At least Japanese car manufacturers have announced that because the costs of tariffs cannot be fully passed on to US prices, and the manufacturer does not want to bear all of it themselves, these costs will be shifted to other market areas. It will probably take some time for car manufacturers to make their calculations and final decisions, as Toyota also manufactures US models. In the USA, Canada, Mexico, and Japan. The price of those manufactured in the USA also depends on the sum of tariffs on metals and parts.
Fiskars Groupâs Q2 pre-silent period newsletter is now out: Q2 2025 Pre-silent Period Newsletter (Eng.). In this IR newsletter, you will find a summary of the quarterâs key themes and highlights.
You can also subscribe to the newsletters by email at: IR Newsletter - Fiskars Group.
Fiskars Groupâs silent period begins on June 17, and we will publish our half-year report on July 17.
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Isa and Rauli discussed the CEO change and profit warning in English.
00:00 Intro 00:12 Profit warning 01:26 Share of US sales 02:09 EBIT target 03:24 Estimate changes 05:07 CEO change 07:18 Valuation & recommendation
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Letâs post this terrible report here too. Fiskars Corporation: Fiskars Oyj Abp:n puolivuosikatsaus tammi-kesĂ€kuulta 2025 - Inderes
April-June 2025 in brief:
- Comparable net sales1 decreased by 6.8% to EUR 258.3 million (4-6/2024: 277.3). Reported net sales decreased by 8.1% to EUR 258.3 million (281.0).
- Comparable EBIT2 decreased to EUR 3.0 million (19.2), and was 1.2% (6.8%) of net sales. EBIT increased to EUR 5.2 million (0.3).
- Cash flow from operating activities before financial items and taxes decreased to EUR 30.2 million (64.5).
- Free cash flow decreased to EUR 12.4 million (49.3).
- Comparable earnings per share was EUR -0.05 (0.10). Earnings per share was EUR -0.03 (-0.08).
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Indeed, it belonged to that series of reports where I had to double-check the EBIT to make sure it was the right company and quarter 
so it was terrible, here are the first comments on it
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Does the forum think that Fiskarsâ stock price has priced in larger tariffs than what was ultimately agreed upon? So, a rise on Monday?
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I canât say about Mondayâs rise, but Iâve been thinking that Fiskars could benefit from the customs saga, because tariffs hit harder on âTemu-like operationsâ and cheap Chinese brands that compete with Fiskarsâ âAmerican brandsâ. I havenât looked into whether Fiskars has production in America more closely.
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Fiskars (company) â Wikipedia
They do have some: âThe Group has 11 own production facilities, which are located in Finland, as well as in Indonesia, Ireland, Great Britain, Poland, Slovenia, Denmark, Thailand, and the United States.â But a lot also remains outside the customs borders.
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I know about Fiskarsâ acquisition of Gerber in the USA, and thereâs a factory in Portland, but what is its capacity and is production done elsewhere, for example? Secondly, are products made there under Fiskarsâ own brand, given that Gerber has similar products? Thereâs a similar gap in tableware production.
At the same time, thanks for the comment; it brought that matter back to mind. It seems a significant portion of the implications for Fiskars were already apparently clear and effects visible when the US and UK deal came earlier. I hadnât thought of that. I would still think that Fiskarsâ products are long-lasting ones where price doesnât play a top role. People buy tableware that they like and that is good, for example.
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Major shareholder Virala added 7957 shares on top of their existing holdings and immediately pledged the same number of shares: Fiskars Corporation: Fiskars Oyj Abp - Ilmoitus johdon liiketoimista - Virala Oy Ab | Kauppalehti
Could it be that, with the fall in the share price, the previously pledged assets are no longer sufficient as collateral. I can vividly imagine Albert Ehrnrooth opening with trembling hands a valuable-looking envelope, bearing the logo of the pledge holder, and inside thereâs a notification that the loan collateral is no longer sufficient. Fortunately, a quick call to the credit broker saves the situation 
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Is it just me, or has the discussion about division quieted down? Was anyone genuinely excited about the idea somewhere?
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What interests me most about Fiskars now is whether the market has already priced in the tariff effects and weak demand into the share price, or if thereâs still room for it to fall. The demerger is, of course, an interesting price driver, but will it really turn out like Sampo, where real shareholder value was created.
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Here are Rauliâs comments from Fiskarsâ pre-quiet period discussion held on Friday.
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Fiskars Groupâs Q3 pre-silent period newsletter is now out: Q3 2025 Pre-silent Period Newsletter (Eng.). In this IR newsletter, you will find a summary of the quarterâs key themes and highlights.
You can also subscribe to newsletters by email at: IR Newsletter - Fiskars Group.
Fiskars Groupâs silent period begins on September 23, and we will publish our Q3 interim report on October 23.
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Rauli has prepared a new company report on Fiskars before the companyâs Q3 report.
Fiskarsâ year has continued to be difficult, and we still expect the company to have to lower its guidance for a second time this year. Due to the recent decline in the share price, we raise our recommendation to reduce (previously sell), but reiterate our target price of 12 euros.
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Interim CEO Appointed Permanently: Fiskars Corporation: SisÀpiiritieto: Fiskars Oyj Abp:n toimitusjohtajaksi nimitetty Jyri Luomakoski | Kauppalehti
The Board of Directors of Fiskars Corporation has appointed MBA Jyri Luomakoski (born 1967) as President and CEO of Fiskars Corporation. He has served as interim President and CEO of Fiskars Corporation since May 8, 2025. In connection with the appointment, Luomakoski has resigned from his position on the Board of Directors of Fiskars Corporation.
Jyri Luomakoski has over 20 years of experience in international industry and leadership positions. He served as President and CEO of Uponor Corporation from 2008 to 2021, and prior to that, as the companyâs CFO and Deputy CEO. Luomakoski was a member of the Board of Directors of Fiskars Corporation since 2016 and served as Vice Chairman since 2018. He has previously held several board positions and is the Chairman of the Board of Directors of YIT Corporation.
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I will comment on this separately, but reading between the lines, it can be inferred that the companyâs board of directors met today, and with only a week until the Q3 results, the figures are likely largely known, and thus a potential profit warning based on the Q3 figures would have been issued if there had been a need for one. The company thus appears to be sticking to its guidance, although I would still bet that it will not be met. Colleagues also seem to believe the same, as the consensus for adjusted operating profit this year is EUR 88 million, with the guidance being EUR 90-110 million. Our forecast is EUR 85 million.
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Here are Rauliâs comments on Jyriâs permanent appointment.
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Fiskars segmentâs closest peer, Husqvarna, reported its Q3 today. Their Gardena division (which compares reasonably to Fiskarsâ garden business) reported a 7% organic sales decline and a slightly weaker margin. The sales decline also clearly accelerated from earlier in the year. At the group level, the company lamented weak consumer demand in North America. Our forecast for the Fiskars segmentâs Q3 sales decline is of a similar magnitude, and Husqvarnaâs comments confirm our view that the trend will remain weak in Q3.
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Fiskarsâ results are out, sharing this too, even though I should be heading to the book fair . Revenue easily exceeded forecasts, but operating profit looks weak. Also note the adjustment to the guidance range: Fiskars Corporation: Fiskars Oyj Abp:n osavuosikatsaus tammi-syyskuulta 2025 | Kauppalehti
July-September 2025 in brief:
- Comparable net salesÂč increased by 4.1% to EUR 259.3 million (7-9/2024: 249.2). Reported net sales increased by 1.3%.
- Comparable EBITÂČ decreased to EUR 13.9 million (24.3), and was 5.3% (9.5%) of net sales. EBIT increased to EUR 12.0 million (-0.5).
- Cash flow from operating activities before financial items and taxes increased to EUR 1.7 million (-2.5).
- Free cash flow increased to EUR -10.2 million (-16.9).
- Comparable earnings per share were EUR 0.08 (0.16). Earnings per share were EUR 0.07 (-0.07).
January-September 2025 in brief:
- Comparable net salesÂč decreased by 0.5% to EUR 809.5 million (1-9/2024: 813.4). Reported net sales decreased by 1.3%.
- Comparable EBITÂČ decreased to EUR 43.6 million (68.5), and was 5.4% (8.4%) of net sales. EBIT increased to EUR 12.6 million (6.2).
- Cash flow from operating activities before financial items and taxes decreased to EUR 29.7 million (56.5).
- Free cash flow decreased to EUR -15.2 million (12.3).
- Comparable earnings per share were EUR 0.17 (0.47). Earnings per share were EUR -0.13 (-0.12).
Outlook for 2025 (specified)
Fiskars Corporation expects its comparable EBIT to be between EUR 90-100 million (2024: EUR 111.4 million). The companyâs current visibility points more towards the lower end of the range.
Previously, Fiskars Corporation expected its comparable EBIT to be between EUR 90-110 million.
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