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Third party research

Fiskars: Q2 clearly below expectations due to Vita - Nordea

Fiskars

This is a third party research report and does not necessarily reflect our views or values

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Following the profit warning on 12 June, Fiskars Q2 adjusted EBIT of EUR 3.0m came 71% (EUR 7.5m) below Modular Finance consensus expectations. Net sales were down 8% y/y to EUR 258m and came 2% below consensus. On comparable basis, sales were down 7% y/y (we had modelled -7%). On positive note, comparable direct-to-consumer sales were up 4% y/y. Comparable gross margin was 46.8%, down 230bp y/y driven, especially by Vita BA. Q2 EBIT miss was mainly driven by Vita BA where lower volumes clearly burdened margins. Q2 operating cash flow was EUR 30m (EUR 65m a year ago). Fiskars expects 2025 adjusted EBIT to be EUR 90-110m after EUR  111m in 2024. Consensus has been expecting EUR 99m adjusted EBIT, 1% below the mid-point of the guidance. Initially, we expect consensus to trim estimates to the tune of mid-single digits. We note low visibility in H2 which maintains guidance risk elevated although the company expects mitigation actions to support H2 profitability.
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