Bot attacks shut down the web shop, warm weather hit German sales and a new ERP system caused friction — yet Fenix Outdoor’s Nordic markets and Global Sales unit both grew, and the six-month loss actually narrowed year on year.
Germany would not let go of Fenix Outdoor International AG in the second quarter. A price war in the group’s largest market, a heatwave that kept shoppers out of stores in June, and a new ERP system that has yet to bed in combined to push the operating loss to €11.1m, up from €7.2m a year earlier, even as the Nordic markets that usually anchor the group held their ground.
The numbers for the quarter ended June 30, 2026, show a top line that barely moved and a bottom line that did:
| Fenix Outdoor International AG — Income statement | |||
| Q2, ended June 30 (€ millions) | |||
| Q2 2026 | Q2 2025 | Change | |
| Net sales | 139.4 | 144.9 | -3.8% |
| Other operating income | 3.0 | 1.6 | 87.5% |
| Income | 142.4 | 146.5 | -2.8% |
| EBITDA | 3.7 | 6.6 | -43.9% |
| Operating profit | -11.1 | -7.2 | – |
| Net financial items | -1.8 | -2.3 | – |
| Profit before tax | -12.9 | -9.4 | – |
| Income tax expense | 0.1 | -0.6 | – |
| Net result for the period | -12.7 | -10.0 | – |
| Earnings per B-share (€) | -0.92 | -0.72 | – |
Source: Fenix Outdoor International AG interim report, six months ended June 30 2026, published July 21 2026. All figures in € millions.
Zoom out to the half-year and the picture softens. Net sales actually rose, to €305.3m from €302.6m, and EBITDA improved to €26.8m from €24.6m. The operating result stayed in the red at -€3.4m against -€2.0m, but the net loss narrowed to €8.1m from €9.9m, a sign that the second quarter’s pain was concentrated, not chronic.
Where the pressure hit
The Brands segment, home to labels including Devold, absorbed the sharpest blow. External sales fell 6.2% to €38.0m and the operating loss nearly doubled, to €8.7m from €5.1m. Executive Chairman Martin Nordin pointed to weaker German sales and earlier spring/summer deliveries as the main drags, though he noted the Nordic countries outperformed and Devold ran ahead of plan.
| Fenix Outdoor International AG — Segment external sales and operating result | |||
| Q2, ended June 30 2026 vs Q2 2025 (€ millions) | |||
| Segment | External sales | Change | Operating result |
| Brands | 38.0 | -6.2% | -8.7 |
| Frilufts | 81.2 | -2.7% | -4.0 |
| Global sales | 20.3 | -0.5% | 0.8 |
Source: Fenix Outdoor International AG interim report, six months ended June 30 2026, published July 21 2026. All figures in € millions.
Frilufts, the group’s retail business, had its own headaches beyond the German slowdown: bot attacks knocked its web shop offline during the quarter, compounding a 2.7% sales decline to €81.2m and pushing the operating result to -€4.0m from -€1.9m. Rising rents and salaries, tied to inflation indexation, added further strain.
Global Sales was the one segment moving in the right direction. External sales slipped just 0.5% to €20.3m, but the operating result flipped positive, to €0.8m from -€0.5m. The group’s unconsolidated Chinese joint venture kept up its momentum, with net sales up 22% both for the quarter and year to date.
Direct-to-consumer revenue held up relatively well at €99.2m, down from €102.1m, with physical shops still doing the heavy lifting at 72.3% of the total.
Deals and the balance sheet
Fenix used the quarter to tidy up its ownership structure. In May, it paid €9.6m to buy out the remaining minority stake in Devold Norway AS, taking full control. It also lifted its holding in VioModa to 75% for €0.7m, keeping a put/call option on what’s left.
What’s next
Nordin struck a cautious but not pessimistic note on the outlook, describing Germany as still “challenging and price-driven” while flagging the Nordics and Canada as more encouraging. The clearest bright spot he pointed to was North America: the US market is improving according to plan, with preorders for next spring already looking promising.
How the market read it
Investors were not reassured. Fenix Outdoor shares dropped 6.60% on the Stockholm Stock Exchange, closing at SEK 382.00 (€34.11) as of 5:30 pm CEST on July 21, 2026, after touching a fresh 52-week low of SEK 375.00 (€33.48) intraday.
The scale of the sell-off suggests the market was less troubled by the flat top line than by what sits beneath it: EBITDA down 43.9% year on year, and a management team still working through ERP integration problems it has not yet resolved.
