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.
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.
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?
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.