Fiskars Oyj Abp · OMXHEX:FSKRS
Fiskars Oyj Abp — Q1 2025 Earnings Presentation
33 slides from Fiskars Oyj Abp's earnings presentation, Apr 24, 2025
Slide 1: Interim Report Q1 2025
Interim Report Q1 2025 POSIT IVE START T O TH E YEAR – COM PARAB LE EBIT IM PROVED, J ANU A R Y- M A RC H 20 25 F IRST ORGANIC GROWT H QU ARTER SI NC E 2022
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements that reflect management’s current views with respect to certain future events and potential financial performance. Although Fiskars Group believes that the expectations reflected in such forward-looking statements are reasonable, no as
Slide 3: Agenda
Agenda 1. Highlights 2. Financials 3. Business Areas 4. Tariffs & guidance 5. Q&A 3 AP R IL 24 , 20 25 FI S KAR S GR O U P I N T ER I M RE P OR T Q 1 2 02 5
Slide 4: Highlights
Highlights P OSI TI V E STA RT GROW TH A CROSS SEP A RATI ON OF GUI DA NCE FOR TO THE YEA R: D I RECT - TO- BU SI NESS A REA S: 20 25 I NTA CT : C ONSUM ER C OMP A RA BLE EBI T C HA NNEL S +9 % ORGA NI ZA TI ON I NC REASED TO OP ERA TI ONA LL Y EU R 2 7M H I GH LI GH TI NG C OMP A RA BLE EBI T I N F
Slide 5: Q1 2025 Group key figures – net sales and comparable EBIT increased
Q1 2025 Group key figures – net sales and COMPARABLE EBIT, EUR m 26.8 comparable EBIT increased Q1/2024: 25.1 GROSS MARGIN, % N E T S A L ES , E U R m C O MP A RA B L E E BI T ( E UR m ) A N D C O MP A RA B L E E BI T M A RG IN , % 47.5 Q1/2024: 48.3 EURm % +3.2% 60 20 FREE CASH FLOW, EUR m +1.7%* 3
Slide 6: First time reporting Business Area specific gross margins
First time reporting Business Area specific gross margins: In Q1 2025, BA Vita’s GM increased while Fiskars’ declined BA Vita Gross Margin, % BA Fiskars Gross Margin, % 60% 45% +90 bps -160 bps 58% 40% 56% 35% 54% 30% 52% 50% 25% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q
Slide 7: Comparable EBIT increased supported by net sales growth, even with significant investments
Fiskars Group’s comparable EBIT increased supported by net sales growth, even with significant investments into marketing Q 1 2 0 2 5 E BI T E X C L . I A C B RI DG E, E UR m 40 +1.7 26.8 25.1 20 0 Q1-24 Sales Volume GM Marketing SG&A Other Q1-25 Income 7 AP R IL 24 , 20 25 FI S KAR S GR O U P I N T
Slide 8: Q1 2025 free cash flow followed its typical historical pattern
Q1 2025 free cash flow followed its typical historical pattern Q UA R TE R L Y FR E E C A S H F L OW , E U Rm Q 1 F R E E C A S H F L OW , E U Rm EURm EURm Q1-25 Q1 vs. LY EBITDA 14.3 - 13.0 100 200 Change in provisions -3.5 + 6.6 78 +3 75 69 150 Non-cash adjustments 26.1 + 27.0 53 Cash Flow from op
Slide 9: Net Debt to EBITDA at 2.90x, slightly down from last year
Net Debt to EBITDA at 2.90x, slightly down from last year, and 0.35x up from the year-end, in line with the seasonal trend. N E T D E BT ( E UR m ) A N D N E T D EB T / L T M E BI T DA (E X C L UD I NG I A C ) EURm M ultiple -0.02 +0.35 +0.38 60 0 3,0 x 3.0 563 529 510 500 Fi nancia l Targe t 494 2,
Slide 10: Business Area performance
Business Area performance 10 AP R IL 24 , 20 25 FI S KAR S GR O U P I N T ER I M RE P OR T Q 1 2 02 5
Slide 11: Vita BA Q1: Net sales increased, strong performance by Royal Copenhagen and Moomin Arabia
Vita BA Q1: Net sales increased, strong performance by Royal Copenhagen and Moomin Arabia NET SA LES, EURm COMPARABL E EBIT (E URm) A ND MARG IN, % +0.9% • Comparable net sales increased +0.5%* EURm % slightly by 0.5% 140 12 15 126 127 10.6 10.7 121 • Strong performances of the Royal 120 10 108 108
Slide 12: Business Area Vita highlights
Business Area Vita highlights Vita organization Strong growth of DTC Royal Copenhagen Iittala delivering good structure simplified to +9% highlights the and Moomin Arabia growth one year since its enable investments power of Vita’s brands continued their good brand renewal into demand creation growt
Slide 13: Daniel Lalonde appointed as CEO of Vita
Daniel Lalonde appointed as CEO of Vita ABOUT DANIEL: EXPERIENCE: • b. 1963 • Flos B&B Italia Group; Group CEO; 2021- 2024 • Bachelor of Mathematics, MBA • SMCP; Group CEO; 2014-2021 • Canadian and French citizen • Ralph Lauren Corporation; President, • Based in Copenhagen, Denmark International; 20
Slide 14: BA Fiskars Q1: Net sales increased driven by distribution gains in the U.S.
BA Fiskars Q1: Net sales increased driven by distribution gains in the U.S., comparable EBIT also improved NET SA LES, EURm COMPARABL E EBIT (E URm) A ND MARG IN, % • Comparable net sales increased by EURm % 2.6% 220 211 +4.8% 50 25 +2.6%* 200 193 43. 5 • Distribution gains in the U.S. and 180 167 4
Slide 15: Business Area Fiskars highlights
Business Area Fiskars highlights March madness? Fiskars brand Expansion of indoor Classic scissors win Red Fiskars orange-handled distribution gains in the gardening range to tap into Dot Product Design scissors are the official U.S. boosted growth the consumer segment of award, 65th win in scissors
Slide 16: We remain committed to sustainability – Supplier target ambition raised
We remain committed to sustainability – Supplier target ambition raised ENVIRONMENTAL SOCIAL Target May Q1 2025 Target 2024 2.5 0 80 Q1 2025 Q1 2025 Q1 2025 77 27% -56% 64% Base y ear 2021 50% Base y ear 2017 -60% Target set 2020 80% in 2030 in 2030 in 2029 Measured in c onnection to the employee en
Slide 17: Tariffs & guidance
Tariffs & guidance 17 AP R IL 24 , 20 25 FI S KAR S GR O U P I N T ER I M RE P OR T Q 1 2 02 5
Slide 18: Tariffs are a key factor in current market uncertainty
Tariffs are a key factor in current market uncertainty • Visibility in the market is exceptionally limited, and the situation is continuously evolving • U.S. exposure: ~ 30% of Fiskars Group's net sales, ~ 50% of Business Area Fiskars’ net sales • Expected impacts: Direct impacts on sourcing costs,
Slide 19: BA Fiskars is expected to generate most of its FY EBIT in H1
BA Fiskars is expected to generate most of its FY EBIT in H1 – Vita is Q4-heavy, where tariff impacts remain uncertain Seasonal Net Sales split by BA (Full Year 2024) • Net sales distribution has typically been H2 biased in BA Q1 Q2 Q3 Q4 Vita and H1 biased in BA Fiskars Vita 21% 21% 23% 35% • BA Fi
Slide 20: Guidance for 2025 (unchanged)
Assumptions and actions behind the guidance Guidance for 2025 - The operating + Gross margin resilience is (unchanged) environment is expected to support EBIT unpredictable + Pricing adjustments and - Tariffs are expected to ongoing productivity Fiskars Corporation expects increase sourcing costs di
Slide 21: Highlights
Highlights P OSI TI V E STA RT GROW TH A CROSS SEP A RATI ON OF GUI DA NCE FOR TO THE YEA R: D I RECT - TO- BU SI NESS A REA S: 20 25 I NTA CT : C ONSUM ER C OMP A RA BLE EBI T C HA NNEL S +9 % ORGA NI ZA TI ON I NC REASED TO OP ERA TI ONA LL Y EU R 2 7M H I GH LI GH TI NG C OMP A RA BLE EBI T I N F
Slide 22: Investor event: Get to know Vita in Copenhagen on May 21
Investor event: Get to know Vita in Copenhagen on May 21 Reach out to Fiskars Group’s Investor Relations team to sign-up Physical event for institutional investors, analysts and financial media: • Presentations from Group CEO, CFO and newly appointed CEO of Vita • Creative Directors panel discussion
Slide 23: Q&A
Q&A 23 AP R IL 24 , 20 25 FI S KAR S GR O U P I N T ER I M RE P OR T Q 1 2 02 5
Slide 24: Thank you!
Thank you! 24 AP R IL 24 , 20 25 FI S KAR S GR O U P I N T ER I M RE P OR T Q 1 2 02 5
Slide 25: Appendix
FISKARS ss. GROUP. we Appendix
Slide 26: Consolidated Q1 2025 Key Figures
Consolidated Q1 2025 Key Figures Q 1 P &L K EY F IG UR E S, E UR m Q 1 P ER S HA RE KE Y FI GU RE S , EU R Q1 Q1 2025 2024 2025 2024 Net Sales 291.9 282.9 Comparable Earning per Share 0.15 0.19 Comparable Gross Profit 138.6 136.6 Earnings per Share -0.16 0.03 Sales and Marketing -78.6 -74.6 Cash Ear
Slide 27: EBIT bridge: BA Vita and BA Fiskars
EBIT bridge: BA Vita and BA Fiskars Q 1 2 0 2 5 B A V i t a E BI T E XC L . IA C BR ID G E , EU R m Q 1 2 0 2 5 B A F i s k a rs E BI T E XC L . IA C BR ID G E , EU R m 2.5 40 + 1. 4 + 1. 1 +1.3 +30.6 + 29. 5 0.0 20 -0.1 -2.5 0 Q1-24 Sales GM Marketi ng SG&A Other Q1-25 Q1-24 Sales GM Marketi ng SG&
Slide 28: Items Affecting Comparability: Digital assets write-off the main IAC item in Q1
Items Affecting Comparability: Digital assets write-off the main IAC item in Q1 EBIT Bridge from IFRS EBIT to EBIT excl IAC (EURm) IAC adjustment by P&L Line Item (EURm) EURm IFRS IAC Excl IAC EBIT, IFRS - 4.6 Net sales 291.9 - 291.9 Depreciation and amortization 18.9 Cost of goods sold - 153.7 0.5
Slide 29: Transformation levers are making our foundation stronger for future growth
Transformation levers are making our foundation stronger for future growth Q1 2025 Commercial • Gross margin -80 bps at 47.5% excellence • Comparable DTC +9%: e-commerce +10%, Direct to own retail network +9% • DTC share of net sales 25% and 54% in BA consumer Vita U.S. • Comparable net sales +6% Ch
Slide 30: Net Debt / EBITDA for Q1 2025 at 2.90X
Net Debt / EBITDA for Q1 2025 at 2.90X CAPITAL EMPLOYED EURm FINANCING, EURm Mar-25 Mar-24 Mar-25 Mar-24 GW and other intangible 573.6 594.9 Equity 710.0 759.3 Interest-bearing debt 452.4 414.7 PPE and biological assets 221.3 213.7 Lease liabilities 154.3 149.0 Capitalised leases (ROU) 144.8 141.1 C
Slide 31: Fiskars Group's quarterly development – last 3 years
Fiskars Group’s quarterly development – last 3 years NET SALES, EURm COMPARABLE EBIT (EURm) AND EBIT MARGIN, % EURm % +3.2% 60 20 +1.7%* 51.8 18 346 337 50 333 16 319 304 42.9 293 283 281 292 14 275 268 40 37.7 256 36.3 241 33.2 12 31.2 29.7 30 26.8 10 25.1 24.3 23.4 8 20 17.9 19.2 6 4 10 2 0 0 Q1 Q
Slide 32: BA Vita's quarterly development – last 3 years
BA Vita’s quarterly development – last 3 years NET SALES, EURm COMPARABLE EBIT (EURm) AND EBIT MARGIN, % +0.9% +0.5%* EURm % 220 215 210 40 25 200 35.9 34.7 33.3 20 180 176 30 15 160 24.6 140 139 140 10 121 127 119 126 130 127 20 16.9 120 108 114 14.4 5 100 12.7 10.7 0 80 10 7.8 3.0 -5 60 1.6 1.3 0
Slide 33: BA Fiskars' quarterly development – last 3 years
BA Fiskars’ quarterly development – last 3 years NET SALES, EURm COMPARABLE EBIT (EURm) AND EBIT MARGIN, % EURm % 220 211 50 25 200 191 +4.8% 43.5 +2.6%* 40 20 180 167 164 160 151 153 156 150 30.6 30.6 29.5 140 30 26.7 15 127 130 126 24.7 121 115 22.3 120 20 10 100 15.2 13.6 11.9 11.1 80 10 7.4 5 60