Fiskars Q2 adjusted EBIT of EUR 7.7m came 40% below Modular Finance consensus expectations with 4% lower top line. Net sales were up 1% y/y to EUR 261m with +2.7% y/y comparable sales growth (we had modelled +5.7%). Fiskars BA comparable sales were stable while Vita BA comparable sales growth was +5.5% y/y. Direct-to-consumer comparable sales were up 2% y/y while own e-commerce sales were up 4%. Comparable gross margin was 46.6%, down 20bp y/y, driven by Vita BA while Fiskars BA improved margins. Q2 EBIT miss was driven by both business areas while the company notes early signs of improving profitability in Vita BA. One-offs were EUR -6.4m versus consensus of EUR -3.6m. Q2 operating cash flow improved to EUR 51m (EUR 30m a year ago) supported by working capital changes. Leverage stands at 3.4x (3.3x in 2025). Fiskars reiterated its 2026 guidance for improving adjusted EBIT after EUR 76m in 2025. Consensus adjusted EBIT for 2026E is EUR 102m. Initially, we expect consensus to trim its EBIT estimates to the tune of 5-10%.