It could certainly be that Vita is being spun off as a completely independent company, but publicly, nothing has been communicated about this at any point. So far, there has only been talk about separating segments into independent companies within the group, which will be completed during this quarter. And of course, it was mentioned that this provides structural options etc.
That’s why I’m interested in how you came to the conclusion that Vita is being listed?
It’s probably rare in Finland to go for a “conglomerate” approach, where there would actually be several completely separate companies and businesses within the same holding company? I don’t have any statistics on hand, but isn’t it the custom in Finland to either sell off in one go or list on the stock exchange?
Of course, it’s possible that I’m still being a complete over-optimist and Fiskars sees no problem in selling the struggling Vita at a steep discount to someone?
Rarely, but they do exist. I also think it’s clear that this split will happen within a few years’ horizon, but I personally see it as an option that they will at least try to improve Vita’s earnings for a couple of years before the demerger. I completely agree (as I’ve written in the reports as well) that with the current earnings, selling Vita is unlikely to succeed at a price that makes sense for Fiskars; so if they want to carry out the split this year, for example, then a listing is indeed the only logical outcome.
Well, an updated strategy and Capital Markets Day are coming up in May, so this will likely be discussed there if there is an intention to do something this year.
Fiskars Group’s Q1 pre-silent period newsletter has now been published: Q1 2026 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 by email at: IR Newsletter - Fiskars Group.
Fiskars Group’s silent period begins tomorrow, March 24, 2026, and we will publish our Q1 interim report on April 23, 2026.
Here are Thomas’s comments from the call before the quiet period 
We received confirmation from the company’s comments that the beginning of the year has continued to be challenging in several markets, although regional differences are noticeable. Our forecast for Q1 adjusted operating profit is EUR 16 million (Q1’25: EUR 27 million), and the messages from the call support our view of a subdued start to the year, which Fiskars already referred to in connection with its Q4 results. In addition, the uncertainty brought by the war in Iran and inflationary pressure may negatively reflect on Fiskars’ demand. We slightly lowered our full-year forecasts in connection with this comment, although the Q1 forecasts remained unchanged.
Here are Nordea’s latest comments on Fiskars. According to them, demand for Fiskars is still subdued, and the weather and caution in the USA are weighing on the beginning of the year. Forecasts have been lowered due to cost pressures.
Nordea also awaits the company’s strategy day, from which information on future plans and the turnaround of the Vita unit is expected.
Here are the preview comments from Rauli as Fiskars reports its Q1 results on Thursday, April 23.
We expect the company’s start to the year to have been challenging and for the result to decline significantly from the comparison period. The demand environment has remained subdued in several markets, and the start of the gardening season, which is important for the Fiskars segment, has been slowed by a cold winter. However, we believe the company will reiterate its full-year guidance for earnings growth from last year’s weak level. At the same time, attention is turning to the Capital Markets Day approaching in May, where we expect the company to unveil its new strategy and new financial targets.
Fiskars Q1 is out, looks quite good: Fiskars Corporation: Fiskars Oyj Abp:n osavuosikatsaus tammi-maaliskuulta 2026: Vakaa alku vuodelle; vertailukelpoinen liikevaihto ja vapaa rahavirta kasvoivat, vertailukelpoinen EBIT 25 miljoonaa euroa - Inderes
January-March 2026 in brief:
Quote from the earnings preview: “energy prices may already begin to be reflected in costs during Q2, especially at the Rogaska glass factory, which uses a significant amount of natural gas.”
Then the CEO in Kauppalehti’s Talousaamu today: “Then there are raw materials and materials, whether it’s plastic, metal, fuel, or gas and so on. Regarding those, the market has somehow forgotten to read the footnotes. We have had a fairly solid hedging policy all along,” Luomakoski notes.
I wonder what explains the contradiction @Rauli_Juva , at least I understand that gas prices would also be hedged!?
My understanding is that there are “a few months” (this is the company’s previous comment) long contracts, not actual hedges, from which I then concluded that the higher price will start to show during Q2 or Q3. I wrote quite cautiously there that they “may start”.
The text below is, as far as I know, one of the only points in the annual report where raw material hedging is mentioned; the market doesn’t really get much wiser from that even if they had read it 
Rauli has written a new company report on Fiskars, and here it is.
Fiskars’ Q1 results were clearly better than our expectations, leading us to raise our forecasts for this year, while the forecasts for the coming years remain unchanged. However, we still consider the valuation high (e.g., 2026 P/E 19x). We reiterate our target price of 11.5 euros and lower our recommendation to Sell (prev. Reduce).
Here are Rauli’s pre-CMD comments.
Fiskars will host a Capital Markets Day on Tuesday, May 12, where we expect it to outline its strategies and announce financial targets separately for the Vita and Fiskars segments. A split of the company into two is also possible, but we do not expect news regarding this at the CMD. The company has already presented the segments separately last year, so we do not expect significant news from the day.
Here are Rauli’s comments regarding Fiskars’ new financial targets.
Fiskars published its new business area-specific financial targets for 2026–2030 on Tuesday morning as expected in this release. The new targets reflect the company’s transition into operationally independent Vita and Fiskars segments. In our view, the target levels are well in line with our preliminary expectations, and in particular, much-needed realism has been restored to the profitability targets after the over-optimism of the previous strategic period. The publication of the targets alone does not cause an immediate need for changes to our forecasts, but we expect more detailed steps from this afternoon’s Capital Markets Day (CMD), especially regarding the implementation of Vita’s earnings turnaround.
Here are Rauli’s comments on Fiskars’ Capital Markets Day
Fiskars held a Capital Markets Day yesterday, where it presented new financial targets for the years 2026-30 for both its two divisions separately and for the Group. The targets were roughly in line with our expectations and therefore do not necessitate any changes to our forecasts. No news was heard regarding a potential demerger of the company, and we do not believe anything will happen in that regard in the near future.
Fiskars Group’s Q2 pre-silent period newsletter has now been published: Q2 2026 pre-silent newsletter. In this IR newsletter, you will find a summary of the key themes and highlights of the quarter.
You can also subscribe to receive newsletters via email at: IR Newsletter - Fiskars Group.
Fiskars Group’s silent period begins on June 25, 2026, and we will publish the half-year financial report on July 16, 2026.
Fiskars’ extensive report was published today. It naturally includes updated views, particularly on the strategy and financial targets that the company renewed last month. The recommendation remains on the sell side, as we believe the valuation already prices in a successful turnaround for Vita.
Fiskars also announced a change of CFO today. In my view, this is a neutral development for the share price. I am not at all surprised that Jussi Siitonen, who has been with the company for five years, is leaving. He joined to lead the growth strategy of an integrated consumer company, but in recent years, the company has lacked both growth and—following the division into two segments—integration. The role of a CFO for a more holding-company-style group administration is therefore different than before. Financially, the period has certainly been weak for Fiskars, but that is unlikely to be the reason for his departure. Jussi could also have been a potential CEO for the current structure, though I do not know if he was interested in the position last year when Nathalie left and Jyri was chosen as her replacement.
The successor, Niko Haavisto, left Nokian Tyres just over a year ago and has apparently been without a full-time job since then. With experience from a consumer company (Tyres) and a private equity firm (CapMan), Niko is a very suitable person for a role focused on portfolio management of consumer companies at Fiskars. His purpose might also be to eventually sell off the Vita segment, provided its management first achieves the expected earnings turnaround.
Miksu and Rauli discussed Fiskars in light of the fresh initiation report
Topics:
(00:00) Introduction
(00:11) Post-pandemic difficulties
(01:50) Growth target for the Fiskars segment
(04:37) Vita’s failed growth strategy
(09:47) Objective to spin off Vita?
(12:04) Market outlook
(13:53) Turnaround already priced in
(15:36) Probability of the turnaround
Here is Rauli’s preview ahead of Fiskars’ Q2 results on Thursday, July 16th
We expect the company’s revenue and earnings to have clearly improved from the exceptionally weak comparison period. The Fiskars segment is supported by new products and an eased customs situation. The earnings improvement in the Vita segment, on the other hand, is mainly supported by the exceptionally lackluster comparison period, although destocking is, in our view, still weighing on the gross margin. We believe the company will reiterate its full-year guidance for earnings growth, and our focus in the report will be particularly on the progress of the turnaround in Vita.
Fiskars Q2 Results:
April-June 2026 in brief:
- Comparable net sales1 grew by 2.7% to EUR 260.9 million (Q2 2025: 254.1). Reported net sales grew by 1.0%.
- Comparable EBIT2 increased to EUR 7.7 million (3.0), representing 3.0% (1.2%) of net sales.
- EBIT decreased to EUR 1.3 million (5.2).
- Operating cash flow before financial items and taxes increased to EUR 50.8 million (30.2).
- Free cash flow3 increased to EUR 30.7 million (2.3).
- Comparable earnings per share (EPS) was EUR -0.06 (-0.05). Earnings per share (EPS) was EUR -0.10 (-0.03). Cash flow per share was EUR 0.51 (0.29).
Inderes’ Rauli’s quick comment:
The deviation from our forecasts is largely explained by weak sales in the Fiskars segment in Central Europe. At the same time, the Vita segment showed signs of recovery, and the group’s free cash flow strengthened significantly.
We consider the free cash flow to be the absolute bright spot of the quarter, which jumped to EUR 31 million (Q2’25: EUR 2 million) driven by successful working capital management. Despite this, net debt/adj. EBITDA remained high (3.4x) compared to the company’s target (2.5x).
The clear earnings disappointment in the Q2 report and continued market uncertainty create clear downward pressure on our EUR 100 million adj. operating profit forecast.
