Fiskars: We are below consensus for Q2 - Nordea

We maintain our estimates intact ahead of Fiskars' Q2 report. We model 4% y/y sales growth (6% LFL growth) to EUR 268m, 1% below pre-Q2 Modular Finance consensus. We forecast EUR 10m adjusted EBIT in Q2E, 22% below consensus at EUR 12.8m. We are fairly in line with consensus on Fiskars BA where we expect resilient performance in North America. We note the company might get tariff refunds from US, but the timing is still uncertain. Possible refunds would support adjusted EBIT development. In Vita BA, we are below consensus on sales and adjusted EBIT for Q2E while we have a more positive stance on the EUR 28m profit improvement programme that should start to support earnings in H2. For 2026E, we model EUR 103m adjusted EBIT for Fiskars, 1% ahead of consensus and up from EUR 76m in 2025. If market demand does not improve towards the year-end, we believe the company need to assess its production footprint. To our understanding, low utilisation ratios of crystal production continues to hamper performance of Vita BA and make harder to trim elevated inventories.