In 2024, Dometic faced a challenging year with tough market conditions leading to a 10% decline in net sales during the fourth quarter.

Organic net sales saw a significant drop of 13%, and the operating profit (EBIT) stood at SEK -964m (242), resulting in a margin of -20.1% (4.5%).

Sales in the service and aftermarket category decreased by 9%, as consumers opted to repair their equipment rather than investing in new ones.

Moreover, customers exhibited caution in building inventories during a seasonally slower quarter, contributing to the overall decline.

Net sales in the distribution segment fell by 6%, showing improvement compared to the previous quarter's double-digit decrease. This improvement was supported by the introduction of Dometic's new Mobile Cooling Solutions products.

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Within the OEM sales channel, net sales experienced an 18% decline across all segments. However, the decline in net sales for Land Vehicles Americas and Marine segments was less severe compared to the previous quarter.

In response to the challenging year, Dometic announced a global restructuring program in December 2024, which is set to commence in the first quarter of 2025.

Juan Vargues, the President and CEO of Dometic, expressed uncertainties regarding the impact of the current macroeconomic situation and market conditions on future demand as the company transitions into 2025.

The restructuring plan includes portfolio adjustments and structural cost reductions, with an anticipated positive annual EBITA impact of approximately SEK 750m by the end of 2026.

Vargues acknowledged the difficulties faced in 2024 due to restrained consumer spending and inventory caution among customers. He highlighted the company's workforce adjustments, with 15% fewer Full-Time Equivalents (FTEs) compared to the previous year.

Despite the market challenges, Dometic made significant progress in its strategic transformation journey in 2024, thanks to the dedication of its global employees.

Looking ahead to 2025, uncertainties persist regarding market conditions, with expectations of gradual demand recovery in the Service and Aftermarket and Distribution sales channels in the first half of the year.

While retailer inventory levels remain lower than the previous year across all sales channels, the company foresees continued pressure in the OEM sales channel during the first half of 2025.