Fiskars (FSKRS) Q3 2025 earnings summary

Executive summary

• Net sales grew 4.1% in Q3 2025, led by strong Vita brand performance and U.S. market growth.

• Comparable EBIT/EBITDA declined due to higher supply chain costs, tariffs, and inventory reduction actions, especially in Vita.

• CEO Jyri Luomakoski was appointed as President and CEO during the quarter.

• Cash flow improved year-over-year but remained negative, with deleveraging a key focus.

Financial highlights

• Q3 2025 net sales were €259.3M (+4.1% comparable), with Vita up 8.2% and Fiskars BA down 0.9%.

• Comparable EBIT/EBITDA for Q3 2025 was €13.9M, down from €24.3M last year, mainly due to supply chain and SG&A impacts.

• Gross margin was €46.7M, down 140 bps year-over-year; Vita margin down 380 bps, Fiskars BA up 110 bps.

• Free cash flow improved to €-10.2M from €-16.9M in Q3 2024 but remained negative.

• Net debt/EBITDA rose to 3.7x, above the 2.5x target, with net debt at €605.6M.

Outlook and guidance

• 2025 comparable EBIT/EBITDA guidance narrowed to €90–100M, with current trends pointing to the lower end (2024: €111.4M).

• Q4 is critical, especially for Vita, which generates most of annual EBIT.

• Inventory reduction and cash flow improvement remain top priorities; deleveraging to 2.5x net debt/EBITDA will take time.

• New long-term financial targets to be issued in H1 2026.