Dometic Group (DOM) Q4 2025 earnings summary

Executive summary

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

• Net sales for Q4 2025 were SEK 4,058m, down 15% year-over-year, with organic decline of 3% and significant negative currency impact.

• Full-year 2025 net sales were SEK 21,042m, a 15% decrease, with 8% organic decline and 6% currency headwind.

• Gross margin improved to 29.2% for the year (27.7% in 2024), driven by cost reductions and favorable sales mix.

• Order intake and backlog are gradually improving, with ongoing investments in structural growth areas.

Financial highlights

• Q4 net sales SEK 4,058m; full-year net sales SEK 21,042m.

• Q4 EBITA before items affecting comparability was SEK 245m (6.0% margin); full-year EBITA SEK 2,234m (10.6% margin).

• Q4 EPS was SEK -0.67 (adjusted SEK -0.39); full-year EPS SEK 1.34 (adjusted SEK 2.52).

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

• Net debt to EBITDA leverage ratio at year-end was 3.3x, up from 3.1x.

Outlook and guidance

• Gradual market stabilization and sequential improvement in net sales and order intake are expected.

• Management expects a gradual demand recovery as inventory levels normalize, with growth expected to return in 2026.

• Continued focus on cost reduction, efficiency, and investment in growth initiatives.

• Free cash flow in 2026 expected slightly below 2025, with continued working capital optimization.

• Leverage targeted to fall below 3x in 2026.