Reported Earnings • Apr 13
Full year 2025 earnings released: €0.11 loss per share (vs €0.067 loss in FY 2024) Full year 2025 results: €0.11 loss per share (further deteriorated from €0.067 loss in FY 2024). Revenue: €227.5m (up 2.9% from FY 2024). Net loss: €4.20m (loss widened 62% from FY 2024). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Leisure industry in Europe. New Risk • Mar 12
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.0x net interest cover). Minor Risk Market cap is less than US$100m (€40.6m market cap, or US$46.8m). Reported Earnings • Mar 12
Full year 2025 earnings released Full year 2025 results: Revenue: €227.8m (up 3.0% from FY 2024). Net loss: €200.0k (loss narrowed 92% from FY 2024). Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Leisure industry in Europe. New Risk • Feb 09
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (€46.8m market cap, or US$55.4m). Duyuru • Dec 18
RapalaVMC Announces Executive Changes for Rapala VMC USA, Effective January 1, 2026 RapalaVMC's Rapala VMC USA announced that Travis Tuma, currently Vice President of Sales and a member of the USA Senior Leadership Team, will succeed Marcus Twidale as President of Rapala VMC USA, effective January 1, 2026. Tuma joined Rapala VMC in 2006 as Sales Manager, bringing more than a decade of experience from fishing retail. Since then, he has advanced through the organization, becoming Vice President of Sales in 2022. Under his leadership, Rapala VMC achieved its highest three-year sales volumes. Travis will continue to build upon this historic progress as part of the Senior Leadership Team. After four years of leadership, Twidale will return to Europe in his new role as Vice President, Rapala Brand and Group Strategic Brand Management, effective January 1, 2026. In Twidale’s new role, he will focus on accelerating the implementation of Rapala’s brand-focused growth strategy, which was initiated in early 2025. Twidale will coordinate all Rapala-branded initiatives. This initiative will focus on investment, consumer trust, and long-term brand appreciation to ensure sustainable success. Duyuru • Oct 16
Rapala VMC Corporation Announces Executive Changes Rapala VMC Corporation announced Travis Tuma has been appointed as a member of the Global Management Team effective immediately (October 15, 2025). Tuma joined Rapala VMC USA with strong industry experience in 2006 as Sales Manager. He became member of the US Senior Leadership Team in 2022 as Vice President of Sales. He will take on the role of Rapala VMC USA President effective January 1st, 2026, as current President Marcus Twidale returns to Europe to take on a new role as head of Rapala Brand and Group Strategic Brand Management. Tuma will continue to lead U.S. sales as part of the Rapala VMC USA Senior Leadership Team. Duyuru • Oct 14
Rapala VMC Corporation, Annual General Meeting, Apr 29, 2026 Rapala VMC Corporation, Annual General Meeting, Apr 29, 2026. Reported Earnings • Jul 27
First half 2025 earnings released: EPS: €0.018 (vs €0.072 in 1H 2024) First half 2025 results: EPS: €0.018 (down from €0.072 in 1H 2024). Revenue: €125.5m (up 4.1% from 1H 2024). Net income: €700.0k (down 75% from 1H 2024). Profit margin: 0.6% (down from 2.3% in 1H 2024). Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 32 percentage points per year, which is a significant difference in performance. New Risk • Apr 13
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (€55.0m market cap, or US$62.4m). Duyuru • Dec 12
Rapala VMC Corporation, Annual General Meeting, May 08, 2025 Rapala VMC Corporation, Annual General Meeting, May 08, 2025. Duyuru • Jun 15
Rapala VMC Corporation Announces Executive Changes Rapala VMC continues its strategic plan introduced this year. The Group is working continuously to become more agile on all operational levels, fulfilling the promise of being the best partner in the business. This approach is best enhanced by bringing decision making closer to the local markets and defining clear country and regional accountabilities. Following the transition in movement, Executive Vice Presidents Päivi Ohvo, Enrico Ravenni and Joni Tuominen have decided to pursue new career opportunities outside the Rapala VMC Group. All three are highly motivated to assist in transferring their current duties to the other members of the Group during the transition period. This process will start immediately, and the Group is confident the change of duties will be performed in a timely and business-first manner. Ohvo, Ravenni and Tuominen will leave the Global Management Team (“GMT”) on June 14, 2024. Executive Vice President David Neill will also step down from the GMT and return to his former position of President of Rapala Canada. Neill will be reporting to Marcus Twidale, President of Rapala USA. The Group will not look for replacement for exiting GMT members and the GMT member count will reduce the number of GMT members from eleven to seven. Responsibilities of the exiting GMT members are distributed between the remaining seven GMT members or reorganized otherwise. Chief Operating Officer Jean-Philippe Nicolle will strongly focus on European performance improvement initiatives in addition to his global duties. Nicolle will report to Deputy CEO Cyrille Viellard and will continue as a member of the GMT. Duyuru • Apr 19
Rapala VMC Corporation Announces Board Appointments Rapala VMC Corporation that at its AGM held on April 18, 2023, announced that Johan Berg were elected as new members. In its organising meeting, the Board elected Emmanuel Viellard as Chairman of the Board. Duyuru • Mar 21
Rapala VMC Corporation Announces Board Changes Rapala VMC Corporation announced that Louis d’Alançon and Jorma Kasslin have notified that they are not available for re-election as members of the Board of Directors. Duyuru • Dec 22
Rapala VMC Corporation (HLSE:RAP1V) acquired remaining 40% stake in DQC International Corp from James Coble. Rapala VMC Corporation (HLSE:RAP1V) acquired remaining 40% stake in DQC International Corp from James Coble on December 21, 2023. The acquisition offers Rapala VMC the opportunity to consolidate 13 Fishing into Rapala USA and continue to strengthen the company’s market position within the U.S. market. The brand and its products will be driven by Rapala USA’s proven marketing and 13 Fishing’s product development team.
Rapala VMC Corporation (HLSE:RAP1V) completed the acquisition of remaining 40% stake in DQC International Corp from James Coble on December 21, 2023. Duyuru • Jul 15
Rapala VMC Corporation (HLSE:RAP1V) agreed to acquire 11% stake in DQC International Corp from James Coble. Rapala VMC Corporation (HLSE:RAP1V) agreed to acquire 11% stake in DQC International Corp from James Coble on July 13, 2023. James Coble will retain a 40% share of DQC International Corp. Under the agreement, Coble will continue as Chief Executive Officer of 13 Fishing. Duyuru • Jul 01
Rapala VMC Corporation Updates Earnings Outlook for the Full Year 2023 Rapala VMC Corporation updated earnings outlook for the full year 2023. Full year comparable operating profit (excluding mark-to-market valuations of operative currency derivatives and other items affecting comparability) for 2023 is expected to be significantly below the previous year. Profitability will be significantly below last year due to challenging market conditions caused by prolonged destocking at retail and wholesale levels. This is a result of supply chain bottlenecks and a shift in consumer spending, leading to decreased sales in major markets. Pre-sales for the upcoming winter season have also been below expectations. To mitigate the impact of lower turnover, the Group has already started implementing cost-savings. These include, among other measures, a restructuring of the Helsinki headquarters which was finalized in June. Previous Outlook for 2023 (issued on February 10, 2023): Group expects 2023 full year comparable operating profit (excluding mark-to-market valuations of operative currency derivatives and other items affecting comparability) to decrease from 2022. Reported Earnings • Jul 15
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €16.5m from profit in 1H 2021). Profit margin: (down from 10% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 1.8%, compared to a 13% growth forecast for the industry in the United Kingdom. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improved over the past week After last week's 15% share price gain to €6.58, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 16x in the Leisure industry in Europe. Total loss to shareholders of 19% over the past year. Upcoming Dividend • Mar 17
Upcoming dividend of €0.15 per share Eligible shareholders must have bought the stock before 24 March 2022. Payment date: 01 April 2022. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of British dividend payers (4.7%). Lower than average of industry peers (2.4%). Reported Earnings • Mar 04
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: €0.47 (up from €0.044 in FY 2020). Revenue: €295.9m (up 13% from FY 2020). Net income: €18.2m (up €16.5m from FY 2020). Profit margin: 6.2% (up from 0.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.1%. Over the next year, revenue is forecast to stay flat compared to a 15% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €6.72, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 19x in the Leisure industry in Europe. Total returns to shareholders of 121% over the past three years. Reported Earnings • Jul 18
First half 2021 earnings released: EPS €0.43 (vs €0.12 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €159.6m (up 36% from 1H 2020). Net income: €16.5m (up €21.2m from 1H 2020). Profit margin: 10% (up from net loss in 1H 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 11
Full year 2020 earnings released: EPS €0.036 (vs €0.099 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €261.3m (down 5.2% from FY 2019). Net income: €1.40m (down 63% from FY 2019). Profit margin: 0.5% (down from 1.4% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 64% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 11
Revenue misses expectations Revenue missed analyst estimates by 1.4%. Over the next year, revenue is forecast to grow 1.8%, compared to a 10% growth forecast for the Leisure industry in the United Kingdom.