Fiskars' Q3 adjusted EBIT of EUR 20.2m came 3% above Modular Finance consensus expectations with 2% higher top line. Net sales were up 3.6% y/y to EUR 269m with 3.0% y/y comparable sales growth (we had modelled 1.4%). BA Fiskars' comparable sales were up 1.2% y/y, driven by growth of Fiskars brand in the US, while European sales stabilised – BA Vita was up 4.5% y/y, driven by Georg Jensen, in particular. Direct-to-consumer comparable sales were up 4% y/y and own e-commerce 4%. Comparable gross margin was up 240 bp y/y to 48.9%, driven by both BA's. One-offs were EUR -3.7m versus consensus of EUR -0.6m. Q3 operating cash flow improved to EUR 37m (EUR 2m a year ago), supported by working capital changes. Guidance for 2026 was reiterated: Fiskars expects improving adjusted EBIT after EUR 76m in 2025 (consensus: EUR 94.2m). Mathematically, the Q3 report would not trigger any meaningful consensus estimate revisions for 2026-28, while we note that Fiskars' overall performance seems to be moving in the right direction based on the Q3 figures.