Fiskars Oyj Abp

Q2 comparable net sales increased 3% year over year. Comparable EBIT rose to EUR 7.7 million from EUR 3 million a year ago. Adjusted EPS was -EUR 0.06, versus -EUR 0.05 last year. Free cash flow was EUR 30.4 million, up EUR 28 million year over year, driven mainly by working capital improvement. CapEx was EUR 7 million in Q2 and EUR 12 million in the first half. Net debt/EBITDA was 3.42x, versus 3.16x last year, and total liquidity was EUR 420 million. Management kept full-year guidance unchanged: comparable EBIT is expected to improve from last year.

Jyri Luomakoski said this was the fourth consecutive growth quarter and emphasized that the turnaround in Vita is now visible, with growth broad-based across channels and brands like Georg Jensen, Rörstrand, and Moomin Arabia performing well. He stressed that Vita’s margin pressure is coming from supply chain resizing and lower factory absorption, not price erosion, and said the company is confident those costs will be offset over time as inventory normalizes. On Fiskars BA, he pointed to momentum from new products, stronger U.S. performance, and improved brand relevance, while noting continued consumer caution in Central Europe.

Jussi Siitonen highlighted the financial improvement: comparable EBIT increased to EUR 7.7 million, free cash flow reached EUR 30.4 million, and cash earnings per share almost doubled from EUR 29 to EUR 51. He said net working capital fell by more than EUR 30 million and CapEx dropped to EUR 7 million in Q2, less than half of last year’s level, with rolling 12-month CapEx at EUR 32 million. He also noted liquidity of EUR 420 million, net debt/EBITDA of 3.42x, and said the guidance excludes any potential U.S. tariff refunds.

Analysts focused on Vita’s margin pressure, asking how long the supply-chain-related gross margin drag would last; management said the year-over-year comparison will ease in H2 because the prior-year actions will already be in the base, but they avoided guiding individual line items. Questions also centered on Fiskars BA growth, with management saying U.S. demand and new product launches are helping, while Central Europe remains cautious and last year’s retailer loyalty campaigns are not being repeated. On inventory, management said reductions are expected to be year-end loaded, mostly in November and December, and that further provisioning could be needed only if inventory does not come down by year-end. They also clarified that the EUR 28 million Vita restructuring program implies roughly EUR 9 million of one-off costs, with benefits expected to flow more into H2.