FENIX OUTDOOR
ANNUAL REPORT 2025
2 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
CONTENTS
OPERATIONS
02 Annual General Meeting
02 This is Fenix Outdoor
04 Executive Chairman’s report
05 Five-Year Summary, Group
06 Fenix Outdoor Group at a glance
10 Fjällräven
12 Royal Robbins
14 Tierra
16 Hanwag
18 Frilufts
23 EU Taxonomy regulation
ANNUAL REPORT
26 Management report including Corporate
Governance Report
28 Consolidated income statement
29 Consolidated statement of financial position
30 Consolidated statement of changes in equity
31 Consolidated cash flow statement
32 Notes to the consolidated financial statements
48 Audit report consolidated financial statements
50 Income statement, parent company
51 Balance sheet, parent company
52 Notes to the parent company financial statement
55 Audit report, parent company
57 Compensation report
60 Audit report, compensation report
61 Fenix Outdoor share data
62 Annual General Meeting
63 Addresses
Annual General Meeting 2026-04-27
The Annual General Meeting of the shareholders of Fenix Outdoor International AG
will be held at 2 p.m. on Monday, April 27, 2026, at Hemvärnsgatan 9, Solna. The
announcement regarding the Annual General Meeting will be issued through the Ocial
Swedish Gazette (Post och Inrikes Tidningar) and by publication on the Company’s
website www.fenixoutdoor.com. The fact that notification has been issued is announced
in Svenska Dagbladet and Örnsköldsviks Allehanda.
Shareholders who wish to attend the Annual General Meeting must notify the Company
of their intention no later than 1 p.m. on Tuesday, April 21, 2026 at the following address:
Fenix Outdoor International AGM, Solna Strandvag 128 B, SE - 171 54 Solna or by e-mail
at info@ fenixoutdoor.se. Notification must include the shareholder’s name, address,
personal identity number /corporate identity number, phone number (daytime) and the
number of shares he or she holds. Shareholders who, through a bank or another trustee,
have trustee-registered shares must re-register the shares in their own names to be
entitled to participate in the Annual General Meeting. To ensure that this registration is
entered in the shareholder register on Friday April 17, 2026 shareholders must request
that their trustees conduct such registration well in advance of this date. The re-registration
may be temporary.
%
OPERATING MARGIN
OPERATING PROFIT EBIT/MEUR
NET SALES MEUR
THIS IS FENIX OUTDOOR
2021
0
200
400
600
800
2025202420232022
2021
0.0
22.5
45.0
67.5
90.0
2025202420232022
2021
0
4
8
12
16
2025202420232022
Frilufts
MEUR
Jan–Dec
2025
Jan–Dec
2024
External net sales
339.7 347.5
EBITDA
27.3 24.7
EBIT
−5.0 −5.7
Stores
107 106
Brands
MEUR
Jan–Dec
2025
Jan–Dec
2024
External net sales
239.5 173.2
EBITDA
52.2 52.8
EBIT
35.0 37.9
Stores
50 42
GLOBETROTTER
TREKITT
THE FRILUFTS SEGMENT
This segment consists of six outdoor retail chains
in Sweden, Norway, Germany, Finland, Denmark
and the United Kingdom. In total, there are 107
shops and additional e-com business.
Global sales
MEUR
Jan–Dec
2025
Jan–Dec
2024
External net sales
115,5 164.6
EBITDA
16,9 14.1
EBIT
15,7 12.1
Stores
38 41
THE BRAND AND GLOBAL SALES SEGMENTS
These segments consist of four brands, a network
of distribution companies around the world,
brand retail shops and additional e-com business in
North America, Asia, and Europe.
• THE BUSINESS CONCEPT
e business concept of Fenix Outdoor
is to develop and market high-quality,
durable lightweight outdoor products
through a selected retail network with
a high level of service and profession-
alism, to end users with high expecta-
tions.
• THE CEO AND EXECUTIVE CHAIRMAN
is Martin Nordin, eldest son of the
founder, Åke Nordin.
The business concept of Fenix Outdoor is to develop and market
high-quality, durable lightweight outdoor products through a selected
retail network with a high level of service and professionalism,
to end users with high expectations.
• THE PARENT COMPANY of the group is
Fenix Outdoor International AG. e
company is listed on Nasdaq Stock-
holm, Large Cap.
• THE GROUP sells its products around
the world. e major markets are
Germany, Americas and the Nordic
countries.
• THE GROUP has three operating seg-
ments: Brands, Global Sales and Frilus.
THIS IS FENIX OUTDOOR
ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 3
A year driven by global trade turbulence, warm
weather and Fenix Outdoor building for the future
4 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
It was a challenging start to the year due to
warm weather. It continued with challenges
for our US operation due to the customs situ-
ation. In addition it was an increasing price
pressures in the market, especially on the
web. Red prices seem to be the prime trac
driver hurting the classical retailers including
the Frilus group. Still the Frilus group im-
proved their brick-and-mortar sales.
We also have had a few challenges with
the implementation of the new ERP system
starting in the second quarter, which was
not surprising. We are in many ways imple-
menting new ways of working to enable us
to act on better information faster. en the
warm weather in late fall did not help the
situation.
How ever we have had several victories.
e acquisition of Devold has been success-
ful so far and the contribution was, in many
ways, positive in the year. We generally saw
an improvement in our costs as well as the
beginning of savings in our European logisti-
cal operation. We also had two markets out-
performing, Canada which is a part of the
North American operation as well as our
joint venture in China showing records in
sales and prot. is means that we saw a
positive topline development during the two
last quarters. is led to an improvement on
the bottom line for the last quarters, despite a
very warm fall in Europe.
2026 and forward – possibili-
ties but also remained risks.
We still expect a challenging market in 2026,
but the cold weather in Europe has already
had a positive eect. Frilus sales, during the
rst two months in the year, was up. Especially
in the Nordics which give us hope. In terms of
orderbooks for 2026 we do see them being on
an OK level for 2026. e retailers are how-
ever still cautious of taking risks in inventory.
ey are counting more on reorders from the
brands. is means that the increase of inven-
tory risk in our business remains. We must
take a larger risk to enable us to capitalize
more on reorders. e supply chain is facing
an increased risk due to the development in
the middle east and the political environment
is also a factor playing in.
We are continuing to integrate Devold in
our Brand and distribution network. Our de-
velopment of closer to market production
will be further developed and used. is by
facilitating the production at Viomoda as
well as through the Devold production units
in Latvia. Over time this will lower our risk
in inventory as well as improving our ability
to act quickly to consumer demand.
We expect an improvement in gross mar-
gin during the year, especially during Q3 and
Q4. We also expect and improvement in lo-
gistic costs during the year of up to 4 MEUR.
Internally we are facing extra costs from
implementing the new ERP system, while
keeping old systems running. We are aware
of the political volatility eecting the trade
and consumer demand as well as how it may
aect the USD and global taris.
We are, as always, keeping our focus on
sustainability and I am still convinced that
sustainable success and commercial suc-
cess are not opposing forces – they reinforce
each other. A business that takes respon-
sibility, invests in resilience, strengthens
transparency and embraces circularity be-
comes stronger, more relevant and more
competitive.
Thanks for all support
I nalize by repeating my message from the
Q4 report and give a big anks to every-
body having to carry overload of work with
our ERP implementation as well our cus-
tomers for their patience and loyalty in this
changing world.
2024 2025
5,2
12,8
Q1 Q2 Q3 Q4
EBIT per Quarter MEUR in
-6,5
-7,2
28,5
32
2,6
3
The quarters
163,8
149,6
197,5
174,6
Q1 Q2 Q3 Q4
2024 2025
250
200
150
100
50
0
157,7
144,9
206,5
185,6
-10
0
10
20
30
40
50
NET SALES per Quarter in MEUR
MEUR
2025 2024 2023 2022 2021
INCOME STATEMENT
Net sales
694.7 685.6 739.4 759.2 649.9
Depreciation/amortisation
−58.9 −57.9 −58.7 −55.2 −51.5
EBITDA
91.9 95.3 113.6 138.7 135.4
Operating profit
33.0 37.4 54.9 83.5 83.9
Net financial income
−11.2 −2.1 −7.4 −0.7 −2.1
Profit/loss after financial items
21.8 35.3 47.5 82.8 81.7
Income tax
−16.7 −20.7 −15.6 −21.8 −25.1
Net profit for the year
5.1 14.6 31.9 61.0 56.7
BALANCE SHEET
Fixed assets
323.1 275.7 277.3 265.0 265.4
Inventories
249.2 227.5 272.6 246.5 152.6
Accounts receivable - trade
69.8 59.2 51.6 55.8 60.9
Other current assets
16.9 12.7 9.3 12.9 8.2
Cash and cash equivalents, current investments
70.6 111.8 119.1 81.0 181.9
Assets held for sale
- - 13.3 -
Total assets
729.5 686.9 729.9 674.6 668.9
Equity attributable to the Parent Company´s shareholders
384.7 413.2 417.2 405.0 381.4
Minority shareholdings
0.0 0.0 0.0 0.0 0.0
Provisions etc
9.2 8.8 11.5 13.5 15.4
Non-current liabilities, interest-bearing
125.8 129.4 126.5 109.3 126.3
Other non-current liabilities
7.9 0.7 0.2 0.3 0.2
Current liabilities
Interest-bearing
91.2 37.5 65.7 40.4 37.7
Non-interest-bearing
110.7 97.3 108.8 103.9 107.9
Liabilities directly associated with the assets held for sale
- 2.2 -
Total equity and liabilities
729.6 686.9 729.9 674.6 668.9
CASH FLOW
Cash flow from operating activities
60.1 96.6 75.7 −7.0 118.7
Cash flow from investments activities
−49.6 −16.6 −24.7 −27.0 −34.4
Cash flow after investments
10.5 80.0 51.0 −34.0 84.3
KEY RATIOS
Change in sales, %
1.3 −9.7 −2.6 16.8 15.4
Profit margin, %
3.2 5.1 6.4 10.9 12.6
Return on total assets, %
4.8 6.1 7.8 12.7
12.8
Return on equity, %
1.3 3.6 7.6 15.5 15.4
Equity/assets ratio, %
52.7 60.2 57.2 60.0 57.0
Average number of FTE employees
3,021 2,790 2,972 2,837 2,446
DATA PER SHARE
Number of shares, thousands, as of December 31
35,060 35,060 35,060 35,060 35,060
Gross cash flow per B-share, EUR
5.81 6.63 8.29 10.62 8.11
Earnings per B-share, EUR
0.39 1.10 2.40 4.57 4.25
Equity per B-share, EUR
34.76 37.81 38.18 37.02 28.59
Market value as of December 31, MEUR
596 690 939 1,031 1,610
P/E ratio
113 47 29 17 28
Dividend per B-share
1
)
0.69 2.62 1.35 1.35 1.95
FIVE-YEAR SUMMARY, GROUP
ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 5
DEFINITIONS: EBITDA: operating profit, excluding depreciation and write-downs of tangible and intangible assets, PROFIT MARGIN: Profit/loss after financial items as a
percentage of net sales, RETURN ON TOTAL ASSETS: Profit/loss after financial items plus interest expenses as a percent of average total assets, RETURN ON EQUITY: Net
income as a percent of average equity, EQUITY/ASSETS RATIO: Equity as a percent of total assets, GROSS CASH FLOW PER SHARE: Profit after tax plus depreciation/amorti-
zation divided by average number of shares, EARNINGS PER SHARE: Net profit divided by average number of shares, EQUITY PER SHARE: Equity divided by average number
of shares, P/E RATIO: Market value at year-end divided by profit per average number of shares.
1)
To be approved by the AGM
It all started in Örnsköldsvik
In 1950, 14-year-old Åke Nordin from Örn-
sköldsvik in northern Sweden spent more
time outdoors than he did indoors. Aer
many long mountain treks, Åke decided that
the backpacks of that time were unsatisfacto-
ry. He took matters into his own hands, build-
ing a wooden frame. With this frame, the
weight was evenly spread across his back so
that the pack did not end up uneven, uncom-
fortable and pear-shaped. It also meant he
could carry more weight with ease. Åke’s in-
novation quickly caught on, and in 1960 his
new company Fjällräven became the rst to
make and distribute framed backpacks for
commercial use. Fjällräven is Swedish for Arc-
tic Fox, honoring the small and highly adapt-
able predator that lives in the Swedish moun-
tains under the harshest conditions. From the
small town of Örnsköldsvik, Fjällräven and
Fenix Outdoor have now expanded to every
corner of the world. e fundamental idea
of the company remains the same: To pro-
vide functional, durable and timeless equip-
ment that makes the outdoors more enjoyable
for all. We continue to nd smart, innova-
tive solutions to make every adventure unfor-
gettable.
Growing into a global outdoor
leader
Åke had a growth mindset. Producing back-
packs for Swedes was not enough – early on,
he began expanding Fjällräven beyond Swe-
den’s borders while also diversifying the product
range to include tents, sleeping bags and apparel.
In the early 1990s, Åke’s son Martin Nor-
din joined the board and worked as a consul-
tant for the group. With a strong background
in management and nancial consulting,
he introduced a more M&A-driven strate-
gy. is approach led to the acquisition of
two Swedish outdoor retail stores, form-
ing the foundation of what would become
Naturkompaniet – now Sweden’s leading
outdoor retail chain.
e acquisition was driven by the need to
secure a strong, premium distribution network
for Fjällräven in Sweden. Around this time, the
company rebranded from Fjällräven Group
to Fenix Outdoor, reecting its broader ambi-
tions. In the early 2000s Martin ocially joined
the management team, further strengthening
the company’s strategic direction.
is marked the beginning of a series of
acquisitions, expanding both the brand and
retail portfolios:
• In 2001, the group acquired Naturkompani-
et and the outdoor brand Tierra, known for
its innovative, high-tech garments.
• In 2004, the German footwear brand
Hanwag joined the portfolio.
• In 2011, the retail segment Frilus expanded
with the acquisition of the Finnish outdoor
retailer Partioaitta.
• In 2014, the group acquired the German
outdoor retailer Globetrotter.
• e expansion of Frilus continued with the
acquisition of the Danish retailer Frilusland
in 2017 and the British retailer Trekitt in 2021.
• In 2018, the U.S.-based outdoor and travel
apparel brand Royal Robbins was added to
the brand portfolio.
• Since 2021, Naturkompaniet has expanded
into Norway.
• In 2025 Fenix Outdoor acquired the
Norwegian wool specialist brand Devold.
Beyond these acquisitions, the group has
established distribution companies across
Europe, Asia and North America, reinforcing
its position as a global outdoor leader.
Products and Innovation
Åke Nordin’s invention of the framed back-
pack was the beginning of both Fjällräven and
Fenix Outdoor. e group has since contin-
ued developing products for an active outdoor
life based on the customer’s needs.
e range includes apparel, daypacks, back-
packs, sleeping bags, tents, bags, outdoor shoes
and boots. e products are high-quality, dura-
ble and classically designed. Product develop-
ment adapts to the demands of consumers and
professional users. e brands are also trusted
names, with considerable expertise and histo-
ry in product design, materials and production.
e philosophy is to oer optimal and func-
tional products based on functional design.
Functionality
e brands of Fenix Outdoor work hard to
develop functional equipment by careful-
ly considering everything from new, smart-
er solutions to improved material. Our goal is
to oer outdoor equipment that allows you to
spend more time enjoying nature.
Fenix Outdoor group at a glance
1950
The wooden frame.
14-year-old Åke
Nordin creates his
own wooden frame
for a mountain tour.
The Sami people are
impressed and start
placing orders.
1968
The Greenland Jacket
and G-1000.
1960
Fjällräven. Åke
starts Fjällräven and
launches the revo-
lutionary backpack
frames in aluminum.
1978
Kånken. Launched
to protect school
children’s backs.
In 2008 the Kånken
becomes the world’s
first climate-compen-
sated backpack.
1983
The company is list ed
on the OTC list of the
Stockholm Stock
Exchange.
2001
Fjällräven
acquires Tierra AB,
Friluftsbolaget AB
and Naturkompaniet
AB.
IMPORTANT DATES IN FENIX HISTORY
2002
The Fjällräven group
changes its name
to Fenix Outdoor
and Primus AB is
acquired.
NATURKOMPANIET
6 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 7ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 7
Durability
A Fenix Outdoor product is a guarantee
that you will not need to buy a new prod-
uct for a long time. Our users know that our
products live up to strict requirements and
last for many years, oen for generations.
is long-life cycle depends on many fac-
tors, such as production experience, superi-
or choice of material, product assembly and
strict quality controls during the produc-
tion process.
Dependability
When we design our products, we choose
material and solutions that combine to give
you a safe, dependable product you will be
able to use outdoors. We are aware that our
equipment might be used in situations where
there is not a lot of room for error.
Our responsibility
Fenix Outdoor is growing and constantly
moving into new markets. is makes it even
more important for us to take responsibility
for every decision we make, whether we are
in our home in Örnsköldsvik in northern
Sweden or in another corner of the world.
One of the most important aspects of this
is our responsibility toward everyone who
works in the development and production
of our equipment.
Parent company
e parent company is Fenix Outdoor Inter-
national AG, based in Zug, Switzerland.
e company is listed on Nasdaq Stockholm,
Large Cap.
Business idea and goals
e business of Fenix Outdoor is to develop
and market high-quality, durable outdoor
products through a selected retail network with
a high level of service and professionalism, to
end consumers with high expectations.
Goal
• To be a global leader in the development and
sale of equipment and clothes for an active
outdoor life.
Financial Goal
• To achieve annual growth of at least 10 per-
cent, aligned with the company’s long-term
plan.
• To achieve long-term prot before tax of at
least 10 percent.
Strategies
Fenix Outdoor Group will achieve its goals
through:
• Continued expansion within the segment
Brands, through organic growth and acqui-
sitions.
• Organic growth based on a strong glob-
al retail network with strong brands. Own-
ing and operating a retail network increases
control of the value chain through close con-
tact with the end user, which enables a faster
response to trends and changing consumer
demands. e retail network also showcases
the brands’ assortments.
• Brand strategy, marketing and sponsoring.
e group works actively to protect and
develop its brands and retail operations,
which are described in more detail on pages
12–25. Brand management includes active
brand protection through legal activities to
preserve and strengthen the brands. Activ-
ities to strengthen the brands include seve-
ral outdoor events all over the world, but
also a global operation of Brand retail shops.
Since 1986, Fjällräven has been a royal war-
rant holder from His Majesty the King of
Sweden.
Common services
e Fenix Outdoor Group’s organization
aims to achieve economies of scale within
the administration and to centrally coordi-
nate the activities within its business units.
is entails realizing synergies through cen-
tral core functions such as IT, nance, HR,
corporate social responsibility (CSR), legal,
communications and shared logistical ser-
vices from four major central warehouses in
the Netherlands, Germany, Canada and the
United States. In the German warehouse, the
largest one, we have recently invested in an
automatic sorter to make the outbound pro-
cess more ecient.
Number of employees
e average number of full-time equiva-
lent employees in the group totaled 3,021in
2025.
Distribution
e Brands segment operates distribution
companies concentrated on sales of a single
brand and operates business-to-consumer
sales through brand retail stores in Europe
and North America. e Brands segment also
operates online sales in all major markets. e
Global Sales segment consists of Fenix Out-
door multibrand distribution companies rep-
resented globally, mainly buying its products
from the Brands segment. e Asian distri-
bution companies also run retail operations,
primarily brand retail. Frilus Retail Europe
AB – the Frilus segment – runs its business
through six subsidiaries/brands: Naturkom-
paniet (Sweden and Norway), Partioaitta
(Finland), Globetrotter (Germany), Frilus-
land (Denmark) and Trekitt (UK). e Fri-
lus segment has a total of 107 stores in addi-
tion to its e-commerce operation run by each
local brand.
2011
The Finnish
outdoor retail chain
Partioaitta Oy is
acquired.
2004
Hanwag is acquired.
2013
Passing of
Fjällräven founder
Åke Nordin, at
the age of 77.
2014-15
The Frilufts group
is established.
Globetrotter
Ausrüstung GmbH
is acquired.
2017
The Danish out-
door retail chain
Friluftsland A/S
is acquired,
2018
The US-based
outdoor and
travel apparel
company Royal
Robbins is
acquired.
GLOBETROTTER
PARTIOAITTA
FRILUFTSLAND
2021
Frilufts acquires
Trekitt and starts
Naturkompaniet
in Norway.
2025
In 2025 Fenix
Outdoor
acquired the
Norwegian wool
specialist brand
Devold
ORGANIZATIONAL STRUCTURE
HANWAG TIERRAFJÄLLRÄVEN
NATURKOMPANIET PARTIOAITTA FRILUFTSLAND GLOBETROTTER
ROYAL ROBBINS
PRESIDENT
Alex Koska,
COO and Global Sales
EXEC. VICE PRESIDENT
Martin Axelhed,
Brands
VICE PRESIDENT
Henrik Homan,
Frilufts
VICE PRESIDENT
Nathan Dopp, Fenix Outdoor,
American Operations
CFO
Thomas Lindberg,
Finance
EXECUTIVE CHAIRMAN
AND CEO
Martin Nordin
FINANCE HR
FRILUFTS
CORPORATE SERVICES
(COMMON)
GLOBAL SALES
LEGAL
BRANDS
TREKITT
FRILUFTS RETAIL
EUROPE AB
FRILUFTSLAND
NATURKOMPANIET
GLOBETROTTER
PARTIOAITTA
TREKITT
IT
LOGISTICS
AND SUPPLY
CHAIN
CSR
DEVOLD*
*65%, aquired March 4, 2025
8 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
BRANDS FRILUFTS GLOBAL SALES
External sales per market,
MEUR
Jan-Dec
2025
Jan-Dec
2024
Jan-Dec
2025
Jan-Dec
2024
Jan-Dec
2025
Jan-Dec
2024
Switzerland 1.2 1.2
-
6.6 7.9
Sweden 9.2 9.3 73.5 73.2 -
Other Nordic countries 30.7 1.8 72.2 62.6 30.8 31.5
Germany 61.7 52.4 181.9 189.9 -
Benelux 15.4 18.4 0.3 0.3 10.4 10.7
Other Europe 17.3 16.4 11.7 21.5 38.4 39.2
Americas 99.0 67.3 - 44.7
Other World 5.1 6.4 - 29.4 30.6
Total 239.5 173.2 339.6 347.5 115.6 164.6
Brands
Our Brands Division comprises ve brands: Fjällräven, Hanwag,
Royal Robbins, Devold and Tierra. is portfolio enables us to cater
to all the diverse apparel and footwear needs of our outdoor con-
sumers. While our brands share numerous characteristics, three key
attributes stand out across all ve:
Strong Heritage
Premium Products
Sustainability at its Core
e strong heritage of our brands fosters unwavering consumer
trust in our products. Trust is essential when relying on outdoor
gear in challenging environments, and our collective 400+ years of
experience in developing outdoor equipment forms a solid founda-
tion. Our commitment to premium products underscores a focus on
quality and durability, ensuring that our products last a lifetime, if
not longer. is commitment not only builds trust with our consum-
ers – it is simply good business. ese principles culminate in our
third shared characteristic: sustainability. As producers of products
designed for use in nature, it is imperative that we play our part in
preserving our environment.
Global Sales
Our Global Sales division is our owned and operated network of
wholesale distributors spanning Europe and Asia. Owning and oper-
ating our global wholesale distribution network provides numerous
advantages. Operating our own local wholesale companies aords
us the advantage of deep and direct insights into key markets. Our
global sales organization comprises both single- and multi-country
markets, and we consistently evolve our structure to ensure optimal
coverage for each country or market. All distribution companies
within our Global Sales segment sell multiple brands from our port-
folio, with the local portfolio ad usted to align seamlessly with our
other business areas. Operating a multi-brand distribution system
empowers our smaller brands to leverage the strength of our larger
ones, fostering growth and visibility.
ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 9
10 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 11
History
Nature enthusiast Åke Nordin started Fjäll-
räven in 1960 in the Swedish town of Örn-
sköldsvik. Motivated by his ambition to make
outdoor recreation easier, more comfortable
and more inclusive, he developed a business
that continues to grow today. Fjällräven’s suc-
cessful history rests on a series of highly in-
novative products that are still bestsellers, in-
cluding the Expedition Down Jacket, the
Greenland Jacket, the Kånken backpack and
the Bergtagen range of mountain apparel and
equipment.
Brand characteristics
Fjällräven continues to be an industry-leading
outdoor brand, always striving to create long-
lasting products of the highest quality, pro-
duced with the lowest possible environmental
impact, simultaneously encouraging custom-
ers and advancing the ongoing movement
away from fast fashion and toward outdoor.
Fjällräven’s primary goal is to become the
world’s most sustainable and durable outdoor
brand, oering clothes and equipment with
unrivaled quality and functionality, while
staying at the forefront of innovation and sus-
tainability.
Key products
In 2025, several products and initiatives reveal
a brand pushing forward with intent. Hoja, a
new collection of multifunctional biking ap-
parel and equipment, entered the market
prominently. e Bergtagen range of clothing
and gear for life in the mountains expanded
into a diverse range of premium products tai-
lored specically for both the challenging as-
cent and the rewarding ride down. Gore-Tex
and Fjällräven reunited aer more than two
decades, introducing new hardshells that de-
liver both reliable waterproof protection and
reduced environmental impact. And the icon-
ic Expedition Down Jacket took center stage
and created global buzz with a limited Black
Edition.
Activities in 2025
Fjällräven’s new membership program Forev-
er Fjällräven Club was successfully launched
– designed to encourage the purchase of du-
rable, high-quality products, extend their
useful life and inspire more people to lead
an active outdoor lifestyle. e brand’s 2030
strategy was launched internally, to ensure
progress in product innovation, marketing
and business development with clear direc-
tion and condence. Extensive work on op-
erational systems resulted in signicant up-
grades and streamlining measures. e D365
platform was fully implemented, European
warehouses were consolidated into our high-
tech facility in Ludwigslust, and important
structural changes were introduced across
product and marketing teams to improve the
eciency of Fjällräven’s go-to-market strate-
gy. As always, Fjällräven’s globally renowned
events Fjällräven Classic and Fjällräven Polar
continued to dierentiate the brand within
the outdoor industry, reinforcing its position
as a company that truly lives its values, en-
abling more people to feel genuinely at home
in nature.
Outlook 2026
Fjällräven’s lightweight trekking products,
both existing and new, receive more focus
to meet a growing global demand. Sustain-
ability continues to be a cornerstone of the
brand’s values and therefore a priority in all
aspects of the company’s operations. e
2030 strategy will start its rst year of exe-
cution, with a focus on increasing consum-
er reach with particular attention to wom-
en and a new, broader lifestyle segment. In
March, Fjällräven opens a new and exclusive
brand store at Nordiska Kompaniet in Stock-
holm. A closer collaboration with key part-
ners like Globetrotter will be initialized to
continue to strengthen the brand’s position
in Germany. In New York, Fjällräven will ini-
tiate a year-long presence in Times Square
through a dominant corner-positioned digi-
tal unit visible from all major approaches to
Times Square. And in China, the number of
stores will continue to increase. Global mar-
keting teams will execute a more eective
communications strategy to support brand-
strengthening actions across all markets.
Time-tested and
future-ready
Pushing forward with intent, building on its well-earned
outdoor expertise and rich heritage, Fjällräven meets
the growing demand for sustainably produced clothing
and equipment designed for the long run.
12 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
Brand Characteristics
Conceived on Half Dome. Born in base camp.
Our story begins in the 1960s when Roy-
al Robbins, one of the world’s best climbers,
met Liz Burkner, his future wife, in Yosem-
ite’s Camp 4.
His skill and curiosity shaped the sport and
helped usher in the golden age of climbing.
He and Liz started the Royal Robbins com-
pany as way to help others seeking tolive ad-
venturous lives.
Climbers at the time had few options for
durable, comfortable clothes that lived up to
their demands. What you found at the local
Army-Navy surplus store was the norm.
Liz believed climbers deserved better. She
and Royal ditched their worn-down garb,
leaned into years of experience and went into
the clothing business.
As one of the original U.S. outdoor brands,
Royal Robbins revolutionized the industry by
launching the rst climbing shorts, the Billy
Goat. Our commitment to innovation sparked
the Desert Pucker, a category leader made with
wood from sustainably sourced trees. Addi-
tionally, our wool sweaters showcase our pref-
erence for natural bers and our commitment
to durable, versatile and comfortable clothes
made with the highest environmental, social
and sustainability standards.
Liz and Royal’s climbing legacy and bold vi-
sion for life inuence everything we do.
Born in
Yosemite
Our mission is to help people feed their soul
through nature and adventure.
Royal Robbins has been trusted and worn by
climbers and those seeking a life of adventure.
Royal had a rm belief that nature and ad-
venture are good for the soul – a belief that
continues to guide us today.
Activities in 2025
2025 was an exciting year!
We brought the message of “Nature and ad-
venture are good for the soul” to consumers
through our award-winning products and a
reinvigorated go-to-market plan.
e Royal Robbin’s Hang Board Challenge
expanded across the U.S., Canada and Europe.
e events generated excitement and consum-
er engagement and helped us raise $25,000
for our friends at the Yosemite Climbing As-
sociation.
Royal Robbins’s innovative MPT (Mosqui-
to Protection Technology) was launched. e
market responded to this new chemical-free
approach to protection, and MPT rapidly gar-
nered innovation and design awards from
TIME, CNN Underscored and Popular Sci-
ence, reinforcing that MPT was one of the in-
dustry’s most signicant innovations of 2025.
Key Products
We serve our fans through performance ap-
parel that emphasizes comfort, versatili-
ty and sustainability. Our 2025 collection
was focused and energized and drove excite-
ment with retailers and consumers. Our icon-
ic Pucker shirts expanded across men’s and
women’s categories, building on the more
than one million sold over the past 25 years.
We saw continued growth behind versatile
Spotless dresses and our RWS-certied me-
rino wool sweaters, known for their perfor-
mance and comfort. e launch of Wilder,
Expedition and Amp Lite collections featur-
ing MPT was a highlight with positive busi-
ness impacts.
Outlook 2026
Spring brings the launch of the Salathé
Hoody, an ultra-lightweight, breathable and
truly unique sun hoody that provides UPF
40+ sun protection along with chemical-free
MPT, as well the introduction of our new
Hemp Adventure collection.
In the fall we’ll meet consumers’ increased
demand for comfortable and versatile gear
through our expanded collection of merino
wool sweaters and shackets. We’re also excit-
ed to introduce our latest and greatest pant,
the Enduro Utility pant. ese cotton can-
vas pants are redening performance and du-
rability.
We will continue to emphasize direct con-
nections with our fans through our products,
consumer events and expanded digital mar-
keting programs, while adding even more en-
ergy to our PR eorts – always reinforcing the
truth that nature and adventure are good for
the soul.
ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 13
14 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
Brand Characteristics
Tierra develops technical outdoor apparel for
demanding mountain environments, with a
clear focus on function, longevity and respon-
sible material choices. e brand builds few-
er products, with higher relevance, designed
to perform over time rather than follow sea-
sonal noise.
Founded in 1983, Tierra has a long-stand-
ing relationship with technical fabrics and
protective outerwear. From early expedition
use to today’s alpine shells and insulation sys-
tems, the brand has consistently focused on
solutions for harsh conditions and real use
cases. Innovation is driven by necessity, not
novelty, with close attention to materials, con-
struction and t.
Today, Tierra’s development work centers
on high-performance categories above the
tree line, where protection, reliability and du-
rability matter most. Sustainability is integrat-
ed through material choices, longer product
life cycles and a continuous move toward low-
er-impact technologies, without compromis-
ing performance.
Key Products
2025 marked the launch of the Roc Blanc
Gen. 4 Jacket and Pant, a state-of-the-art al-
pine shell system built with Gore-Tex Pro
ePE. e system has been very well received,
with sell-through exceeding expectations.
Tarrekaise and Kebnepakte down jackets,
introduced in 2024, have established Tierra as
a strong player in the insulation category and
continue to show solid demand.
e Back Up 3L Jacket and Pant remain a
key three-season shell system, valued for ver-
satility and reliability across a wide range of
conditions.
Nallo continues to be a popular lightweight
mid-layer for year-round use. Soshell pants
remain an important category, led by proven
styles such as the Ace Pant.
Activities in 2025
With the introduction of Roc Blanc Gen. 4,
Tierra completed the transition to PFC-free
Gore-Tex ePE. All Gore-Tex styles are now
fully free from uorocarbons.
Tierra’s e-commerce business grew steadi-
ly during the year, driven primarily by Sweden
and Germany, and continues to show strong
long-term potential.
Sell-in for SS26 and FW26 was positive,
with the Benelux region added as a new mar-
ket. e down range was expanded with
three new lighter styles, and a new four-sea-
son Gore-Tex shell system, Roc Noir, was in-
troduced.
Outlook for 2026
In 2026, Tierra will expand into physical retail
in the Benelux market, while strengthening its
e-commerce oering and deepening collabo-
ration with Frilus retail.
For SS26, Tierra introduces Pace 2.0, a new
family of soshell pants positioned for Fenix
retail. For FW26, the Roc Noir shell system
launches alongside the expanded down range,
reinforcing Tierra’s focus on protective alpine
apparel.
Built for exposed
mountain environments
Tierra develops technical apparel for the most demanding
mountain environments. The approach is deliberate: fewer p
roducts, built to last, with material choices and construction that
reflect real alpine use. Function first. Always.
ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 15
16 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 17
Brand Characteristics
Despite ongoing and signicant market tur-
bulence, with the outdoor market no longer
growing, Hanwag’s sales results in 2025 re-
mained positive, even though they fell slightly
short of the previous year’s gures. e shoe
and leather industry is facing steadily rising
costs, declining consumption, reluctance from
retailers and a shi to the internet. ese fac-
tors have had a signicant impact on Germa-
ny and Benelux, Hanwag’s most important
markets, and therefore had a major eect on
the results. Nevertheless, Hanwag was able to
increase its margins despite all diculties, sig-
nicantly boosting prots compared with the
previous year and the budget forecast, and
surpassing its target for 2025. Customer trust
in Hanwag remains high, as Hanwag reliably
delivers high-quality products made in Eu-
rope.
Last year, Hanwag took further steps to
consolidate its position for the future. We’re
focusing more on our premium distribution
to take further steps toward new markets such
as hunting and outdoor lifestyle.
Last year, Hanwag launched a new model,
the Kaduro Light GTX. Equipped with Gore-
Tex Invisible Fit technology, it features an in-
novative midsole made of eTPU particles and
polyurethane (PU), a technology that Hanwag
developed with BASF. e Kaduro Light GTX
has established itself very well, and as a result
we were able to gain market share. Last year,
Hanwag also reinforced three models with ex-
clusive fashion collaborations: the Bergler
Low, the Bergler eye_C II, and the Gritstone
II eye_C GTX. is enabled us to solidify our
success in the outdoor lifestyle sector.
Hanwag’s brand values remain popular
across industries and are appreciated by all
target groups.
Outlook 2026
e market will remain challenging in 2026.
Nevertheless, Hanwag continues to anticipate
a healthy demand for its products. We plan
to further strengthen our position as a pro-
vider of high-quality boots and shoes and tap
into new target groups that show signicant
potential. For summer 2026, Hanwag has ex-
panded and enhanced the Kaduro family. Our
Kaduro models are unique in the eld of out-
door footwear. We want to relate more strong-
ly to the growing number of long-distance
hikers, the through-hiker target group. Hunt-
ers represent a further target group that is ex-
periencing steady growth. Up to now we have
not focused directly on hunting. is is going
to change in 2026, as we launch the Omega
Hunt in the autumn. It’s a hunting boot made
with special sweat-repellent leather for scent
control. Hanwag plans to strengthen and ex-
pand this segment and invest more resourc-
es in the long term to establish its own hunt-
ing collection.
For the 2027 season, Hanwag will focus on
new mountaineering boots, such as the Ome-
ga Light and an update of the Makra fami-
ly. At the same time, Hanwag will continue its
low-cut oensive to cater to additional target
groups and meet the demand for lightweight
outdoor shoes.
With these plans we feel optimistic about
the future, and we look forward to writing
further chapters in our success story.
Strengthening long-term
performance through consistent
customer orientation
The transition to a new inventory management system at Hanwag posed significant
challenges. Due to our strong team and excellent support, we were able to overcome
these challenges. Thanks to the shift toward additional target groups, such as
outdoor lifestyle and the hunting sector, along with high-quality, solid products and
new innovations, Hanwag is positive about the future.
18 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 19
Brand characteristics
No one does the outdoors quite like Norwe-
gians. We don’t chase perfect weather. We
don’t wait for calm seas or clear skies. We
go out anyway, in sideways rain that stings
your face, in the cold that creeps into every
gap, and in sunlight that lasts forever — be-
fore disappearing for months. We go out be-
cause that’s where we feel most alive. Most
like ourselves. Most at home. Why? Be-
cause it is home. Born on the Norwegian
west coast in 1853, Devold was shaped by
fearless shermen who faced the elements
day aer day, by generations who wore it
in storm aer storm, and by pioneering ex-
plorers who trusted wool with their lives.
Wool that warms when it’s cold. Cools when
it’s hot. And keeps protecting you even
when it’s soaking wet. Wool, not because
it’s trendy, not because it’s new, but because
it works where it really matters: in the real,
raw Norwegian outdoors. And because it
works here, it works everywhere. at’s why
Devold has been
Worn by Norwegians since 1853.
Key products
Devold has designed and developed wool
products for outdoor use since the begin-
ning with base layers, mid-layers, ionic sweat-
ers, socks and headwear as the core of its col-
lection.
e 2025 product range has brought the
brand to life as real-life and tangible manifes-
tations of the Devold values. ey are built on
the same pioneering spirit that always has car-
ried the brand, but they are clearly setting a
new direction for the future of Devold.
Activities in 2025
2025 marked the introduction of the all-new
Everyday product category. With Everyday we
are widening our reach, bringing our best per-
formance qualities from the mountains into
daily life and letting more people experience
our amazing brand. At the core of the Everyday
collection is the brand-new T-shirt program.
e T-shirt program with legacy prints
made Devold’s history visible in a contempo-
rary and accessible way. By reintroducing ar-
chive graphics, these products connected past
and present, strengthening authenticity and
brand recognition without relying on con-
structed narratives.
e T-shirt program is our key vehicle to
drive business in the spring/summer sea-
son, and it builds the foundation for increased
summer sales and a more balanced full-year
business.
e Devold Endurance collection was in-
troduced in FW25 as a head-to-toe collec-
tion of performance gear built for high-paced
activity – with trail running at the core. e
Endurance collection reinforced Devold’s
credibility as a wool pioneer. From a brand
perspective, it demonstrated that innovation
is not a departure from heritage but an exten-
sion of it — built on generations of material
knowledge and real-life use.
e dening product story of the year was
the new Everyday Archive Collection. Here
we have dug out historical products from our
archives and made them relevant for a new
generation of today. From a brand perspec-
tive, this collection became a powerful proof
point, showing that Devold’s heritage is not an
aesthetic reference but a real foundation. e
designs and constructions are rooted in orig-
inal garments made for function, long before
heritage became a trend.
Together, these products expressed a clear
brand narrative for 2025: classics that nev-
er die, a constant push for natural innovations
and a legacy that is not claimed or made-up,
but proven for 173 years.
2025 was a milestone year for Devold, with
Fenix Outdoor assuming majority ownership
and the subsequent introduction of Devold
into Fenix’s global distribution network.
Outlook for 2026
Devold will maintain its unwavering commit-
ment to creating the world’s best base layers,
introducing new products, innovations, and
signicant improvements throughout the year.
e Tshirt program continues to acceler-
ate, adding fresh energy and new styles to the
collection.
In 2026, Devold will further elevate its hik-
ing oering, expanding the product portfo-
lio with even more items designed specical-
ly for hiking.
e new Endurance collection and the new
Everyday collection — including the Every-
day Archive products, will continue to evolve
through 2026
e rollout of Devold within the Fenix
global distribution network will also contin-
ue in 2026, supported by the introduction of
the new Devold retail concept in key stores.
Devold.com, will be re-launched on a new
platform, becoming a premium sales chan-
nel showcasing the full strength of the prod-
uct portfolio and brand, positioned to acceler-
ate international expansion.
Worn by Norwegians
since 1853
We are the original wool pioneers. Trusted by explorers and fishermen for
generations. Using the finest and most premium wool, with the highest
quality, longest and strongest fibers, sourced from select farmers.
Designed in Norway and crafted by experts in our own factory in the EU.
A confident heritage brand led by performance. With 173 years of legacy,
we make relevant outdoor garments for today’s consumers.
20 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
To inspire people to spend more time outdoors Partio-
aitta launched ‘Ulkona. Perillä.’ (Destination Outdoors)
theme day with a mini tradeshow event in the middle of
Helsinki on May 15th. (above and belov)
Naturkompaniet Norway opened an Outlet in our existing Naturkompaniet-store in Lillehammer (named Outlet
Naturkompaniet Lillehammer)
We supported the local Mountain Rescue team in hosting the anniversary Big Black Mountain Challenge, a demand-
ing 40 kilometer route designed to support seasoned and novice hikers achieve a big day out, ticking o all the best
local summits in one day.
Trekitt consolidated multiple warehouse sites into one,
allowing us the height to add taller, more ecient rack-
ing and organise our team in a ecient manner.
Store Opening after Relocation City Store in Ulm
(02.07.2025).
ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 21
FRILUFTS RETAIL
EUROPE AB
FRILUFTSLAND
NATURKOMPANIET
GLOBETROTTER
PARTIOAITTA
TREKITT
Frilufts Retail Europe AB
Frilus Retail Europe consists of six retail
chains operating within the outdoor segment:
Naturkompaniet Sweden, Naturkompaniet
Norway, Partioaitta Finland, Globetrotter
Germany, Frilusland Denmark and Trekitt
UK.
e Frilus group has a total of 107 stores:
37 in Sweden (including 1 franchise store), 11
in Norway, 22 in Finland, 22 in Germany (in-
cluding 1 franchise store), 14 in Denmark and
1 in the UK. Each company also has its own
e-commerce store. Frilus Retail Europe AB
(Frilus AB) is 100% held by Fenix Outdoor
International AG.
Activities 2025
A challenging year with careful consumer
spending and lots of discounts in all markets.
On top of that, unfavorable weather with al-
most no winter in the Nordics, neither at the
start nor the end of the year, and also a very
hot summer. We pushed hard to overcome
these challenges and we managed to mitigate
them better in our stores than on e-com.
A big milestone for 2025 was that
Naturkompaniet in Sweden went live on the
new Frilus retail IT platform in June. at
means that now both Sweden and Norway are
live there. During 2026 we will continue to
roll out the systems to more markets. We also
went live with Frilus master data project and
with the transition to one common PIM sys-
tem where all content master data such as text
and pictures are now shared within the Fri-
lus group.
Premium outdoor
retail
Frilufts vision is to globally define premium outdoor retail
and be the first choice for customers and partners.
Our mission is to in a personal way, share our experience
and passion for nature. We inspire and equip people to spend
time outdoor in the most sustainable way!
Several strategic decisions on our store net-
work have been taken during the year. A few
stores have been relocated or closed, and we
have opened a few new stores. is work con-
tinues and during Q1 in 2026 we will open
two new stores, one in Denmark and one in
Sweden.
We have further done organizational and
cost-cutting actions, mainly in Germany, to
ensure that we are leaner and faster going
into 2026. We will see further savings in 2027
when the actions have a full eect.
During the year we have continued to re-
inforce our premium position in each mar-
ket and we have won several sustainability
awards, such as the Sustainable Brand Index
in both Sweden and Finland.
Outlook 2026
Focus is on improving the protability for the
group by driving sales, while keeping margins
in mind, carrying out cost savings, nalizing
Frilus IT platform and bringing Globetrotter
live on the platform.
During Q1 we will open the rst out-
door outlet store in Denmark. It will be a
large store located in Ringsted. In Sweden,
Naturkompaniet is opening up two depart-
ments at Nordiska Kompaniet – one Fjäll-
räven and one Naturkompaniet multibrand
department.
Besides focusing on daily operations, we
are working intensively on the nal develop-
ment of our IT platform. e big nal piece
to shi is to move from Axapta to Microso
D365 and at the same time change the com-
22 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
pany setup in the ERP. When that is done,
we will roll out the Frilus platform to
Globetrotter and later to Partioaitta. is
will mean that we can start many business
initiatives that over time will help us to in-
crease sales, streamline our work and har-
monize our IT platforms. is is exciting!
We had the rst real winter in a while
at the start of 2026, and we can clear-
ly see how important the weather is. De-
mand is high and sales have started o
good. For the rest of the year we expect a
still challenging market and careful con-
sumer spending, even if we see some signs
that demand and consumption are on the
rise again.
We organized a outdoor-event toghether with
Fjällräven during “Natt i Naturen” – an event
from Norsk Friluftsliv during Friludtslivets År
2025, that invite people to sleep outside for one
night the first weekend of September. A national
initiative with a lot of organizers as DNT, the royal
family talked about it in their channels etc. We
had 4 events located where our stores are.
COMPANY FACTS
GLOBETROTTER AUSRÜSTUNG
In 1979 two outdoor enthusiasts founded Germa-
ny’s first store for outdoor pursuits and expedition
equipment. From the outset they looked for the
best, most functional products for outdoor life and
for traveling to the most far-flung corners of the
world. Their shop in Hamburg’s Wandsbek district
quickly became a meeting point for globetrotters
and adventurers. Today, Globetrotter has a big e-
commerce business and 21 stores (1 franchise).
NATURKOMPANIET
Naturkompaniet’s oldest subsidiary, Scoutva-
ror AB, was founded in 1931 by the Swedish
Scouts. In 1951, the name was changed to Fri-
luftsmagasinets Scoutvaror AB, and in 1991 the
stores changed their name to Naturkompani-
et. Today, Naturkompaniet is Sweden’s larg-
est outdoor retailer, with 37 stores (1 franchise)
and a fully operational e-commerce site. Dur-
ing 2021 the first stores in Norway was launched
and there are now 11 stores in Norway, of which
three are pure Fjällräven stores but are fully op-
erated by Naturkompaniet. Naturkompaniet sells
equipment for outdoor and travel activities from
the world’s leading brands. The vision is to pro-
mote outdoor recreation and health by providing
equipment to facilitate and enrich outdoor life.
PARTIOAITTA
Partioaitta OY was founded in 1928 by the Finnish
Scouts. The company, whose name means Scout
Shops in English, was established through a merg-
er of several dierent scout organizations and is
now Finland’s largest outdoor retailer, with 22
stores and an e-commerce site.
FRILUFTSLAND
Friluftsland was established in Denmark in 1980
by two 19-year-old boy scouts who were dissatis-
fied with the service and range of outdoor prod-
ucts on oer. The first store had a sales area of 16
square meters, and in the winter it was only open
in the afternoon. Nowadays, Friluftsland is an om-
nichannel chain with 14 stores and a web shop
that focuses on premium-quality products, sta
and services.
TREKITT
Trekitt was established by the Trepte family at
the foot of the Black Mountains in Abergaven-
ny, Wales, in 1986. The company remained fam-
ily owned until it was acquired by Frilufts and
consists of one store in Hereford, as well as a fast-
growing and hugely successful specialized e-com
business. Trekitt’s motto is “Live the Outdoors,”
and ever since its inception the company has prid-
ed itself in providing top-quality equipment and
clothing for mountaineers, hill walkers, climbers
and travelers, allowing them to do just that.
ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 23
Under Article 8 of the Taxonomy Regulation large undertakings
that are required to publish non-nancial information pursuant to
theCorporate Sustainability Reporting Directive(CSRD) have to dis-
close information on how and to what extent their activities are as-
sociated with environmentally sustainable economic activities. For
this, the Disclosures Delegated Act species key performance indica-
tors (KPIs) related to turnover, capital expenditure (CapEx) and op-
erational expenditure (OpEx) that non-nancial undertakings must
disclose.
An activity is considered environmentally sustainable if it makes a sub-
stantial contribution to at least one of the following environmental ob-
jectives:
1. Climate change mitigation
2. Climate change adaptation
3. e sustainable use and protection of water and marine resources
4. e transition to a circular economy
5. Pollution prevention and control
6. e protection and restoration of biodiversity and ecosystems
– while doing no signicant harm (DNSH) to any of them.
e business concept of Fenix Outdoor is to develop and market
high-quality, durable lightweight outdoor products through a selected
retail network. e main activity of Fenix Outdoor is not considered
included in the EU Taxonomy scope. However, Fenix Outdoor can list
a couple of activities that generate nancial streams and are EU Taxon-
omy eligible business activities. We deem none of the below described
activities as taxonomy-aligned, since they don’t fully align with the
technical screening criteria.
Business activities contributing to climate adaptation and climate
change mitigation
1. Acquisition and ownership of buildings
Fenix Outdoor have not acquired any new buildings during 2024,
but have signicant right of use assets (stores, warehouses, cars, oc-
es etc). New or renegotiated right of use assets for stores, warehouses
and oces are threaten as Acquisition of owner ship of buildings, but
for the validation of necessary data for alignment it has been chal-
lenging and therefore reported as not environmentally sustainable
activities.
2. Installation, maintenance and repair of charging stations for elec-
tric vehicles in buildings (and parking spaces attached to build-
ings) – details are given in the CSR Report 2025
3. Data processing, hosting and related activities
4. Transport by motorbikes, passenger cars and light commercial ve-
hicles
Business activities contributing to the transition to a Circular Economy
1. Repair, refurbishment and remanufacturing
2. Sale of second-hand goods
Fenix Outdoor have provided services for repair of shoes etc for a long
time. Rental services and secondhand oering have started on a small-
er scale recent years.
e CSR Report 2025 describes in detail Fenix Outdoor’s contribu-
tion to sustainable development and species in Chapter 2 of the CSR
Report our approach to environmental, in Chapter 3 our approach to
economical and in Chapters 4 and 5 our approach to social and soci-
etal sustainability.
EU Taxonomy regulation
Netsales KPI Substancial contribution Do no significant harm
ECONOMIC ACTIVITIES
A
Taxonomy-Eligible Activities
A.1 Environmental sustainable activities
Taxonomy-aligned
Net sales from sustainable activities
of which Enabling N/EL N/EL N/EL N/EL N/EL N/EL - - - - - -
of which Transitional - - - - - -
A.2 Net sales from eligible but not enviromental
sustainable activites (not Taxonomy-aligned
activites)
Sales of repars and second-Hand goods 4,202
Net sales from eligible but not enviromental
sustainable activites (not Taxonomy-aligned
activites)
4,202 0.60% 0.54%
A
Net sales from taxonomi-eligible
activities
4,202
B
Taxonomi-non-eligible activities
Net sales from non eligible activities
690,508
Total
694,710
Code
Net sales
% of revenue
Climate cahnge
mitigation
Climate change
adaptation
Water
Pollution
Circular Economy
Biodiversity
Climate cahnge
mitigation
Climate change
adaptation
Water
Pollution
Code
Biodiversity
Y = Yes, taxonomy-eligible and taxonomy-aligned activity with the relevant enviormental objective
N = No, taxonomy-eligble but not taxonomy-aligned activity with the relevant enviormental objective
N/EL = Not eligible, taxonomy non-eligble activity for the relevant enviormental objective
EU TAXONOMY REGULATION
24 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
Capex KPI Substancial contribution Do no significant harm
ECONOMIC ACTIVITIES
A
Taxonomy-Eligible Activities
A.1 Environmental sustainable activities
Taxonomy-aligned
Capex from sustainable activities
of which Enabling
N/EL N/EL N/EL N/EL N/EL N/EL
of which Transitional
A.2 Capex from eligible but not enviromental
sustainable activites (not Taxonomy-aligned
activites)
Acquisition and ownership of buildings 38,395*)
Capex from eligible but not enviromental
sustainable activites (not Taxonomy-aligned
activites)
38,395 5.53%
N/EL N/EL N/EL N/EL N/EL N/EL
A
Capex from taxonomi-eligible
activities
38,395
B
Taxonomi-non-eligible activities
Capex from non eligible activities
25,636
Total
64,031
Code
Capex
% of revenue
Climate cahnge
mitigation
Climate change
adaptation
Water
Pollution
Circular Economy
Biodiversity
Climate cahnge
mitigation
Climate change
adaptation
Water
Pollution
Circular Economy
Biodiversity
Y = Yes, taxonomy-eligible and taxonomy-aligned activity with the relevant enviormental objective
N = No, taxonomy-eligble but not taxonomy-aligned activity with the relevant enviormental objective
N/EL = Not eligible, taxonomy non-eligble activity for the relevant enviormental objective
*) Additional Right of use assets 2024
**) Purchased intangible and tangible assets 2024
Opex KPI Substancial contribution Do no significant harm
ECONOMIC ACTIVITIES
A
Taxonomy-Eligible Activities
A.1 Environmental sustainable activities
Taxonomy-aligned
Opex from sustainable activities
of which Enabling N/EL N/EL N/EL N/EL N/EL N/EL
of which Transitional
A.2 Opex from eligible but not enviromental
sustainable activites (not Taxonomy-aligned
activites)
Sales of repars and second-Hand goods 0
Opex from eligible but not enviromental
sustainable activites (not Taxonomy-aligned
activites)
0 0.00%
A
Opex from taxonomi-eligible activi-
ties
0
B
Taxonomi-non-eligible activities
Opex from non eligible activities
368,136
Total
368,136
Code
Opex
% of revenue
Climate cahnge
mitigation
Climate change
adaptation
Water
Pollution
Circular Economy
Biodiversity
Climate cahnge
mitigation
Climate change
adaptation
Water
Pollution
Circular Economy
Biodiversity
Y = Yes, taxonomy-eligible and taxonomy-aligned activity with the relevant enviormental objective
N = No, taxonomy-eligble but not taxonomy-aligned activity with the relevant enviormental objective
N/EL = Not eligible, taxonomy non-eligble activity for the relevant enviormental objective
EU TAXONOMY REGULATION
ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 25
Taxonomy-aligned
per objective
Taxonomy-eligible
per objective
CCM 0% 0%
CCA 0% 0%
WTR 0% 0%
CE 0% 0%
PPC 0% 0%
BIO 0% 0%
PROPORTION OF NET SALES / TOTAL NET SALES
Taxonomy-aligned
per objective
Taxonomy-eligible
per objective
CCM 0% 0%
CCA 0% 0%
WTR 0% 0%
CE 0% 0%
PPC 0% 0%
BIO 0% 0%
PROPORTION OF CAPEX / TOTAL CAPEX
Taxonomy-aligned
per objective
Taxonomy-eligible
per objective
CCM 0% 0%
CCA 0% 0%
WTR 0% 0%
CE 0% 0%
PPC 0% 0%
BIO 0% 0%
PROPORTION OF OPEX / TOTAL OPEX
CCM– Climate Change Mitigation
CCA – Climate Change Adaptation
WTR – Water and Marine Resources
CE – Circular Economy
PPC – Pollution Prevention and Control
BIO – Biodiverity and ecosystems
Row Nuclear energy related activities
1 The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electric-
ity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
No
2 The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce
electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well
as their safety upgrades, using best available technologies.
No
3 The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or
process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy,
as well as their safety upgrades.
No
Row Nuclear energy related activities
4 The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce
electricity using fossil gaseous fuels.
No
5 The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/ cool and power
generation facilities using fossil gaseous fuels.
No
6 The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that
produce heat/cool using fossil gaseous fuels.
No
EU TAXONOMY REGULATION
26 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
MANAGEMENT REPORT
ANNUAL REPORT – MANAGEMENT REPORT
The Board of Directors of Fenix Outdoor International AG, Corporate Identity Number
CHE-206.390.054, with its registered oces in Zug, Switzerland, hereby present the
annual report and consolidated financial statements for the financial year 2025. Fenix
Outdoor International AG is listed on Nasdaq OMX Stockholm, Large Cap.
Fenix Outdoor International AG publishes annual reports in English and Swedish. The
English version is legally binding.
OPERATIONS
The group is organized into three business segments: Brands, Global Sales and Frilufts.
• Brands include Fjällräven, Tierra, Hanwag, Royal Robbins and Devold. It also
includes Brandretail (the e-com and brand retail shops) and the distribution
companies concentrated in sales of only one brand.
• Global Sales includes distribution companies selling more than one Fenix brand.
• Frilufts includes the retailers Naturkompaniet AB, Naturkompaniet AS, Partioaitta
Oy, Globetrotter Ausrüstung GmbH, Friluftsland A/S, Trekitt and Exist A/S.
The three business segments are supported by common functions for management,
CSR/CSO, finance, HR, IT, legal and logistics.
LARGEST OWNER
The main owner of Fenix Outdoor International AG is Martin Nordin, holding 52.9%
of the total voting rights and 15.4% of the total capital.
SIGNIFICANT EVENTS
In longer periods the European sales were hit by warm and volatile weather. Digital sales
underperformed while physical retail held up better. In March a 65% shareholding of
Devold was acquired. This acquisition was the driver for higher sales in comparision with
last year. During the year we have focused on internal process as concentrating our
European logistics to Germany and the integration of a new ERP system.
SALES AND PROFIT
The group’s net sales increased by 1.3% to MEUR 694.7 (MEUR: 685.4). The
operating profit decreased to MEUR 33.1 (MEUR: 37.4).
PROSPECTS FOR 2026
We are still facing a challenging market in 2026, but in terms of orderbooks it does
look promising. The gross margin for the fall/winter season will get support from
the weaker USD, already hedged. We will continue rolling out our new ERP systems
during the year, enabling us to act fast in a market that is changing fast. In terms of
eciency, we will see the first eect of the move into our new automated inventory
operation in Ludwigslust and expect annual savings of up to 4 MEUR in 2026.
EMPLOYEES
The average number of employees, as well as salaries, remuneration and social
security contributions, are reported in Note 5. The board’s proposal to the Annual
General Meeting regarding remuneration to Senior Executives is declared in the
compensation report on pages 57-59.
LIQUIDITY AND FINANCIAL POSITION
The group’s total cash and cash equivalents totalled MEUR 70.6 (MEUR: 111.8) as
of December 31, 2025. The group’s interest-bearing liabilities, including lease
liabilities, increased to MEUR 216.9 (MEUR: 166.9). The group’s total equity
attributable to the Parent Company’s shareholders at the end of the year was MEUR
384.8 (MEUR: 413.2), which corresponds to an equity ratio of 52.7% (60.2%).
RISK FACTORS
• Cyclical risks. Historically, upswings and downturns in the economy have not had
any significant impact on the group’s sales or earnings trend, even though the
risk may have increased by the larger retail share of the operations, including the
changing retail environment.
• Weather-related and seasonal risks. Certain parts of the group’s product range and
sales are aected by weather conditions. Portions of the winter collection, mainly
available in the markets with a colder climate, are negatively aected by warm and
late winters.
• Trend risks. The group does not consider itself to be a group of fashion products, but
the business is aected by long-term trends such as the outdoor life trend. Some
markets in warmer climates, which have a dierent product mix, are still more im-
pacted by single product trends compared to other more traditional outdoor markets.
• Pandemic risks. The group has shown that it is well prepared to handle crisis like that.
• Currency risks. The group’s net sales in dierent currencies are distributed as
following: SEK 12.1%, EUR 55.6% including DKK, USD 12.4%, NOK 7.1% and
other currencies 12.8%. A major portion of the Brand segment's purchases take
place in USD, even though certain brands make a large share of purchases in EUR.
The Frilufts and Global Sales companies mainly buy in local currency. The group’s
policy is to hedge its short USD position from purchase orders, through forward
contracts lasting up to a year. Further information regarding the group’s risk
management can be found in the section Accounting Principles and in Notes 3 and
28. The group had outstanding currency forwards as per December 31, 2025,
where 43 MUSD had been purchased against 36.5 MEUR. If no hedge made, a 5%
change of the USD/EUR rate would result in an annual eect of MEUR 3.37.
• Vendor risk. The group is not totally dependent on any major single vendor even
though some brands are more exposed in the short run.
RESEARCH AND DEVELOPMENT
The group does not engage in research in the traditional sense. Since its beginning,
one of the brands' primary success factors has been the ability to continually
develop new products and improve existing ones. This holds true for each of the
group’s brands. The products are tested in both laboratory environments and in
authentic conditions through regular events, such as the Fjällräven Classic,
Fjällräven Polar and Hanwag’s Alpine experience.
Principles applied in the reporting of development costs and information regarding
monetary amounts are presented in a separate section in Note 2, Accounting and
Valuation Principles.
CAPITAL EXPENDITURES
The group’s capital expenditures totalled MEUR 23.6 (MEUR: 27.0). Around 50% of
the investments were attributable to the digital environment.
CORPORATE GOVERNANCE REPORT
The company’s corporate governance complies with the NASDAQ OMX listing
agreement and the Swedish Code of Corporate Governance, with the exceptions stated
below. The Articles of Association defines the company’s business name, operations,
registered oces, number of board members, amount of share capital, etc.
THE SWEDISH CODE OF CORPORATE GOVERNANCE
This report complies with the Swedish Code of Corporate Governance. Exceptions to
the code are explained in the relevant sections.
Annual General Meeting
The Group’s highest decision-making body is the Annual General Meeting, which
usually takes place at the end of April or the beginning of May. The Board of Directors,
the Chairman, the Compensation Committee, the independent proxies and Auditors
are elected at each Annual General Meeting. The annual financial statements are
adopted and resolutions are undertaken regarding discharge from liability. In addition,
the appropriation of profits and compensation to the Senior Executives and the Board
of Directors are approved. Each shareholder, listed in the shareholders’ register on a
specified date prior to the meeting, and who has also registered to attend the Annual
General Meeting, is entitled to attend the meeting and vote for their combined
ownership of shares. Shareholders may be represented by proxy. Fenix Outdoor
International AG complies with Swiss company laws and regulations.
The Nomination Committee and proposals for the Annual General Meeting
Fenix Outdoor International AG intends to deviate from the code’s provisions
regarding the Nomination Committee. The reason for doing so is that the Nordin
family, along with its related companies, represents 61.7% of the company
nominal share value, corresponding to 85.3% of the votes at the Annual General
Meeting, if all their shares are represented at the meeting. In light of this
concentration of shareholders, having a Nomination Committee has not been seen
as necessary. However, the company strives for gender balance on the board.
Proposals regarding Chairman of the Board at the Annual General Meeting, board
elections, the appointment of the auditor are thus submitted by the company’s
larger shareholders and presented in the notice of the Annual General Meeting and
on the company’s website. The remunerations paid to the members of the board
are stated in the compensation report. 2025 the cost for audit was 1.4 MEUR
(MEUR: 1.3).
ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 27
MANAGEMENT REPORT
Duties of the board
The board of Fenix Outdoor International AG consists of six members elected
individually at the Annual General Meeting. Information about the board and the
Managing Director can be found on the website and in the compensation report. The
board has held seven minuted meetings, where o two hold on digital basis. At the
board meeting following the election, resolutions are adopted regarding the formal
work plan of the board and the Managing Director, aiming to ensure that the board
has the information required. An economic and financial report is submitted at each
regular meeting. The board convenes annually with the company’s auditors in order
to review the audit and the activities undertaken during the year. As there are no
special committees, except for the Compensation Committee, within Fenix Outdoor
International AG; thus the Board, in its entirety, addresses all matters except for
matters relating to remuneration. The members of the remuneration committee are
Ulf Gustafsson and Susanne Nordin. The total remuneration to members of the
board is determined by the Annual General Meeting according to the proposals
submitted by the company’s largest shareholders. Over the course of the year, the
board has monitored the company’s financial reporting, as well as its systems for
internal control, to ensure that the operations are ecient and in line with laws and
regulations, and that the financial reporting is reliable. The board has examined and
evaluated the accounting and financial reporting procedures, and has followed up
and evaluated the work, qualifications and independence of the external auditors.
Risk assessment
The board and management work continuously with risk assessment and risk
management in order to ensure that the risks to which the company is exposed are
taken care of within the framework ultimately established by the board.
Control activities
The board and management have determined a set of control activities for operation-
al processes. These are based on risk assessments and on ensuring that there is a
satisfactory process for monitoring the company’s compliance with laws and other
regulations relevant to its operations, as well as the application of internal guidelines.
Included in the control structure are such measures as the authorization hierarchy,
the company management’s review of financial information and the compliance
management reporting. The controls are also there to ensure that any material errors
are rectified.
Information and communication
The internal dissemination of information and external communication are regulated
on an overall level.
Evaluations
The internal control of financial reporting is evaluated on a continuous basis. The
board receives quarterly reports showing financial outcomes and comments on the
operations provided by the management. At each board meeting, the financial
situation is addressed and the board checks that the internal controls relating to
financial reports and reporting to the board are functioning adequately. A board
evaluation is conducted on annual basis to secure that the board is receiving
adequate material and information to take the best possible decisions.
Attendance at Board meetings Fenix Outdoor International AG in 2025
Directors Attendance, regular and extraordinary meetings
Martin Nordin, Chairman 7
Mats Olsson 6
Ulf Gustafsson 7
Sebastian von Wallwitz 6
Susanne Nordin 7
Rolf Schmid 7
INFORMATION
The company’s information to shareholders and other stakeholders is provided in
the annual report, the interim reports, press releases and via the company’s website,
www.fenixoutdoor.se. Financial reports and press releases from the past years and
information regarding corporate governance are also available on the website.
NUMBER OF SHARES AND VOTES
The total number of shares in the company are 35,060,000, of which 24,000,000
are Class A shares, nominal value 0.1 CHF/share and 11,060,000 are Class B
shares, nominal value 1.0 CHF/share. The company’s largest shareholders are listed
on the website. As per 2025-12-31 the company held 12,775 B-shares in its own
books (per 2024-12-31 the company held 132,337 B-shares). There are 53,333
personnel options outstanding as per 2025-12-31 (per 2024-12-31 66,000
personnel options).
OWNERSHIP STRUCTURE
Fenix Outdoor International AG had 7,568 shareholders at the end of 2025. The
ownership participation of the ten largest shareholders constituted 85.6% of the
total capital. A list of the major shareholders can be found on page 62.
RESULTS AND FINANCIAL POSITION
For information regarding the Group’s and the parent company’s results and
financial position, we refer to the consolidated and parent income statement,
balance sheet, cash flow statement and notes on pages 28–47.
PROPOSED APPROPRIATION OF PROFITS IN PARENT
31.12.2025 TEUR
Profit reserves at the beginning of the period 356,228
Dividend on own shares 54
Settlement of share-based payments -362
Purchase of subsidiary, settled in own shares -4,080
Net profit of the year
39,962
Profit reserves at the end of the period 391,862
Allocation to the general legal profit reserves -
Profit to be carried forward 391,862
PROPOSAL FOR DISTRIBUTION OF DIVIDENDS
Capital contribution reserves TEUR 250,257
Dividends TEUR* -9,329
Capital contribution reserves TEUR 240,928
* SEK (Swedish Kronor) 0.75 per A-share and SEK 7.5 per B-Share calculated at
10.8215 EUR/ SEK. 24,000,000 x 0.75 + 11,060,000 x 7.5 = SEK 100,950,00 =
EUR 9.328.651. The actual dividend payment in EUR will depend on the exchange
rate EUR/SEK at date for payment. In order to comply with the Swiss Code of Obliga-
tions, the proposed ordinary dividend translated into CHF must not exceed MCHF
9.7.
THE BOARD’S STATEMENT ON THE PROPOSED DIVIDEND
The board’s opinion is that the total proposed dividend of SEK 0.75 (3.00) per A-
share and SEK 7.5 (30.0) per B-share will not hinder the company from fulfilling its
short and long-term obligations, nor from making any necessary investments. The
liquidity position is being maintained at a satisfactory level.
28 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
NOTESCONSOLIDATED INCOME STATEMENT
CONSOLIDATED INCOME STATEMENT
Amounts in TEUR | 2025 | 2024 |
Net profit for the year | ||
| Not to be reclassified in the income statement in the future: | ||
Re-measurements of post employment benefit obligations | − | – |
Taxes | – | |
| To be reclassified in the income statement in the future: | ||
Change in translation reserve during the period | − | – |
Cash flow hedges | − | |
Taxes | – | |
Total other comprehensive income for the year: | − | – |
Total comprehensive income for the year | − | |
| Total comprehensive income attributable to: | ||
Parent Company's shareholders | − | |
Non-controlling interests |
STATEMENT OF OTHER COMPREHENSIVE INCOME
Amounts in TEUR | Note | 2025 | 2024 |
Net sales | 4 | ||
Other operating income | 6 | ||
Income | |||
Cost of goods | − | – | |
Other external expenses | − | – | |
Personnel expenses | 5 | − | – |
Depreciation/amortisation | 10,11,12 | − | – |
Result from investments in joint ventures and associated companies | 7 | ||
Operating profit | 4 | ||
Financial income | 8 | ||
Financial expenses | 8 | − | – |
Profit before tax | |||
Income tax expense | 9 | − | – |
Net profit for the year | |||
| Net profit for the year attributable to: | |||
Parent Company's shareholders | |||
Non-controlling interests | |||
Earnings per share attributable to the Parent Company's shareholders after dilution and before dilution in EUR | |||
A shares, before dilution | |||
A shares, after dilution | |||
B shares, before dilution | |||
B shares, after dilution | |||
Weighted average of outstanding shares, A | |||
Weighted average of outstanding shares, B | |||
Proposed dividend per share (EUR) - A shares | |||
Proposed dividend per share (EUR) - B shares |
ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 29
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As of 31 December, Amounts in TEUR | Note | 2025 | 2024 |
| ASSETS | |||
| Non-current assets | |||
Intangible fixed assets | 10 | ||
Tangible fixed assets | 11 | ||
Right-of-use assets | 12 | ||
Investments in joint ventures and associated companies | 7 | ||
Deferred tax assets | 9 | ||
Other non-current financial assets | 13 | ||
Other non-current receivables | 13 | ||
Total non-current assets | |||
| Current assets | |||
Inventories | 14 | ||
Accounts receivable trade and other receivables | 15 | ||
Tax receivables | |||
Prepaid expenses and accrued income | 17 | ||
Cash and cash equivalents | 28 | ||
Total current assets | |||
TOTAL ASSETS | |||
| EQUITY AND LIABILITIES | |||
| EQUITY | |||
| Equity and reserves attributable to the Parent Company's shareholders | |||
Share capital | |||
Other contributed capital | |||
Other components of equity | − | – | |
Treasury shares | − | – | |
Retained earnings | |||
Total equity attributable to the Parent Company’s shareholders | |||
Non-controlling interest | - | - | |
Total equity | |||
| LIABILITIES | |||
| Non-current liabilities | |||
Deferred tax liabilities | 9 | ||
Employee benefits | 18 | ||
Other non-current provisions | 19 | ||
Non-current lease liabilities | 12,20 | ||
Interest bearing liabilities | 20 | ||
Other non-current liabilities | |||
Total non-current liabilities | |||
| Current liabilities | |||
Other current liabilities | 21 | ||
Current tax liabilities | |||
Current lease liabilities | 12, 20 | ||
Interest bearing liabilities | 20 | ||
Accrued expenses and deferred income | 22 | ||
Total current liabilities | |||
Total liabilities | |||
TOTAL EQUITY AND LIABILITIES |
30 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
NOTESCONSOLIDATED STATEMENT OF CHANGES IN EQUITY
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to the Parent Company's Shareholders
| Foreign | |||||||||
| Other | Cash flow | currency | Share- | Non- | |||||
| Share | contributed | hedge | translation | Treasury | Retained | holders' | controlling | Total | |
| Amounts in TEUR | capital | capital | reserve*) | reserve*) | shares**) | earnings | capital | interests | Equity |
01.01.2024 | – | – | – | ||||||
Net profit for the year | |||||||||
Other comprehensive income for the year | – | – | – | - | – | ||||
Total comprehensive income for the year | – | ||||||||
Transactions with non-controlling interests ***) | - | ||||||||
Share based payments****) | |||||||||
Dividends resolved at Annual General Meeting | – | – | – | ||||||
Transfer of cash flow hedge reserve to inventories | – | – | – | ||||||
31.12.2024 | – | – | |||||||
| Foreign | |||||||||
| Other | Cash flow | currency | Share- | Non- | |||||
| Share | contributed | hedge | translation | Treasury | Retained | holders' | controlling | Total | |
| Amounts in TEUR | capital | capital | reserve*) | reserve*) | shares**) | earnings | capital | interests | Equity |
01.01.2025 | – | – | |||||||
Net profit for the year | |||||||||
Other comprehensive income for the year | – | – | – | – | – | – | |||
Total comprehensive income for the year | – | – | – | – | |||||
Share based payments***) | |||||||||
Settlement of share-based payments | – | ||||||||
Purchase of subsidiary, purchase price settled in own shares****) | – | ||||||||
Additions from business combination *****) | 0 | ||||||||
Transaction with non-controlling interest *****) | – | – | – | ||||||
Dividends resolved at Annual General Meeting | – | – | – | ||||||
Transfer of cash flow hedge reserve to inventories | |||||||||
31.12.2025 | – | − |
*) Other components of Equity
**) Per 31.12.2025 the company held 12,775 B-shares and per 31.12.2024 the company held 132,337 of B-shares.
***) Options programs for Senior Managers were introduced in 2022 and 2023. 66,000 options have been granted, each giving a right to buy one B-share in Fenix Outdoor
International AG. In December 2025 6,664 were used and per 31.12.2025 59,336 options remain in the option programs, see also Note 33.
****) Per 02.03.2025 Fenix Outdoor purchased shares in Devold Norway AS and 112,898 own shares with a fair value of MEUR 5.5 (historical book value of MEUR 9.6)
were used as part of the payment of the purchase price for Devold Norway AS
*****) The purchase of Devold Norway AS included a put/call arrangement and the non-controlling interest are derecognized and previous purchase of Alpen International
Ltd and Fenix Outdoor Taiwan Co Ltd include put/call arrangements and the change in option liability are recognized in equity.
ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 31
NOTESCONSOLIDATED CASH FLOW STATEMENT
CONSOLIDATED CASH FLOW STATEMENT
Amounts in TEUR | Note | 2025 | 2024 |
| OPERATING ACTIVITIES | |||
Net profit for the year | |||
Income tax expense | |||
Financial result net | |||
Depreciation for right-of-use assets | |||
Depreciation/amortisation tangible and intangible assets | |||
Adjustment for items not included in the cash flow | 25 | – | – |
Interest received | |||
Interest paid | – | – | |
Income tax paid | – | – | |
Cash flow from operating activities before changes in working capital | |||
Change in inventories | – | ||
Change in operating receivables | – | ||
Change in operating liabilities | – | ||
Cash flow from operating activities | |||
| INVESTING ACTIVITIES | |||
Purchase of intangible fixed assets | – | – | |
Purchase of tangible fixed assets | – | – | |
Sale of intangible fixed assets | |||
Sale of tangible fixed assets | |||
Acquisition of subsidiaries, net of cash acquired | – | ||
Purchase of associated companies | – | ||
Dividend from associated company | |||
Loan granted | 35 | ||
Change in non-current receivables | |||
Cash flow from investing activities | – | – | |
| FINANCING ACTIVITIES | |||
Proceeds from borrowings | 20 | ||
Repaid borrowings | – | – | |
Payment of lease liabilities | – | – | |
Acquisition of non-controlling interests | 27 | – | |
Sold own shares - settlement of share-based payments | |||
Dividends paid | – | – | |
Cash flow from financing activities | – | – | |
Change in cash and cash equivalents | – | – | |
Cash and cash equivalents at beginning of year | |||
Eect of exchange rate dierences on cash and cash equivalents | – | ||
Cash and cash equivalents at year-end | 27 |
32 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 ACCOUNTING AND VALUATION PRINCIPLES
COMPLIANCE WITH STANDARDS AND LEGISLATION
The consolidated financial statements have been prepared in accordance with IFRS
Accounting Standards as issued by the IASB and compliant with IFRS as adopted by
the EU. The consolidated figures are presented in TEUR if not otherwise stated. The
accounting is consistent with that applied in prior year, except as stated under “New or
revised standards applied by the Group”.
CONSOLIDATED FINANCIAL STATEMENTS
The consolidated financial statements include the parent company and those subsid-
iaries in which the parent company, directly or indirectly, controls more than 50% of
the voting rights, or in any other manner exercises a controlling influence. Intercom-
pany transactions and associated unrealized gains are, thus, eliminated.
TRANSLATION OF FOREIGN CURRENCY
The functional currency of group companies is generally the currency used in the primary
economic environment in which they operate. Transactions in foreign currencies are
translated at the exchange rate that applied on the transaction date. Exchange rate gains
and losses resulting from such transactions or from the revaluation of foreign currency
assets and liabilities at the balance sheet date are recognized in the income statement.
Exchange rate recognized in the income statement, TEUR 2025 2024
external expense
1,909 63
The financial statements of the group companies that are reported in foreign curren-
cies are translated into EUR as follows; balance sheet at closing rates at the date of the
balance sheet, Equity at historical rates and the income and expenses for each income
statement are translated at average exchange rates.
companies is reported in other comprehensive income. If the company is sold, or if part
the income statement.
Historical rates are recalculated with rates as in the matrix below.
Average rate Balance sheet closing rate
2025 2024 2025 2024
EUR/SEK 11,0406 11,4498 10,8215 11,4590
EUR/CHF 0,9366 0,9532 0,9314 0,9412
EUR/USD 1,1289 1,0803 1,1750 1,0389
CHF/SEK 11,7880 12,0123 11,6185 12,1749
EUR/NOK 11,7129 11,6478 11,8436 11,7952
REVENUE
Revenue is measured excluding trade discounts, returns and VAT. The group sells
through a retail network of own stores, online sales and to a network of external
retailers. Revenue is recognized at the point in time control of the goods transfers to
customers, which for retail customers is when they take possession of the goods at the
point-of-sale, to online customers upon shipment, and wholesale customers upon ship-
ment or when the products are delivered, depending on the agreed contractual terms.
The transaction revenue is determined based on invoiced amounts less anticipated
sales returns and discounts.
Loyalty points programme
Rights of return
Certain contracts provide a customer with a right to return the goods within a specified
period. For those contracts the group estimates a refund liability based on the expected
return of goods. For the goods that are expected to be returned an expected right of
return asset is estimated.
INTANGIBLE FIXED ASSETS
NOTE 1 GENERAL INFORMATION
BUSINESS ACTIVITY
206.390.054 and is listed on the Nasdaq OMX Stockholm, Large Cap.
NOTES
ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 33
NOTES
Capitalized expenditure for software
Expenses for purchased software products, developed or extensively modified for the
group, are capitalized as intangible assets if the economic benefits are likely to exceed
the cost beyond one year. Capitalized expenditure for purchased software is amortized
over the useful life of the software, but not exceeding four years. The straight-line
method of amortization is used for all types of intangible assets.
Trademarks
Trademark assets have arisen from the acquisition of businesses. The estimated useful
life of trademark assets of the Brunton brand and Hanwag brand have been estimated
at 15 years, the useful life of the Royal Robbins brand has been estimated at 5 years
and the useful life of Devold brand has been estimated at 20 years.
RIGHT-OF-USE ASSETS
IMPAIRMENT OF NON-FINANCIAL ASSETS
Borrowings
Borrowings are initially recognized at fair value, net of transaction costs incurred. These
borrowings are subsequently stated at amortized cost. Borrowings are classified as
current liabilities unless the Group has an unconditional right to defer settlement of the
liability for at least 12 months after the balance sheet date.
Trade payables
Trade payables are recognized initially at fair value and subsequently measured at
amortized cost.
INVENTORIES
Inventories are valued, using the first-in, first-out method, at the lower of acquisition
cost or net realizable value on balance sheet date. For finished goods manufactured
by the Group, the acquisition cost is comprised of the direct manufacturing cost and di-
rectly attributable indirect costs. Appropriate write-downs are made for obsolescence.
For Retail a model is used where goods are written down depending on from which
season the products are. In Brands, a margin analysis is made to define the extent of
potential write-down requirements.
PROVISIONS
Provisions are only recorded if the group has a present obligation (legal or constructive)
to third parties that will lead to a probable outflow of resources and if the obligation can
be reliably estimated. Existing provisions are reassessed at least every balance sheet
date.
CONTINGENT LIABILITIES
A contingent liability is reported when there is a possible obligation that is attributable
to events that have occurred and whose existence is confirmed only by one or several
uncertain future events, or when there is an obligation that is not reported as a liability
or provision as it is unlikely that an outflow of resources will be required.
GOVERNMENT GRANT
Government grants is accounted as reduction of expenses.
NEW OR REVISED STANDARDS APPLIED BY THE GROUP
Standards that have been adopted as of 1 January 2025.
A number of pronouncements have become eective for financial year beginning 1
January 2025 and have been applied in the preparation of this financial report. The
eect is not material for the Group.
34 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
NOTES
NOTE 3 SIGNIFICANT ESTIMATES AND JUDGMENTS
The preparation of financial statements in accordance with IFRS Accounting Stan-
dards requires significant judgments and accounting estimates to be made by manage-
on the balance sheet date. Income and expenses are also aected by the estimates. Income and expenses are also affected by the estimates.
have been made are presented below.
Estimates
TESTING OF GOODWILL FOR IMPAIRMENT
The value of the group’s goodwill is tested each year. In conjunction with this assess-
ment, usually the value in use is calculated with a discounted cash flow model. Certain
assumptions required to be made in such a valuation, such as forecast of free cash
flows, growth rates and discount rates have material impact on the result of the valua-
tion. Refer also to Note 10.
VALUATION OF INVENTORY
Continuous controls are undertaken to identify and determine the amount of any obso-
lescence in the inventory. An individual assessment is made to the largest possible ex-
tent. In Retail, a model is used where goods are written down depending on from which
season the products are. In Brands, a margin analysis is made to define the extent of
potential write-down requirements.
TAX
Current income taxes are calculated on the basis of the net profit for the fiscal year.
initially due to the final tax assessment being finalized several years after the end of the
responding provisions are recorded if necessary. Deferred tax assets are recorded on
the basis of estimated future profits. The underlying forecasts cover a period of up to
five years and include tax planning opportunities. Deferred tax assets are only reported
to the extent it is probable that these will result in lower tax payments in the future.
NOTE 4 SEGMENT REPORTING
SEGMENT REPORTING
Operating segments are reported as in the internal reporting to Martin Nordin,
executive chairman of the board and CEO as the Chief Operating Decision Maker of
the group. The Chief Operating Decision Maker is responsible for the allocation of
resources and the assessment of the profit from the operating segments.
The group is organized in three business segments: Brands, Global sales and Frilufts.
• Brands includes the brands Fjällräven, Tierra, Hanwag, Royal Robbins and Devold.
It also includes Brandretail (Brand Online sales and Brand Retailshops) and distri-
bution companies concentrated on sales of only one brand.
• Global Sales includes distribution companies selling more than one Fenix brand.
• In Frilufts, the retailers Naturkompaniet AB, Naturkompaniet AS, Partioaitta Oy,
Friluftsland A/S, Trekitt, Exist and Globetrotter Ausrüstung GmbH are included.
The three business segments are supported by common functions for management,
CSR/CSO, finance, HR, IT and logistics.
Future changes in IFRS Accounting Standards
The Group has not early adopted any standards, interpretations or amendments that
have been issued but not yet eective.
In April 2024, the International Accounting Standards Board (IASB) published IFRS 18
'Presentation and Disclosure in Financial Statements', becoming eective on 1 Janu-
ary 2027, replacing IAS 1. The new standard is to be applied retrospectively. IFRS 18
introduces new requirements for information presented in the primary financial state-
ments and disclosed in the notes, with a particular focus on the income statement with
new categories and subtotals. The group will adopt the new standard in 2027 and is
currently assessing the impact. No other IFRS Accounting Standards that have not yet
come into eect are expected to have a significant eect on the Group.
EBITDA per segment, MEUR 2025 2024
Brands*) 52.2 52.8
Global Sales**) 16.9 14.1
Frilufts 27.3 24.7
Common –4.5 3.6
Group 91.9 95.2
Operating profit per segment, MEUR 2025 2024
Brands*) 35.0 37.9
Global Sales**) 15.7 12.1
Frilufts –5.0 –5.7
Common –12.7 –6.9
Group 33.0 37.4
The negative result in Common mainly comes from central costs for administration, IT,
the trainee program and internal profits in inventory between the segments.
*) Segment Brands EBITDA and Operating Profit include MEUR 0.1 (MEUR 0.0) as result from
investment in associated company.
**) Segment Global Sales EBITDA and Operating Profit including MEUR 1.2 (MEUR 2.0) as result
from investments in joint venture and associated companies.
Capital Expenditures per segment, MEUR 2025 2024
Brands 27.8 3.8
Global Sales 1.2 1.4
Frilufts 7.3 5.3
Common 8.9 12.6
Group 45.2 23.1
External Net sales per geographic market, MEUR 2025 2024
Switzerland 7.8 9.0
Sweden 82.7 82.4
Other Nordic countries 133.7 95.8
Germany 243.6 242.5
Benelux 26.1 29.4
Other Europe 67.4 77.1
Americas 99.0 112.3
Other markets 34.4 37.0
Total 694.7 685.6
ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 35
NOTES
Intangible, tangible and right-of-use assets per
market, MEUR 2025 2024
Switzerland 3.3 4.1
Sweden 51.5 45.0
Other Nordic countries 58.9 27.4
Germany 118.2 117.8
Benelux 2.0 2.8
Other Europe 29.3 13.6
Americas 26.5 34.8
Other markets 3.1 2.9
Total 292.8 248.4
NOTE 6 OTHER OPERATING INCOME
Other operation income 2025 2024
Franchise income 83 31
Marketing contribution 5,545 4,769
Other *) 5,469 8,356
Total 13,006 13,219
*) Other mainly refer to resolving of maintenance accruals, expired gift cards, gains
from sales of tangible assets.
NOTE 7 INVESTMENTS JOINT VENTURES AND ASSOCIATED
COMPANIES
36 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
NOTES
Summarised balance sheet 2025 2024
Fixed assets 90 37
Inventories 6,296 7,224
Other short term receivables 3,689 3,915
Cash and cash balances 9,778 6,962
Current liabilities –4,182 −4,950
Net assets 15,671 13,189
Reconciliation to carrying amounts 2025 2024
Opening net assets 1 January 13,198 9,462
Operating profit 4,729 4,516
Financial result 0 –10
Tax –1,176 −1,175
Other comprehensive result –1,079 396
Dividend paid 0 0
Closing net assets 15,671 13,189
Group's share in % 50% 50 50 %
Group's share in CU 7,836 6,594
Goodwill 0 0
Carrying amount 7,836 6,594
INVESTMENTS IN ASSOCIATED COMPANY
Participations in associated company 2025 2024
At beginning of the year 395
Share of equity change, excluding dividends 86 –5
Dividends from associated company –660
Purchase of associated company 5,167 400
Closing balance 4,988 395
Summary balance sheet 2025 2024
Fixed assets 6,668 212
Inventories 3,162 1,094
Other current assets 6,184 3,101
Liabilities –9,224 −3,873
Net assets 6,790 533
Reconciliation to carrying amounts 2025 2024
Opening net assets 1 January 533 -
Acquired net assets 4,119 645
Operating profit –319 –82
Financial result 12 –30
Tax - -
Other comprehensive result 3,693 533
Group's share in CU 3,474 160
Goodwill 1,514 235
Carrying amount 4,988 395
NOTE 8 FINANCIAL INCOME AND EXPENSES
NOTE 9 TAX
2025 2024
Current tax:
Current tax on profits for the year –16,923 –19,218
Adjustments in respect of prior years –970 –414
Total current tax –17,893 –19,632
Deferred tax:
Origination and reversal of temporary dierence rigination and reversal of temporary difference 1,207 –1,025
Total deferred tax 1,207 –1,025
Income tax expense –16,686 –20,657
The tax on the group’s profit before tax diers from the theoretical amount that
would arise using the weighted average tax rate applicable to profits of the consoli-
dated entities as follows:
2025 2024
Profit before tax 21,945 35,272
Tax calculated at domestic tax rates applicable to
profits in the respective countries –4,809 –8,423
Tax eects of: ax effects of:
- Income not subject to tax 428 687
- Expenses not deductible for tax purposes –3,021 –1,747
- Utilisation of previously unrecognised tax losses 369
- Tax losses for which no deferred income tax assets
was recognized *)
–8,683 –10,760
Adjustment in respect of prior years –970 –414
Tax charge –16,686 −20,657
The eective tax rate was 76.0% (58.6 %).
*) In 2025 MEUR 3,403 of deferred income tax assets for the Groups subsidiaries in
North America was derecognized due to being considered not usable for the Group
within a reliable forecast period.
Deferred tax assets 2025 2024
Temporary dierences regarding inventories emporary differences regarding inventories 7,016 6,102
Temporary dierences between book value and tax emporary differences between book value and tax
value on other assets and liabilities 2,404 2,464
Loss carry-forwards 2,171 3,951
Reported deferred tax assets 11,592 12,517
ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 37
NOTES
Total unused tax losses amounted to TEUR 149,812 (TEUR: 94,439). The tax losses
can be carried forward indefinitely. Tax losses for which no deferred tax assets has
been recognized amounted TEUR 148,695 (TEUR: 82,458) which have a potential
tax benefit of TEUR 39,787 (TEUR: 25,003). The tax losses are not recognized as
deferred tax as forecasted not probably to be usable for the Group within a reliable
forecast period.
Deferred tax liabilities 2025 2024
Tempoary dierences between book value and tax empoary differences between book value and tax
value on other assets and liabilities
2,009 471
Temporary dierences regarding untaxed reser emporary differences regarding untaxed reserves 2,819 4,989
Reported deferred tax liabilities 4,828 5,460
NOTE 10 INTANGIBLE FIXED ASSETS
Capitalised expenditure for computer software 2025 2024
Opening acquisition cost 54,401 53,741
Expenditure capitalised during the year 354 5,585
Purchase through acquisition of subsidiary 4,657 0
Sales and disposals –140 –215
Transfer of classes *) 13,186 3
Translation dierences ranslation differences –3,760 –4,714
Closing acquisition cost 68,697 54,401
Opening amortisation –43,372 –42,145
Amortisation for the year –6,947 –5,848
Sales and disposals 0 208
Transfer of classes 0 3
Translation dierences ranslation differences 3,770 4,409
Closing amortisation –46,549 –43,372
Closing balance 22,148 11,029
Installation in progress*) 2025 2024
Opening acquisition cost 9,576 4,595
Purchases Installation in progress 12,483 4,970
Sales and disposals 7
Transfer of classes –11,418 156
Translation dierences ranslation differences –3 –146
Closing balance 10,645 9,576
Closing balance 32,794 20,605
Trademarks 2025 2024
Opening acquisition cost 8,886 8,886
Acquisition 9,014 0
Translation dierences ranslation differences –759
Closing acquisition cost 17,141 8,886
Opening amortisation and writedown –7,976 −6,913
Amortisation for the year –355 −158
Translation dierences ranslation differences 397 –905
Closing amortisation and writedown –7,934 –7,976
Closing balance 9,207 911
Goodwill 2025 2024
Opening acquisition cost 29,334 29,415
Purchase through acquisition of subsidiary 19,487 150
Translation dierences ranslation differences 795 –230
Closing acquisition cost 49,616 29,334
Opening amortisation and write-downs –2,089 –3,003
Translation dierences ranslation differences – 374 915
Closing amortisation and write-downs –2,464 –2,089
Closing balance 47,152 27,246
Total intangible fixed assets 89,154 48,763
*) The Group has finished several implementations during the year reported as
transfer of classes. Those implementations mainly consist of new investments in IT
infrastructure.
Specification of Goodwill 2025 2024
Brands 24,700 3,822
Frilufts 20,452 20,573
Global sales 2,001 2,850
Book value 47,152 27,246
The recoverable amount of the Group’s goodwill is determined annually by means of an
impairment test. As part of this assessment, the estimated value in use of the cash gen-
erating units (same as operating segment) is calculated by discounting future cash flows
that have been estimated on the basis of an internal assessment of the coming five years,
after which an unchanged cash flow is assumed, e.g. a zero growth is assumed. The
internal assessment is based on historical income and expense trends, with adjustments
made for any changes in circumstances, the competitive situation, etc., as deemed
suitable by Group management. The discount rate applied is equivalent to the required
return on the market, the risk free rate and the relevant Beta variables. The discount
factor is calculated using a pre-tax weighted average cost of capital (WACC) model. The
discount rates for each cash generating units used for 2025 are 9.87 % (7.6%), where
indicated that no impairment of goodwill or trademarks are necessary. Brands and Global
sales have a major headroom in their impairment calculations. Therefore, no sensitivity
analysis is assumed relevant for them. The recoverable amount of CGU Frilufts is more
limited at the end of the reporting period. A change in the projected annual revenue
growth during the planning period from the current 5% to 3.5% or the pre-tax discount
rate from 9.9% to 11,1%, would use up the existing headroom of Frilufts.
38 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
NOTES
NOTE 11 TANGIBLE FIXED ASSETS
Land, buildings and land improvement 2025 2024
Opening acquisition cost 35,199 38,193
Purchases 1,635 1,153
Purchases through acquisition of subsidiary 7,223 0
Sales and disposals –23 –4,262
Transfer of classes 0 5
Translation dierences ranslation differences –147 11
Closing acquisition cost 43,887 35,199
Opening depreciation –9,573 –9,129
Depreciation for the year –2,003 –1,992
Sales and disposals 0 1,637
Translation dierences ranslation differences 156 –89
Closing depreciation –11,420 –9,573
Closing balance 32 467 25,626
Cost of leasehold improvements 2025 2024
Opening acquisition cost 74,841 77,448
Purchases 2,169 3,251
Purchase through acquisition of subsidiary 28 -
Sales and disposals –2,133 –4,774
Transfer of classes 0 –1,918
Translation dierences ranslation differences –2,472 835
Closing acquisition cost 72,432 74,842
Opening depreciation –59,031 –56,621
Depreciation for the year –5,288 –6,656
Sales and disposals 1,755 3,612
Transfer of classes 0 1,125
Translation dierences ranslation differences 1,913 –492
Closing depreciation –60,651 –59,030
Closing balance 11,781 15,811
Equipment, tools, fixtures and fittings 2025 2024
Opening acquisition cost 83,563 77,141
Purchases 6,136 5,758
Purchase through acquisition of subsidiary 2,363 -
Sales and disposals –2,259 –1,853
Transfer of classes 804 3,292
Translation dierences ranslation differences – 621 –776
Closing acquisition cost 89,986 83,563
NOTE 12 RIGHT OF USE ASSETS
Rental contracts are typically made for 3 months up to 10 years, depending on leas-
ing object and market circumstances. Rental contracts may have extension options
and variable lease payments. Rental contracts are for vehicles, equipment, oces, Rental contracts are for vehicles, equipment, offices,
warehouses and retail stores. Lease extensions are included as right-of-use assets and
liabilities if the Group is reasonably certain to extend the contract at contract inception.
ability, as the group can replace the assets without significant cost or business disruption.
During 2025 the Group has added new lease contracts, the most significant are for
new store in Münster, Germany.
The total cash flow for leasing agreements in 2025 was TEUR -42,481 (TEUR: -40,344).
2025 Brands Frilufts
Global
sales Common Total
Right-of-use assets 23,160 95,519 2,095 3,166 123,939
Lease liabilities −24,727 −98,628 −1,492 −3,566 −128,413
Leases and right-of use
Global
sales Common Total
Depreciation −10,079 −24,650 −253 −584 −35,566
Interest cost −736 −2,083 −46 −148 −3,012
Short term lease cost −19 −9 0 −31 −59
Low value lease cost −1 −3 −2 −1 −7
Right-of-use assets
divided to Asset class Brands Frilufts
Global
sales Common Total
Stores and warehouses 20,639 93,754 1,144 391 115,928
vehicles
858 581 348 281 2069 2 069
Sum right-of-use assets 23,160 95,519 2,095 3,165 123,939
Opening depreciation −50,242 –43,629
Depreciation for the year −8,716 –7,632
Sales and disposals 3,412 1,578
Transfer of classes −101 –1,133
Translation dierences ranslation differences −1,074 574
Closing depreciation −56,722 –50,242
Closing balance 33,264 33,321
Constructions in progress *) 2025 2024
Opening aquisition cost 1,906 1,206
Purchases 2,853 2,219
Purchase through acquisition of subsidiary 561
Sales and disposals 1
Transfer of classes −2,642 −1,520
Translation dierences ranslation differences −454 1
Closing balance 2,226 1,906
Total tangible fixed assets 79,738 76,651
*) The Group has finished new constructions during the year. The finalizing of new
constructions are reported as transfer of classes, whereof investment in warehouse is
the most significant.
No material acquisitions have been financed through leasing or instalment plans or
remain unpaid at the reporting date.
ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 39
NOTES
Depreciation on right-
of-use assets divided to
Asset class Brands Frilufts
Global
sales Common Total
Stores and warehouses −8,885 −23,985 34 320 −32,516
vehicles
−600 −253 −229 −166 −1,249
Sum Depreciation −10,079 −24,650 −253 −584 −35,566
Right-of-use assets Brands Frilufts
Global
sales Common Total
Opening balance 26,764 92,151 1,608 2,413 122,936
Additions, changed 8,843 27,784 996 1,164 38,787
Reclass and cancelled −5,755 −1,518 −527 −198 −7,999
Translation dierences ranslation differences 3,388 1,752 271 370 5,781
Depreciation −10,079 −24,650 −253 −584 −35,566
Closing balance 23,160 95,519 2,095 3,166 123,939
2024 Brands Frilufts
Global
sales Common Total
Right-of-use assets 26,764 92,151 1,608 2,413 122,936
Lease liabilities
–28,562 –94,383 –1,668 –3,569 –128,182
Leases and right-of use
Global
sales Common Total
Depreciation –9,054 –24,068 –980 –1,406 35,508
Interest cost –804 –2,075 –45 –97 –3,021
Short term lease cost –18 –20 –28 - –66
Low value lease cost –1 –2 –3 4 –10
Right-of-use assets
divided to Asset class Brands Frilufts
Global
sales Common Total
Stores and warehouses 24,263 90,318 897 1,152 116,630
vehicles
545 365 411 160 1,482
Sum right-of-use assets 26,764 92,151 1,608 2,413 122,936
Depreciation on right-
of-use assets divided to
Asset class Brands Frilufts
Global
sales Common Total
Stores and warehouses –8,018 –23,323 –527 –389 –32,257
vehicles
–450 –203 –248 –124 –1,025
Sum Depreciation –9,054 –24,068 –980 –1,406 –35,508
Right-of-use assets Brands Frilufts
Global
sales Common Total
Opening balance 30,294 98,143 1,364 628 130,430
Additions, changed 4,977 32,111 1,443 5,042 43,573
Reclass and cancelled –5,718 –5,816 –1,057 –3,655 –16,246
Translation dierences ranslation differences 6,265 –8,219 838 1,804 688
Depreciation –9,054 –24,068 –980 –1,406 –35,508
Closing balance 26,764 92,151 1,608 2,413 122,936
NOTE 13 OTHER NON-CURRENT FINANCIAL ASSETS AND
OTHER NON-CURRENT RECEIVABLES
Other financial assets 2025 2024
Opening fair value 345 341
Translation dierence ranslation difference 6 4
Closing balance fair values 351 345
Other non-current receivables 2025 2024
Opening 7,532 10,100
Disposals/Repayments –283 –1,864
Additions 463 -
Reclassification from/to current receivables –2,019 –816
Translation dierence ranslation difference –179 112
Closing balance 5,514 7,532
NOTE 14 INVENTORIES
2025 2024
Goods for resale 235,960 216,602
Raw materials 10,088 7,762
Advance payments to suppliers 3,110 3,118
Total 249,158 227,482
Write-downs have reduced the book value in the Group in an amount of TEUR
10,056 (TEUR 12,177).
NOTE 15 ACCOUNTS RECEIVABLES, OTHER RECEIVABLES
2025 2024
Accounts receivables 42,356 36,993
Right of return assets 1,218 1,335
Other receivables*) 26,214 20,822
Total 69,788 59,150
*) December 31, 2024 Other receivables also included MEUR 2.5 loan to Maloja.
The loan to Maloja were due December 31, 2025 and include a conversion option for
MEUR 1.5 of the loan that was converted into 49 % of Viomoda shares per 30 Janu-
ary 2025. December 31, 2025 Other receivables also included MEUR 9.3 loan to
associated companies, Viomoda, Scandye and Artic Fox.
2025 2024
Accounts receivable
- Trade
Gross
receivables
Expected
credit loss
Gross
receivables
Expected
credit loss
Not yet due 30,698 −20 25,134 –26
Overdue
0-30 days 5,816 −127 6,348 –190
31-60 days 2,224 −141 2,691 –268
61-90 days 934 −179 1,333 –332
More than 90 days 5,414 −2264 3,649 –1,347
Total 45,085 −2,730 39,156 –2,163
2025 2024
40 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
NOTES
NOTE 18 EMPLOYEE BENEFITS
2025 2024
Pension commitments in funds 1153 1 153 668
Total employee benefits 1153 1 153 668
2025 2024
Opening balance 668 709
Included in the income statement:
Current service cost 191 174
Interest cost and income 29 32
Taxes and administrative expenses 18 18
Other 0 0
Total included in the income statement 238 224
Remeasurements:
Return on plan assets excluding amounts in interest
expense and income
84 −200
Actuarial gains and losses arising from changes in
demographic assumptions
0 −34
Actuarial gains and losses arising from changes in
financial assumptions
32 221
Experience gains and losses −32 22
Total Remeasurements included in OCI 84 9
Other changes
Contributions and payments from:
Employers −232 −218
Plan participants −25 −23
Payments from plans:
Benefit payments −20 −28
Settlements 446 0
Translation dierences ranslation differences –6 −5
Sum of Other changes 163 −274
Closing balance 1153 1 153 668
Within the group there are both defined contribution and defined benefit pension plans.
For defined contribution plans and for pension plans in Alecta, the premiums referring
to the year are reported as the year´s expenses. The extent of defined benefit plans in
the group, Alecta excluded, is very limited.
The group report defined benefit pensions in Norway, Germany and Switzerland. Life
expectancy assumptions are based on public statistics and experience from mortal-
ity surveys in each country and are determined in consultation with actuaries.
The principal assumptions used in determining pension plans are shown below:
2025 2024
Discount rate:
Switzerland pension plan 1.30% 1.30 % 1.00% 1.00 %
Germany pension plan 4.00% 4.00 % 3.50% 3.50 %
Norway pension plan 3.90% 3.90 % 3.10% 3.10 %
Future salary increase:
Switzerland pension plan 2.00% 2.00 % 2.00% 2.00 %
Germany pension plan 0.00% 0.00 % 0.00% 0.00 %
Norway pension plan 4.00% 4.00 % 3.50% 3.50 %
Present value funded obligations 2025 2024
Norway 1,527 1,317
Switzerland 1,277 1,532
Germany 822 872
Present value funded obligations 3,626 3,721
Fair value of plan assets 2025 2024
Norway –1,477 –1,307
Switzerland –995 –1,152
Germany 0 –594
Fair value of plan assets –2,472 –3,053
Liability in the balance sheet 1,153 668
Pensions benefit plans per country 2025 2024
Norway 51 133
Switzerland 281 295
Germany 822 282
1,153 709
For Switzerland (the most significant benefit plans) a quantitative sensitivity analysis
for one assumption as at 31 December is as shown below.
Assumptions for Switzerland pensions plan:
Discount rate: 2025 2024
0.25% increase −20 –27
0.25% decrease 20 28
NOTE 17 PREPAID EXPENSES AND ACCRUED INCOME
2025 2024
Advertising expenses 333 1,172
Licensing expense 2,173 92
Lease charges 1,522 366
Accrued interest income for non-current receivable 60 119
Insurance premiums 550 438
Other items *) 4,032 5,928
Total 8,670 8,116
*) Other items contains variable positions, each of low values.
NOTE 16 CUSTOMER CONTRACT BALANCES
Customer contract balance 2025 2024
Right of return assets 1,218 1,335
Refund liabilities from Rights of return −2,431 −2,697
Accounts receivables 42,356 36,993
Advance payments from customers and Gift Cards −14,914 −14,713
Loyalty points −2,911 −2,948
Total 23,318 17,970
ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 41
NOTES
NOTE 20 INTEREST-BEARING LIABILITIES
Long term liabilities 2025 2024
Lease liabilities 92,980 96,199
Liabilities to credit institutions *) 32,767 33,208
Total long term liabilities 125,747 129,407
Short term liabilities 2025 2024
Lease liabilities 35,433 31,982
Liabilities to credit institutions *) 55,782 5,535
Total short term liabilities 91,215 37,517
Total interest-bearing liabilities 216,962 166,924
Interest-bearing liabilities 2025 2024
Opening interest-bearing liabilities 166,924 205,499
Borrowings 31,216
Additions of new leases/remeasurements/cancellation 37,635 29,950
Repaid borrowings −5,023 –35,281
Repaid lease liabilities −35,456 –35,993
From acquisition of subsidiaries 29,484
Translation dierences for leases −3,177 355
Translation dierences −4,642 2,395
Closing balance 216,961 166,924
*) As per 2025-12-31 and per 2024-12-31 the Group had a 64,000 TEUR 3 years
revolving facility, whereof TEUR 30,000 was used per 2025-12-31 (none was used
per 2024-12-31). A loan from Svensk Exportkredit of 29,362 TEUR (38,743 TUER),
whereof 24,468 TUER (TEUR 33,208) was long term. In addition Devold Group
had used loan facilities of 29,187 TEUR. The covenants are related to 1) Net debt/
EBITDA ratio, 2) solvency ratio and 3) EBITDA/total interest expense ratio. The group
reported no defaults during the year 2025. The covenants were tested quarterly.
NOTE 21 OTHER CURRENT LIABILITIES
*) Other liabilities mainly related to put option liabilities (for Alpen International Ltd
and Fenix Outdoor Taiwan Co Ltd) and VAT liabilities.
NOTE 22 ACCRUED EXPENSES AND DEFERRED INCOME
Accrued expenses 2025 2024
Holiday pay and salary liabilities 13,659 10,286
Accrued social security contributions 3,541 2,971
Accrued interest cost 56 275
Accrued loyalty points to customers 2,911 2,948
Other items 10,484 14,913
Total 30,651 31,394
NOTE 23 PLEDGED ASSETS
NOTE 24 CONTINGENT LIABILITIES
2025 2024
Other contingent liabilities 1,612 1,339
Total 1,612 1,339
None of the above items is expected to impact future cash flows. The group’s contin-
gent liabilities primary refer to guarantee commitments to customers authorities and
for lease agreements.
NOTE 25 ADJUSTMENTS FOR ITEMS NOT INCLUDED IN THE
CASH FLOW
2025 2024
Result from investments in joint ventures and associ-
ated companies
−1,330 –2,010
Total −10,119 –951
NOTE 26 FINANCIAL RISK MANAGEMENT
Purpose
The Fenix Group is exposed to various financial risks, primarily comprised of foreign
currency exchange risk and interest rate risk. The Group’s risk management aims
risk management is handled centrally by the Parent Company’s finance function, in
accordance with principles approved by the Board. The main cash hedge positions
taken are related to future currency flows. A description of the eects can be found A description of the effects can be found
in Note 28, Hedge accounting.
NOTE 19 OTHER NON-CURRENT PROVISIONS
Warranty provision 2025 2024
Opening balance 341 383
Used warranty provision −41
Translation dierences ranslation differences 0 −1
Total warranty provision 341 341
Other provisions
The warranty provision is based on commitments which had not been terminated as
per balance sheet date. The calculation of the amount is based on previous experience.
42 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
NOTES
ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 43
NOTES
NOTE 28 HEDGE ACCOUNTING
Foreign Exchange Risk
The group hedges a major part of its committed purchase orders stated in USD with-
in the coming 12-month period. The reason for the USD hedging mainly being under-
taken against EUR is that a major portion of the group’s sales are invoiced in EUR.
The group’s primary hedging instrument is currency forwards. The market value of
and the rate of a similar forward as per the closing date, 31 Dec 2025.
The fair value changes for the forwards, designated in the hedges, are recorded
in OCI and taken to equity. The rates of the forwards are used when the goods are
accounted into inventory. The eect is thereby transferred from equity to inventor The effect is thereby transferred from equity to inventory
value. The eect in the income statement is realized when the goods are sold. The effect in the income statement is realized when the goods are sold.
Net outstanding forward agreements 2025 2024
FX Forwards per balance date
Purchased TUSD 43,000 36,000
Sold TEUR 36,528 32,379
Rate 1.1772 1.1118
Purchased TUSD 1,300
Sold TNOK 13,178
Rate 10.136
The market value of outstanding forward agreements per 31 Dec 2025 TEUR -53
(TEUR 2,099), is reported in full as a change in the hedging reserve under Equity.
NOTE 30 TRANSACTIONS WITH RELATED PARTIES
DISCLOSURE REGARDING RELATED PARTIES WITH CONTROLLING INFLUENCE
The majority shareholder, the Nordin family, controls approximately 85.3% of the
voting rights for the company’s shares. Martin Nordin, of the Nordin family, is the
Chairman of the Board. Susanne Nordin, of the Nordin family, is a Director of the
Board. Details about their total remunerations, including salaries and bonuses, see
Compensation report page 57-59.
Purchases of goods and services from related parties 2025 2024
Purchases of services:
Martin Nordin, Rent 10 10
RS Mandate AG (Rolf Schmid), consultant services 63 91
Consilio AB (Ulf Gustafsson), consultant services 56 82
Total 129 183
NOTE 31 TREASURY SHARES
As at 31 December 2024 the company held a total of 132,337 of B-shares. Per
2 February 2025 112,898 of B-shares were used as part of the payment of the
purchase price of Devold Norway AS. In December 2025 6,664 of B-shares were
purchased as part of the option programs, see note 33.
NOTE 32 CHANGES IN GROUP COMPOSITION
2025
Viomoda
In 2024 Fenix Outdoor entered into a partnership with the German outdoor brand Maloja
to operate apparel production at their subsidiary production facility, Viomoda, in Plovdiv,
Bulgaria. In 2024, as part of this agreement Fenix Outdoor provided convertible loans of
1.5 MEUR to Viomoda Austria maturing latest 31 December 2025. The loan is convert-
ible into up to 40% of Viomoda shares at the option of Fenix Outdoor and 49% at the
option of Viomoda. The loan was converted into 49% of Viomoda shares per 30 January
2025. The investment in Viomoda is accounted for as an associated company.
Devold
Per 03.03.2025 Fenix Outdoor acquired 65 % of Devold Norway AS. The consider-
ation was in NOK and recalculated to EUR it amounted to MEUR 35. Payment was
in a combination of 112,898 Fenix Outdoor treasury shares valued to MEUR 5.5 and
cash. The net cash acquired to MEUR 2,0 resulted in cash outflow of MEUR 27.3 . The
acquisition resulted in a intangible assets including a goodwill MEUR 19.4 that is not
expected to be tax deductible and trademark of MEUR 8.2. The agreement includes
put/call arrangements for the 35% non-controlling interests. The present value of the
redemption amount was recognized as liability of MEUR 8.3 and the non-controlling
interests were derecognized. Future changes in options liabilities will be recognized in
equity. Transactions costs are reported as other external expenses.
Trademark 8,172
Customer relation 836
Other Intangible assets 4,657
Tangible assets 11,614
Right of use assets 1.230
Associated company 3,668
Taxes assets/liabilities 453
Inventories 19,395
Other receivables 14,986
Cash and bank 2,042
67.054
Other provisions 30
Deferred tax liability 1,982
Loan 28,254
Lease liabilities 1,230
Other current liabilities 11,882
43,377
Net assets acquired 23,677
Purchase price, paid in cash −29,388
Purchase price, own shares −5,488
Sum Purchase price, 65 % −34,876
Non-controlling interests −8,287
Purchase price and non-controlling interests −43,163
Goodwill arising on acquisition 19.487
Payment −29,388
Purchased cash and cash equivalens 2,042
Cash outflow −27,347
NOTE 29 CAPITAL MANAGEMENT
For the purpose of the Group’s capital management, capital includes issued capital
and all other equity reserves attributable to the equity holders of the parent. The group
strives to keep a strong equity ratio to secure a high degree of financial independence.
The Group includes within net debt, interest bearing loans and borrowings, trade and
other payables, less cash and short-term deposits.
In order to achieve this overall objective, the Group’s capital management, among
other things, aims to ensure that it meets financial covenants attached to the inter-
est-bearing loans. There have been no breaches of the financial covenants of any
interest-bearing loans and borrowing in the current period. No changes were made in
the objectives, policies or processes for managing capital during the years ended 31
December 2025 and 2024.
44 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
NOTES
NOTE 35 EVENTS AFTER THE REPORTING PERIOD
No significant events after period close are noted.
34 EARNINGS PER SHARE
Earnings per share is calculated by dividing the profit for the year attributable to ordi-
nary equity holders of the parent by the weighted average number of ordinary shares
outstanding during the year. Diluted earnings per share is calculated by dividing the
profit attributable to ordinary equity holders of the parent by the weighted average
number of ordinary shares outstanding during the year plus weighted average of
the number of ordinary shares that would be issued on conversion of all the dilutive
potential ordinary shares into ordinary shares.
2025 2024
Profit attributable to ordinary equity
holders of the parent company
4,765 14,455
Earnings per share
A-shares, before diliution 0.039 0.108
A-shares, after dilitution 0.039 0.108
B-shares, before diliution 0.39 1.08
B-shares, after dilution 0.39 1.08
Weighted average number of ordinary shares:
A-shares 24,000,000 24,000,000
B-shares 11,047,225 10,927,663
Weighted eects of dilution from Share options calculated for part of the year from eighted effects of dilution from Share options calculated for part of the year from
Grant date
B-shares 0 66,000
Weighted average number of ordinary shares adjusted for the eects of dilution: y shares adjusted for the effects of dilution:
A-shares 24,000,000 24,000,000
B-shares 11,047,275 10,993,663
NOTES
NOTE 36 PARTICIPATIONS IN SUBSIDIARIES
46 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
Subsidiary Corporate Identity Number Registered oces gistered offices Number of shares Share of equity
Tierra Products AB 556095-1526 Örnsköldsvik 1 010 100%
Fenix Outdoor Brand Retail AG CHE-115.678.335 Zug 100 100%
Fenix Outdoor Asia Pacific Ptc Ltd 202012641H Singapore 10 000 100%
Fenix Outdoor R&D and CSR AG CHE-145.043.963 Luzern 100 100%
Frilufts Retail Europe AB 556788-3375 Örnsköldsvik 13 250 000 100%
Friluftsland A/S 76470316 Copenhagen 5 000 100%
Globetrotter GmbH HRB23422 Hamburg 38 100%
Naturkompaniet AB 556433-7037 Örnsköldsvik 8 835 528 100%
Naturkompaniet AS 912 893 030 Lillehammer 100 100%
Regntoyspesialisten AS 912 791 351 Kristiansand 300 100%
Exist Internet AS 982 191 939 Lillehammer 10 000 100%
Fjellshop AS 918 983 015 Lillehammer 30 000 100%
Fjellshop Tromso AS 927 830 140 Lillehammer 30 000 100%
Frilufts Service GmbH HRB 14856 Hamburg 25 000 100%
Partioaitta Oy 0201830-0 Helsingfors 94 285 100%
Trekit Holding Ltd 13096750 Hereford 2 200 100%
Trekit Hereford Ltd 05668115 Hereford 1 100 100%
Frilufts Retail Europe AG CHE-487.105.927 Zug 13 460 000 100%
Fenix Outdoor Americas Holding Company C3596965 Delaware 736263 736 263 100% 100 %
Fenix Outdoor Technical North America Llc 27-1437119 Denver 100 100% 100 %
Fenix Outdoor Import LLC 27-2473714 Riverton 1 100% 100 %
Fjällräven USA Llc 27-0611578 NY 1 100% 100 %
Fenix USA Retail US 38-3937088 Denver 1 100% 100 %
Royal Robbins Hong Kong Limited 1887476 1 887 476 Hong Kong 100 100% 100 %
Royal Robbins LLC 201221310331 201 221 310 331 Delaware 1000 1 000 100% 100 %
RR Canada Inc 450672910 450 672 910 Montreal 1 100% 100 %
Fenix Outdoor Taiwan Co. Ltd 82808707 Taipei City 5000000 5 000 000 85% 85 %
(Operating companies marked in bold)
NOTES
NOTE 36 PARTICIPATIONS IN SUBSIDIARIES (cont.)
ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 47
BOARD APPROVAL
BOARD APPROVAL
The consolidated financial statements were approved for publication by the Board of Directors of Fenix Outdoor International AG
on March 25, 2026, and will be presented to the Annual General Meeting for approval on April 27, 2026.
Martin Nordin Susanne Nordin Mats Olsson
Ulf Gustafsson Rolf Schmid Sebastian von Wallwitz
48 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
AUDIT REPORT CONSOLIDATED FINANCIAL STATEMENT
Statutory auditor’s report on the audit
of the consolidated financial statements
OPINION
We have audited the consolidated financial statements of Fenix Outdoor International AG and its subsidiaries (the Group), which comprise the consolidated
statement of financial position as at 31 December 2025, the consolidated income statement, the consolidated statement of other comprehensive income,
the consolidated statement of changes in equity and the consolidated cash flow statement for the year then ended, and notes to the consolidated financial
statements, including material accounting policy information.
In our opinion, the consolidated financial statements (pages 28 to 47) give a true and fair view of the consolidated financial position of the Group as at 31
December 2025 and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with IFRS Accounting
Standards and comply with Swiss law.
BASIS FOR OPINION
We conducted our audit in accordance with Swiss law, International Standards on Auditing (ISA) and Swiss Standards on Auditing (SA-CH). Our
responsibilities under those provisions and standards are further described in the “Auditor's responsibilities for the audit of the consolidated financial
statements” section of our report. We are independent of the Group in accordance with the provisions of Swiss law, together with the requirements of the
Swiss audit profession that are relevant to audits of the financial statements of public interest entities, as well as those of the International Ethics Standards
Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), as
applicable to audits of financial statements of public interest entities. We have also fulfilled our other ethical responsibilities in accordance with these
requirements.
We believe that the audit evidence we have obtained is sucient and appropriate to provide a basis for our opinion.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of
the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided
in that context.
We have fulfilled the responsibilities described in the “Auditor's responsibilities for the audit of the consolidated financial statements” section of our report,
including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks
of material misstatement of the consolidated financial statements. The results of our audit procedures, including the procedures performed to address the
matters below, provide the basis for our audit opinion on the consolidated financial statements.
VALUATION AND EXISTENCE OF INVENTORY
Risk
The Fenix Group develops and markets outdoor products. The inventory balance represents 34.2% of the Group’s total assets and 64.8% of the Group’s
total equity as at 31 December 2025. The Fenix Group measures the carrying value of its inventory by using the first-in, first-out method, at the lower
of acquisition cost or net realizable value on balance sheet date. Determining net realizable value involves judgment in estimating future revenues and
margins and assessing appropriate provisions for potential obsolescence as the values can be subject to rapidly changing consumer demands and weather
conditions. Refer also to notes 2 and 14 of the consolidated financial statements. The valuation, in combination with the significant amount of inventory
compared to total assets, made us conclude that the existence and valuation of inventory is a key audit matter of our audit.
Our audit response
We observed the inventory counts at major locations of warehouses and shops to understand the process and accuracy of the Group’s inventory count
procedures and to validate physical counts performed by the Group through our own test counts. We assessed the Group’s internal controls over its
inventory accounting process and the development of the key assumptions applied in the valuation. We tested a sample of inventory items at significant
components to assess the cost basis and net realizable value of inventory. Further, we compared the inventory obsolescence provision against the Group’s
policy and assessed management’s judgment of the adequacy of this by considering the overall level of provisions on an aggregate and by unit basis as well
as understanding the expected levels of future demand for significant items, including the inventory turnover to identify slow moving items. We assessed
the historical accuracy of the Group’s estimates and considered its ability to produce accurate forecasts, such as seasonality, ability to clear inventory in
subsequent periods and anticipated price reductions.
Our audit procedures did not lead to any reservations concerning valuation and existence of inventory..
ACCOUNTING FOR LEASES
Risk
As of the balance sheet date, right-of-use assets and lease liabilities represent 17.0% and 37.3% of Fenix Group’s total assets and total liabilities,
respectively. Details concerning lease accounting are disclosed in the notes (notes 2, 12, 20 and 26). Due to the significance of the carrying amount of
right-of-use assets and lease liabilities, the number and complexity of single lease contract details to be considered in the valuation and the judgement
involved in performing lease-type assessments, this matter is considered significant to our audit.
ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 49
AUDIT REPORT CONSOLIDATED FINANCIAL STATEMENT
Our audit response
We obtained an understanding of Fenix Group’s accounting policies
and processes for leases. We examined Fenix Group’s calculation methodology for right-of use assets and lease liabilities and reperformed the
calculation on a sample basis. In particular, we agreed the following input parameters to supporting documents on a sample basis: monthly lease
payments, lease terms, discount rates and extension options. For extension options, we analyzed Fenix Group’s exercise assessment.
In addition, we audited the completeness and the reconciliation of the lease contract population considered for IFRS 16 to the number of point of sales
at designated components. For agreements signed in 2025, we analyzed Fenix Group’s assessment whether these represent lease modifications or
should be accounted for as separate leases.
Our audit procedures did not lead to any reservation concerning the accounting for leases.
OTHER INFORMATION
The Board of Directors is responsible for the other information. The other information comprises the information included in the annual report, but does not
include the consolidated financial statements, the stand-alone financial statements, the remuneration report and our auditor’s reports thereon.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether
the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be
materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We
have nothing to report in this regard.
Board of Directors’ responsibilities for the consolidated financial statements
The Board of Directors is responsible for the preparation of the consolidated financial statements, which give a true and fair view in accordance with
IFRS Accounting Standards and the provisions of Swiss law, and for such internal control as the Board of Directors determines is necessary to enable the
preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the Group’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless the Board of Directors either intends to
liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with Swiss law, ISA and SA-CH will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is located on EXPERTsuisse’s website at: https://www.
expertsuisse.ch/en/audit-report. This description forms an integral part of our report.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
In accordance with Art. 728a para. 1 item 3 CO and PS-CH 890, we confirm that an internal control system exists, which has been designed for the
preparation of the consolidated financial statements according to the instructions of the Board of Directors.
We recommend that the consolidated financial statements submitted to you be approved.
Zurich, 25 March, 2026
Ernst & Young Ltd, Zurich
Kaspar Strei Patrick Bächtold
Licensed audit expert Licensed audit expert
(Auditor in charge)
50 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
PROFIT AND LOSS STATEMENT, PARENT COMPANY
INCOME STATEMENT, PARENT COMPANY
TEUR TCHF TEUR TCHF
2025 2025 2024 2024
Dividend income from investments 43,838 41,058 169,402 161,469
Interest income group loans 194 182 0 0
Interest income banks 8,802 8,244 9,217 8,786
Total income 52,834 49,484 178,619 170,255
Interest expenses bank loans −529 −496 −3,772 −3,596
Interest expenses group loans −2,044 −1,914 665 634
Costs for own shares −41 −38 −41 −39
Currency gain 8,135 7,619 3,588 3,420
Currency loss −11,846 −11,095 −2,422 −2,308
Bank charges −218 −204 −173 −165
Write-downs of investments −2,142 −2,006 −23,477 −22,377
Operating result 44,148 41,349 152,987 145,824
Personnel expenses −1,905 −1,784 −1,825 −1,740
Group services −685 −642 −1,471 −1,402
Other operating expenses −1,365 −1,279 −1,232 −1,174
Marketing expenses −129 −121 −400 −381
Depreciation property, plant and equipment −12 −11 −17 −16
Result before tax 40,052 37,513 148,042 141,111
Direct taxes −90 −85 −53 −50
Net profit/loss of the year
39,962
37,428
147,989
141,059
BALANCE SHEET, PARENT COMPANY
31/12/2025 31/12/2025 31/12/2024 31/12/2024
ASSETS
TEUR TCHF TEUR TCHF
CURRENT ASSETS
Cash at bank 160,200 149,210 151,869 142,939
Other receivables 117 109 92 87
-third parties 117 109 92 87
Short-term interest bearing receivables 10,565 9,840 2,983 2,807
-group companies 10,565 9,840 2,983 2,807
Accruals and prepaid expenses 28 26 86 81
-third parties 28 26 86 81
TOTAL CURRENT ASSETS 170,909 159185 155,030 145,914
NON-CURRENT ASSETS
Investments 618,966 662,026 574,678 620,284
Property, plant and equipment 56 52 32 30
TOTAL NON-CURRENT ASSETS 619,022 662,078 574,710 620,314
TOTAL ASSETS 789,931 821,263 729,740 766,228
ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 51
PROFIT AND LOSS STATEMENT, PARENT COMPANY
BALANCE SHEET, PARENT COMPANY
31/12/2025 31/12/2025 31/12/2024 31/12/2024
LIABILTIES AND SHAREHOLDERS' EQUITY
TEUR TCHF TEUR TCHF
SHORT-TERM LIABILITIES
Short-term interest bearing liabilities 30,000 27,942 - -
-third parties 30,000 27,942 - -
Other short-term liabilities 70,784 65,928 49,282 46,384
-third parties 205 191 173 163
-group companies 70,579 65,738 49,108 46,221
Accrued expenses and deferred income 523 487 460 433
-third parties 523 487 460 433
TOTAL SHORT-TERM LIABILITIES 101,306 94,357 49,742 46,817
TOTAL LIABILITIES 101,306 94,357 49,742 46,817
SHAREHOLDERS' EQUITY
Share capital 12,378 13,460 12,378 13,460
Legal capital reserves 283,042 334,831 320,143 369,669
-reserves from capital contributions 250,257 298,175 287,347 333,005
-other capital reserves 26,620 29,999 26,620 29,999
- merger reserves 6,164 6,658 6,164 6,658
Legal profit reserves 2,389 2,692 2,389 2,692
Own shares against reserves from capital contributions –1,045 –1,753 –11,188 –12,112
Retained earnings 351,899 364,842 208,299 227,905
Net profit of the year 39,962 37,428 147,989 141,059
Currency translation adjustments - –24,594 - –23,253
TOTAL SHAREHOLDERS' EQUITY 688,624 726,906 679,999 719,412
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 789,931 821,263 729,740 766,228
52 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
NOTES, PARENT COMPANY
NOTES TO THE PARENT STATEMENTS
1. Accounting principles applied in the preparation of the finan-
cial statements (in TEUR)
These financial statements have been prepared in accordance with the provisions of
commercial accounting as set out in the Swiss Code of Obligations (Art. 957 to 964),
eective since 1 January 2013. As there is a consolidated financial report in accor-
dance with IFRS on group level the stand-alone financial statements of Fenix Out-
door International AG comprise only the following elements: Balance sheet, Income
statement and Notes. All amounts are presented in 000 EUR if not otherwise stated.
1.1. INVESTMENTS
Investments in subsidiaries are reported in the Company in accordance with the cost
method. Reported values are tested individually at each balance sheet date to assess
whether there is an indication for impairment.
1.2. INCOME RECOGNITION
Total income comprises mostly of dividend income as well as interest from loans
granted to group companies. Dividends are recognised when the right to receive
dividends is established. Interest income is recognised on an accrual basis. Other
income is recognised on an accrual basis.
1.3. EXPENSES
Interest on financial liabilities and exchange rate gains and losses are included in the
operating result. Administrative expenses mainly comprise of expenses on infrastruc-
ture, personnel costs, consulting, purchased group services and other administrative
expenses. The expenses are recognised on an accrual basis.
1.4 OWN SHARES
Any potential sale of treasury shares is recognized with no impact on profit or loss
directly in equity. Thus, in case of future sales transactions of treasury shares, any
resulting profit or loss is credited or debited directly against the legal reserve from
capital contributions. If treasury shares are canceled as part of a capital reduction,
the minus item (historic acquisition costs) is derecognized to the extent of the nomi-
nal value against the share capital. The dierence between the minus item and the
nominal value is derecognized against the legal reserve from capital contributions.
Any allocation of treasury shares for employee share participation programs or, as
in this case, option plans, is shown in the notes in the form of a separate disclosure
indicating the reason for the obligation.
1.5. PRESENTATION CURRENCY / FOREIGN CURRENCY TRANSLATION
The Swiss Francs (CHF) values are reported for Swiss compliance purpose (Art. 958d
CO).
Transactions in foreign currencies during the period have been converted at the cur-
rent exchange rates of the transactions using the published daily rates. All monetary
assets and liabilities, denominated in the foreign currencies have been translated
at the exchange rates as of the balance sheet date. Any gains or losses arising from
these conversions are credited or charged to the income statement. The investments
denominated in the foreign currencies are shown with the historical exchange rates
ruling on the date of purchase of such investment.
The balances in EUR as of December 31, 2025 were translated to CHF considering
the following exchange rates and historic opening equity values:
2025 2024
CHF/EUR CHF/EUR
Assets and liabilities except equity 1.07365 1.06247
Profit & loss accounts (average rate) 1.06770 1.04913
2. Information Balance Sheet and Income Statement
2.1. OTHER RECEIVABLES
The position other receivables in the current assets of TEUR 117 comprises mainly of pre-
paid expenses towards third parties TEUR 77 and value added tax credits of TEUR 40.
2.2. INVESTMENTS IN SUBSIDIARIES
As of December 31, 2025 the company holds the following participations:
Participations (direct) 31/12/2025 31/12/2024
Name, Domicile Purpose Capital Capital Votes Capital Votes
Fenix Outdoor AB, Sweden
5)
Trading EUR 2,311,188 100 % 100 % 100% 100%
Frilufts Retail Europe AB, Sweden
1)
Holding EUR 8,833,333 100 % 100 % 100% 100%
Fenix Outdoor Development and CSR AG, Switzerland
2)
Services CHF 100,000 100 % 100 % 100% 100%
Fenix Outdoor Brand Retail AG, Switzerland
4)
Dormant CHF 100,000 100 % 100 % 100% 100%
Alpen International Ltd, South Korea Trading KRW 2,803,800,000 99 % 99 % 91,80% 91,80%
Fenix Outdoor Americas Holding Inc, USA
3)
Holding USD 1 100 % 100 % 100% 100%
Fenix Outdoor Asia Pacific Trading USD 10,000 100 % 100 % 100% 100%
Fenix Outdoor Taiwan Trading TWD 35,000,000 85 % 85 % 70% 70%
Devold or Norway AS Trading NOK 2,550,000 65 % 65 % - -
Frilufts Retail Europe AG Dormant CHF 1,346,000 100 % 100 % 100 % 100 %
1) In connection with the authorized capital increase of June 1, 2015, Fenix Outdoor
International AG acquired 1,200,000 shares of category A with a nominal value of EUR
0.20 each and 16,466,667 shares of category B with a nominal value of EUR 0.20
each in Frilufts Retail Europe AB at a total value of EUR 9,720,000 whereby, as consid-
eration for the contributors in kind, 210,000 fully paid-up registered shares of category
B with a par value of CHF 1.00 were issued plus a total amount of EUR 500,000 was
paid in cash. Consequently, Fenix Outdoor International AG directly holds 70% of the
capital and 30% of the voting rights of Frilufts Retail Europe AB.
Fenix Outdoor AB held 30% of the capital and 35.50 % of the voting rights in Frilufts
Retail Europe AB but all was distributed to Fenix Outdoor International AG as a divi-
dend valued to EUR 24.828.405,84 in 2024.
2) Shares in the dormant company Fenix Outdoor Development and CSR AG were fully
written down in the end of 2020. In 2024 a capital contribution of EUR 211.595,40
was given to Fenix Outdoor Development and CSR AG.
3) Shares in RR Acquisition Company were fully written down in end of 2020.
In 2024 a first capital contribution of EUR 29,646,929.32 was given to Royal Rob-
bins Holdings Inc. The value of the first capital contribution was written down EUR
29,646,000. In 2024 also a second capital contribution of EUR 1,859,681 was given
to Royal Robbins Holding Inc. RR Acquisition Company has previous changed name to
Royal Robbins Holdings Inc and later also to the now registered name Fenix Outdoor
Americas Holding Company.
4) Shares in Fenix Outdoor Brand Retail AG were written down in 2024 with EUR
1,120,000.
5) In 2025 Fenix Outdoor AB changed it's bookkeeping currency from SEK to EUR.
ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 53
NOTES, PARENT COMPANY
Amounts in TEUR Share capital Own shares Legal capital
reserves
Legal profit
reserves
Retained
earnings
Net profit
of the year
Total
Balance as per 31.12.2024 12,378 –11,188 320,132 2,389 356,288 - 679,999
Dividends *) –37,090 54 –37,036
Settlement of share-based payments 574 –362 212
Purchase of subsidiary, purchase price settled in
own shares
9,569 –4,080 5,488
Net profit of the year 2025 39,962 39,962
Balance as per 31.12.2025 12,378 –1,045 283,042 2,389 351,899 39,962 688,624
*) Net dividend, dividend payment of TEUR 37,090 minus dividend on own shares TEUR 54.
2.3. EQUITY
During 2025 the nominal share capital and the legal capital reserves showed the following several transactions:
2.4. OWN SHARES
As per November 14th 2016 the company purchased 12,900 B-shares in its own
company at a price of 595 Swedish Crowns per share. During 2017, options for 6,200
B-shares were exercised by the senior Executives. During 2019 the company did
purchase additional 112,898 B-shares and held 119,598 shares B-shares. During
2022 the company purchased additional 12,739 B-shares and held per 31.12.2024
132,337 B-shares.
Per 2nd March 2025 Fenix Outdoor purchased shares in Devold Norway AS and
112,898 of own shares with historical book value of MEUR 9.6 were used as part of
the payment of the purchase price for Devold Norway AS.
Options programs for Senior Managers were introduced in 2022 and 2023. 66,000
options have been granted, each giving a right to buy one B-share in Fenix Outdoor
International AG. In December 2025 6,664 were used.
Per 31.12.2025 the company held 12,775 B-shares. The B-shares are planned to be
used in the options program for Senior Managers.
2.5. LIQUIDATION INCOME AND DIVIDEND INCOME FROM INVESTMENTS
In 2025, dividend from Fenix Outdoor Asia Pacific ptc Ltd was distributed of TEUR
6,693, dividend from Fenix Outdoor Taiwan Co Ltd was distributed of TEUR 358 and
dividend from Fenix Outdoor AB was distributed of TEUR 36,787.
2.6. FINANCIAL INCOME AND EXPENSES
The currency loss of TEUR 3,711 is mainly resulting from valuation of liquid assets,
short-term bank loans and various loans granted to and received from subsidiaries
and group companies which are balanced at their nominal values (SEK/EUR and
USD/EUR).
2.7. GROUP SERVICES
Group services of TEUR 685 mainly comprise of the Company’s share of costs for
services provided by other group companies, such as board and shareholder costs,
administration, legal costs and marketing costs.
3. Additional disclosures in accordance with Art. 959c
(Swiss Code of Obligations)
3.1. NUMBER OF EMPLOYEES
Fenix Outdoor International AG has employed 3 fulltime employees (2024: 3).
3.2. GUARANTEES, CONTINGENT LIABILITIES, ASSETS PLEDGED IN FAVOUR OF
THIRD PARTIES
Fenix Outdoor International AG has taken over guarantee obligations of Fenix group
companies as follows:
Amounts in TEUR 31.12.2025 31.12.2024
Guarantees, contingent liabilities, assets pledged
in favour of third parties
48,280 41,263
thereof used 48,280 41,263
4. Events after the reporting period
No significant events after period close are noted.
54 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
PROPOSED APPROPRIATION OF THE AVAILABLE EARNINGS
in TEUR in TCHF in TEUR in TCHF
Retained earnings 31/12/2025 31/12/2025 31/12/2024 31/12/2024
Profit reserves at the beginning of the period 356,228 368,907 208,130 227,740
Dividend own shares 54 50 169 165
Settlement of share-based payments -362 -340 - -
Purchase of subsidiary, purchase price settled in own shares -4,080 -3,832 - -
Net loss/profit of the year 39,962 37,428 147,929 141,002
Profit reserves at the end of the period 391,862 402,270 356,228 368,907
Allocation to the legal profit reserves - - - -
Profit to be carried forward 391,862 402,270 356,228 368,907
PROPOSAL OF THE APPROPRIATION:
Capital contribution reserve carried forward 287,347 333,005 304,624 349,049
Impact exchange rate on previous year estimated dividend in SEK - -285 - 832
Dividend at General Meeting -37,090 -34,545 –17,277 –16,876
Capital contribution reserves attributable for disbursement 250,257 298,175 287,348 333,005
Repayment of legal capital reserves -9,329 -8,689 –35,239 –33,167
Capital contribution reserves 240,928 289,486 252,109 299,838
Dividend proposal
The Board of Directors proposes a dividend of SEK 7.50 per B-share (20.00) and a dividend of SEK 0.75 per A-share (3.00) for 2025 as repayment out of capital reserve
Final day of trading Fenix Outdoor shares, including the right to the dividend: April 27, 2026
Recorded date for payment of the dividend: April 29, 2026
Payment date for the dividend: Earliest May 7, 2026
The ordinary dividend in the amount of TEUR 9,329, measured at a countervalue of a maximum of TCHF 9,700, will be settled based on the market exchange rate at the time
of distribution. If the resulting amount is lower than TCHF 9,700, the distribution will be made only in the amount of this lower value.
PROPOSED APPROPRIATION OF THE AVAILABLE EARNINGS
ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 55
REPORT OF THE STATUTORY AUDITOR ON THE FINANCIAL STATEMENTS
Report of the statutory auditor on the financial statements
OPINION
We have audited the financial statements of Fenix Outdoor International AG (the Company), which comprise the statement of financial position as at 31
December 2025 the statement of income for the year then ended, and notes to the financial statements, including a summary of significant accounting
policies.
In our opinion, the financial statements (pages 50 to 53) comply with Swiss law and the Company’s articles of incorporation.
.
BASIS FOR OPINION
We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards
are further described in the “Auditor's responsibilities for the audit of the financial statements” section of our report. We are independent of the Company in
accordance with the provisions of Swiss law and the requirements of the Swiss audit profession that are relevant to audits of the financial statements of public
interest entities. We have also fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sucient and appropriate to provide a basis for our opinion.
.
KEY AUDIT MATTER
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period.
These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. For the matter below, our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the “Auditor's responsibilities for the audit of the financial statements” section of our report, including in
relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material
misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matter below, provide the
basis for our audit opinion on the financial statements..
IMPAIRMENT ASSESSMENT OF INVESTMENTS IN SUBSIDIARIES
Risks
Fenix Outdoor International AG assesses the valuation of its investments in subsidiaries on an annual basis, considering the performance of the
investments in subsidiaries and their operations as well as the market capitalization of the entire group. Investments in subsidiaries are recorded using the
cost method net of valuation adjustments. Reported values are tested individually at each balance sheet date, to assess whether there is an indication for
impairment, by calculating the value in use with a discounted cash flow model. The impairment assessment requires estimates and assumptions, such
as budgets and forecast earnings, cash flows and discount rates in order to determine the value in use for the investments. The principal consideration
for our determination that the impairment assessment of investments in subsidiaries is a focus area of our audit is the subjectivity in the assessment of
the value in use amounts which requires estimation and the use of subjective assumptions. Refer to note 2.2 of the financial statements of Fenix Outdoor
International AG.
Our audit response
We assessed the Company’s procedures to test the valuation of its investments in subsidiaries. We evaluated the budget and forecast information on
both earnings and related cash flows. We performed inquiries of management to corroborate our understanding about the estimated performance and
future developments in the markets including the estimation of growth rates or the forecast of future free cash flows of the coming five years. We further
evaluated how the Company derived the applied discount rate to the free cash flows in the valuation model, assessed it against observable market data
and involved valuation specialists.
Our audit procedures did not lead to any reservations concerning valuation of investments in subsidiaries.
OTHER INFORMATION
Other information
The Board of Directors is responsible for the other information. The other information comprises the information included in the annual report, but does not
include the consolidated financial statements, the stand-alone financial statements, the remuneration report and our auditor’s reports thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We
have nothing to report in this regard.
REPORT OF THE STATUTORY AUDITOR ON THE FINANCIAL STATEMENTS
56 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
BOARD OF DIRECTORS’ RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS
The Board of Directors is responsible for the preparation of the financial statements in accordance with the provisions of Swiss law and the Company's
articles of incorporation, and for such internal control as the Board of Directors determines is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as
applicable, matters related to going concern, and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the
Company or to cease operations, or has no realistic alternative but to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to
fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with Swiss law and SA-CH will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on EXPERTsuisse’s website at: https://www.expertsuisse.ch/en/
audit-report. This description forms an integral part of our report.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
In accordance with Art. 728a para. 1 item 3 CO and PS-CH 890, we confirm that an internal control system exists, which has been designed for the
preparation of the financial statements according to the instructions of the Board of Directors.
Based on our audit in accordance with Art. 728a para. 1 item 2 CO, we confirm that the proposal of the Board of Directors complies with Swiss law and the
Company’s articles of incorporation. We recommend that the financial statements submitted to you be approved.
Zurich, 25 March, 2026
Ernst & Young Ltd, Zurich
Kaspar Strei Patrick Bächtold
Licensed audit expert Licensed audit expert
(Auditor in charge)
ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 57
COMPENSATION REPORT
COMPENSATION REPORT
The Compensation Report contains details of the total compensation paid to mem-
bers of the Board of Directors and the Senior Executives. In accordance with the
Ordinance against Excessive Compensation in Stock Exchange Listed Companies,
the Annual General Meeting of Shareholders votes to approve the compensation of
the members of the Board of Directors and the Senior Executives.
PRINCIPLES
The Board of Directors of Fenix Outdoor International AG determines guidelines for
remuneration to Senior Executives at market terms, enabling the company to recruit,
develop and retain Senior Executives. The remuneration consists of fixed salary, pen-
sion and other benefits. Total remuneration is to be at market rate and competitive
and is also to reflect the areas of responsibility of the Senior Executive and the com-
plexity of his or her role. In addition to the fixed salary component, Senior Executives
are eligible to receive variable compensation, which is related to the achievement of
sales and profitability targets. For Senior Executives, variable remuneration normally
is a maximum of 50 percent of base annual salary.
BASIC PRINCIPLES
The disclosed compensation of the Board of Directors and the Senior Executives
comprise the compensation for the full reporting year, subject to the following addi-
tions and limitations:
– The compensation paid to new members of the Board of Directors or Senior
Executives is included from the date on which the member takes over the relevant
functions.
– If a member transfers from the Senior Executives to the Board of Directors, or vice
versa, the full compensation is considered and reported under the new function.
– If a member resigns from or steps down from the Board of Directors or the Senior
Executives position, the compensation paid up to the date on which the member
stepped down plus any compensation paid in the reporting year in connection with
his or her former activities is included.
– The Board of Directors’ remuneration is paid by Fenix Outdoor International AG.
Senior Executives are paid by the company they are employed by.
FIXED COMPENSATION (BASIC COMPENSATION)
The basic compensation to the members of the Board of Directors is the Board
Remuneration. Martin Nordin and Susanne Nordin gets no Board remuneration, but
a fixed salary. The basic compensation to the Senior Executives comprises an annual
fixed salary, pension and other benefits. The total fixed compensation is decided by
the Annual General Meeting (AGM).
VARIABLE COMPENSATION
In addition to the fixed compensation, the Senior Executives are also eligible to
receive variable compensation, which is based on sales and profitability targets. For
Senior Executives, variable remuneration normally is a maximum of 50 percent of the
basic annual salary. The Directors of the Board which are getting Board remunera-
tion get no variable compensation. The AGM is asked to vote on the total variable
compensation retrospectively for the Senior Executives and the executive chairman,
i.e., variable compensation proposed by the Board of Directors to be payable for
2025 is subsequently confirmed by the annual general meeting in April 2026.
RESPONSIBILITIES AND DETERMINATION PROCESS
The compensation system is confirmed by the Compensation Committee before
being submitted to the Board of Directors for approval. Individual members of the
Board of Directors are not present when decisions are made on their respective
compensation awards.
MEMBERS OF THE COMPENSATION COMMITTEE
Ulf Gustafsson (member of the board) and Susanne Nordin (member of the board).
THE BOARD OF DIRECTORS
Approves, at the request of the Compensation Committee, the terms of the employ-
ment contract for the Senior Executives.
COMPENSATION FOR THE REPORTING YEAR (audited)
Board of Directors compensation overview:
At the AGM held in May 2024 the AGM approved a maximum total compensation for
2025 to the Board of Directors of TEUR 1,900 (TEUR 1,700).
Fixed compensation
The compensation paid in 2025 totalled TEUR 1,353, compared with TEUR 1,297
the previous year. Two Directors of the Board, Rolf Schmid and Ulf Gustafsson,
invoiced consultant fees for support given to the Fenix Outdoor Group – Mr. Schmid
through a company controlled by himself, RS Mandate AG, and Mr. Gustafsson
through a company controlled by himself, Consilo AB.
Variable compensation
The Directors of the Board which are getting Board remuneration get no variable
compensation.
The Executive Chairman is entitled to a bonus, based on return on total assets for
the Fenix Outdoor Group (income after financial items plus interest expenses, as
a percentage of average total assets). The base is the average repo rate, set by the
European Central Bank, for the relevant calendar year plus 10 percent. The base
+1 percent gives an extra monthly salary; the base +2 percent gives a further
monthly salary, up to six monthly salaries. In 2025 the average repo rate was 2.5 per-
cent. The return on total assets in year 2025 was 4.8 percent. For 2025 the Executive
Chairman is thereby not entitled to any bonus. Total assets are defined as total assets
excluding eects from IFRS 16 adjustments.
SENIOR EXECUTIVES
Fixed compensation
At the AGM held in May 2024 the AGM approved a maximum total fixed compensa-
tion for 2025 to the Senior Executives of TEUR 3,500. A total of TEUR 3,273 was paid
out in fixed compensation in 2025, compared with TEUR 3,004 the previous year.
Variable compensation
In 2025 a total variable compensation of TEUR 952 was paid to the Senior Execu-
tives. The variable compensation paid for 2025 needs to be confirmed by the Annual
General Meeting in April 2025.
HIGHEST COMPENSATION (AUDITED)
The highest total individual compensation was given to Martin Nordin.
COMPENSATION TO FORMER MEMBERS (audited)
No compensation was paid to former Directors of the Board or Senior Executives.
LOANS, CREDITS AND GUARANTEES IN 2025 (audited)
No loans or credits were granted by Fenix Outdoor International AG or any other
Group company to Senior Executives or the Directors of the Board, and no such loans
were outstanding as of December 31, 2025. In the reporting year no collateral or
guarantees were granted to Senior Executives or Directors of the Board.
SHAREHOLDING IN FENIX OUTDOOR INTERNATIONAL AG (audited)
Board of Directors as of December 31, 2025
Martin Nordin 18,300,000 A-shares and
242,568 B-shares
Mats Olsson No shares
Ulf Gustafsson No shares
Susanne Nordin 21,337 B-Shares (through company)
Sebastian von Wallwitz 100 B-shares
Rolf Schmid No shares
(Sven Stork, No shares, Permanent Honorary member of the Board)
Senior Executives as of December 31, 2025
Alex Koska, President 2,666 B-shares
Martin Axelhed, Executive Vice President 7,666 B-shares
Thomas Lindberg, CFO 1,100 B-shares
Four other members 14,782 B-Shares
58 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
COMPENSATION REPORT
COMPENSATION BOARD OF
DIRECTORS 2025 TEUR (audited)
Base
salary
Benefits and
other remu-
neration
Consultant
fee
Pension
contributions
Social
costs
Variable compensation
related to 2025. Total
Total in TCHF
EUR/CHF
0,9366
Martin Nordin, Executive Chairman 747 37 - 18 65 - 868 813
Susanne Nordin 218 13 - - 28 - 258 242
Ulf Gustafsson - 27 56 - - - 83 78
Mats Olsson - 27 - - - - 27 25
Sebastian Von Wallwitz - 27 - - - - 27 25
Rolf Schmid 27 64 - - - 90 85
Total 965 158 120 18 93 - 1,353 1,267
Total fixed compensation 965 158 120 18 93 - 1,353 1,267
COMPENSATION BOARD OF
DIRECTORS 2024 TEUR (audited)
Base
salary
Benefits and
other remu-
neration
Consultant
fee
Pension
contributions
Social
costs
Variable compensation
related to 2024. Total
Total in TCHF
EUR/CHF
0,9532
Martin Nordin, Executive Chairman 734 37 - 18 66 - 855 815
Susanne Nordin 204 13 - - 27 - 244 232
Ulf Gustafsson - 28 54 - - - 82 78
Mats Olsson - 28 - - - - 28 27
Sebastian Von Wallwitz - 28 - - - - 28 27
Rolf Schmid - 28 63 - - - 91 87
Total 938 162 117 18 93 - 1,328 1,266
Total fixed compensation 938 162 117 18 93 - 1,328 1,266
COMPENSATION BOARD
SENIOR EXECUTIVES 2025
TEUR (audited) Base salary
Benefits and other
remuneration
Pension
contributions
Social
costs
Variable compensation related
to 2025, incl soc. costs. Total
Total in TCHF
EUR/CHF 0,9366
President 448 66 - - 21 535 501
Senior Executives 1,756 117 395 491 721 3,479 3,259
Total 2,204 183 395 491 742 4,015 3,760
Total fixed compensation 2,204 183 395 491 742 3,273 3,065
COMPENSATION BOARD
SENIOR EXECUTIVES 2024
TEUR (audited) Base salary
Benefits and other
remuneration
Pension
contributions
Social
costs
Variable compensation related
to 2024, incl soc. costs. Total
Total in TCHF
EUR/CHF 0,9532
President 441 65 - - 92 598 570
Senior Executives 1,654 65 378 401 212 2,710 2,583
Total 2,095 130 378 401 304 3,308 3,153
Total fixed compensation 2,095 130 378 401 - 3,004 2,863
OPTION PROGRAM
In 2022 and 2023 Alex Koska, Martin Axelhed, Henrik Homan and Nathan Dopp were granted a personnel option program as below. The option program is valid, for each
person, as long as they are employed. There are no other vesting conditions to be met. The four managers were granted 60000 options (15000 options per person). Each
option with a right to buy one B-share in Fenix Outdoor International AG. The November 2025 exercise price was revised to SEK 350 per share.
Grant date Exercise price (SEK) Exercise period 1 Exercise period 2 Exercise period 3 Total of options
2022 11 02 845 11/2/25 11/2/26 11/2/27
6,667 6,667 6,666 20,000
2023 02 07 953 2/27/27 2/27/28 2/27/29
6,666 6,667 6,6667 20,000
2023 03 20 834 3/20/28 3/20/29 3/20/30
6,667 6,667 6,6668 20,000
ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 59
BOARD OF DIRECTORS, SENIOR EXECUTIVES
BOARD OF DIRECTORS, SENIOR EXECUTIVES
SVEN STORK
Born 1940 Permanent Honorary Member since 2018
Member of the Board between 1989 and 2018, D Sc
CURRENT SHAREHOLDING IN FENIX OUTDOOR: —
MARTIN NORDIN
Born 1962 Executive Chairman Fenix Outdoor
employee since 2002
CURRENT SHAREHOLDING IN FENIX OUTDOOR:
18,300,000 A-SHARES AND 242,568 B-SHARES
MATS OLSSON
Born 1948
Member of the Board since 1986, Director
CURRENT SHAREHOLDING IN FENIX OUTDOOR: —
ULF GUSTAFSSON
Born 1955
Member of the Board since 2013
OTHER ASSIGNMENTS:
Disentis AB.
CURRENT SHAREHOLDING IN FENIX OUTDOOR: —
SEBASTIAN VON WALLWITZ
Born 1965 Member of the Board since 2016
OTHER ASSIGNMENTS:
Partner in SKW Schwarz in Munchen,
Chairman in Your Family Entertainment AG.
CURRENT SHAREHOLDING IN FENIX OUTDOOR:
100 B-SHARES
ROLF SCHMID
Born 1959 Member of the Board since 2018
OTHER ASSIGNMENTS:
Mobiliar Genossenschaft, Brack-Alltron Holding AG,
Kuhn Rikon AG and Ulrich Jüstrich Holding AG.
CURRENT SHAREHOLDING IN FENIX OUTDOOR: —
SUSANNE NORDIN
Born 1966
Member of the Board since 2016.
OTHER ASSIGNMENTS 2023 AND 2024: —
CURRENT SHAREHOLDING IN FENIX OUTDOOR:
21,337 B-SHARES
ALEXANDER KOSKA
Born 1966 President
Fenix Outdoor employee since 2007
2,666 B-SHARES
MARTIN AXELHED
Born 1976 Vice President
Fenix Outdoor employee since 1997
CURRENT SHAREHOLDING IN FENIX OUTDOOR:
7,666 B-SHARES
HENRIK HOFFMAN
Born 1978 Vice President
Fenix Outdoor employee since 2003
CURRENT SHAREHOLDING IN FENIX OUTDOOR:
11,916 B-SHARES
NATHAN DOPP
Born 1966 Vice President
Fenix Outdoor employee since 2012
CURRENT SHAREHOLDING IN FENIX OUTDOOR:
2,866 B-SHARES
EEFJE JACQUES
Born 1981 CTO
Fenix Outdoor employee since 2020
CURRENT SHAREHOLDING IN FENIX OUTDOOR:
0 B-shares
PER WÅÅG
Born 1976 Vice President
Fenix Outdoor employee since 2012
CURRENT SHAREHOLDING IN FENIX OUTDOOR:
0 B-SHARES
THOMAS LINDBERG
Born 1963 CFO
Fenix Outdoor employee since 2008
CURRENT SHAREHOLDING IN FENIX OUTDOOR:
1,100 B-SHARES
DONNA BRUNS
Born 1967, Global Product Director, Fjällräven
Donna Bruns left the company in September 2025
60 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
REPORT OF THE STATUTORY AUDITOR ON THE FINANCIAL STATEMENTS
Report of the statutory auditor on the compensation report
Opinion
We have audited the remuneration report of Fenix Outdoor International AG (the Company) for the year ended 31 December 2025. The audit was limited to the
information pursuant to Art. 734a-734f of the Swiss Code of Obligations (CO) in the tables marked “audited” on pages 57 to 59 of the remuneration report.
In our opinion, the information pursuant to Art. 734a-734f CO in the remuneration report complies with Swiss law and the Company’s articles of incorporation.
Basis for opinion
We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards
are further described in the “Auditor’s responsibilities for the audit of the remuneration report” section of our report. We are independent of the Company
in accordance with the provisions of Swiss law and the requirements of the Swiss audit profession, and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
We believe that the audit evidence we have obtained is sucient and appropriate to provide a basis for our opinion.
Other information
Other information
The Board of Directors is responsible for the other information. The other information comprises the information included in the annual report, but does not
include the tables marked ”audited” in the remuneration report, the consolidated financial statements, the stand-alone financial statements and our auditor’s
reports thereon.
Our opinion on the remuneration report does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the remuneration report, our responsibility is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the audited financial information in the remuneration report or our knowledge obtained in the audit or otherwise
appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We
have nothing to report in this regard.
Board of Directors’ responsibilities for the compensation report
The Board of Directors is responsible for the preparation of a remuneration report in accordance with the provisions of Swiss law and the Company's
articles of incorporation, and for such internal control as the Board of Directors determines is necessary to enable the preparation of a remuneration report
that is free from material misstatement, whether due to fraud or error. It is also responsible for designing the remuneration system and defining individual
remuneration packages.
Auditor's responsibilities for the audit of the compensation report
Auditor's responsibilities for the audit of the remuneration report
Our objectives are to obtain reasonable assurance about whether the information pursuant to Art. 734a-734f CO is free from material misstatement, whether
due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with Swiss law and SA-CH will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of this remuneration report.
As part of an audit in accordance with Swiss law and SA-CH, we exercise professional judgment and maintain professional skepticism throughout the audit.
We also:
• Identify and assess the risks of material misstatement in the remuneration report, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sucient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the eectiveness of the Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made.
We communicate with the Board of Directors or its relevant committee regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the Board of Directors or its relevant committee with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where
applicable, actions taken to eliminate threats or safeguards applied.
Zurich, 25 March, 2026
Ernst & Young Ltd, Zurich
Kaspar Strei Patrick Bächtold
Licensed audit expert Licensed audit expert
(Auditor in charge)
ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 61
FENIX OUTDOOR SHARE DATA
THE SHARE AND SHAREHOLDERS
FENIX OUTDOOR SHARE PRIZE NASDAQ OMX, 2021–2025
2021-07-04
2022-11-04
2021-09-04
2023-01-04
2021-11-04
2023-03-04
2022-01-04
2023-05-04
2024-03-04
2022-03-04
2023-07-04
2024-05-04
2021-01-04
2022-05-04
2023-09-04
2024-07-04
2021-03-04
2022-07-04
2023-11-04
2024-09-04
2021-05-04
2022-09-04
2024-01-04
2024-11-04
2025-03-04
2025-05-04
2025-07-04
2025-09-04
2025-01-04
2025-11-04
SHARE PERFORMANCE 2025
Fenix Outdoor has been listed on the stock market since 1983 and is traded on
Nasdaq OMX Stockholm’s Large Cap list. The share is included in the Consumer
Products and Services sector.
The symbol is FOI-B and ISIN code is CH0242214887. Based on the last price
paid on December 30, 2025, which was 479.00 SEK, Fenix Outdoors market capi-
talization was 6.5 billion SEK (9.5).
Fenix Outdoor’s share price declined by 30.7 percent in 2025, while the total
index, OMX PI Stockholm, increased by 9.5 percent. The highest closing price paid
during the year was 694.00 SEK, quoted in February 26th, and the lowest closing
price paid was 462.00 SEK, quoted in September 30st.
SHARE CAPITAL
At the end of 2025, Fenix Outdoor’s share capital equaled TCHF 13,460 divided
among 11,060,000 B-shares with a nominal value of 1 CHF, 24,000,000 A-shares
with a nominal value of 0.1 CHF. The A-shares carry 1/10 of the B-shares entitle-
ment to the company’s profit and equity.
SHARE DATA
Listing: Nasdaq Stockholm OMX Large Cap
Ticker: FOI-B
Industry: 4020 Consumer Products and Services
ISIN: CH0242214887
SHAREHOLDING STRUCTURE
The number of shareholders was 7,568 (8,118) at 2025. The ten largest share-
holders held 85.6 percent of the capital and 94.5 percent of the votes.
DIVIDEND
For the 2025 financial year, the Board of Directors has proposed a dividend of 7.50
(30.00) Swedish Kronor SEK per B-share and a dividend of 0.75 (3.00) SEK per
A-Share.
The dividends corresponding to 176.0 percent of profit after tax.
Based on the last price paid on December 30th 2025 (SEK 479.00), the proposed
dividend represents a dividend yield of 1.6 percent.
Since 2021, Fenix Outdoor has paid out an average of 63.5 percent of profit after
tax in yearly dividends.
Fenix Outdoor OMX PI
34.9%
-55.0%
62 ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG
ANNUAL GENERAL MEETING, FINANCIAL INFORMATION
ANNUAL GENERAL MEETING, FINANCIAL INFORMATION 2026
Shareholder
Number of
A-shares
Number of
B-shares
Percentage of
capital, %
Percentage of
votes, %
Nordin, Martin
18,300,000 242,568 15.4% 52.9%
HAK Holding Ltd 1,900,000 1,948,767 15.9% 11.0%
Liselore AB 1,900,000 1,663,767 13.8% 10.2%
Pinkerton Holding AB 1,900,000 1,628,767 13.5% 10.1%
Nordea Funds AB - 1,695,382 12.6% 4.8%
Bestseller United A/S - 1,348,540 10.0% 3.8%
von der Esch Mait Stina Birgitta - 201,000 1.5% 0.6%
BANK JULIUS BAER & CO LTD, W8IMY - 152,261 1.1% 0.4%
Nordin Forsman Anna - 149,452 1.1% 0.4%
Fondita Fund Management Company - 93,238 0.7% 0.3%
Wall Karl Johan - 70,000 0.5% 0.2%
Aktia Rahastoyhtiö Oy - 64,679 0.5% 0.2%
J.P. MORGAN SE, LUXEMBOURG BRANCH, W8IMY/NQI - 62,167 0.5% 0.2%
MÄRTA CHRISTINA OCH MAGNUS VAHLQUISTS STIFTELSE - 60,000 0.4% 0.2%
Försäkringsaktiebolaget Avanza Pension - 59,774 0.4% 0.2%
Other - 1,606,863 12.1% 4.6%
TOTAL 24,000,000 11,047,225 100% 100%
Owned by Fenix Outdoor International AG 12,775
TOTAL 11,060,000
The Annual General Meeting of the shareholders of Fenix Outdoor International AG
will be held at 14.00 pm on Monday, April 27, 2026, at Hemvärnsgatan 9, Solna.
NOTICE OF ANNUAL GENERAL MEETING
The announcement regarding the Annual General Meeting will be issued through
the Ocial Swedish Gazette (Post och Inrikes Tidningar) and by publication on the
Company’s website www.fenixoutdoor.com. The fact that notification has been
issued is announced in Svenska Dagbladet and Örnsköldsviks Allehanda.
NOTIFICATION AND PARTICIPATION AT THE MEETING
Shareholders who wish to attend the Annual General Meeting must notify the
Company of their intention no later than 1 p.m.on Tuesday, April 21, 2026 at the
following address: Fenix Outdoor International AGM, Solna Strandväg 128 B,
SE - 171 54 Solna or by e-mail at info@ fenixoutdoor.se.
Notification must include the shareholder’s name, address, personal identity
number /corporate identity number, phone number (daytime) and the number of
shares he or she holds.
Shareholders who, through a bank or another trustee, have trustee-registered
shares must re-register the shares in their own names to be entitled to participate
in the Annual General Meeting.
To ensure that this registration is entered in the shareholder register on Friday,
April 17, 2026 shareholders must request that their trustees conduct such
registration well in advance of this date. The re-registration may be temporary.
DIVIDEND PROPOSAL
The Board of Directors proposes a dividend of 7.50 SEK per B-share (30.00) and
a dividend of 0.75 SEK per A-share (3.00) for 2025.
• Final day of trading Fenix Outdoor shares, including the right to the dividend:
April 27, 2026
• Record date for payment of the dividend: April 29, 2026
• Payment date for the dividend: Earliest May7, 2026
FINANCIAL CALENDAR
Interim report Q1 January–March, April 27th, 2026
Interim report Q2 April–June, July 21st, 2026
THE MAJOR SHAREHOLDERS 2025–12–31
ANNUAL REPORT 2025 FENIX OUTDOOR INTERNATIONAL AG 63
ADDRESSES
FENIX OUTDOOR
INTERNATIONAL AG
Weidstrasse 1a
6300 ZUG
SWITZERLAND
Phone +46 (0) 660-26 62 00
www.fenixoutdoor.se
ADMINISTRATION
Fenix Outdoor AB and Fenix
Outdoor CVommon Service AB
Box 209
SE-891 25 ÖRNSKÖLDSVIK
SWEDEN
Phone 0660-26 62 00
www.fenixoutdoor.se
info@fenixoutdoor.se
FENIX OUTDOOR LOGISTICS B.V.
Koningsbeltsweg 12 NL-1329
AG ALMERE
THE NETHERLANDS
Phone +31-36-53 59 400
FENIX OUTDOOR LOGISTICS GMBH
Am Alten Flugplatz 5 D-19288
LUDWIGSLUST GERMANY
Phone +49 3874 62 00 100
TIERRA PRODUCTS AB
Box 209
SE-891 25 ÖRNSKÖLDSVIK
SWEDEN
Phone 0660-26 62 00
www.tierra.se,
ROYAL ROBBINS
575 Sutter S.
SAN FRANCISCO
CA. 94102
USA
Phone +1 415 587 9044
www.royalrobbins.com
HANWAG DEUTSCHLAND
VERTRIEBS GMBH
Wiesenfeldstrasse 7
DE-852 56 VIERKIRCHEN
GERMANY
Phone +49-8139-935 60
www.hanwag.de
FJÄLLRÄVEN INTERNATIONAL AB
Box 209
SE-891 25 ÖRNSKÖLDSVIK
SWEDEN
Phone 0660-26 62 00
www.fjallraven.se
FJÄLLRÄVEN GMBH
Isartorplatz 8
DE-80 331 MÜNCHEN
GERMANY
Phone +49-8139-802 30
FJÄLLRÄVEN B.V.
Torenzicht 23A
3755 CA EEMNES
THE NETHERLANDS
FENIX OUTDOOR BENELUX B.V.
Plesmanstraat 1
3833 LEUSDEN LA
THE NETHERLANDS
FENIX OUTDOOR NORGE AS
Serviceboks 827
2626 LILLEHAMMER
NORWAY
Phone +47-61-24 69 00
FENIX OUTDOOR FINLAND OY
Pakkalankuja 6
FIN-01510 VANTAA
FINLAND
Phone +358-98-77 11 33
FENIX OUTDOOR DANMARK APS
Bremårevej 3
DK-8520 LYSTRUP
DENMARK
Office +45 86 20 20 75
FENIX OUTDOOR UK LTD
13 Quay Lane GOSPORT
Hants. PO 124LJ , UK
Phone +42-39 25 28 711
FENIX OUTDOOR AUSTRIA
ITALY GMBH
Valiergasse 60, Top 0-05
6020 INNSBRUCK
AUSTRIA
Phone: (+43) 512 79 34 18
FENIX OUTDOOR EMERGING
MARKETS GMBH
Wiesenfeldstrasse 7
DE-852 56 VIERKIRCHEN
GERMANY
Phone +49-8139-802 30
FENIX OUTDOOR CHECH SRO
Na okraji 335/42
Veleslavin
162 00 PRAHA 6
CHECH REPUBLIC
BUS SPORT AG
Schingasse 4a
CH 9470 BUCHS
SWITZERLAND
FJÄLLRÄVEN USA LLC
1795 Dogwood St #400
LOUISVILLE
CO 800 27, USA
Phone +8004434871
FENIX OUTDOOR ASIA PACIFIC
PTE LTD
1 Harbourfront Avenue
#14-08 Keppel Bay Tower
SINGAPORE 098632
ALPEN INTERNATIONAL CO LTD
135-896 Daemyung B/D 6E
637-15 Shinsa-dong
Gangnam-Gu SEOUL
SOUTH KOREA
www.alpen-international.com
FENIX OUTDOOR TAIWAN CO. LTD.
10F.-5, No. 112, Sec. 2,
Zhongshan N. Rd., Zhongshan
Dist.,
TAIPEI CITY 104,
TAIWAN (R.O.C.)
Tel +886-2-2523-3871
GLOBETROTTER AUSRÜSTUNG
GMBH
Fuhlsbüttlerstrasse 29
D-22305 HAMBURG
GERMANY
www.globetrotter.de
NATURKOMPANIET AB
Box 177
SE-891 24, ÖRNSKÖLDSVIK
SWEDEN
Phone 0660-29 35 50
PARTIOAITTA OY
Nuijamiestentie 5C
00400 HELSINKI
FINLAND
www.partioaitta.fi
FRILUFTSLAND A/S
Frederiksborggade 52
1360 COPENHAGEN
DENMARK
Phone +45-33 14 51 50
www.friluftsland.dk
TREKITT
51 Eign Gate
HEREFORD
HR4 0AB
GREAT BRITAIN
Phone +44 1432 263335
www.trekitt.co.uk
DEVOLD OF NORWAY AS
A O Devoldvegen 16
6030 Langevåg
Norge
AUDITORS
AUDITOR IN CHARGE
Kaspar Strei
Licensed audit expert
Ernst & Young Ltd
Auditor at Fenix Outdoor
International AG since 2025
AUDITOR
Patrick Bächtold
Licensed audit expert
Ernst & Young Ltd
Auditor at Fenix Outdoor
International AG since 2024
Fenix Outdoor International AG, Weidstrasse 1a, 6300 Zug, Switzerland
Phone: +46-(0)-660-26 62 00, www.fenixoutdoor.se, E-mail info@fenixoutdoor.se
www.fjallraven.se www.tierra.se www.devold.com www.hanwag.de royalrobbins.com www.naturkompaniet.se www.partioaitta.fi www.globetrotter.de www.friluftsland.dk
OUTDOOR International AG