Suunto’s 2025 accounts: back to profit, but cash and net worth stay weak

Suunto’s financial position improved sharply in 2025. Turnover surged, and the group returned to an operating profit after two straight loss-making years.

• Turnover: €106.5m, up 26.95%
• Operating profit: €2.9m, up from a €7.4m loss in 2024
• Materials and services costs: €66.1m, up 59.1%
• Personnel costs: €16.4m, down 16.8%
• R&D spending: €7.4m, down 30.8%

But the fuller picture is more complicated. A meaningful share of the net profit came from an unrealised currency gain, not trading, and operating cash flow actually turned negative even as the profit and loss account improved. Group net worth stayed negative on paper at year-end, though a parent loan fixed that. Most of the cost savings from Suunto’s 2025 restructuring haven’t hit the accounts yet either.

The accounts show a genuine recovery.

The financial picture got better.

Group turnover rose 26.95%, from €83.86 million in 2024 to €106.46 million in 2025, reversing the prior year’s decline, when turnover had fallen from €86.33 million in 2023.

Operating profit swung from a €7.37 million loss to a €2.87 million profit, a turnaround of roughly €10.2 million. Operating margin improved from -8.8% to 2.7%, the third straight year of improvement after -13.9% in 2023.

Net profit swung from a €9.08 million loss to a €4.89 million profit.

The parent company, Suunto Oy standalone, improved too. Turnover rose 13.1% to €85.55 million, operating profit reached €1.98 million from an €8.34 million loss, and net profit hit €3.98 million from a €9.72 million loss.

But the profit isn’t as clean as it looks.

Suunto booked a net €2.32 million currency gain in 2025, and €2.20 million of that was unrealised, a paper gain rather than cash in hand. It came mainly from revaluing US dollar loans owed to Suunto’s Chinese parent as the dollar weakened against the euro, from 1 EUR = 1.0389 USD at the end of 2024 to 1 EUR = 1.1750 USD at the end of 2025.

Operating cash flow moved in the opposite direction to profit and loss. Before working capital movements, cash generation was strongly positive, at €7.1 million. But receivables grew by €7.1 million, and inventory grew by €5.9 million during the year, both cash outflows tied to funding the sales growth, and group operating cash flow ended up negative at €437,000, down from a positive €3.27 million in 2024. Cash on hand fell 10.4%, from €10.67 million to €9.57 million.

What Suunto cut

Average group headcount fell 22.5%, from 276 to 214, continuing a longer decline from 310 in 2023.

Research and development spending fell 30.8%, from €10.7 million to €7.4 million, and is down from €13.7 million in 2023. Unlike some competitors, Suunto did not protect its R&D budget while cutting elsewhere.

Suunto points to a wider distribution shift behind some of this. The company says it moved further toward a direct-sales model in EMEA during 2025, while its US operations were already direct-sales-based.

Metric	2024	2025	Change
Group turnover	€83.9m	€106.5m	+26.95%
Operating result	-€7.4m	€2.9m	—
Net result	-€9.1m	€4.9m	—
R&D spending	€10.7m	€7.4m	-30.8%
Average headcount	276	214	-22.5%
Group net worth	-€8.2m	-€3.6m	+€4.6m
Personnel costs	€19.7m	€16.4m	-16.8%
Materials and services costs	€41.6m	€66.1m	+59.1%
Cash	€10.7m	€9.6m	-10.4%
Operating cash flow	€3.3m	-€0.4m	—

The restructuring’s real savings are still ahead.

Suunto opened change negotiations in March 2025, covering its supply chain and customer-satisfaction functions, to restructure production and operations. The negotiations concluded in April, and implementation began in August 2025. Suunto’s own board report says most of the financial effect falls in the second half of 2026, not 2025.

That cuts both ways. The 2025 numbers understate what Suunto’s cost base will look like once the restructuring is fully in effect. They also mean the turnaround shown in these accounts is not yet complete.

The balance sheet is harder to ignore

Suunto’s net worth was still negative at year-end, meaning it owed more than it owned on paper, though the gap narrowed sharply from -€8.22 million to -€3.61 million. This was a genuine balance-sheet weakness. KPMG’s audit raised no going-concern doubt, and the gap was closed entirely after year-end anyway, when Suunto’s parent converted a $13.9 million loan into equity.

The parent company had no distributable funds at year-end despite its €3.98 million profit, and the board is proposing no dividend for 2025.

What the year-end numbers don’t settle

The moves made since year-end resolve the two clearest problems in the 2025 accounts: negative net worth and a parent loan structure that left interest technically owed and unrecorded.

What the accounts don’t yet show is whether the restructuring due to land through 2026 delivers the cost base Suunto is counting on, or whether the EMEA shift toward direct sales keeps growing revenue at anything like the pace it did in 2025.

A Year In Flux

2025 was clearly a year in flux for Suunto. We’ve seen innovation, improvement, and new models already in 2026, and those aware of leaks will be aware of other future products too.

We’ve also seen a worrying reduction in headcount and R&D. However, with the acquisition by the Chinese parent, we just don’t know how much both of those will be mitigated by Lieshing’s contacts in the components supply chain process, i.e., certain aspects that were in R&D could be transferred to buying modern, finished components rather than reinventing them.

From my perspective as a reviewer and someone interested in the industry, I can say that Suunto is taking its SuuntoPlus (app store) seriously. That sort of move likely costs money at the start, but it’s a positive strategic play that should already be starting to pay for itself as customers start to appreciate the depth of unique features on offer through it.

Also, I would say the latest Suunto Run 2 watch seems to have turned a corner on accuracy. HR and GNSS accuracy, after all, are the cornerstone of many of the follow-on metrics we rely on for sports and wellness. Garbage in…garbage out, as they say. That was the case with pretty much all brands until relatively recently. Even Garmin only managed to sort out GPS accuracy when the first generation of dual-frequency chipsets came in.

Quick answers

How much did Suunto's turnover grow in 2025?
Group turnover rose 26.95%, from 83.86 million euros in 2024 to 106.46 million euros in 2025.

Did Suunto return to profit in 2025?
Yes. Group operating profit swung from a 7.37 million euro loss to a 2.87 million euro profit, and net profit swung from a 9.08 million euro loss to a 4.89 million euro profit.

Was Suunto's profit driven by currency movements?
Partly. Suunto booked a net 2.32 million euro currency gain in 2025, of which 2.20 million euros was unrealised, mainly from revaluing US dollar loans owed to its parent as the dollar weakened.

Did Suunto's operating cash flow improve in 2025?
No. Group operating cash flow turned negative at 437,000 euros, down from a positive 3.27 million euros in 2024, as growing receivables and inventory tied up cash during the sales growth.

How many people does Suunto employ?
Average group headcount fell 22.5% in 2025, from 276 to 214, continuing a decline from 310 in 2023.

Did Suunto cut its research and development spending?
Yes. R&D spending fell 30.8%, from 10.7 million euros to 7.4 million euros, and is down from 13.7 million euros in 2023.

Is Suunto in financial difficulty?
The 2025 accounts show real pressure that has since eased. Net worth was negative at year-end, meaning it owed more than it owned on paper, but the gap narrowed sharply during the year and was closed entirely afterwards when its parent converted a loan into equity. KPMG raised no going-concern doubt.

Has Suunto's negative net worth been fixed?
After year-end. On 18 March 2026, Suunto’s parent, Liesheng, converted a 13.9 million US dollar capital loan into equity, resolving the negative net worth position shown in the 2025 accounts.

Who owns Suunto?
Suunto Oy’s parent is Liesheng HK Limited, based in Hong Kong, and the group’s ultimate parent is Dongguang Liesheng Electronic Co., Ltd., based in Dongguang, China.

Will Suunto pay a dividend for 2025?
No. The parent company had no distributable funds at year-end despite a 3.98 million euro profit, and the board is proposing no dividend.

What did KPMG say about Suunto's 2025 accounts?
KPMG’s audit opinion is unmodified, but the firm separately noted that the accounts and board report were signed on 7 August 2026, missing Finland’s statutory deadline for preparing annual accounts.

Is Suunto's late-filing remark a going-concern warning?
No. KPMG’s opinion says the accounts give a true and fair view and meet statutory requirements. The remark is about timing, not about Suunto’s ability to keep operating.

Which region drove Suunto's revenue growth?
EMEA. EMEA revenue rose 46.5%, from about 47.4 million euros to 69.4 million euros, accounting for nearly all of the group’s total growth.

Did all regions grow for Suunto in 2025?
No. APAC revenue fell 13.1%, while EMEA rose 46.5% and the Americas rose 27.3%.

Is Suunto shifting how it sells in Europe?
Yes. Suunto says it continued moving toward a direct-sales model in EMEA during 2025, while its US operations were already direct-sales-based.

When did Suunto's 2025 restructuring happen?
Change negotiations began in March 2025, concluded in April, and implementation started in August 2025.

Has Suunto's restructuring saved money yet?
Only partly. Suunto’s board says most of the financial benefit from the 2025 restructuring will fall in the second half of 2026, not in the 2025 accounts.

Does Suunto have operations outside Finland?
Yes. It has branches in France and the UK, alongside wholly owned subsidiaries in the US and Hong Kong.

What is Suunto Diving UK?
It’s Suunto’s UK branch, registered separately under that name at Farringdon Business Park, Alton.

What was Suunto's parent company loan arrangement?
Suunto held a 13.9 million US dollar capital loan from Liesheng, carrying 2% interest, which was converted into an equity reserve on 18 March 2026.

Last Updated on 13 September 2026 by the5krunner