Fiskars: Q4 largely in line - positive guidance for 2025 - Nordea

Fiskars Q4 adjusted EBIT of EUR 42.9m came 2% above Modular Finance consensus expectations. Net sales were down 3% y/y to EUR 337m and came in line with consensus. On comparable basis, sales were down 2% y/y (we had modelled -2%). Comparable direct-to-consumer sales were down 2% y/y driven by a 4% decrease in own e-commerce. Comparable gross margin was 49.4%, up 260bp y/y. On divisional level, Vita missed consensus EBIT estimate while Fiskars BA beat. Q4 operating cash flow was strong at EUR 89m (EUR 101m a year ago), supported by by EUR 35m positive working capital change. DPS proposal is EUR 0.84, slightly above consensus of EUR 0.83. Fiskars’ guidance for 2025 expects adjusted EBIT to improve from EUR 111.4m in 2024. Consensus has been expecting EUR 133m adjusted EBIT, a 19% increase in 2025E. Initially, we expect consensus to make only minor EBIT adjustments for 2025-26.

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