Fiskars (FSKRS) Q4 2025 earnings summary

Executive summary

• Full-year net sales remained stable, supported by two growth quarters in Vita, while comparable EBIT declined due to inventory reduction actions and U.S. tariffs.

• Strong Q4 free cash flow was achieved through focused inventory reduction, reaching a record €91.5 million.

• A major restructuring in Vita was announced, targeting €28 million in annual savings and a net reduction of 310 roles, with one-off costs of €9 million.

• Dividend proposal remains stable at €0.84 per share, to be paid quarterly.

• Guidance for 2026 anticipates improved comparable EBIT, supported by Vita restructuring and ongoing tariff mitigation.

Financial highlights

• FY 2025 comparable EBIT declined to €76.4 million from €111.4 million in 2024; EBIT margin fell to 6.7% from 9.6%.

• FY 2025 net sales were €1,140.2 million, down from €1,157.1 million in 2024.

• Q4 2025 comparable net sales increased 1.3% to €330.7 million; Q4 comparable EBIT fell 23.5% to €32.8 million.

• Q4 free cash flow reached an all-time high of €91.5 million, €22 million higher than last year.

• Net debt to EBITDA at Q4 2025 was 3.31x, with net debt at €513.4 million.

Outlook and guidance

• Comparable EBIT is expected to improve in 2026, driven by Vita restructuring and tariff mitigation.

• Inventory reduction actions in Vita will continue to impact early 2026.

• Persistent global economic and geopolitical uncertainties are expected to affect demand.

• U.S. tariffs remain a key risk, especially for Fiskars.

• No quarterly or half-year guidance provided; key events include annualization of steel tariffs and phased Vita savings.