0% | 7.3% | 6.1% | ||||
| - Americas | -1.9% | -7.3% | -3.7% | -6.7% | ||||
| - EMEA | 2.5% | 0.3% | 10.4% | 9.0% | ||||
| - APAC | 22.1% | 26.6% | 25.0% | 28.3% | ||||
| Marine | 18.5% | 19.0% | 19.7% | 21.5% | ||||
| Mobile Cooling Solutions | -6.5% | 7.4% | 7.6% | 9.2% | ||||
| Global Ventures | 7.1% | 5.1% | 11.8% | 11.4% | ||||
| Operating profit (EBITA) before i.a.c. % | 6.0% | 7.3% | 10.6% | 10.8% |
¹⁾Net sales growth excluding acquisitions/divestments/portfolio changes related to the ongoing Global restructuring program and currency translation effects.
SEGMENT LAND VEHICLES
FOURTH QUARTER 2025
Segment Land Vehicles reported net sales of SEK 1,852 m (2,199), representing 46% (46%) of Group net sales in the fourth quarter 2025. Total growth was -16%, of which -4% was organic, -10% currency translation and -2% portfolio changes related to the ongoing Global Restructuring Program. The portfolio changes relate to low-margin camping equipment in EMEA. By region, organic net sales increased in EMEA while other regions declined. In EMEA, net sales grew in the Service & Aftermarket sales channel, and net sales in the OEM sales channel were unchanged on a constant currency basis. In the Americas, net sales declined in both the Service & Aftermarket and OEM sales channels.
Operating profit (EBITA) before amortization and impairment of acquisition-related intangible assets and items affecting comparability increased to SEK 66 m (23), corresponding to a margin of 3.6% (1.0%). EBITA and margin improved in both the Americas and EMEA, partly driven by cost reductions and efficiency improvements from the Global Restructuring Program. Operating profit (EBIT) was SEK 36 m (-962), corresponding to a margin of 1.9% (-43.7%).
FULL YEAR 2025
Segment Land Vehicles reported net sales of SEK 9,169 m (10,858), representing 44% (44%) of Group net sales in 2025. Total growth was - 16%, of which -9% was organic, -5% currency translation and -1% portfolio changes related to the ongoing Global Restructuring Program. Organic net sales declined across all regions and sales channels, primarily due to lower demand in the OEM sales channel. In EMEA, the Service & Aftermarket sales channel was relatively stable, while in the Americas the OEM sales channel had the lowest rate of decline.
Operating profit (EBITA) before amortization and impairment of acquisition-related intangible assets and items affecting comparability amounted to SEK 667 m (664), corresponding to a margin of 7.3% (6.1%). The impact of lower net sales was mitigated by cost reductions under the Global Restructuring Program and a sales mix with a higher share of Service & Aftermarket net sales compared to the previous year. Items affecting comparability in 2025 were -5 m (-983 in the previous year related to the Global Restructuring Program). Operating profit (EBIT) was SEK 538 m (-2,456), corresponding to a margin of 5.9% (-22.6%). 2024 was negatively impacted by a non-cash goodwill impairment of SEK -2,000 m.
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 comparabilty).
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SEGMENT MARINE
FOURTH QUARTER 2025
Segment Marine reported net sales of SEK 1,070 m (1,257), representing 26% (26%) of Group net sales in the fourth quarter 2025. Total growth was -15%, of which -3% was organic and -12% currency translation. Net sales in the Service & Aftermarket sales channel were stable, while net sales to the OEM sales channel declined due to continued low demand.
Operating profit (EBITA) before amortization and impairment of acquisition-related intangible assets and items affecting comparability was SEK 198 m (238), corresponding to a margin of 18.5% (19.0%). The decline was mainly driven by lower sales volumes and currency effects. Operating profit (EBIT) was SEK 153 m (87 including SEK 100 m of items affecting comparability), corresponding to a margin of 14.3% (6.9%).
FULL YEAR 2025
Segment Marine reported net sales of SEK 4,814 m (5,571), representing 23% (23%) of Group net sales in 2025. Total growth was -14%, of which -6% was organic and -7% was currency translation. The organic net sales decline was attributable to both sales channels; however, the Service & Aftermarket sales channel was relatively more stable compared to the OEM sales channel.
Operating profit (EBITA) before amortization and impairment of acquisition-related intangible assets and items affecting comparability was SEK 947 m (1,198), corresponding to a margin of 19.7% (21.5%). The decline was due to lower net sales, partly offset by cost reductions, a higher share of Service & Aftermarket net sales, and unfavorable currency impact from the weaker USD. Operating profit (EBIT) was SEK 762 m (897), corresponding to a margin of 15.8% (16.1%). There were no items affecting comparability in 2025, while 2024 included items affecting comparability of SEK -100 m.
SEGMENT MOBILE COOLING SOLUTIONS
FOURTH QUARTER 2025
Segment Mobile Cooling Solutions reported net sales of SEK 733 m (852) in the seasonally small fourth quarter, representing 18% (18%) of Group net sales in the fourth quarter 2025. Total growth was -14%, of which 3% was organic and -17% currency translation. The organic net sales growth was mainly driven by higher net sales to US retailers.
Operating profit (EBITA) before amortization and impairment of acquisition-related intangible assets and items affecting comparability was SEK -48 m (63), corresponding to a margin of -6.5% (7.4%). In the fourth quarter of the previous year, EBITA benefited from a positive one-time effect of SEK 63 m related to trade tariff refunds. EBITA and margin were negatively impacted by higher labor costs due to government-mandated wage increases and the timing of mitigating actions to compensate for tariff costs, in addition to the absence of last year's positive one-time item. Items affecting comparability was SEK -1 m (-51 related to the Global Restructuring Program). Operating profit (EBIT) was SEK -87 m (-34), corresponding to a margin of -11.9% (-4.0%).
FULL YEAR 2025
Segment Mobile Cooling Solutions reported net sales of SEK 5,087 m (5,824), representing 24% (24%) of Group net sales in 2025. Total growth was -13%, of which -6% was organic and -7% currency translation.
Operating profit (EBITA) before amortization and impairment of acquisition-related intangible assets and items affecting comparability was SEK 387 m (538), corresponding to a margin of 7.6% (9.2%). EBITA and margin were negatively impacted by lower sales volume, government-mandated wage increases, and the timing of mitigating actions to compensate for tariff costs. Items affecting comparability was SEK -4 m (-54 related to the Global Restructuring Program). Operating profit (EBIT) was SEK 224 m (297), corresponding to a margin of 4.4% (5.1%).
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SEGMENT GLOBAL VENTURES
FOURTH QUARTER 2025
Segment Global Ventures reported net sales of SEK 403 m (477), representing 10% (10%) of Group net sales in the fourth quarter 2025. Total growth was -15%, of which -3% was organic growth, -11% currency translation and -1% portfolio changes. The organic net sales in subsegment Other Global Verticals developed positively driven by both the Residential and the Hospitality businesses while subsegment Mobile Power Solutions organic net sales declined mainly due to lower demand in the OEM sales channel.
Operating profit (EBITA) before amortization and impairment of acquisition-related intangible assets and items affecting comparability was SEK 28 m (24), corresponding to a margin of 7.1% (5.1%). The improvement was mainly an effect of higher EBITA and margin in the subsegment Other Global Verticals, as a result of higher net sales. There were no items affecting comparability in the fourth quarter 2025 while the previous year included items affecting comparability of SEK -63 m. Operating profit (EBIT) for the whole segment was SEK 15 m (- 55), corresponding to a margin of 3.7% (-11.6%).
FULL YEAR 2025
Segment Global Ventures reported net sales of SEK 1,971 m (2,368), representing 9% (10%) of Group net sales in 2025. Total growth was -17%, of which -7% was organic growth, -6% currency translation and -4% portfolio changes. Organic net sales in subsegment Other Global Verticals increased while organic net sales in subsegment Mobile Power Solutions declined mainly due to lower demand in the OEM sales channel.
Operating profit (EBITA) before amortization and impairment of acquisition-related intangible assets and items affecting comparability was SEK 234 m (271), corresponding to a margin of 11.8% (11.4%). The decline was related to Mobile Power Solutions due to lower net sales mainly in the OEM sales channel. There were no items affecting comparability in 2025, while 2024 included items affecting comparability of SEK -63 m and were related to the Global Restructuring Program announced 2024. Operating profit (EBIT) was SEK 176 m (139), corresponding to a margin of 8.9% (5.9%).
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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 | YTD 2025 |
YTD 2024 |
Target 2025 |
|---|---|---|---|---|
| People | LTIFR | 0.7 | 1.6 | <1.5 |
| People | Share of female managers | 31% | 30% | 30% |
| Planet | Share of renewable electricity in operations | 37% | 30% | 35% |
| Planet | Product Innovation Index | 23% | 21% | 25% |
| Governance | Share of high-spend direct material suppliers assessed for sustainability |
64% | n/a | 65% |
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 2025 improved to 0.7 (1.6), well ahead of the target which is 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 31% (30%), which is in line with the target of a 30% share. 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. This KPI was introduced in 2025 and is a key driver for Dometic's efforts to reduce its operational environmental footprint. The share increased to 37% (30%) in 2025, reflecting the growing use of renewable electricity across 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 2025 improved to 23% (21%), moving closer to the long-term target of 25%.
Share of high-spend direct material suppliers assessed for sustainability. Dometic prioritizes supplier assessments to ensure business partners understand and comply with the company's Code of Conduct and sustainability requirements. This KPI, introduced in the first quarter of 2025, tracks the share of suppliers - covering the top 80% of the Group's direct material spend - that have been assessed for sustainability performance. In 2025, 64% of the suppliers in scope underwent sustainability assessments with satisfactory outcomes, slightly short of the 65% target.
{8}------------------------------------------------
PARENT COMPANY DOMETIC GROUP AB (PUBL)
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.
FOURTH QUARTER 2025
Operating profit amounted to SEK 0 m (-1), including administrative expenses of SEK -65 m (-67) and other operating income of SEK 66 m (66), of which the full amount relates to income from Group companies. Profit for the period amounted to SEK -118 m (9).
FULL YEAR 2025
Operating profit amounted to SEK 1 m (4), including administrative expenses of SEK -244 m (-243).
Profit for the period amounted to SEK -69m (1,643).
Solna, January 28, 2026
Juan Vargues President and CEO
AUDITORS' REVIEW
This report has not been subject to review by the Dometic Group AB (publ)'s external auditor
{9}------------------------------------------------
CONSOLIDATED INCOME STATEMENT
| Q4 | Q4 | FY | FY | |
|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 |
| Net sales | 4,058 | 4,785 | 21,042 | 24,620 |
| Cost of goods sold | -2,895 | -3,501 | -14,906 | -17,800 |
| Gross Profit | 1,163 | 1,284 | 6,136 | 6,820 |
| Sales expenses | -457 | -509 | -1,971 | -2,160 |
| Administrative expenses | -320 | -372 | -1,354 | -1,485 |
| Research and development expenses | -137 | -147 | -558 | -587 |
| Other operating income and expenses | -4 | 93 | -19 | 82 |
| Items affecting comparability | -1 | -1,164 | -8 | -1,200 |
| Amortization and impairment of acquisition-related intangible assets | -127 | -148 | -526 | -2,593 |
| Operating profit | 117 | -964 | 1,700 | -1,123 |
| Financial income | 51 | 72 | 208 | 151 |
| Financial expenses | -268 | -246 | -1,058 | -998 |
| Net financial expenses | -217 | -174 | -850 | -847 |
| Profit before tax | -100 | -1,138 | 850 | -1,970 |
| Taxes | -114 | 40 | -422 | -332 |
| Profit for the period | -214 | -1,098 | 428 | -2,303 |
| Profit for the period attributable to owners of the Parent Company | -214 | -1,098 | 428 | -2,303 |
| Earnings per share before and after dilution, SEK - Owners of the Parent Company | -0.67 | -3.44 | 1.34 | -7.21 |
| Adjusted earnings per share, SEK | -0.39 | -0.35 | 2.52 | 3.21 |
| Average number of shares, million | 319.5 | 319.5 | 319.5 | 319.5 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| Q4 | Q4 | FY | FY | |
|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 |
| Profit for the period | -214 | -1,098 | 428 | -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 | -18 | -11 | 21 | 22 |
| -18 | -11 | 21 | 22 | |
| Items that may be reclassified subsequently to profit or loss: | ||||
| Cash flow hedges, net of tax | 9 | 11 | -1 | 15 |
| Gains/losses from hedges of net investments in foreign operations, net of tax | 200 | -463 | 1,023 | -630 |
| Exchange rate differences on translation of foreign operations | -818 | 2,281 | -5,589 | 2,976 |
| -609 | 1,828 | -4,567 | 2,361 | |
| Other comprehensive income for the period | -627 | 1,817 | -4,546 | 2,383 |
| Total comprehensive income for the period attributable | ||||
| to the owner of the Parent Company | -841 | 719 | -4,118 | 80 |
{10}------------------------------------------------
CONSOLIDATED BALANCE SHEET (IN SUMMARY)
| SEK m | Dec 31, 2025 | Sep 30, 2025 | Dec 31, 2024 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Goodwill and trademarks | 23,204 | 23,735 | 26,756 |
| Other intangible assets | 5,377 | 5,595 | 6,795 |
| Tangible assets | 1,981 | 2,078 | 2,421 |
| Right-of-use assets | 1,550 | 1,539 | 1,878 |
| Deferred tax assets | 1,024 | 989 | 1,091 |
| Other non-current assets | 211 | 225 | 248 |
| Total non-current assets | 33,347 | 34,160 | 39,189 |
| Current assets | |||
| Inventories | 4,828 | 4,577 | 6,455 |
| Trade receivables | 1,849 | 2,222 | 2,300 |
| Current tax assets | 226 | 186 | 84 |
| Derivatives, current | 2 | - | 17 |
| Other current receivables | 451 | 417 | 361 |
| Prepaid expenses and accrued income | 251 | 185 | 203 |
| Cash and cash equivalents | 4,860 | 7,119 | 4,213 |
| Total current assets | 12,467 | 14,706 | 13,633 |
| TOTAL ASSETS | 45,815 | 48,866 | 52,822 |
| EQUITY AND LIABILITIES | |||
| EQUITY | 20,932 | 21,773 | 25,465 |
| LIABILITIES | |||
| Non-current liabilities | |||
| Long-term borrowings | 11,074 | 13,355 | 13,077 |
| Deferred tax liabilities | 2,781 | 2,679 | 3,091 |
| Other non-current liabilities | 4 | 4 | 5 |
| Leasing liabilities, non-current | 1,411 | 1,392 | 1,716 |
| Provisions for pensions | 439 | 427 | 512 |
| Other provisions, non-current | 294 | 350 | 435 |
| Total non-current liabilities | 16,003 | 18,208 | 18,836 |
| Current liabilities | |||
| Short-term borrowings | 3,605 | 3,727 | 2,388 |
| Trade payables | 2,148 | 2,017 | 2,581 |
| Current tax liabilities | 46 | 60 | 43 |
| Advance payments from customers | 19 | 17 | 25 |
| Leasing liabilities, current | 400 | 393 | 443 |
| Derivatives, current | 0 | 9 | 13 |
| Other provision, current | 423 | 574 | 731 |
| Other current liabilities | 979 | 859 | 950 |
| Accrued expenses and prepaid income | 1,259 | 1,229 | 1,347 |
| Total current liabilities | 8,879 | 8,885 | 8,520 |
| TOTAL LIABILITIES | 24,883 | 27,092 | 27,356 |
| TOTAL EQUITY AND LIABILITIES | 45,815 | 48,866 | 52,822 |
{11}------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (IN SUMMARY)
| FY | FY | |
|---|---|---|
| SEK m | 2025 | 2024 |
| Opening balance for the period | 25,465 | 25,992 |
| Profit for the period | 428 | -2,303 |
| Other comprehensive income for the period | -4,546 | 2,383 |
| Total comprehensive income for the period | -4,118 | 80 |
| Transactions with owners | ||
| Dividend paid to shareholders of the Parent Company | -415 | -607 |
| Total transactions with owners | -415 | -607 |
| Closing balance for the period | 20,932 | 25,465 |
{12}------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOW
| Q4 | Q4 | FY | FY | |
|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 |
| Cash flow from operating activities | ||||
| Operating profit | 117 | -964 | 1,700 | -1,123 |
| Adjustment for non-cash items | ||||
| Amortization, depreciation and impairment | 322 | 372 | 1,310 | 3,510 |
| Other non-cash items | -146 | 1,391 | -390 | 1,243 |
| Changes in working capital | ||||
| Changes in inventories | -388 | -266 | 811 | 843 |
| Changes in trade receivables | 341 | 440 | 193 | 142 |
| Changes in trade payables | 179 | 46 | -121 | -151 |
| Changes in other working capital | -23 | -117 | -152 | 144 |
| Income taxes paid | -113 | -165 | -513 | -740 |
| Net cash flow from operating activities | 289 | 738 | 2,839 | 3,869 |
| Cash flow from investments | ||||
| Acquisition of operations, net of cash acquired | - | - | - | -159 |
| Investments in intangible and tangible assets | -70 | -119 | -362 | -379 |
| Proceeds from sales of intangible and tangible assets | 3 | 2 | 10 | 3 |
| Other investing activities | 6 | 6 | 22 | 17 |
| Net cash flow from investments | -62 | -111 | -331 | -519 |
| Cash flow from financing | ||||
| Raised long-term borrowings | - | - | 5,755 | - |
| Repayment of long-term borrowings | -2,045 | - | -5,136 | -2,056 |
| Changes in short-term borrowings | -58 | -17 | -92 | 389 |
| Payment of lease liabilities | -75 | -106 | -336 | -352 |
| Paid interest | -189 | -162 | -933 | -939 |
| Received interest | 57 | 51 | 206 | 85 |
| Other financing activities | -34 | -13 | -144 | -66 |
| Dividend paid to shareholders of the Parent Company | - | - | -415 | -607 |
| Net cash flow from financing | -2,343 | -248 | -1,096 | -3,545 |
| Cash flow for the period | -2,116 | 379 | 1,413 | -195 |
| Cash and cash equivalents at beginning of period | 7,119 | 3,804 | 4,213 | 4,348 |
| Exchange differences on cash and cash equivalents | -143 | 30 | -765 | 59 |
| Cash and cash equivalents at end of period | 4,860 | 4,213 | 4,860 | 4,213 |
{13}------------------------------------------------
PARENT COMPANY INCOME STATEMENT
| Q4 | Q4 | FY | FY | |
|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 |
| Administrative expenses | -65 | -67 | -244 | -243 |
| Other operating income | 66 | 66 | 245 | 247 |
| Operating profit | 0 | -1 | 1 | 4 |
| Interest income from Group companies | 120 | 158 | 516 | 741 |
| Result from participation in Group companies | - | - | - | 1,800 |
| Other financial income and expenses | -66 | -330 | -413 | -1,090 |
| Net financial expenses | 54 | -172 | 103 | 1,451 |
| Group contributions | -121 | 173 | -121 | 173 |
| Profit (loss) before tax | -66 | 0 | -17 | 1,629 |
| Taxes | -52 | 9 | -52 | 14 |
| Profit (loss) for the period | -118 | 9 | -69 | 1,643 |
| Other comprehensive income | - | - | - | - |
| Total comprehensive income | -118 | 9 | -69 | 1,643 |
PARENT COMPANY BALANCE SHEET (IN SUMMARY)
| SEK m | Dec 31, 2025 | Sep 30, 2025 | Dec 31, 2024 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Shares in subsidiaries | 16,238 | 16,228 | 16,228 |
| Other non-current assets | 4,436 | 6,671 | 7,446 |
| Total non-current assets | 20,674 | 22,899 | 23,674 |
| Current assets | |||
| Current assets | 6,430 | 6,514 | 4,551 |
| Total current assets | 6,430 | 6,514 | 4,551 |
| TOTAL ASSETS | 27,104 | 29,413 | 28,225 |
| EQUITY | 11,877 | 11,995 | 12,361 |
| PROVISIONS | |||
| Provisions | 126 | 125 | 124 |
| Total provisions | 126 | 125 | 124 |
| LIABILITIES | |||
| Non-current liabilities | |||
| Non-current liabilities | 11,074 | 13,355 | 13,077 |
| Total non-current liabilities | 11,074 | 13,355 | 13,077 |
| Current liabilities | |||
| Current liabilities | 4,028 | 3,937 | 2,664 |
| Total current liabilities | 4,028 | 3,937 | 2,664 |
| TOTAL LIABILITIES | 15,227 | 17,418 | 15,864 |
| TOTAL EQUITY AND LIABILITIES | 27,104 | 29,413 | 28,225 |
{14}------------------------------------------------
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 1–21 and pages 1–13 is 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 spending 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.
Dometic operates in multiple jurisdictions and is routinely subject to reviews and investigations by local tax authorities, e.g. ongoing tax audits in Germany, Italy, and Hungary. These tax audits are inherently complex, and their outcomes can be difficult to predict. Dometic continuously monitors all open tax audits and will recognize a provision when it is considered probable that additional tax will be payable.
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 2.1 m (16.6) and SEK 0.2 m (12.6). 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.
| Financial | Financial | Derivatives | ||
|---|---|---|---|---|
| Balance sheet | instruments at | instruments at | used for | |
| Dec 31, 2025 | carrying amount | amortized cost | fair value | hedging |
| Per category | ||||
| Derivatives | 2 | - | - | 2 |
| Financial assets | 7,370 | 7,288 | 82 | - |
| Total financial assets | 7,372 | 7,288 | 82 | 2 |
| Derivatives | 0 | - | - | - |
| Financial liabilities | 17,810 | 17,232 | 578 | - |
| Total financial liabilities | 17,810 | 17,232 | 578 | - |
In December 2025, Dometic entered into an agreement enabling accounts receivable in the U.S. and Germany to be transferred on a monthly basis to a so-called SPV managed by a third party. The proceeds received by Dometic are on a non-recourse basis. Dometic retains a limited credit risk and reports the transferred receivables under the continued involvement approach, measured at fair value through profit or loss. At year-end 2025, accounts receivable amounting to SEK 349 m had been transferred.
{15}------------------------------------------------
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.
| SEK m | Q4 2025 |
Q4 2024 |
FY 2025 |
FY 2024 |
|---|---|---|---|---|
| Land Vehicles | 1,852 | 2,199 | 9,169 | 10,858 |
| Marine | 1,070 | 1,257 | 4,814 | 5,571 |
| Mobile Cooling Solutions | 733 | 852 | 5,087 | 5,824 |
| Global Ventures | 403 | 477 | 1,971 | 2,368 |
| Total Net sales, external | 4,058 | 4,785 | 21,042 | 24,620 |
| Land Vehicles | 66 | 23 | 667 | 664 |
| Marine | 198 | 238 | 947 | 1,198 |
| Mobile Cooling Solutions | -48 | 63 | 387 | 538 |
| Global Ventures | 28 | 24 | 234 | 271 |
| Total Operating profit (EBITA) before items affecting comparability | 245 | 349 | 2,234 | 2,670 |
| Land Vehicles | 3.6% | 1.0% | 7.3% | 6.1% |
| Marine | 18.5% | 19.0% | 19.7% | 21.5% |
| Mobile Cooling Solutions | -6.5% | 7.4% | 7.6% | 9.2% |
| Global Ventures | 7.1% | 5.1% | 11.8% | 11.4% |
| Total Operating profit (EBITA) before items affecting comparability % | 6.0% | 7.3% | 10.6% | 10.8% |
| Land Vehicles | -30 | -35 | -124 | -2,137 |
| Marine | -45 | -51 | -184 | -201 |
| Mobile Cooling Solutions | -39 | -46 | -159 | -187 |
| Global Ventures | -13 | -17 | -58 | -69 |
| Total amortization and impairment of acqusition-related intangible assets | -127 | -148 | -526 | -2,593 |
| Land Vehicles | -0 | -950 | -5 | -983 |
| Marine | - | -100 | - | -100 |
| Mobile Cooling Solutions | -1 | -51 | -4 | -54 |
| Global Ventures | - | -63 | - | -63 |
| Total Items affecting comparability | -1 | -1,164 | -8 | -1,200 |
| Land Vehicles | 36 | -962 | 538 | -2,456 |
| Marine | 153 | 87 | 762 | 897 |
| Mobile Cooling Solutions | -87 | -34 | 224 | 297 |
| Global Ventures | 15 | -55 | 176 | 139 |
| Total Operating profit (EBIT) | 117 | -964 | 1,700 | -1,123 |
| Land Vehicles | 1.9% | -43.7% | 5.9% | -22.6% |
| Marine | 14.3% | 6.9% | 15.8% | 16.1% |
| Mobile Cooling Solutions | -11.9% | -4.0% | 4.4% | 5.1% |
| Global Ventures | 3.7% | -11.6% | 8.9% | 5.9% |
| Total Operating profit (EBIT) % | 2.9% | -20.1% | 8.1% | -4.6% |
| Financial income | 51 | 72 | 208 | 151 |
| Financial expenses | -268 | -246 | -1,058 | -998 |
| Taxes | -114 | 40 | -422 | -332 |
| Profit for the period | -214 | -1,098 | 428 | -2,303 |
{16}------------------------------------------------
Inter-segment sales
| Q4 | Q4 | FY | FY | |
|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 |
| Land Vehicles | 43 | 69 | 290 | 441 |
| Marine | 55 | 20 | 191 | 91 |
| Mobile Cooling Solutions | 17 | 19 | 96 | 75 |
| Global Ventures | 12 | 7 | 48 | 18 |
| Total eliminations | 128 | 114 | 624 | 624 |
NOTE 5 | NET SALES BY SALES CHANNEL
| Q4 | Q4 | Change (%) | FY | FY | Change (%) | |||
|---|---|---|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | Reported | Organic¹⁾ | 2025 | 2024 | Reported | Organic¹⁾ |
| OEM | 1,840 | 2,163 | -15% | -4% | 8,078 | 9,863 | -18% | -12% |
| Distribution | 1,027 | 1,204 | -15% | 2% | 6,794 | 7,641 | -11% | -4% |
| Service & Aftermarket | 1,191 | 1,418 | -16% | -3% | 6,170 | 7,116 | -13% | -6% |
| Total net sales, external | 4,058 | 4,785 | -15% | -3% | 21,042 | 24,620 | -15% | -8% |
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
| Q4 | Q4 | FY | FY | |
|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 |
| Global restructuring program | - | -1,159 | - | -1,159 |
| Other | -1 | -5 | -8 | -40 |
| Total | -1 | -1,164 | -8 | -1,200 |
Specification of items affecting comparability by function and other operating income and expenses
| Global restructuring program | Q4 | Q4 | FY | FY |
|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 |
| Cost of goods sold | ||||
| Global restructuring program | - | -876 | - | -876 |
| Other | - | -3 | - | -27 |
| Total | - | -879 | - | -903 |
| Sales expenses | ||||
| Global restructuring program | - | -97 | - | -97 |
| Other | - | -2 | - | -1 |
| Total | - | -99 | - | -98 |
| Administrative expenses | ||||
| Global restructuring program | - | -56 | - | -56 |
| Other | -0 | 0 | -5 | -1 |
| Total | -0 | -56 | -5 | -57 |
| Research and development expenses | ||||
| Global restructuring program | - | -6 | - | -6 |
| Other | - | - | - | - |
| Total | - | -6 | - | -6 |
| Other operating income and expenses | ||||
| Global restructuring program | - | -124 | - | -124 |
| Other | -1 | 0 | -4 | -12 |
| Total | -1 | -124 | -4 | -136 |
| Total items affecting comparability | ||||
| Global restructuring program | - | -1,159 | - | -1,159 |
| Other | -1 | -5 | -8 | -40 |
| Total | -1 | -1,164 | -8 | -1,200 |
{17}------------------------------------------------
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.
| Q4 | Q4 | FY | FY | |
|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 |
| Cost of goods sold | ||||
| Amortization of technology | -12 | -16 | -52 | -70 |
| Amortization of intellectual property | -1 | -0 | -3 | -3 |
| Total | -13 | -16 | -55 | -73 |
| Sales expenses | ||||
| Amortization trademarks | -10 | -14 | -44 | -55 |
| Amortization of customer relationship assets | -103 | -119 | -427 | -465 |
| Total | -113 | -133 | -471 | -520 |
| Other operating income and expenses | ||||
| Impairment of goodwill | - | - | - | -2,000 |
| Total | - | - | - | -2,000 |
| Total amortization and impairment of acquisition-related intangible assets | -127 | -148 | -526 | -2,593 |
NOTE 8 | ADJUSTED EARNINGS PER SHARE
Specification of Adjusted earnings per share. Adjusted earnings per share exclude the impact from amortization and impairment of acquisitionrelated intangible assets and items affecting comparability.
| Q4 | Q4 | FY | FY | |
|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 |
| Profit before tax, reported | -100 | -1,138 | 850 | -1,970 |
| A) Adjustment for amortization and impairment of acquisition-related | ||||
| intangible assets | 127 | 148 | 526 | 2,593 |
| B) Adjustment for items affecting comparability | 1 | 1,164 | 8 | 1,200 |
| Profit before tax, adjusted | 28 | 175 | 1,384 | 1,823 |
| Taxes, reported | -114 | 40 | -422 | -332 |
| Taxes, adjustment for A) and B) | -37 | -326 | -158 | -465 |
| Profit for the period, adjusted | -123 | -111 | 804 | 1,026 |
| Average number of shares, million | 319.5 | 319.5 | 319.5 | 319.5 |
| Earnings per share, adjusted | -0.39 | -0.35 | 2.52 | 3.21 |
{18}------------------------------------------------
NOTE 9 | NET DEBT TO EBITDA LEVERAGE RATIO
Specification of Net debt to EBITDA leverage ratio.
| SEK m | Dec 31, 2025 | Sep 30, 2025 | Dec 31, 2024 |
|---|---|---|---|
| Long-term borrowings | 11,074 | 13,355 | 13,077 |
| Short-term borrowings | 3,605 | 3,727 | 2,388 |
| Add-back capitalized transaction costs | 59 | 59 | 37 |
| Borrowings excluding capitalized transaction costs | 14,738 | 17,141 | 15,501 |
| Total cash and cash equivalents | -4,860 | -7,119 | -4,213 |
| Net Debt | 9,878 | 10,022 | 11,289 |
| EBITDA before items affecting comparability (i.a.c) LTM | 3,018 | 3,153 | 3,587 |
| EBITDA Acquisitions proforma LTM | - | - | - |
| EBITDA before i.a.c. incl acquisitions proforma LTM | 3,018 | 3,153 | 3,587 |
| Net debt to EBITDA leverage ratio | 3.3x | 3.2x | 3.1x |
NOTE 10 | FREE CASH FLOW
Specification of Free cash flow.
| Q4 | Q4 | FY | FY | |
|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 |
| Net cash flow from operating activities | 289 | 738 | 2,839 | 3,869 |
| Investments in intangible and tangible assets | -70 | -119 | -362 | -379 |
| Paid and received interest | -131 | -112 | -727 | -853 |
| Payment of lease liabilites | -75 | -106 | -336 | -352 |
| Other | 9 | 8 | 32 | 20 |
| Free cash flow | 20 | 409 | 1,445 | 2,304 |
| Acqusitions and divestments | - | - | - | -159 |
| Financing exluding interest and lease amortization | -2,137 | -31 | -32 | -2,340 |
| Cash flow for the period | -2,116 | 379 | 1,413 | -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 2025.
NOTE 12 | ACQUISITIONS AND DIVESTMENTS
Dometic has not made any acquisitions or divestments during 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 0 m (-159) during 2025.
NOTE 13 | SIGNIFICANT EVENTS AFTER THE PERIOD
New President of Land Vehicles segment
Goran Popovski has been appointed President of Segment Land Vehicles and member of Group Management, and joined Dometic on 1 January 2026. Goran will report to Juan Vargues, President & CEO. Most currently, Goran was President of the Mining and Infrastructure Attachments Division at Epiroc Group.
There have been no other significant events that have impacted the financial reporting after the balance sheet date.
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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 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 Interest-bearing current and non-current liabilities, excluding provisions for pension liabilities, lease-liabilities and capitalized transaction
EBITA and EBITA margin Operating profit (EBIT) before amortization and impairment of acquisition-related intangible assets, divided by net sales gives the margin.
costs, less cash and cash equivalents.
Net debt to EBITDA leverage
ratio
Net debt 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 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.
Operating capital Interest-bearing debt plus equity less cash and cash equivalents.
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. Companies that manufacture products or components that are built into another manufacturer's end
product.
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.
Q4 2025 and Q4 2024 October to December 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 – December 2025 and 2024.
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PRESENTATION OF THE REPORT
Analysts and media are invited to participate in a combined telephone webcast conference at 10.00 (CEST), January 28, 2026, 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 five minutes prior to the start of the conference call. The webcast presentation will be available at www.dometicgroup.com.
Webcast link:
https://dometic.videosync.fi/2026-01-28-q4-2025
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=5005927
FOR FURTHER INFORMATION, PLEASE CONTACT
Tobias Norrby, Head of Investor Relations [email protected] +46 706 64 7335
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 January 28, 2026.
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 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 2025, we reported net sales of SEK 21 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
April 23, 2026 July 14, 2026 October 22, 2026 Interim report for the first quarter of 2026 Interim report for the second quarter of 2026 Interim report for the third quarter of 2026
The Annual Report 2025 will be published during week 12, 2026 The AGM will be held in Stockholm on April 14, 2026