Fenix Outdoor International AG (Fenix, Group), the parent of the Royal Robbins, Devold, Hanwag, and Fjällräven brands, characterized the company’s second quarter by a weak and highly price-driven German market, while the Nordic markets performed well. Warm weather in central Europe reportedly affected demand in June. This assessment came from company Chairman of the Board Martin Nordin in the company’s second quarter earnings release on July 21, 2026.

“Brands supported by promotions and special offers continued to outperform,” Nordin noted. “In short, prices are still under pressure.”

Nordin said the company also faced operational issues during the quarter, both in the company’s logistics operation due to some integration problems of a new ERP system, and also due to a change of business model in Europe that also affected sales and cost negatively.

For the Group, total sales amounted to €139.4 million ($162.5 mm) in the second quarter, compared to €144.9 million in Q2 last year, a decrease of 3.8 percent year-over-year (y/y).

EBITDA was reported at €3.7 million ($4.3 mm) for the period compared to €6.6 million in Q2 2025.

The operating result was reported as a €11.1 million ($12.9 mm) loss, or negative 8.0 percent of net sales, in the second quarter, compared to a loss of €7.2 million, or an operating margin of negative 4.9 percent of sales, in the year-ago period.

The net result for the period amounted to a net loss of €12.7 million ($14.8 mm), or negative €0.92 per B share, compared to a net loss of €10.0 million, or negative €0.72 per B share, in the 2025 second quarter.

Fenix reports in the euro currency (€). Second quarter currency conversions to U.S. dollars were calculated at an average conversion rate of €1.00 = $1.1625 as published by X-Rates.

Acquisitions
In 2025, Fenix Outdoor International AG acquired Devold Norway AS. The agreement from 2025 included put/call arrangements for the 35 percent non-controlling interests. The redemption amount was recognized as a liability, and the non-controlling interest was derecognized. The liability was estimated at €6.5 million before finalization of the acquisition. In May 2026, Fenix completed the acquisition of the minority shareholding with payment of €9.6  million and now holds 100 percent of equity in Devold. The difference between the liability amount and acquisition price is recognized in equity. 

In January 2025, Fenix Outdoor acquired 49 percent of Viomoda via a convertible loan. At the end of June 2026, Fenix acquired an additional 26 percent and now holds 75 percent of Viomoda. €0.7 million was paid for the acquisition of 26 percent. The payment for the acquired 26 percent includes a shareholding contribution to VioModa as part of the acquisition. From the acquisition, Fenix has a right and an obligation through a put and call agreement to acquire the remaining 25 percent of the company. The present value of the redemption amount is estimated and recognized as a minor liability, and the non-controlling interests are de-recognized. The Viomoda transaction is not expected to have any significant effect on Fenix Outdoors consolidated accounts. 

Sector Summary

Brands
The Brands segment reported external sales of €38.0 million ($44.2 mm) in Q2 2026, compared to €40.5 million in Q2 last year, a decrease of 6.2 percent y/y. The decrease in sales was said to be mainly related to lower sales in Germany and earlier Spring/Summer deliveries this year. The Nordic countries performed better than last year. Also, Devold performed better than planned. 

Brand segment posted an operating loss of €8.7 million in the second quarter, compared to an operating loss of €5.1 million in the year-ago period. 

Segment EBIT was reportedly affected by lower external sales, but also by lower sales to Frilufts, which was said to be “mostly explained” by the new operational model that was implemented to better serve consumers long-term and certain one-time costs, such as write-down of raw materials and logistic costs totaling €2.4 million. 

Global Sales
Global Sales reported external sales of €20.3 million ($23.6 mm) in Q2 2026, compared to €20.8 million in Q2 last year, a y/y decrease of 0.5 percent.

Operating result improved to a profit of €0.8 million in the quarter, compared to an operating loss of €0.5 million in Q2 last year. Sales reportedly increased in Europe, while Asia, outside China, was said to be weaker, affected by lower sales in Korea and some earlier deliveries than last year. Costs remained under control.

Nordin said the company’s JV in China continued to perform well. Net sales were up 22 percent both on Q2 and YTD levels versus last year. China is not consolidated. The positive effect is shown in the result from associated companies.

Frilufts
Frilufts reported external sales of €81.2 million ($94.4 mm) in Q2 2026, compared to €83.5 in Q2 last year, a y/y decrease of 2.7 percent.

The segment posted a €4.0 million operating loss in Q2, more than double the €1.9 million op loss in the 2025 quarter.

As for Brands, sales were lower in Germany hit by warm weather and price competition, while the Nordic markets performed stronger than last year. The German operation, also in this quarter, faced continuing bot attacks that closed down its web shop. The lower Q2 EBIT was mainly explained by lower sales and index-related cost increases for rents and salaries.

Digital/Direct to Consumer (DTC)
DTC sales amounted to €99.2 million ($115.3) in Q2, compared to €102.1 million in Q2 last year.

  • Shops represented 72.3 percent of the total, with sales of €71.7 million, compared to €73.8 million in Q2 last year.
  • Online sales amounted to €27.5 compared to €28.3 last year, representing 27.7 percent of the total.

In Brands DTC Globally, Fenix said it saw a 4 percent y/y increase in digital sales, while Frilufts showed a decrease of 4 percent y/y. The Frilufts shops were down 2 percent y/y.

Regions

Outlook
Looking ahead, Nordin said the market environment remains volatile.

“Germany continues to be challenging and price-driven, while the Nordic and Canadian markets provide a more positive development,” he explained. “We must continue to focus on cost control, operational stability and improving the performance of the new IT environment. We are still affected by some challenges related to the new IT environment, which has not started without operational difficulties and delay of some improved functions. We are also since early this year making a major change in our operational processes utilizing the new IT system in how we approach the market and we are already seeing some effects, but the seasonal nature of our business means that final effects will take some time.”

In terms of markets, the Chairman said in North America, and, in particular, the U.S., business, is improving according to plan and is showing promising/increasing preorders for next spring, and Canada continues to grow. He said the current development in the Nordics is very promising.

“We also see an above expectation development of Devold, which is integrating well. The improved result in global sales and the U.S. development are signs of recovery showing there are areas of resilience and potential for improvements in the Group.”

Image courtesy Fjällräven/Fenix Outdoor International AG