That’s how it is. We are now very far from an exact science, which as a private investor is good to keep in mind when reading analyses. I still believe that you made - and you make - the best possible guesses. Thank you for that 
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Rauli gave his preliminary comments when Fiskars reported its Q1 results on Thursday. 
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Fiskars’ Q1 results released: Fiskars Corporation: Fiskars Oyj Abp:n osavuosikatsaus tammi-maaliskuulta 2025 | Kauppalehti
January-March 2025 in brief:
- Comparable net sales grew by 1.7% to EUR 291.9 million (Jan-Mar 2024: 286.9). Reported net sales grew by 3.2% to EUR 291.9 million (282.9).
- Comparable EBIT2 increased to EUR 26.8 million (25.1), and was 9.2% (8.9%) of net sales. EBIT decreased to EUR -4.6 million (6.4).
- Cash flow from operations before financial items and taxes increased to EUR -2.1 million (-5.5).
- Free cash flow increased to EUR -17.4 million (-20.1).
- Comparable earnings per share was EUR 0.15 (0.19). Earnings per share was EUR -0.16 (0.03).
A further highlight:
The operating environment has become more unpredictable following the tariffs announced by the United States at the beginning of April 2025. These tariffs are expected to directly increase sourcing costs, especially for products imported from China. They may also have negative indirect effects on consumer confidence in various geographical areas in addition to the United States, and thus impact the demand for Fiskars Group’s key categories. The United States accounts for approximately 30% of Fiskars Group’s net sales and approximately 50% of the Fiskars business area’s net sales.
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Rauli provided quick comments on Fiskars’ results.
Fiskars’ Q1 result was slightly better than our expectations, and the company was able to achieve organic growth after a long time. The company reiterated its guidance for improved full-year adjusted operating profit despite the negative impact of tariffs between the USA and China.
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Juva has published a new company report after Fiskars’ good Q1.
Fiskars’ Q1 result was good, as the company was able to achieve organic growth for the first time in a while, and the result improved slightly. The company reiterated its full-year guidance for an improvement in adjusted operating profit, but a potential weakening of demand in the USA is, in our opinion, a clear risk to the realization of the guidance. We slightly lowered our forecasts.
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@Rauli_Juva is aware of a trip to Copenhagen, hopefully in economy class, so that Inderes shareholders’ money is saved : Fiskars Corporation: Kutsu Fiskars-konsernin Vita-aiheiseen sijoittajatilaisuuteen ja webcastiin - Inderes
Invitation to Fiskars Group’s Vita-themed Investor Event and Webcast
Fiskars Group is organizing an informative investor event about its Vita business area in Copenhagen on May 21, 2025. The physical event is intended for institutional investors, analysts, and financial media representatives. A webcast, open to all, will also be held for the presentations, where Fiskars Group management and Vita’s new CEO Daniel Lalonde will present Vita and its potential. After the presentations, the audience will have the opportunity to ask questions. There will also be a panel discussion where the creative directors of Vita’s largest brands will talk about, among other things, creating brand interest. The language of the event and materials is English.
The Vita business area offers premium and luxury products in the dining, glass, jewelry, and interior decoration categories. Its well-known brands include Georg Jensen, Royal Copenhagen, Wedgwood, Moomin Arabia, Iittala, and Waterford.
“We are pleased to invite our key stakeholders to this special event in Copenhagen. Denmark is a key market for Vita. In addition to being home to our iconic luxury brands Georg Jensen and Royal Copenhagen, it also represents Vita’s largest geographical area by revenue. Hosting the event here reflects Vita’s important heritage and the role of Danish design for the brands,” says Fiskars Group President and CEO Nathalie Ahlström.
“It is also great to have Vita’s recently appointed CEO Daniel Lalonde join us, whose impressive experience in luxury brands brings valuable insight and visionary leadership to Vita.”
Webcast (EEST, Finnish time):
- 12:00-14:00 Presentations by Fiskars Group President and CEO Nathalie Ahlström, CFO Jussi Siitonen, and Vita’s new CEO Daniel Lalonde. Panel discussion with creative directors.
Physical event (CEST, Central European Time):
- 10:30 AM Registration at the event venue in Copenhagen
- 11:00 AM Official program begins: Presentations by Fiskars Group President and CEO Nathalie Ahlström, CFO Jussi Siitonen, and Vita’s new CEO Daniel Lalonde. Panel discussion with creative directors.
- Lunch
- Tour of Georg Jensen’s silver workshop, where participants can see how Georg Jensen’s most luxurious products are crafted with strong artisanal skill
- Tour of Royal Copenhagen’s recently renovated flagship store, with an opportunity to observe ceramic hand-painting
- By 4:00 PM Official program concludes at the flagship store
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Absolutely
Fiskars is now very eagerly marketing this independent Vita division, which strengthens my own idea that it is intended to be spun off from Fiskars when a suitable opportunity/market situation arises. The legal separation of the divisions will last until the beginning of next year, so after that, in my opinion, a potential spin-off window opens.
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A dismissal at the end of the day, that’s how I interpret it. Wait, or is it about those businesses being separated and both already having their own CEO!? However, the search for a new CEO will be launched: Fiskars Corporation: Sisäpiiritieto: Fiskars-konsernin toimitusjohtaja Nathalie Ahlström jättää tehtävänsä. Jyri Luomakoski nimitetty väliaikaiseksi toimitusjohtajaksi | Kauppalehti
Nathalie Ahlström, President and CEO of Fiskars Group, and the Board of Directors of Fiskars Group have jointly agreed that Nathalie Ahlström will step down from her position as President and CEO.
“Nathalie started as the company’s President and CEO during the pandemic and has led significant strategic change in the company, laying the foundation for future growth and a performance culture for the Group. She also successfully completed the acquisition and integration of the Georg Jensen business and initiated the process of separating the Fiskars and Vita business areas into functionally independent subsidiaries. On behalf of the Board, I want to thank Nathalie for her determined leadership and unwavering commitment,” says Paul Ehrnrooth, Chairman of the Board.
“Now is the right time to step down, as the organizations of the business areas are already operating separately, and we have two strong CEOs for both Fiskars and Vita. I have had a fantastic journey together with our skilled and energizing team, and I would like to thank you for these five years. This has been a great privilege,” states Nathalie Ahlström.
Nathalie Ahlström joined the Board of Directors of Fiskars Group at the beginning of 2020 and was appointed President and CEO in July 2020.
The Board will initiate a search process for a new President and CEO and has appointed Jyri Luomakoski as interim President and CEO of Fiskars Group.
Jyri Luomakoski has served as a Board member and Chairman of the Audit Committee since 2016, and as Vice Chairman of the Board since 2018. As interim President and CEO, he will step down from the Vice Chairmanship of the Board and the Chairmanship of the Audit Committee, but will continue as a member of the Board. The Board has elected Rolf Ladau as the new Vice Chairman of the Board and Susan Repo as the new Chairman of the Audit Committee.
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@Rauli_Juva’s former employer Nordea was faster this time to comment on the CEO’s departure: Fiskars: CEO to step down - Vice Chair to act as interim CEO - Nordea - Inderes
And silver is no shame: Fiskars: Toimitusjohtaja jättää tehtävänsä - Inderes
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Let it be stated here that the company did not provide any additional comments beyond the press release, so all speculations are entirely my own, and the subjects of wonder will remain as such.
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@Rauli_Juva has returned from his trip to Copenhagen and here’s the report, nothing is said about the catering : Fiskarsin Vita-divisioona pyrkii takaisin kasvuun - Inderes
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Regarding Trump’s new EU tariffs, as a reminder that approximately 50% of the sales of the Fiskars segment of the Fiskars Group are in the USA, and approximately 30% of the Group’s revenue. The majority of this (over 20% of the Group’s sales) is imported into the USA either from Asia through subcontracting or from the company’s own European factories. Potential EU tariffs would therefore clearly complicate the company’s situation.
I wrote about tariffs more generally already over a month ago in this report.
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What is the likelihood that this threat will merely serve to get the Brussels-stalled negotiations moving?
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I rather suspect the same, that it’s Trump’s bluff. Instead, things would probably get moving if the EU replaced the oil still coming from Russia with US oil. That is, if major Alaskan players like ConocoPhillips, Exxon, Santos, Shell, Chevron… take advantage of the decree issued by Trump. The decree allows oil drilling in Alaska’s protected areas. After that, the USA will have oil everywhere.
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By calling Orban, Trump could pressure Hungary, but he’s unlikely to do so.
Russia’s main oil users are Hungary, Slovakia, the Czech Republic, and Austria. Russia’s main natural gas users are Italy, Hungary, France, the Czech Republic, and Austria. Smaller Russian gas users are Slovakia, Greece, Belgium, and Spain.
This gives a good picture of these EU sanctions…
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There it is, the profit warning @Rauli_Juva anticipated: Fiskars Corporation: Sisäpiiritieto, tulosvaroitus: Fiskars Oyj Abp laskee vuoden 2025 tulosohjeistustaan | Kauppalehti
Fiskars Corporation lowers its profit guidance for 2025 due to a rapid decline in demand in the United States during the second quarter of 2025. Fiskars Corporation now expects its comparable EBIT* in 2025 to be between EUR 90-110 million. Previously, the company expected comparable EBIT to improve from the 2024 level (2024: EUR 111.4 million).
Reasons for the profit guidance update
The indirect effects of U.S. import tariffs on distributor demand and their inventory management have impacted sales in the United States more rapidly and negatively than previously anticipated. The United States accounts for approximately 30% of Fiskars Group’s net sales and approximately 50% of the Fiskars business area’s net sales. The majority of these net sales are generated from products sourced from Asia. Although the indirect effects are emphasized in the United States and the Fiskars business area, they have also begun to appear in Europe and the Vita business area.
As previously stated, the Group expects to be able to largely mitigate the direct adverse effects of tariffs on sourcing and logistics costs over time through its actions. However, the benefits of these actions are expected to materialize with a delay, as Fiskars Group has prioritized maintaining its market share and securing cash flow.
Market visibility remains exceptionally limited, and the situation is constantly evolving. Fiskars Group continues proactive measures to alleviate cost pressures and secure margins in the long term. These measures include ongoing productivity projects and pricing changes, which typically have contract-based lead times. Once the tariff environment stabilizes, Fiskars Group will continue to optimize sourcing geographies in the long term.
New profit guidance for 2025:
Fiskars Corporation expects comparable EBIT to be between EUR 90-110 million (2024: EUR 111.4 million).
Previous profit guidance for 2025:
Fiskars Corporation expected comparable EBIT to improve from the 2024 level (2024: EUR 111.4 million).
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Rauli has given his comments regarding Fiskars’ recent profit warning. @NukkeNukuttaja has kindly posted the official announcement above.
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Since Fiskars is a global player, why can’t it do the same as car manufacturers, i.e., distribute the price pressures brought by the US tariff changes globally so that price increases would remain reasonable?
It’s unavoidable that in June, when Christmas orders are placed in the US, foreign orders drop by 20-30% from last year’s, according to the results of a CNBC survey. According to CNBC, that drop also leads to a reduction in selection. And that’s why it would be important that Fiskars’ products are not on that list of items to be cut. Already, the reduction in choice is visible in stores.
After July, we’ll probably know more about what the situation looks like regarding EU and US trade negotiations?
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Here are Nordea’s concise comments regarding Fiskars’ profit warning.
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