Here are Rauli’s quick comments on Fiskars’ results. 
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Rauli has already made a company report after Q3.
Fiskars’ Q3 result remained weak as per our expectations, and guidance was adjusted downwards as expected. The pick-up in revenue raised our expectations for earnings growth to turn positive in Q4, which the guidance also indicates. However, in our opinion, the stock’s valuation is still high (e.g., 2025 EV/EBIT 18x). We reiterate our Reduce recommendation and a target price of 12 euros.
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CEO buying shares, I don’t have time to calculate the total amount at the moment, as those trades have been split again: Fiskars Corporation: Fiskars Oyj Abp - Ilmoitus johdon liiketoimista - Luomakoski | Kauppalehti
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Follow the investor event on Business Area Fiskars today at 2:00 PM. In the informative investor event, Fiskars Group’s President and CEO Jyri Luomakoski, CFO Jussi Siitonen, and Business Area Fiskars CEO Steffen Hahn presented Business Area Fiskars and its potential. The event will delve into the business area’s strong foundations and how it continues to win consumers’ trust and appreciation🧡
Business Area Fiskars includes the iconic brands Fiskars and Gerber, and consists of garden and outdoor categories, the craft and scissors category, and the cooking category.
Register for the webcast: [Get to know Business Area Fiskars webcast](Enchant
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Rauli commented on Fiskars’ investor event held yesterday.
The event was more about providing background information, but it also shed some light on the division’s growth prospects and potential, which, especially with new product categories, looks promising in our opinion. However, we do not see a need at this stage to make changes to our forecasts, which expect revenue to turn to growth next year. We expect new division-specific strategies and targets from the company at the beginning of next year.
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We will participate next Wednesday, November 26, at the Investor 2025 fair at Messukeskus in Helsinki.
In addition to our Investor Relations team, you can meet CEO **Jy
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Oho, quite a sharp profit warning. Indeed, @Rauli_Juva has been on the right track here, even if sometimes a bit of a doomsayer (I changed the animal and am not talking about bears this time). However, there’s still room for cuts in Inderes’ forecasts, as I quickly calculated, at least 10% needs to be cut, as one cannot rely on the midpoint of the new guidance : Fiskars Corporation: Sisäpiiritieto, tulosvaroitus: Fiskars Oyj Abp laskee vuoden 2025 tulosohjeistustaan | Kauppalehti
Fiskars Corporation lowers its profit guidance for 2025, as the production reduction aimed at decreasing inventories in the Vita business area has a greater than expected impact on the fourth quarter EBIT. The company now expects Fiskars Group’s comparable EBIT in 2025 to be between EUR 75-85 million. Previously, the company expected comparable EBIT to be between EUR 90-100 million (2024: EUR 111.4 million), and stated that visibility pointed more towards the lower end of the range.
Reasons for the updated profit guidance
Inventories in the Vita business area remain at a high level due to prolonged weak demand. The company announced in connection with Fiskars Group’s third-quarter results on October 23, 2025, that Vita would reduce production at certain manufacturing facilities to lower inventories and secure cash flow. While these measures strengthen the company’s financial position in the long term, they temporarily have a negative impact on profitability through supply chain variance. In addition, the Vita business area will record obsolete inventory as an expense.
Demand for products in the Vita business area has shown signs of improvement. Vita’s net sales grew by 8.2% in the third quarter of 2025, and the positive trend has continued. Thus, the update to the guidance is based on the effects of supply chain adjustments, rather than demand development.
The Vita business area generates the majority of Fiskars Group’s comparable EBIT in the fourth quarter, which highlights the importance of Vita’s development during this period. The fourth quarter is seasonally less significant for the Fiskars business area. US tariffs continue to affect the Fiskars business area in particular, which is actively working to mitigate their impact.
New profit guidance for 2025:
Fiskars Corporation expects comparable EBIT to be between EUR 75-85 million (2024: EUR 111.4 million).
Previous profit guidance for 2025:
Fiskars Corporation expects comparable EBIT to be between EUR 90-100 million (2024: EUR 111.4 million). The company’s current visibility points more towards the lower end of the range.
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A wise owl would also work as a symbol 
But the profit warning was indeed surprisingly quick and large. It’s strange that the company’s estimates of the effects of production reduction change so much in less than a month, but they strongly claim that there is no problem with demand. Let’s see what is reported from there in due course.
Comment on this
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I have actually been waiting since 2022 for Fiskars to find a price slightly above 10€ at which I could buy shares.
My previous more detailed monitoring of the company is from summer 2021. Since then, I’ve mostly just glanced at it, but yesterday’s negative announcement encouraged me to look a bit more into the development of the smaller position in my portfolio.
And the past years have been terrible. Net debt has grown enormously, Vita is still struggling three quarters a year, and so is Fiskars, whose revenue trend is also declining.
If Vita and Fiskars are apparently still to be separated, then both companies would practically rely on one quarter.
This doesn’t look very good. The change of CEO was good and necessary, but I would have hoped for a bit more specifically a B2C-side person for that role. Of course, if the idea is corporate restructuring and, for example, selling Vita completely off, then with an Uponor background, there is certainly good experience with the process.
We
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Rauli has published a new company report after the negative profit warning.
Fiskars’ larger-than-expected profit warning significantly cut our forecasts and pushed our target price down to 11.5 euros (previously 12e). Vita’s weak profitability and high valuation keep the return expectation weak. We reiterate our Reduce recommendation.
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Fiskars’ CEO Jyri Luomakoski was talking about his company at the Investor 2025 event.
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Fiskars Group’s Q4 pre-silent period newsletter is now out: Q4 2025 pre-silent period newsletter (eng.). In this IR newsletter, you will find a summary of the quarter’s key themes and highlights.
You can also subscribe to the newsletters via email at: IR newsletter - Fiskars Group.
Fiskars Group’s silent period begins on January 6, 2026, and we will publish our 2025 financial statements bulletin on February 5.
Warm Christmas wishes from the Fiskars Group IR team 
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Here are Rauli’s comments from Fiskars’ pre-silent period call last week.
Fiskars organized a pre-silent period call last week. In November, the company lowered its guidance for the second time this year and now expects comparable EBIT to be EUR 75-85 million. Thus, the somewhat weak Q4 outlook was already known to us, and according to our understanding, there have been no significant changes regarding the Vita segment. In addition, we estimate that the mild early winter will have a negative impact on the Fiskars segment’s Q4 figures. We are lowering our forecasts slightly in connection with this comment. We expect the full-year comparable EBIT to settle at the lower end of the guidance, i.e., EUR 78 million.
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Little by little, the Fiskars investment story is progressing as the company sells off various holdings.
This time, a couple of log cabins in Lappohja are on offer: Kaksi rakennusta myytävänä, sijainti Raasepori /Två byggnader till salu, belägna i Raseborg, Raasepori | Huutokaupat.com
Though I don’t expect this sale to reduce debt much or increase dividend flow. It is, however, interesting to keep track of everything they’ve ended up owning.
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Here are Rauli’s pre-result comments as Fiskars reports its earnings on Thursday.
We expect Fiskars’ Q4 results to fall below the comparison period, in line with the profit warning issued in November. In the report, our attention will focus particularly on the 2026 guidance and the dividend proposal, which is under significant pressure for a cut. We expect the company to update its strategy and financial targets, but we estimate these may not be forthcoming until the spring.
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The stock reacted positively to the Q4 report; the surprisingly unchanged dividend and the large savings program were likely the positive takeaways here, but overall, both Q4 and the outlook were expectedly subdued. Commentary attached.
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I’ve been thinking about Fiskars lately, which hasn’t been discussed much on the forums for a while (aside from a brief mention of the earnings report), and I hadn’t followed the company myself for a long time either. The company is clearly at the bottom of the consumer cycle. In the US and Europe, demand has been weak, and channel destocking has weighed on volumes and margins. In this sense, the bad news is already well known.
For me, the key question isn’t so much whether consumption in the US will start growing strongly—as that is hard to believe given the current political and economic uncertainty—but rather whether mere normalization is enough. In my opinion, Fiskars doesn’t need a new consumer boom, but rather for the purchasing rhythm and inventory levels to return to normal. The brands aren’t broken, and it’s not a matter of price competition in the budget segment.
On the other hand, risks cannot be ignored. If consumer demand, especially in the US, remains permanently weak or weakens further, the recovery could be drawn out. Fiskars is not a defensive company, but a clear recovery bet that requires time and patience.
It would be interesting to hear how others see this. Is Fiskars more of an opportunity or a trap at current prices? And how much weight do you think should be given to the US development in this case?
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Here is a fresh company update from Rauli right after the Q4 results
Fiskars’ Q4 results were weak, and we do not expect a quick turnaround this year either. However, the guidance expects a full-year earnings improvement in line with our forecasts. In our view, the stock is already pricing in a significantly better performance. We reiterate our EUR 11.5 target price and Reduce recommendation.
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I finally dumped my Fiskars (and bought Terveystalo instead). For some reason, I was sure for a long time that the folks at Fiskars would be able to “read the room” and cancel the Vita spin-off. Now, since Vita is doing poorly, ergo it can’t be sold as an independent company to anyone for a sensible price, ergo it will be listed on the stock exchange, and because it’s doing poorly, it’s going to dive after the listing.
Finally, I had to admit to myself that nope, these lunatics actually mean to move forward with it regardless of everything. Considering the stock is expensive, there’s no sign of an earnings turnaround, and in a year’s time at the latest, the dividend will be slashed, what could be the reason to stay on board with Fiskars?
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