Fenix Outdoor FOI-B
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Full analysis: 6 Apr 2026
Latest news check: 22 Jul 2026
General analysis — not personal advice.
HOLD
6/10
Confidence
Maintain the current position; consider adding after Q2 if (1) the Devold transaction closes as planned and (2) profitability/online trends stabilize without further IT disruptions.
The Q2 result with widened losses and operational issues strengthens the bear case and supports maintaining HOLD signal until signs of stabilisation appear.
Market sentiment
3/10
↓
Trend: Declining
Sentiment has deteriorated following the weak Q2 figures and increased losses, although Nordic markets and Global Sales show some resilience.
Price context
The share closed at 422.5 SEK, about 21.5 % below the 52-week high after a 20 % decline over twelve months. The price already reflects significant headwinds but remains sensitive to further negative surprises.
Risk assessment
7/10
Dilution:
Low
No equity raise signaled; dividend reduced
Jurisdiction:
Low
Mainly Sweden/EU/North America exposure
Execution:
Medium
ERP and warehouse move may disrupt operations
Recent changes
- Report shows increased losses driven by ERP disruptions, weak German market and warm summer.
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Show all changes (4) — follow the company freeAbout the company
Fenix Outdoor is a premium outdoor group with brands such as Fjällräven, Primus and Hanwag, and retail chains including Naturkompaniet and Globetrotter. The business is profitable on a full-year basis but has faced near-term margin pressure and weaker recent results. Management is focused on efficiency, warehouse/ERP execution, and integrating Devold.
Sector:
Outdoor apparel & equipment plus specialty retail
Type:
Retail
Next report
28 Oct 2026
Q3
Catalysts
Q4 2026
Q3 report
High
Horizon:
Bull case
Nordic markets and Global Sales continue to demonstrate resilience while the Devold integration contributes positively.
Bear case
Weak German demand, warm summer weather, ERP disruptions and higher costs have led to sharply lower margins and increased losses.
Signal rationale (informational)
The Q2 result with widened losses and operational issues strengthens the bear case and supports maintaining HOLD signal until signs of stabilisation appear.
Recent news
- The Q2 report published 21 July 2026 showed revenue of 142.4 MEUR (down 2.8 %), EBITDA of 3.7 MEUR and operating profit of -11.1 MEUR. The company cited weak German demand, warm summer weather, ERP disruptions and higher costs as key factors.
Key figures
Revenue
Q2 2026
EUR 142M
EBITDA
Q2 2026
EUR 3.7M
Net income
Q2 2026
EUR -12.7M
Price & valuation
Last close
SEK 347
1 week
-2.5 %
3 months
-19.8 %
12 months
-31.7 %
From 52w high
-35.5 %
From 52w low
0.0 %
Exchange
Stockholm
Type
Retail
Sector
Outdoor apparel & equipment plus specialty retail
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.