Slide 1: Dometic Q4 2024 Report
DOMETIC Q4 2024 REPORT
Slide 2: Juan Vargues, President and CEO
JUAN VARGUES PRESIDENT AND CEO
Slide 3: Q4 2024 Highlights
Q4 2024 HIGHLIGHTS Market development • Continued challenging market situation • Restrained consumer spending • Retail inventories are lower than last year; however customers are cautious with their inventory levels Performance • -13% organic sales growth • Service & Aftermarket -9%. Slight improvem
Slide 4: Q4 2024 Financial Summary
Q4 2024 FINANCIAL SUMMARY -10% Net sales of SEK 4,785 m, -10% total growth 5,327 • -13% Organic Net Sales • 2% FX EBITA before i.a.c • 0% M&A EBITA before i.a.c. of SEK 349 m, -25% • EBITA margin of 7.3% (8.7%) -25% 4,785 EPS of SEK -3.44 (0.16) 465 Adjusted EPS of SEK -0.35 (0.67) 349 Operating cas
Slide 5: Full Year 2024 Financial Summary
FULL YEAR 2024 FINANCIAL SUMMARY -11% Net sales of SEK 24,620 m, -11% total growth 27,775 • -12% Organic Net Sales • 0% FX EBITA before i.a.c • 0% M&A EBITA before i.a.c. of SEK 2,670 m, -23% -23% • EBITA margin of 10.8% (12.5%) 24,620 3,463 EPS of SEK -7.21 (4.17) 2,670 Adjusted EPS of SEK 3.21 (5.
Slide 6: Net Sales Development by Quarter
NET SALES DEVELOPMENT BY QUARTER LTM MSEK Q4 2024 45,000 Net Sales SEK 4,785 m Organic growth -13% 36,000 • Land Vehicles Americas -6% • Land Vehicles EMEA -19% • Land Vehicles APAC -23% 27,000 • Marine -12% • Mobile Cooling Solutions -5% 18,000 • Global Ventures -11% 2% 9,000 -13% 0 0% Q4 2022 Q1 2
Slide 7: Net Sales by Sales Channel
NET SALES BY SALES CHANNEL SEK B 35 30 29% 25 29% • RV OEM 20% of Group sales 31% • 49% in 2017 20 15% 9% 11% 27% 10% 28% 15 35% 30% 32% 29% 36% 10 6% 44% 14% 61% 50% 43% 5 57% 40% 54% CPV OEM 20% Marine OEM RV OEM 0 2018 2019 2020 2021 2022 2023 2024 OEM 2024 OEM Service & Aftermarket Distribution
Slide 8: Service & Aftermarket Net Sales
SERVICE & AFTERMARKET NET SALES Proforma Net sales in constant currency • Q4 organic growth -9% • 2024 Full year organic growth -8% • Consumers are focused on repairing equipment instead of upgrading or replacing • Dealers continue to be cautious building 10% YoY organic growth inventories ahead of
Slide 9: EBITA and EBITA Margin before i.a.c
EBITA AND EBITA MARGIN BEFORE I.A.C EBITA before i.a.c last 12 months 10.8% (12.5%) EBITA MSEK margin LTM Q4 2024 1.200 14% EBITA before i.a.c margin 7.3% (8.7%) 13% 1.050 12% • Gross margin slightly down 11% • Investments in product development and 900 10% sales capabilities in strategic growth are
Slide 10: LV Americas Q4 2024
LV AMERICAS Q4 2024 • Net sales SEK 782 m, -3% • Organic growth -6% • An improvement compared to -18% in Q1-Q3 2024 • Service & Aftermarket stable Net sales and EBITA margin before i.a.c. 1,200 2% • Less decline in OEM than in previous quarters 1,000 0% 800 -2% • EBITA before i.a.c. SEK -57m (-50) -
Slide 11: LV EMEA Q4 2024
LV EMEA Q4 2024 • Net sales SEK 1,128 m, -18% • Organic growth -19% • Service & Aftermarket remains below last year • Decline in OEM due to lower RV industry production Net sales and EBITA margin before i.a.c. 2,000 15% • EBITA before i.a.c. SEK 3 m (33) 1,500 10% • EBITA Margin 0.3% (2.4%) • Effect
Slide 12: LV APAC Q4 2024
LV APAC Q4 2024 • Net sales SEK 289 m, -22% • Organic growth -23% • Decline mainly driven by OEM • RV production in Australia remains low Net sales and EBITA margin before i.a.c. 400 35% 350 30% • EBITA before i.a.c. SEK 77 m (108) 300 25% • EBITA Margin 26.6% (29.1%) 250 20% • Effect from lower sal
Slide 13: Marine Q4 2024
MARINE Q4 2024 • Net sales SEK 1,257 m, -10% • Organic growth -12% • Service & Aftermarket down compared to a strong Q4 2023 • Marine OEM production remains low Net sales and EBITA margin before i.a.c. 2,000 30% 25% 1,500 20% • EBITA before i.a.c. SEK 238 m (309) • EBITA Margin 19.0% (22.1%) 1,000 1
Slide 14: Mobile Cooling Solutions Q4 2024
MOBILE COOLING SOLUTIONS Q4 2024 • Net sales SEK 852 m, 0% • Organic growth -5% • An improvement compared to Q3 driven by Igloo and new product launches Net sales and EBITA margin before i.a.c. 2,500 12% 10% • EBITA before i.a.c. SEK 63 m (14) 2,000 8% • EBITA Margin 7.4% (1.7%) 6% 1,500 • Includes
Slide 15: Global Ventures Q4 2024
GLOBAL VENTURES Q4 2024 • Net sales SEK 477 m, -9% • Organic growth -11% • Growth in Hospitality • Decline in Residential Net sales and EBITA margin before i.a.c. 800 18% • Decline in Mobile Power Solutions driven by lower RV 700 16% production 600 14% 12% 500 10% • EBITA before i.a.c. SEK 24 m (51)
Slide 16: Sustainability and Innovation Q4 2024
SUSTAINABILITY AND INNOVATION Q4 2024 LTIFR 1) at 2.0 KPI Focus area Actual Actual Target • Efforts focusing on injury prevention continue throughout last year the organization LTIFR1) People 2.0 1.9 <2.0 Share of female managers People 29% 29% 27% • LTIFR including acquisitions at 1.5 CO2 ton / Net
Slide 17: A New Series of Marine Air Conditioners
A NEW SERIES OF MARINE AIR CONDITIONERS WITH NEW REFRIGERANT TECHNOLOGY • Introduces the next-generation refrigerants in the 2025 Marine air conditioning systems • Reduces Global Warming Potential (GWP) by up to 78% compared to other refrigerants on the market • Meets upcoming global environmental r
Slide 18: 2024 - Key Products Highlights
2024 - KEY PRODUCTS HIGHLIGHTS EXPANDING IN MOBILE LIVING WITH PRODUCT INNOVATION MOST PREMIUM ACTIVE NEW ENTRY MODEL ACTIVE PORTABLE BATTERY AIR CONDITIONER SOLUTION WITH COOLER – CFX5 COOLER - CFX2 – PLB15 INTEGRATED POWER SUPPLY • Best performing electric • More affordable when • Durable but ligh
Slide 19: Global Cost Reduction Program
GLOBAL COST REDUCTION PROGRAM Total savings SEK 750 m Announced on December 12, 2024 Saving from structural cost reductions and discontinued businesses • Annual positive impact on EBITA estimated to SEK 750 m when fully implemented at the end of 2026 • Gradual effect from the first quarter of 2025.
Slide 20: New Organization from 2025
NEW ORGANIZATION FROM 2025 SIMPLIFIED, FOCUSED, TRANSPARENT FROM TO SEGMENT Share of Group SEGMENT Share of Group • The three Land Vehicles segments will be net sales net sales consolidated into one Global Land Vehicles Land Vehicles segment 14% Americas • Driven by the Global Restructuring program
Slide 21: Stefan Fristedt, CFO
STEFAN FRISTEDT CFO
Slide 22: Q4 2024 Income Statement
Q4 2024 INCOME STATEMENT Q4 Q4 Gross profit margin 26.8% (27.0%) SEK m 2024 2023 • Continuous work to adjust capacity to lower volumes Net sales 4,785 5,327 • Sales mix and lower logistic costs contribute Gross Profit 1,284 1,436 26.8% 27.0% Operating expenses SEK -935 m (-971) Operating Expenses -9
Slide 23: Improved Operating Cash Flow
IMPROVED OPERATING CASH FLOW SEK m 2,299 2,125 1,963 1,417 1,301 1,269 1,117 1,043 917 875 812 784 724 738 546 488 311 346 294 181 212 84 -20 -398 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020 2021 2022 2023 2024
Slide 24: Working Capital Days
WORKING CAPITAL DAYS • Working capital last 12 months 29% (31%) of net sales • 25% in the quarter • Inventory balance SEK 6.5 b (7.3) • Number of days 138 (146), gradually decreasing • In constant currency a reduction of SEK 1 b • Further potential to optimize working capital towards target 20% of n
Slide 25: Capex and Research & Development
CAPEX AND RESEARCH & DEVELOPMENT Q4 2024 CAPEX 2.1% (5.1%) of net sales • 2024 full year: 1.3% of net sales Q4 2024 R&D 3.3% (2.8%) of net sales • Includes capitalized development expenses of SEK 13 m • Investments in structural growth areas • 2024 full year: 2.6% of net sales
Slide 26: Summary Q4 and Full Year Cash Flow
SUMMARY Q4 AND FULL YEAR CASH FLOW HIGH FOCUS TO CONTINUE GENERATING STRONG FREE CASH FLOW Operating cash flow • Robust operating cash flow in the quarter. Second best year ever supported by reduced working capital Q4 Q4 FY FY • Global restructuring program of SEK 1.2 b included in SEK m 2024 2023 2
Slide 27: Net Debt to EBITDA Leverage Ratio
NET DEBT TO EBITDA LEVERAGE RATIO Net debt leverage ratio 3.1x compared to 3.0x in Q3 2024 • Negative effect from FX • Reduced EBITDA offset by robust cash flow • High focus across the organization on protecting margin and reducing working capital 3.2 3.2 3.0 2.8 2.8 3.1 2.8 2.7 2.9 3.0 3.0 2.9 2.7
Slide 28: Debt Maturity Profile
DEBT MATURITY PROFILE • Average maturity rate 2.1 years (2.5 years including extension options) • Average interest rate 4.8% 3.4 5.0 • Undrawn revolving credit facility available of 1.0 3.4 EUR 280 m maturing in 2027 1.0 0.8 • We are continuously working with our debt 0.4 0.5 portfolio 2025 2026 202
Slide 29: 2024 Dividend Proposal
2024 DIVIDEND PROPOSAL Dividend per share SEK 2.45 2.30 • SEK 1.30 (1.90) per share proposed by Board 2.05 2.15 of Directors 1.85 1.90 • Reflects a balanced view of the financial 151% 1.30 1.30 position, business outlook and the current market conditions • 44% 46% 40% of 2024 adjusted 1) EPS 40% 41%
Slide 30: Q4 2024 Summary
Q4 2024 SUMMARY Business highlights • Challenging market in 2024 • Full year organic net sales -12% • Robust full year EBITA margin at 10.8% (12.5%) • Operating cash flow SEK 4.2 b, second best year ever • Entering 2025 • Customer inventory levels are below last year • Expect the demand to gradually
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Slide 32: Disclaimer
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
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