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Third party research

Fiskars: Category expansions to support 2026 - Nordea

Fiskars

This is a third party research report and does not necessarily reflect our views or values

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Following Fiskars' profit warning on 19 November, we cut 2025E adjusted EBIT by 9%, while we make more minor revisions for 2026E-27E. The profit warning was prompted by higher-than-anticipated supply chain variance, as the company is safeguarding cash flow. However, we are encouraged by the continued positive top-line momentum going into 2026, which could be further supported by e.g. category expansions in Fiskars BA. While Q4 is burdened by inventory writedowns, this could support gross margins in 2026, we believe. Despite the negative impact from steel tariffs, we expect the company to be able to improve its margins y/y in H1 2026, supported by positive top-line growth. As a result of our slightly lower estimates, we derive a lower DCF- and multiples-based fair value range of EUR 11.5-14.5 (12.0-15.0).
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