After market close, Fiskars announced, what we view as, a severe profit warning. The company now expects EUR 90-110m adjusted EBIT in 2025 while it previously expected its adjusted EBIT to improve from EUR 111.4m in 2024. Indirect impacts from US import tariffs have clearly been more severe than the company had earlier anticipated. US represents roughly 30% of Fiskars Group sales and approximately 50% of BA Fiskars' sales with majority of sourcing from Asia. In addition, indirect impacts have started to materialise in Europe and Vita BA which we find somewhat surprising. The company notes extremely low visibility and continues to take proactive measures. Modular Finance consensus has modelled EUR 120m adjusted EBIT in 2025E and we initially expect 15-20% negative revisions for 2025 and less for 2026.