Fiskars: Aiming to improve growth in Vita - Nordea

Fiskars hosted its "Get to know Vita" day today. The company has been building its "brand first" approach since 2023 while Vita and Fiskars businessa areas were successfully divided into independent companies from February 2025. The company is aiming for speedier execution and full business accountability with the transition. Within Vita BA, the company continues to focus on making big brands bigger and sees growth through e.g. category expansion. Vita is clearly moving more towards luxury while the new CEO of Vita noted that the company wants to have more desirable brands going forward. Vita's organic growth was on negative territory between Q4 2022 and Q4 2024 while the company has been able to improve gross margins clearly. Given the higher share of own production and fixed costs in Vita, the company is clearly focusing on growth initiatives. Following the event, we do not expect consensus to revise its estimates. We are in line with Modular Finance consensus for 2025E on top line and adjusted EBIT, while we are 1-2% ahead on top line and 6-8% ahead on adjusted EBIT for 2026E-27E.