Fiskars hosted its deep dive session on Fiskars business area today. The company presented Fiskars BA asset light business with resilient performance even in the current weak end demand. Following the separation of business areas, Fiskars BA has further streamlined its organisation and is clearly aiming for profitable growth. New Power Tools (released on 10 November) pricing appears competitive while we note Fiskars' knowledge of cutting tools that we believe support sales. In addition, we believe new categories (Power Tools and animal care) could command gross margin premium to the current offering. We note the company has prioritised market shares in US during 2025 which could allow better market penetration for the new categories. According to the company, its innovation pipeline is strong and we expect further category expansions in coming years. The company expects soft market demand to continue while we believe investments in marketing combined with new product launches could support growth in 2026. Focus in near-term remains in cash flows and market shares.

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