Fiskars' Q1 results were strong, driven by the Fiskars business area (BA Fiskars). The company has been able to mitigate US tariff impacts and expects a positive delta from changes to steel tariffs from April. Profitability for the Vita business area (BA Vita) is still burdened by low production volumes as the company drives down excess inventories. While uncertainty related to the Middle East conflict continues, positive top-line momentum in Vita could offer clear support in an important gifting season. We expect the CMD in May to offer a clear roadmap for both business areas. We derive a higher DCF- and multiples-based fair value range of EUR 11.8-14.9 (10.3-13.0).