Slides
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Half-year Financial Report 2025 NET SALES AND COMPARABLE EBIT DECLINED IN A CHALLENGING MARKET ENVIRONMENT CHARACTERIZED BY TARIFF -DRIVEN UNCERTAINTY JANUARY -JUNE 2025
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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 assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward -looking statements as a result of various factors. Important factors that may cause such a difference for Fiskars Group include, but are not limited to: (i) the macroeconomic development and consumer confidence in the key markets, (ii) change in the competitive climate, (iii) change in the regulatory environment and other government actions, (iv) change in interest rates and foreign exchange rate levels, and (v) internal operating factors. This presentation does not imply that Fiskars Group has undertaken to revise these forward -looking statements, beyond what is required by applicable law or applicable stock exchange regulations if and when circumstances arise that will lead to changes compared to the date when these statements were provided. 2 JULY 17, 2025 FISKARS GROUP HALF -YEAR FINANCIAL REPORT 2025
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Agenda JULY 17, 2025 FISKARS GROUP HALF -YEAR FINANCIAL REPORT 20253 1. Key takeaways 2. Financials 3. Business Areas 4. Tariffs & guidance 5. Q&A
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Key takeaways Q2 COMPARABLE EBIT DECREASED TO EUR 3 MILLION DRIVEN BY LOWER VOLUMES AND DECLINE IN GROSS MARGIN Q2 COMPARABLE NET SALES -7% DRIVEN PARTICULARLY BY DECLINES IN THE U.S. 2/4 TRANSFORMATION LEVERS DELIVERING: Q2 DIRECT -TO - CONSUMER +4% Q2 CHINA +12% GUIDANCE FOR 2025 ( UPDATED JUNE 12, 2025): COMPARABLE EBIT TO BE IN THE RANGE OF EUR 90 -110 MILLION
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Q2 2025 Group key figures – net sales and comparable EBIT declined COMPARABLE GM, % 46.8 Q2/202 4: 49.1 307 319 268 281 258 0 50 100 150 200 250 300 350 Q2 2021 Q2 2022 Q2 2023 Q2 2024 Q2 2025 -8.1% -6.8%* N E T S A L E S , E URm C O M P A R A B L E E B I T ( E U Rm ) A N D C O M P A R A B L E E B I T M A R G I N , % COMPARABLE EPS, EUR -0.05 Q2/2024: 0. 10 *Comparable net sales exclude the impact of exchange rates, acquisitions and divestments FREE CASH FLOW , EURm 12.4 Q2/202 4: 49.3 0 5 10 15 0 10 20 30 40 50 13.5% Q2 2021 11.4% Q2 2022 8.7% Q2 2023 6.8% Q2 2024 Q2 2025 41.4 36.3 23.4 19.2 3.0 1.2% CASH EARNINGS PER SHARE , EUR 0.29 Q2/2024: 0.69 EURm % 5 COMPARABLE EBIT , EURm 3.0 Q2/2024: 19.2 JULY 17, 2025 FISKARS GROUP HALF -YEAR FINANCIAL REPORT 2025
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Fiskars Group’s comparable EBIT declined, driven by lower volumes as well as negative tariff impacts JULY 17, 2025 FISKARS GROUP HALF -YEAR FINANCIAL REPORT 2025 -5 0 5 10 15 20 Q2-24 Sales Volume GM Tariff impact Marketing SG&A Other Income Q2-25 19.2 3.0 -16.2 6 Q 2 2 0 2 5 E B I T E X C L . I A C B R I D G E , E U R m
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H1 P&L profiles – Fiskars BA continues demonstrating high SG&A efficiency, Vita weighed by DTC OPEX structure JULY 17, 2025 FISKARS GROUP HALF -YEAR FINANCIAL REPORT 20257 Vita Fiskars Group 55.5% 40.0% 47.2% C O M P A R A B L E G R O S S M A R G I N 58.6% 25.5% 42.5% -2.6% 15.1% 5.4% S G & A A N D M A R K E T I N G C O M P A R A B L E E B I T M A R G I N
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Q2-25 Q2 vs. LY EBITDA 24.4 + 3.0 Non-cash adjustments 6.1 + 8.7 Cash Flow from operations 30.5 + 11.7 Change in inventories -24.9 - 26.0 Change in trade rec's 19.6 + 5.4 Change in trade Pbl's -2.7 - 32.7 Change in TWC -8.0 - 53.3 Change in in other int.free items 7.7 + 7.3 Change in NWC -0.3 - 46.0 CAPEX -15.4 - 2.4 Operating Cash Flow 14.8 - 36.7 Taxes paid -2.3 - 0.1 Free Cash Flow 12.4 - 36.8 Q2 2025 free cash flow decreased from all -time high comparison, due increased inventories Quarterly free cash flow EURm (LHS) Last twelve months free cash flow EURm (RHS) Q U A R T E R L Y F R E E C A S H F L O W , E U R m Q 2 F R E E C A S H F L O W , E U R m 8 JULY 17, 2025 FISKARS GROUP HALF -YEAR FINANCIAL REPORT 2025 -3 -63 36 13 42 -20 49 -17 69 -17 12 -250 -200 -150 -100 -50 0 50 100 150 200 -100 -75 -50 -25 0 25 50 75 100 EURm EURm Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 53 78 -37
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Net Debt to EBITDA at 3.16x driven by a lower LTM EBITDA 222 344 325 342 260 510 529 494 563 556 187 0 100 200 300 400 500 600 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x EURm Multiple Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 370 336 447 478 +0.48X Net Debt / LTM EBITDA EXCL. IAC (RHS) Net Debt (LHS) 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 ) Financial Target 9 JULY 17, 2025 FISKARS GROUP HALF -YEAR FINANCIAL REPORT 2025 Georg Jensen
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JULY 17, 2025 FISKARS GROUP HALF -YEAR FINANCIAL REPORT 202510 Business Area performance
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Vita BA Q2: Net sales decreased driven by weak Waterford performance, growth in China and with Moomin Arabia 116 127 114 130 125 0 20 40 60 80 100 120 140 Q2 2021 Q2 2022 Q2 2023 Q2 2024 Q2 2025 -3.6% -2.8%* -10 -5 0 5 10 15 -10 -5 0 5 10 15 10.6% Q2 2021 11.4% Q2 2022 2.6% Q2 2023 1.3% Q2 2024 Q2 2025 12.2 14.4 3.0 1.6 -7.8 -6.2% • Comparable net sales decreased 2.8% • Decrease driven by the weak performance of Waterford in the U.S. • Good growth in China, Japan and most of the Nordics • Good growth with Arabia and Rörstrand, strong continued performance of Moomin Arabia • Comparable EBIT decreased due to the low volumes and gross margin decline EURm % 11 COMPARABLE EBIT (EURm) AND MARGIN, %NET SALES , EUR m *Comparable net sales exclude the impact of exchange rates, acquisitions and divestments JULY 17, 2025 FISKARS GROUP HALF -YEAR FINANCIAL REPORT 2025
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JULY 17, 2025 FISKARS GROUP HALF -YEAR FINANCIAL REPORT 202512 Business Area Vita highlights China Q2 +12% – good performance with new water bottle category and the Arabia brand Moomin Arabia continues strong growth during the Moomin 80th anniversary year
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BA Fiskars Q2: Net sales decreased driven by declines in the U.S., continued strong growth in Germany 191 191 153 150 131 0 50 100 150 200 Q2 2021 Q2 2022 Q2 2023 Q2 2024 Q2 2025 -12.7% -11.0%* 0 5 10 15 20 0 10 20 30 15.0% Q2 2021 14.0% Q2 2022 16.1% Q2 2023 14.8% Q2 2024 Q2 2025 28.7 26.7 24.7 22.3 14.0 10.7% COMPARABLE EBIT (EURm) AND MARGIN, % • Comparable net sales decreased by 11.0% • Decline driven by declines and distribution losses in the U.S. • Continued strong growth in Germany • Comparable EBIT decreased due to the low volumes and negative tariff impacts on gross margin *Comparable net sales exclude the impact of exchange rates, acquisitions and divestments EURm % 13 NET SALES , EUR m JULY 17, 2025 FISKARS GROUP HALF -YEAR FINANCIAL REPORT 2025
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Business Area Fiskars highlights JULY 17, 2025 FISKARS GROUP HALF -YEAR FINANCIAL REPORT 202514 Continued strength in Germany through distribution gains and successful campaigns 6th generation Fiskars Classic Scissors launched
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JULY 17, 2025 We remain committed to sustainability – good progress in circularity and emissions targets ENVIRONMENTAL Inclusion Experience within the top 10% of global high-performing companies* Zero harm with zero LTAF (Lost time accident frequency) SOCIAL 1-6/2025 3.3 Target 0 Apr 2024 77 Target 80 *The target score is updated every six months with the latest data and might change depending on how the global benchmark deve lop s. Measured in connection to the employee engagement survey. Latest survey done for all employees in Q2 1-6/2024: 2.8 May 2024: 77 FISKARS GROUP HALF -YEAR FINANCIAL REPORT 202515 Net sales from circular products and services % suppliers by spend have science-based targets 50% in 2030 Emissions from own operations (Scope 1 & 2) -60% in 2030 80% in 2029 Base year 2021 Base year 2017 Target set 2020 1-6/2025 29% 1-6/2025 -59% 1-6/2025 65% 1-6/2024: 24% 1-6/2024: -54% 31.3.2025: 64%
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JULY 17, 2025 FISKARS GROUP HALF -YEAR FINANCIAL REPORT 202516 Tariffs & guidance
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JULY 17, 2025 FISKARS GROUP HALF -YEAR FINANCIAL REPORT 202517 • U.S. exposure: ~ 30% of Fiskars Group's net sales, ~ 50% of Business Area Fiskars’ net sales • Indirect impacts: The indirect impacts, particularly on retailer demand and inventory behavior, have materialized more rapidly and negatively than previously anticipated • Direct impacts: We expect we can largely mitigate the adverse direct impacts of tariffs, although benefits are expected to materialize from H2 onwards → Prioritizing market share and cash flow Tariffs are a key factor in current market uncertainty
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Tariff impacts more pronounced with BA Fiskars JULY 17, 2025 FISKARS GROUP HALF -YEAR FINANCIAL REPORT 2025 -8 -6 -4 -2 0 2 4 6 8 Q2-24 Sales Volume GM Tariff impact Marketing SG&A Other Income Q2-25 1.6 -7.8 -9.4 18 Q 2 2 0 2 5 B A V I T A E B I T E X C L . I A C B R I D G E , E U R m 0 5 10 15 20 25 Q2-24 Sales Volume GM Tariff impact Marketing SG&A Other Income Q2-25 22.3 14.0 -8.3 Q 2 2 0 2 5 B A F I S K A R S E B I T E X C L . I A C B R I D G E , E U R m
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Fiskars Corporation expects comparable EBIT to be in the range of EUR 90 -110 million (2024: EUR 111.4 million) The operating environment is challenging Pricing adjustments and ongoing productivity initiatives are expected to support comparable EBIT in H2 Assumptions and actions behind the guidance Guidance for 2025 (updated on June 12, 2025) - + Visibility in the market is exceptionally limited The Group’s EBIT generation is seasonally tilted towards the end of the year, highlighting the importance of the second half and especially the fourth quarter 19 JULY 17, 2025 FISKARS GROUP HALF -YEAR FINANCIAL REPORT 2025 Tariffs are expected to increase sourcing costs directly and impact demand indirectly -
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Key takeaways Q2 COMPARABLE EBIT DECREASED TO EUR 3 MILLION DRIVEN BY LOWER VOLUMES AND DECLINE IN GROSS MARGIN Q2 COMPARABLE NET SALES -7% DRIVEN PARTICULARLY BY DECLINES IN THE U.S. 2/4 TRANSFORMATION LEVERS DELIVERING: Q2 DIRECT -TO - CONSUMER +4% Q2 CHINA +12% GUIDANCE FOR 2025 ( UPDATED JUNE 12, 2025): COMPARABLE EBIT TO BE IN THE RANGE OF EUR 90 -110 MILLION
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JULY 17, 2025 FISKARS GROUP HALF -YEAR FINANCIAL REPORT 202521 Q&A
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Thank you! 22 JULY 17, 2025 FISKARS GROUP HALF -YEAR FINANCIAL REPORT 2025
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Appendix
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2025 2024 2025 2024 Net Sales 258.3 281.0 Comparable Earning per Share -0.05 0.10 Comparable Gross Profit 120.9 138.0 Earnings per Share -0.03 -0.08 Sales and Marketing -82.1 -81.2 Cash Earnings per Share 0.32 0.69 Research and Development -5.9 -4.9 General admin -30.8 -32.9 Other income/expenses, net 0.9 0.3 Comparable EBIT 3.0 19.2 Items affecting comparability -2.2 18.9 EBIT 5.2 0.3 Change in FV of bio-assets 0.9 1.1 Financial income/expense -9.2 -9.0 Pre-Tax Result -3.0 -7.7 Income taxes 0.9 1.7 Profit for the period -2.2 -6.0 Comparable Gross Margin 46.8% 49.1% Comparable Ebit Margin 1.2% 6.8% Q2Q2 Consolidated Q2 2025 Key Figures Q2 P&L KEY FIGURES, EURm Q2 PER SHARE KEY FIGURES, EUR 24 JULY 17, 2025 FISKARS GROUP HALF -YEAR FINANCIAL REPORT 2025
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H1 EBIT EUR 29.8 million JULY 17, 2025 FISKARS GROUP HALF -YEAR FINANCIAL REPORT 202525 H 1 2 0 2 5 E B I T E X C L . I A C B R I D G E , E U R m 0 20 40 60 H1-24 Sales Volume GM Tariff impact Marketing SG&A Other Income H1-25 44.2 29.8 -14.5
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JULY 17, 2025 FISKARS GROUP HALF -YEAR FINANCIAL REPORT 202526 Items Affecting Comparability Q2 and H1 2025 EBIT Bridge from IFRS EBIT to EBIT excl IAC (EURm) IAC adjustment by P&L Line Item (EURm) Q2-25 H1-25 EBIT, IFRS 5.2 0.7 Depreciation and amortization 19.2 38.1 EBITDA 24.4 38.7 Items affecting comparability in EBIT - Organizational changes 2.0 5.2 - Business Area separation 1.0 2.8 - Digital & IT assets write-off - 26.4 Sale of US Watering business - 5.3 - 5.3 Total items affecting comparability in EBIT - 2.2 29.1 Comparable EBIT 3.0 29.8 Depreciation and amortization, excl. IAC 19.2 38.1 Comparable EBITDA 22.2 67.8 Q2-25 IFRS IAC Excl IAC Net sales 258.3 - 258.3 Cost of goods sold - 138.4 1.0 - 137.4 Sales and marketing expenses - 82.7 0.6 - 82.1 Administration expenses - 32.3 1.4 - 30.8 Research and development expenses - 5.9 0.0 - 5.9 Other operating income and expenses 6.2 - 5.3 0.9 EBIT 5.2 - 2.2 3.0 H1-25 IFRS IAC Excl IAC Net sales 550.2 - 550.2 Cost of goods sold - 292.1 1.5 - 290.7 Sales and marketing expenses - 162.2 1.5 - 160.7 Administration expenses - 66.6 5.0 - 61.6 Research and development expenses - 11.4 0.1 - 11.3 Other operating income and expenses - 17.1 21.1 4.0 EBIT 0.7 29.1 29.8
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Transformation levers are making our foundation stronger for future growth Direct to consumer U.S. Commercial excellence China Q2 2025 • Gross margin -230 bps at 46.8% • Comparable DTC +4%: e-commerce -1%, own retail network +6% • DTC share of net sales 28% and 58% in BA Vita • Comparable net sales -14% • Comparable net sales +12% 27 JULY 17, 2025 FISKARS GROUP HALF -YEAR FINANCIAL REPORT 2025 Q1-Q2 2025 • Gross margin -150 bps at 47.2% • Comparable DTC +5%: e-commerce +2%, own retail network +7% • DTC share of net sales 26% and 57% in BA Vita • Comparable net sales -4% • Comparable net sales +4%
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June-25 June-24 Comparable EBIT margin (LTM) 8.5% 8.7% Capital turnover (average) 0.93 0.99 ROCE % (LTM) 7.9% 8.5% Cash conversion (LTM) 68% 235% Net debt / LTM EBITDA (excl IAC) 3.16 2.70 Net debt / Equity 80% 63% June-25 June-24 Equity 691.5 757.6 Interest-bearing debt 483.1 413.7 Lease liabilities 145.3 150.2 Cash -72.1 -86.3 Net Debt 556.3 477.5 Financial assets -37.8 -38.6 Financing Total 1,210.1 1,196.6 June-25 June-24 GW and other intangible 565.5 595.9 PPE and biological assets 224.2 215.6 Capitalised leases (ROU) 135.7 141.9 Non-Current Assets 925.5 953.4 Inventories 345.5 342.6 Trade receivables 169.5 183.4 Trade payables -88.0 -118.5 Trade Working Capital 427.0 407.6 Other int-free receivables 58.7 58.2 Other int-free payables -216.4 -219.7 Operating Capital 1,194.7 1,199.5 Net tax liabilities 15.4 -2.9 Capital Employed 1,210.1 1,196.6 Net Debt / EBITDA for Q2 2025 at 3.16X BALANCE SHEET KPIs CAPITAL EMPLOYED EURm FINANCING, EURm 28 JULY 17, 2025 FISKARS GROUP HALF -YEAR FINANCIAL REPORT 2025
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Fiskars Group’s q uarterly development – last 3 years NET SALES, EURm COMPARABLE EBIT (EURm ) AND EBIT MARGIN, % 319 293 304 275 268 241 346 283 281 256 337 292 258 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 -8.1% -6.8%* 0 2 4 6 8 10 12 14 16 18 20 0 10 20 30 40 50 60 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 36.3 33.2 29.7 31.2 23.4 17.9 37.7 25.1 19.2 24.3 42.9 26.8 3.0 *Comparable net sales exclude the impact of exchange rates, acquisitions and divestments EURm % 29 JULY 17, 2025 FISKARS GROUP HALF -YEAR FINANCIAL REPORT 2025
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BA Vita’s quarterly development – last 3 years 127 140 176 108 114 119 215 126 130 139 210 127 125 0 20 40 60 80 100 120 140 160 180 200 220 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 -3.6% -2.8%* -20 -15 -10 -5 0 5 10 15 20 25 -10 0 10 20 30 40 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 14.4 24.6 35.9 7.8 3.0 16.9 34.7 -0.1 1.6 12.7 33.3 1.3 -7.8 NET SALES, EURm COMPARABLE EBIT (EURm) AND EBIT MARGIN, % *Comparable net sales exclude the impact of exchange rates, acquisitions and divestments EURm % 30 JULY 17, 2025 FISKARS GROUP HALF -YEAR FINANCIAL REPORT 2025
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BA Fiskars’ quarterly development – last 3 years 191 151 127 167 153 121 130 156 150 115 126 164 131 0 50 100 150 200 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 -12.7% -11.0%* -5 0 5 10 15 20 25 -10 0 10 20 30 40 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 26.7 15.2 -2.8 30.6 24.7 11.1 7.4 29.5 22.3 13.6 11.9 30.6 14.0 NET SALES, EURm COMPARABLE EBIT (EURm) AND EBIT MARGIN, % *Comparable net sales exclude the impact of exchange rates, acquisitions and divestments EURm % 31 JULY 17, 2025 FISKARS GROUP HALF -YEAR FINANCIAL REPORT 2025