Slides
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DOMETIC Q4 2025 REPORT
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JUAN VARGUES PRESIDENT AND CEO
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Q4 2025 HIGHLIGHTS Market development • Overall macroeconomic conditions remain challenging • Low GDP growth and weak consumer confidence in key markets • Retailers, dealers, and OEMs are cautious building inventory Performance • -3% organic sales growth - Service & Aftermarket declined by -3% - Distribution grew by 2%, driven by Mobile Cooling Solutions - OEM showed negative growth of -4%, mainly related to RV OEM in Land Vehicles • EBITA margin before i.a.c. 6.0% (7 .3%) - Underlying EBITA margin increased by 2.9% - Unfavorable currency impact - Mobile Cooling negatively impacted increased labor costs and timing of tariff mitigation, as well as prior year including a one-time positive items related to duty drawbacks - Margin improvement in Land Vehicle and Global Ventures segments • Free cash flow SEK 20 m (409) - Leverage at 3.3x compared to 3.1x in prior year (3.2x in Q3 2025)
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Q4 2025 FINANCIAL SUMMARY Net sales of SEK 4,058 m, -15% total growth • -3% Organic • -12% FX • 0% M&A • -1% Portfolio changes EBITA before i.a.c. of SEK 245 m, -30% • EBITA margin of 6.0% (7 .3%) EPS of SEK -0.67 ( -3.44) Adjusted EPS of SEK -0.39 ( -0.35) Free cash flow of SEK 20 m (409) Leverage 3.3x (3.1x) Page 4 | Dometic Group
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YTD DECEMBER 2025 FINANCIAL SUMMARY Net sales of SEK 21,042 m, -15% total growth • -8% Organic • -6% FX • 0% M&A • -1% Portfolio changes EBITA before i.a.c. of SEK 2,234 m, -16% • EBITA margin of 10.6% (10.8% ) EPS of SEK 1.34 ( -7 .21) Adjusted EPS of SEK 2.52 (3.21) Free cash flow of SEK 1,445 m (2,304) Leverage 3.3x (3.1x) Page 5 | Dometic Group
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NET SALES DEVELOPMENT BY QUARTER Q4 2025 Net Sales SEK 4,058 m Organic growth -3% • Land Vehicles -4% where of: - Americas -10% - EMEA 1% - APAC -10% • Marine -3% • Mobile Cooling Solutions 3% • Global Ventures -3% Page 6 | Dometic Group
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NET SALES BY SALES CHANNEL 7% 14% 18% OEM Dec 2025 LTM CPV OEM Marine OEM RV OEM • RV OEM 18% of Group sales • 49% in 2017 Page 7 | Dometic Group
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ORGANIC GROWTH BY SALES CHANNEL • Service & Aftermarket declined but is showing improvement. -10% -1% -11% -9% -7% -12% -4% -3% Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Service & Aftermarket -13% -2% -10% -6% -3% -7% -6% 2% Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Distribution -13% -17% -20% -18% -16% -14% -8% -4% Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 OEM • Positive organic growth in Distribution for the first time in three years driven primarily by Mobile Cooling Solutions • OEM declined but trend is improving. Page 8 | Dometic Group
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EBITA AND EBITAMARGIN BEFORE I.A.C EBITA before i.a.c last 12 months 10.6% (10.8%) Q4 2025 EBITA before i.a.c margin 6.0% (7 .3%) Underlying EBITA margin was 2.9% higher on a like-for-like basis, adjusting for - FX - T ariff /labor costs and duty drawbacks in Mobile Cooling • Gross margin increased to 28.7% (from 26.8%), despite lower sales • Cost reductions driven by Global Restructuring Program • EBITA margin improved in Segment Land Vehicles and Global Ventures Page 9 | Dometic Group
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LAND VEHICLES Q4 2025 Net sales SEK 1,852 m, -16% • Organic growth -4% • Decline in both channels • Low single digit organic growth in EMEA, decline in others EBITA before i.a.c. SEK 66 m (23) • EBITA Margin 3.6% (1.0%) • Positive impact from Global Restructuring Program • Increased profitability in EMEA and reduced losses in Americas Net sales and EBITA margin before i.a.c. SEK m Q4 2025 Net sales Organic growth Q4 2025 EBITA % Q4 2024 EBITA % Segment Land Vehicles 1,852 -4% 3.6% 1.0% -Americas 570 -10% -1.9% -7. 3 % -EMEA 1,053 1% 2.5% 0.3% -APAC 229 -10% 22.1% 26.6%
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MARINE Q4 2025 Net sales SEK 1,070 m, -15% • Organic growth -3% • Sales & Aftermarket on par with previous year • Single -digit decline in OEM EBITA before i.a.c. SEK 198 m (238) • EBITA Margin 18.5% (19.0% ) • Margin decrease due unfavorable currency impact • Cost reductions materializing Net sales and EBITA margin before i.a.c.
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MOBILE COOLING SOLUTIONS Q4 2025 Net sales SEK 733 m, -14% • Organic growth 3% • Strong recovery in North America EBITA before i.a.c. SEK -48 m (63) • EBITA Margin - 6.5% (7 .4%) • Margin declined, as previously communicated, driven by government mandated increased labor costs as well as tariff price mitigation timing • Prior year included 63 MSEK in favorable duty drawback one -time item • T ariff and labor impact normalized as of beginning of the new year Net sales and EBITA margin before i.a.c. 0 500 1.000 1.500 2.000 2.500 -10% -5% 0% 5% 10% 15% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net sales EBIT A margin
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GLOBAL VENTURES Q4 2025 Net sales SEK 403 m, -15% • Organic growth -3% • Continuous organic growth in Other Global Verticals • Decline in Mobile Power Solutions driven by the soft RV industry EBITA before i.a.c. SEK 28 m (24 ) • EBITA Margin 7.1 % (5.1% ) • Increase mainly due to sales mix and reduced SG&A Net sales and EBITA margin before i.a.c.
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SUSTAINABILITY AND INNOVATION Q4 2025 • LTIFR 1) at 0.7 • Well below the target of 1.5 • Injury prevention initiatives and reporting process improvements continue • Share of female managers 31% • Above 2025 target, driven by several initiatives in all segments • Share of renewable energy in operations 37% • Increasing share in manufacturing and distribution facilities • Major increases in US/Texas and Chinese facilities • Product innovation index improved to 23% • Innovation is a major driver for reducing CO2 emissions • Share of high- spend direct material suppliers assessed for sustainability 64% • Additional audits planned KPI Focus area 2025 2024 2025 T arget LTIFR1) People 0.7 1.6 <1.5 Share of female managers People 31% 30% 30% Share of renewable electricity in operations Planet 37% 30% 35% Product Innovation Index Planet 23% 21% 25% Share of high-spend direct material suppliers assessed for sustainability Governance 64% n/a 65% OUR FOCUS AREAS AND AMBITIONS PEOPLE Offer a safe, inclusive, diverse and dynamic workplace – allowing every employee to reach their full potential for the best of the company as a whole PLANET Offer innovative, durable and low-carbon products that support circularity GOVERNANCE Safeguard human rights at all times while pursuing fair business and labor practices 1) LTIFR: Lost Time Injury Frequency Rate Page 14 | Dometic Group
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COLD MACHINE DOMETIC CSX SELF-CONTAINED MARINE REFRIGERATION • Double-award-winning refrigeration breakthrough • Converts virtually any compartment into a high-efficiency fridge or freezer • Built on Dometic’ s proven refrigeration platform • Fan-assisted airflow accelerates cool-down and maintains stable temperatures—even in demanding marine environments AWARD-WINNING INNOVATION Page 15 | Dometic Group
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WALL TANK SUSTAINABLE SANITATION FOR SAILBOATS • Innovative, environment-focused engineering • Ultra-efficient, space-saving system that reduces water, power, and plastic use • VacuMAX technology variants dramatically cut water consumption • Quieter, smoother, and more efficient operation for onboard comfort SMART & SUSTAINABLE Page 16 | Dometic Group
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DC POWER MANAGER EXPANDING THE MOBILE POWER SOLUTIONS LINE • This innovative product offers versatile voltage ratings, true bidirectional charging, smart runtime performance, simplified rigging, and battery optimization —all in one compact, durable unit. • Transforms separate batteries into an integrated smart power network POWER MANAGEMENT Page 17 | Dometic Group
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GLOBAL COST REDUCTION PROGRAM Announced on December 12, 2024 Ta r g e t • SEK 750 m in annual run rate savings when fully implemented end of 2026 Progress savings • Closed one Manufacturing site and five Distribution centers • 300 employees impacted • Annual run rate savings end of Q4: SEK 350 m • Cash out in Q4: SEK 103 m • Cash out in 2025: SEK 212 m Portfolio changes update • Impact on net sales growth in the quarter from discontinued businesses: -1% • Divestment activities continue to progress, ongoing discussions with potential buyers T otal savings SEK 750 m Cost of Goods sold SG&A expenses 350 750 2024 2025 2026 Run rate saving (end of year), SEK m Page 18 | Dometic Group
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STEFAN FRISTEDT CFO
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Q4 2025 INCOME STATEMENT Gross profit margin 28.7% (26.8%) • Favorable sales mix, restructuring program and other efficiency measures Underlying improvement in EBITA margin (see next slide) Operating expenses SEK -918 m (-935) • Reductions driven by Global Restructuring Program and other measures • Continued investments in strategic growth areas Net financial expenses SEK -217 m (-174) • Net interest bank loans and financial income SEK -217m (-208) • FX revaluation and other items SEK -51 m (-38) T axes SEK -114 m (40) • The tax rate is negatively affected by non-deductible interest expenses in Sweden and a tax provision in Q4 for ongoing tax audits. Page 20 | Dometic Group Q4 Q4 SEK m 2025 2024 Net sales 4,058 4,785 Gross Profit 1,163 1,284 Margin 28.7% 26.8% Operating expenses -918 -935 EBITA before i.a.c. 245 349 Margin 6.0% 7.3% Items affecting comparability -1 -1,164 Amortization and impairment of acquisition-related intangible assets -127 -148 EBIT 117 -964 Net financial expenses -217 -174 Taxes -114 40 Profit for the period -214 -1,098
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EBITA% BRIDGE, LIKE-FOR-LIKE • Duty draw backs refer to a one-time positive effect of SEK 63 m related to trade tariff refunds in Mobile Cooling segment 2024 • The government-mandated wage increases and tariff cost, referring to the Mobile Cooling segment, has impacted the result by SEK 30 m – This effect has been mitigated by price increases as of the start of 2026 • Currency impact mainly related to USD – USD / SEK was ~11.1 year-end 2024 vs ~9.2 year-end 2025 – Currency impact related to both translation and transaction effects EBITA Q4 2025 Q4 2024 Net Sales 4,058 4,785 Reported EBITA 245 349 EBITA% 6.0% 7.3% Duty draw back (one-time) -63 Delay in mitigation of tariff/labor cost 30 Sub-Summary EBITA 275 286 EBITA% 6.8% 6.0% Currency effect 2,1% EBITA%, like-for-like 8.9% 6.0% Page 21 | Dometic Group
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SUMMARY Q4 AND FULL-YEAR CASH FLOW Q4 Operating cash flow • Working capital impacted by currency , higher inventory to meet demand, a higher share of sales recorded later in the quarter, lower profit • Cash out related to restructuring SEK 103 m • Carefully prioritizing investments in fixed assets Free cash flow before M&A • Interest expenses down • Lower tax paid Cash flow for the period • Repayment of a USD 229 m loan using cash on hand Page 22 | Dometic Group Q4 Q4 FY FY SEK m 2025 2024 2025 2024 Operating profit 117 -964 1,700 -1,123 Adjustment for non-cash items 176 1,763 920 4,753 Changes in working capital 109 104 732 978 Investments in intangible and tangible assets -70 -119 -362 -379 Operating cash flow 331 784 2,990 4,229 Income taxes paid -113 -165 -513 -740 Paid/received interest net -131 -112 -727 -853 Payment of lease liabilities -75 -106 -336 -352 Other 9 8 32 20 Free cash flow 20 409 1,445 2,304 Acqusitions and divestments - - - -159 Financing excl. interest and lease amortization -2,137 -31 -32 -2,340 Cash flow for the period -2,117 379 1,413 -195
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FREE CASH FLOW, SEK M STRONG CASH FLOW DESPITE SOFT TOP LINE Page 23 | Dometic Group
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WORKING CAPITAL DAYS LTM = Last 12 Months • Working capital last 12 months 25% (29%) of net sales – 23% in the quarter • Inventory balance SEK 4.8 b (6.5) – Number of days 119 (138), gradually decreasing • Further potential to optimize working capital towards target 20% of net sales WORKING CAPIT AL 55 53 30 40 50 60 Q4 2022 Q1 Q2 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 Q1 Q2 Q3 Q4 2025 DPO LTM ACCOUNTS PAYABLE 138 119 80 100 120 140 160 Q4 2022 Q1 Q2 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 Q1 Q2 Q3 Q4 2025 DIO LTM INVENTORIES 45 44 30 35 40 45 50 55 Q4 2022 Q1 Q2 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 Q1 Q2 Q3 Q4 2025 DSO LTM ACCOUNTS RECEIVABLES Page 24 | Dometic Group
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CAPEX AND RESEARCH & DEVELOPMENT (NORMAL CURRENCY , MSEK, % OF NET SALES) CAPEX • Q4 2025 CAPEX: 1.7% of net sales (2.2% in same period 2024) Investments in strategic growth areas • Q4 2025 R&D: 3.5% of net sales (3.3% same period 2024) Investments in strategic growth areas R&D Page 25 | Dometic Group
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DEBT MATURITY PROFILE • Total debt 14.7 SEKb • Average maturity 2.7 years (2.8 years excluding commercial papers). • The Facility B (233 MUSD) have been extended from 2028 to 2029. • Undrawn revolving credit facility of EUR 300 m maturing in 2028 • Remaining 2.2 SEKb of the 2026 Euro Bond will be repaid in May 2026 using cash on hand • Assuming enough cash is available there is an option to pay back 0.8 SEKb in September 2026 2,2 3,2 3,2 0,4 2,1 0,8 1,5 1,00,3 2026 2027 2028 2029 2030 EUR Bonds USD Loans SEK Bonds Commercial papers Page 26 | Dometic Group
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NET DEBT TO EBITDA LEVERAGE RATIO Net debt leverage ratio 3.3x (3.1x) and compared to 3.2x in Q3 2025 • Reduced EBITDA driven by impact from lower net sales FX • High focus across the organization on protecting margin and reducing working capital Committed on achieving our leverage target of around 2.5x. • Due to the current macroeconomic situation, it is difficult to assess the timing of target achievement Page 27 | Dometic Group 3,18 0,14 0,05 -0,10 3,27 Q3 2025 EBITDA Cash flow FX Q4 2025 2,5 2,7 2,9 3,1 3,3 3,5 3,7 3,9 4,1 Q3 2025 to Q4 2025 Development
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Q4 2025 SUMMARY Business highlights • The gradual market stabilization continues with encouraging signs in order intake • Underlying EBITA margin improved 2.9% – Unfavorable currency impact – Mobile Cooling negatively impacted by increased labor costs and timing of tariff mitigation, as well as prior year including a one-time positive items related to duty drawbacks – Margin improvement in Land Vehicle and Global Ventures segments • Free cash flow impacted by currency , higher inventory to meet demand, a higher share of sales recorded later in the quarter, lower profit and cash out related to restructuring • Leverage increased to 3.3x from 3.1x in prior year and 3.2X in Q3 • Predictions are difficult in current situation, under normal circumstances we would expect a gradual demand recovery given current visibility on inventory levels Strategic highlights • Investing in structural growth areas. Product innovation index 23% (21%) • Global restructuring program progressing according to plan Page 28 | Dometic Group
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Q&A Page 29 | Dometic Group
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DISCLAIMER SOME STATEMENTS HEREIN ARE FORWARD-LOOKING AND THE ACTUAL OUTCOME COULD BE MATERIALLY DIFFERENT . IN ADDITION TO THE FACTORS EXPLICITLY COMMENTED UPON, THE ACTUAL OUTCOME COULD BE MATERIALLY AFFECTED BY OTHER FACTORS, (A) CHANGES IN ECONOMIC, MARKET AND COMPETITIVE CONDITIONS, (B) SUCCESS OF BUSINESS AND OPERATING INITIATIVES, (C) CHANGES IN THE REGULATORY ENVIRONMENT AND OTHER GOVERNMENT ACTIONS, (D) FLUCTUATIONS IN EXCHANGE RATES AND (E) BUSINESS RISK MANAGE M E N T. • THIS PRESENTATION HAS BEEN PREPARED DOMETIC GROUP SOLELY FOR USE AT THIS PRESENTATION AND IS FURNISHED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED OR REDISTRIBUTED, IN WHOLE OR IN PART , TO ANY OTHER PERSON. THE PRESENTATION DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE, PURCHASE OR SUBSCRIBE FOR SECURITIES. BY ATTENDING THE MEETING WHERE THIS PRESENTATION IS MADE, OR BY REA DING THE PRESENTATION SLIDES, YOU AGREE TO BE BOUND BY THE FOLLOWING LIMITATIONS. • THE INFORMATION AND OPINIONS CONTAINED IN THIS DOCUMENT ARE PROVIDED AS AT THE DATE OF THIS PRESENTATION AND ARE SUBJECT TO CHANGE WITHOUT NOTICE.