FOI-BNasdaq StockholmConsumer DiscretionaryIFRS · SEK

Fenix Outdoor International B

Fenix Outdoor International AG is a Swiss-based company specializing in outdoor equipment and apparel. It operates through three main segments: Brands, Frilufts, and Global Sales, each focusing on different aspects of outdoor retail and distribution. The company is known for its strong portfolio of brands, including Fjällräven, and its strategic partnerships and acquisitions to expand its market presence. Fenix Outdoor is committed to sustainability and innovation in its product offerings, catering to a global market of outdoor enthusiasts.

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Revenue186m SEK
−73.4 %y/y
Operating profit (EBIT)3.0m SEK
−92.0 %y/y
EBIT margin1.6%
−3.7 ppy/y
Net income-5.7m SEK
−139.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

0200400600800m SEK2020: 563 m SEK2020: EBIT 61 m SEK20202021: 650 m SEK2021: EBIT 84 m SEK20212022: 770 m SEK2022: EBIT 83 m SEK20222023: 750 m SEK2023: EBIT 55 m SEK20232024: 699 m SEK2024: EBIT 37 m SEK20242025: 186 m SEK2025: EBIT 3.0 m SEK20251863.0
RevenueOperating profit (EBIT)
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Business

Share of revenue
Brands25 %

Includes outdoor apparel and equipment brands like Fjällräven.

Frilufts50 %

Retail operations focusing on outdoor equipment and apparel.

Global Sales25 %

Distribution of outdoor brands across international markets.

Customers

Fenix Outdoor serves a diverse customer base ranging from individual outdoor enthusiasts to large retail partners. The company's products are popular among consumers who value quality and sustainability in outdoor gear. Retail partners and distributors are key customers, leveraging Fenix's strong brand portfolio to attract consumers. The company's direct-to-consumer channels also cater to customers seeking convenience and direct brand engagement. Strategic partnerships and acquisitions further expand its reach to new customer segments in different regions.

Outdoor Enthusiasts

Purchase high-quality, sustainable outdoor gear for personal use.

Retail Partners

Stock Fenix's brands to attract consumers in physical stores.

Distributors

Distribute Fenix's products in international markets.

Direct Consumers

Engage with Fenix's brands directly through online channels.

Strategy

Fenix Outdoor's strategic priorities include expanding its brand portfolio through acquisitions and partnerships, optimizing inventory levels, and enhancing direct-to-consumer channels. The company is focused on improving operational efficiency and cost control to maintain profitability. Marketing investments are being increased to boost brand visibility in key markets like Germany and the US. Fenix Outdoor is also committed to sustainability, integrating eco-friendly practices into its operations and product offerings.

Brand ExpansionMedium term

To increase market share and diversify offerings.

Operational EfficiencyShort term

To maintain profitability amidst cost challenges.

SustainabilityLong term

To meet consumer demand for eco-friendly products.

Geography

Fenix Outdoor has a strong presence in Europe, particularly in the Nordics and Germany, where its retail operations are significant. The company also operates in North America and Asia, with strategic partnerships and acquisitions enhancing its market reach. Manufacturing and production partnerships are located in regions like Bulgaria, supporting its global supply chain. The company's geographic diversification helps mitigate risks associated with regional economic fluctuations and enhances its ability to serve a global customer base.

Risks

Fenix Outdoor faces several risks, including supply chain volatility and geopolitical tensions that could impact costs and operations. The company is also exposed to credit risks in North America and market challenges in regions like Korea. Digital sales have been declining, posing a risk to revenue growth. Additionally, the implementation of new systems and operational changes could lead to increased costs and operational disruptions. Industry-specific risks include changing consumer preferences and competitive pressures in the outdoor retail market.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Supply Chain Volatility1Declining Digital Sales2Credit Risks in North America3Geopolitical Tensions4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Supply Chain VolatilityImpact: HighLikelihood: High

    Affects cost and speed of operations.

  2. Declining Digital SalesImpact: HighLikelihood: High

    Impacts revenue growth.

  3. Credit Risks in North AmericaImpact: MediumLikelihood: High

    Affects sales and profitability.

  4. Geopolitical TensionsImpact: MediumLikelihood: Low

    Could disrupt international trade.

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Accounting

Judgemental items
Revenue Recognition

Impacts reported sales across segments.

Lease Accounting

Affects balance sheet with right-of-use assets.

ERP System Implementation

Influences operational efficiency and reporting.

Foreign Exchange Hedging

Mitigates currency risk in international operations.

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Last updated: 24/09/2026

Fenix Outdoor International B (XSTO) – Consumer Discretionary | Financial Analysis – Clarifo