Dometic Group AB: 2Q26: Organic growth down, restructuring programme extended.

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Dometic Group AB: 2Q26: Organic growth down, restructuring programme extended.

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Dometic Group AB

2Q26: Organic growth down, restructuring

programme extended.

Rating Change - Credit

UW DOMSS ‘28/’30s on relative value, OEM pressure. 14 July 2026

We move to UW on the DOMSS senior unsecured ‘28s/’30s on relative value and High Yield Credit

earnings quality that has not inflected materially upwards. The pressure on earnings Sweden

continues despite restructuring efforts and a move towards growth in its less cyclical Automotive Suppliers

Service & Aftermarket business. Dometic trades tight (on a yield to worst basis and on Stephanie Vincent, CFA

spread) versus senior unsecured bonds rated B1-BB2, with similar duration. While we Research Analyst

don’t foresee ratings cuts in 2026, we think the name is weakly positioned at BB-/Ba3. MLI+44 (UK)20 7996 1143

We recognize that conservative capital allocation and debt reduction is a management stephanie.a.vincent@bofa.com

priority.

2Q Organic growth -1% and margin pressure. yoy= year over year

Dometic reported a yoy decline in net sales of 4.8% (-1% on an organic basis), with LTM= last twelve months

adjusted EBITA down by 16% to SEK 739mn (adj. EBITA margin of 12.4%, down from

14.0% in the prior-year period). For 2H26, Dometic’s management notes that price SN= senior notes

increases have started to take effect and could improve margins relative to 2Q26.

OEM =original equipmentManagement was cautious about the outlook for growth, which remains challenged

manufacturerparticularly for the RV/recreational vehicle market in the Americas. Dometic will continue

its global restructuring programme, which targets another SEK 150mn (0.7% of LTM

sales) of cost savings by mid-2027.