Fiskars (FSKRS) Q2 2025 earnings summary

Executive summary

• Net sales declined by 6.8% in Q2 and 2.5% for H1 2025, mainly due to sharp U.S. sales drops and tariff-driven uncertainty, with comparable EBIT falling to EUR 3.0 million in Q2.

• Updated 2025 guidance expects comparable EBIT of EUR 90–110 million, revised down from EUR 111.4 million in 2024, reflecting ongoing tariff impacts and rapid U.S. demand decline.

• Direct-to-consumer and China operations grew, with China up 12% in Q2 and transformation levers supporting growth despite market headwinds.

• Cash flow from operating activities and free cash flow both decreased significantly year-over-year, with net debt/EBITDA rising to 3.16.

• Leadership changes include a new CEO for Vita and an interim Group CEO; business area separation is underway to enhance strategic focus.

Financial highlights

• Q2 2025 net sales were EUR 258.3 million, down from EUR 281.0 million in Q2 2024; H1 2025 net sales were EUR 550.2 million, down 2.4% year-over-year.

• Comparable EBIT for Q2 was EUR 3.0 million (down from 19.2), and for H1 was EUR 29.8 million (down from 44.2).

• Comparable gross margin declined to 46.8% in Q2 and 47.2% for H1, with Vita's margin dropping 410 bps and Fiskars 150 bps.

• Free cash flow in Q2 was EUR 12.4 million, a significant decrease from EUR 49.3 million in Q2 2024; H1 free cash flow was EUR -4.9 million.

• Net debt increased to EUR 556.3 million, with net debt/equity at 80% and equity ratio at 41%.

Outlook and guidance

• Full-year comparable EBIT guidance is EUR 90–110 million, revised down due to U.S. tariff impacts and rapid demand decline.

• H2 is expected to be stronger due to seasonal factors and mitigation actions, with EBIT generation weighted toward Q4.

• Market visibility remains limited, with tariffs and consumer sentiment as key uncertainties.