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Fiskars: Severe profit warning due to rapid decline in demand - Nordea

FSKRSThird party research13.06.2025, 08.03
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This is a third party research report and does not necessarily reflect our views or values

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After market close, Fiskars announced, what we view as, a severe profit warning. The company now expects EUR  90-110m adjusted EBIT in 2025 while it previously expected its adjusted EBIT to improve from EUR  111.4m in 2024. Indirect impacts from US import tariffs have clearly been more severe than the company had earlier anticipated. US represents roughly 30%  of Fiskars Group sales and approximately 50%  of BA Fiskars' sales with majority of sourcing from Asia. In addition, indirect impacts have started to materialise in Europe and Vita BA which we find somewhat surprising. The company notes extremely low visibility and continues to take proactive measures. Modular Finance consensus has modelled EUR 120m adjusted EBIT  in 2025E and we initially expect 15-20% negative revisions for 2025 and less for 2026.