Fiskars: Back to organic growth - adjusted EBIT largely in line with expectations - Nordea
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Fiskars Q1 adjusted EBIT of EUR 26.8m came 1% above Modular Finance consensus expectations. Net sales were up 3% y/y to EUR 292m and came 3% above consensus. On comparable basis, sales were up 2% y/y (we had modelled -1%). Comparable direct-to-consumer sales were up 9% y/y driven by both e-commerce and offline channels. Comparable gross margin was 47.5%, down 80bp y/y driven by Fiskars BA. Both business areas beat consensus on EBIT while Other costs were above expectations. Q1 operating cash flow was EUR -2m (EUR -6m a year ago). Fiskars maintained its guidance for 2025 and expects adjusted EBIT to improve from EUR 111.4m in 2024. Consensus has been expecting EUR 123m adjusted EBIT, a 10% increase in 2025E. Initially, despite positive organic growth and supportive comments around tariffs, we expect consensus to make only minor EBIT adjustments on the back of the Q1 report.