Fiskars Corporation
Interim report
October 23, 2025 at 8:30 a.m. (EEST)
Fiskars Corporation's Interim Report for January-September 2025
Net sales turned to growth, comparable EBIT declined due to additional costs in the supply chain
This release is a summary of the Fiskars Corporation's Interim Report for January-September 2025 published today. The complete Interim Report with tables is attached to this release as a pdf-file. It is also available at https://fiskarsgroup.com/investors/reports-and-presentations/annual-and-interim-reports/ and on the company website at www.fiskarsgroup.com. Investors should not rely on summaries of financial reports only, but should review the complete reports with tables.
July-September 2025 in brief:
- Comparable net sales1 increased by 4.1% to EUR 259.3 million (Q3 2024: 249.2). Reported net sales increased by 1.3%.
- Comparable EBIT2 decreased to EUR 13.9 million (24.3), or 5.3% (9.5%) of net sales. EBIT increased to EUR 12.0 million (-0.5).
- Cash flow from operating activities before financial items and taxes increased to EUR 1.7 million (-2.5).
- Free cash flow increased to EUR -10.2 million (-16.9).
- Comparable earnings per share were EUR 0.08 (0.16). Earnings per share (EPS) were EUR 0.07 (-0.07).
January-September 2025 in brief:
- Comparable net sales1 decreased by 0.5% to EUR 809.5 million (Q1-Q3 2024: 813.4). Reported net sales decreased by 1.3%.
- Comparable EBIT2 decreased to EUR 43.6 million (68.5), or 5.4% (8.4%) of net sales. EBIT increased to EUR 12.6 million (6.2).
- Cash flow from operating activities before financial items and taxes decreased to EUR 29.7 million (56.5).
- Free cash flow decreased to EUR -15.2 million (12.3).
- Comparable earnings per share were EUR 0.17 (0.47). Earnings per share (EPS) were EUR -0.13 (-0.12).
1) Comparable net sales exclude the impact of exchange rates, acquisitions and divestments.
2) Items affecting comparability in EBIT include items such as restructuring costs, impairment or provisions charges and releases, acquisition-related costs, and gains and losses from the sale of businesses. Comparable EBIT is not adjusted to exclude the EBIT contribution of acquisitions/divestments/disposals.
Guidance for 2025 (specified)
Fiskars Corporation expects comparable EBIT to be in the range of EUR 90-100 million with current visibility pointing more towards the lower end of the range (2024: EUR 111.4 million).
Fiskars Corporation previously expected its comparable EBIT to be in the range of EUR 90-110 million.
Assumptions behind the guidance
The fourth quarter is critical to Fiskars Group's full-year comparable EBIT. Business Area Vita generates the vast majority of the Group's fourth-quarter comparable EBIT, underlining the importance of its performance during this period. Business Area Vita's net sales turned to growth in the third quarter of 2025, and the Group expects a positive trend in net sales development to continue towards the end of the year. However, the market environment remains uncertain, which limits visibility.
At the same time, Business Area Vita is scaling down production in certain manufacturing units to reduce elevated inventories in order to safeguard cash flow. These actions are expected to have a negative impact on Fiskars Group's comparable EBIT through supply chain variance.
The U.S. tariffs continue to impact particularly Business Area Fiskars, which is actively working to mitigate their effects. The fourth quarter is seasonally less substantial for Business Area Fiskars.
Fiskars Group is also subject to fluctuations in the U.S. dollar. While a weakening U.S. dollar benefits the company in currency transactions due to its net-buy position, it has a negative impact through translation risk.
President and CEO, Fiskars Group, Jyri Luomakoski:
"Our comparable net sales turned to growth in the third quarter, increasing by 4% despite the continuing market headwinds. However, this solid net sales development did not flow through to the bottom line. Our comparable EBIT declined to EUR 14 million as comparable gross margin was negatively impacted by additional costs in the supply chain. Both the Group's net sales growth and comparable EBIT decline were largely attributable to Business Area Vita's performance.
Business Area Vita delivered good topline growth during the third quarter, with comparable net sales increasing by 8%. Growth was broad-based across most of Vita's brands with positive momentum driven particularly by Georg Jensen as well as Waterford, which showed signs of recovery. However, Vita's comparable EBIT for the quarter declined to only EUR 5 million impacted by inventory-related issues - the Business Area's inventories are currently too high as a result of a prolonged period of challenging demand conditions.
We are scaling down production to address the inventory challenge - most notably, we have initiated furloughs at our Barlaston manufacturing unit in the UK and Iittala glass factory in Finland. Although these actions are necessary and help reduce inventories and preserve cash flow, they have a negative impact on our comparable EBIT through supply chain variance. Consequently, we have narrowed our guidance for 2025 and now expect Fiskars Group's comparable EBIT to be in the range of EUR 90-100 million. Our current view points more towards the lower end of the range, albeit market visibility remains limited. The end-of-year holiday season is especially critical for Business Area Vita and currently we expect its positive net sales trend to continue in the fourth quarter.
I also want to acknowledge the fact that, partially as a result of capital being tied up in inventories, our net debt to comparable EBITDA has risen well above our target level of 2.5X. We remain committed to returning to our target level.
Regarding Business Area Fiskars, cautious retailer inventory behavior continued impacting volumes and the Business Area's comparable net sales in the third quarter decreased by 1%. Business Area Fiskars was able to protect its profitability, with comparable EBIT remaining relatively stable at EUR 13 million despite the cost pressures from U.S. tariffs.
As the tariffs continue to cause market uncertainty, I am pleased that our rigorous mitigation actions are beginning to deliver tangible benefits. Nevertheless, the expanded scope of steel tariffs announced in August, requires further efforts. Our teams are committed to mitigating tariff impacts while protecting our market position. We also continue our actions to rebase some of our sourcing to optimize our supply chain in the long term.
We continue to invest in demand creation, which is even more important to both our Business Areas in today's challenging market environment. Business Area Fiskars is actively advancing its innovation pipeline, and I am excited to see outputs of these initiatives take shape soon. We look forward to showcasing some category expansions already at our Business Area Fiskars-focused investor event, which will be held in Finland in November. Meanwhile, Business Area Vita engages with consumers to spark brand desirability. As a testament to strong brand loyalty, Moomin Arabia's special edition Moomin's Day mug once again sold out within hours on the brand's online store and long queues formed at many of our stores.
Our Business Areas already operate independently with their own CEOs. This enables them to better serve consumers and drive brand growth as well as provide greater transparency. The separation into individual legal entities is also well underway, with the first wave already successfully implemented. We expect this process to be finalized by the end of the first quarter of 2026.
After the reporting period, on October 16, I was honored to be appointed the President and CEO of Fiskars Group, following my service in the same role on an interim basis. This is an iconic company with world-class brands, strong expertise and commitment. I look forward to continuing to work with our teams to develop our company on its change journey.
As we approach the year-end, we are focused on ensuring we have everything in place to execute the holiday season successfully. At the same time, we are firmly committed to our efforts to safeguard our market share and cash flow."
Group key figures
| EUR million (unless otherwise noted) | Q3 2025 | Q3 2024 | Change | Q1-Q3 2025 | Q1-Q3 2024 | Change | 2024 |
| Net sales | 259.3 | 255.9 | 1.3% | 809.5 | 819.9 | -1.3% | 1,157.1 |
| Comparable net sales1) | 259.3 | 249.2 | 4.1% | 809.5 | 813.4 | -0.5% | 1,139.4 |
| EBIT | 12.0 | -0.5 | 12.6 | 6.2 | 37.1 | ||
| Items affecting comparability in EBIT2) | 1.9 | 24.8 | -92.4% | 31.0 | 62.4 | -50.3% | 74.3 |
| Comparable EBIT3) | 13.9 | 24.3 | -43.0% | 43.6 | 68.5 | -36.3% | 111.4 |
| Comparable EBIT margin | 5.3% | 9.5% | 5.4% | 8.4% | 9.6% | ||
| EBITDA | 30.6 | 20.1 | 52.7% | 69.4 | 68.0 | 2.1% | 119.6 |
| Comparable EBITDA4) | 32.5 | 44.8 | -27.4% | 100.4 | 130.3 | -23.0% | 193.5 |
| Profit before taxes | 8.2 | -4.3 | -11.0 | -8.4 | -30.4% | 18.5 | |
| Profit for the period | 5.3 | -5.9 | -9.9 | -9.4 | -5.2% | 27.3 | |
| Earnings per share, EUR | 0.07 | -0.07 | -0.13 | -0.12 | -4.9% | 0.33 | |
| Comparable earnings per share, EUR | 0.08 | 0.16 | -49.8% | 0.17 | 0.47 | -63.8% | 1.07 |
| Cash earnings per share (CEPS), EUR | 0.00 | -0.01 | 85.3% | 0.17 | 0.50 | -65.8% | 1.39 |
| Equity per share, EUR | 8.55 | 9.23 | -7.3% | 9.80 | |||
| Cash flow from operating activities before financial items and taxes | 1.7 | -2.5 | 29.7 | 56.5 | -47.4% | 145.4 | |
| Free cash flow | -10.2 | -16.9 | 39.3% | -15.2 | 12.3 | 81.7 | |
| Free cash flow/comparable net profit (LTM), % | 89.2% | 130.5% | 94.8% | ||||
| Net debt | 605.6 | 528.8 | 14.5% | 493.9 | |||
| Net debt/comparable EBITDA (LTM), ratio | 3.70 | 2.81 | 31.6% | 2.55 | |||
| Equity ratio, % | 42% | 46% | 47% | ||||
| Net gearing, % | 87% | 70% | 62% | ||||
| Capital expenditure | 10.2 | 13.4 | -24.2% | 34.2 | 37.2 | -8.1% | 52.5 |
| Personnel (FTE), average | 6,150 | 6,362 | -3.3% | 6,161 | 6,474 | -4.8% | 6,446 |
1) Comparable net sales exclude the impact of exchange rates, acquisitions and divestments.
2) In Q3 2025, items affecting comparability were mainly related to organizational changes.
3) EBIT excluding items affecting comparability. Comparable EBIT is not adjusted to exclude the EBIT contribution of acquisitions/divestments/disposals.
4) EBITDA excluding items affecting comparability. Comparable EBITDA is not adjusted to exclude the EBIT contribution of acquisitions/divestments/disposals.
In addition to the financial performance indicators defined by IFRS, Fiskars Group publishes certain Alternative Performance Measures to better reflect the operational business performance and to facilitate comparisons between financial periods. Calculation of these can be found on Fiskars Group's website in the Investors section (Investors-> Financials-> Calculation of financial indicators).
FISKARS CORPORATION
Jyri Luomakoski
President and CEO
Webcast
A results webcast will be held on October 23, 2025 at 1.00 p.m. (EEST). It will be held in English and can be followed at https://fiskars.events.inderes.com/q3-2025.
Management presentation is followed by a Q&A session. Questions can be placed through the webcast chat function or by phone. To ask questions by phone, the participant is required to register at https://events.inderes.com/fiskars/q3-2025/dial-in. After the registration you will receive the phone number and conference ID to access the conference. If you wish to ask a question, please press *5 on your telephone keypad to enter the queue.
Presentation materials will be available at www.fiskarsgroup.com.
An on-demand version of the webcast will be available on the Group's website. Personal details gathered during the event will not be used for any other purpose.
Further information:
Essi Lipponen, Director, Investor Relations, tel. +358 40 829 1192
Fiskars Group in brief
Fiskars Group (FSKRS, Nasdaq Helsinki) is the global home of design-driven brands for indoor and outdoor living. Since 1649, we have designed products of timeless, purposeful, and functional beauty, while driving innovation and sustainable growth. In 2024, Fiskars Group's global net sales were EUR 1.2 billion and we had close to 7,000 employees. We have two Business Areas (BA), Vita and Fiskars.
BA Vita offers premium and luxury products for the tableware, drinkware, jewelry and interior categories. Its well-known brands include Georg Jensen, Royal Copenhagen, Wedgwood, Moomin Arabia, Iittala and Waterford. In 2024, BA Vita's reported net sales were EUR 605 million. Already 50% of BA Vita's net sales comes from direct-to-consumer sales, comprising approximately 500 stores and approximately 60 e-commerce sites.
BA Fiskars consists of the gardening and outdoor categories, in addition to the scissors and creating, as well as cooking categories. The brands include Fiskars and Gerber. In 2024, BA Fiskars' net sales were EUR 547 million.
Read more: fiskarsgroup.com