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Third party research

Fiskars: Soft Q4 driven by Other - EUR 28m cost savings programme announced - Nordea

Fiskars

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

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Fiskars Q4 adjusted EBIT of EUR 32.8m came 7% (EUR 2.3m) below Modular Finance consensus expectations with 2% lower top line. Net sales were down 2% y/y to EUR 331m with 1% comparable sales growth (we had modelled +3%). On a positive note, comparable direct-to-consumer sales were up 8% y/y while comparable sales in China were up 16% y/y. Comparable gross margin was 47.4%, down 200bp y/y. Q4 EBIT miss was driven by Other while Fiskars and Vita BA largely in line with expectations. Q4 operating cash flow was strong at EUR 92m (EUR 69m a year ago) taking leverage to 3.3x. Dividend proposal stands at EUR 0.84, flat y/y and clearly above consensus at EUR 0.47. Dividend is to be distributed in four instalments (earlier in two instalments). Fiskars expects 2026 adjusted EBIT to improve after EUR 76m in 2025 with majority of improvement to stem from Vita BA. Consensus has been expecting EUR 101m adjusted EBIT in 2026E and despite announced EUR 28m cost savings programme in Vita BA, we do not expect any material changes to consensus expectations for 2026E while expect some upside for 2027E.
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