Fiskars Corporation
Financial Statement Release
February 5, 2026 at 8:30 a.m. (EET)
Fiskars Corporation's Financial Statement Release 2025: Focus on cash flow yielded results, comparable EBIT declined impacted by inventory actions
This release is a summary of Fiskars Corporation's Financial Statement Release 2025 published today. The complete Financial Statement Release 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 Group's website at www.fiskarsgroup.com. Investors should not rely on summaries of financial reports only, but should review the complete reports with tables.
October-December 2025 in brief:
- Comparable net sales1 increased by 1.3% to EUR 330.7 million (Q4 2024: 326.6). Reported net sales decreased by 1.9%.
- Comparable EBIT2 decreased to EUR 32.8 million (42.9), or 9.9% (12.7%) of net sales. EBIT decreased to EUR 25.4 million (30.9).
- Cash flow from operating activities before financial items and taxes increased to EUR 98.5 million (88.8).
- Free cash flow increased to EUR 91.5 million (69.4).
- Comparable earnings per share were EUR 0.31 (0.57). Earnings per share (EPS) were EUR 0.24 (0.45).
January-December 2025 in brief:
- Comparable net sales1 remained stable at EUR 1,140.2 million (Q1-Q4 2024: 1,140.0). Reported net sales decreased by 1.5%.
- Comparable EBIT2 decreased to EUR 76.4 million (111.4), or 6.7% (9.6%) of net sales. EBIT increased to EUR 38.1 million (37.1).
- Cash flow from operating activities before financial items and taxes decreased to EUR 128.2 million (145.4).
- Free cash flow decreased to EUR 76.3 million (81.7).
- Comparable earnings per share were EUR 0.48 (1.07). Earnings per share (EPS) were EUR 0.12 (0.33).
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.
Proposal for the distribution of dividend
The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.84 per share shall be paid for the financial period that ended on December 31, 2025. The dividend shall be paid in four instalments of EUR 0.21 per share each.
Guidance for 2026
Fiskars Corporation expects comparable EBIT to improve from the 2025 level (2025: EUR 76.4 million).
Assumptions behind the guidance
Uncertainties in the global economy and geopolitical environment are expected to continue and affect demand for Fiskars Group's products in 2026.
The improvement in the Group's comparable EBIT is expected to be primarily driven by Business Area Vita, even as its continued actions to reduce elevated inventories will carry some negative impact. Fiskars Group has announced planned changes, which are expected to improve Vita's financial performance and result in savings that support the Group's comparable EBIT improvement from the second half of 2026 onwards.
The U.S. tariffs continue to impact particularly Business Area Fiskars. As the increased U.S. tariffs were first introduced in April 2025, the first quarter of 2026 will still reflect incremental impacts. Business Area Fiskars is actively working to mitigate tariff impacts as the situation continues to evolve.
President and CEO, Fiskars Group, Jyri Luomakoski:
"For Fiskars Group, 2025 was a year of introducing a way of operating based on two fully accountable and operationally independent Business Areas. At the same time, we navigated a dynamic market environment, characterized by continued uncertainty.
In 2025, we delivered stable comparable net sales. After a volatile first half of the year marked by heightened trade tariffs, we were able to catch up in net sales in the important holiday season thanks to our teams' diligent work. However, our full-year comparable EBIT declined markedly to EUR 76 million. The most significant reason for the decline was our deliberate actions to tackle Business Area Vita's elevated inventories. As we communicated in connection with the third quarter results, and further in our profit warning in November, Business Area Vita scaled down production, which impacts EBIT through negative supply chain variance. Clearly, we are not satisfied with this profit development and are implementing determined measures to strengthen our performance this year.
Safeguarding cash flow was a priority for us, especially in the second half of 2025. Our actions to reduce elevated inventories started to yield results toward the end of the year, driving fourth-quarter free cash flow to a strong EUR 92 million level and full-year cash flow to EUR 76 million. With net debt to comparable EBITDA at 3.31, we are still above our target maximum level of 2.5X and are continuing focused efforts to reduce leverage.
Looking at our Business Areas, Business Area Vita's comparable net sales increased by 3% in 2025, with good development during the second half of the year, the period most critical for Vita. Georg Jensen delivered particularly good momentum throughout the year. Royal Copenhagen and Moomin Arabia also performed well, leveraging the commercial opportunities offered by their 250th and 80th anniversary years, respectively. Nevertheless, due to the necessary inventory-related actions, Business Area Vita generated only EUR 28 million of comparable EBIT in 2025, falling short of where it ought to be.
We announced today that Business Area Vita is planning changes to drive a turnaround in its financial performance and lay foundations for profitable growth. The planned changes include simplifying the organizational structure as well as right-sizing capacity and streamlining operations at certain manufacturing sites. These planned changes are expected to lead to a net reduction of approximately 310 roles globally and to result in total annual cost savings of approximately EUR 28 million. Close to one third of the total savings is expected to realize in the second half of 2026, and the majority of the rest of the savings in 2027.
Business Area Fiskars' year was largely impacted by the uncertainty stemming from increased U.S. tariffs, which contributed to a 3% decrease in the Business Area's comparable net sales in 2025. Business Area Fiskars' teams demonstrated strong execution in mitigating tariff impacts and protecting profitability, with comparable EBIT for the full year amounting to EUR 67 million. The Business Area also actively advanced its innovation pipeline during the year, introducing two entirely new product categories: Pet Care and Power Tools. Pet Care has been available with selected retailers since November, and the initial reception has been encouraging. The Power Tools category is set to reach stores early this year. The Fiskars brand also renewed existing categories, for example, through the launches of the new Ultra axe and the OneClick tools. These launches are integral to staying relevant for consumers and have been very well received.
We continued to advance toward our sustainability targets. One of our key sustainability KPIs is to generate a majority of sales from circular products and services by 2030. At the end of 2025, we were at 27% and well on track to reach our goal. Examples of this progress during the past year include Georg Jensen's silver jewelry, which has been made with 100% recycled silver since the beginning of 2025, and the sixth generation of Fiskars Classic scissors, which are designed for longevity and manufactured using 92% recycled steel.
In recent years, we have transitioned from a centralized matrix structure toward operationally independent Business Areas to improve flexibility and speed of execution. We are now on the final leg of this process with the Business Areas becoming separate legal subgroups under the holding company Fiskars Corporation. This is advancing according to plan, and it is expected that the separation into individual legal entities will be finalized by the end of the first quarter of 2026. This step also enables increasing transparency and measurability at the Business Area level. We are planning to launch the next phase of the Group strategy and new financial targets in connection with our Capital Markets Day, scheduled for May 12, 2026.
In the year ahead, we are not anticipating an immediate turnaround in the demand environment. We expect consumers to remain cautious in their spending as uncertainties in the global economy and geopolitical environment persist. At the same time, we are initiating measures to strengthen our profitability. With the planned changes to improve Vita's financial performance, we expect the Group's 2026 comparable EBIT to improve from the 2025 level.
I would like to thank our employees for their resilience, and our customers and partners for their commitment, during what was another dynamic year. We move forward with determination to improve our performance."
Group key figures
| EUR million (unless otherwise noted) | Q4 2025 | Q4 2024 | Change | 2025 | 2024 | Change |
| Net sales | 330.7 | 337.2 | -1.9% | 1,140.2 | 1,157.1 | -1.5% |
| Comparable net sales1) | 330.7 | 326.6 | 1.3% | 1,140.2 | 1,140.0 | 0.0% |
| EBIT | 25.4 | 30.9 | -17.7% | 38.1 | 37.1 | 2.6% |
| Items affecting comparability in EBIT2) | 7.4 | 12.0 | -38.5% | 38.4 | 74.3 | -48.4% |
| Comparable EBIT3) | 32.8 | 42.9 | -23.5% | 76.4 | 111.4 | -31.4% |
| Comparable EBIT margin | 9.9% | 12.7% | 6.7% | 9.6% | ||
| EBITDA | 52.8 | 51.6 | 2.3% | 122.2 | 119.6 | 2.2% |
| Comparable EBITDA4) | 55.0 | 63.1 | -13.0% | 155.3 | 193.5 | -19.7% |
| Profit before taxes | 23.5 | 26.9 | -12.7% | 12.5 | 18.5 | -32.3% |
| Profit for the period | 19.5 | 36.8 | -47.0% | 9.6 | 27.3 | -65.1% |
| Earnings per share, EUR | 0.24 | 0.45 | -46.9% | 0.12 | 0.33 | -65.6% |
| Comparable earnings per share, EUR | 0.31 | 0.57 | -45.5% | 0.48 | 1.07 | -55.3% |
| Cash earnings per share (CEPS), EUR | 1.08 | 0.85 | 26.8% | 1.25 | 1.39 | -10.1% |
| Equity per share, EUR | 8.81 | 9.80 | -10.1% | |||
| Cash flow from operating activities before financial items and taxes | 98.5 | 88.8 | 10.9% | 128.2 | 145.4 | -11.8% |
| Free cash flow | 91.5 | 69.4 | 31.8% | 76.3 | 81.7 | -6.6% |
| Free cash flow/comparable net profit (LTM), % | 197.3% | 94.8% | ||||
| Net debt | 513.4 | 493.9 | 3.9% | |||
| Net debt/comparable EBITDA (LTM), ratio | 3.31 | 2.55 | 29.5% | |||
| Equity ratio, % | 44% | 47% | ||||
| Net gearing, % | 72% | 62% | ||||
| Capital expenditure | 9.2 | 15.2 | -39.4% | 43.5 | 52.5 | -17.2% |
| Personnel (FTE), average | 6,098 | 6,364 | -4.2% | 6,145 | 6,446 | -4.7% |
1) Comparable net sales exclude the impact of exchange rates, acquisitions and divestments.
2) In Q4 2025, items affecting comparability were mainly related to impairment of trademarks.
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 the IFRS, Fiskars Group publishes certain Alternative Performance Measures to better reflect the operational business performance and to facilitate comparisons between financial periods. Their calculation 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 February 5, 2026 at 11.00 a.m. (EET). It will be held in English and can be followed at https://fiskars.events.inderes.com/q4-2025.
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/q4-2025/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 2025, Fiskars Group's global net sales were EUR 1.1 billion, and we had approximately 6,600 employees. We have two Business Areas (BA), Vita and Fiskars.
BA Vita offers products in the high-end homeware segment as well as fine branded jewelry. Its desirable brands include Georg Jensen, Royal Copenhagen, Wedgwood, Moomin Arabia, Iittala and Waterford. In 2025, BA Vita's reported net sales were EUR 613 million, and it had approximately 5,000 employees.
BA Fiskars offers functional innovations in the gardening and outdoor categories, in addition to the scissors and creating, as well as cooking categories. The brands include Fiskars and Gerber. In 2025, BA Fiskars' net sales were EUR 522 million, and it had approximately 1,300 employees.
Read more: fiskarsgroup.com
