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Fiskars: Guidance downgrade is larger than anticipated - Nordea

Fiskars

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

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Fiskars lowered its guidance this evening. The company now expects its 2025 comparable EBIT to be EUR 75-85m (down from EUR 90-100m with indications towards the low-end). The company rationalises the downgrade with greater than anticipated impact from actions taken to scale down production and reduce inventories in BA Vita in order to secure cash flows. In addition, BA Vita will recognise a write-off related to excess and obsolete inventory while the magnitude is not disclosed. While we and Modular Finance consensus have anticipated a downgrade to the guidance, the magnitude is larger than anticipated. Consensus models EUR 88m comparable EBIT for 2025E, indicating 9% downside to the current mid-point of the guidance. Although we are slightly puzzled over the magnitude of the guidance downgrade four weeks after the Q3 report, we expect consensus to make only muted revisions for 2026E-27E owing to write-down of inventories. Consensus for 2025E is likely revised towards the mid-point of the new guidance while uncertainty for 2026 remains high.
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