Dometic Group (DOM) Q4 2025 earnings summary

Executive summary

• Market conditions remain challenging with low consumer confidence, weak GDP growth, and cautious inventory building by retailers, dealers, and OEMs.

• Organic growth was negative at -3% for Q4, with gradual improvement in order intake and backlog, and ongoing investments in structural growth areas.

• Restructuring and cost control improved gross margins and segment profitability, especially in Land Vehicles and Global Ventures.

• Free cash flow and profits were negatively impacted by currency effects, increased labor costs, and restructuring cash outflows.

• Full-year profit was SEK 428m, a turnaround from a SEK -2,303m loss in 2024.

Financial highlights

• Q4 2025 net sales were SEK 4,058m, down 15% year-over-year; full-year net sales SEK 21,042m, down 15%.

• Q4 EBITDA/EBITA at SEK 245m (6% margin), down from 7.3% last year; full-year EBITDA/EBITA SEK 2,234m (10.6% margin).

• Q4 EPS at SEK -0.67 (adjusted -0.39); full-year adjusted EPS at SEK 2.52.

• Q4 free cash flow SEK 20m; full-year free cash flow SEK 1,445m.

• Leverage at 3.3x, up from 3.1x last year.

Outlook and guidance

• Gradual market stabilization and sequential improvement in net sales and order intake are expected, with growth anticipated in 2026.

• Free cash flow in 2026 expected to be slightly below 2025 levels.

• Leverage targeted to fall below 3x, aiming for a figure starting with 2 in 2026.

• Price increases implemented in January are expected to offset higher labor and tariff costs in Mobile Cooling.

• Proposed dividend of SEK 1.00 per share for 2025, to be paid in two installments.