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Fiskars Oyj : Annual General Meeting 2026 (FiskarsGroup AGM 2026 presentation) Presentation
Fiskars Oyj : Annual General Meeting 2026 (FiskarsGroup AGM 2026 presentation)
About this update from Fiskars Oyj Abp
Fiskars Corporation's Annual General Meeting 202G AGM 2026 Opening of the meeting 2 MARCH 11, 2026 FISKARS GROUP OPENING OF THE MEETING Paul Ehrnrooth CHAIRMAN OF THE BOARD 3 MARCH 11, 2026 FISKARS GROUP AGM 2026 OPENING OF THE MEETING AGM 2026 Adoption of the remuneration report for governing bodies 4 MARCH 11, 2026 FISKARS GROUP The Board of Directors proposes that the Annual General Meeting adopts the remuneration report for the governing bodies. The resolution of the Annual General Meeting on the remuneration report is advisory. The report outlines the remuneration paid or due to the Board members, the President and CEOs, and the Deputy to the President and CEO for the 2025 financial year, in line with the Remuneration Policy of the Governing Bodies of Fiskars Group approved at the 2022 Annual General Meeting. The remuneration for the Board of Directors, the President and CEOs, and the Deputy to the CEO during the financial year was executed in accordance with the Remuneration Policy. There has been no deviation from the Policy, and no remuneration of the CEO or the Board has been reclaimed or restated during 2025. OPENING OF THE MEETING AGM 2026 Adoption of the remuneration policy for governing bodies The Board of Directors proposes to the Annual General Meeting that the Remuneration Policy for the governing bodies be adopted. The remuneration policy of the governing bodies was adopted by the 2022 Annual General Meeting. The remuneration policy must be presented to the General Meeting at least every four years or every time a material change is made to the policy. The Board of Directors proposes to the Annual General Meeting that the remuneration policy for the governing bodies be adjusted regarding section 4 (Remuneration of the President and CEO) to set short term incentive earning opportunity on a market-competitive level such that the maximum earning opportunity may be up to 200% of annual base salary. 5 MARCH 11, 2026 FISKARS GROUP OPENING OF THE MEETING AGM 2026 Members of the Board of Directors at the end of 2025 Paul Ehrnrooth Rolf Ladau Albert Ehrnrooth Not available for Board in 2026 Louise Fromond Julia Goldin Not available for Board in 2026 Carl-Martin Lindahl Susan Repo Not available for Board in 2026 Susanne Skippari 6 MARCH 11, 2026 FISKARS GROUP Note: Jyri Luomakoski was a member of the Board until his appointment as the CEO of Fiskars Corporation on October 16, 2025. OPENING OF THE MEETING AGM 2026 Proposals for new Board members Susan Duinhoven Ph.D. and B.Sc. (Physical Chemistry), Dutch citizen Sanoma Corporation, President and CEO, 2015-2024 Other Board positions: Kemira Oyj, KONE Corporation Independent of the Company and significant shareholders Alexander Ehrnrooth M.Sc. (Econ.), MBA, Finnish citizen Virala Oy Ab, President and CEO, 1995- Other Board positions: Ahlstrom Oyj, Belgrano Inversiones Oy, Virala Oy Ab Independent of the Company and dependent on significant shareholders Kaarina Ståhlberg Master of Laws, LL.M., Finnish citizen Posti Group, Senior Vice President Legal and MsA, 2016-2026 Other Board positions: Aspo Plc, Vaisala Corporation Independent of the Company and significant shareholders 7 MARCH 11, 2026 FISKARS GROUP AGM 2026 Calling the meeting to order Election of persons to scrutinize the minutes and to supervise the counting of votes Recording the legality of the meeting 9 MARCH 11, 2026 FISKARS GROUP AGM 2026 Recording the attendance at the meeting and adopting the list of votes 10 MARCH 11, 2026 FISKARS GROUP AGM 2026 G. Presentation of the financial statements, the report of the Board of Directors, the auditor's report and the sustainability statement assurance report for the year 2025 11 MARCH 11, 2026 FISKARS GROUP AGM 2026 Toinen kuva REVIEW BY THE PRESIDENT AND CEO Jyri Luomakoski REVIEW BY THE PRESIDENT AND CEO 12 MARCH 11, 2026 FISKARS GROUP REVIEW BY THE PRESIDENT AND CEO AGM 2026 Fiskars Group - Pioneering design to make the everyday extraordinary Est. 1649 Est. 1904 Est. 1775 Est. 1759 13 MARCH 11, 2026 Est. 1939 Arabia est. 1873 Est. 1881 Est. 1783 REVIEW BY THE PRESIDENT AND CEO AGM 2026 We have a well-balanced footprint NORTH AMERICA ~30% of net sales ~20 ~130 Nordics APAC ~20% of net sales UK s Ireland ~20 Continental Europe ~50 ~100 China Japan Global presence + 100 countries ~500 own stores ~ 60 own e-commerce stores 6,600 employees EUROPE ~50% of net sales ~70 Rest of APAC ~90 Australia Own manufacturing units Fiskars Headquarters 14 MARCH 11, 2026 FISKARS GROUP Own manufacturing units Vita Own stores (incl. concessions) REVIEW BY THE PRESIDENT AND CEO AGM 2026 Our two Business Areas have differing business drivers and investments needs BUSINESS AREA FISKARS BUSINESS AREA VITA Asia-Pacific 60% sourcing, 40% manufacturing 3% Europe 52% Americas Access to the leading retail players 45% • GEOGRAPHIES BY NET SALES Innovation-driven Indirect 97% Net sales EURm 522 A market leader in its categories CHANNELS BY NET SALES Direct 3% 40% sourcing, 60% manufacturing Europe • 55% 35% Asia- Pacific ~500 own stores and e-commerce stores • Recognized for creative design GEOGRAPHIES BY NET SALES Americas 10% • Direct Unique portfolio of desirable brands 53% 47% • Indirect Net sales EURm 613 CHANNELS BY NET SALES 15 MARCH 11, 2026 FISKARS GROUP REVIEW BY THE PRESIDENT AND CEO AGM 2026 We have shifted from a centralized matrix structure toward Business Area independence 2023: BAs as business owner, PsL accountable FEBRUARY 1, 2025: Operationally independent Business Areas with own CEOs BA Fiskars BA Vita Fiskars ~ 20% Scalable platforms Group Group Business Services Group ~3% ~ 1% Vita ~ 76% 2020: BAs as product owner, part of % Group-wide matrix organization BA Terra BA Crea BA Vita Brand, marketing s communications Global Sales Supply Chain IT Group Functions 16 MARCH 11, 2026 FISKARS GROUP Share of headcount REVIEW BY THE PRESIDENT AND CEO AGM 2026 Full business accountability End-to-end responsible business CEOs, improved flexibility and speed Transparency and measurability More precise target setting and capital allocation In the final phase of the transformation process, the BAs become separate legal subgroups under the holding company Fiskars Corporation This process will be completed by the end of Q1 2026 This way of operating enables speed of execution, and is a key enabler for future growth Independent legal entities Enable structural optionality Dedication Accelerate differing growth opportunities 17 MARCH 11, 2026 FISKARS GROUP REVIEW BY THE PRESIDENT AND CEO Next phase in the Group strategy and new long-term financial targets to be presented in May Capital Markets Day webcast on May 12, 2026 open to everyone 18 MARCH 11, 2026 FISKARS GROUP REVIEW BY THE PRESIDENT AND CEO AGM 2026 Our lean Leadership Team is now aligned with the new model Jyri Luomakoski Fiskars Group's President s CEO In his position since 2025, in the company's Board of Directors 2016-2025 Jussi Siitonen Fiskars Group's CFO In his position since 2021 Daniel Lalonde CEO of Vita In his position since 2025 Dr. Steffen Hahn CEO of Fiskars In his position since 2024 19 MARCH 11, 2026 FISKARS GROUP REVIEW BY THE PRESIDENT AND CEO AGM 2026 FISKARS GROUP IN BRIEF Year 2025 DIVIDEND PROPOSAL GUIDANCE FOR 2026 AND SUMMARY 20 MARCH 11, 2026 FISKARS GROUP REVIEW BY THE PRESIDENT AND CEO AGM 2026 Year 2025 in brief Stable comparable net sales in a market environment characterized by uncertainty Comparable EBIT declined markedly due to negative impacts from necessary actions to reduce elevated inventories, higher tariffs also had an impact Focus on cash flow yielded results toward the end of the year Leverage has increased above our maximum target level In 2026, our priority is to strengthen our performance and reduce leverage with focused and determined actions REVIEW BY THE PRESIDENT AND CEO AGM 2026 Comparable net sales were stable -volatile first half offset by growth in the holiday season at the end of the year NET SALES, EURm SALES SPLIT, % 46% 54% >1% -1.5% 0.0%* 1,157.1 1,140.0 1,140.2 BA Fiskars BA Vita Other Asia-Pacific 20% 2024 FX 2024 BA BA Other 2025 reported comparable Vita Fiskars * Comparable net sales exclude the impact of exchange rates, acquisitions and divestments. Americas 29% 51% Europe 22 MARCH 11, 2026 FISKARS GROUP REVIEW BY THE PRESIDENT AND CEO AGM 2026 Comparable EBIT declined impacted by our actions to reduce inventories COMPARABLE EBIT, EURm 120 100 80 60 40 20 0 23 -35.0 111.4 76.4 FY-24 Sales Volume MARCH 11, 2026 FISKARS GROUP Gross Margin COGS SGsA Tariffs Marketing SGsA Other Income FY-25 BA Vita's production scale-down key reason behind EBIT decline BA Fiskars was able to mitigate a large part of the U.S. tariff impacts REVIEW BY THE PRESIDENT AND CEO AGM 2026 Focus on cash flow yielded results towards the end of the year, full-year cash flow below last year FREE CASH FLOW 92 78 69 53 36 42 49 13 12 -20 -17 -17 -10 EURm 100 75 50 25 0 -25 Q4-22 Q1-23 -50 1-12/2025: 76.3 (81.7) EURm 200 150 100 50 0 -50 -100 Q1-25 Q2-25 Q3-25 Q4-25 -150 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Quarterly free cash flow(LHS) LTM free cash flow(RHS) 24 11. MAALISKUUTA 2026 FISKARS-KONSERNI REVIEW BY THE PRESIDENT AND CEO AGM 2026 Leverage is above our target - turned downward in the fourth quarter and focused deleveraging actions continue N E T D E B T ( E U R m ) A N D N E T D E B T / L T M E B I T D A ( E X C L U D I N G I A C ) EURm Multiple 700 600 500 400 300 200 100 0 Georg Jensen Georg Jensen Georg Jensen Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 4.0x 510 529 563 606 556 478 494 513 Target: Net debt/EBITDA ≤2.5 447 325 370 342 336 3.5x 3.0x 2.5x 2.0x 1.5x 1.0x 0.5x 0.0x 25 MARCH 11, 2026 FISKARS GROUP Net debt / LTM EBITDA excl. IAC (RHS) Net debt (LHS) REVIEW BY THE PRESIDENT AND CEO AGM 2026 We remain committed to the Group sustainability targets - raised ambitions ENVIRONMENTAL SOCIAL 2025 27% 2025 -62% 2025 -34% 2025 72% Base year 2021 50% in 2030 Base year 2017 -70% in 2030 Base year 2018 -40% in 2030 Target set 2025 80% 2025 4.0 Target 0 2025 77 * Target 80 ** in 2029 A majority of our net sales comes from circular products and services by 2030 GHG emissions from own operations (Scope 1 and 2) reduced by 70% by 2030 GHG emissions from value chain (Scope 3) reduced by 40% by 2030 80% of our suppliers by spend covering raw materials, components and finished goods will have science based targets by 2029 Zero harm with zero LTAF (Lost time accident frequency) by 2030. Inclusion experience within the top 10% of global high-performing companies. 26 MARCH 11, 2026 FISKARS GROUP * Fiskars Group conducted its latest employee engagement survey for all employees in April 2025. Inclusion Experience score was evaluated at 77 ** Current benchmark: 80 (June 2024) Business Areas 27 MARCH 11, 2026 FISKARS GROUP REVIEW BY THE PRESIDENT AND CEO AGM 2026 Business area Vita: Net sales increased, comparable EBIT declined impacted by inventory actions SALES, EURm +1.2% +3.0%* 605 613 545 564 555 NET COMPARABLE EBIT (EURm) AND MARGIN,% 700 600 500 400 300 200 100 0 2021 2022 2023 2024 2025 90 20 85.6 79.2 62.3 14.5% 47.6 11.2% 7.9% 27.7 4.5% 15.2% 80 70 15 60 50 10 40 30 20 5 10 0 0 2021 2022 2023 2024 2025 *Comparable net sales exclude the impact of exchange rates, acquisitions and divestments 28 MARCH 11, 2026 FISKARS GROUP REVIEW BY THE PRESIDENT AND CEO BA Vita returned to organic net sales growth after two years Net sales growth was driven by Strong DTC sales across online and physical stores Continued positive momentum of Georg Jensen Good performance of Royal Copenhagen and Moomin Arabia brands, both celebrating anniversary years 29 MARCH 11, 2026 FISKARS GROUP REVIEW BY THE PRESIDENT AND CEO AGM 2026 BA Vita is planning changes to turn around its financial performance and lay foundations for profitable growth Net reduction of ~ 310 roles , ~ 10% of which in Finland Annual savings of ~ EUR 28m; one-off costs of ~ EUR 9m Planned changes Expected outcomes 30 MARCH 11, 2026 FISKARS GROUP Simplifying BA Vita's organizational structure Right-sizing capacity and streamlining operations at selected manufacturing and distribution sites