Fiskars (FSKRS) Q1 2025 earnings summary

Executive summary

• Achieved first quarter of organic growth since 2022, with comparable EBIT rising to EUR 26.8M and net sales up 3.2% year-over-year.

• Direct-to-consumer channels grew 9%, driven by strong brands in Vita and distribution gains for Fiskars in the U.S.

• Operational separation of Fiskars and Vita completed ahead of schedule; legal separation ongoing.

• 2025 guidance remains unchanged, expecting comparable EBIT improvement despite tariff headwinds and market uncertainty.

• Reported EBIT was negative due to a significant digital & IT asset write-off.

Financial highlights

• Net sales reached EUR 291.9M, up 3.2% year-over-year; comparable net sales up 1.7%.

• Comparable EBIT increased to EUR 26.8M (9.2% margin); reported EBIT fell to EUR -4.6M due to EUR 31.4M in items affecting comparability.

• Gross margin declined 80 bps to 47.5%; Vita up 90 bps to 56.3%, Fiskars down 160 bps to 40.7%.

• Free cash flow improved to EUR -17.4M (Q1 2024: -20.1M); net debt increased to EUR 563.4M.

• Comparable EPS was EUR 0.15 (down from 0.19); reported EPS was EUR -0.16 (down from 0.03).

Outlook and guidance

• Guidance for 2025: comparable EBIT expected to improve from EUR 111.4M in 2024, despite volatile environment and tariffs.

• Tariffs are expected to increase sourcing costs and may impact demand, but pricing and productivity actions are planned to offset direct impacts.

• EBIT generation is seasonally weighted toward H2, especially Q4.

• Indirect impacts on consumer confidence remain uncertain, especially for Q4 and Vita.

• Market visibility remains limited due to evolving tariffs and macroeconomic uncertainty.