Fenix Outdoor International AG, the parent of the Royal Robbins, Devold, Hanwag, and Fjällräven brands, reported a 6.3 percent increase in revenue to €188.8 million in the 2025 fourth quarter, compared to €177.8 million in Q4 2024, driven primarily by its acquisition of Devold last year. Operating profit came in at €3.0 million in Q4, compared to €2.6 million in Q4 2024.

The company said it took several one-time costs/reservations/write-downs of asset costs of a total of €4.0 million, of which €2.5 million is related to the move of the company’s warehouse operation to Germany, €0.7 million due to the implementation of a new ERP System and €0.8 million of costs incurred from integrating Devold.

EBITDA reportedly increased from €17.2 million in Q4 2024 to €20.5 million in Q4 2025, reflecting “an improvement of our efficiency and a lower cost base.”

Fourth Quarter 2025 Segment Summary

Brands
The Brands segment, excluding the North American Wholesale business, posted a 6.7 percent year-over-year increase in sales, including Internal Sales. The increase was reportedly driven by the addition of Devold in the segment. The North American retail operation was said to show “continued improvement” in local currency terms.

Total consolidated North American operations posted improved results despite the tariff changes during the year, but that came at the cost of decreased margin.

Total External Sales increased 40.0 percent to €64.0 million in the 2025 fourth quarter, compared to €45.7 million in the prior-year Q4 period, due to the move of the Fjällräven Wholesale operations in the U.S. and Canada to the Brands segment and the inclusion of the Devold operation, which it acquired in 2025.

Canada was identified as the only market, aside from China, to grow both DTC and Wholesale, and is outperforming the other regions. The overall growth was pegged at 17.1 percent in local currency terms.

Brands operating profit(loss) was down from €5.0 million in Q4 2024 to a €0.4 million loss in Q4 2025, driven by the €2.5 million in costs for moving its European warehouse services from Almere in the Netherlands to Ludwiglust, Germany; the integration costs of Devold, including the buyout of Devold sales agents in Europe; lower sales by Fjällräven in Europe; and moving its North America business from the Global Sales segment to the Brands segment.

Global Sales
Overall, Global net sales decreased to €29.8 million, compared to €42.3 million last year. Most of the decrease was due to its North American business being accounted for under Brands. On a like-for-like basis, European sales were up 6.7 percent year-over-year.

The Asia/Pacific markets reportedly did not perform as well as the prior year, except for China, which continued to grow both in sales and operating profit.

Total External Sales for the Global Sales segment declined 17.9 percent to €26.2 million in Q4, compared to €31.9 million in the prior-year Q4 period. The lower External Sales was attributed to the relocation of its Fjällräven Wholesale operations in the U.S. and Canada to the Brands segment. The costs were also lower compared to the prior-year period.

Global Sales operating profit(loss) amounted to €2.8 million, compared to an operating loss of €1.2 million in the prior-year quarter. The improvement was mostly due to the move of its North American wholesale market to the Brands segment, and the bottom line in Europe also improved year-over-year.

Frilufts
Frilufts segment sales were down 1.6 percent to €95.5 million in the fourth quarter, compared to €97.0 million in the prior-year Q4 period. Only Denmark showed year-over-year growth during the quarter.

EBIT improved 47.0 percent to €2.6 million from €1.8 million in the prior-year quarter. The increase was attributed to higher salaries and a larger-than-normal inventory write-off in Sweden, offset by smaller losses in Germany. While not achieving last year’s sales, the segment was said to be becoming more efficient.

Group Retail Channel Summary
Total brick-and-mortar sales amounted to €73.3 million in the 2025 fourth quarter, compared to €73.5 million in the 2024 fourth quarter. Digital sales decreased to €38.3 million in Q4 from €41.6 million in the 2024 Q4 period.

Looking Ahead
Martin Nordin, chairman of the Board at Fenix Outdoor International AG, said that Frilufts has shown “very good sales to consumers” as the cold weather arrived in January.

“We have in many of the markets 15-to-20 percent growth,” he detailed. “It amazes me, however, why so many players keep on discounting despite a real demand in the market, which means that the general price pressure. In terms of the supply chain, there is some improvement from the weakening of the USD vs. the EUR. This means that during the year forward, we will see an improvement in our margin. Due to our policy of hedging our purchased volumes, we expect to see a gradual improvement during the year, but no full effect until Spring/Summer 2027. In terms of the political environment, the world is as it is, very unpredictable, so we must constantly be able to act on the changes.”

Nordin continued, “Our new ERP systems continue to be rolled out this year. This has enabled us to better plan and change our business to become more efficient and focus more on consumers and channels. We will see some effect on this already in 2026, but more in 2027. We will also be able to change our purchase and delivery patterns to better deliver to our consumers, our retailers, as well as our inventory planning. The new ERP, we believe strongly, will increase our ability to act fast in a market that is changing fast, also through adding capability to better predictability, combining better internal information with AI solutions to make better decisions earlier, making us faster as individuals and as a company.”

On the expense front, Nording said they are seeing the first effects of the move into the new automated inventory operation in Ludwigslust, Germany.

“We expect annual savings of up to €4 million in 2026, starting in Q2,” Nordin continued. “The effect will be smaller in Q1 due to possible hitches with our new ERP system to keep up with the large volumes during pre-order deliveries then. We also will take a one-time further reservation of about €0.8 million at the end of Q1 related to the Frilufts operation, which will have an effect of lowering the cost during this year by €1.5 million. The full-year effect in 2027 is estimated to be around €4.1 million. Our scaling down of the general cost level goes by reallocating funds to get a better effect. We are also relocating more funds to marketing in some key markets.

So, with the risk of repeating myself, our focus this year again will be on sales and cost control.”

Image courtesy Devold, data and graphics courtesy Fenix Outdoor International AG