Dometic Group Ab · OMXSTO:DOM
Dometic Group Ab — Q1 2025 Earnings Presentation
29 slides from Dometic Group Ab's earnings presentation, Apr 25, 2025
Slide 1: Dometic Q1 2025 Report
Slide 2: Juan Vargues, President and CEO
Slide 3: Stefan Fristedt, CFO
Q1 2025 HIGHLIGHTS Market development * Continued challenging market situation * Turbulent macro-economics including tariff uncertainties * Retail inventories are lower than last year; however customers are cautious with their inventory levels Performance * -10% organic sales growth * Allsales chann
Slide 4: Q1 2025 Highlights
QI 2025 FINANCIAL SUMMARY Net sales of SEK 5,830 m, -11% total growth 6527 ® * -10% Organic | Net Sales * 0% FX EBITA before i.a.c * 0% M&A * -1% Portfolio changes EBITA before i.a.c. of SEK 606 m, -21% & , * EBITA margin of 10.4% (11.8%) a 769 De EPS of SEK 0.57 (0.85) 606 Adjusted EPS of SEK 0.88
Slide 5: Q1 2025 Financial Summary
NET SALES DEVELOPMENT BY QUARTER LTM MSEK Ql 2025 48,000 Net Sales SEK 5,830 m Organic growth -10% 36,000 * Segment Land Vehicles -12% where of: - Americas -1% - EMEA-15% 27,000 - APAC-20% + Marine-13% 18,000 * Mobile Cooling Solutions -4% * Global Ventures -6% 0 QI 2023 Q2 2023 Q3 2023 Q4 2023 Ql 2
Slide 6: Net Sales Development by Quarter
NET SALES BY SALES CHANNEL SEKB 35 * RVOEM 19% Group sales * 49% in 2017 30 25 20 15 10 Mi cpvoem 2019 2020 2021 2022 2023 2024 Q1 2025 LIM ved HOEM Mill Service & Aftermarket | Distribution LIM LastTwelveMonths
Slide 7: Net Sales by Sales Channel
ORGANIC GROWTH BY SALES CHANNEL Service & Aftermarket ; = i Th -9% 11% + Animprovement compared to 2H 2024 Low single-digit decline in segment Land Vehicles Segment Marine remains slow Distribution re a a 10% 13% * Continued sequential improvement * Growth in the Hospitality and Residential business
Slide 8: Organic Growth by Sales Channel
EBITA AND EBITA MARGIN BEFORE I.A.C EBITA before i.a.c last 12 months 10.5% (12.5%) EBITA MSEK margin UTM 1.200 13% 12% 1.050 1% 300 10% 9% 750 8% 7% 600 6% 450 5% 4% 300 3% 150 2% 1% 0 Q12023 Q22023 32023 Q42023 Q12024 ~Q22024 Q32024 42024 Ql 2025 EBITA before i.a.c —~ EBITA Margin, Last 12 Months
Slide 9: EBITA and EBITA Margin before i.a.c.
TARI FFS Dometic 2024 Net sales FACTS * 50% of the annual sales is in the US * Ofwhich close to 60% is produced in the US * Import mainly from Mexico, Canada and China * Products from Mexico and Canada are currently to a large extent included in the USMCA") exemption list— no tariffs Rest of * Good
Slide 10: Tariffs
LAND VEHICLES Qi 2025 Net sales SEK 2,527 m, -12% * Organic growth-12% * Low single-digit decline in Service & Aftermarket * OEM remains low due to lower RV production in EMEA and APAC * Stable sales in Americas Net sales and EBITA margin beforei.a.c. 3,500 ne EBITA before i.a.c. SEK 150 m (207) 3.0
Slide 11: Land Vehicles
MARINE Q1 2025 Net sales SEK 1,299 m, -13% * Organic growth -13% * Decline in Service & Aftermarket and OEM * New product area successfully launched at the Miami boat show in February EBITA before i.a.c. SEK 256 m (353) * EBITA Margin 19.7% (23.6%) 25% . 1,500 * Effect from lower sales, partly offse
Slide 12: Marine
MOBILE COOLING SOLUTIONS Q1 2025 Net sales SEK 1,420 m, -4% * Organic growth -4% * Retailers remain cautious building inventories + Well positioned on the US market with a broad product range and local production EBITA before i.a.c. SEK 123 m (113) * EBITA Margin 8.6% (7.7%) 10% . : 2,000 * Supporte
Slide 13: Mobile Cooling Solutions
GLOBAL VENTURES Q1 2025 Net sales SEK 584 m, -13% * Impact from strategic portfolio changes * Organic growth -6% * Growth in Hospitality and Residential * Decline in Mobile Power Solutions driven by lower RV production in the industry Net sales and EBITA margin beforei.a.c. 800 18% -_ 16% EBITA befo
Slide 14: Global Ventures
SUSTAINABILITY AND INNOVATION Q1 2025 LTIFR" at 1.2 * Efforts focusing on injury prevention continue throughout the organization Share of female managers 30% + Driven by increased focus on diversity, equity and inclusion initiatives Share of renewable energy in operations 34% * Increasing use of ren
Slide 15: Sustainability and Innovation
A COMPLETE RANGE OF MOBILE COOLING SOLUTIONS FOR THE OUTDOOR MARKET ACROSS ALL PRICE POINTS AND TECHNOLOGIES ACTIVE HARD COOLERS PASSIVE HARD COOLERS. SOFT COOLERS DRINKWARE “> DOMETIC } >DOMETIC “> DOMETIC “> DOMETIC g : — 2 sss ye Cag 8 CL) > : = 1! Ye : TT ; I: “> DOMETIC 8 IGloo 8 IGlOoO 3 3 3 a
Slide 16: A Complete Range of Mobile Cooling Solutions for the Outdoor Market
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Slide 17: “> DOMETIC
“> DOMETIC tw! A WHOLE IN MARINE NEW LEVEL * Gyrostabilizer launched at Miami boat show in In Marine Gyro Stabilization February—won American boating industry Innovation Award and highly positive customer feedback * Fast growing 500 MUSD market * Perfect fit to our world leading steering system busi
Slide 18: Marine Gyro Stabilization: A Whole New Level
GLOBAL COST REDUCTION PROGRAM Total savings SEK 750 m Announced on December 12, 2024 Target * SEK 750 m in annual runrate saving when fully implemented end of 2026 Progress savings * Closed one Manufacturing site and one Distribution center * 150 employees impacted * Annual runrate saving end of QI:
Slide 19: Global Cost Reduction Program
Slide 20: QI 2025 INCOME STATEMENT
QI 2025 INCOME STATEMENT Gross profit margin 28.7% (27.9%) al Ql * Continuous work to adjust capacity to lower volumes SEKm 2025 2024 * Sales mix and new products launches contribute Net sales 5,830 6,527 Gross Profit 1,672 1,818 Operating expenses SEK -1,066 m (-1,049) 28.7% 27.9% . . Operating Exp
Slide 21: Q1 2025 Income Statement
SUMMARY Q1 AND LTM CASH FLOW Q1 2025 Operating cash flow * Working capital impacted by seasonality * Working capital reduced with SEK 1,1 b LIM * Cash out related to restructuring SEK 40 m * Carefully prioritizing investments in fixed assets, Q] 2024 was at a low level Free cash flow before M&A * In
Slide 22: Summary Q1 and LTM Cash Flow
FREE CASH FLOW, SEK M Q1 A SEASONALLY WEAKER QUARTER 1109 1,932 1,054 /09 4 609 63 89 — = = 77 ~ 3 Q4 Q2 3 C Q2 3 307 252 1,566 1,395 713 409 = i ; 92 213 406 Q3 Q4 @> DOMETIC
Slide 23: Free Cash Flow, SEK m
WORKING CAPITAL DAYS . . SEKm WORKING CAPITAL % * Working capital last 12 months 28% (31%) of net sales 15000 45 * 27% in the quarter 28% | 39 10,000 25 5,000 20 * Inventory balance SEK 5.6 b (7.7) " 15 * Number of days 131 (145), gradually decreasing ° ° -5,000 oO . . . . . Q2 Q3 Q4 QI Q2 Q3 G4 QI
Slide 24: Working Capital Days
1.4% 1.7% • 0.9% 2.8% 2.4% 2.1% •
Slide 25: DEBT MATURITY PROFILE
DEBT MATURITY PROFILE 3.3 0.8 B35 0.4 2025 2026 = Commercial papers SS 1185 4.5 2027 2028 2029 USD Loans SEK Bonds 1.0 2030 EUR Bonds Issued SEK 2.5 billion in the Swedish krona bond market in the quarter Repaid an EKN-backed loan of SEK 1,000 m and SEK 500 m of a SEK bond, both maturing in 2025 USD
Slide 26: Debt Maturity Profile
NET DEBT TO EBITDA LEVERAGE RATIO Net debt leverage ratio 3.3x (3.0x) and compared to 3.1x in Q4 2024 * Positive effect from FX * Reduced EBITDA * Qla seasonally weaker operating cash flow quarter 22 33 * High focus across the organization on protecting 53 27 a0 margin and reducing working capital C
Slide 27: Net Debt to EBITDA Leverage Ratio
QI 2025 SUMMARY Business highlights * Robust performance in turbulent times * Taking actions to mitigate tariff impact signs of recovery. Under normal circumstances we expect: * Continued gradually recovery in Service & Aftermarket and Distribution * Possible improvements in OEM during 2H * However
Slide 28: Q1 2025 Summary
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Slide 29: SOME STATEMENTS HEREIN ARE FORWARD-LOOKING AND THE ACTUAL OUTCOME COULD BE
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