Fiskars (FSKRS) Investor Presentation summary

Strategic direction and portfolio focus

• Emphasis on growing powerful brands, expanding direct-to-consumer (DTC) channels, and focusing on key markets like the U.S. and China to drive growth and profitability.

• Portfolio sharpened to prioritize high-end, luxury positioning and sustainability leadership, aiming for faster growth and higher asset efficiency.

• Georg Jensen acquisition strengthens luxury segment, contributing significantly to net sales and DTC share.

• Brand roles clarified: over-investment in growth brands, profit optimization in others, and tactical use of local brands.

• Commercial excellence and channel strategy have improved gross margin, with a focus on own channels and pricing aligned with brand positioning.

Financial performance and targets

• 2023 net sales reached EUR 1,129.8 million, with comparable EBIT at EUR 110.3 million and a workforce of 7,162.

• Gross margin improved to 46.8% in 2023, supported by channel mix and supply chain efficiency.

• Free cash flow hit an all-time high, with a strong balance sheet enabling increased dividends and investments.

• Net debt/EBITDA at 2.5x, with deleveraging prioritized post-acquisition.

• Guidance for 2024 expects comparable EBIT slightly above 2023, despite a challenging environment and elevated wage inflation.

Business area highlights

• Vita (luxury and lifestyle brands) and Fiskars (gardening, outdoor, cooking) each contribute roughly half of net sales.

• Vita's DTC share and China sales are growing, with e-commerce performing well; Q4 saw strong growth in China and positive e-commerce trends.

• Fiskars area saw Q4 sales growth, especially in the U.S. and Nordics, with improved EBIT from higher volumes and cost management.

• Seasonal volatility: Vita and Georg Jensen drive H2, Fiskars H1; net sales and EBIT are evenly split across quarters.