1.1\tBasic information
Fiskars Oyj Abp (the \"Company\" or the \"parent company\") is a Finnish, public limited liability company, domiciled in Raseborg, Finland. Its registered address is Keilaniementie 10, Espoo, Finland. The Company's shares are listed on the Nasdaq Helsinki Ltd. Fiskars Oyj Abp and its subsidiaries together form the Fiskars Group (\"Fiskars Group\" or the \"Group\") that manufactures and markets branded consumer goods globally. Fiskars Group\u2019s reporting segments are Vita, Fiskars and Other. The Other segment contains the Group\u2019s investment portfolio, the real estate unit, corporate headquarters and shared services. Fiskars Group reports group-level net sales for three geographical areas: Europe, Americas, and Asia-Pacific. The Group\u2019s international key brands are Fiskars, Georg Jensen, Gerber, Iittala, Moomin Arabia, Royal Copenhagen, Waterford, and Wedgwood.
The consolidated financial statements were authorized for issue by the Board of Directors of Fiskars Oyj Abp on February 4, 2026. According to the Finnish Limited Liability Companies\u2019 Act, the shareholders have a possibility to approve or reject, or make a decision on altering the financial statements in the Annual General Meeting.
1.2\tBasis of preparation
The consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union,
observing the standards and interpretations effective on December 31, 2025.
The consolidated financial statements are prepared on historical cost basis except for financial assets and liabilities, biological assets as well as assets and liabilities related to defined benefit pension plans that are measured at fair value through profit or loss.
Financial statement's figures are presented mainly in millions of euros with one decimal. Figures presented are subject to rounding, which may cause that the sum of individual figures might differ from the presented aggregated column and row totals.
Where necessary, comparative information has been reclassified to achieve consistency in disclosure with current financial year amounts.
1.3\tConsolidation principles
The consolidated financial statements include the parent company, Fiskars Oyj Abp, and the subsidiaries in which it holds, directly or indirectly, over 50% of the voting rights or over which it otherwise has control. Acquired or established subsidiaries are included in the consolidated financial statements from the date control commences until the date that control ceases.
Subsidiaries are consolidated using the acquisition method. Inter-company transactions, profit distribution, receivables, payables and unrealized gains between group companies are eliminated in consolidation. The profit or loss for the period
attributable to the owners of the parent company and non-controlling interest is presented in the Consolidated Income Statement, and the total comprehensive income for the financial year attributable to the owners of the parent company and non-controlling interest is presented in the Consolidated Statement of Comprehensive Income. The non-controlling interest in equity is presented within equity, separately from the equity of the owners of the parent company.
Investments in associates in which Fiskars Group has a significant influence but not control are accounted for using the equity method. Significant influence usually exists when the group holds over 20% of the voting power of the entity or when the group otherwise has significant influence but not control. At the moment, there are no investments in associates with significant influence in the Fiskars Group.
1.4\tTranslation of foreign currency items
Translation of financial statements of foreign subsidiaries
Items included in the financial statements of each of the Fiskars Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). These consolidated financial statements are presented in euros, which is the Group's presentation currency. In the Consolidated Financial Statements foreign subsidiaries income statements, statements of comprehensive income and cash flows are translated into the Group's presentation currency at the average
exchange rates for the period. Balance sheet items are translated at exchange rates prevailing at the end of the reporting period. The resulting exchange differences are recognized in other comprehensive income and presented under cumulative translation differences in equity. The effective portions of the gains or losses on those financial instruments hedging net investments in foreign operations are recognized similarly. When the group disposes of all, or part of that subsidiary, the translation differences accumulated in equity are transferred to profit or loss as part of the gain or loss on disposal.
Transactions in foreign currencies
Foreign currency transactions are translated using the exchange rates prevailing at the dates of the transactions. At the end of the reporting period monetary assets and liabilities are translated using the exchange rate prevailing at the end of the reporting period. Exchange rate differences arising from translation are recognized in the income statement and presented under financial items, except for exchange rate differences related to trade receivables and trade payables that are presented within operating profit. Non-monetary items denominated in foreign currencies are translated using the exchange rate at the date of the transaction, except for those items carried at fair value that are translated using rates prevailing at the date when the fair value was determined.
1.5\tUse of estimates
The preparation of financial statements in conformity with IFRS requires the management to make judgments and assumptions that affect the recognition and measurement of financial statement items. These estimates and associated assumptions are based on historical experience and other justified assumptions that are believed to be reasonable under the circumstances at the end of the reporting period. These estimates form the basis for judgments of the items in the financial statements. Development of markets and general economic situation may affect the variables underlying the estimates and actual results may differ significantly from these estimates. Significant accounting policies applied, and critical accounting estimates and judgments are described adjacent to each note.
1.6\tNew and amended standards applied in financial year ended
Fiskars Group has applied amendments and interpretations published by IASB that are effective for the first time for financial reporting periods commencing on January 1, 2025. These amendments and interpretations did not have a material impact on the result, financial position, or presentation of financial statements.
1.7\tNew and amended standards not yet applied
Fiskars Group has not identified new standards, amendments or interpretations published by IASB that apply for the first time to financial reporting periods commencing on, or after January 1, 2026, that are expected to have a material impact on the results or financial position, or presentation of financial statements of Fiskars Group, except IFRS 18 Presentation and Disclosure in Financial Statements -standard.
IFRS 18 Presentation and Disclosure in Financial Statements\u00a0-standard is effective for annual reporting periods beginning on or after January 1, 2027 and it will replace IAS 1 Presentation of Financial Statements -standard. IFRS 18 focuses on presentation and disclosure in financial statements. Key changes include a new structure for the income statement, the introduction of separate categories for income and expenses (operating, investing and financing), and enhanced disclosure requirements for management-defined performance measures (MPMs). IFRS 18 will not affect how companies measure financial performance and thus, it is expected to have impact on only on the presentation of income statement, balance sheet, cash flow and disclosures.
Fiskars Group is analyzing the impact on its Consolidated Financial Statements. The standard is expected to be endorsed by European Union in the first quarter 2026.
Accounting policies
Fiskars Group's organizational structure features two Business Areas (BA): Vita and Fiskars. In addition, Fiskars Group reports net sales for three geographical areas: Europe, Americas and Asia-Pacific.
The performance of the operating segments is reviewed regularly by the chief operating decision-maker, Fiskars Group\u2019s Board of Directors, to assess performance and to decide on allocation of resources. The operating segments, Vita, Fiskars and Other are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The performance of the segments is reviewed based on segments\u2019 operating profit (EBIT). The Accounting policies of the segments are the same as those used in the preparation of the financial statements. Financial income and expenses, and income taxes are managed on Group level and thus, not allocated to operating segments.
Operating profit
In Fiskars Group, the operating profit (EBIT) is the net of revenues and other operating income, material purchases and change of inventories, production for own use, employee benefits, depreciations, amortizations and possible impairments and other operating expenses. The operating profit includes operating results of Fiskars Group's operating segments Vita, Fiskars and Other. Change in fair value of biological assets is presented as a separate line item below EBIT in the Consolidated Income Statement.
Net sales and revenue recognition
In the Consolidated Income Statement, Net sales comprise the sales of goods and services, adjusted with indirect taxes, discounts, rebates, fees and penalties as well as the exchange rate differences of sales denominated in foreign currency. The share of services of total net sales is not significant. Revenue from the sale of goods is recognized when performance obligation is satisfied. Performance obligation is satisfied when control is transferred to a customer, typically at the time when a product has been delivered to a customer in accordance with the terms of delivery.
Accounting policies
Other operating income includes income not associated with the sale of goods or services, such as gains on the disposal or sale of fixed assets, rental income, and other similar income not classified as revenue.
Accounting policies
Other operating expenses include losses on the disposal or sale of fixed assets and other similar expenses not classified to other cost items.
Accounting policies
The Group\u2019s tax expense comprises current and deferred taxes. The current tax charge is calculated using the tax rate enacted or substantively enacted at the end of the reporting period.
Deferred tax liabilities and deferred tax assets are accounted for temporary differences between the carrying amounts and tax basis of assets and liabilities using tax rates enacted or substantively enacted at the end of the reporting period. A deferred tax liability is recorded to its full amount on taxable temporary differences. Deferred tax assets are recognized for deductible temporary differences, unutilized tax losses and unused tax credits to the extent that it is probable that taxable profit or taxable temporary differences will be available against which the deductible temporary differences, unutilized tax losses and unused tax credits can be utilized. Deferred tax assets are assessed for realizability at the end of each reporting period. If it is no longer probable that sufficient taxable profit will be available to allow deferred tax asset utilization, carrying amount of deferred tax asset is reduced. Correspondingly, if it is probable that sufficient taxable profit will be available, reduction to deferred tax asset value is reversed.
Accounting policies
An intangible asset is initially recognized in the balance sheet at cost if the cost can be measured reliably and it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group. Residual values and expected useful lives are reassessed at least at each financial year-end and, if necessary, are adjusted to reflect changes in the expected future economic benefits. Those borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset.
Goodwill
Goodwill represents the Group\u2019s share of difference between the cost of the acquisition and the fair value of the net identifiable assets, liabilities, and contingent liabilities acquired, measured at the acquisition date. Goodwill is stated at historical cost less any accumulated impairment losses. Goodwill is not amortized but is tested for impairment at least annually. For this purpose goodwill has been allocated to cash-generating units (CGU). The recoverable amount of the unit is compared annually or more often if there are indications of impairment, with its carrying amount to determine potential impairment.
Other intangible assets
Other intangible assets include among other patents, capitalized development costs, software, as well as trademarks and customer relationships acquired in business combinations. Intangible assets are stated at cost less accumulated amortization and any accumulated impairment. Intangible assets in this class are amortized on a straight-line basis over their expected useful lives. Residual values and expected useful lives are reassessed at least at the end of reporting period, and if necessary, are adjusted to reflect changes in the expected future economic benefits.
Research and development costs are expensed as they are incurred, except for those development costs that are capitalized if the criteria in IAS 38 are met. Capitalized development costs consisting of mainly direct labor costs and external services are recognized as intangible assets. Subsequently capitalized development costs are measured at cost less accumulated amortization and accumulated impairment losses.
The estimated useful lives are as follows:
Software\t3\u201310 years
Customer relationships\t5\u201315 years
Capitalized development costs\t3\u20136 years
Other\t3\u201310 years
Intangible assets with an indefinite useful life such as trademarks or brand names acquired in business combinations are not amortized but they are tested at least annually for impairment.
Accounting policies
Property, plant, and equipment are stated at historical cost less accumulated depreciation and any accumulated impairment losses, if applicable. Those borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset.
Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of the assets. Residual values and expected useful lives are reassessed at least at each financial year-end and, if necessary, are adjusted to reflect changes in the expected future economic benefits. The estimated useful lives are as follows:
Buildings\t20\u201340 years
Machinery and equipment\t3\u201310 years
Land and water\tNo depreciation
Gains and losses on sales and disposals of property, plant, and equipment are presented in other operating income and other operating expenses.
Accounting policies
Fiskars Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.
Right-of-use assets
Fiskars Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are initially measured at cost, including the initial measurement of lease liabilities, any initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Subsequently right-of-use asset is measured at cost less
any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities.
Right-of-use assets are depreciated on a straight-line basis over the lease term, generally as follows:
Real estate\t3\u201315 years
Other assets\t3\u20135 years
Short-term leases and leases of low-value assets
Fiskars Group applies the short-term lease recognition exemption to its short-term leases i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the lease of low-value assets recognition exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognized as expense on a straight-line basis over the lease term.
Accounting policies
Biological assets are measured at their fair value less costs to sell them. Biological assets consist of growing stock of Group\u2019s forest assets in Finland. The change in fair value resulting from both growth and change in the market value of standing timber is presented as a separate line item in the Consolidated Income Statement after operating profit (EBIT). The revenue from the sale of standing timber is presented in the Consolidated Income Statement within the operating profit.
There are no existing active markets for forest assets. Therefore, the biological asset valuation is made by using the discounted future cash flows. Cash flows are based on forest management plan taking into account forestry costs and harvesting income from one growth cycle. For valuing harvesting income, Fiskars Group applies a three-year rolling average price of standing timber, based on the statistics provided by the Natural Resources Institute Finland, adjusted with company specific price components.
The fair value measurements of biological assets are categorized within level 3 of the fair value hierarchy as the fair value is not based on observable market data.
Accounting policies
The properties that are not used in the Group\u2019s operations or which are held to earn rental income or increase in value are classified as investment property. These properties are measured at cost less accumulated depreciation and impairment. Investment properties are depreciated over 20\u201340 years on a straight-line basis. Land is not depreciated.
Accounting policies
Inventories are carried at the lower of cost and net realizable value. Cost is determined using the first-in first-out (FIFO) method. The cost of finished goods and work-in-progress comprise direct purchase and manufacturing costs, other direct costs and a proportion of the related production overheads based on normal operating capacity. Net realizable value is the estimated amount that can be realized from the sale in normal course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Inventories are presented net of write-down recognized for obsolete and slow-moving inventories.
Accounting policies
Trade receivables are measured at amortized cost. According to the simplified impairment model, an allowance amounting to lifetime expected credit losses is recognized at first reporting date. To measure the lifetime expected credit losses, trade receivables have been grouped based on aging categories. An allowance for doubtful receivables is measured based on historical loss rates adjusted by forward looking estimates and individual assessment. The inputs used in the model are updated on a regular basis. Impairment is recognized as an expense in Other operating expenses. If an amount previously recognized to Consolidated Income Statement is subsequently settled, it is recognized as a reduction to Other operating expenses.
Accounting policies
Group companies have various pension plans in accordance with local conditions and practices in the countries in which they operate. The plans are classified as either defined contribution plans or defined benefit plans. Under a defined contribution plan the group pays fixed contributions into a separate entity. If the entity does not hold sufficient assets to pay all employees the benefits in question, the Group will have no legal or constructive obligation to pay further contributions. All other plans not meeting the above criteria are classified as defined benefit plans. Most of the plans that group companies have are classified as defined contribution plans and related contributions are charged to the income statement in the year in which the payment obligation has arisen.
The costs for defined benefit pension plans are calculated and recognized under the terms of the plan based on actuarial calculations. Pension costs are recognized as expenses over the employees\u2019 service period. The pension obligation is measured as the present value of the estimated future contributions deducted by the fair value of plan assets at the end of the reporting period. Changes in the estimates in the actuarial calculations may influence the reported pension obligations and pension costs. Actuarial gains and losses are recognized in other comprehensive income (OCI).
Accounting policies
A provision is recognized when the Group as a result of a past event has a present legal or constructive obligation, it is probable that the obligation will be realized and a reliable estimate can be made of the amount of the obligation. A provision for restructuring is recognized when a detailed formal plan has been prepared and when there is a valid expectation relating those affected that the plan will be carried out. The amount recognized as a provision is the best estimate of the expenditure required to settle the present obligation at the end of the reporting period. If it is possible to receive compensation for a part of the obligation from a third party, the compensation is recognized as a separate asset, but only when receipt of the compensation is virtually certain.
Fiskars Group may be a party to lawsuits and legal processes concerning the Group\u2019s business operations. A related provision is recognized in the financial statements when the amount of the expenditure can be estimated reliably and it is more likely than not that they will be realized. Otherwise these contingent liabilities are disclosed in the notes.
Accounting policies
Financial assets
Fiskars Group classifies its financial assets in the following categories: financial assets at fair value through profit or loss, financial assets at fair value through other comprehensive income, and financial assets at amortised cost. Financial assets are classified at initial recognition based on their purpose of use. For assets not at fair value through profit or loss, the directly attributable transaction costs are included in the original costs of the financial assets. All purchases or sales of financial assets are recognized or derecognized using trade date accounting. The Group derecognizes financial assets when it has lost its right to receive the cash flows or when it has transferred substantially all the risks and rewards to an external party. Fair value categories of financial instruments are explained in Note 5.4.
Financial assets at fair value through profit or loss and via other comprehensive income
Financial assets at fair value through profit or loss include financial assets that are held for trading or are designated as financial assets at fair value through profit or loss upon initial recognition (the fair value option). In Fiskars Group this category comprises investments in listed securities, and derivative instruments on which hedge accounting
is not applied, as well as interest rate swaps hedging fair value.
Financial assets at fair value through profit or loss are measured at fair value both at initial recognition and subsequently. The fair values of the listed securities are based on quoted rates at the end of the reporting period, and both realized and unrealized gains and losses are recognized in the income statement under financial items. The fair value measurement principles of derivative instruments are described in Note 5.6.
Financial assets at fair value through other comprehensive income include listed shares. These assets are measured at fair value at initial recognition and subsequently. Changes in fair value are recognized in other comprehensive income.
Financial assets at amortised cost
Financial assets at amortised cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are not held for trading or designated as available for sale upon initial recognition. This category comprises trade receivables and other receivables. It also includes deposits to guarantee leases and other similar items presented under Other non-current assets in the Consolidated Balance Sheet. Trade and other receivables are described in more detail in Note 4.2.
Loans and other receivables are measured at amortized cost. The allowance for expected credit losses is based on the risks of the individual items. Carrying amounts of receivables are adjusted to their probable value as a result of this assessment. Loans and receivables are included in current or non-current assets based on their term to maturity. Amounts expected to be recovered or settled in no more than 12 months after the end of the reporting period are included in current assets.
Cash and cash equivalents
The balance sheet item Cash and cash equivalents includes cash, i.e. cash in hand and deposits held at call with banks, and cash equivalents. Cash equivalents comprise highly liquid investments that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. The items included in cash equivalents have original maturities of maximum three months from the date of acquisition. Bank overdrafts are included in current interest-bearing financial liabilities. Cash and cash equivalents are measured at amortized cost.
Accounting policies
Financial liabilities and borrowing costs
Fiskars Group classifies its financial liabilities in the following categories: financial liabilities at fair value through profit or loss (includes derivative liabilities) and financial liabilities measured at amortized cost. A financial liability is initially recognized at fair value, and subsequently carried at amortized cost or, in the case of the issued sustainability linked bond, valued using the effective interest rate method. Fair value hedges in the amount of EUR 60 million have been entered into to hedge the fair value of the issued bond. To the extent the fair value of the bond is hedged, the carrying amount is adjusted by the change in fair value. Derivative liabilities are measured at fair value. Financial liabilities are classified as non-current or current. The latter group comprises all those financial liabilities for which the Group does not have an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period. The Group removes a financial liability (or a part of it) from its balance sheet only when it is extinguished, i.e. when the obligation specified in the contract is discharged or cancelled or expires.
Arrangement fees related to loans and loan commitments are amortized over the expected loan\u00a0term.
Accounting policies
Fiskars Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.
Lease liabilities
At the commencement date of the lease, Fiskars Group recognizes lease liabilities measured at the present value of future unpaid lease payments. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group, and payments of penalties
for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date as typically the interest rate implicit in the lease is not readily available. Subsequently lease liability is measured using the effective interest rate method, and the carrying amount of lease liability is increased with the interest on the lease liability, reduced with the amount of lease payments made, and adjusted to reflect any reassessments or lease modifications made. The carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.
Accounting policies
Derivatives and hedge accounting
Derivatives not designated as hedging instruments are recognized at fair value through profit and loss. The Group does not apply hedge accounting on foreign exchange derivatives. Foreign exchange derivatives are initially valued at cost and subsequently at fair value determined at the end of each reporting period. The fair value of derivatives is based on prevailing market rates or rates derived from the prevailing market rates at the end of the reporting period (fair value hierarchy level 2). Fair value changes are recognized in financial itemsAccounting policies
Fiskars Group's operations have been divided into cash-generating units (CGU) that are similar to the reporting segments. The carrying amounts of the assets relating to these CGUs are reviewed for impairment indicators annually at the end of the reporting period. The recoverable amounts of the following assets are also estimated annually irrespective whether there is any indication for impairment: goodwill, intangible assets with indefinite useful lives and unfinished intangible assets.
To determine a potential impairment, the carrying amount of the asset, or the carrying amounts of the CGU\u2019s net
assets are compared against the recoverable amount of that asset or CGU. The recoverable amount is the higher of the present value of the future cash flows (value in use) and the fair value less costs to sell. An impairment loss is recognized for an asset when its carrying amount exceeds its recoverable amount. An impairment loss previously recognized for items of property, plant, and equipment as well as for intangible assets other than goodwill is reversed subsequently only if there has been a change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed
the carrying amount that would have been determined, net of amortization or depreciation, if no impairment loss had been recognized for the asset in prior years. An impairment loss recognized for goodwill is not reversed.
Accounting policies
Fair value categories
Hierarchy level 1 includes financial assets and liabilities that are publicly quoted in an active market. This category includes listed financial instruments. Level 2 includes financial assets and liabilities measured using directly observable market inputs. Other than publicly quoted interest-bearing debts and derivatives fall within this category. Level 3 includes financial assets and liabilities measured using non-market observable inputs. The asset classes in this category are unlisted equity investments and funds.
1.1\tBasic information
Fiskars Oyj Abp (the \"Company\" or the \"parent company\") is a Finnish, public limited liability company, domiciled in Raseborg, Finland. Its registered address is Keilaniementie 10, Espoo, Finland. The Company's shares are listed on the Nasdaq Helsinki Ltd. Fiskars Oyj Abp and its subsidiaries together form the Fiskars Group (\"Fiskars Group\" or the \"Group\") that manufactures and markets branded consumer goods globally. Fiskars Group\u2019s reporting segments are Vita, Fiskars and Other. The Other segment contains the Group\u2019s investment portfolio, the real estate unit, corporate headquarters and shared services. Fiskars Group reports group-level net sales for three geographical areas: Europe, Americas, and Asia-Pacific. The Group\u2019s international key brands are Fiskars, Georg Jensen, Gerber, Iittala, Moomin Arabia, Royal Copenhagen, Waterford, and Wedgwood.
The consolidated financial statements were authorized for issue by the Board of Directors of Fiskars Oyj Abp on February 4, 2026. According to the Finnish Limited Liability Companies\u2019 Act, the shareholders have a possibility to approve or reject, or make a decision on altering the financial statements in the Annual General Meeting.
1.2\tBasis of preparation
The consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union,
observing the standards and interpretations effective on December 31, 2025.
The consolidated financial statements are prepared on historical cost basis except for financial assets and liabilities, biological assets as well as assets and liabilities related to defined benefit pension plans that are measured at fair value through profit or loss.
Financial statement's figures are presented mainly in millions of euros with one decimal. Figures presented are subject to rounding, which may cause that the sum of individual figures might differ from the presented aggregated column and row totals.
Where necessary, comparative information has been reclassified to achieve consistency in disclosure with current financial year amounts.
1.3\tConsolidation principles
The consolidated financial statements include the parent company, Fiskars Oyj Abp, and the subsidiaries in which it holds, directly or indirectly, over 50% of the voting rights or over which it otherwise has control. Acquired or established subsidiaries are included in the consolidated financial statements from the date control commences until the date that control ceases.
Subsidiaries are consolidated using the acquisition method. Inter-company transactions, profit distribution, receivables, payables and unrealized gains between group companies are eliminated in consolidation. The profit or loss for the period
attributable to the owners of the parent company and non-controlling interest is presented in the Consolidated Income Statement, and the total comprehensive income for the financial year attributable to the owners of the parent company and non-controlling interest is presented in the Consolidated Statement of Comprehensive Income. The non-controlling interest in equity is presented within equity, separately from the equity of the owners of the parent company.
Investments in associates in which Fiskars Group has a significant influence but not control are accounted for using the equity method. Significant influence usually exists when the group holds over 20% of the voting power of the entity or when the group otherwise has significant influence but not control. At the moment, there are no investments in associates with significant influence in the Fiskars Group.
1.4\tTranslation of foreign currency items
Translation of financial statements of foreign subsidiaries
Items included in the financial statements of each of the Fiskars Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). These consolidated financial statements are presented in euros, which is the Group's presentation currency. In the Consolidated Financial Statements foreign subsidiaries income statements, statements of comprehensive income and cash flows are translated into the Group's presentation currency at the average
exchange rates for the period. Balance sheet items are translated at exchange rates prevailing at the end of the reporting period. The resulting exchange differences are recognized in other comprehensive income and presented under cumulative translation differences in equity. The effective portions of the gains or losses on those financial instruments hedging net investments in foreign operations are recognized similarly. When the group disposes of all, or part of that subsidiary, the translation differences accumulated in equity are transferred to profit or loss as part of the gain or loss on disposal.
Transactions in foreign currencies
Foreign currency transactions are translated using the exchange rates prevailing at the dates of the transactions. At the end of the reporting period monetary assets and liabilities are translated using the exchange rate prevailing at the end of the reporting period. Exchange rate differences arising from translation are recognized in the income statement and presented under financial items, except for exchange rate differences related to trade receivables and trade payables that are presented within operating profit. Non-monetary items denominated in foreign currencies are translated using the exchange rate at the date of the transaction, except for those items carried at fair value that are translated using rates prevailing at the date when the fair value was determined.
1.2\tBasis of preparation
The consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union,
observing the standards and interpretations effective on December 31, 2025.
The consolidated financial statements are prepared on historical cost basis except for financial assets and liabilities, biological assets as well as assets and liabilities related to defined benefit pension plans that are measured at fair value through profit or loss.
Financial statement's figures are presented mainly in millions of euros with one decimal. Figures presented are subject to rounding, which may cause that the sum of individual figures might differ from the presented aggregated column and row totals.
Where necessary, comparative information has been reclassified to achieve consistency in disclosure with current financial year amounts.
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observing the standards and interpretations effective on December 31, 2025.
The consolidated financial statements are prepared on historical cost basis except for financial assets and liabilities, biological assets as well as assets and liabilities related to defined benefit pension plans that are measured at fair value through profit or loss.
Financial statement's figures are presented mainly in millions of euros with one decimal. Figures presented are subject to rounding, which may cause that the sum of individual figures might differ from the presented aggregated column and row totals.
Where necessary, comparative information has been reclassified to achieve consistency in disclosure with current financial year amounts.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__20": { "value": "1.3\tConsolidation principles
The consolidated financial statements include the parent company, Fiskars Oyj Abp, and the subsidiaries in which it holds, directly or indirectly, over 50% of the voting rights or over which it otherwise has control. Acquired or established subsidiaries are included in the consolidated financial statements from the date control commences until the date that control ceases.
Subsidiaries are consolidated using the acquisition method. Inter-company transactions, profit distribution, receivables, payables and unrealized gains between group companies are eliminated in consolidation. The profit or loss for the period
attributable to the owners of the parent company and non-controlling interest is presented in the Consolidated Income Statement, and the total comprehensive income for the financial year attributable to the owners of the parent company and non-controlling interest is presented in the Consolidated Statement of Comprehensive Income. The non-controlling interest in equity is presented within equity, separately from the equity of the owners of the parent company.
Investments in associates in which Fiskars Group has a significant influence but not control are accounted for using the equity method. Significant influence usually exists when the group holds over 20% of the voting power of the entity or when the group otherwise has significant influence but not control. At the moment, there are no investments in associates with significant influence in the Fiskars Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__22": { "value": "The consolidated financial statements include the parent company, Fiskars Oyj Abp, and the subsidiaries in which it holds, directly or indirectly, over 50% of the voting rights or over which it otherwise has control. Acquired or established subsidiaries are included in the consolidated financial statements from the date control commences until the date that control ceases.
Subsidiaries are consolidated using the acquisition method. Inter-company transactions, profit distribution, receivables, payables and unrealized gains between group companies are eliminated in consolidation. The profit or loss for the period
attributable to the owners of the parent company and non-controlling interest is presented in the Consolidated Income Statement, and the total comprehensive income for the financial year attributable to the owners of the parent company and non-controlling interest is presented in the Consolidated Statement of Comprehensive Income. The non-controlling interest in equity is presented within equity, separately from the equity of the owners of the parent company.
Investments in associates in which Fiskars Group has a significant influence but not control are accounted for using the equity method. Significant influence usually exists when the group holds over 20% of the voting power of the entity or when the group otherwise has significant influence but not control. At the moment, there are no investments in associates with significant influence in the Fiskars Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__23": { "value": "The consolidated financial statements include the parent company, Fiskars Oyj Abp, and the subsidiaries in which it holds, directly or indirectly, over 50% of the voting rights or over which it otherwise has control. Acquired or established subsidiaries are included in the consolidated financial statements from the date control commences until the date that control ceases.
Subsidiaries are consolidated using the acquisition method. Inter-company transactions, profit distribution, receivables, payables and unrealized gains between group companies are eliminated in consolidation. The profit or loss for the period
attributable to the owners of the parent company and non-controlling interest is presented in the Consolidated Income Statement, and the total comprehensive income for the financial year attributable to the owners of the parent company and non-controlling interest is presented in the Consolidated Statement of Comprehensive Income. The non-controlling interest in equity is presented within equity, separately from the equity of the owners of the parent company.
Investments in associates in which Fiskars Group has a significant influence but not control are accounted for using the equity method. Significant influence usually exists when the group holds over 20% of the voting power of the entity or when the group otherwise has significant influence but not control. At the moment, there are no investments in associates with significant influence in the Fiskars Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__24": { "value": "Investments in associates in which Fiskars Group has a significant influence but not control are accounted for using the equity method. Significant influence usually exists when the group holds over 20% of the voting power of the entity or when the group otherwise has significant influence but not control. At the moment, there are no investments in associates with significant influence in the Fiskars Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__25": { "value": "Investments in associates in which Fiskars Group has a significant influence but not control are accounted for using the equity method. Significant influence usually exists when the group holds over 20% of the voting power of the entity or when the group otherwise has significant influence but not control. At the moment, there are no investments in associates with significant influence in the Fiskars Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__26": { "value": "1.4\tTranslation of foreign currency items
Translation of financial statements of foreign subsidiaries
Items included in the financial statements of each of the Fiskars Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). These consolidated financial statements are presented in euros, which is the Group's presentation currency. In the Consolidated Financial Statements foreign subsidiaries income statements, statements of comprehensive income and cash flows are translated into the Group's presentation currency at the average
exchange rates for the period. Balance sheet items are translated at exchange rates prevailing at the end of the reporting period. The resulting exchange differences are recognized in other comprehensive income and presented under cumulative translation differences in equity. The effective portions of the gains or losses on those financial instruments hedging net investments in foreign operations are recognized similarly. When the group disposes of all, or part of that subsidiary, the translation differences accumulated in equity are transferred to profit or loss as part of the gain or loss on disposal.
Transactions in foreign currencies
Foreign currency transactions are translated using the exchange rates prevailing at the dates of the transactions. At the end of the reporting period monetary assets and liabilities are translated using the exchange rate prevailing at the end of the reporting period. Exchange rate differences arising from translation are recognized in the income statement and presented under financial items, except for exchange rate differences related to trade receivables and trade payables that are presented within operating profit. Non-monetary items denominated in foreign currencies are translated using the exchange rate at the date of the transaction, except for those items carried at fair value that are translated using rates prevailing at the date when the fair value was determined.
Translation of financial statements of foreign subsidiaries
Items included in the financial statements of each of the Fiskars Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). These consolidated financial statements are presented in euros, which is the Group's presentation currency. In the Consolidated Financial Statements foreign subsidiaries income statements, statements of comprehensive income and cash flows are translated into the Group's presentation currency at the average
exchange rates for the period. Balance sheet items are translated at exchange rates prevailing at the end of the reporting period. The resulting exchange differences are recognized in other comprehensive income and presented under cumulative translation differences in equity. The effective portions of the gains or losses on those financial instruments hedging net investments in foreign operations are recognized similarly. When the group disposes of all, or part of that subsidiary, the translation differences accumulated in equity are transferred to profit or loss as part of the gain or loss on disposal.
Transactions in foreign currencies
Foreign currency transactions are translated using the exchange rates prevailing at the dates of the transactions. At the end of the reporting period monetary assets and liabilities are translated using the exchange rate prevailing at the end of the reporting period. Exchange rate differences arising from translation are recognized in the income statement and presented under financial items, except for exchange rate differences related to trade receivables and trade payables that are presented within operating profit. Non-monetary items denominated in foreign currencies are translated using the exchange rate at the date of the transaction, except for those items carried at fair value that are translated using rates prevailing at the date when the fair value was determined.
1.5\tUse of estimates
The preparation of financial statements in conformity with IFRS requires the management to make judgments and assumptions that affect the recognition and measurement of financial statement items. These estimates and associated assumptions are based on historical experience and other justified assumptions that are believed to be reasonable under the circumstances at the end of the reporting period. These estimates form the basis for judgments of the items in the financial statements. Development of markets and general economic situation may affect the variables underlying the estimates and actual results may differ significantly from these estimates. Significant accounting policies applied, and critical accounting estimates and judgments are described adjacent to each note.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__30": { "value": "The preparation of financial statements in conformity with IFRS requires the management to make judgments and assumptions that affect the recognition and measurement of financial statement items. These estimates and associated assumptions are based on historical experience and other justified assumptions that are believed to be reasonable under the circumstances at the end of the reporting period. These estimates form the basis for judgments of the items in the financial statements. Development of markets and general economic situation may affect the variables underlying the estimates and actual results may differ significantly from these estimates. Significant accounting policies applied, and critical accounting estimates and judgments are described adjacent to each note.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__31-1": { "value": "1.6\tNew and amended standards applied in financial year ended
Fiskars Group has applied amendments and interpretations published by IASB that are effective for the first time for financial reporting periods commencing on January 1, 2025. These amendments and interpretations did not have a material impact on the result, financial position, or presentation of financial statements.
1.7\tNew and amended standards not yet applied
Fiskars Group has not identified new standards, amendments or interpretations published by IASB that apply for the first time to financial reporting periods commencing on, or after January 1, 2026, that are expected to have a material impact on the results or financial position, or presentation of financial statements of Fiskars Group, except IFRS 18 Presentation and Disclosure in Financial Statements -standard.
IFRS 18 Presentation and Disclosure in Financial Statements\u00a0-standard is effective for annual reporting periods beginning on or after January 1, 2027 and it will replace IAS 1 Presentation of Financial Statements -standard. IFRS 18 focuses on presentation and disclosure in financial statements. Key changes include a new structure for the income statement, the introduction of separate categories for income and expenses (operating, investing and financing), and enhanced disclosure requirements for management-defined performance measures (MPMs). IFRS 18 will not affect how companies measure financial performance and thus, it is expected to have impact on only on the presentation of income statement, balance sheet, cash flow and disclosures.
Fiskars Group is analyzing the impact on its Consolidated Financial Statements. The standard is expected to be endorsed by European Union in the first quarter 2026.
1.6\tNew and amended standards applied in financial year ended
Fiskars Group has applied amendments and interpretations published by IASB that are effective for the first time for financial reporting periods commencing on January 1, 2025. These amendments and interpretations did not have a material impact on the result, financial position, or presentation of financial statements.
1.7\tNew and amended standards not yet applied
Fiskars Group has not identified new standards, amendments or interpretations published by IASB that apply for the first time to financial reporting periods commencing on, or after January 1, 2026, that are expected to have a material impact on the results or financial position, or presentation of financial statements of Fiskars Group, except IFRS 18 Presentation and Disclosure in Financial Statements -standard.
IFRS 18 Presentation and Disclosure in Financial Statements\u00a0-standard is effective for annual reporting periods beginning on or after January 1, 2027 and it will replace IAS 1 Presentation of Financial Statements -standard. IFRS 18 focuses on presentation and disclosure in financial statements. Key changes include a new structure for the income statement, the introduction of separate categories for income and expenses (operating, investing and financing), and enhanced disclosure requirements for management-defined performance measures (MPMs). IFRS 18 will not affect how companies measure financial performance and thus, it is expected to have impact on only on the presentation of income statement, balance sheet, cash flow and disclosures.
Fiskars Group is analyzing the impact on its Consolidated Financial Statements. The standard is expected to be endorsed by European Union in the first quarter 2026.
2.1\tSegment information
Accounting policies
Fiskars Group's organizational structure features two Business Areas (BA): Vita and Fiskars. In addition, Fiskars Group reports net sales for three geographical areas: Europe, Americas and Asia-Pacific.
The performance of the operating segments is reviewed regularly by the chief operating decision-maker, Fiskars Group\u2019s Board of Directors, to assess performance and to decide on allocation of resources. The operating segments, Vita, Fiskars and Other are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The performance of the segments is reviewed based on segments\u2019 operating profit (EBIT). The Accounting policies of the segments are the same as those used in the preparation of the financial statements. Financial income and expenses, and income taxes are managed on Group level and thus, not allocated to operating segments.
Operating profit
In Fiskars Group, the operating profit (EBIT) is the net of revenues and other operating income, material purchases and change of inventories, production for own use, employee benefits, depreciations, amortizations and possible impairments and other operating expenses. The operating profit includes operating results of Fiskars Group's operating segments Vita, Fiskars and Other. Change in fair value of biological assets is presented as a separate line item below EBIT in the Consolidated Income Statement.
Net sales and revenue recognition
In the Consolidated Income Statement, Net sales comprise the sales of goods and services, adjusted with indirect taxes, discounts, rebates, fees and penalties as well as the exchange rate differences of sales denominated in foreign currency. The share of services of total net sales is not significant. Revenue from the sale of goods is recognized when performance obligation is satisfied. Performance obligation is satisfied when control is transferred to a customer, typically at the time when a product has been delivered to a customer in accordance with the terms of delivery.
Operating segments
BA Vita offers premium products in the tableware, drinkware, jewelry and interior categories. It consists of brands such as Georg Jensen, Royal Copenhagen, Wedgwood, Iittala and Moomin Arabia.
BA Fiskars consists of the gardening, watering and outdoor categories as well as the scissors and creating, and cooking categories. The brands include Fiskars and Gerber.
The Other segment contains the Group\u2019s investment portfolio, the real estate unit, corporate headquarters and shared services.
Business activities between the segments are not significant. Inter-segment sales are made on arm\u2019s lenght basis.
Unallocated items
The unallocated items contain group level income and expenses, such as taxes, and financial income and expenses. Unallocated assets comprise items related to group administration, tax and loan receivables, and shares. Unallocated liabilities comprise non-current and current debt and tax liabilities.
No single customer of Fiskars Group accounts for more than 5% share of the Group\u2019s total net sales.
Operating segments
2025
EUR million | Vita | Fiskars | Other | Unallocated and eliminations | Group total |
Net sales | 612.6 | 522.0 | 5.6 | 1,140.2 | |
Gross profit | 331.1 | 201.7 | 2.3 | 535.1 | |
Items affecting comparability in gross profit1 | -0.5 | -1.8 | -2.3 | ||
EBIT excl. Items affecting comparability | 27.7 | 66.6 | -17.9 | 76.4 | |
Items affecting comparability in EBIT1 | -35.7 | -5.8 | 3.1 | -38.4 | |
EBIT | -8.0 | 60.8 | -14.7 | 38.1 | |
Change in fair value of biological assets | 4.5 | 4.5 | |||
Financial income and expenses | -30.0 | -30.0 | |||
Profit before taxes | 12.5 | ||||
Income taxes | -2.9 | -2.9 | |||
Profit for the period | 9.6 | ||||
Capital expenditure | 27.2 | 13.4 | 2.9 | 43.5 | |
Depreciation, amortization and impairment | 56.8 | 21.9 | 5.5 | 84.1 |
1Detailed in section Other financial information.
Operating segments
2024
EUR million | Vita | Fiskars | Other | Unallocated and eliminations | Group total |
Net sales | 605.1 | 547.2 | 4.8 | 1,157.1 | |
Gross profit | 342.3 | 218.4 | 3.4 | 564.1 | |
Items affecting comparability in gross profit1 | -46.8 | -0.2 | -47.1 | ||
EBIT excl. Items affecting comparability | 47.6 | 77.3 | -13.4 | 111.4 | |
Items affecting comparability in EBIT1 | -60.9 | -13.0 | -0.4 | -74.3 | |
EBIT | -13.3 | 64.2 | -13.8 | 37.1 | |
Change in fair value of biological assets | 6.5 | 6.5 | |||
Financial income and expenses | -25.2 | -25.2 | |||
Profit before taxes | 18.5 | ||||
Income taxes | 8.9 | 8.9 | |||
Profit for the period | 27.3 | ||||
Capital expenditure | 29.6 | 19.5 | 3.7 | 52.5 | |
Depreciation, amortization and impairment | 54.6 | 24.0 | 3.9 | 82.5 |
1Detailed in section Other financial information.
Entity-wide information
Fiskars Group reports net sales for three geographical areas: Europe, Americas, and Asia-Pacific. In the Americas, the Fiskars branded products' distribution, logistics and consumer preferences are managed centrally for the business units. In Europe and Asia-Pacific, the markets and distribution are more diversified, however, from the customer point of view the business units operate in a common environment.
Net sales by geography
EUR million | 2025 | 2024 |
Europe | 585.6 | 586.5 |
Americas | 328.5 | 338.9 |
Asia-Pacific | 229.9 | 230.5 |
Unallocated1 | -3.8 | 1.1 |
Total | 1,140.2 | 1,157.1 |
1Geographically unallocated exchange rate differences.
Net sales by destination
EUR million | 2025 | 2024 |
Net sales in Finland | 103.7 | 102.0 |
Net sales in the U.S. | 314.0 | 319.4 |
Net sales in other countries | 722.6 | 735.7 |
Total | 1,140.2 | 1,157.1 |
Non-current assets by location (excl. deferred tax assets)
EUR million | 2025 | 2024 |
Assets in Finland | 324.7 | 356.4 |
Assets in the U.S. | 34.5 | 67.1 |
Assets in other countries | 590.3 | 597.5 |
Total | 949.6 | 1,021.0 |
Accounting policies
Fiskars Group's organizational structure features two Business Areas (BA): Vita and Fiskars. In addition, Fiskars Group reports net sales for three geographical areas: Europe, Americas and Asia-Pacific.
The performance of the operating segments is reviewed regularly by the chief operating decision-maker, Fiskars Group\u2019s Board of Directors, to assess performance and to decide on allocation of resources. The operating segments, Vita, Fiskars and Other are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The performance of the segments is reviewed based on segments\u2019 operating profit (EBIT). The Accounting policies of the segments are the same as those used in the preparation of the financial statements. Financial income and expenses, and income taxes are managed on Group level and thus, not allocated to operating segments.
Operating profit
In Fiskars Group, the operating profit (EBIT) is the net of revenues and other operating income, material purchases and change of inventories, production for own use, employee benefits, depreciations, amortizations and possible impairments and other operating expenses. The operating profit includes operating results of Fiskars Group's operating segments Vita, Fiskars and Other. Change in fair value of biological assets is presented as a separate line item below EBIT in the Consolidated Income Statement.
Net sales and revenue recognition
In the Consolidated Income Statement, Net sales comprise the sales of goods and services, adjusted with indirect taxes, discounts, rebates, fees and penalties as well as the exchange rate differences of sales denominated in foreign currency. The share of services of total net sales is not significant. Revenue from the sale of goods is recognized when performance obligation is satisfied. Performance obligation is satisfied when control is transferred to a customer, typically at the time when a product has been delivered to a customer in accordance with the terms of delivery.
Accounting policies
Fiskars Group's organizational structure features two Business Areas (BA): Vita and Fiskars. In addition, Fiskars Group reports net sales for three geographical areas: Europe, Americas and Asia-Pacific.
The performance of the operating segments is reviewed regularly by the chief operating decision-maker, Fiskars Group\u2019s Board of Directors, to assess performance and to decide on allocation of resources. The operating segments, Vita, Fiskars and Other are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The performance of the segments is reviewed based on segments\u2019 operating profit (EBIT). The Accounting policies of the segments are the same as those used in the preparation of the financial statements. Financial income and expenses, and income taxes are managed on Group level and thus, not allocated to operating segments.
Operating profit
In Fiskars Group, the operating profit (EBIT) is the net of revenues and other operating income, material purchases and change of inventories, production for own use, employee benefits, depreciations, amortizations and possible impairments and other operating expenses. The operating profit includes operating results of Fiskars Group's operating segments Vita, Fiskars and Other. Change in fair value of biological assets is presented as a separate line item below EBIT in the Consolidated Income Statement.
Net sales and revenue recognition
In the Consolidated Income Statement, Net sales comprise the sales of goods and services, adjusted with indirect taxes, discounts, rebates, fees and penalties as well as the exchange rate differences of sales denominated in foreign currency. The share of services of total net sales is not significant. Revenue from the sale of goods is recognized when performance obligation is satisfied. Performance obligation is satisfied when control is transferred to a customer, typically at the time when a product has been delivered to a customer in accordance with the terms of delivery.
Net sales by geography
EUR million | 2025 | 2024 |
Europe | 585.6 | 586.5 |
Americas | 328.5 | 338.9 |
Asia-Pacific | 229.9 | 230.5 |
Unallocated1 | -3.8 | 1.1 |
Total | 1,140.2 | 1,157.1 |
1Geographically unallocated exchange rate differences.
Net sales and revenue recognition
In the Consolidated Income Statement, Net sales comprise the sales of goods and services, adjusted with indirect taxes, discounts, rebates, fees and penalties as well as the exchange rate differences of sales denominated in foreign currency. The share of services of total net sales is not significant. Revenue from the sale of goods is recognized when performance obligation is satisfied. Performance obligation is satisfied when control is transferred to a customer, typically at the time when a product has been delivered to a customer in accordance with the terms of delivery.
Net sales by destination
EUR million | 2025 | 2024 |
Net sales in Finland | 103.7 | 102.0 |
Net sales in the U.S. | 314.0 | 319.4 |
Net sales in other countries | 722.6 | 735.7 |
Total | 1,140.2 | 1,157.1 |
2.2\tOther operating income
Accounting policies
Other operating income includes income not associated with the sale of goods or services, such as gains on the disposal or sale of fixed assets, rental income, and other similar income not classified as revenue.
EUR million | 2025 | 2024 |
Gain on disposal of fixed assets | 0.7 | 1.8 |
Rental income | 2.7 | 2.9 |
Gain from negative goodwill of Georg Jensen acquisition | -6.0 | |
Gain on hedges | 8.4 | 5.9 |
Other income1 | 9.0 | 1.1 |
Total | 20.9 | 5.7 |
1In 2025, EUR 5.3 million of other income related to the final settlement from the transition services agreement associated with the Watering business sold in 2021.
Other operating expenses
Accounting policies
Other operating expenses include losses on the disposal or sale of fixed assets and other similar expenses not classified to other cost items.
EUR million | 2025 | 2024 |
Loss on sale of fixed assets | 0.1 | 0.0 |
Loss on scrap of fixed assets1 | 27.2 | 0.8 |
Loss on hedges | 6.8 | 3.9 |
Other operating costs | 0.7 | 5.6 |
Total | 34.8 | 10.3 |
1In 2025, EUR 26.8 million of loss on scrap of fixed assets was related to a write-off concerning internally generated intangible digital and IT assets. More information in section Other financial information.
2.2\tOther operating income
Accounting policies
Other operating income includes income not associated with the sale of goods or services, such as gains on the disposal or sale of fixed assets, rental income, and other similar income not classified as revenue.
EUR million | 2025 | 2024 |
Gain on disposal of fixed assets | 0.7 | 1.8 |
Rental income | 2.7 | 2.9 |
Gain from negative goodwill of Georg Jensen acquisition | -6.0 | |
Gain on hedges | 8.4 | 5.9 |
Other income1 | 9.0 | 1.1 |
Total | 20.9 | 5.7 |
1In 2025, EUR 5.3 million of other income related to the final settlement from the transition services agreement associated with the Watering business sold in 2021.
2.3\tTotal expenses
Total expenses by nature
EUR million | 2025 | 2024 |
Materials and supplies | 380.5 | 383.7 |
Change in inventory | -8.1 | 38.3 |
External services | 144.9 | 138.4 |
Employee benefits | 288.4 | 301.8 |
Depreciation, amortization and impairment | 84.1 | 82.5 |
Other expenses | 233.1 | 180.9 |
Total | 1,123.0 | 1,125.6 |
Depreciation, amortization and impairment by asset class
EUR million | 2025 | 2024 |
Buildings, tangible assets | 6.6 | 6.0 |
Machinery and equipment, tangible assets | 16.6 | 18.0 |
Real estate, right-of-use assets | 37.6 | 35.5 |
Other leases, right-of use assets | 2.2 | 2.2 |
Intangible assets | 20.4 | 20.3 |
Investment property | 0.8 | 0.6 |
Total | 84.1 | 82.5 |
The effect of lease contracts on the Group's Consolidated Income Statement
EUR million | 2025 | 2024 |
Reversed rents | 40.8 | 40.6 |
Depreciation and impairment | -39.4 | -37.7 |
Interest expenses | -5.0 | -5.0 |
Total | -3.6 | -2.1 |
Audit fees
EUR million | 2025 | 2024 |
Audit fees | 1.7 | 1.7 |
Sustainability reporting assurance fees | 0.1 | 0.1 |
Tax consultation | 0.1 | 0.1 |
Other non-audit fees | 0.1 | 0.1 |
Total | 1.9 | 1.9 |
Annual General Meeting has selected Ernst & Young Oy as the Group auditor for the financial year 2025 and 2024.
Other operating expenses
Accounting policies
Other operating expenses include losses on the disposal or sale of fixed assets and other similar expenses not classified to other cost items.
EUR million | 2025 | 2024 |
Loss on sale of fixed assets | 0.1 | 0.0 |
Loss on scrap of fixed assets1 | 27.2 | 0.8 |
Loss on hedges | 6.8 | 3.9 |
Other operating costs | 0.7 | 5.6 |
Total | 34.8 | 10.3 |
1In 2025, EUR 26.8 million of loss on scrap of fixed assets was related to a write-off concerning internally generated intangible digital and IT assets. More information in section Other financial information.
2.6\tFinancial income and expenses
EUR million | 2025 | 2024 |
Dividend income | 0.2 | 0.1 |
Interest income | 3.0 | 5.8 |
Foreign exchange and commodity gains | 52.7 | 34.7 |
Other financial income | 1.5 | 3.0 |
Financial income total | 57.4 | 43.6 |
Interest expenses | -24.9 | -26.5 |
Interest cost on lease liabilities | -5.0 | -5.0 |
Net change in fair value of other investments at fair value through profit or loss | -0.3 | -1.9 |
Foreign exchange and commodity losses | -55.4 | -32.7 |
Other financial expenses | -1.7 | -2.7 |
Financial expenses total | -87.4 | -68.8 |
Financial income and expenses total | -30.0 | -25.2 |
Total expenses by nature
EUR million | 2025 | 2024 |
Materials and supplies | 380.5 | 383.7 |
Change in inventory | -8.1 | 38.3 |
External services | 144.9 | 138.4 |
Employee benefits | 288.4 | 301.8 |
Depreciation, amortization and impairment | 84.1 | 82.5 |
Other expenses | 233.1 | 180.9 |
Total | 1,123.0 | 1,125.6 |
Depreciation, amortization and impairment by asset class
EUR million | 2025 | 2024 |
Buildings, tangible assets | 6.6 | 6.0 |
Machinery and equipment, tangible assets | 16.6 | 18.0 |
Real estate, right-of-use assets | 37.6 | 35.5 |
Other leases, right-of use assets | 2.2 | 2.2 |
Intangible assets | 20.4 | 20.3 |
Investment property | 0.8 | 0.6 |
Total | 84.1 | 82.5 |
Goodwill
Goodwill represents the Group\u2019s share of difference between the cost of the acquisition and the fair value of the net identifiable assets, liabilities, and contingent liabilities acquired, measured at the acquisition date. Goodwill is stated at historical cost less any accumulated impairment losses. Goodwill is not amortized but is tested for impairment at least annually. For this purpose goodwill has been allocated to cash-generating units (CGU). The recoverable amount of the unit is compared annually or more often if there are indications of impairment, with its carrying amount to determine potential impairment.
Other intangible assets
Other intangible assets include among other patents, capitalized development costs, software, as well as trademarks and customer relationships acquired in business combinations. Intangible assets are stated at cost less accumulated amortization and any accumulated impairment. Intangible assets in this class are amortized on a straight-line basis over their expected useful lives. Residual values and expected useful lives are reassessed at least at the end of reporting period, and if necessary, are adjusted to reflect changes in the expected future economic benefits.
Research and development costs are expensed as they are incurred, except for those development costs that are capitalized if the criteria in IAS 38 are met. Capitalized development costs consisting of mainly direct labor costs and external services are recognized as intangible assets. Subsequently capitalized development costs are measured at cost less accumulated amortization and accumulated impairment losses.
The estimated useful lives are as follows:
Software\t3\u201310 years
Customer relationships\t5\u201315 years
Capitalized development costs\t3\u20136 years
Other\t3\u201310 years
Intangible assets with an indefinite useful life such as trademarks or brand names acquired in business combinations are not amortized but they are tested at least annually for impairment.
Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of the assets. Residual values and expected useful lives are reassessed at least at each financial year-end and, if necessary, are adjusted to reflect changes in the expected future economic benefits. The estimated useful lives are as follows:
Buildings\t20\u201340 years
Machinery and equipment\t3\u201310 years
Land and water\tNo depreciation
Gains and losses on sales and disposals of property, plant, and equipment are presented in other operating income and other operating expenses.
Right-of-use assets
Fiskars Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are initially measured at cost, including the initial measurement of lease liabilities, any initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Subsequently right-of-use asset is measured at cost less
any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities.
Right-of-use assets are depreciated on a straight-line basis over the lease term, generally as follows:
Real estate\t3\u201315 years
Other assets\t3\u20135 years
Accounting policies
The properties that are not used in the Group\u2019s operations or which are held to earn rental income or increase in value are classified as investment property. These properties are measured at cost less accumulated depreciation and impairment. Investment properties are depreciated over 20\u201340 years on a straight-line basis. Land is not depreciated.
Audit fees
EUR million | 2025 | 2024 |
Audit fees | 1.7 | 1.7 |
Sustainability reporting assurance fees | 0.1 | 0.1 |
Tax consultation | 0.1 | 0.1 |
Other non-audit fees | 0.1 | 0.1 |
Total | 1.9 | 1.9 |
Annual General Meeting has selected Ernst & Young Oy as the Group auditor for the financial year 2025 and 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__46": { "value": "Other operating expenses
Accounting policies
Other operating expenses include losses on the disposal or sale of fixed assets and other similar expenses not classified to other cost items.
EUR million | 2025 | 2024 |
Loss on sale of fixed assets | 0.1 | 0.0 |
Loss on scrap of fixed assets1 | 27.2 | 0.8 |
Loss on hedges | 6.8 | 3.9 |
Other operating costs | 0.7 | 5.6 |
Total | 34.8 | 10.3 |
1In 2025, EUR 26.8 million of loss on scrap of fixed assets was related to a write-off concerning internally generated intangible digital and IT assets. More information in section Other financial information.
Employee benefits
EUR million | 2025 | 2024 |
Wages and salaries | 241.3 | 249.5 |
Other compulsory personnel costs | 21.0 | 22.0 |
Pension costs, defined contribution plans | 19.4 | 19.0 |
Pension costs, defined benefit plans | 1.2 | 1.3 |
Other post-employment benefits | 1.0 | 4.3 |
Termination benefits | 2.3 | 3.1 |
Share-based payments1 | 2.2 | 2.6 |
Total | 288.4 | 301.8 |
1Share-based payments include the related statutory social security contributions.
4.4\tEmployee defined benefit obligations
Accounting policies
Group companies have various pension plans in accordance with local conditions and practices in the countries in which they operate. The plans are classified as either defined contribution plans or defined benefit plans. Under a defined contribution plan the group pays fixed contributions into a separate entity. If the entity does not hold sufficient assets to pay all employees the benefits in question, the Group will have no legal or constructive obligation to pay further contributions. All other plans not meeting the above criteria are classified as defined benefit plans. Most of the plans that group companies have are classified as defined contribution plans and related contributions are charged to the income statement in the year in which the payment obligation has arisen.
The costs for defined benefit pension plans are calculated and recognized under the terms of the plan based on actuarial calculations. Pension costs are recognized as expenses over the employees\u2019 service period. The pension obligation is measured as the present value of the estimated future contributions deducted by the fair value of plan assets at the end of the reporting period. Changes in the estimates in the actuarial calculations may influence the reported pension obligations and pension costs. Actuarial gains and losses are recognized in other comprehensive income (OCI).
Most of Fiskars Group\u2019s pension plans are defined contribution plans. The defined benefit plans in the U.S. and Germany are closed plans, and future pay increases will not impact the valuation. The Group also has supplementary pension plans in Finland which are classified as defined benefit plans. Each plan is operated in accordance with local conditions and practices of the respective country. Authorized actuaries have performed the actuarial calculations for the defined benefit plans.
The main unfunded plans are in the U.S., Germany, Indonesia and Slovenia. Plan in Finland is taken care of by local pension insurance company. The Group estimates its contributions to the plans during 2026 to be EUR 1.1 (2025: 1.3) million.
Characteristics of the defined benefit plans and risks associated with them
Net liability | |||
EUR million | 2025 | 2024 | Description and risks |
Finland | 0.0 | 0.0 | There are 14 eligible members in the Finnish pension plans. The plans are funded insured pension plans, which are closed. Benefits of the plans are old age pension, disability pension, family pension and funeral grant. Pension increases are based on either insurance companies' own indexes or TyEL index. Main risks are changes in bond yields, increase in life expectancy and inflation risk. |
Germany | 0.6 | 0.7 | There are 60 eligible members in the German pension plans. The plans are either unfunded individual pension promises, or unfunded pension plans, which are closed. Benefits of the plans are old age pension, disability pension and widow's/widower's pension. Pension increases, if any, are based on inflation. Main risks are changes in bond yields, increase in life expectancy and inflation risk. |
Thailand | 2.9 | 2.5 | There are 1,094 eligible members in the Thai pension plan, which is a retirement benefit plan. Benefit of the plan is severance pay. There are no pension increases. Main risks are changes in bond yields and inflation risk. |
UK | The obligation\u00a0for the UK defined benefit pension plan was fully transferred to\u00a0the insurance company\u00a0at the end of 2024 and Fiskars Group no longer recognizes any\u00a0liability for this plan. Following the transfer of\u00a0the defined benefit obligation, the surplus\u00a0of the\u00a0arrangement was GBP 1.6 million at\u00a0the end of 2025 (2024: 1.6). The surplus has not been\u00a0recognized in the Consolidated Balance Sheet due to\u00a0the asset recognition limitations. The transfer of\u00a0responsibility had no impact\u00a0on profit or loss for the financial year ended December 31, 2025. After the completion of the wind-up of the pension fund, any surplus may be returned to the Fiskars Group. | ||
U.S. | 3.4 | 3.9 | There is one eligible member in the American pension plan, which is an unfunded pension obligation. Benefits of the plan are old age pension and widow's/widower's pension. There are no pension increases. Main risks are changes in bond yields and increase in life expectancy. |
Taiwan | 0.0 | 0.5 | There are 10 eligible members in Taiwanese pension plan, which is a funded pension obligation. Benefit of the plan is an old age pension. There is no pension increases. Main risks are asset volatility, changes in bond yields and inflation risk. |
Indonesia | 3.5 | 3.6 | There are 686 eligible members in the Indonesian pension plan, which is an unfunded retirement benefit plan. Benefits of the plan are severance pay, death benefit and disability benefit. There are no pension increases. Main risks are changes in bond yields and inflation risk. |
Japan | 0.4 | 0.5 | There are 57 eligible members in the Japanese pension plan, which is a funded and insured pension and retirement allowance plan. Benefits of the plan are old-age pension, death benefit and retirement allowance. There are no pension increases. Main risks are changes in bond yields, increase in life expectancy and inflation risk. |
Slovenia | 0.9 | 0.5 | There are 552 eligible members in the Slovenian pension plan, which is unfunded retirement benefit plan. Benefit of the plan is severance pay. There are no pension increases. Main risks are changes in bond yields and inflation risk. |
Total net liability | 11.7 | 12.3 |
Changes in net defined benefit liability
EUR million | Present value of obligation | Fair value of plan assets | Total | Additional liability and effect of asset ceiling | Total |
Jan 1, 2025 | 23.8 | -13.4 | 10.4 | 1.9 | 12.3 |
Current service cost | 0.6 | 0.6 | 0.6 | ||
Interest expense (+) or income (-) | 0.5 | -0.1 | 0.4 | 0.1 | 0.5 |
Administration expenses | 0.1 | 0.1 | 0.1 | ||
Past service cost and gains and losses from settlements | |||||
Total included in personnel expenses (Note 2.4) | 1.1 | 0.0 | 1.1 | 0.1 | 1.2 |
Return on plan assets, excluding amounts included in interest, (gain -) and (loss +) | 0.0 | 0.0 | 0.0 | ||
Actuarial gains (-) and losses (+) arising from changes in demographic assumptions | 0.1 | 0.1 | 0.1 | ||
Actuarial gains (-) and losses (+) arising from changes in financial assumptions | 0.3 | 0.3 | 0.3 | ||
Experience adjustment gains (-) and losses (+) | 0.2 | 0.2 | 0.2 | ||
Changes in asset ceiling, excluding amounts included in interest | -0.1 | -0.1 | |||
Remeasurement gains (-) and losses (+) included in OCI | 0.6 | 0.0 | 0.6 | -0.1 | 0.5 |
Translation differences | -1.9 | 0.8 | -1.0 | -0.1 | -1.1 |
Employer contributions | -1.1 | -1.1 | -1.1 | ||
Benefits paid | -1.1 | 1.1 | |||
Other changes | -9.0 | 9.0 | |||
Dec 31, 2025 | 13.6 | -3.7 | 9.9 | 1.8 | 11.7 |
Changes in net defined benefit liability
EUR million | Present value of obligation | Fair value of plan assets | Total | Additional liability and effect of asset ceiling | Total |
Jan 1, 2024 | 23.7 | -13.5 | 10.2 | 1.9 | 12.1 |
Current service cost | 0.6 | 0.6 | 0.6 | ||
Interest expense (+) or income (-) | 1.1 | -0.6 | 0.5 | 0.1 | 0.6 |
Administration expenses | 0.2 | 0.2 | 0.2 | ||
Past service cost and gains and losses from settlements | |||||
Total included in personnel expenses (Note 2.4) | 1.6 | -0.4 | 1.2 | 0.1 | 1.3 |
Return on plan assets, excluding amounts included in interest, (gain -) and (loss +) | 0.1 | 0.1 | 0.1 | ||
Actuarial gains (-) and losses (+) arising from changes in demographic assumptions | 0.4 | 0.4 | 0.4 | ||
Actuarial gains (-) and losses (+) arising from changes in financial assumptions | -0.4 | -0.4 | -0.4 | ||
Experience adjustment gains (-) and losses (+) | 0.0 | 0.0 | 0.0 | ||
Changes in asset ceiling, excluding amounts included in interest | -0.2 | -0.2 | |||
Remeasurement gains (-) and losses (+) included in OCI | -0.1 | 0.1 | 0.0 | -0.2 | -0.1 |
Translation differences | 0.8 | -0.5 | 0.3 | 0.1 | 0.4 |
Employer contributions | -1.1 | -1.1 | -1.1 | ||
Benefits paid | -1.9 | 1.9 | |||
Other changes | -0.3 | -0.3 | -0.3 | ||
Dec 31, 2024 | 23.8 | -13.4 | 10.3 | 1.9 | 12.3 |
Plan assets by asset category
2025 | 2024 | |||
EUR million | Quoted | Unquoted | Quoted | Unquoted |
Equity instruments | 0.0 | 0.1 | ||
Bonds | 0.5 | 0.6 | ||
Insurance contracts | 1.8 | 11.4 | ||
Cash and cash equivalents | 1.3 | 1.4 | ||
Other | 0.0 | 0.0 | ||
Total | 1.9 | 1.8 | 2.0 | 11.4 |
Principal actuarial assumptions at the balance sheet date
% | 2025 | 2024 |
Discount rate | ||
UK | n/a | 5.35 |
U.S. | 4.65 | 4.90 |
Indonesia | 6.10 | 6.91 |
Slovenia | 3.95 | 3.50 |
Other countries | 1.25\u20133.65 | 1.20\u20133.50 |
Future salary increases | ||
UK | n/a | n/a |
U.S. | n/a | n/a |
Indonesia | 5.00 | 5.00 |
Slovenia | 3.25 | 3.25 |
Other countries | n/a / 0.00\u20133.00 | n/a / 2.00\u20133.00 |
Future pension increases | ||
UK | n/a | 3.15 |
U.S. | ||
Indonesia | 5.00 | 5.00 |
Slovenia | ||
Other countries | n/a / 0.00\u20132.25 | n/a / 2.00\u20132.25 |
Sensitivity analysis
The sensitivity analyses have been determined based on reasonably changes of the respective assumptions occurring at the end of the reporting period and may not be representative of the actual change. It is based on a change in the key assumption while holding all other assumptions constant. A linear extrapolation of these amounts based on alternative changes in the assumptions as well as an addition of combined changes in the individual assumptions is not possible. There are no changes in the way the sensitivity analyses were performed compared to the previous years.
2025 | 2024 | |||
Defined benefit obligation | Defined benefit obligation | |||
EUR million | Increase | Decrease | Increase | Decrease |
UK | ||||
Discount rate (0.5% change) | -0.5 | 0.5 | ||
Future salary (0.5% change) | n/a | n/a | ||
Future pension (0.5% change) | 0.3 | -0.3 | ||
Other Group companies, total | ||||
Discount rate (0.5% change) | -0.5 | 0.5 | -0.5 | 0.5 |
Future salary (0.5% change) | 0.4 | -0.3 | 0.4 | -0.3 |
Future pension (0.5% change) | 0.0 | 0.0 | 0.0 | 0.0 |
The weighted average of the duration of the defined benefit obligation: 8.0 (2024: 9.0)
Although the analysis does not take account of the full distribution of cash flows expected under the plan, it does provide an approximation of the sensitivity of the assumptions shown.
Personnel at the end of period
2025 | 2024 | |
Finland | 1,023 | 1,042 |
Slovenia | 512 | 526 |
Denmark | 498 | 483 |
Poland | 374 | 411 |
UK | 312 | 330 |
Other Europe | 519 | 510 |
Thailand | 1,101 | 1,156 |
Indonesia | 761 | 804 |
U.S. | 477 | 506 |
Other | 1,017 | 1,083 |
Total | 6,594 | 6,851 |
Personnel (FTE) in average
2025 | 2024 | |
Production staff | 2,494 | 2,722 |
Other than production staff | 3,651 | 3,724 |
Total | 6,145 | 6,446 |
Fiskars Group has adopted the following definitions for employee reporting:
Personnel, end of period = active employees in payroll at the end of period
Personnel (FTE), average = full-time equivalent number of employees according to worked volume during the period
2.5\tShare based payments
Expenses from share-based payments
EUR million | 2025 | 2024 |
Expense recorded during the financial year1 | 2.2 | 2.6 |
Expense recorded to equity during the financial year | 2.2 | 2.6 |
1 Expenses from share-based payments include the related statutory social security contributions.
Long-term incentive plans, settled in shares and/or cash
In December 2020, the Board of Directors approved the establishment of two share-based Long-term Incentive Plans. The plans include a Performance Share Plan and a Restricted Share Plan.
The Performance Share Plan consists of annually commencing individual performance share plans, each with a three-year performance period, followed by the payment of the potential share reward. The Board of Directors will decide separately the commencement of each individual plan and their participants, the minimum, target and maximum rewards for each participant, as well as the performance criteria and related targets. The amount of the reward paid depends on the achievement of the set targets. No reward will be paid if the targets are not met. For the 2023\u20132025 performance period the
performance targets relate to the company's absolute total shareholder return and EBIT. For the 2024\u20132026 and the 2025\u20132027 performance periods, the performance targets relate to the company's absolute total shareholder return, EBIT and advancement of circular products and services.
The Restricted Share Plan consists of annually commencing individual restricted share plans. The Board of Directors will decide separately the commencement of each individual plan. Each plan comprises an overall three-year retention period during which the Company may grant fixed share rewards to individually selected key employees. The Company may choose to use a shorter retention period on a case by case basis within this overall three-year period. The granted share rewards will be paid after the retention period. The current commenced plans are for years 2023\u20132025, 2024\u20132026, and 2025\u20132027.
If the targets are reached, the rewards for both plans will be paid in the company\u2019s shares, after the deduction of the proportion that is required for covering taxes and tax-related costs due on the basis of the reward. However, the company may decide to pay the reward fully in cash. As a starting point, shares to be awarded to key employees based on Performance Share Plan or Restricted Share Plan will
be paid as existing shares of the Company and thus the plans are not expected to have a diluting effect on the ownership of the company\u2019s shareholders.
In February 2025, the Board of Directors approved the launch of new periods for the years 2025\u20132027 within the Performance Share Plan and Restricted Share Plan, which form a part of Fiskars Group's remuneration program for its key employees. The aim of the plans is to support the implementation of the company\u2019s strategy and drive profitable growth and to align the objectives of key employees with the shareholders to increase the value of the company.
Amount of share incentives and terms and assumptions in the fair value calculation
Performance share plan | Restricted share plan | |||||
2025\u20132027 Performance period | 2024\u20132026 Performance period | 2023\u20132025 Performance period | 2025\u20132027 Retention period | 2024\u20132026 Retention period | 2023\u20132025 Retention period | |
Maximum number of shares granted, at the end of the financial year | 421,280 | 279,516 | 135,694 | 238,725 | 36,060 | 20,554 |
Grant date share price, EUR | 14.63 | 16.42 | 16.27 | 14.63 | 16.42 | 16.27 |
Share price at the end of the year, EUR | 12.68 | |||||
Vesting period starts | Jan 1, 2025 | Jan 1, 2024 | Jan 1, 2023 | Jan 1, 2025 | Jan 1, 2024 | Jan 1, 2023 |
Vesting period ends | Dec 31, 2027 | Dec 31, 2026 | Dec 31, 2025 | Dec 31, 2027 | Dec 31, 2026 | Dec 31, 2025 |
Number of participants | 57 | 43 | 24 | 28 | 21 | 11 |
Employee Share Savings Plan, \"MyFiskars\", settled in shares and/or cash
In March 2023, the Board of Directors approved the establishment of an Employee Share Savings Plan, \"MyFiskars\", for the employees of Fiskars Group. The aim of MyFiskars is to invite employees to acquire and own Fiskars Corporation's shares, and it is intended to create a culture of ownership as well as to further strenghten employees' long-term commitment to the company.
MyFiskars consists of annually commencing plan periods, each one comprising a 12-month savings period and a holding period. The Board of Directors will decide separately the commencement of each individual plan. MyFiskars is offered to permanent employees who have been employed at Fiskars Group for one month or longer before the enrollment period. The employees are offered the chance to voluntarily save a proportion of their monthly salary and to invest this in Fiskars Corporation's shares. The savings
will be used to acquire Fiskars Corporation's shares for the participating employees quarterly after the publication dates of the company\u2019s interim reports. As a reward for their commitment, Fiskars Group grants the participating employees a gross reward of one free matching share for every two savings shares acquired. The matching shares will be granted if the participating employee remains employed at Fiskars Group at the end of the plan period and if they have kept the shares they have acquired with their savings until this date.
The potential reward will be settled in shares, or partly in shares and partly in cash, after the end of the holding period. The cash proportion is intended for covering taxes and tax-related costs arising from the reward in countries where the employer has the obligation to withhold taxes. Matching shares will be freely transferable after their registration in the participant\u2019s book-entry account. Savings shares and matching shares are regular Fiskars Corporation's shares and entitle the participants to dividends.
The participants may choose whether they want to receive dividends in cash or invest the dividends in additional shares on the next acquisition date. The shares purchased with dividends will have an equal right to matching shares as the shares purchased with savings.
MyFiskars 2023\u20132025 plan's savings commenced on 1 July 2023 and ended on 30 June 2024. The holding period began at the first acquisition of savings shares and ends on 30 June 2026. The second Employee Share Savings Plan was approved by the Board of Directors in March 2024. The savings period commenced on 1 July 2024 and ended on 30 June 2025. The holding period began at the first acquisition of savings shares and ends on 30 June 2027. The third Employee Share Savings Plan was approved by the Board of Directors in March 2025. The savings period commenced on 1 July, 2025 and ends on 30, June 2026. The holding period began at the first acquisition of savings shares and ends on 30 June, 2028.
Employee Share Savings Plan, \"MyFiskars\"
2025\u20132028 plan period | 2024\u20132027 plan period | 2023\u20132026plan period | |
Maximum number of shares granted, at the end of the year | 6,997 | 27,811 | 32,034 |
Grant date share price, EUR | 14.63 | 16.42 | 16.27 |
Share price at the end of the financial year, EUR | 12.68 | ||
Vesting period starts | Jul 1, 2025 | Jul 1, 2024 | Jul 1, 2023 |
Vesting period ends | Jun 30, 2028 | Jun 30, 2027 | Jun 30, 2026 |
Number of participants | 418 | 502 | 625 |
Ownership Plan for the company's management, settled in shares and cash
In February 2023 the Board of Directors resolved to launch an Ownership Plan 2023 directed to the company\u2019s President and CEO, the Fiskars Group Leadership Team and certain key employees determined by the Board. The Plan is established to encourage the target group to invest in Fiskars Corporation's shares.The aim is to align the objectives of the shareholders and the management for increasing the value of the Company in the long-term, to commit the target group to the company and to offer a competitive incentive program.
In the Plan, the target group is given an opportunity to receive free matching shares for their personal investment in Fiskars Corporation's shares. The
rewards based on the Plan will be paid after the end of the three-year matching period in 2026.
The prerequisite for receiving the matching shares is that the participant acquires shares within the limits set by the Board. If the participant\u2019s share acquisition prerequisite has been fulfilled and the employment or service relationship with a group company has not terminated by the payment date, the participant will receive reward shares gratuitously according to the matching ratio decided by the Board.
A total of 156,401 treasury shares were subscribed for in the directed share issue, which ended on March 3, 2023. Matching shares will be paid in new shares or treasury shares held by the company, as decided later by the Board. On February 8, 2024 the Board decided
to offer the Plan to a few additional participants. The rewards based on the Plan will also be paid after the end of the matching period in 2026 to the new participants. A total of 12,894 treasury shares was subscribed for by four employees.
Onwership plan
2023\u20132026 plan period | |
Maximum number of shares granted, at the end of the year | 254,047 |
Grant date share price, EUR | 16.27 |
Share price at the end of the financial year, EUR | 12.68 |
Vesting period starts | Apr 1, 2023 |
Vesting period ends | Mar 31, 2026 |
Number of participants | 13 |
2.6\tFinancial income and expenses
EUR million | 2025 | 2024 |
Dividend income | 0.2 | 0.1 |
Interest income | 3.0 | 5.8 |
Foreign exchange and commodity gains | 52.7 | 34.7 |
Other financial income | 1.5 | 3.0 |
Financial income total | 57.4 | 43.6 |
Interest expenses | -24.9 | -26.5 |
Interest cost on lease liabilities | -5.0 | -5.0 |
Net change in fair value of other investments at fair value through profit or loss | -0.3 | -1.9 |
Foreign exchange and commodity losses | -55.4 | -32.7 |
Other financial expenses | -1.7 | -2.7 |
Financial expenses total | -87.4 | -68.8 |
Financial income and expenses total | -30.0 | -25.2 |
2.6\tFinancial income and expenses
EUR million | 2025 | 2024 |
Dividend income | 0.2 | 0.1 |
Interest income | 3.0 | 5.8 |
Foreign exchange and commodity gains | 52.7 | 34.7 |
Other financial income | 1.5 | 3.0 |
Financial income total | 57.4 | 43.6 |
Interest expenses | -24.9 | -26.5 |
Interest cost on lease liabilities | -5.0 | -5.0 |
Net change in fair value of other investments at fair value through profit or loss | -0.3 | -1.9 |
Foreign exchange and commodity losses | -55.4 | -32.7 |
Other financial expenses | -1.7 | -2.7 |
Financial expenses total | -87.4 | -68.8 |
Financial income and expenses total | -30.0 | -25.2 |
2.6\tFinancial income and expenses
EUR million | 2025 | 2024 |
Dividend income | 0.2 | 0.1 |
Interest income | 3.0 | 5.8 |
Foreign exchange and commodity gains | 52.7 | 34.7 |
Other financial income | 1.5 | 3.0 |
Financial income total | 57.4 | 43.6 |
Interest expenses | -24.9 | -26.5 |
Interest cost on lease liabilities | -5.0 | -5.0 |
Net change in fair value of other investments at fair value through profit or loss | -0.3 | -1.9 |
Foreign exchange and commodity losses | -55.4 | -32.7 |
Other financial expenses | -1.7 | -2.7 |
Financial expenses total | -87.4 | -68.8 |
Financial income and expenses total | -30.0 | -25.2 |
2.6\tFinancial income and expenses
EUR million | 2025 | 2024 |
Dividend income | 0.2 | 0.1 |
Interest income | 3.0 | 5.8 |
Foreign exchange and commodity gains | 52.7 | 34.7 |
Other financial income | 1.5 | 3.0 |
Financial income total | 57.4 | 43.6 |
Interest expenses | -24.9 | -26.5 |
Interest cost on lease liabilities | -5.0 | -5.0 |
Net change in fair value of other investments at fair value through profit or loss | -0.3 | -1.9 |
Foreign exchange and commodity losses | -55.4 | -32.7 |
Other financial expenses | -1.7 | -2.7 |
Financial expenses total | -87.4 | -68.8 |
Financial income and expenses total | -30.0 | -25.2 |
2.6\tFinancial income and expenses
EUR million | 2025 | 2024 |
Dividend income | 0.2 | 0.1 |
Interest income | 3.0 | 5.8 |
Foreign exchange and commodity gains | 52.7 | 34.7 |
Other financial income | 1.5 | 3.0 |
Financial income total | 57.4 | 43.6 |
Interest expenses | -24.9 | -26.5 |
Interest cost on lease liabilities | -5.0 | -5.0 |
Net change in fair value of other investments at fair value through profit or loss | -0.3 | -1.9 |
Foreign exchange and commodity losses | -55.4 | -32.7 |
Other financial expenses | -1.7 | -2.7 |
Financial expenses total | -87.4 | -68.8 |
Financial income and expenses total | -30.0 | -25.2 |
2.6\tFinancial income and expenses
EUR million | 2025 | 2024 |
Dividend income | 0.2 | 0.1 |
Interest income | 3.0 | 5.8 |
Foreign exchange and commodity gains | 52.7 | 34.7 |
Other financial income | 1.5 | 3.0 |
Financial income total | 57.4 | 43.6 |
Interest expenses | -24.9 | -26.5 |
Interest cost on lease liabilities | -5.0 | -5.0 |
Net change in fair value of other investments at fair value through profit or loss | -0.3 | -1.9 |
Foreign exchange and commodity losses | -55.4 | -32.7 |
Other financial expenses | -1.7 | -2.7 |
Financial expenses total | -87.4 | -68.8 |
Financial income and expenses total | -30.0 | -25.2 |
2.7\tIncome taxes
Accounting policies
The Group\u2019s tax expense comprises current and deferred taxes. The current tax charge is calculated using the tax rate enacted or substantively enacted at the end of the reporting period.
Deferred tax liabilities and deferred tax assets are accounted for temporary differences between the carrying amounts and tax basis of assets and liabilities using tax rates enacted or substantively enacted at the end of the reporting period. A deferred tax liability is recorded to its full amount on taxable temporary differences. Deferred tax assets are recognized for deductible temporary differences, unutilized tax losses and unused tax credits to the extent that it is probable that taxable profit or taxable temporary differences will be available against which the deductible temporary differences, unutilized tax losses and unused tax credits can be utilized. Deferred tax assets are assessed for realizability at the end of each reporting period. If it is no longer probable that sufficient taxable profit will be available to allow deferred tax asset utilization, carrying amount of deferred tax asset is reduced. Correspondingly, if it is probable that sufficient taxable profit will be available, reduction to deferred tax asset value is reversed.
Income tax in the income statement
EUR million | 2025 | 2024 |
Current taxes | -5.6 | -15.0 |
Deferred taxes | 2.7 | 23.9 |
Total income taxes | -2.9 | 8.9 |
Income tax reconciliation
Reconciliation of income taxes at statutory tax rate in Finland (20%) and income taxes recognized in the Consolidated Income Statement.
EUR million | 2025 | 2024 |
Profit before taxes | 12.5 | 18.5 |
Income taxes at Finnish statutory tax rate | -2.5 | -3.7 |
Difference between Finnish and foreign tax rates | -1.6 | 0.3 |
Effect of deferred taxes not recognized | 0.5 | -0.3 |
Benefit arising from previously unrecognized deferred tax asset1 | 0.6 | 13.5 |
Prior year income taxes | -0.5 | -2.1 |
Effect of changes of tax rates | 0.6 | |
Income taxes on undistributed earnings | -0.2 | -0.5 |
Effect of tax exempt negative goodwill | -1.3 | |
Other items | 0.8 | 2.4 |
Total income taxes | -2.9 | 8.9 |
1In 2024, benefit arising from previously unrecognized deferred tax assets includes the re-evaluation of deferred tax assets related to the tax losses in the UK of EUR 13.3 million. Re-evaluation is supported by the profit estimations for the future years after re-organization of the Group.
Deferred taxes
Deferred tax assets
EUR million | 2025 | 2024 |
Intangible assets and property, plant and equipment | 14.7 | 14.1 |
Lease liabilities | 29.9 | 28.4 |
Accruals and provisions | 9.3 | 9.8 |
Inventories | 7.5 | 8.7 |
Post-employment liabilities | 4.0 | 4.2 |
Tax losses recognized | 30.4 | 28.9 |
Other temporary differences | 6.4 | 4.0 |
Total | 102.1 | 98.1 |
Offset against deferred tax liabilities | -54.8 | -47.1 |
Total deferred tax assets | 47.4 | 51.0 |
Deferred tax liabilities
EUR million | 2025 | 2024 |
Intangible assets and property, plant and equipment | 39.1 | 39.4 |
Right-of-use assets | 27.7 | 26.2 |
Investments at fair value | 10.6 | 10.1 |
Inventories | 0.4 | 0.4 |
Undistributed earnings | 4.9 | 4.7 |
Other temporary differences | 7.2 | 5.4 |
Total | 89.9 | 86.2 |
Offset against deferred tax assets | -54.8 | -47.1 |
Total deferred tax liabilities | 35.1 | 39.1 |
Net deferred tax assets (+) and liabilities (-) | 12.2 | 11.9 |
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes relate to the same fiscal authority.
Movements in the net deferred tax balance
EUR million | 2025 | 2024 |
Net deferred tax asset (+) / liability (-) at January 1 | 11.9 | -10.4 |
Recognized in income statement | 2.7 | 23.9 |
Recognized in other comprehensive income | 0.1 | |
Recognized in equity | 0.0 | -3.1 |
Translation differences and other | -2.5 | 1.5 |
Net deferred tax asset (+) / liability (-) at December 31 | 12.2 | 11.9 |
Amount of tax losses carried forward, tax credits and temporary differences for which no deferred tax asset has been recognized due to uncertainty of utilization
Tax losses carried forward
EUR million | 2025 | 2024 |
Expiring within 20 years | 39.8 | 39.0 |
No expiry | 108.5 | 119.2 |
Total | 148.4 | 158.2 |
Tax credits
EUR million | 2025 | 2024 |
Temporary differences | 3.1 | 2.4 |
Taxes in other comprehensive income
2025
EUR million | Gross | Tax | Net |
Translation differences | -22.1 | -22.1 | |
Cash flow hedges | 0.8 | 0.8 | |
Defined benefit plans, actuarial gains (losses) | 0.5 | 0.1 | 0.6 |
Other comprehensive income for the period, total | -20.9 | 0.1 | -20.8 |
2024
EUR million | Gross | Tax | Net |
Translation differences | 9.0 | 9.0 | |
Cash flow hedges | -0.7 | -0.7 | |
Defined benefit plans, actuarial gains (losses) | 0.0 | 0.0 | 0.0 |
Other comprehensive income for the period, total | 8.3 | 0.0 | 8.3 |
Application of OECD Pillar Two model rules
Fiskars Group is within the scope of the OECD Pillar Two model rules. The Pillar Two legislation has been enacted in Finland, which is Fiskars Group's ultimate parent company's jurisdiction of residence, as well as in various other jurisdictions where Fiskars Group operates. The legislation became effective for the financial years starting 1 January 2024 or thereafter.
The Group applies the IAS 12 exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes and accounts for top-up tax as a current tax when it is incurred.
The Group has performed an assessment of its potential exposure to Pillar Two income taxes based
on 2025 financial information for the constituent entities in the Group. Based on the assessment, the transitional safe harbour relief is applicable for all jurisdictions. Therefore, the Group has not accounted for any Pillar Two top-up taxes.
The Group is continuing to assess the impact of the Pillar Two legislation on its future financial performance.
Accounting policies
The Group\u2019s tax expense comprises current and deferred taxes. The current tax charge is calculated using the tax rate enacted or substantively enacted at the end of the reporting period.
Deferred tax liabilities and deferred tax assets are accounted for temporary differences between the carrying amounts and tax basis of assets and liabilities using tax rates enacted or substantively enacted at the end of the reporting period. A deferred tax liability is recorded to its full amount on taxable temporary differences. Deferred tax assets are recognized for deductible temporary differences, unutilized tax losses and unused tax credits to the extent that it is probable that taxable profit or taxable temporary differences will be available against which the deductible temporary differences, unutilized tax losses and unused tax credits can be utilized. Deferred tax assets are assessed for realizability at the end of each reporting period. If it is no longer probable that sufficient taxable profit will be available to allow deferred tax asset utilization, carrying amount of deferred tax asset is reduced. Correspondingly, if it is probable that sufficient taxable profit will be available, reduction to deferred tax asset value is reversed.
Accounting policies
The Group\u2019s tax expense comprises current and deferred taxes. The current tax charge is calculated using the tax rate enacted or substantively enacted at the end of the reporting period.
Deferred tax liabilities and deferred tax assets are accounted for temporary differences between the carrying amounts and tax basis of assets and liabilities using tax rates enacted or substantively enacted at the end of the reporting period. A deferred tax liability is recorded to its full amount on taxable temporary differences. Deferred tax assets are recognized for deductible temporary differences, unutilized tax losses and unused tax credits to the extent that it is probable that taxable profit or taxable temporary differences will be available against which the deductible temporary differences, unutilized tax losses and unused tax credits can be utilized. Deferred tax assets are assessed for realizability at the end of each reporting period. If it is no longer probable that sufficient taxable profit will be available to allow deferred tax asset utilization, carrying amount of deferred tax asset is reduced. Correspondingly, if it is probable that sufficient taxable profit will be available, reduction to deferred tax asset value is reversed.
Deferred taxes
Deferred tax assets
EUR million | 2025 | 2024 |
Intangible assets and property, plant and equipment | 14.7 | 14.1 |
Lease liabilities | 29.9 | 28.4 |
Accruals and provisions | 9.3 | 9.8 |
Inventories | 7.5 | 8.7 |
Post-employment liabilities | 4.0 | 4.2 |
Tax losses recognized | 30.4 | 28.9 |
Other temporary differences | 6.4 | 4.0 |
Total | 102.1 | 98.1 |
Offset against deferred tax liabilities | -54.8 | -47.1 |
Total deferred tax assets | 47.4 | 51.0 |
Deferred tax liabilities
EUR million | 2025 | 2024 |
Intangible assets and property, plant and equipment | 39.1 | 39.4 |
Right-of-use assets | 27.7 | 26.2 |
Investments at fair value | 10.6 | 10.1 |
Inventories | 0.4 | 0.4 |
Undistributed earnings | 4.9 | 4.7 |
Other temporary differences | 7.2 | 5.4 |
Total | 89.9 | 86.2 |
Offset against deferred tax assets | -54.8 | -47.1 |
Total deferred tax liabilities | 35.1 | 39.1 |
Net deferred tax assets (+) and liabilities (-) | 12.2 | 11.9 |
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes relate to the same fiscal authority.
Movements in the net deferred tax balance
EUR million | 2025 | 2024 |
Net deferred tax asset (+) / liability (-) at January 1 | 11.9 | -10.4 |
Recognized in income statement | 2.7 | 23.9 |
Recognized in other comprehensive income | 0.1 | |
Recognized in equity | 0.0 | -3.1 |
Translation differences and other | -2.5 | 1.5 |
Net deferred tax asset (+) / liability (-) at December 31 | 12.2 | 11.9 |
Accounting policies
The Group\u2019s tax expense comprises current and deferred taxes. The current tax charge is calculated using the tax rate enacted or substantively enacted at the end of the reporting period.
Deferred tax liabilities and deferred tax assets are accounted for temporary differences between the carrying amounts and tax basis of assets and liabilities using tax rates enacted or substantively enacted at the end of the reporting period. A deferred tax liability is recorded to its full amount on taxable temporary differences. Deferred tax assets are recognized for deductible temporary differences, unutilized tax losses and unused tax credits to the extent that it is probable that taxable profit or taxable temporary differences will be available against which the deductible temporary differences, unutilized tax losses and unused tax credits can be utilized. Deferred tax assets are assessed for realizability at the end of each reporting period. If it is no longer probable that sufficient taxable profit will be available to allow deferred tax asset utilization, carrying amount of deferred tax asset is reduced. Correspondingly, if it is probable that sufficient taxable profit will be available, reduction to deferred tax asset value is reversed.
2.8\tEarnings per share
The basic earnings per share is the annual profit for the period attributable to equity holders of the parent company divided by the weighted average number of shares outstanding during the year. Fiskars Group does not have any current share option programs or other diluting financial instruments, so the diluted earnings per share is the same as basic.
2025 | 2024 | |
Profit for the period attributable to equity holders of the parent company, EUR million | 9.3 | 27.1 |
Number of shares | 81,000,000 | 81,000,000 |
Weighted average number of shares outstanding | 80,800,591 | 80,858,070 |
Earnings per share attributable to the owners of the parent company, EUR (basic and diluted) | 0.12 | 0.33 |
Comparable earnings per share attributable to the owners of the parent company, EUR (basic and diluted) | 0.48 | 1.07 |
3.1\tGoodwill and other intangible assets
Accounting policies
An intangible asset is initially recognized in the balance sheet at cost if the cost can be measured reliably and it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group. Residual values and expected useful lives are reassessed at least at each financial year-end and, if necessary, are adjusted to reflect changes in the expected future economic benefits. Those borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset.
Goodwill
Goodwill represents the Group\u2019s share of difference between the cost of the acquisition and the fair value of the net identifiable assets, liabilities, and contingent liabilities acquired, measured at the acquisition date. Goodwill is stated at historical cost less any accumulated impairment losses. Goodwill is not amortized but is tested for impairment at least annually. For this purpose goodwill has been allocated to cash-generating units (CGU). The recoverable amount of the unit is compared annually or more often if there are indications of impairment, with its carrying amount to determine potential impairment.
Other intangible assets
Other intangible assets include among other patents, capitalized development costs, software, as well as trademarks and customer relationships acquired in business combinations. Intangible assets are stated at cost less accumulated amortization and any accumulated impairment. Intangible assets in this class are amortized on a straight-line basis over their expected useful lives. Residual values and expected useful lives are reassessed at least at the end of reporting period, and if necessary, are adjusted to reflect changes in the expected future economic benefits.
Research and development costs are expensed as they are incurred, except for those development costs that are capitalized if the criteria in IAS 38 are met. Capitalized development costs consisting of mainly direct labor costs and external services are recognized as intangible assets. Subsequently capitalized development costs are measured at cost less accumulated amortization and accumulated impairment losses.
The estimated useful lives are as follows:
Software\t3\u201310 years
Customer relationships\t5\u201315 years
Capitalized development costs\t3\u20136 years
Other\t3\u201310 years
Intangible assets with an indefinite useful life such as trademarks or brand names acquired in business combinations are not amortized but they are tested at least annually for impairment.
2025
EUR million | Goodwill | Trademarks, patents and domain names | Software | Construction in progress | Other | Total |
Historical cost, Jan 1 | 238.4 | 313.2 | 100.9 | 30.7 | 61.4 | 744.6 |
Translation differences | -8.0 | -3.2 | -3.6 | -0.4 | -1.6 | -16.8 |
Additions | 0.0 | 4.0 | 9.0 | 0.2 | 13.2 | |
Decreases | -1.1 | -43.9 | 0.0 | -10.0 | -55.1 | |
Transfers between asset groups | 0.4 | 27.9 | -28.7 | 0.4 | ||
Historical cost, Dec 31 | 230.4 | 309.3 | 85.3 | 10.6 | 50.3 | 686.0 |
Accumulated amortization and impairment, Jan 1 | 12.4 | 23.4 | 66.2 | 38.4 | 140.4 | |
Translation differences | -0.2 | 1.9 | -3.5 | -1.4 | -3.3 | |
Amortization | 0.9 | 10.9 | 3.2 | 15.0 | ||
Impairment | 5.2 | 5.2 | ||||
Decreases1 | -1.1 | -17.5 | -10.0 | -28.7 | ||
Accumulated amortization and impairment, Dec 31 | 12.3 | 30.2 | 56.1 | 30.1 | 128.7 | |
Book value, Dec 31 | 218.1 | 279.2 | 29.2 | 10.6 | 20.2 | 557.3 |
1In 2025, EUR 26.8 million of decreases in software was related to a write-off concerning internally generated intangible digital and IT assets. More information in section Other financial information.
2024
EUR million | Goodwill | Trademarks, patents and domain names | Software | Construction in progress | Other | Total |
Historical cost, Jan 1 | 232.5 | 311.4 | 104.7 | 31.4 | 60.0 | 739.8 |
Translation differences | 5.9 | 1.1 | 1.9 | -0.9 | 0.9 | 8.8 |
Additions | 0.3 | 5.6 | 19.8 | 0.4 | 26.1 | |
Decreases | -30.2 | -0.3 | -0.5 | -31.0 | ||
Transfers between asset groups | 0.5 | 19.0 | -19.4 | 0.6 | 0.7 | |
Historical cost, Dec 31 | 238.4 | 313.2 | 100.9 | 30.7 | 61.4 | 744.6 |
Accumulated amortization and impairment, Jan 1 | 12.3 | 23.5 | 77.1 | 35.1 | 148.0 | |
Translation differences | 0.1 | -0.8 | 1.8 | 0.8 | 1.9 | |
Amortization | 0.7 | 16.6 | 3.1 | 20.3 | ||
Decreases | -29.2 | -0.4 | -29.6 | |||
Accumulated amortization and impairment, Dec 31 | 12.4 | 23.4 | 66.2 | 38.4 | 140.4 | |
Book value, Dec 31 | 225.9 | 289.9 | 34.6 | 30.7 | 23.0 | 604.2 |
Impairment testing
Accounting policies
Fiskars Group's operations have been divided into cash-generating units (CGU) that are similar to the reporting segments. The carrying amounts of the assets relating to these CGUs are reviewed for impairment indicators annually at the end of the reporting period. The recoverable amounts of the following assets are also estimated annually irrespective whether there is any indication for impairment: goodwill, intangible assets with indefinite useful lives and unfinished intangible assets.
To determine a potential impairment, the carrying amount of the asset, or the carrying amounts of the CGU\u2019s net
assets are compared against the recoverable amount of that asset or CGU. The recoverable amount is the higher of the present value of the future cash flows (value in use) and the fair value less costs to sell. An impairment loss is recognized for an asset when its carrying amount exceeds its recoverable amount. An impairment loss previously recognized for items of property, plant, and equipment as well as for intangible assets other than goodwill is reversed subsequently only if there has been a change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed
the carrying amount that would have been determined, net of amortization or depreciation, if no impairment loss had been recognized for the asset in prior years. An impairment loss recognized for goodwill is not reversed.
Goodwill is not amortized but is tested at least annually for impairment. Goodwill has been allocated to cash-generating units as at December 31, 2025 and 2024 as follows:
EUR million | 2025 | 2024 |
Vita | 216.3 | 223.9 |
Fiskars | 1.7 | 1.9 |
Total | 218.1 | 225.9 |
Goodwill generated from acquisitions is allocated to CGUs. The primary reporting segments, which form the CGUs, are Vita and Fiskars. The recoverable amounts from CGUs are determined with value in use method, using five-year discounted cash flow projections, based on strategic plans approved by management for years 2026\u20132028, and after this cash flows are estimated for two year period before calculating the terminal value. Cash flows for the period extending over the five year planning period are calculated using the terminal value method. The discount rate is the weighted average post-tax cost of capital (Weighted Average Cost of Capital, WACC) as defined by Fiskars Group. The components of the WACC are risk-free rate, market risk premium, company-specific risk premium, industry specific equity beta, cost of debt and debt to equity ratio. WACC components have been updated to present the current market conditions. As a result of the annual impairment tests, no impairment was recognized on goodwill in 2025, or in 2024.
Fiskars Group has ten trademarks whose aggregate carrying amount is EUR 275.3 million (2024: 285.0).
Since the benefits from trademarks are indefinite, they are not amortized but are tested at least annually for impairment using a royalty relief method. An exception for this principle is Hackman-trademark for which amortization has begun in 2017 (amortization period 20 years). Cash flows attributable to trademarks are derived by identifying revenues from sales of products belonging to each trademark. The value in use of trademarks is determined on a discounted cash flow method basis, derived from five-year cash flow projections, based on strategic plans approved by the management. Cash flows for the period extending over the planning period are calculated using the terminal value method.
As a result of the annual impairment tests for trademarks, impairment loss of EUR 5.2 million (2024: 0.0) was recognized for the year ended December 31, 2025. Impairments were allocated to Nordic brands portfolio and to the Waterford and Royal
Albert -trademarks that are included in the operating segment Vita. The impairment loss was recognized in Sales and marketing expenses in the Consolidated Income Statement.
For Waterford and Royal Albert -trademarks, the impairment losses recognized were primarily attributable to lower-than-expected sales performance and margin compression. Although the Iittala-trademark, which forms part of the Nordic brands portfolio recognized as part of Iittala acquisition in 2007, showed expected development in sales, this was not sufficient to compensate for the weaker-than-expected sales development and profitability of the other brands in the portfolio.
No impairment was recognized for other trademarks tested during the year, as their respective recoverable amounts exceeded their carrying amounts by an appropriate margin.
Key parameters applied in impairment testing
2025 | 2024 | |||
% | Goodwill | Trademarks1 | Goodwill | Trademarks1 |
Increase in net sales on average | 2.7 | 2.0 | 2.6 | 5.7 |
Steady growth rate in projecting terminal value | 1.0 | 1.0 | 1.0 | 1.0 |
Discount rate, pre-tax, average | 7.8 | 9.2 | 7.1 | 8.7 |
1Used one percentage point higher risk premium than in goodwill testing.
Sensitivity analyses
Sensitivity analyses of goodwill have been carried out for the valuation of each CGU by making downside scenarios for key parameters. The management views that no reasonably possible change in any of the key parameters would lead to impairment as the recoverable amounts exceed the carrying amounts. The recoverable amount exceeds the carrying amounts after changes in the key parameters.
Sensitivity analyses of trademarks have been carried out for the valuation of each trademark by making downside scenarios for key parameters. Trademarks for which impairment losses were recognized in 2025, the recoverable amounts are sensitive to reasonably possible changes in key assumptions. The following changes, considered reasonably possible, would result a further impairment:
Key assumption | Change in assumption | Additional impairment |
Pre-tax discount rate | +0.5 percentage points | EUR 7.4 million |
Royalty rate | -0.5 percentage points | EUR 5.4 million |
Terminal growth rate | -0.5 percentage points | EUR 11.1 million |
In addition, management views that Gingher-trademark is sensitive to a reasonably possible change in royalty rate.
On the trademarks for which impairment loss was not recognized, management has performed sensitivity analyses on the same key assumptions. No reasonably possible change in the key assumptions would cause the carrying amounts to exceed their recoverable amounts.
3.1\tGoodwill and other intangible assets
Accounting policies
An intangible asset is initially recognized in the balance sheet at cost if the cost can be measured reliably and it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group. Residual values and expected useful lives are reassessed at least at each financial year-end and, if necessary, are adjusted to reflect changes in the expected future economic benefits. Those borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset.
Research and development costs are expensed as they are incurred, except for those development costs that are capitalized if the criteria in IAS 38 are met. Capitalized development costs consisting of mainly direct labor costs and external services are recognized as intangible assets. Subsequently capitalized development costs are measured at cost less accumulated amortization and accumulated impairment losses.
The estimated useful lives are as follows:
Software\t3\u201310 years
Customer relationships\t5\u201315 years
Capitalized development costs\t3\u20136 years
Other\t3\u201310 years
Intangible assets with an indefinite useful life such as trademarks or brand names acquired in business combinations are not amortized but they are tested at least annually for impairment.
2025
EUR million | Goodwill | Trademarks, patents and domain names | Software | Construction in progress | Other | Total |
Historical cost, Jan 1 | 238.4 | 313.2 | 100.9 | 30.7 | 61.4 | 744.6 |
Translation differences | -8.0 | -3.2 | -3.6 | -0.4 | -1.6 | -16.8 |
Additions | 0.0 | 4.0 | 9.0 | 0.2 | 13.2 | |
Decreases | -1.1 | -43.9 | 0.0 | -10.0 | -55.1 | |
Transfers between asset groups | 0.4 | 27.9 | -28.7 | 0.4 | ||
Historical cost, Dec 31 | 230.4 | 309.3 | 85.3 | 10.6 | 50.3 | 686.0 |
Accumulated amortization and impairment, Jan 1 | 12.4 | 23.4 | 66.2 | 38.4 | 140.4 | |
Translation differences | -0.2 | 1.9 | -3.5 | -1.4 | -3.3 | |
Amortization | 0.9 | 10.9 | 3.2 | 15.0 | ||
Impairment | 5.2 | 5.2 | ||||
Decreases1 | -1.1 | -17.5 | -10.0 | -28.7 | ||
Accumulated amortization and impairment, Dec 31 | 12.3 | 30.2 | 56.1 | 30.1 | 128.7 | |
Book value, Dec 31 | 218.1 | 279.2 | 29.2 | 10.6 | 20.2 | 557.3 |
1In 2025, EUR 26.8 million of decreases in software was related to a write-off concerning internally generated intangible digital and IT assets. More information in section Other financial information.
2024
EUR million | Goodwill | Trademarks, patents and domain names | Software | Construction in progress | Other | Total |
Historical cost, Jan 1 | 232.5 | 311.4 | 104.7 | 31.4 | 60.0 | 739.8 |
Translation differences | 5.9 | 1.1 | 1.9 | -0.9 | 0.9 | 8.8 |
Additions | 0.3 | 5.6 | 19.8 | 0.4 | 26.1 | |
Decreases | -30.2 | -0.3 | -0.5 | -31.0 | ||
Transfers between asset groups | 0.5 | 19.0 | -19.4 | 0.6 | 0.7 | |
Historical cost, Dec 31 | 238.4 | 313.2 | 100.9 | 30.7 | 61.4 | 744.6 |
Accumulated amortization and impairment, Jan 1 | 12.3 | 23.5 | 77.1 | 35.1 | 148.0 | |
Translation differences | 0.1 | -0.8 | 1.8 | 0.8 | 1.9 | |
Amortization | 0.7 | 16.6 | 3.1 | 20.3 | ||
Decreases | -29.2 | -0.4 | -29.6 | |||
Accumulated amortization and impairment, Dec 31 | 12.4 | 23.4 | 66.2 | 38.4 | 140.4 | |
Book value, Dec 31 | 225.9 | 289.9 | 34.6 | 30.7 | 23.0 | 604.2 |
Goodwill
Goodwill represents the Group\u2019s share of difference between the cost of the acquisition and the fair value of the net identifiable assets, liabilities, and contingent liabilities acquired, measured at the acquisition date. Goodwill is stated at historical cost less any accumulated impairment losses. Goodwill is not amortized but is tested for impairment at least annually. For this purpose goodwill has been allocated to cash-generating units (CGU). The recoverable amount of the unit is compared annually or more often if there are indications of impairment, with its carrying amount to determine potential impairment.
Other intangible assets
Other intangible assets include among other patents, capitalized development costs, software, as well as trademarks and customer relationships acquired in business combinations. Intangible assets are stated at cost less accumulated amortization and any accumulated impairment. Intangible assets in this class are amortized on a straight-line basis over their expected useful lives. Residual values and expected useful lives are reassessed at least at the end of reporting period, and if necessary, are adjusted to reflect changes in the expected future economic benefits.
Research and development costs are expensed as they are incurred, except for those development costs that are capitalized if the criteria in IAS 38 are met. Capitalized development costs consisting of mainly direct labor costs and external services are recognized as intangible assets. Subsequently capitalized development costs are measured at cost less accumulated amortization and accumulated impairment losses.
The estimated useful lives are as follows:
Software\t3\u201310 years
Customer relationships\t5\u201315 years
Capitalized development costs\t3\u20136 years
Other\t3\u201310 years
Intangible assets with an indefinite useful life such as trademarks or brand names acquired in business combinations are not amortized but they are tested at least annually for impairment.
2025
EUR million | Goodwill | Trademarks, patents and domain names | Software | Construction in progress | Other | Total |
Historical cost, Jan 1 | 238.4 | 313.2 | 100.9 | 30.7 | 61.4 | 744.6 |
Translation differences | -8.0 | -3.2 | -3.6 | -0.4 | -1.6 | -16.8 |
Additions | 0.0 | 4.0 | 9.0 | 0.2 | 13.2 | |
Decreases | -1.1 | -43.9 | 0.0 | -10.0 | -55.1 | |
Transfers between asset groups | 0.4 | 27.9 | -28.7 | 0.4 | ||
Historical cost, Dec 31 | 230.4 | 309.3 | 85.3 | 10.6 | 50.3 | 686.0 |
Accumulated amortization and impairment, Jan 1 | 12.4 | 23.4 | 66.2 | 38.4 | 140.4 | |
Translation differences | -0.2 | 1.9 | -3.5 | -1.4 | -3.3 | |
Amortization | 0.9 | 10.9 | 3.2 | 15.0 | ||
Impairment | 5.2 | 5.2 | ||||
Decreases1 | -1.1 | -17.5 | -10.0 | -28.7 | ||
Accumulated amortization and impairment, Dec 31 | 12.3 | 30.2 | 56.1 | 30.1 | 128.7 | |
Book value, Dec 31 | 218.1 | 279.2 | 29.2 | 10.6 | 20.2 | 557.3 |
1In 2025, EUR 26.8 million of decreases in software was related to a write-off concerning internally generated intangible digital and IT assets. More information in section Other financial information.
2024
EUR million | Goodwill | Trademarks, patents and domain names | Software | Construction in progress | Other | Total |
Historical cost, Jan 1 | 232.5 | 311.4 | 104.7 | 31.4 | 60.0 | 739.8 |
Translation differences | 5.9 | 1.1 | 1.9 | -0.9 | 0.9 | 8.8 |
Additions | 0.3 | 5.6 | 19.8 | 0.4 | 26.1 | |
Decreases | -30.2 | -0.3 | -0.5 | -31.0 | ||
Transfers between asset groups | 0.5 | 19.0 | -19.4 | 0.6 | 0.7 | |
Historical cost, Dec 31 | 238.4 | 313.2 | 100.9 | 30.7 | 61.4 | 744.6 |
Accumulated amortization and impairment, Jan 1 | 12.3 | 23.5 | 77.1 | 35.1 | 148.0 | |
Translation differences | 0.1 | -0.8 | 1.8 | 0.8 | 1.9 | |
Amortization | 0.7 | 16.6 | 3.1 | 20.3 | ||
Decreases | -29.2 | -0.4 | -29.6 | |||
Accumulated amortization and impairment, Dec 31 | 12.4 | 23.4 | 66.2 | 38.4 | 140.4 | |
Book value, Dec 31 | 225.9 | 289.9 | 34.6 | 30.7 | 23.0 | 604.2 |
Impairment testing
Accounting policies
Fiskars Group's operations have been divided into cash-generating units (CGU) that are similar to the reporting segments. The carrying amounts of the assets relating to these CGUs are reviewed for impairment indicators annually at the end of the reporting period. The recoverable amounts of the following assets are also estimated annually irrespective whether there is any indication for impairment: goodwill, intangible assets with indefinite useful lives and unfinished intangible assets.
To determine a potential impairment, the carrying amount of the asset, or the carrying amounts of the CGU\u2019s net
assets are compared against the recoverable amount of that asset or CGU. The recoverable amount is the higher of the present value of the future cash flows (value in use) and the fair value less costs to sell. An impairment loss is recognized for an asset when its carrying amount exceeds its recoverable amount. An impairment loss previously recognized for items of property, plant, and equipment as well as for intangible assets other than goodwill is reversed subsequently only if there has been a change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed
the carrying amount that would have been determined, net of amortization or depreciation, if no impairment loss had been recognized for the asset in prior years. An impairment loss recognized for goodwill is not reversed.
Goodwill is not amortized but is tested at least annually for impairment. Goodwill has been allocated to cash-generating units as at December 31, 2025 and 2024 as follows:
EUR million | 2025 | 2024 |
Vita | 216.3 | 223.9 |
Fiskars | 1.7 | 1.9 |
Total | 218.1 | 225.9 |
Goodwill generated from acquisitions is allocated to CGUs. The primary reporting segments, which form the CGUs, are Vita and Fiskars. The recoverable amounts from CGUs are determined with value in use method, using five-year discounted cash flow projections, based on strategic plans approved by management for years 2026\u20132028, and after this cash flows are estimated for two year period before calculating the terminal value. Cash flows for the period extending over the five year planning period are calculated using the terminal value method. The discount rate is the weighted average post-tax cost of capital (Weighted Average Cost of Capital, WACC) as defined by Fiskars Group. The components of the WACC are risk-free rate, market risk premium, company-specific risk premium, industry specific equity beta, cost of debt and debt to equity ratio. WACC components have been updated to present the current market conditions. As a result of the annual impairment tests, no impairment was recognized on goodwill in 2025, or in 2024.
Fiskars Group has ten trademarks whose aggregate carrying amount is EUR 275.3 million (2024: 285.0).
Since the benefits from trademarks are indefinite, they are not amortized but are tested at least annually for impairment using a royalty relief method. An exception for this principle is Hackman-trademark for which amortization has begun in 2017 (amortization period 20 years). Cash flows attributable to trademarks are derived by identifying revenues from sales of products belonging to each trademark. The value in use of trademarks is determined on a discounted cash flow method basis, derived from five-year cash flow projections, based on strategic plans approved by the management. Cash flows for the period extending over the planning period are calculated using the terminal value method.
As a result of the annual impairment tests for trademarks, impairment loss of EUR 5.2 million (2024: 0.0) was recognized for the year ended December 31, 2025. Impairments were allocated to Nordic brands portfolio and to the Waterford and Royal
Albert -trademarks that are included in the operating segment Vita. The impairment loss was recognized in Sales and marketing expenses in the Consolidated Income Statement.
For Waterford and Royal Albert -trademarks, the impairment losses recognized were primarily attributable to lower-than-expected sales performance and margin compression. Although the Iittala-trademark, which forms part of the Nordic brands portfolio recognized as part of Iittala acquisition in 2007, showed expected development in sales, this was not sufficient to compensate for the weaker-than-expected sales development and profitability of the other brands in the portfolio.
No impairment was recognized for other trademarks tested during the year, as their respective recoverable amounts exceeded their carrying amounts by an appropriate margin.
Key parameters applied in impairment testing
2025 | 2024 | |||
% | Goodwill | Trademarks1 | Goodwill | Trademarks1 |
Increase in net sales on average | 2.7 | 2.0 | 2.6 | 5.7 |
Steady growth rate in projecting terminal value | 1.0 | 1.0 | 1.0 | 1.0 |
Discount rate, pre-tax, average | 7.8 | 9.2 | 7.1 | 8.7 |
1Used one percentage point higher risk premium than in goodwill testing.
Sensitivity analyses
Sensitivity analyses of goodwill have been carried out for the valuation of each CGU by making downside scenarios for key parameters. The management views that no reasonably possible change in any of the key parameters would lead to impairment as the recoverable amounts exceed the carrying amounts. The recoverable amount exceeds the carrying amounts after changes in the key parameters.
Sensitivity analyses of trademarks have been carried out for the valuation of each trademark by making downside scenarios for key parameters. Trademarks for which impairment losses were recognized in 2025, the recoverable amounts are sensitive to reasonably possible changes in key assumptions. The following changes, considered reasonably possible, would result a further impairment:
Key assumption | Change in assumption | Additional impairment |
Pre-tax discount rate | +0.5 percentage points | EUR 7.4 million |
Royalty rate | -0.5 percentage points | EUR 5.4 million |
Terminal growth rate | -0.5 percentage points | EUR 11.1 million |
In addition, management views that Gingher-trademark is sensitive to a reasonably possible change in royalty rate.
On the trademarks for which impairment loss was not recognized, management has performed sensitivity analyses on the same key assumptions. No reasonably possible change in the key assumptions would cause the carrying amounts to exceed their recoverable amounts.
Accounting policies
Property, plant, and equipment are stated at historical cost less accumulated depreciation and any accumulated impairment losses, if applicable. Those borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset.
Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of the assets. Residual values and expected useful lives are reassessed at least at each financial year-end and, if necessary, are adjusted to reflect changes in the expected future economic benefits. The estimated useful lives are as follows:
Buildings\t20\u201340 years
Machinery and equipment\t3\u201310 years
Land and water\tNo depreciation
2025
EUR million | Land and water | Buildings | Machinery and equipment | Construction in progress | Total |
Historical cost, Jan 1 | 21.1 | 112.7 | 146.5 | 23.2 | 303.5 |
Translation differences | -0.5 | -3.0 | -12.0 | -0.4 | -15.9 |
Additions | 2.5 | 7.2 | 19.9 | 29.6 | |
Decreases | -0.1 | -4.9 | -8.4 | 0.0 | -13.3 |
Transfers between asset groups | 4.8 | 20.2 | -28.3 | -3.2 | |
Historical cost, Dec 31 | 20.5 | 112.2 | 153.5 | 14.4 | 300.7 |
Accumulated depreciation and amortization, Jan 1 | 44.0 | 92.8 | -0.6 | 136.1 | |
Translation differences | -1.3 | -10.4 | 0.0 | -11.7 | |
Depreciation | 6.5 | 15.6 | 22.1 | ||
Impairment | 0.8 | 0.8 | |||
Decreases | -4.6 | -7.9 | -12.5 | ||
Accumulated depreciation and impairment, Dec 31 | 44.6 | 90.0 | 0.2 | 134.8 | |
Book value, Dec 31 | 20.5 | 67.6 | 63.5 | 14.2 | 165.9 |
2024
EUR million | Land and water | Buildings | Machinery and equipment | Construction in progress | Total |
Historical cost, Jan 1 | 20.8 | 105.7 | 131.5 | 17.3 | 275.3 |
Translation differences | 0.3 | 2.9 | 5.5 | 1.1 | 9.9 |
Additions | 1.9 | 7.4 | 17.2 | 26.5 | |
Decreases | 0.0 | -0.1 | -5.7 | -0.2 | -6.0 |
Transfers between asset groups | 2.2 | 7.8 | -12.2 | -2.2 | |
Historical cost, Dec 31 | 21.1 | 112.7 | 146.5 | 23.2 | 303.5 |
Accumulated depreciation and amortization, Jan 1 | 37.1 | 75.7 | -0.6 | 112.2 | |
Translation differences | 1.0 | 4.5 | 0.0 | 5.6 | |
Depreciation | 6.0 | 18.0 | 23.9 | ||
Decreases | -0.1 | -5.4 | -5.5 | ||
Accumulated depreciation and impairment, Dec 31 | 44.0 | 92.8 | -0.6 | 136.1 | |
Book value, Dec 31 | 21.1 | 68.7 | 53.7 | 23.8 | 167.4 |
Accounting policies
An intangible asset is initially recognized in the balance sheet at cost if the cost can be measured reliably and it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group. Residual values and expected useful lives are reassessed at least at each financial year-end and, if necessary, are adjusted to reflect changes in the expected future economic benefits. Those borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset.
Goodwill
Goodwill represents the Group\u2019s share of difference between the cost of the acquisition and the fair value of the net identifiable assets, liabilities, and contingent liabilities acquired, measured at the acquisition date. Goodwill is stated at historical cost less any accumulated impairment losses. Goodwill is not amortized but is tested for impairment at least annually. For this purpose goodwill has been allocated to cash-generating units (CGU). The recoverable amount of the unit is compared annually or more often if there are indications of impairment, with its carrying amount to determine potential impairment.
Other intangible assets
Other intangible assets include among other patents, capitalized development costs, software, as well as trademarks and customer relationships acquired in business combinations. Intangible assets are stated at cost less accumulated amortization and any accumulated impairment. Intangible assets in this class are amortized on a straight-line basis over their expected useful lives. Residual values and expected useful lives are reassessed at least at the end of reporting period, and if necessary, are adjusted to reflect changes in the expected future economic benefits.
Research and development costs are expensed as they are incurred, except for those development costs that are capitalized if the criteria in IAS 38 are met. Capitalized development costs consisting of mainly direct labor costs and external services are recognized as intangible assets. Subsequently capitalized development costs are measured at cost less accumulated amortization and accumulated impairment losses.
The estimated useful lives are as follows:
Software\t3\u201310 years
Customer relationships\t5\u201315 years
Capitalized development costs\t3\u20136 years
Other\t3\u201310 years
Intangible assets with an indefinite useful life such as trademarks or brand names acquired in business combinations are not amortized but they are tested at least annually for impairment.
Accounting policies
An intangible asset is initially recognized in the balance sheet at cost if the cost can be measured reliably and it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group. Residual values and expected useful lives are reassessed at least at each financial year-end and, if necessary, are adjusted to reflect changes in the expected future economic benefits. Those borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset.
Other intangible assets
Other intangible assets include among other patents, capitalized development costs, software, as well as trademarks and customer relationships acquired in business combinations. Intangible assets are stated at cost less accumulated amortization and any accumulated impairment. Intangible assets in this class are amortized on a straight-line basis over their expected useful lives. Residual values and expected useful lives are reassessed at least at the end of reporting period, and if necessary, are adjusted to reflect changes in the expected future economic benefits.
Research and development costs are expensed as they are incurred, except for those development costs that are capitalized if the criteria in IAS 38 are met. Capitalized development costs consisting of mainly direct labor costs and external services are recognized as intangible assets. Subsequently capitalized development costs are measured at cost less accumulated amortization and accumulated impairment losses.
The estimated useful lives are as follows:
Software\t3\u201310 years
Customer relationships\t5\u201315 years
Capitalized development costs\t3\u20136 years
Other\t3\u201310 years
Intangible assets with an indefinite useful life such as trademarks or brand names acquired in business combinations are not amortized but they are tested at least annually for impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__82-1": { "value": "Residual values and expected useful lives are reassessed at least at each financial year-end and, if necessary, are adjusted to reflect changes in the expected future economic benefits. Those borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset.Goodwill
Goodwill represents the Group\u2019s share of difference between the cost of the acquisition and the fair value of the net identifiable assets, liabilities, and contingent liabilities acquired, measured at the acquisition date. Goodwill is stated at historical cost less any accumulated impairment losses. Goodwill is not amortized but is tested for impairment at least annually. For this purpose goodwill has been allocated to cash-generating units (CGU). The recoverable amount of the unit is compared annually or more often if there are indications of impairment, with its carrying amount to determine potential impairment.
Other intangible assets
Other intangible assets include among other patents, capitalized development costs, software, as well as trademarks and customer relationships acquired in business combinations. Intangible assets are stated at cost less accumulated amortization and any accumulated impairment. Intangible assets in this class are amortized on a straight-line basis over their expected useful lives. Residual values and expected useful lives are reassessed at least at the end of reporting period, and if necessary, are adjusted to reflect changes in the expected future economic benefits.
Research and development costs are expensed as they are incurred, except for those development costs that are capitalized if the criteria in IAS 38 are met. Capitalized development costs consisting of mainly direct labor costs and external services are recognized as intangible assets. Subsequently capitalized development costs are measured at cost less accumulated amortization and accumulated impairment losses.
The estimated useful lives are as follows:
Software\t3\u201310 years
Customer relationships\t5\u201315 years
Capitalized development costs\t3\u20136 years
Other\t3\u201310 years
Intangible assets with an indefinite useful life such as trademarks or brand names acquired in business combinations are not amortized but they are tested at least annually for impairment.
Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of the assets. Residual values and expected useful lives are reassessed at least at each financial year-end and, if necessary, are adjusted to reflect changes in the expected future economic benefits. The estimated useful lives are as follows:
Buildings\t20\u201340 years
Machinery and equipment\t3\u201310 years
Land and water\tNo depreciation
Gains and losses on sales and disposals of property, plant, and equipment are presented in other operating income and other operating expenses.
Right-of-use assets
Fiskars Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are initially measured at cost, including the initial measurement of lease liabilities, any initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Subsequently right-of-use asset is measured at cost less
any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities.
Right-of-use assets are depreciated on a straight-line basis over the lease term, generally as follows:
Real estate\t3\u201315 years
Other assets\t3\u20135 years
Accounting policies
The properties that are not used in the Group\u2019s operations or which are held to earn rental income or increase in value are classified as investment property. These properties are measured at cost less accumulated depreciation and impairment. Investment properties are depreciated over 20\u201340 years on a straight-line basis. Land is not depreciated.
Goodwill
Goodwill represents the Group\u2019s share of difference between the cost of the acquisition and the fair value of the net identifiable assets, liabilities, and contingent liabilities acquired, measured at the acquisition date. Goodwill is stated at historical cost less any accumulated impairment losses. Goodwill is not amortized but is tested for impairment at least annually. For this purpose goodwill has been allocated to cash-generating units (CGU). The recoverable amount of the unit is compared annually or more often if there are indications of impairment, with its carrying amount to determine potential impairment.
2025
EUR million | Goodwill | Trademarks, patents and domain names | Software | Construction in progress | Other | Total |
Historical cost, Jan 1 | 238.4 | 313.2 | 100.9 | 30.7 | 61.4 | 744.6 |
Translation differences | -8.0 | -3.2 | -3.6 | -0.4 | -1.6 | -16.8 |
Additions | 0.0 | 4.0 | 9.0 | 0.2 | 13.2 | |
Decreases | -1.1 | -43.9 | 0.0 | -10.0 | -55.1 | |
Transfers between asset groups | 0.4 | 27.9 | -28.7 | 0.4 | ||
Historical cost, Dec 31 | 230.4 | 309.3 | 85.3 | 10.6 | 50.3 | 686.0 |
Accumulated amortization and impairment, Jan 1 | 12.4 | 23.4 | 66.2 | 38.4 | 140.4 | |
Translation differences | -0.2 | 1.9 | -3.5 | -1.4 | -3.3 | |
Amortization | 0.9 | 10.9 | 3.2 | 15.0 | ||
Impairment | 5.2 | 5.2 | ||||
Decreases1 | -1.1 | -17.5 | -10.0 | -28.7 | ||
Accumulated amortization and impairment, Dec 31 | 12.3 | 30.2 | 56.1 | 30.1 | 128.7 | |
Book value, Dec 31 | 218.1 | 279.2 | 29.2 | 10.6 | 20.2 | 557.3 |
1In 2025, EUR 26.8 million of decreases in software was related to a write-off concerning internally generated intangible digital and IT assets. More information in section Other financial information.
2024
EUR million | Goodwill | Trademarks, patents and domain names | Software | Construction in progress | Other | Total |
Historical cost, Jan 1 | 232.5 | 311.4 | 104.7 | 31.4 | 60.0 | 739.8 |
Translation differences | 5.9 | 1.1 | 1.9 | -0.9 | 0.9 | 8.8 |
Additions | 0.3 | 5.6 | 19.8 | 0.4 | 26.1 | |
Decreases | -30.2 | -0.3 | -0.5 | -31.0 | ||
Transfers between asset groups | 0.5 | 19.0 | -19.4 | 0.6 | 0.7 | |
Historical cost, Dec 31 | 238.4 | 313.2 | 100.9 | 30.7 | 61.4 | 744.6 |
Accumulated amortization and impairment, Jan 1 | 12.3 | 23.5 | 77.1 | 35.1 | 148.0 | |
Translation differences | 0.1 | -0.8 | 1.8 | 0.8 | 1.9 | |
Amortization | 0.7 | 16.6 | 3.1 | 20.3 | ||
Decreases | -29.2 | -0.4 | -29.6 | |||
Accumulated amortization and impairment, Dec 31 | 12.4 | 23.4 | 66.2 | 38.4 | 140.4 | |
Book value, Dec 31 | 225.9 | 289.9 | 34.6 | 30.7 | 23.0 | 604.2 |
Impairment testing
Accounting policies
Fiskars Group's operations have been divided into cash-generating units (CGU) that are similar to the reporting segments. The carrying amounts of the assets relating to these CGUs are reviewed for impairment indicators annually at the end of the reporting period. The recoverable amounts of the following assets are also estimated annually irrespective whether there is any indication for impairment: goodwill, intangible assets with indefinite useful lives and unfinished intangible assets.
To determine a potential impairment, the carrying amount of the asset, or the carrying amounts of the CGU\u2019s net
assets are compared against the recoverable amount of that asset or CGU. The recoverable amount is the higher of the present value of the future cash flows (value in use) and the fair value less costs to sell. An impairment loss is recognized for an asset when its carrying amount exceeds its recoverable amount. An impairment loss previously recognized for items of property, plant, and equipment as well as for intangible assets other than goodwill is reversed subsequently only if there has been a change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed
the carrying amount that would have been determined, net of amortization or depreciation, if no impairment loss had been recognized for the asset in prior years. An impairment loss recognized for goodwill is not reversed.
Goodwill is not amortized but is tested at least annually for impairment. Goodwill has been allocated to cash-generating units as at December 31, 2025 and 2024 as follows:
EUR million | 2025 | 2024 |
Vita | 216.3 | 223.9 |
Fiskars | 1.7 | 1.9 |
Total | 218.1 | 225.9 |
Goodwill generated from acquisitions is allocated to CGUs. The primary reporting segments, which form the CGUs, are Vita and Fiskars. The recoverable amounts from CGUs are determined with value in use method, using five-year discounted cash flow projections, based on strategic plans approved by management for years 2026\u20132028, and after this cash flows are estimated for two year period before calculating the terminal value. Cash flows for the period extending over the five year planning period are calculated using the terminal value method. The discount rate is the weighted average post-tax cost of capital (Weighted Average Cost of Capital, WACC) as defined by Fiskars Group. The components of the WACC are risk-free rate, market risk premium, company-specific risk premium, industry specific equity beta, cost of debt and debt to equity ratio. WACC components have been updated to present the current market conditions. As a result of the annual impairment tests, no impairment was recognized on goodwill in 2025, or in 2024.
Fiskars Group has ten trademarks whose aggregate carrying amount is EUR 275.3 million (2024: 285.0).
Since the benefits from trademarks are indefinite, they are not amortized but are tested at least annually for impairment using a royalty relief method. An exception for this principle is Hackman-trademark for which amortization has begun in 2017 (amortization period 20 years). Cash flows attributable to trademarks are derived by identifying revenues from sales of products belonging to each trademark. The value in use of trademarks is determined on a discounted cash flow method basis, derived from five-year cash flow projections, based on strategic plans approved by the management. Cash flows for the period extending over the planning period are calculated using the terminal value method.
As a result of the annual impairment tests for trademarks, impairment loss of EUR 5.2 million (2024: 0.0) was recognized for the year ended December 31, 2025. Impairments were allocated to Nordic brands portfolio and to the Waterford and Royal
Albert -trademarks that are included in the operating segment Vita. The impairment loss was recognized in Sales and marketing expenses in the Consolidated Income Statement.
For Waterford and Royal Albert -trademarks, the impairment losses recognized were primarily attributable to lower-than-expected sales performance and margin compression. Although the Iittala-trademark, which forms part of the Nordic brands portfolio recognized as part of Iittala acquisition in 2007, showed expected development in sales, this was not sufficient to compensate for the weaker-than-expected sales development and profitability of the other brands in the portfolio.
No impairment was recognized for other trademarks tested during the year, as their respective recoverable amounts exceeded their carrying amounts by an appropriate margin.
Key parameters applied in impairment testing
2025 | 2024 | |||
% | Goodwill | Trademarks1 | Goodwill | Trademarks1 |
Increase in net sales on average | 2.7 | 2.0 | 2.6 | 5.7 |
Steady growth rate in projecting terminal value | 1.0 | 1.0 | 1.0 | 1.0 |
Discount rate, pre-tax, average | 7.8 | 9.2 | 7.1 | 8.7 |
1Used one percentage point higher risk premium than in goodwill testing.
Sensitivity analyses
Sensitivity analyses of goodwill have been carried out for the valuation of each CGU by making downside scenarios for key parameters. The management views that no reasonably possible change in any of the key parameters would lead to impairment as the recoverable amounts exceed the carrying amounts. The recoverable amount exceeds the carrying amounts after changes in the key parameters.
Sensitivity analyses of trademarks have been carried out for the valuation of each trademark by making downside scenarios for key parameters. Trademarks for which impairment losses were recognized in 2025, the recoverable amounts are sensitive to reasonably possible changes in key assumptions. The following changes, considered reasonably possible, would result a further impairment:
Key assumption | Change in assumption | Additional impairment |
Pre-tax discount rate | +0.5 percentage points | EUR 7.4 million |
Royalty rate | -0.5 percentage points | EUR 5.4 million |
Terminal growth rate | -0.5 percentage points | EUR 11.1 million |
In addition, management views that Gingher-trademark is sensitive to a reasonably possible change in royalty rate.
On the trademarks for which impairment loss was not recognized, management has performed sensitivity analyses on the same key assumptions. No reasonably possible change in the key assumptions would cause the carrying amounts to exceed their recoverable amounts.
Goodwill
Goodwill represents the Group\u2019s share of difference between the cost of the acquisition and the fair value of the net identifiable assets, liabilities, and contingent liabilities acquired, measured at the acquisition date. Goodwill is stated at historical cost less any accumulated impairment losses. Goodwill is not amortized but is tested for impairment at least annually. For this purpose goodwill has been allocated to cash-generating units (CGU). The recoverable amount of the unit is compared annually or more often if there are indications of impairment, with its carrying amount to determine potential impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__77": { "value": "Goodwill
Goodwill represents the Group\u2019s share of difference between the cost of the acquisition and the fair value of the net identifiable assets, liabilities, and contingent liabilities acquired, measured at the acquisition date. Goodwill is stated at historical cost less any accumulated impairment losses. Goodwill is not amortized but is tested for impairment at least annually. For this purpose goodwill has been allocated to cash-generating units (CGU). The recoverable amount of the unit is compared annually or more often if there are indications of impairment, with its carrying amount to determine potential impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__78": { "value": "Research and development costs are expensed as they are incurred, except for those development costs that are capitalized if the criteria in IAS 38 are met. Capitalized development costs consisting of mainly direct labor costs and external services are recognized as intangible assets. Subsequently capitalized development costs are measured at cost less accumulated amortization and accumulated impairment losses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__79": { "value": "Research and development costs are expensed as they are incurred, except for those development costs that are capitalized if the criteria in IAS 38 are met. Capitalized development costs consisting of mainly direct labor costs and external services are recognized as intangible assets. Subsequently capitalized development costs are measured at cost less accumulated amortization and accumulated impairment losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__86": { "value": "Accounting policies
Fiskars Group's operations have been divided into cash-generating units (CGU) that are similar to the reporting segments. The carrying amounts of the assets relating to these CGUs are reviewed for impairment indicators annually at the end of the reporting period. The recoverable amounts of the following assets are also estimated annually irrespective whether there is any indication for impairment: goodwill, intangible assets with indefinite useful lives and unfinished intangible assets.
To determine a potential impairment, the carrying amount of the asset, or the carrying amounts of the CGU\u2019s net
assets are compared against the recoverable amount of that asset or CGU. The recoverable amount is the higher of the present value of the future cash flows (value in use) and the fair value less costs to sell. An impairment loss is recognized for an asset when its carrying amount exceeds its recoverable amount. An impairment loss previously recognized for items of property, plant, and equipment as well as for intangible assets other than goodwill is reversed subsequently only if there has been a change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed
the carrying amount that would have been determined, net of amortization or depreciation, if no impairment loss had been recognized for the asset in prior years. An impairment loss recognized for goodwill is not reversed.
Fiskars Group's operations have been divided into cash-generating units (CGU) that are similar to the reporting segments. The carrying amounts of the assets relating to these CGUs are reviewed for impairment indicators annually at the end of the reporting period. The recoverable amounts of the following assets are also estimated annually irrespective whether there is any indication for impairment: goodwill, intangible assets with indefinite useful lives and unfinished intangible assets.
To determine a potential impairment, the carrying amount of the asset, or the carrying amounts of the CGU\u2019s net
assets are compared against the recoverable amount of that asset or CGU. The recoverable amount is the higher of the present value of the future cash flows (value in use) and the fair value less costs to sell. An impairment loss is recognized for an asset when its carrying amount exceeds its recoverable amount. An impairment loss previously recognized for items of property, plant, and equipment as well as for intangible assets other than goodwill is reversed subsequently only if there has been a change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed
the carrying amount that would have been determined, net of amortization or depreciation, if no impairment loss had been recognized for the asset in prior years. An impairment loss recognized for goodwill is not reversed.
Accounting policies
Trade receivables are measured at amortized cost. According to the simplified impairment model, an allowance amounting to lifetime expected credit losses is recognized at first reporting date. To measure the lifetime expected credit losses, trade receivables have been grouped based on aging categories. An allowance for doubtful receivables is measured based on historical loss rates adjusted by forward looking estimates and individual assessment. The inputs used in the model are updated on a regular basis. Impairment is recognized as an expense in Other operating expenses. If an amount previously recognized to Consolidated Income Statement is subsequently settled, it is recognized as a reduction to Other operating expenses.
3.2\tProperty, plant and equipment
Accounting policies
Property, plant, and equipment are stated at historical cost less accumulated depreciation and any accumulated impairment losses, if applicable. Those borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset.
Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of the assets. Residual values and expected useful lives are reassessed at least at each financial year-end and, if necessary, are adjusted to reflect changes in the expected future economic benefits. The estimated useful lives are as follows:
Buildings\t20\u201340 years
Machinery and equipment\t3\u201310 years
Land and water\tNo depreciation
Gains and losses on sales and disposals of property, plant, and equipment are presented in other operating income and other operating expenses.
2025
EUR million | Land and water | Buildings | Machinery and equipment | Construction in progress | Total |
Historical cost, Jan 1 | 21.1 | 112.7 | 146.5 | 23.2 | 303.5 |
Translation differences | -0.5 | -3.0 | -12.0 | -0.4 | -15.9 |
Additions | 2.5 | 7.2 | 19.9 | 29.6 | |
Decreases | -0.1 | -4.9 | -8.4 | 0.0 | -13.3 |
Transfers between asset groups | 4.8 | 20.2 | -28.3 | -3.2 | |
Historical cost, Dec 31 | 20.5 | 112.2 | 153.5 | 14.4 | 300.7 |
Accumulated depreciation and amortization, Jan 1 | 44.0 | 92.8 | -0.6 | 136.1 | |
Translation differences | -1.3 | -10.4 | 0.0 | -11.7 | |
Depreciation | 6.5 | 15.6 | 22.1 | ||
Impairment | 0.8 | 0.8 | |||
Decreases | -4.6 | -7.9 | -12.5 | ||
Accumulated depreciation and impairment, Dec 31 | 44.6 | 90.0 | 0.2 | 134.8 | |
Book value, Dec 31 | 20.5 | 67.6 | 63.5 | 14.2 | 165.9 |
2024
EUR million | Land and water | Buildings | Machinery and equipment | Construction in progress | Total |
Historical cost, Jan 1 | 20.8 | 105.7 | 131.5 | 17.3 | 275.3 |
Translation differences | 0.3 | 2.9 | 5.5 | 1.1 | 9.9 |
Additions | 1.9 | 7.4 | 17.2 | 26.5 | |
Decreases | 0.0 | -0.1 | -5.7 | -0.2 | -6.0 |
Transfers between asset groups | 2.2 | 7.8 | -12.2 | -2.2 | |
Historical cost, Dec 31 | 21.1 | 112.7 | 146.5 | 23.2 | 303.5 |
Accumulated depreciation and amortization, Jan 1 | 37.1 | 75.7 | -0.6 | 112.2 | |
Translation differences | 1.0 | 4.5 | 0.0 | 5.6 | |
Depreciation | 6.0 | 18.0 | 23.9 | ||
Decreases | -0.1 | -5.4 | -5.5 | ||
Accumulated depreciation and impairment, Dec 31 | 44.0 | 92.8 | -0.6 | 136.1 | |
Book value, Dec 31 | 21.1 | 68.7 | 53.7 | 23.8 | 167.4 |
Accounting policies
Property, plant, and equipment are stated at historical cost less accumulated depreciation and any accumulated impairment losses, if applicable. Those borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset.
Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of the assets. Residual values and expected useful lives are reassessed at least at each financial year-end and, if necessary, are adjusted to reflect changes in the expected future economic benefits. The estimated useful lives are as follows:
Buildings\t20\u201340 years
Machinery and equipment\t3\u201310 years
Land and water\tNo depreciation
Gains and losses on sales and disposals of property, plant, and equipment are presented in other operating income and other operating expenses.
3.3\tRight-of-use assets
Accounting policies
Fiskars Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.
Right-of-use assets
Fiskars Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are initially measured at cost, including the initial measurement of lease liabilities, any initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Subsequently right-of-use asset is measured at cost less
any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities.
Right-of-use assets are depreciated on a straight-line basis over the lease term, generally as follows:
Real estate\t3\u201315 years
Other assets\t3\u20135 years
Short-term leases and leases of low-value assets
Fiskars Group applies the short-term lease recognition exemption to its short-term leases i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the lease of low-value assets recognition exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognized as expense on a straight-line basis over the lease term.
Fiskars Group has lease contracts for real estate, machinery, vehicles and other equipment used in its operations. Real estate leases generally have lease terms between 3 and 15 years, while other assets generally have lease terms between 3 and 5 years. Several lease contracts include extension and termination options and variable lease payments. Lease liabilities are described in Note 5.5 Lease liabilities.
2025
EUR million | Real estate | Other | Total |
Book value, Jan 1 | 133.9 | 4.3 | 138.2 |
Translation differences | -6.1 | 0.0 | -6.1 |
Additions | 36.9 | 2.1 | 39.0 |
Depreciation | -35.1 | -2.2 | -37.2 |
Impairment | -2.1 | -2.1 | |
Decreases | -15.6 | -0.6 | -16.1 |
Book value, Dec 31 | 111.9 | 3.7 | 115.6 |
2024
EUR million | Real estate | Other | Total |
Book value, Jan 1 | 139.2 | 4.2 | 143.4 |
Translation differences | 2.8 | 0.0 | 2.9 |
Additions | 27.7 | 2.6 | 30.3 |
Depreciation | -35.5 | -2.2 | -37.7 |
Decreases | -0.4 | -0.3 | -0.7 |
Book value, Dec 31 | 133.9 | 4.3 | 138.2 |
5.5\tLease liabilities
Accounting policies
Fiskars Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.
Lease liabilities
At the commencement date of the lease, Fiskars Group recognizes lease liabilities measured at the present value of future unpaid lease payments. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group, and payments of penalties
for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date as typically the interest rate implicit in the lease is not readily available. Subsequently lease liability is measured using the effective interest rate method, and the carrying amount of lease liability is increased with the interest on the lease liability, reduced with the amount of lease payments made, and adjusted to reflect any reassessments or lease modifications made. The carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.
Fiskars Group has lease contracts for various items of real estate, machinery, vehicles and other equipment used in its operations. Right-of-use assets are presented in Note 3.3 Right-of-use assets.
EUR million | 2025 | 2024 |
Book value, Jan 1 | 147.6 | 150.8 |
Translation differences | -6.9 | 3.2 |
Additions | 39.0 | 30.3 |
Accretion of interest | 4.9 | 5.1 |
Payments | -40.1 | -41.1 |
Decreases | -18.7 | -0.7 |
Book value, Dec 31 | 125.9 | 147.6 |
Current lease liabilities | 37.5 | 33.6 |
Non-current lease liabilities | 88.3 | 113.9 |
Maturity of minimum lease payments
EUR million | 2025 | 2024 |
Less than one year | 40.7 | 37.7 |
Between one and five years | 73.6 | 86.4 |
More than five years | 20.9 | 38.1 |
Minimum lease payments, total | 135.2 | 162.3 |
Accounting policies
Fiskars Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.
Right-of-use assets
Fiskars Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are initially measured at cost, including the initial measurement of lease liabilities, any initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Subsequently right-of-use asset is measured at cost less
any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities.
Right-of-use assets are depreciated on a straight-line basis over the lease term, generally as follows:
Real estate\t3\u201315 years
Other assets\t3\u20135 years
Short-term leases and leases of low-value assets
Fiskars Group applies the short-term lease recognition exemption to its short-term leases i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the lease of low-value assets recognition exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognized as expense on a straight-line basis over the lease term.
Accounting policies
Fiskars Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.
Lease liabilities
At the commencement date of the lease, Fiskars Group recognizes lease liabilities measured at the present value of future unpaid lease payments. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group, and payments of penalties
for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date as typically the interest rate implicit in the lease is not readily available. Subsequently lease liability is measured using the effective interest rate method, and the carrying amount of lease liability is increased with the interest on the lease liability, reduced with the amount of lease payments made, and adjusted to reflect any reassessments or lease modifications made. The carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.
3.4\tBiological assets
Accounting policies
Biological assets are measured at their fair value less costs to sell them. Biological assets consist of growing stock of Group\u2019s forest assets in Finland. The change in fair value resulting from both growth and change in the market value of standing timber is presented as a separate line item in the Consolidated Income Statement after operating profit (EBIT). The revenue from the sale of standing timber is presented in the Consolidated Income Statement within the operating profit.
There are no existing active markets for forest assets. Therefore, the biological asset valuation is made by using the discounted future cash flows. Cash flows are based on forest management plan taking into account forestry costs and harvesting income from one growth cycle. For valuing harvesting income, Fiskars Group applies a three-year rolling average price of standing timber, based on the statistics provided by the Natural Resources Institute Finland, adjusted with company specific price components.
The fair value measurements of biological assets are categorized within level 3 of the fair value hierarchy as the fair value is not based on observable market data.
EUR million | 2025 | 2024 |
Fair value, Jan 1 | 57.8 | 51.3 |
Increase due to growth | 2.8 | 2.4 |
Decrease due to harvested timber | -1.5 | -1.3 |
Change in fair value | 3.1 | 5.4 |
Fair value, Dec 31 | 62.3 | 57.8 |
Fiskars Group owns a total of appr. 14,000 hectares of forest, or which 11,000 are managed forest land.
Accounting policies
Biological assets are measured at their fair value less costs to sell them. Biological assets consist of growing stock of Group\u2019s forest assets in Finland. The change in fair value resulting from both growth and change in the market value of standing timber is presented as a separate line item in the Consolidated Income Statement after operating profit (EBIT). The revenue from the sale of standing timber is presented in the Consolidated Income Statement within the operating profit.
There are no existing active markets for forest assets. Therefore, the biological asset valuation is made by using the discounted future cash flows. Cash flows are based on forest management plan taking into account forestry costs and harvesting income from one growth cycle. For valuing harvesting income, Fiskars Group applies a three-year rolling average price of standing timber, based on the statistics provided by the Natural Resources Institute Finland, adjusted with company specific price components.
The fair value measurements of biological assets are categorized within level 3 of the fair value hierarchy as the fair value is not based on observable market data.
3.5\tInvestment property
Accounting policies
The properties that are not used in the Group\u2019s operations or which are held to earn rental income or increase in value are classified as investment property. These properties are measured at cost less accumulated depreciation and impairment. Investment properties are depreciated over 20\u201340 years on a straight-line basis. Land is not depreciated.
EUR million | 2025 | 2024 |
Historical cost, Jan 1 | 13.8 | 12.5 |
Additions | 0.3 | 0.2 |
Decreases | -0.2 | -0.3 |
Transfers from tangible assets | 3.2 | 1.4 |
Historical cost, Dec 31 | 17.2 | 13.8 |
Accumulated depreciation, Jan 1 | 7.5 | 7.2 |
Depreciation and impairment | 0.8 | 0.6 |
Decreases | -0.2 | -0.3 |
Accumulated depreciation and impairment, Dec 31 | 8.1 | 7.5 |
Book value, Dec 31 | 9.0 | 6.3 |
Investment Property comprises the parent company's buildings and zoned and unbuilt lots for detached houses in Fiskars Village, Finland.
Fair value
Properties in Fiskars Village are unique in their cultural and historical values. Therefore it is not possible to determine a comparable market value on those properties. The book value of these properties, located in Finland, were EUR 9.0 million in Dec 31, 2025 (2024: 6.3).
Accounting policies
The properties that are not used in the Group\u2019s operations or which are held to earn rental income or increase in value are classified as investment property. These properties are measured at cost less accumulated depreciation and impairment. Investment properties are depreciated over 20\u201340 years on a straight-line basis. Land is not depreciated.
4.1\tInventories
Accounting policies
Inventories are carried at the lower of cost and net realizable value. Cost is determined using the first-in first-out (FIFO) method. The cost of finished goods and work-in-progress comprise direct purchase and manufacturing costs, other direct costs and a proportion of the related production overheads based on normal operating capacity. Net realizable value is the estimated amount that can be realized from the sale in normal course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Inventories are presented net of write-down recognized for obsolete and slow-moving inventories.
EUR million | 2025 | 2024 |
Raw materials and consumables | 31.7 | 32.5 |
Work in progress | 21.6 | 24.1 |
Finished goods | 282.4 | 286.0 |
Advance payments | 0.2 | 0.3 |
Gross value of inventories | 335.9 | 342.9 |
The amount of write-down of inventories | -12.9 | -12.2 |
Total, Dec 31 | 322.9 | 330.7 |
Change in write-down for obsolete and slow-moving inventories of EUR 0.8 (2024: -7.2) million was recognised during financial period.
Accounting policies
Inventories are carried at the lower of cost and net realizable value. Cost is determined using the first-in first-out (FIFO) method. The cost of finished goods and work-in-progress comprise direct purchase and manufacturing costs, other direct costs and a proportion of the related production overheads based on normal operating capacity. Net realizable value is the estimated amount that can be realized from the sale in normal course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Inventories are presented net of write-down recognized for obsolete and slow-moving inventories.
4.2\tTrade and other receivables
Accounting policies
Trade receivables are measured at amortized cost. According to the simplified impairment model, an allowance amounting to lifetime expected credit losses is recognized at first reporting date. To measure the lifetime expected credit losses, trade receivables have been grouped based on aging categories. An allowance for doubtful receivables is measured based on historical loss rates adjusted by forward looking estimates and individual assessment. The inputs used in the model are updated on a regular basis. Impairment is recognized as an expense in Other operating expenses. If an amount previously recognized to Consolidated Income Statement is subsequently settled, it is recognized as a reduction to Other operating expenses.
EUR million | 2025 | 2024 |
Trade receivables | 178.3 | 188.9 |
Derivatives | 7.7 | 5.8 |
Other receivables | 19.8 | 20.2 |
Deferred income and prepaid expenses | 25.2 | 27.4 |
Total, Dec 31 | 231.0 | 242.2 |
Aging of trade receivables
EUR million | 2025 | 2024 |
Not fallen due | 149.6 | 160.0 |
1\u201330 days past due | 24.3 | 25.8 |
31\u201360 days past due | 2.5 | 2.8 |
61\u201390 days past due | 0.9 | 1.7 |
91\u2013120 days past due | 0.3 | 0.6 |
Over 120 days past due | 4.0 | 3.7 |
Allowance for expected credit losses, Dec 31 | -3.2 | -5.7 |
Total, Dec 31 | 178.3 | 188.9 |
Trade receivables' payment terms vary with average being 45 days.
Trade receivables in currencies
EUR million | 2025 | 2024 |
US Dollars (USD) | 52.0 | 56.0 |
Euros (EUR) | 33.7 | 37.0 |
Danish Krones (DKK) | 30.5 | 31.2 |
Swedish Krones (SEK) | 16.5 | 13.9 |
Norwegian Krones (NOK) | 9.7 | 9.5 |
Japanese Yens (JPY) | 7.8 | 9.3 |
Australian Dollars (AUD) | 7.5 | 6.2 |
United Kingdom Pounds (GBP) | 4.1 | 5.3 |
Other currencies | 16.4 | 20.5 |
Total, Dec 31 | 178.3 | 188.9 |
Trade receivables are widely spread geographically. Fiskars Group's biggest customers are major retailers with solid credit ratings. Credit loss risks are estimated to be moderate. The maximum exposure to credit risk is the carrying amount of the trade receivables. The credit risk is described in more detail in Note 5.2.
Allowance for expected credit losses
EUR million | 2025 | 2024 |
Allowance for expected credit losses, Jan 1 | -5.7 | -3.8 |
Translation differences | 0.3 | 0.0 |
Additions | -2.7 | -4.3 |
Deductions | 4.2 | 2.0 |
Recognised impairment losses | 0.6 | 0.4 |
Recovery of doubtful receivables | 0.2 | 0.0 |
Allowance for expected credit losses, Dec 31 | -3.2 | -5.7 |
4.2\tTrade and other receivables
Accounting policies
Trade receivables are measured at amortized cost. According to the simplified impairment model, an allowance amounting to lifetime expected credit losses is recognized at first reporting date. To measure the lifetime expected credit losses, trade receivables have been grouped based on aging categories. An allowance for doubtful receivables is measured based on historical loss rates adjusted by forward looking estimates and individual assessment. The inputs used in the model are updated on a regular basis. Impairment is recognized as an expense in Other operating expenses. If an amount previously recognized to Consolidated Income Statement is subsequently settled, it is recognized as a reduction to Other operating expenses.
EUR million | 2025 | 2024 |
Trade receivables | 178.3 | 188.9 |
Derivatives | 7.7 | 5.8 |
Other receivables | 19.8 | 20.2 |
Deferred income and prepaid expenses | 25.2 | 27.4 |
Total, Dec 31 | 231.0 | 242.2 |
Aging of trade receivables
EUR million | 2025 | 2024 |
Not fallen due | 149.6 | 160.0 |
1\u201330 days past due | 24.3 | 25.8 |
31\u201360 days past due | 2.5 | 2.8 |
61\u201390 days past due | 0.9 | 1.7 |
91\u2013120 days past due | 0.3 | 0.6 |
Over 120 days past due | 4.0 | 3.7 |
Allowance for expected credit losses, Dec 31 | -3.2 | -5.7 |
Total, Dec 31 | 178.3 | 188.9 |
Trade receivables' payment terms vary with average being 45 days.
Trade receivables in currencies
EUR million | 2025 | 2024 |
US Dollars (USD) | 52.0 | 56.0 |
Euros (EUR) | 33.7 | 37.0 |
Danish Krones (DKK) | 30.5 | 31.2 |
Swedish Krones (SEK) | 16.5 | 13.9 |
Norwegian Krones (NOK) | 9.7 | 9.5 |
Japanese Yens (JPY) | 7.8 | 9.3 |
Australian Dollars (AUD) | 7.5 | 6.2 |
United Kingdom Pounds (GBP) | 4.1 | 5.3 |
Other currencies | 16.4 | 20.5 |
Total, Dec 31 | 178.3 | 188.9 |
Trade receivables are widely spread geographically. Fiskars Group's biggest customers are major retailers with solid credit ratings. Credit loss risks are estimated to be moderate. The maximum exposure to credit risk is the carrying amount of the trade receivables. The credit risk is described in more detail in Note 5.2.
Allowance for expected credit losses
EUR million | 2025 | 2024 |
Allowance for expected credit losses, Jan 1 | -5.7 | -3.8 |
Translation differences | 0.3 | 0.0 |
Additions | -2.7 | -4.3 |
Deductions | 4.2 | 2.0 |
Recognised impairment losses | 0.6 | 0.4 |
Recovery of doubtful receivables | 0.2 | 0.0 |
Allowance for expected credit losses, Dec 31 | -3.2 | -5.7 |
4.3\tTrade and other payables
EUR million | 2025 | 2024 |
Trade payables | 84.1 | 88.4 |
Other non-interest-bearing payables | 50.5 | 67.3 |
Accrued expenses and deferred income | ||
Interests | 4.5 | 4.8 |
Wages, salaries and social costs | 41.3 | 33.2 |
Contract liabilities | 29.5 | 49.8 |
Other | 53.6 | 41.3 |
Total, Dec 31 | 263.4 | 284.8 |
Contract liabilities include for example accrued discounts, rebates, customer program credits and other revenue related adjustments. Other accrued expenses include accrued materials and supplies, amongst other.
Supplier Financing Arrangements
Fiskars Group has a supplier financing arrangement (SFA) in place with a partner bank. Under the arrangement, the suppliers participating in the program may receive early payment of their invoices from the bank, who agrees to pay amounts due to the suppliers in respect of invoices owed by Fiskars Group. Fiskars Group subsequently repays the bank on the original invoice date. The principal purpose of this arrangement is to improve the working capital management for Fiskars Group and provide suppliers with an option to enhance their liquidity through early payment. Fiskars Group includes the amounts subject to the arrangement within trade payables as the nature and function of these payables remains the same as those of other trade payables.
EUR million | 2025 | 2024 |
Trade payables part of SFA agreement | 5.3 | 7.6 |
of which suppliers have received payment from finance providers | 5.3 | 7.6 |
Range of payment terms (days) | 30\u2013180 | 30\u2013180 |
The supplier financing arrangement allows Fiskars Group to centralise payments of trade payables to the bank rather than paying the current suppliers individually. From Fiskars Group perspective, the arrangement does not significantly extend payment terms beyond the normal terms agreed with other suppliers that are not participating. However, due to the arrangement, cash outflows are more predictable.
5.2\tFinancial risk management
Financial risks are managed centrally by the Group Treasury in accordance with the Treasury Policy approved by the Board of Directors.
Currency risk
Currency risk refers to changes in income statement, cash flow, balance sheet and competitiveness of Fiskars Group due to changes in exchange rates. Fiskars Group's transaction and translation positions are managed separately.
Transaction risk
Transaction risk arises from foreign currency denominated cash flows, and is measured as net of commercial and financial receivables and payables denominated in foreign currencies. The objective of managing the transaction risk is to reduce the impact of changes in exchange rates on the profit and cash flow of the Group. Group companies are responsible for managing the currency risks associated with their commercial cash flows and to hedge their exposure using currency forwards entered into with the Group Treasury. The net position is hedged with currency derivatives in accordance with the Treasury policy approved by the Board of Directors.
The most significant risks relate to appreciation of USD, PLN and DKK, and to depreciation of SEK, NOK and JPY. Fiskars Group is exposed to rate changes in the local currencies of its suppliers.
Fiskars Group does not apply hedge accounting on foreign exchange derivatives as defined in IFRS 9. All gains and losses resulting from currency derivatives
are booked in the income statement. Had hedge accounting been applied on currency derivatives, Fiskars Group\u2019s consolidated profit before tax for 2025 would have been EUR 2.9 million higher (2024: 2.5 million lower).
Translation risk
Translation risk refers to the impact of changes in exchange rates on the consolidated income statement, consolidated statement of cash flows and consolidated balance sheet. These changes can also impact key indicators, such as net debt/LTM EBITDA (excl. IAC), equity ratio and gearing. Translation risk is not hedged.
Interest rate risk
Exposure of the values of cash flows, assets and liabilities to interest rate fluctuations gives rise to interest rate risk. In Fiskars Group it is measured by the average interest rate reset period of financial liabilities excluding lease liabilities. The average reset period reflects the time it takes on average for the change in interest rates to impact the interest costs of the debt portfolio. The risk is quantified in monetary terms as the change in interest costs during the observation period caused by a permanent one percentage point rise in interest rates. The shorter the average reset period, the more unpredictable are the interest costs.
Derivatives may be used in the management of interest rate risks, and hedge accounting is applied on interest derivatives. The objective is to maintain the average reset period within the limits of 6 to 48 months as set out in the Treasury policy. Interest
rate swaps can be treated as cash flow hedges or as fair value hedges. Cash flow hedges are entered into to offset exposure to variability in cash flows of floating rate debt. Fair value hedges mitigate the risk of exposure to changes in the fair value of the issued bond, on which a fixed yearly coupon is paid. As of December 31, 2025 the Group had interest rate swaps in the amount of EUR 110.0 million outstanding (2024: EUR 165.0 million). The Group\u2019s interest-bearing net debt excluding leasing liabilities as of December 31, 2025 was EUR 387.5 million (2024: 346.3). Of the debt 60% (2024: 46%) was linked to variable interest rates. The average interest rate reset period of the debt was 14 months (2024: 22 months).
Sensitivity of interest expenses on changes in market rates has been calculated by assuming permanent one percentage point increase in market rates and assuming no change in net debt during the year. The calculated impact on the consolidated result before tax would be EUR -2.0 million (2024: -1.3 million) in 2025.
Liquidity and refinancing risk
Liquidity risk refers to the risk of the Group\u2019s financial assets and sources of funding proving insufficient to fund its business operations or the risk of a situation where arranging such funding would result in substantial additional costs. The objective of liquidity risk management is to maintain an optimal amount of liquidity to fund the business operations of the Group at all times while minimizing interest costs. Liquidity is considered to be the sum of cash and cash equivalents and available committed credit lines. The amount of needed liquidity is regularly assessed.
Refinancing risk refers to exposure to unavailability or prohibitively expensive price of financing at the time of maturity of expiring financing lines. The objective of refinancing risk management is to minimize the risk by diversifying the sources and maturity structure of the funding portfolio.
Fiskars Group had EUR 300.0 million (2024:\u00a0250.0) of long-term committed credit facilities and uncommitted overdraft facilities of EUR 46.1 million (2024: 51.7). A commercial paper program of 400.0 million was available with Nordic banks. Of the long-term committed credit facilities EUR 0.0 million was in use (2024: 0.0). Of the uncommitted credit facilities EUR 0.0 million was in use (2024:1.0) and of the commercial paper program EUR 139.5 million (2024:\u00a075.2) was in use.
Commodity risk
Fiskars Group is exposed to fluctuations in the prices of certain commodities. The Group may use derivatives to hedge its exposure to this risk where appropriate. At the end of the year, the Group held outstanding commodity swaps in gold, silver and aluminium to hedge the purchase price of these commodities. The nominal value of these derivatives amounted to EUR 12.0 million (2024: 6.4). Hedge accounting is not applied on commodity derivatives.
Credit risk
Group Treasury is responsible for evaluating and monitoring financial counterparty risk. The Group minimizes this risk by limiting its counterparties to creditworthy banks and financial institutions and by working within defined counterparty limits. Sales
function is responsible for monitoring customer credit risks. The Group\u2019s clientele is extensive and even the largest customers represent less than 5% of the outstanding receivables. As of the end of the year, the Group\u2019s trade receivables totaled EUR 178.3 million (2024: 188.9). The financial statements include provisions for bad debt related to trade receivables totaling EUR 3.2 million (2024: 5.7).
Management of capital
Fiskars Group is not subject to any externally imposed capital requirements (other than possible local company law requirements effective in the jurisdictions where Fiskars Group companies are active).
The Group\u2019s objectives when managing capital are:
to safeguard the Group\u2019s capacity to fund its operations and take care of its obligations
to maintain a balanced business portfolio that provides return both on short and long term to its shareholders
to maintain possibilities to act on potential investment opportunities
to maintain an equity ratio that exceeds 40%
to maintain a net debt to last 12 months' EBITDA (excl. IAC) ratio of maximum 2.5
5.3\tFinancial assets
Accounting policies
Financial assets
Fiskars Group classifies its financial assets in the following categories: financial assets at fair value through profit or loss, financial assets at fair value through other comprehensive income, and financial assets at amortised cost. Financial assets are classified at initial recognition based on their purpose of use. For assets not at fair value through profit or loss, the directly attributable transaction costs are included in the original costs of the financial assets. All purchases or sales of financial assets are recognized or derecognized using trade date accounting. The Group derecognizes financial assets when it has lost its right to receive the cash flows or when it has transferred substantially all the risks and rewards to an external party. Fair value categories of financial instruments are explained in Note 5.4.
Financial assets at fair value through profit or loss and via other comprehensive income
Financial assets at fair value through profit or loss include financial assets that are held for trading or are designated as financial assets at fair value through profit or loss upon initial recognition (the fair value option). In Fiskars Group this category comprises investments in listed securities, and derivative instruments on which hedge accounting
is not applied, as well as interest rate swaps hedging fair value.
Financial assets at fair value through profit or loss are measured at fair value both at initial recognition and subsequently. The fair values of the listed securities are based on quoted rates at the end of the reporting period, and both realized and unrealized gains and losses are recognized in the income statement under financial items. The fair value measurement principles of derivative instruments are described in Note 5.6.
Financial assets at fair value through other comprehensive income include listed shares. These assets are measured at fair value at initial recognition and subsequently. Changes in fair value are recognized in other comprehensive income.
Financial assets at amortised cost
Financial assets at amortised cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are not held for trading or designated as available for sale upon initial recognition. This category comprises trade receivables and other receivables. It also includes deposits to guarantee leases and other similar items presented under Other non-current assets in the Consolidated Balance Sheet. Trade and other receivables are described in more detail in Note 4.2.
Loans and other receivables are measured at amortized cost. The allowance for expected credit losses is based on the risks of the individual items. Carrying amounts of receivables are adjusted to their probable value as a result of this assessment. Loans and receivables are included in current or non-current assets based on their term to maturity. Amounts expected to be recovered or settled in no more than 12 months after the end of the reporting period are included in current assets.
Cash and cash equivalents
The balance sheet item Cash and cash equivalents includes cash, i.e. cash in hand and deposits held at call with banks, and cash equivalents. Cash equivalents comprise highly liquid investments that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. The items included in cash equivalents have original maturities of maximum three months from the date of acquisition. Bank overdrafts are included in current interest-bearing financial liabilities. Cash and cash equivalents are measured at amortized cost.
Financial assets at fair value through profit or loss
Level 3 | ||
EUR million | 2025 | 2024 |
Book value, Jan 1 | 29.8 | 30.9 |
Decreases | -1.1 | -1.0 |
Change in fair value | -3.6 | -0.1 |
Book value, Dec 31 | 25.1 | 29.8 |
Investments at fair value through profit or loss comprise unlisted funds. The fair value of unlisted funds is based on the market value reported by the funds (level 3 - valuation is based on non-market observable inputs). Changes in the fair value are recognized in the income statement.
Other investments and other non-current assets
Level 3 | ||
EUR million | 2025 | 2024 |
Book value, Jan 1 | 17.3 | 14.5 |
Additions | 2.8 | |
Decreases | -3.0 | |
Book value, Dec 31 | 14.3 | 17.3 |
Other investments include listed and unlisted shares as well as non-current receivables. Listed shares are recognized at their fair value based on quotation at the end of the reporting period (level 1 - valuation is based on market prices). Unlisted shares and other investments are measured at fair value (level 3 - valuation is based on non-market observable inputs). Fair value of unlisted shares equals acquisition value.
Cash and cash equivalents
EUR million | 2025 | 2024 |
Cash and cash equivalents | 82.6 | 60.8 |
Total, Dec 31 | 82.6 | 60.8 |
5.4\tFinancial liabilities
Accounting policies
Financial liabilities and borrowing costs
Fiskars Group classifies its financial liabilities in the following categories: financial liabilities at fair value through profit or loss (includes derivative liabilities) and financial liabilities measured at amortized cost. A financial liability is initially recognized at fair value, and subsequently carried at amortized cost or, in the case of the issued sustainability linked bond, valued using the effective interest rate method. Fair value hedges in the amount of EUR 60 million have been entered into to hedge the fair value of the issued bond. To the extent the fair value of the bond is hedged, the carrying amount is adjusted by the change in fair value. Derivative liabilities are measured at fair value. Financial liabilities are classified as non-current or current. The latter group comprises all those financial liabilities for which the Group does not have an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period. The Group removes a financial liability (or a part of it) from its balance sheet only when it is extinguished, i.e. when the obligation specified in the contract is discharged or cancelled or expires.
Arrangement fees related to loans and loan commitments are amortized over the expected loan\u00a0term.
Non-current interest-bearing debt
2025 | 2024 | |||
EUR million | Fair value | Carrying amount | Fair value | Carrying amount |
Loans from credit institutions | 130.2 | 130.0 | 130.7 | 130.0 |
Issued bonds | 202.6 | 200.6 | 208.2 | 201.0 |
Total, Dec 31 | 332.8 | 330.6 | 338.9 | 331.0 |
Loans from credit institutions are valued at amortized cost. Issued bonds are valued using effective interest rate method. The fair values of loans from credit institutions have been calculated by discounting the cash flow of the debt by the market rate at the end of reporting period (fair value hierarchy level 2). The fair value of the bond is calculated based on the market quotations at the end of the reporting period (level 1).
The sustainability linked bond issued 16 November 2023 is unsecured and carries a yearly coupon of 5,125%. The coupon is subject to sustainability performance targets pertaining to Scope 1 and 2 GHG emissions reduction by 50% by year-end 2026 versus 2017, and to 60% of the suppliers by spend of the Group having science-based emission reduction targets by year-end 2024. The step-up margin equals 0,375% p.a. for the last interest period if the first target is not met, and 0,125% p.a. for the last three interest periods if the second target is not met. The principal amount of the bond equals EUR 200 million, and the maturity of the bond is 16 November 2028.
In 2025, Scope 1 and 2 greenhouse gas emissions (KPI 1) decreased by 16% compared to 2024 and decreased by 62% compared to the base year 2017.
Testing date in respect of KPI 1 is year-end 2026 and therefore there is no impact from the first target on the bond characteristics at the end of 2025. At the end of 2025, 72% of Fiskars Group\u2019s suppliers by spend covering purchased goods and services had set science-based targets (KPI 2). Fiskars Group has achieved the second KPI target and therefore confirms that there is no impact from the second target on the bond characteristics. Verification has been performed by an external and independent reviewer as part of this report. For more information on the KPIs and definitions, please refer to Fiskars Group\u2019s Sustainability-linked bond framework, which is available on the Fiskars Group's website.
Current interest-bearing debt
2025 | 2024 | |||
EUR million | Fair value | Carrying amount | Fair value | Carrying amount |
Bank overdrafts | 1.0 | 1.0 | ||
Loans from credit institutions | 139.5 | 139.5 | 75.2 | 75.2 |
Total, Dec 31 | 139.5 | 139.5 | 76.1 | 76.1 |
Reconciliation of net debt
EUR million | 2025 | 2024 |
Loans from credit institutions | 269.5 | 206.1 |
Issued bonds | 200.6 | 201.0 |
Lease liabilities | 125.9 | 147.6 |
Cash and cash equivalents | -82.6 | -60.8 |
Net debt | 513.4 | 493.9 |
Changes in liabilities arising from financing activities
2025
EUR million | Jan 1 | Lease changes | Cash flows | Fx difference | Other | Dec 31 |
Non-current loans and borrowings | 331.0 | -0.4 | 330.6 | |||
Non-current lease liabilities (Note 5.5) | 113.9 | -0.7 | 0.0 | -24.9 | 88.3 | |
Current loans and borrowings | 76.1 | 63.4 | 139.5 | |||
Current lease liabilities (Note 5.5) | 33.6 | 21.0 | -40.1 | -6.9 | 29.8 | 37.5 |
Total | 554.7 | 20.3 | 23.3 | -6.9 | 4.5 | 596.0 |
2024
EUR million | Jan 1 | Lease changes | Cash flows | Fx difference | Other | Dec 31 |
Non-current loans and borrowings | 330.7 | 0.3 | 331.0 | |||
Non-current lease liabilities (Note 5.5) | 117.4 | -0.1 | 0.0 | -3.4 | 113.9 | |
Current loans and borrowings | 92.5 | -16.3 | 76.1 | |||
Current lease liabilities (Note 5.5) | 33.3 | 29.8 | -41.1 | 3.2 | 8.5 | 33.6 |
Total | 573.9 | 29.7 | -57.4 | 3.2 | 5.4 | 554.7 |
Maturity of liabilities
As of December 31, 2025 the Group had unused committed credit facilities EUR 300.0 million (2024: 250.0) at its disposal to guarantee its liquidity. The average maturity of the credit limit agreements as of December 31, 2025 was 3 years (2024: 3). Maturities of long term loans are presented in the below table. Agreements concerning credit facilities and long term loans include a covenant for the solidity. The covenant is tested at the end of each quarter until the maturity of the credit facilities and term loans. Breach of covenant requires material deterioration of the solidity from the current, and the Group has no indication that it will have difficulty complying with this covenant. The issued bond does not include financial covenants, but the future coupon payments are linked to achievement of certain sustainability metrics.
2025
EUR million | 2026 | 2027 | 2028 | 2029 | 2030 | Later years | Total |
Issued bonds | 200.6 | 200.6 | |||||
interests | 10.3 | 10.3 | 9.0 | 29.5 | |||
Loans from credit institutions | 139.5 | 80.0 | 50.0 | 269.5 | |||
interests | 7.9 | 4.4 | 1.6 | 1.6 | 15.5 | ||
Lease liabilities (Note 5.5) | 34.0 | 23.0 | 18.6 | 11.9 | 9.8 | 19.6 | 116.9 |
interests | 3.4 | 2.3 | 1.4 | 0.9 | 0.6 | 0.6 | 9.1 |
Trade payables | 84.1 | 84.1 | |||||
Derivative liabilities | 2.4 | 2.4 | |||||
Total, Dec 31 | 281.5 | 119.9 | 231.2 | 64.4 | 10.3 | 20.2 | 727.5 |
2024
EUR million | 2025 | 2026 | 2027 | 2028 | 2029 | Later years | Total |
Issued bonds | 201.0 | 201.0 | |||||
interests | 10.3 | 10.3 | 10.3 | 9.0 | 39.8 | ||
Other debt | |||||||
Loans from credit institutions | 76.1 | 80.0 | 50.0 | 206.1 | |||
interests | 8.0 | 5.3 | 5.3 | 2.1 | 2.1 | 22.8 | |
Lease liabilities (Note 5.5) | 28.9 | 24.7 | 20.4 | 13.9 | 10.5 | 34.5 | 132.8 |
interests | 4.4 | 3.3 | 2.3 | 1.6 | 1.2 | 1.8 | 14.7 |
Trade payables | 88.4 | 88.4 | |||||
Derivative liabilities | 5.5 | 5.5 | |||||
Total, Dec 31 | 221.6 | 43.5 | 118.3 | 227.6 | 63.8 | 36.3 | 711.1 |
Sensitivity analysis of currency exposure
The exchange rate sensitivity analysis in accordance with IFRS 7 indicates how the profit before taxes or consolidated Group equity would be impacted by a 10% depreciation of a currency. The impact of a 10% appreciation of a currency would be approximately the opposite. The analysis of impact on profit includes internal and external foreign currency denominated financial items of the parent company in the selected currencies. Estimated commercial cash flows of the Group companies consist of net purchases and sales in foreign currencies during the subsequent year. Derivatives include transactions to hedge the estimated commercial flows. Other financial items include foreign currency denominated loans, deposits and investments. The sensitivity analysis on the consolidated Group equity illustrates translation risk related to the foreign currency denominated equity.
2025 | 2024 | |||||||
Impact on result before taxes | Impact on result before taxes | |||||||
EUR million | Estimated commercial cash flows | Derivatives | Other financial items | Impact on group equity | Estimated commercial cash flows | Derivatives | Other financial items | Impact on group equity |
AUD | -1.4 | 0.6 | 0.7 | -1.5 | -2.2 | 1.4 | 0.8 | -1.2 |
DKK | 1.2 | -1.2 | 0.0 | -17.8 | 3.3 | -3.4 | -0.7 | -17.3 |
GBP | -1.2 | 5.5 | -4.3 | -5.0 | -1.0 | 5.6 | -4.7 | -4.8 |
JPY | -1.4 | 1.8 | -0.4 | -2.3 | -2.2 | 3.4 | -1.2 | -2.6 |
NOK | -1.7 | 1.6 | 0.0 | -0.4 | -1.9 | 1.8 | 0.0 | -0.3 |
PLN | 1.3 | -1.6 | 0.3 | -2.4 | 1.1 | -1.5 | 0.4 | -1.1 |
SEK | -2.8 | 0.1 | 2.7 | -1.3 | -3.2 | 2.4 | 0.8 | -0.8 |
THB | 0.6 | -1.5 | 0.9 | -0.3 | 2.3 | -2.0 | -0.3 | -0.1 |
USD | 6.1 | 3.4 | -9.6 | -15.5 | 2.0 | 6.4 | -8.4 | -14.3 |
Average interest rates and sensitivity analysis of interest expenses
The sensitivity of interest expenses on changes in interest rates has been presented by simulating a permanent one percentage unit rise in interest rates at the end of the reporting year. The Group's net interest bearing debt excluding financial leases as of December 31, 2025 was EUR 387.5 million (2024: 346.3) and the average interest reset period of interest-bearing debt was 14 months (2024: 22). A permanent one percentage point rise in all interest rates would increase Group's annual interest costs by EUR 2.0 million (2024: 1.3) assuming no change in the amount of the net debt.
The table below shows the Group's net interest bearing debt excluding leasing liabilities, currency derivatives, average interest rates on loans and interest rate sensitivity by major currencies.
2025
EUR million | EUR | USD | GBP | JPY | DKK | SEK | Other | Total |
Loans and deposits | 446.1 | -19.8 | -3.9 | -1.8 | -12.9 | -3.7 | -16.4 | 387.5 |
Currency derivatives | -92.3 | 33.9 | 54.8 | 18.4 | -12.0 | 0.8 | -4.9 | -1.2 |
Net debt and currency derivatives | 353.9 | 14.1 | 50.9 | 16.6 | -24.9 | -3.0 | -21.3 | 386.3 |
Average interest rate on loans (p.a.) | 3.8% | |||||||
Interest rate sensitivity | 1.6 | 0.1 | 0.5 | 0.2 | -0.2 | 0.0 | -0.2 | 2.0 |
2024
EUR million | EUR | USD | GBP | JPY | DKK | SEK | Other | Total |
Loans and deposits | 398.5 | -18.3 | -2.2 | -12.0 | -2.3 | -3.0 | -14.5 | 346.3 |
Currency derivatives | -150.6 | 83.1 | 56.2 | -34.5 | 33.6 | 24.2 | -9.5 | 2.5 |
Net debt and currency derivatives | 247.9 | 64.8 | 54.0 | -46.4 | 31.3 | 21.3 | -24.0 | 348.8 |
Average interest rate on loans (p.a.) | 4.5% | |||||||
Interest rate sensitivity | 0.3 | 0.6 | 0.5 | -0.5 | 0.3 | 0.2 | -0.2 | 1.3 |
Fair value of financial instruments
Accounting policies
Fair value categories
Hierarchy level 1 includes financial assets and liabilities that are publicly quoted in an active market. This category includes listed financial instruments. Level 2 includes financial assets and liabilities measured using directly observable market inputs. Other than publicly quoted interest-bearing debts and derivatives fall within this category. Level 3 includes financial assets and liabilities measured using non-market observable inputs. The asset classes in this category are unlisted equity investments and funds.
2025
EUR million | Level 1 | Level 2 | Level 3 | Total |
Investments at fair value through profit or loss | 25.1 | 25.1 | ||
Other investments | 3.5 | 3.5 | ||
Derivative assets | 7.9 | 7.9 | ||
Total assets | 7.9 | 28.6 | 36.5 | |
Derivative liabilities | 2.4 | 2.4 | ||
Interest-bearing liabilities | 202.6 | 202.6 | ||
Total liabilities | 202.6 | 2.4 | 205.0 |
2024
EUR million | Level 1 | Level 2 | Level 3 | Total |
Investments at fair value through profit or loss | 29.8 | 29.8 | ||
Other investments | 3.5 | 3.5 | ||
3.8 | 3.8 | |||
Total assets | 3.8 | 33.3 | 37.0 | |
Derivative liabilities | 5.5 | 5.5 | ||
Interest-bearing liabilities | 208.2 | 208.2 | ||
Total liabilities | 208.2 | 5.5 | 213.7 |
5.6\tDerivatives
Accounting policies
Derivatives and hedge accounting
Derivatives not designated as hedging instruments are recognized at fair value through profit and loss. The Group does not apply hedge accounting on foreign exchange derivatives. Foreign exchange derivatives are initially valued at cost and subsequently at fair value determined at the end of each reporting period. The fair value of derivatives is based on prevailing market rates or rates derived from the prevailing market rates at the end of the reporting period (fair value hierarchy level 2). Fair value changes are recognized in financial items in profit and loss.
Fiskars Group applies hedge accounting to interest rate swaps (cash flow hedges and fair value hedges). Derivatives on which hedge accounting is applied are initially valued at cost and subsequently at fair value at the end of each reporting period. To the extent the cashflow hedges are effective, the fair value change including deferred tax is recognized in equity through other comprehensive income. Any ineffectiveness is recognised in financial items in profit and loss. Fair value changes of fair value hedges are recognized in financial items in profit and loss. The fair value is based on prevailing market rates or rates derived from the prevailing market rates at the end of the reporting period (fair value hierarchy level 2).
Hedge accounting is not applied on commodity derivatives. Fair value changes are recognized in financial items.
Nominal amounts of derivatives
EUR million | 2025 | 2024 |
Derivatives, hedge accounting not applied: | ||
Foreign exchange forwards and swaps | 393.8 | 338.3 |
Commodity derivatives | 12.0 | 6.4 |
Cross currency swaps | 18.6 | 18.6 |
Derivatives, hedge accounting applied: | ||
Interest rate swaps | 110.0 | 165.0 |
Fair value of derivatives
EUR million | 2025 | 2024 |
Derivatives, hedge accounting not applied: | ||
Foreign exchange forwards and swaps | 0.3 | -1.4 |
Commodity derivatives | 3.2 | -0.1 |
Cross currency swaps | 1.3 | -0.9 |
Derivatives, hedge accounting applied: | ||
Interest rate swaps | 0.8 | 0.7 |
Derivative agreements the Group enters into are governed by International Swaps and Derivatives Association's Master Agreements (ISDA) or by corresponding local agreements. In case of a credit event as defined by the ISDA the other agreement party may demand early termination and set-off. Gross amounts of derivative assets and liabilities subject to early termination and set-off are presented in the following table.
EUR million | 2025 | 2024 |
Derivatives, hedge accounting not applied: | ||
Foreign exchange forwards and swaps | ||
Assets | 1.8 | 1.4 |
Liabilities | -1.5 | -2.8 |
Net | 0.3 | -1.4 |
Commodity derivatives | ||
Assets | 3.2 | 0.1 |
Liabilities | 0.0 | -0.2 |
Net | 3.2 | -0.1 |
Cross currency swaps | ||
Assets | 1.7 | 0.3 |
Liabilities | -0.4 | -1.2 |
Net | 1.3 | -0.9 |
Derivatives, hedge accounting applied: | ||
Interest rate swaps | ||
Assets | 1.3 | 2.0 |
Liabilities | -0.5 | -1.3 |
Net | 0.8 | 0.7 |
Maturity of derivatives
2025
EUR million | 2026 | 2027 | Later years | Total |
Foreign exchange forwards and swaps | 393.8 | 393.8 | ||
Interest rate swaps | 25.0 | 25.0 | 60.0 | 110.0 |
Commodity derivatives | 12.0 | 12.0 | ||
Cross currency swaps | 18.6 | 18.6 | ||
Total, Dec 31 | 430.8 | 25.0 | 78.6 | 534.3 |
2024
EUR million | 2025 | 2026 | Later years | Total |
Foreign exchange forwards and swaps | 338.3 | 338.3 | ||
Interest rate swaps | 55.0 | 25.0 | 85.0 | 165.0 |
Commodity derivatives | 6.4 | 6.4 | ||
Cross currency swaps | 18.6 | 18.6 | ||
Total, Dec 31 | 399.7 | 25.0 | 103.6 | 528.3 |
Accounting policies
Trade receivables are measured at amortized cost. According to the simplified impairment model, an allowance amounting to lifetime expected credit losses is recognized at first reporting date. To measure the lifetime expected credit losses, trade receivables have been grouped based on aging categories. An allowance for doubtful receivables is measured based on historical loss rates adjusted by forward looking estimates and individual assessment. The inputs used in the model are updated on a regular basis. Impairment is recognized as an expense in Other operating expenses. If an amount previously recognized to Consolidated Income Statement is subsequently settled, it is recognized as a reduction to Other operating expenses.
Accounting policies
Financial assets
Fiskars Group classifies its financial assets in the following categories: financial assets at fair value through profit or loss, financial assets at fair value through other comprehensive income, and financial assets at amortised cost. Financial assets are classified at initial recognition based on their purpose of use. For assets not at fair value through profit or loss, the directly attributable transaction costs are included in the original costs of the financial assets. All purchases or sales of financial assets are recognized or derecognized using trade date accounting. The Group derecognizes financial assets when it has lost its right to receive the cash flows or when it has transferred substantially all the risks and rewards to an external party. Fair value categories of financial instruments are explained in Note 5.4.
Financial assets at fair value through profit or loss and via other comprehensive income
Financial assets at fair value through profit or loss include financial assets that are held for trading or are designated as financial assets at fair value through profit or loss upon initial recognition (the fair value option). In Fiskars Group this category comprises investments in listed securities, and derivative instruments on which hedge accounting
is not applied, as well as interest rate swaps hedging fair value.
Financial assets at fair value through profit or loss are measured at fair value both at initial recognition and subsequently. The fair values of the listed securities are based on quoted rates at the end of the reporting period, and both realized and unrealized gains and losses are recognized in the income statement under financial items. The fair value measurement principles of derivative instruments are described in Note 5.6.
Financial assets at fair value through other comprehensive income include listed shares. These assets are measured at fair value at initial recognition and subsequently. Changes in fair value are recognized in other comprehensive income.
Financial assets at amortised cost
Financial assets at amortised cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are not held for trading or designated as available for sale upon initial recognition. This category comprises trade receivables and other receivables. It also includes deposits to guarantee leases and other similar items presented under Other non-current assets in the Consolidated Balance Sheet. Trade and other receivables are described in more detail in Note 4.2.
Loans and other receivables are measured at amortized cost. The allowance for expected credit losses is based on the risks of the individual items. Carrying amounts of receivables are adjusted to their probable value as a result of this assessment. Loans and receivables are included in current or non-current assets based on their term to maturity. Amounts expected to be recovered or settled in no more than 12 months after the end of the reporting period are included in current assets.
Cash and cash equivalents
The balance sheet item Cash and cash equivalents includes cash, i.e. cash in hand and deposits held at call with banks, and cash equivalents. Cash equivalents comprise highly liquid investments that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. The items included in cash equivalents have original maturities of maximum three months from the date of acquisition. Bank overdrafts are included in current interest-bearing financial liabilities. Cash and cash equivalents are measured at amortized cost.
Accounting policies
Financial liabilities and borrowing costs
Fiskars Group classifies its financial liabilities in the following categories: financial liabilities at fair value through profit or loss (includes derivative liabilities) and financial liabilities measured at amortized cost. A financial liability is initially recognized at fair value, and subsequently carried at amortized cost or, in the case of the issued sustainability linked bond, valued using the effective interest rate method. Fair value hedges in the amount of EUR 60 million have been entered into to hedge the fair value of the issued bond. To the extent the fair value of the bond is hedged, the carrying amount is adjusted by the change in fair value. Derivative liabilities are measured at fair value. Financial liabilities are classified as non-current or current. The latter group comprises all those financial liabilities for which the Group does not have an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period. The Group removes a financial liability (or a part of it) from its balance sheet only when it is extinguished, i.e. when the obligation specified in the contract is discharged or cancelled or expires.
Arrangement fees related to loans and loan commitments are amortized over the expected loan\u00a0term.
Accounting policies
Fair value categories
Hierarchy level 1 includes financial assets and liabilities that are publicly quoted in an active market. This category includes listed financial instruments. Level 2 includes financial assets and liabilities measured using directly observable market inputs. Other than publicly quoted interest-bearing debts and derivatives fall within this category. Level 3 includes financial assets and liabilities measured using non-market observable inputs. The asset classes in this category are unlisted equity investments and funds.
Accounting policies
Derivatives and hedge accounting
Derivatives not designated as hedging instruments are recognized at fair value through profit and loss. The Group does not apply hedge accounting on foreign exchange derivatives. Foreign exchange derivatives are initially valued at cost and subsequently at fair value determined at the end of each reporting period. The fair value of derivatives is based on prevailing market rates or rates derived from the prevailing market rates at the end of the reporting period (fair value hierarchy level 2). Fair value changes are recognized in financial items ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__108": { "value": "Accounting policies
Trade receivables are measured at amortized cost. According to the simplified impairment model, an allowance amounting to lifetime expected credit losses is recognized at first reporting date. To measure the lifetime expected credit losses, trade receivables have been grouped based on aging categories. An allowance for doubtful receivables is measured based on historical loss rates adjusted by forward looking estimates and individual assessment. The inputs used in the model are updated on a regular basis. Impairment is recognized as an expense in Other operating expenses. If an amount previously recognized to Consolidated Income Statement is subsequently settled, it is recognized as a reduction to Other operating expenses.
Accounting policies
Trade receivables are measured at amortized cost. According to the simplified impairment model, an allowance amounting to lifetime expected credit losses is recognized at first reporting date. To measure the lifetime expected credit losses, trade receivables have been grouped based on aging categories. An allowance for doubtful receivables is measured based on historical loss rates adjusted by forward looking estimates and individual assessment. The inputs used in the model are updated on a regular basis. Impairment is recognized as an expense in Other operating expenses. If an amount previously recognized to Consolidated Income Statement is subsequently settled, it is recognized as a reduction to Other operating expenses.
EUR million | 2025 | 2024 |
Trade receivables | 178.3 | 188.9 |
Derivatives | 7.7 | 5.8 |
Other receivables | 19.8 | 20.2 |
Deferred income and prepaid expenses | 25.2 | 27.4 |
Total, Dec 31 | 231.0 | 242.2 |
EUR million | 2025 | 2024 |
Trade receivables | 178.3 | 188.9 |
Derivatives | 7.7 | 5.8 |
Other receivables | 19.8 | 20.2 |
Deferred income and prepaid expenses | 25.2 | 27.4 |
Total, Dec 31 | 231.0 | 242.2 |
EUR million | 2025 | 2024 |
Trade receivables | 178.3 | 188.9 |
Derivatives | 7.7 | 5.8 |
Other receivables | 19.8 | 20.2 |
Deferred income and prepaid expenses | 25.2 | 27.4 |
Total, Dec 31 | 231.0 | 242.2 |
Allowance for expected credit losses
EUR million | 2025 | 2024 |
Allowance for expected credit losses, Jan 1 | -5.7 | -3.8 |
Translation differences | 0.3 | 0.0 |
Additions | -2.7 | -4.3 |
Deductions | 4.2 | 2.0 |
Recognised impairment losses | 0.6 | 0.4 |
Recovery of doubtful receivables | 0.2 | 0.0 |
Allowance for expected credit losses, Dec 31 | -3.2 | -5.7 |
4.3\tTrade and other payables
EUR million | 2025 | 2024 |
Trade payables | 84.1 | 88.4 |
Other non-interest-bearing payables | 50.5 | 67.3 |
Accrued expenses and deferred income | ||
Interests | 4.5 | 4.8 |
Wages, salaries and social costs | 41.3 | 33.2 |
Contract liabilities | 29.5 | 49.8 |
Other | 53.6 | 41.3 |
Total, Dec 31 | 263.4 | 284.8 |
Contract liabilities include for example accrued discounts, rebates, customer program credits and other revenue related adjustments. Other accrued expenses include accrued materials and supplies, amongst other.
Supplier Financing Arrangements
Fiskars Group has a supplier financing arrangement (SFA) in place with a partner bank. Under the arrangement, the suppliers participating in the program may receive early payment of their invoices from the bank, who agrees to pay amounts due to the suppliers in respect of invoices owed by Fiskars Group. Fiskars Group subsequently repays the bank on the original invoice date. The principal purpose of this arrangement is to improve the working capital management for Fiskars Group and provide suppliers with an option to enhance their liquidity through early payment. Fiskars Group includes the amounts subject to the arrangement within trade payables as the nature and function of these payables remains the same as those of other trade payables.
EUR million | 2025 | 2024 |
Trade payables part of SFA agreement | 5.3 | 7.6 |
of which suppliers have received payment from finance providers | 5.3 | 7.6 |
Range of payment terms (days) | 30\u2013180 | 30\u2013180 |
The supplier financing arrangement allows Fiskars Group to centralise payments of trade payables to the bank rather than paying the current suppliers individually. From Fiskars Group perspective, the arrangement does not significantly extend payment terms beyond the normal terms agreed with other suppliers that are not participating. However, due to the arrangement, cash outflows are more predictable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__116": { "value": "4.3\tTrade and other payables
EUR million | 2025 | 2024 |
Trade payables | 84.1 | 88.4 |
Other non-interest-bearing payables | 50.5 | 67.3 |
Accrued expenses and deferred income | ||
Interests | 4.5 | 4.8 |
Wages, salaries and social costs | 41.3 | 33.2 |
Contract liabilities | 29.5 | 49.8 |
Other | 53.6 | 41.3 |
Total, Dec 31 | 263.4 | 284.8 |
Contract liabilities include for example accrued discounts, rebates, customer program credits and other revenue related adjustments. Other accrued expenses include accrued materials and supplies, amongst other.
Supplier Financing Arrangements
Fiskars Group has a supplier financing arrangement (SFA) in place with a partner bank. Under the arrangement, the suppliers participating in the program may receive early payment of their invoices from the bank, who agrees to pay amounts due to the suppliers in respect of invoices owed by Fiskars Group. Fiskars Group subsequently repays the bank on the original invoice date. The principal purpose of this arrangement is to improve the working capital management for Fiskars Group and provide suppliers with an option to enhance their liquidity through early payment. Fiskars Group includes the amounts subject to the arrangement within trade payables as the nature and function of these payables remains the same as those of other trade payables.
EUR million | 2025 | 2024 |
Trade payables part of SFA agreement | 5.3 | 7.6 |
of which suppliers have received payment from finance providers | 5.3 | 7.6 |
Range of payment terms (days) | 30\u2013180 | 30\u2013180 |
The supplier financing arrangement allows Fiskars Group to centralise payments of trade payables to the bank rather than paying the current suppliers individually. From Fiskars Group perspective, the arrangement does not significantly extend payment terms beyond the normal terms agreed with other suppliers that are not participating. However, due to the arrangement, cash outflows are more predictable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__117": { "value": "4.3\tTrade and other payables
EUR million | 2025 | 2024 |
Trade payables | 84.1 | 88.4 |
Other non-interest-bearing payables | 50.5 | 67.3 |
Accrued expenses and deferred income | ||
Interests | 4.5 | 4.8 |
Wages, salaries and social costs | 41.3 | 33.2 |
Contract liabilities | 29.5 | 49.8 |
Other | 53.6 | 41.3 |
Total, Dec 31 | 263.4 | 284.8 |
Contract liabilities include for example accrued discounts, rebates, customer program credits and other revenue related adjustments. Other accrued expenses include accrued materials and supplies, amongst other.
Supplier Financing Arrangements
Fiskars Group has a supplier financing arrangement (SFA) in place with a partner bank. Under the arrangement, the suppliers participating in the program may receive early payment of their invoices from the bank, who agrees to pay amounts due to the suppliers in respect of invoices owed by Fiskars Group. Fiskars Group subsequently repays the bank on the original invoice date. The principal purpose of this arrangement is to improve the working capital management for Fiskars Group and provide suppliers with an option to enhance their liquidity through early payment. Fiskars Group includes the amounts subject to the arrangement within trade payables as the nature and function of these payables remains the same as those of other trade payables.
EUR million | 2025 | 2024 |
Trade payables part of SFA agreement | 5.3 | 7.6 |
of which suppliers have received payment from finance providers | 5.3 | 7.6 |
Range of payment terms (days) | 30\u2013180 | 30\u2013180 |
The supplier financing arrangement allows Fiskars Group to centralise payments of trade payables to the bank rather than paying the current suppliers individually. From Fiskars Group perspective, the arrangement does not significantly extend payment terms beyond the normal terms agreed with other suppliers that are not participating. However, due to the arrangement, cash outflows are more predictable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__118": { "value": "4.3\tTrade and other payables
EUR million | 2025 | 2024 |
Trade payables | 84.1 | 88.4 |
Other non-interest-bearing payables | 50.5 | 67.3 |
Accrued expenses and deferred income | ||
Interests | 4.5 | 4.8 |
Wages, salaries and social costs | 41.3 | 33.2 |
Contract liabilities | 29.5 | 49.8 |
Other | 53.6 | 41.3 |
Total, Dec 31 | 263.4 | 284.8 |
Contract liabilities include for example accrued discounts, rebates, customer program credits and other revenue related adjustments. Other accrued expenses include accrued materials and supplies, amongst other.
Supplier Financing Arrangements
Fiskars Group has a supplier financing arrangement (SFA) in place with a partner bank. Under the arrangement, the suppliers participating in the program may receive early payment of their invoices from the bank, who agrees to pay amounts due to the suppliers in respect of invoices owed by Fiskars Group. Fiskars Group subsequently repays the bank on the original invoice date. The principal purpose of this arrangement is to improve the working capital management for Fiskars Group and provide suppliers with an option to enhance their liquidity through early payment. Fiskars Group includes the amounts subject to the arrangement within trade payables as the nature and function of these payables remains the same as those of other trade payables.
EUR million | 2025 | 2024 |
Trade payables part of SFA agreement | 5.3 | 7.6 |
of which suppliers have received payment from finance providers | 5.3 | 7.6 |
Range of payment terms (days) | 30\u2013180 | 30\u2013180 |
The supplier financing arrangement allows Fiskars Group to centralise payments of trade payables to the bank rather than paying the current suppliers individually. From Fiskars Group perspective, the arrangement does not significantly extend payment terms beyond the normal terms agreed with other suppliers that are not participating. However, due to the arrangement, cash outflows are more predictable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__119": { "value": "4.3\tTrade and other payables
EUR million | 2025 | 2024 |
Trade payables | 84.1 | 88.4 |
Other non-interest-bearing payables | 50.5 | 67.3 |
Accrued expenses and deferred income | ||
Interests | 4.5 | 4.8 |
Wages, salaries and social costs | 41.3 | 33.2 |
Contract liabilities | 29.5 | 49.8 |
Other | 53.6 | 41.3 |
Total, Dec 31 | 263.4 | 284.8 |
Contract liabilities include for example accrued discounts, rebates, customer program credits and other revenue related adjustments. Other accrued expenses include accrued materials and supplies, amongst other.
Supplier Financing Arrangements
Fiskars Group has a supplier financing arrangement (SFA) in place with a partner bank. Under the arrangement, the suppliers participating in the program may receive early payment of their invoices from the bank, who agrees to pay amounts due to the suppliers in respect of invoices owed by Fiskars Group. Fiskars Group subsequently repays the bank on the original invoice date. The principal purpose of this arrangement is to improve the working capital management for Fiskars Group and provide suppliers with an option to enhance their liquidity through early payment. Fiskars Group includes the amounts subject to the arrangement within trade payables as the nature and function of these payables remains the same as those of other trade payables.
EUR million | 2025 | 2024 |
Trade payables part of SFA agreement | 5.3 | 7.6 |
of which suppliers have received payment from finance providers | 5.3 | 7.6 |
Range of payment terms (days) | 30\u2013180 | 30\u2013180 |
The supplier financing arrangement allows Fiskars Group to centralise payments of trade payables to the bank rather than paying the current suppliers individually. From Fiskars Group perspective, the arrangement does not significantly extend payment terms beyond the normal terms agreed with other suppliers that are not participating. However, due to the arrangement, cash outflows are more predictable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__122": { "value": "Accounting policies
Group companies have various pension plans in accordance with local conditions and practices in the countries in which they operate. The plans are classified as either defined contribution plans or defined benefit plans. Under a defined contribution plan the group pays fixed contributions into a separate entity. If the entity does not hold sufficient assets to pay all employees the benefits in question, the Group will have no legal or constructive obligation to pay further contributions. All other plans not meeting the above criteria are classified as defined benefit plans. Most of the plans that group companies have are classified as defined contribution plans and related contributions are charged to the income statement in the year in which the payment obligation has arisen.
The costs for defined benefit pension plans are calculated and recognized under the terms of the plan based on actuarial calculations. Pension costs are recognized as expenses over the employees\u2019 service period. The pension obligation is measured as the present value of the estimated future contributions deducted by the fair value of plan assets at the end of the reporting period. Changes in the estimates in the actuarial calculations may influence the reported pension obligations and pension costs. Actuarial gains and losses are recognized in other comprehensive income (OCI).
4.5\tProvisions
Accounting policies
A provision is recognized when the Group as a result of a past event has a present legal or constructive obligation, it is probable that the obligation will be realized and a reliable estimate can be made of the amount of the obligation. A provision for restructuring is recognized when a detailed formal plan has been prepared and when there is a valid expectation relating those affected that the plan will be carried out. The amount recognized as a provision is the best estimate of the expenditure required to settle the present obligation at the end of the reporting period. If it is possible to receive compensation for a part of the obligation from a third party, the compensation is recognized as a separate asset, but only when receipt of the compensation is virtually certain.
Fiskars Group may be a party to lawsuits and legal processes concerning the Group\u2019s business operations. A related provision is recognized in the financial statements when the amount of the expenditure can be estimated reliably and it is more likely than not that they will be realized. Otherwise these contingent liabilities are disclosed in the notes.
Warranty provisions relate to products sold and are reviewed and adjusted regularly to reflect the estimated cash outflows to settle the warranty claims. Other provisions include, among others, provisions for legal expenses and estimated costs for refurnishment of premises.
2025
EUR million | Warranty provisions | Restructuring provisions | Other provisions | Total |
Provisions, Jan 1 | 2.0 | 1.6 | 3.4 | 7.0 |
Translation differences | -0.1 | -0.1 | 0.0 | -0.2 |
Additions | 0.0 | 0.2 | 0.0 | 0.2 |
Used provisions | 0.0 | -1.6 | -0.4 | -2.0 |
Reversals | -0.1 | -0.1 | -0.2 | |
Provisions, Dec 31 | 1.8 | 0.2 | 3.0 | 4.9 |
2024
EUR million | Warranty provisions | Restructuring provisions | Other provisions | Total |
Provisions, Jan 1 | 2.7 | 3.6 | 2.8 | 9.0 |
Translation differences | 0.1 | 0.0 | 0.0 | 0.1 |
Additions | 0.2 | 0.5 | 1.1 | 1.8 |
Used provisions | -0.2 | -2.0 | -0.4 | -2.5 |
Reversals | -0.8 | -0.5 | -0.2 | -1.4 |
Provisions, Dec 31 | 2.0 | 1.6 | 3.4 | 7.0 |
Accounting policies
A provision is recognized when the Group as a result of a past event has a present legal or constructive obligation, it is probable that the obligation will be realized and a reliable estimate can be made of the amount of the obligation. A provision for restructuring is recognized when a detailed formal plan has been prepared and when there is a valid expectation relating those affected that the plan will be carried out. The amount recognized as a provision is the best estimate of the expenditure required to settle the present obligation at the end of the reporting period. If it is possible to receive compensation for a part of the obligation from a third party, the compensation is recognized as a separate asset, but only when receipt of the compensation is virtually certain.
Fiskars Group may be a party to lawsuits and legal processes concerning the Group\u2019s business operations. A related provision is recognized in the financial statements when the amount of the expenditure can be estimated reliably and it is more likely than not that they will be realized. Otherwise these contingent liabilities are disclosed in the notes.
5.1\tShare capital
2025 pcs 1,000 | 2024 pcs 1,000 | 2025 EUR million | 2024 EUR million | |
Share capital | ||||
Jan 1 | 81,000.0 | 81,000.0 | 77.5 | 77.5 |
Share capital, Dec 31 | 81,000.0 | 81,000.0 | 77.5 | 77.5 |
Treasury shares | ||||
Jan 1 | 141.9 | 202.9 | 2.1 | 3.0 |
Change | 235.9 | -61.0 | 3.4 | -0.9 |
Treasury shares, Dec 31 | 377.9 | 141.9 | 5.4 | 2.1 |
Number of shares and votes
Dec 31, 2025 | Dec 31, 2024 | |||||
Number of shares | Number of votes | Share capital EUR | Number of shares | Number of votes | Share capital EUR | |
Shares (1 vote/share) | 81,000,000 | 81,000,000 | 77,510,200 | 81,000,000 | 81,000,000 | 77,510,200 |
Total | 81,000,000 | 81,000,000 | 77,510,200 | 81,000,000 | 81,000,000 | 77,510,200 |
5.1\tShare capital
2025 pcs 1,000 | 2024 pcs 1,000 | 2025 EUR million | 2024 EUR million | |
Share capital | ||||
Jan 1 | 81,000.0 | 81,000.0 | 77.5 | 77.5 |
Share capital, Dec 31 | 81,000.0 | 81,000.0 | 77.5 | 77.5 |
Treasury shares | ||||
Jan 1 | 141.9 | 202.9 | 2.1 | 3.0 |
Change | 235.9 | -61.0 | 3.4 | -0.9 |
Treasury shares, Dec 31 | 377.9 | 141.9 | 5.4 | 2.1 |
Number of shares and votes
Dec 31, 2025 | Dec 31, 2024 | |||||
Number of shares | Number of votes | Share capital EUR | Number of shares | Number of votes | Share capital EUR | |
Shares (1 vote/share) | 81,000,000 | 81,000,000 | 77,510,200 | 81,000,000 | 81,000,000 | 77,510,200 |
Total | 81,000,000 | 81,000,000 | 77,510,200 | 81,000,000 | 81,000,000 | 77,510,200 |
5.1\tShare capital
2025 pcs 1,000 | 2024 pcs 1,000 | 2025 EUR million | 2024 EUR million | |
Share capital | ||||
Jan 1 | 81,000.0 | 81,000.0 | 77.5 | 77.5 |
Share capital, Dec 31 | 81,000.0 | 81,000.0 | 77.5 | 77.5 |
Treasury shares | ||||
Jan 1 | 141.9 | 202.9 | 2.1 | 3.0 |
Change | 235.9 | -61.0 | 3.4 | -0.9 |
Treasury shares, Dec 31 | 377.9 | 141.9 | 5.4 | 2.1 |
Number of shares and votes
Dec 31, 2025 | Dec 31, 2024 | |||||
Number of shares | Number of votes | Share capital EUR | Number of shares | Number of votes | Share capital EUR | |
Shares (1 vote/share) | 81,000,000 | 81,000,000 | 77,510,200 | 81,000,000 | 81,000,000 | 77,510,200 |
Total | 81,000,000 | 81,000,000 | 77,510,200 | 81,000,000 | 81,000,000 | 77,510,200 |
5.2\tFinancial risk management
Financial risks are managed centrally by the Group Treasury in accordance with the Treasury Policy approved by the Board of Directors.
Currency risk
Currency risk refers to changes in income statement, cash flow, balance sheet and competitiveness of Fiskars Group due to changes in exchange rates. Fiskars Group's transaction and translation positions are managed separately.
Transaction risk
Transaction risk arises from foreign currency denominated cash flows, and is measured as net of commercial and financial receivables and payables denominated in foreign currencies. The objective of managing the transaction risk is to reduce the impact of changes in exchange rates on the profit and cash flow of the Group. Group companies are responsible for managing the currency risks associated with their commercial cash flows and to hedge their exposure using currency forwards entered into with the Group Treasury. The net position is hedged with currency derivatives in accordance with the Treasury policy approved by the Board of Directors.
The most significant risks relate to appreciation of USD, PLN and DKK, and to depreciation of SEK, NOK and JPY. Fiskars Group is exposed to rate changes in the local currencies of its suppliers.
Fiskars Group does not apply hedge accounting on foreign exchange derivatives as defined in IFRS 9. All gains and losses resulting from currency derivatives
are booked in the income statement. Had hedge accounting been applied on currency derivatives, Fiskars Group\u2019s consolidated profit before tax for 2025 would have been EUR 2.9 million higher (2024: 2.5 million lower).
Translation risk
Translation risk refers to the impact of changes in exchange rates on the consolidated income statement, consolidated statement of cash flows and consolidated balance sheet. These changes can also impact key indicators, such as net debt/LTM EBITDA (excl. IAC), equity ratio and gearing. Translation risk is not hedged.
Interest rate risk
Exposure of the values of cash flows, assets and liabilities to interest rate fluctuations gives rise to interest rate risk. In Fiskars Group it is measured by the average interest rate reset period of financial liabilities excluding lease liabilities. The average reset period reflects the time it takes on average for the change in interest rates to impact the interest costs of the debt portfolio. The risk is quantified in monetary terms as the change in interest costs during the observation period caused by a permanent one percentage point rise in interest rates. The shorter the average reset period, the more unpredictable are the interest costs.
Derivatives may be used in the management of interest rate risks, and hedge accounting is applied on interest derivatives. The objective is to maintain the average reset period within the limits of 6 to 48 months as set out in the Treasury policy. Interest
rate swaps can be treated as cash flow hedges or as fair value hedges. Cash flow hedges are entered into to offset exposure to variability in cash flows of floating rate debt. Fair value hedges mitigate the risk of exposure to changes in the fair value of the issued bond, on which a fixed yearly coupon is paid. As of December 31, 2025 the Group had interest rate swaps in the amount of EUR 110.0 million outstanding (2024: EUR 165.0 million). The Group\u2019s interest-bearing net debt excluding leasing liabilities as of December 31, 2025 was EUR 387.5 million (2024: 346.3). Of the debt 60% (2024: 46%) was linked to variable interest rates. The average interest rate reset period of the debt was 14 months (2024: 22 months).
Sensitivity of interest expenses on changes in market rates has been calculated by assuming permanent one percentage point increase in market rates and assuming no change in net debt during the year. The calculated impact on the consolidated result before tax would be EUR -2.0 million (2024: -1.3 million) in 2025.
Liquidity and refinancing risk
Liquidity risk refers to the risk of the Group\u2019s financial assets and sources of funding proving insufficient to fund its business operations or the risk of a situation where arranging such funding would result in substantial additional costs. The objective of liquidity risk management is to maintain an optimal amount of liquidity to fund the business operations of the Group at all times while minimizing interest costs. Liquidity is considered to be the sum of cash and cash equivalents and available committed credit lines. The amount of needed liquidity is regularly assessed.
Refinancing risk refers to exposure to unavailability or prohibitively expensive price of financing at the time of maturity of expiring financing lines. The objective of refinancing risk management is to minimize the risk by diversifying the sources and maturity structure of the funding portfolio.
Fiskars Group had EUR 300.0 million (2024:\u00a0250.0) of long-term committed credit facilities and uncommitted overdraft facilities of EUR 46.1 million (2024: 51.7). A commercial paper program of 400.0 million was available with Nordic banks. Of the long-term committed credit facilities EUR 0.0 million was in use (2024: 0.0). Of the uncommitted credit facilities EUR 0.0 million was in use (2024:1.0) and of the commercial paper program EUR 139.5 million (2024:\u00a075.2) was in use.
Commodity risk
Fiskars Group is exposed to fluctuations in the prices of certain commodities. The Group may use derivatives to hedge its exposure to this risk where appropriate. At the end of the year, the Group held outstanding commodity swaps in gold, silver and aluminium to hedge the purchase price of these commodities. The nominal value of these derivatives amounted to EUR 12.0 million (2024: 6.4). Hedge accounting is not applied on commodity derivatives.
Credit risk
Group Treasury is responsible for evaluating and monitoring financial counterparty risk. The Group minimizes this risk by limiting its counterparties to creditworthy banks and financial institutions and by working within defined counterparty limits. Sales
function is responsible for monitoring customer credit risks. The Group\u2019s clientele is extensive and even the largest customers represent less than 5% of the outstanding receivables. As of the end of the year, the Group\u2019s trade receivables totaled EUR 178.3 million (2024: 188.9). The financial statements include provisions for bad debt related to trade receivables totaling EUR 3.2 million (2024: 5.7).
Management of capital
Fiskars Group is not subject to any externally imposed capital requirements (other than possible local company law requirements effective in the jurisdictions where Fiskars Group companies are active).
The Group\u2019s objectives when managing capital are:
to safeguard the Group\u2019s capacity to fund its operations and take care of its obligations
to maintain a balanced business portfolio that provides return both on short and long term to its shareholders
to maintain possibilities to act on potential investment opportunities
to maintain an equity ratio that exceeds 40%
to maintain a net debt to last 12 months' EBITDA (excl. IAC) ratio of maximum 2.5
5.2\tFinancial risk management
Financial risks are managed centrally by the Group Treasury in accordance with the Treasury Policy approved by the Board of Directors.
Currency risk
Currency risk refers to changes in income statement, cash flow, balance sheet and competitiveness of Fiskars Group due to changes in exchange rates. Fiskars Group's transaction and translation positions are managed separately.
Transaction risk
Transaction risk arises from foreign currency denominated cash flows, and is measured as net of commercial and financial receivables and payables denominated in foreign currencies. The objective of managing the transaction risk is to reduce the impact of changes in exchange rates on the profit and cash flow of the Group. Group companies are responsible for managing the currency risks associated with their commercial cash flows and to hedge their exposure using currency forwards entered into with the Group Treasury. The net position is hedged with currency derivatives in accordance with the Treasury policy approved by the Board of Directors.
The most significant risks relate to appreciation of USD, PLN and DKK, and to depreciation of SEK, NOK and JPY. Fiskars Group is exposed to rate changes in the local currencies of its suppliers.
Fiskars Group does not apply hedge accounting on foreign exchange derivatives as defined in IFRS 9. All gains and losses resulting from currency derivatives
are booked in the income statement. Had hedge accounting been applied on currency derivatives, Fiskars Group\u2019s consolidated profit before tax for 2025 would have been EUR 2.9 million higher (2024: 2.5 million lower).
Translation risk
Translation risk refers to the impact of changes in exchange rates on the consolidated income statement, consolidated statement of cash flows and consolidated balance sheet. These changes can also impact key indicators, such as net debt/LTM EBITDA (excl. IAC), equity ratio and gearing. Translation risk is not hedged.
Interest rate risk
Exposure of the values of cash flows, assets and liabilities to interest rate fluctuations gives rise to interest rate risk. In Fiskars Group it is measured by the average interest rate reset period of financial liabilities excluding lease liabilities. The average reset period reflects the time it takes on average for the change in interest rates to impact the interest costs of the debt portfolio. The risk is quantified in monetary terms as the change in interest costs during the observation period caused by a permanent one percentage point rise in interest rates. The shorter the average reset period, the more unpredictable are the interest costs.
Derivatives may be used in the management of interest rate risks, and hedge accounting is applied on interest derivatives. The objective is to maintain the average reset period within the limits of 6 to 48 months as set out in the Treasury policy. Interest
rate swaps can be treated as cash flow hedges or as fair value hedges. Cash flow hedges are entered into to offset exposure to variability in cash flows of floating rate debt. Fair value hedges mitigate the risk of exposure to changes in the fair value of the issued bond, on which a fixed yearly coupon is paid. As of December 31, 2025 the Group had interest rate swaps in the amount of EUR 110.0 million outstanding (2024: EUR 165.0 million). The Group\u2019s interest-bearing net debt excluding leasing liabilities as of December 31, 2025 was EUR 387.5 million (2024: 346.3). Of the debt 60% (2024: 46%) was linked to variable interest rates. The average interest rate reset period of the debt was 14 months (2024: 22 months).
Sensitivity of interest expenses on changes in market rates has been calculated by assuming permanent one percentage point increase in market rates and assuming no change in net debt during the year. The calculated impact on the consolidated result before tax would be EUR -2.0 million (2024: -1.3 million) in 2025.
Commodity risk
Fiskars Group is exposed to fluctuations in the prices of certain commodities. The Group may use derivatives to hedge its exposure to this risk where appropriate. At the end of the year, the Group held outstanding commodity swaps in gold, silver and aluminium to hedge the purchase price of these commodities. The nominal value of these derivatives amounted to EUR 12.0 million (2024: 6.4). Hedge accounting is not applied on commodity derivatives.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__131": { "value": "Liquidity and refinancing risk
Liquidity risk refers to the risk of the Group\u2019s financial assets and sources of funding proving insufficient to fund its business operations or the risk of a situation where arranging such funding would result in substantial additional costs. The objective of liquidity risk management is to maintain an optimal amount of liquidity to fund the business operations of the Group at all times while minimizing interest costs. Liquidity is considered to be the sum of cash and cash equivalents and available committed credit lines. The amount of needed liquidity is regularly assessed.
Refinancing risk refers to exposure to unavailability or prohibitively expensive price of financing at the time of maturity of expiring financing lines. The objective of refinancing risk management is to minimize the risk by diversifying the sources and maturity structure of the funding portfolio.
Fiskars Group had EUR 300.0 million (2024:\u00a0250.0) of long-term committed credit facilities and uncommitted overdraft facilities of EUR 46.1 million (2024: 51.7). A commercial paper program of 400.0 million was available with Nordic banks. Of the long-term committed credit facilities EUR 0.0 million was in use (2024: 0.0). Of the uncommitted credit facilities EUR 0.0 million was in use (2024:1.0) and of the commercial paper program EUR 139.5 million (2024:\u00a075.2) was in use.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__133": { "value": "Credit risk
Group Treasury is responsible for evaluating and monitoring financial counterparty risk. The Group minimizes this risk by limiting its counterparties to creditworthy banks and financial institutions and by working within defined counterparty limits. Sales
function is responsible for monitoring customer credit risks. The Group\u2019s clientele is extensive and even the largest customers represent less than 5% of the outstanding receivables. As of the end of the year, the Group\u2019s trade receivables totaled EUR 178.3 million (2024: 188.9). The financial statements include provisions for bad debt related to trade receivables totaling EUR 3.2 million (2024: 5.7).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__134": { "value": "Management of capital
Fiskars Group is not subject to any externally imposed capital requirements (other than possible local company law requirements effective in the jurisdictions where Fiskars Group companies are active).
The Group\u2019s objectives when managing capital are:
to safeguard the Group\u2019s capacity to fund its operations and take care of its obligations
to maintain a balanced business portfolio that provides return both on short and long term to its shareholders
to maintain possibilities to act on potential investment opportunities
to maintain an equity ratio that exceeds 40%
to maintain a net debt to last 12 months' EBITDA (excl. IAC) ratio of maximum 2.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__136": { "value": "Accounting policies
Financial assets
Fiskars Group classifies its financial assets in the following categories: financial assets at fair value through profit or loss, financial assets at fair value through other comprehensive income, and financial assets at amortised cost. Financial assets are classified at initial recognition based on their purpose of use. For assets not at fair value through profit or loss, the directly attributable transaction costs are included in the original costs of the financial assets. All purchases or sales of financial assets are recognized or derecognized using trade date accounting. The Group derecognizes financial assets when it has lost its right to receive the cash flows or when it has transferred substantially all the risks and rewards to an external party. Fair value categories of financial instruments are explained in Note 5.4.
Financial assets at fair value through profit or loss and via other comprehensive income
Financial assets at fair value through profit or loss include financial assets that are held for trading or are designated as financial assets at fair value through profit or loss upon initial recognition (the fair value option). In Fiskars Group this category comprises investments in listed securities, and derivative instruments on which hedge accounting
is not applied, as well as interest rate swaps hedging fair value.
Financial assets at fair value through profit or loss are measured at fair value both at initial recognition and subsequently. The fair values of the listed securities are based on quoted rates at the end of the reporting period, and both realized and unrealized gains and losses are recognized in the income statement under financial items. The fair value measurement principles of derivative instruments are described in Note 5.6.
Financial assets at fair value through other comprehensive income include listed shares. These assets are measured at fair value at initial recognition and subsequently. Changes in fair value are recognized in other comprehensive income.
Financial assets at amortised cost
Financial assets at amortised cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are not held for trading or designated as available for sale upon initial recognition. This category comprises trade receivables and other receivables. It also includes deposits to guarantee leases and other similar items presented under Other non-current assets in the Consolidated Balance Sheet. Trade and other receivables are described in more detail in Note 4.2.
Loans and other receivables are measured at amortized cost. The allowance for expected credit losses is based on the risks of the individual items. Carrying amounts of receivables are adjusted to their probable value as a result of this assessment. Loans and receivables are included in current or non-current assets based on their term to maturity. Amounts expected to be recovered or settled in no more than 12 months after the end of the reporting period are included in current assets.
Cash and cash equivalents
The balance sheet item Cash and cash equivalents includes cash, i.e. cash in hand and deposits held at call with banks, and cash equivalents. Cash equivalents comprise highly liquid investments that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. The items included in cash equivalents have original maturities of maximum three months from the date of acquisition. Bank overdrafts are included in current interest-bearing financial liabilities. Cash and cash equivalents are measured at amortized cost.
Accounting policies
Financial assets
financial assets at amortised cost. Financial assets are classified at initial recognition based on their purpose of use. For assets not at fair value through profit or loss, the directly attributable transaction costs are included in the original costs of the financial assets. All purchases or sales of financial assets are recognized or derecognized using trade date accounting. The Group derecognizes financial assets when it has lost its right to receive the cash flows or when it has transferred substantially all the risks and rewards to an external party. Fair value categories of financial instruments are explained in Note 5.4.Financial assets at fair value through profit or loss and via other comprehensive income
Financial assets at fair value through profit or loss include financial assets that are held for trading or are designated as financial assets at fair value through profit or loss upon initial recognition (the fair value option). In Fiskars Group this category comprises investments in listed securities, and derivative instruments on which hedge accounting
is not applied, as well as interest rate swaps hedging fair value.
Financial assets at fair value through profit or loss are measured at fair value both at initial recognition and subsequently. The fair values of the listed securities are based on quoted rates at the end of the reporting period, and both realized and unrealized gains and losses are recognized in the income statement under financial items. The fair value measurement principles of derivative instruments are described in Note 5.6.
Financial assets at fair value through other comprehensive income include listed shares. These assets are measured at fair value at initial recognition and subsequently. Changes in fair value are recognized in other comprehensive income.
Financial assets at amortised cost
Financial assets at amortised cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are not held for trading or designated as available for sale upon initial recognition. This category comprises trade receivables and other receivables. It also includes deposits to guarantee leases and other similar items presented under Other non-current assets in the Consolidated Balance Sheet. Trade and other receivables are described in more detail in Note 4.2.
Loans and other receivables are measured at amortized cost. The allowance for expected credit losses is based on the risks of the individual items. Carrying amounts of receivables are adjusted to their probable value as a result of this assessment. Loans and receivables are included in current or non-current assets based on their term to maturity. Amounts expected to be recovered or settled in no more than 12 months after the end of the reporting period are included in current assets.
Accounting policies
Financial liabilities and borrowing costs
Fiskars Group classifies its financial liabilities in the following categories: financial liabilities at fair value through profit or loss (includes derivative liabilities) and financial liabilities measured at amortized cost. A financial liability is initially recognized at fair value, and subsequently carried at amortized cost or, in the case of the issued sustainability linked bond, valued using the effective interest rate method. Fair value hedges in the amount of EUR 60 million have been entered into to hedge the fair value of the issued bond. To the extent the fair value of the bond is hedged, the carrying amount is adjusted by the change in fair value. Derivative liabilities are measured at fair value. Financial liabilities are classified as non-current or current. The latter group comprises all those financial liabilities for which the Group does not have an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period. The Group removes a financial liability (or a part of it) from its balance sheet only when it is extinguished, i.e. when the obligation specified in the contract is discharged or cancelled or expires.
Arrangement fees related to loans and loan commitments are amortized over the expected loan\u00a0term.
Financial assets at fair value through profit or loss and via other comprehensive income
Financial assets at fair value through profit or loss include financial assets that are held for trading or are designated as financial assets at fair value through profit or loss upon initial recognition (the fair value option). In Fiskars Group this category comprises investments in listed securities, and derivative instruments on which hedge accounting
is not applied, as well as interest rate swaps hedging fair value.
Financial assets at fair value through profit or loss are measured at fair value both at initial recognition and subsequently. The fair values of the listed securities are based on quoted rates at the end of the reporting period, and both realized and unrealized gains and losses are recognized in the income statement under financial items. The fair value measurement principles of derivative instruments are described in Note 5.6.
Financial assets at fair value through other comprehensive income include listed shares. These assets are measured at fair value at initial recognition and subsequently. Changes in fair value are recognized in other comprehensive income.
Financial assets at fair value through profit or loss
Level 3 | ||
EUR million | 2025 | 2024 |
Book value, Jan 1 | 29.8 | 30.9 |
Decreases | -1.1 | -1.0 |
Change in fair value | -3.6 | -0.1 |
Book value, Dec 31 | 25.1 | 29.8 |
Investments at fair value through profit or loss comprise unlisted funds. The fair value of unlisted funds is based on the market value reported by the funds (level 3 - valuation is based on non-market observable inputs). Changes in the fair value are recognized in the income statement.
Other investments and other non-current assets
Level 3 | ||
EUR million | 2025 | 2024 |
Book value, Jan 1 | 17.3 | 14.5 |
Additions | 2.8 | |
Decreases | -3.0 | |
Book value, Dec 31 | 14.3 | 17.3 |
Other investments include listed and unlisted shares as well as non-current receivables. Listed shares are recognized at their fair value based on quotation at the end of the reporting period (level 1 - valuation is based on market prices). Unlisted shares and other investments are measured at fair value (level 3 - valuation is based on non-market observable inputs). Fair value of unlisted shares equals acquisition value.
Accounting policies
Financial liabilities and borrowing costs
Fiskars Group classifies its financial liabilities in the following categories: financial liabilities at fair value through profit or loss (includes derivative liabilities) and financial liabilities measured at amortized cost. A financial liability is initially recognized at fair value, and subsequently carried at amortized cost or, in the case of the issued sustainability linked bond, valued using the effective interest rate method. Fair value hedges in the amount of EUR 60 million have been entered into to hedge the fair value of the issued bond. To the extent the fair value of the bond is hedged, the carrying amount is adjusted by the change in fair value. Derivative liabilities are measured at fair value.Fair value of financial instruments
Accounting policies
Fair value categories
Hierarchy level 1 includes financial assets and liabilities that are publicly quoted in an active market. This category includes listed financial instruments. Level 2 includes financial assets and liabilities measured using directly observable market inputs. Other than publicly quoted interest-bearing debts and derivatives fall within this category. Level 3 includes financial assets and liabilities measured using non-market observable inputs. The asset classes in this category are unlisted equity investments and funds.
2025
EUR million | Level 1 | Level 2 | Level 3 | Total |
Investments at fair value through profit or loss | 25.1 | 25.1 | ||
Other investments | 3.5 | 3.5 | ||
Derivative assets | 7.9 | 7.9 | ||
Total assets | 7.9 | 28.6 | 36.5 | |
Derivative liabilities | 2.4 | 2.4 | ||
Interest-bearing liabilities | 202.6 | 202.6 | ||
Total liabilities | 202.6 | 2.4 | 205.0 |
2024
EUR million | Level 1 | Level 2 | Level 3 | Total |
Investments at fair value through profit or loss | 29.8 | 29.8 | ||
Other investments | 3.5 | 3.5 | ||
3.8 | 3.8 | |||
Total assets | 3.8 | 33.3 | 37.0 | |
Derivative liabilities | 5.5 | 5.5 | ||
Interest-bearing liabilities | 208.2 | 208.2 | ||
Total liabilities | 208.2 | 5.5 | 213.7 |
5.6\tDerivatives
Accounting policies
Derivatives and hedge accounting
Derivatives not designated as hedging instruments are recognized at fair value through profit and loss. The Group does not apply hedge accounting on foreign exchange derivatives. Foreign exchange derivatives are initially valued at cost and subsequently at fair value determined at the end of each reporting period. The fair value of derivatives is based on prevailing market rates or rates derived from the prevailing market rates at the end of the reporting period (fair value hierarchy level 2). Fair value changes are recognized in financial items in profit and loss.
Fiskars Group applies hedge accounting to interest rate swaps (cash flow hedges and fair value hedges). Derivatives on which hedge accounting is applied are initially valued at cost and subsequently at fair value at the end of each reporting period. To the extent the cashflow hedges are effective, the fair value change including deferred tax is recognized in equity through other comprehensive income. Any ineffectiveness is recognised in financial items in profit and loss. Fair value changes of fair value hedges are recognized in financial items in profit and loss. The fair value is based on prevailing market rates or rates derived from the prevailing market rates at the end of the reporting period (fair value hierarchy level 2).
Hedge accounting is not applied on commodity derivatives. Fair value changes are recognized in financial items.
Nominal amounts of derivatives
EUR million | 2025 | 2024 |
Derivatives, hedge accounting not applied: | ||
Foreign exchange forwards and swaps | 393.8 | 338.3 |
Commodity derivatives | 12.0 | 6.4 |
Cross currency swaps | 18.6 | 18.6 |
Derivatives, hedge accounting applied: | ||
Interest rate swaps | 110.0 | 165.0 |
Fair value of derivatives
EUR million | 2025 | 2024 |
Derivatives, hedge accounting not applied: | ||
Foreign exchange forwards and swaps | 0.3 | -1.4 |
Commodity derivatives | 3.2 | -0.1 |
Cross currency swaps | 1.3 | -0.9 |
Derivatives, hedge accounting applied: | ||
Interest rate swaps | 0.8 | 0.7 |
Derivative agreements the Group enters into are governed by International Swaps and Derivatives Association's Master Agreements (ISDA) or by corresponding local agreements. In case of a credit event as defined by the ISDA the other agreement party may demand early termination and set-off. Gross amounts of derivative assets and liabilities subject to early termination and set-off are presented in the following table.
EUR million | 2025 | 2024 |
Derivatives, hedge accounting not applied: | ||
Foreign exchange forwards and swaps | ||
Assets | 1.8 | 1.4 |
Liabilities | -1.5 | -2.8 |
Net | 0.3 | -1.4 |
Commodity derivatives | ||
Assets | 3.2 | 0.1 |
Liabilities | 0.0 | -0.2 |
Net | 3.2 | -0.1 |
Cross currency swaps | ||
Assets | 1.7 | 0.3 |
Liabilities | -0.4 | -1.2 |
Net | 1.3 | -0.9 |
Derivatives, hedge accounting applied: | ||
Interest rate swaps | ||
Assets | 1.3 | 2.0 |
Liabilities | -0.5 | -1.3 |
Net | 0.8 | 0.7 |
Maturity of derivatives
2025
EUR million | 2026 | 2027 | Later years | Total |
Foreign exchange forwards and swaps | 393.8 | 393.8 | ||
Interest rate swaps | 25.0 | 25.0 | 60.0 | 110.0 |
Commodity derivatives | 12.0 | 12.0 | ||
Cross currency swaps | 18.6 | 18.6 | ||
Total, Dec 31 | 430.8 | 25.0 | 78.6 | 534.3 |
2024
EUR million | 2025 | 2026 | Later years | Total |
Foreign exchange forwards and swaps | 338.3 | 338.3 | ||
Interest rate swaps | 55.0 | 25.0 | 85.0 | 165.0 |
Commodity derivatives | 6.4 | 6.4 | ||
Cross currency swaps | 18.6 | 18.6 | ||
Total, Dec 31 | 399.7 | 25.0 | 103.6 | 528.3 |
Financial assets at fair value through profit or loss and via other comprehensive income
Financial assets at fair value through profit or loss include financial assets that are held for trading or are designated as financial assets at fair value through profit or loss upon initial recognition (the fair value option). In Fiskars Group this category comprises investments in listed securities, and derivative instruments on which hedge accounting
is not applied, as well as interest rate swaps hedging fair value.
Financial assets at fair value through profit or loss are measured at fair value both at initial recognition and subsequently. The fair values of the listed securities are based on quoted rates at the end of the reporting period, and both realized and unrealized gains and losses are recognized in the income statement under financial items. The fair value measurement principles of derivative instruments are described in Note 5.6.
Financial assets at fair value through other comprehensive income include listed shares. These assets are measured at fair value at initial recognition and subsequently. Changes in fair value are recognized in other comprehensive income.
Accounting policies
Financial liabilities and borrowing costs
Fiskars Group classifies its financial liabilities in the following categories: financial liabilities at fair value through profit or loss (includes derivative liabilities) and financial liabilities measured at amortized cost. A financial liability is initially recognized at fair value, and subsequently carried at amortized cost or, in the case of the issued sustainability linked bond, valued using the effective interest rate method. Fair value hedges in the amount of EUR 60 million have been entered into to hedge the fair value of the issued bond. To the extent the fair value of the bond is hedged, the carrying amount is adjusted by the change in fair value. Derivative liabilities are measured at fair value. Financial liabilities are classified as non-current or current. The latter group comprises all those financial liabilities for which the Group does not have an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period. The Group removes a financial liability (or a part of it) from its balance sheet only when it is extinguished, i.e. when the obligation specified in the contract is discharged or cancelled or expires.
Arrangement fees related to loans and loan commitments are amortized over the expected loan\u00a0term.
Accounting policies
Fair value categories
Hierarchy level 1 includes financial assets and liabilities that are publicly quoted in an active market. This category includes listed financial instruments. Level 2 includes financial assets and liabilities measured using directly observable market inputs. Other than publicly quoted interest-bearing debts and derivatives fall within this category. Level 3 includes financial assets and liabilities measured using non-market observable inputs. The asset classes in this category are unlisted equity investments and funds.
Accounting policies
Derivatives and hedge accounting
Derivatives not designated as hedging instruments are recognized at fair value through profit and loss. The Group does not apply hedge accounting on foreign exchange derivatives. Foreign exchange derivatives are initially valued at cost and subsequently at fair value determined at the end of each reporting period. The fair value of derivatives is based on prevailing market rates or rates derived from the prevailing market rates at the end of the reporting period (fair value hierarchy level 2). Fair value changes are recognized in financial items ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__141-1": { "value": "Financial assets at fair value through profit or loss and via other comprehensive income
Financial assets at fair value through profit or loss include financial assets that are held for trading or are designated as financial assets at fair value through profit or loss upon initial recognition (the fair value option). In Fiskars Group this category comprises investments in listed securities, and derivative instruments on which hedge accounting
is not applied, as well as interest rate swaps hedging fair value.
Financial assets at fair value through profit or loss are measured at fair value both at initial recognition and subsequently. The fair values of the listed securities are based on quoted rates at the end of the reporting period, and both realized and unrealized gains and losses are recognized in the income statement under financial items. The fair value measurement principles of derivative instruments are described in Note 5.6.
Financial assets at fair value through other comprehensive income include listed shares. These assets are measured at fair value at initial recognition and subsequently. Changes in fair value are recognized in other comprehensive income.
Investments at fair value through profit or loss comprise unlisted funds. The fair value of unlisted funds is based on the market value reported by the funds (level 3 - valuation is based on non-market observable inputs). Changes in the fair value are recognized in the income statement.Other investments include listed and unlisted shares as well as non-current receivables. Listed shares are recognized at their fair value based on quotation at the end of the reporting period (level 1 - valuation is based on market prices). Unlisted shares and other investments are measured at fair value (level 3 - valuation is based on non-market observable inputs). Fair value of unlisted shares equals acquisition value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__143-1": { "value": "Cash and cash equivalents
The balance sheet item Cash and cash equivalents includes cash, i.e. cash in hand and deposits held at call with banks, and cash equivalents. Cash equivalents comprise highly liquid investments that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. The items included in cash equivalents have original maturities of maximum three months from the date of acquisition. Bank overdrafts are included in current interest-bearing financial liabilities. Cash and cash equivalents are measured at amortized cost.
Cash and cash equivalents
EUR million | 2025 | 2024 |
Cash and cash equivalents | 82.6 | 60.8 |
Total, Dec 31 | 82.6 | 60.8 |
Cash and cash equivalents
The balance sheet item Cash and cash equivalents includes cash, i.e. cash in hand and deposits held at call with banks, and cash equivalents. Cash equivalents comprise highly liquid investments that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. The items included in cash equivalents have original maturities of maximum three months from the date of acquisition. Bank overdrafts are included in current interest-bearing financial liabilities. Cash and cash equivalents are measured at amortized cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__145-1": { "value": "Financial assets at fair value through profit or loss
Level 3 | ||
EUR million | 2025 | 2024 |
Book value, Jan 1 | 29.8 | 30.9 |
Decreases | -1.1 | -1.0 |
Change in fair value | -3.6 | -0.1 |
Book value, Dec 31 | 25.1 | 29.8 |
Investments at fair value through profit or loss comprise unlisted funds. The fair value of unlisted funds is based on the market value reported by the funds (level 3 - valuation is based on non-market observable inputs). Changes in the fair value are recognized in the income statement.
Other investments and other non-current assets
Level 3 | ||
EUR million | 2025 | 2024 |
Book value, Jan 1 | 17.3 | 14.5 |
Additions | 2.8 | |
Decreases | -3.0 | |
Book value, Dec 31 | 14.3 | 17.3 |
Other investments include listed and unlisted shares as well as non-current receivables. Listed shares are recognized at their fair value based on quotation at the end of the reporting period (level 1 - valuation is based on market prices). Unlisted shares and other investments are measured at fair value (level 3 - valuation is based on non-market observable inputs). Fair value of unlisted shares equals acquisition value.
Fair value of financial instruments
Accounting policies
Fair value categories
Hierarchy level 1 includes financial assets and liabilities that are publicly quoted in an active market. This category includes listed financial instruments. Level 2 includes financial assets and liabilities measured using directly observable market inputs. Other than publicly quoted interest-bearing debts and derivatives fall within this category. Level 3 includes financial assets and liabilities measured using non-market observable inputs. The asset classes in this category are unlisted equity investments and funds.
2025
EUR million | Level 1 | Level 2 | Level 3 | Total |
Investments at fair value through profit or loss | 25.1 | 25.1 | ||
Other investments | 3.5 | 3.5 | ||
Derivative assets | 7.9 | 7.9 | ||
Total assets | 7.9 | 28.6 | 36.5 | |
Derivative liabilities | 2.4 | 2.4 | ||
Interest-bearing liabilities | 202.6 | 202.6 | ||
Total liabilities | 202.6 | 2.4 | 205.0 |
2024
EUR million | Level 1 | Level 2 | Level 3 | Total |
Investments at fair value through profit or loss | 29.8 | 29.8 | ||
Other investments | 3.5 | 3.5 | ||
3.8 | 3.8 | |||
Total assets | 3.8 | 33.3 | 37.0 | |
Derivative liabilities | 5.5 | 5.5 | ||
Interest-bearing liabilities | 208.2 | 208.2 | ||
Total liabilities | 208.2 | 5.5 | 213.7 |
Fair value of derivatives
EUR million | 2025 | 2024 |
Derivatives, hedge accounting not applied: | ||
Foreign exchange forwards and swaps | 0.3 | -1.4 |
Commodity derivatives | 3.2 | -0.1 |
Cross currency swaps | 1.3 | -0.9 |
Derivatives, hedge accounting applied: | ||
Interest rate swaps | 0.8 | 0.7 |
Derivative agreements the Group enters into are governed by International Swaps and Derivatives Association's Master Agreements (ISDA) or by corresponding local agreements. In case of a credit event as defined by the ISDA the other agreement party may demand early termination and set-off. Gross amounts of derivative assets and liabilities subject to early termination and set-off are presented in the following table.
EUR million | 2025 | 2024 |
Derivatives, hedge accounting not applied: | ||
Foreign exchange forwards and swaps | ||
Assets | 1.8 | 1.4 |
Liabilities | -1.5 | -2.8 |
Net | 0.3 | -1.4 |
Commodity derivatives | ||
Assets | 3.2 | 0.1 |
Liabilities | 0.0 | -0.2 |
Net | 3.2 | -0.1 |
Cross currency swaps | ||
Assets | 1.7 | 0.3 |
Liabilities | -0.4 | -1.2 |
Net | 1.3 | -0.9 |
Derivatives, hedge accounting applied: | ||
Interest rate swaps | ||
Assets | 1.3 | 2.0 |
Liabilities | -0.5 | -1.3 |
Net | 0.8 | 0.7 |
Accounting policies
Financial liabilities and borrowing costs
Fiskars Group classifies its financial liabilities in the following categories: financial liabilities at fair value through profit or loss (includes derivative liabilities) and financial liabilities measured at amortized cost. A financial liability is initially recognized at fair value, and subsequently carried at amortized cost or, in the case of the issued sustainability linked bond, valued using the effective interest rate method. Fair value hedges in the amount of EUR 60 million have been entered into to hedge the fair value of the issued bond. To the extent the fair value of the bond is hedged, the carrying amount is adjusted by the change in fair value. Derivative liabilities are measured at fair value. Financial liabilities are classified as non-current or current. The latter group comprises all those financial liabilities for which the Group does not have an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period. The Group removes a financial liability (or a part of it) from its balance sheet only when it is extinguished, i.e. when the obligation specified in the contract is discharged or cancelled or expires.
Arrangement fees related to loans and loan commitments are amortized over the expected loan\u00a0term.
Non-current interest-bearing debt
2025 | 2024 | |||
EUR million | Fair value | Carrying amount | Fair value | Carrying amount |
Loans from credit institutions | 130.2 | 130.0 | 130.7 | 130.0 |
Issued bonds | 202.6 | 200.6 | 208.2 | 201.0 |
Total, Dec 31 | 332.8 | 330.6 | 338.9 | 331.0 |
Loans from credit institutions are valued at amortized cost. Issued bonds are valued using effective interest rate method. The fair values of loans from credit institutions have been calculated by discounting the cash flow of the debt by the market rate at the end of reporting period (fair value hierarchy level 2). The fair value of the bond is calculated based on the market quotations at the end of the reporting period (level 1).
The sustainability linked bond issued 16 November 2023 is unsecured and carries a yearly coupon of 5,125%. The coupon is subject to sustainability performance targets pertaining to Scope 1 and 2 GHG emissions reduction by 50% by year-end 2026 versus 2017, and to 60% of the suppliers by spend of the Group having science-based emission reduction targets by year-end 2024. The step-up margin equals 0,375% p.a. for the last interest period if the first target is not met, and 0,125% p.a. for the last three interest periods if the second target is not met. The principal amount of the bond equals EUR 200 million, and the maturity of the bond is 16 November 2028.
In 2025, Scope 1 and 2 greenhouse gas emissions (KPI 1) decreased by 16% compared to 2024 and decreased by 62% compared to the base year 2017.
Testing date in respect of KPI 1 is year-end 2026 and therefore there is no impact from the first target on the bond characteristics at the end of 2025. At the end of 2025, 72% of Fiskars Group\u2019s suppliers by spend covering purchased goods and services had set science-based targets (KPI 2). Fiskars Group has achieved the second KPI target and therefore confirms that there is no impact from the second target on the bond characteristics. Verification has been performed by an external and independent reviewer as part of this report. For more information on the KPIs and definitions, please refer to Fiskars Group\u2019s Sustainability-linked bond framework, which is available on the Fiskars Group's website.
Current interest-bearing debt
2025 | 2024 | |||
EUR million | Fair value | Carrying amount | Fair value | Carrying amount |
Bank overdrafts | 1.0 | 1.0 | ||
Loans from credit institutions | 139.5 | 139.5 | 75.2 | 75.2 |
Total, Dec 31 | 139.5 | 139.5 | 76.1 | 76.1 |
Reconciliation of net debt
EUR million | 2025 | 2024 |
Loans from credit institutions | 269.5 | 206.1 |
Issued bonds | 200.6 | 201.0 |
Lease liabilities | 125.9 | 147.6 |
Cash and cash equivalents | -82.6 | -60.8 |
Net debt | 513.4 | 493.9 |
Changes in liabilities arising from financing activities
2025
EUR million | Jan 1 | Lease changes | Cash flows | Fx difference | Other | Dec 31 |
Non-current loans and borrowings | 331.0 | -0.4 | 330.6 | |||
Non-current lease liabilities (Note 5.5) | 113.9 | -0.7 | 0.0 | -24.9 | 88.3 | |
Current loans and borrowings | 76.1 | 63.4 | 139.5 | |||
Current lease liabilities (Note 5.5) | 33.6 | 21.0 | -40.1 | -6.9 | 29.8 | 37.5 |
Total | 554.7 | 20.3 | 23.3 | -6.9 | 4.5 | 596.0 |
2024
EUR million | Jan 1 | Lease changes | Cash flows | Fx difference | Other | Dec 31 |
Non-current loans and borrowings | 330.7 | 0.3 | 331.0 | |||
Non-current lease liabilities (Note 5.5) | 117.4 | -0.1 | 0.0 | -3.4 | 113.9 | |
Current loans and borrowings | 92.5 | -16.3 | 76.1 | |||
Current lease liabilities (Note 5.5) | 33.3 | 29.8 | -41.1 | 3.2 | 8.5 | 33.6 |
Total | 573.9 | 29.7 | -57.4 | 3.2 | 5.4 | 554.7 |
Maturity of liabilities
As of December 31, 2025 the Group had unused committed credit facilities EUR 300.0 million (2024: 250.0) at its disposal to guarantee its liquidity. The average maturity of the credit limit agreements as of December 31, 2025 was 3 years (2024: 3). Maturities of long term loans are presented in the below table. Agreements concerning credit facilities and long term loans include a covenant for the solidity. The covenant is tested at the end of each quarter until the maturity of the credit facilities and term loans. Breach of covenant requires material deterioration of the solidity from the current, and the Group has no indication that it will have difficulty complying with this covenant. The issued bond does not include financial covenants, but the future coupon payments are linked to achievement of certain sustainability metrics.
2025
EUR million | 2026 | 2027 | 2028 | 2029 | 2030 | Later years | Total |
Issued bonds | 200.6 | 200.6 | |||||
interests | 10.3 | 10.3 | 9.0 | 29.5 | |||
Loans from credit institutions | 139.5 | 80.0 | 50.0 | 269.5 | |||
interests | 7.9 | 4.4 | 1.6 | 1.6 | 15.5 | ||
Lease liabilities (Note 5.5) | 34.0 | 23.0 | 18.6 | 11.9 | 9.8 | 19.6 | 116.9 |
interests | 3.4 | 2.3 | 1.4 | 0.9 | 0.6 | 0.6 | 9.1 |
Trade payables | 84.1 | 84.1 | |||||
Derivative liabilities | 2.4 | 2.4 | |||||
Total, Dec 31 | 281.5 | 119.9 | 231.2 | 64.4 | 10.3 | 20.2 | 727.5 |
2024
EUR million | 2025 | 2026 | 2027 | 2028 | 2029 | Later years | Total |
Issued bonds | 201.0 | 201.0 | |||||
interests | 10.3 | 10.3 | 10.3 | 9.0 | 39.8 | ||
Other debt | |||||||
Loans from credit institutions | 76.1 | 80.0 | 50.0 | 206.1 | |||
interests | 8.0 | 5.3 | 5.3 | 2.1 | 2.1 | 22.8 | |
Lease liabilities (Note 5.5) | 28.9 | 24.7 | 20.4 | 13.9 | 10.5 | 34.5 | 132.8 |
interests | 4.4 | 3.3 | 2.3 | 1.6 | 1.2 | 1.8 | 14.7 |
Trade payables | 88.4 | 88.4 | |||||
Derivative liabilities | 5.5 | 5.5 | |||||
Total, Dec 31 | 221.6 | 43.5 | 118.3 | 227.6 | 63.8 | 36.3 | 711.1 |
Sensitivity analysis of currency exposure
The exchange rate sensitivity analysis in accordance with IFRS 7 indicates how the profit before taxes or consolidated Group equity would be impacted by a 10% depreciation of a currency. The impact of a 10% appreciation of a currency would be approximately the opposite. The analysis of impact on profit includes internal and external foreign currency denominated financial items of the parent company in the selected currencies. Estimated commercial cash flows of the Group companies consist of net purchases and sales in foreign currencies during the subsequent year. Derivatives include transactions to hedge the estimated commercial flows. Other financial items include foreign currency denominated loans, deposits and investments. The sensitivity analysis on the consolidated Group equity illustrates translation risk related to the foreign currency denominated equity.
2025 | 2024 | |||||||
Impact on result before taxes | Impact on result before taxes | |||||||
EUR million | Estimated commercial cash flows | Derivatives | Other financial items | Impact on group equity | Estimated commercial cash flows | Derivatives | Other financial items | Impact on group equity |
AUD | -1.4 | 0.6 | 0.7 | -1.5 | -2.2 | 1.4 | 0.8 | -1.2 |
DKK | 1.2 | -1.2 | 0.0 | -17.8 | 3.3 | -3.4 | -0.7 | -17.3 |
GBP | -1.2 | 5.5 | -4.3 | -5.0 | -1.0 | 5.6 | -4.7 | -4.8 |
JPY | -1.4 | 1.8 | -0.4 | -2.3 | -2.2 | 3.4 | -1.2 | -2.6 |
NOK | -1.7 | 1.6 | 0.0 | -0.4 | -1.9 | 1.8 | 0.0 | -0.3 |
PLN | 1.3 | -1.6 | 0.3 | -2.4 | 1.1 | -1.5 | 0.4 | -1.1 |
SEK | -2.8 | 0.1 | 2.7 | -1.3 | -3.2 | 2.4 | 0.8 | -0.8 |
THB | 0.6 | -1.5 | 0.9 | -0.3 | 2.3 | -2.0 | -0.3 | -0.1 |
USD | 6.1 | 3.4 | -9.6 | -15.5 | 2.0 | 6.4 | -8.4 | -14.3 |
Fair value categories
Hierarchy level 1 includes financial assets and liabilities that are publicly quoted in an active market. This category includes listed financial instruments. Level 2 includes financial assets and liabilities measured using directly observable market inputs. Other than publicly quoted interest-bearing debts and derivatives fall within this category. Level 3 includes financial assets and liabilities measured using non-market observable inputs. The asset classes in this category are unlisted equity investments and funds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__167": { "value": "Fair value categories
Hierarchy level 1 includes financial assets and liabilities that are publicly quoted in an active market. This category includes listed financial instruments. Level 2 includes financial assets and liabilities measured using directly observable market inputs. Other than publicly quoted interest-bearing debts and derivatives fall within this category. Level 3 includes financial assets and liabilities measured using non-market observable inputs. The asset classes in this category are unlisted equity investments and funds.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__170": { "value": "Accounting policies
Fiskars Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.
Lease liabilities
At the commencement date of the lease, Fiskars Group recognizes lease liabilities measured at the present value of future unpaid lease payments. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group, and payments of penalties
for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date as typically the interest rate implicit in the lease is not readily available. Subsequently lease liability is measured using the effective interest rate method, and the carrying amount of lease liability is increased with the interest on the lease liability, reduced with the amount of lease payments made, and adjusted to reflect any reassessments or lease modifications made. The carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.
5.6\tDerivatives
Accounting policies
Derivatives and hedge accounting
Derivatives not designated as hedging instruments are recognized at fair value through profit and loss. The Group does not apply hedge accounting on foreign exchange derivatives. Foreign exchange derivatives are initially valued at cost and subsequently at fair value determined at the end of each reporting period. The fair value of derivatives is based on prevailing market rates or rates derived from the prevailing market rates at the end of the reporting period (fair value hierarchy level 2). Fair value changes are recognized in financial items in profit and loss.
Fiskars Group applies hedge accounting to interest rate swaps (cash flow hedges and fair value hedges). Derivatives on which hedge accounting is applied are initially valued at cost and subsequently at fair value at the end of each reporting period. To the extent the cashflow hedges are effective, the fair value change including deferred tax is recognized in equity through other comprehensive income. Any ineffectiveness is recognised in financial items in profit and loss. Fair value changes of fair value hedges are recognized in financial items in profit and loss. The fair value is based on prevailing market rates or rates derived from the prevailing market rates at the end of the reporting period (fair value hierarchy level 2).
Hedge accounting is not applied on commodity derivatives. Fair value changes are recognized in financial items.
Nominal amounts of derivatives
EUR million | 2025 | 2024 |
Derivatives, hedge accounting not applied: | ||
Foreign exchange forwards and swaps | 393.8 | 338.3 |
Commodity derivatives | 12.0 | 6.4 |
Cross currency swaps | 18.6 | 18.6 |
Derivatives, hedge accounting applied: | ||
Interest rate swaps | 110.0 | 165.0 |
Fair value of derivatives
EUR million | 2025 | 2024 |
Derivatives, hedge accounting not applied: | ||
Foreign exchange forwards and swaps | 0.3 | -1.4 |
Commodity derivatives | 3.2 | -0.1 |
Cross currency swaps | 1.3 | -0.9 |
Derivatives, hedge accounting applied: | ||
Interest rate swaps | 0.8 | 0.7 |
Derivative agreements the Group enters into are governed by International Swaps and Derivatives Association's Master Agreements (ISDA) or by corresponding local agreements. In case of a credit event as defined by the ISDA the other agreement party may demand early termination and set-off. Gross amounts of derivative assets and liabilities subject to early termination and set-off are presented in the following table.
EUR million | 2025 | 2024 |
Derivatives, hedge accounting not applied: | ||
Foreign exchange forwards and swaps | ||
Assets | 1.8 | 1.4 |
Liabilities | -1.5 | -2.8 |
Net | 0.3 | -1.4 |
Commodity derivatives | ||
Assets | 3.2 | 0.1 |
Liabilities | 0.0 | -0.2 |
Net | 3.2 | -0.1 |
Cross currency swaps | ||
Assets | 1.7 | 0.3 |
Liabilities | -0.4 | -1.2 |
Net | 1.3 | -0.9 |
Derivatives, hedge accounting applied: | ||
Interest rate swaps | ||
Assets | 1.3 | 2.0 |
Liabilities | -0.5 | -1.3 |
Net | 0.8 | 0.7 |
Maturity of derivatives
2025
EUR million | 2026 | 2027 | Later years | Total |
Foreign exchange forwards and swaps | 393.8 | 393.8 | ||
Interest rate swaps | 25.0 | 25.0 | 60.0 | 110.0 |
Commodity derivatives | 12.0 | 12.0 | ||
Cross currency swaps | 18.6 | 18.6 | ||
Total, Dec 31 | 430.8 | 25.0 | 78.6 | 534.3 |
2024
EUR million | 2025 | 2026 | Later years | Total |
Foreign exchange forwards and swaps | 338.3 | 338.3 | ||
Interest rate swaps | 55.0 | 25.0 | 85.0 | 165.0 |
Commodity derivatives | 6.4 | 6.4 | ||
Cross currency swaps | 18.6 | 18.6 | ||
Total, Dec 31 | 399.7 | 25.0 | 103.6 | 528.3 |
Accounting policies
Derivatives and hedge accounting
Derivatives not designated as hedging instruments are recognized at fair value through profit and loss. The Group does not apply hedge accounting on foreign exchange derivatives. Foreign exchange derivatives are initially valued at cost and subsequently at fair value determined at the end of each reporting period. The fair value of derivatives is based on prevailing market rates or rates derived from the prevailing market rates at the end of the reporting period (fair value hierarchy level 2). Fair value changes are recognized in financial items ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__179": { "value": "Accounting policies
Derivatives and hedge accounting
Derivatives not designated as hedging instruments are recognized at fair value through profit and loss. The Group does not apply hedge accounting on foreign exchange derivatives. Foreign exchange derivatives are initially valued at cost and subsequently at fair value determined at the end of each reporting period. The fair value of derivatives is based on prevailing market rates or rates derived from the prevailing market rates at the end of the reporting period (fair value hierarchy level 2). Fair value changes are recognized in financial items ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__180": { "value": "Accounting policies
Derivatives and hedge accounting
Derivatives not designated as hedging instruments are recognized at fair value through profit and loss. The Group does not apply hedge accounting on foreign exchange derivatives. Foreign exchange derivatives are initially valued at cost and subsequently at fair value determined at the end of each reporting period. The fair value of derivatives is based on prevailing market rates or rates derived from the prevailing market rates at the end of the reporting period (fair value hierarchy level 2). Fair value changes are recognized in financial items ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700BKTW4EQIVKYY42", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s9__6__181": { "value": "6.1\tSubsidiaries
Shares in subsidiaries
Domicile | % of share capital | % of voting power | Nature of main activities | ||
Fiskars Americas Holding Oy Ab | Raseborg | FI | 100.0 | 100.0 | H |
Fiskars Brands, Inc. | Madison, WI | US | 100.0 | 100.0 | P |
Fiskars Canada, Inc. | Toronto | CA | 100.0 | 100.0 | S |
Gerber Outdoor, LLC | Madison, WI | US | 100.0 | 100.0 | D |
Consumer Brands (Hong Kong) Co., Limited | Hong Kong | HK | 1.0 | 1.0 | H |
Fiskars Group SC Finland Oy Ab | Raseborg | FI | 100.0 | 100.0 | H |
Consumer Brands (Hong Kong) Co., Limited | Hong Kong | HK | 99.0 | 99.0 | H |
Fiskars (Thailand) Co., Limited | Bangkok | TH | 98.0 | 98.0 | H |
Fiskars Trading (Shanghai) Co., Ltd | Shanghai | CN | 100.0 | 100.0 | H |
Fiskars Benelux B.V. | Oosterhout | NL | 100.0 | 100.0 | S |
Fiskars Finland Oy Ab | Helsinki | FI | 100.0 | 100.0 | P |
Fiskars (Thailand) Co., Limited | Bangkok | TH | 1.0 | 1.0 | H |
Fiskars Sweden (Vita) AB | H\u00f6gan\u00e4s | SE | 100.0 | 100.0 | S |
Fiskars Sweden AB | H\u00f6gan\u00e4s | SE | 100.0 | 100.0 | S |
Fiskars Estonia AS | Tallinn | EE | 100.0 | 100.0 | S |
Iittala BV | Antwerpen | BE | 100.0 | 100.0 | S |
Fiskars Finland Newco Oy Ab | Espoo | FI | 100.0 | 100.0 | D |
Fiskars Denmark A/S | Glostrup | DK | 100.0 | 100.0 | P |
Fiskars Japan Co., Ltd | Tokyo | JP | 100.0 | 100.0 | S |
Royal Copenhagen Korea Co., Ltd | Seoul | KR | 100.0 | 100.0 | S |
Royal Copenhagen Thailand Ltd | Saraburi | TH | 60.0 | 60.0 | P |
Fiskars Hong Kong Limited | Hong Kong | HK | 100.0 | 100.0 | S |
Georg Jensen Investment Aps | Frederiksberg | DK | 98.3 | 98.3 | H |
Georg Jensen A/S | Frederiksberg | DK | 100.0 | 100.0 | P |
Domicile | % of share capital | % of voting power | Nature of main activities | ||
Georg Jensen Investment Aps | Frederiksberg | DK | 1.7 | 1.7 | H |
Georg Jensen NUF | Kols\u00e5s | NO | 100.0 | 100.0 | D |
Georg Jensen Retail A/S | Frederiksberg | DK | 100.0 | 100.0 | S |
Georg Jensen Silver AB | Stockholm | SE | 100.0 | 100.0 | S |
Georg Jensen GmbH | Hamburg | DE | 100.0 | 100.0 | S |
Georg Jensen Ltd. | London | GB | 100.0 | 100.0 | S |
Georg Jensen S.A.R.L. | Paris | FR | 100.0 | 100.0 | D |
Georg Jensen Japan Ltd. | Tokyo | JP | 100.0 | 100.0 | S |
Georg Jensen (Thailand) Co. Ltd. | Chiangmai | TH | 100.0 | 100.0 | P |
Georg Jensen Taiwan Ltd. | Taipei | TW | 100.0 | 100.0 | S |
Fiskars Taiwan Limited | Taipei | TW | 100.0 | 100.0 | S |
Georg Jensen Inc. | New York | US | 100.0 | 100.0 | S |
Georg Jensen HK Holding Ltd. | Hong Kong | HK | 100.0 | 100.0 | H |
Georg Jensen China Ltd. | Hong Kong | HK | 100.0 | 100.0 | D |
Georg Jensen HK Ltd. | Hong Kong | HK | 100.0 | 100.0 | S |
Georg Jensen Beijing Trading Ltd. | Beijing | CN | 100.0 | 100.0 | S |
Fiskars Denmark Newco A/S | Glostrup | DK | 100.0 | 100.0 | D |
Georg Jensen PTY Ltd. | Frenchs Forest | AU | 100.0 | 100.0 | S |
Fiskars Deutschland GmbH | Herford | DE | 100.0 | 100.0 | D |
Fiskars France S.A.S. | Ivry sur Seine | FR | 100.0 | 100.0 | S |
Fiskars Germany GmbH | Herford | DE | 100.0 | 100.0 | S |
Iittala GmbH | Solingen | DE | 100.0 | 100.0 | D |
Fiskars Italy S.r.l. | Premana | IT | 100.0 | 100.0 | S |
Fiskars Norway (Vita) AS | Oslo | NO | 100.0 | 100.0 | S |
Fiskars Norway AS | Oslo | NO | 100.0 | 100.0 | S |
Domicile | % of share capital | % of voting power | Nature of main activities | ||
Fiskars Polska Sp. z o.o. | Slupsk | PL | 100.0 | 100.0 | P |
Fiskars Polska Sp. z.o.o., Magyarorsz\u00e1gi Fi\u00f3ktelepe | Budapest | HU | 100.0 | 100.0 | S |
Fiskars Polska Sp. z.o.o., od\u0161t\u011bpn\u00fd z\u00e1vod | Prague | CZ | 100.0 | 100.0 | S |
Fiskars UK Limited | Bridgend | GB | 100.0 | 100.0 | S |
Fiskars Commercial (Shanghai) Co., Ltd. | Shanghai | CN | 100.0 | 100.0 | S |
UAB Fiskars Lithuania | Vilnius | LT | 100.0 | 100.0 | S |
Fiskars Latvia SIA | Riga | LV | 100.0 | 100.0 | S |
Fiskars Living Canada, Inc | New Brunswick | CA | 100.0 | 100.0 | S |
Fiskars Living US, LLC | Wilmingtom, DE | US | 100.0 | 100.0 | S |
Fiskars UK (Vita) Limited | Stoke-on-Trent | GB | 100.0 | 100.0 | P |
WWRD Ireland Limited | Waterford | IE | 100.0 | 100.0 | P |
Steklarna Roga\u0161ka d.o.o. | Roga\u0161ka Slatina | SI | 100.0 | 100.0 | P |
Roga\u0161ka Kristal d.o.o. | Zagreb | HR | 100.0 | 100.0 | D |
Fiskars Australia Pty Ltd | Sydney | AU | 100.0 | 100.0 | S |
Fiskars Australia Pty Ltd - New Zealand Branch | Auckland | NZ | 100.0 | 100.0 | S |
Josiah Wedgwood & Sons Pty Ltd | Sydney | AU | 100.0 | 100.0 | D |
Waterford Wedgwood Australia Limited | Stoke-on-Trent | GB | 100.0 | 100.0 | D |
Fiskars Online Oy Ab | Helsinki | FI | 100.0 | 100.0 | S |
WWRD Netherlands MidCo B.V. | Amsterdam | NL | 100.0 | 100.0 | S |
Waterford Wedgwood Trading Singapore Pte Limited | Singapore | SG | 100.0 | 100.0 | H |
PT Doulton | Tangerang | ID | 96.2 | 96.2 | P |
Fiskars SC Finland Oy Ab | Espoo | FI | 100.0 | 100.0 | D |
Ab \u00c5bo B\u00e5tvarf - Turun Veneveist\u00e4m\u00f6 Oy | Turku | FI | 100.0 | 100.0 | D |
Fiskars (Thailand) Co.,Limited | Bangkok | TH | 1.0 | 1.0 | H |
Holding, management or services\tHProduction and sales\tPSales\tSDormant\tD
6.1\tSubsidiaries
Shares in subsidiaries
Domicile | % of share capital | % of voting power | Nature of main activities | ||
Fiskars Americas Holding Oy Ab | Raseborg | FI | 100.0 | 100.0 | H |
Fiskars Brands, Inc. | Madison, WI | US | 100.0 | 100.0 | P |
Fiskars Canada, Inc. | Toronto | CA | 100.0 | 100.0 | S |
Gerber Outdoor, LLC | Madison, WI | US | 100.0 | 100.0 | D |
Consumer Brands (Hong Kong) Co., Limited | Hong Kong | HK | 1.0 | 1.0 | H |
Fiskars Group SC Finland Oy Ab | Raseborg | FI | 100.0 | 100.0 | H |
Consumer Brands (Hong Kong) Co., Limited | Hong Kong | HK | 99.0 | 99.0 | H |
Fiskars (Thailand) Co., Limited | Bangkok | TH | 98.0 | 98.0 | H |
Fiskars Trading (Shanghai) Co., Ltd | Shanghai | CN | 100.0 | 100.0 | H |
Fiskars Benelux B.V. | Oosterhout | NL | 100.0 | 100.0 | S |
Fiskars Finland Oy Ab | Helsinki | FI | 100.0 | 100.0 | P |
Fiskars (Thailand) Co., Limited | Bangkok | TH | 1.0 | 1.0 | H |
Fiskars Sweden (Vita) AB | H\u00f6gan\u00e4s | SE | 100.0 | 100.0 | S |
Fiskars Sweden AB | H\u00f6gan\u00e4s | SE | 100.0 | 100.0 | S |
Fiskars Estonia AS | Tallinn | EE | 100.0 | 100.0 | S |
Iittala BV | Antwerpen | BE | 100.0 | 100.0 | S |
Fiskars Finland Newco Oy Ab | Espoo | FI | 100.0 | 100.0 | D |
Fiskars Denmark A/S | Glostrup | DK | 100.0 | 100.0 | P |
Fiskars Japan Co., Ltd | Tokyo | JP | 100.0 | 100.0 | S |
Royal Copenhagen Korea Co., Ltd | Seoul | KR | 100.0 | 100.0 | S |
Royal Copenhagen Thailand Ltd | Saraburi | TH | 60.0 | 60.0 | P |
Fiskars Hong Kong Limited | Hong Kong | HK | 100.0 | 100.0 | S |
Georg Jensen Investment Aps | Frederiksberg | DK | 98.3 | 98.3 | H |
Georg Jensen A/S | Frederiksberg | DK | 100.0 | 100.0 | P |
Domicile | % of share capital | % of voting power | Nature of main activities | ||
Georg Jensen Investment Aps | Frederiksberg | DK | 1.7 | 1.7 | H |
Georg Jensen NUF | Kols\u00e5s | NO | 100.0 | 100.0 | D |
Georg Jensen Retail A/S | Frederiksberg | DK | 100.0 | 100.0 | S |
Georg Jensen Silver AB | Stockholm | SE | 100.0 | 100.0 | S |
Georg Jensen GmbH | Hamburg | DE | 100.0 | 100.0 | S |
Georg Jensen Ltd. | London | GB | 100.0 | 100.0 | S |
Georg Jensen S.A.R.L. | Paris | FR | 100.0 | 100.0 | D |
Georg Jensen Japan Ltd. | Tokyo | JP | 100.0 | 100.0 | S |
Georg Jensen (Thailand) Co. Ltd. | Chiangmai | TH | 100.0 | 100.0 | P |
Georg Jensen Taiwan Ltd. | Taipei | TW | 100.0 | 100.0 | S |
Fiskars Taiwan Limited | Taipei | TW | 100.0 | 100.0 | S |
Georg Jensen Inc. | New York | US | 100.0 | 100.0 | S |
Georg Jensen HK Holding Ltd. | Hong Kong | HK | 100.0 | 100.0 | H |
Georg Jensen China Ltd. | Hong Kong | HK | 100.0 | 100.0 | D |
Georg Jensen HK Ltd. | Hong Kong | HK | 100.0 | 100.0 | S |
Georg Jensen Beijing Trading Ltd. | Beijing | CN | 100.0 | 100.0 | S |
Fiskars Denmark Newco A/S | Glostrup | DK | 100.0 | 100.0 | D |
Georg Jensen PTY Ltd. | Frenchs Forest | AU | 100.0 | 100.0 | S |
Fiskars Deutschland GmbH | Herford | DE | 100.0 | 100.0 | D |
Fiskars France S.A.S. | Ivry sur Seine | FR | 100.0 | 100.0 | S |
Fiskars Germany GmbH | Herford | DE | 100.0 | 100.0 | S |
Iittala GmbH | Solingen | DE | 100.0 | 100.0 | D |
Fiskars Italy S.r.l. | Premana | IT | 100.0 | 100.0 | S |
Fiskars Norway (Vita) AS | Oslo | NO | 100.0 | 100.0 | S |
Fiskars Norway AS | Oslo | NO | 100.0 | 100.0 | S |
Domicile | % of share capital | % of voting power | Nature of main activities | ||
Fiskars Polska Sp. z o.o. | Slupsk | PL | 100.0 | 100.0 | P |
Fiskars Polska Sp. z.o.o., Magyarorsz\u00e1gi Fi\u00f3ktelepe | Budapest | HU | 100.0 | 100.0 | S |
Fiskars Polska Sp. z.o.o., od\u0161t\u011bpn\u00fd z\u00e1vod | Prague | CZ | 100.0 | 100.0 | S |
Fiskars UK Limited | Bridgend | GB | 100.0 | 100.0 | S |
Fiskars Commercial (Shanghai) Co., Ltd. | Shanghai | CN | 100.0 | 100.0 | S |
UAB Fiskars Lithuania | Vilnius | LT | 100.0 | 100.0 | S |
Fiskars Latvia SIA | Riga | LV | 100.0 | 100.0 | S |
Fiskars Living Canada, Inc | New Brunswick | CA | 100.0 | 100.0 | S |
Fiskars Living US, LLC | Wilmingtom, DE | US | 100.0 | 100.0 | S |
Fiskars UK (Vita) Limited | Stoke-on-Trent | GB | 100.0 | 100.0 | P |
WWRD Ireland Limited | Waterford | IE | 100.0 | 100.0 | P |
Steklarna Roga\u0161ka d.o.o. | Roga\u0161ka Slatina | SI | 100.0 | 100.0 | P |
Roga\u0161ka Kristal d.o.o. | Zagreb | HR | 100.0 | 100.0 | D |
Fiskars Australia Pty Ltd | Sydney | AU | 100.0 | 100.0 | S |
Fiskars Australia Pty Ltd - New Zealand Branch | Auckland | NZ | 100.0 | 100.0 | S |
Josiah Wedgwood & Sons Pty Ltd | Sydney | AU | 100.0 | 100.0 | D |
Waterford Wedgwood Australia Limited | Stoke-on-Trent | GB | 100.0 | 100.0 | D |
Fiskars Online Oy Ab | Helsinki | FI | 100.0 | 100.0 | S |
WWRD Netherlands MidCo B.V. | Amsterdam | NL | 100.0 | 100.0 | S |
Waterford Wedgwood Trading Singapore Pte Limited | Singapore | SG | 100.0 | 100.0 | H |
PT Doulton | Tangerang | ID | 96.2 | 96.2 | P |
Fiskars SC Finland Oy Ab | Espoo | FI | 100.0 | 100.0 | D |
Ab \u00c5bo B\u00e5tvarf - Turun Veneveist\u00e4m\u00f6 Oy | Turku | FI | 100.0 | 100.0 | D |
Fiskars (Thailand) Co.,Limited | Bangkok | TH | 1.0 | 1.0 | H |
Holding, management or services\tHProduction and sales\tPSales\tSDormant\tD
6.2\tRelated party transactions
Fiskars Group's related parties are members of the Fiskars Group Board of Directors and Fiskars Group Leadership Team, other key management persons, and individual shareholders with control or significant influence over the company, as well as entities controlled or significantly influenced by them. In addition, associated companies of Fiskars Group and members of the family of the above-mentioned individuals are also regarded as related parties.
Fiskars Finland Oy Ab rents real estate from its associated company Koy Iittalan Lasim\u00e4ki and has granted a capital loan to the company at inception.
Fiskars Group had no significant transactions, liabilities or receivables with related parties during 2025.
EUR million | 2025 | 2024 |
Rent | 0.2 | 0.2 |
Capital loan | 0.2 | 0.2 |
Shareholdings of the Board and key management, December 31
Includes holding of corporations under controlling power together with a family member.
2025 | 2024 | |||||
Own holdings | Holdings of controlled corporations | Total | Own holdings | Holdings of controlled corporations | Total | |
Ehrnrooth Paul | 11,430,961 | 11,430,961 | 11,430,961 | 11,430,961 | ||
Ladau Rolf1 | ||||||
Fromond Louise | 601,135 | 10,567,417 | 11,168,552 | 601,135 | 10,567,417 | 11,168,552 |
Goldin Julia | ||||||
Lindahl Carl-Martin | ||||||
Lixfeld Volker2 | ||||||
Ehrnrooth Albert | 855,372 | 13,528,534 | 14,383,906 | 855,372 | 13,480,534 | 14,335,906 |
Repo Susan | ||||||
Skippari Susanne3 | ||||||
Ahlstr\u00f6m Nathalie4 | 108,835 | 108,835 | 137,311 | 137,311 | ||
Luomakoski Jyri5 | 15,000 | 15,000 | 4,000 | 4,000 | ||
Mindel\u00f6f Anna6 | 6,107 | 6,107 | 6,081 | 6,081 | ||
Shaukat Aamir | 15,224 | 15,224 | 11,712 | 11,712 | ||
Siitonen Jussi | 84,594 | 84,594 | 84,070 | 84,070 | ||
Hahn Steffen | 8,690 | 8,690 | 4,462 | 4,462 | ||
Lalonde Daniel7 |
1Member of the Board of Directors from March 12, 2025; Elected as Vice Chair on May 8, 2025
2Member of the Board of Directors until March 12, 2025
3Member of the Board of Directors from March 12, 2025
4Fiskars Group's President and CEO until May 8, 2025
5Vice Chair of the Board of Directors until May 8, 2025 and stepped down from the Board October 16, 2025. President and CEO of Fiskars Group from October 16, 2025
6Member of the Fiskars Group Leadership Team until March 31, 2025
7Member of the Fiskars Group Leadership Team from April 14, 2025
The shareholdings of the Board and key management represent in total 46.2% of the outstanding shares of the company.
Remuneration of the Board and key management
2025 | 2024 | |||||
EUR thousand | Salaries and fees | Statutory pension3 | Supplementary pension3 | Salaries and fees | Statutory pension3 | Supplementary pension3 |
Ehrnrooth Paul | 192.0 | 171.5 | ||||
Luomakoski Jyri1 | 535.0 | 46.3 | 106.5 | 137.3 | ||
Fromond Louise | 97.5 | 91.5 | ||||
Repo Susan | 98.5 | 67.0 | ||||
Sotamaa Ritva | 21.5 | |||||
Ehrnrooth Albert | 94.5 | 88.5 | ||||
Ehrnrooth Alexander | 3.8 | 3.0 | ||||
Lixfeld Volker | 20.5 | 87.8 | ||||
Lindahl Carl-Martin | 97.3 | 85.8 | ||||
Goldin Julia | 89.8 | 80.8 | ||||
Ladau Rolf | 97.7 | |||||
Skippari Susanne | 73.5 | |||||
Ahlstr\u00f6m Nathalie2 | 507.6 | 36.3 | 88.2 | 1,258.4 | 131.1 | 96.9 |
Fiskars Group Leadership Team, excluding CEO and President | 2,036.1 | 30.7 | 68.4 | 3,501.7 | 85.4 | 66.5 |
Total | 3,943.8 | 82.6 | 194.7 | 5,594.6 | 216.5 | 163.4 |
1Vice Chair until May 8, 2025. Luomakoski did not receive Board remuneration following his appointment as Interim President & CEO as of May 8, 2025. He was appointed as the President & CEO and stepped down from the Board on October 16, 2025.
2Stepped down as the President & CEO on May 8, 2025 and continued to receive base salary and benefits until the end of her notice period, November 8, 2025.
3Employees based in Finland
The key management consists of the Board of Directors, the President & CEO and the members of Corporate Management Team (Fiskars Group Leadership Team). The figures are presented on an accrual basis.
Fiskars Group Leadership Team belongs to share-based long-term incentive plans to which participants are selected by the Board of Directors annually. In 2025 there is one plan in place, Performance Share Plan 2021, which includes three on-going
performance periods for years 2023\u20132025, 2024\u20132026 and 2025\u20132027. The Board of Directors confirms the targets separately for each performance period and they are based on the company\u2019s total shareholder return, cumulative comparable EBIT and circular economy during the vesting period. No reward will be paid if targets are not met or if the participant\u2019s employment ends before reward payment. The expense recorded during the financial year for the corporate management team is included in the salaries and fees figures above.
Fiskars Group Leadership Team members who are part of Finnish social security system have a collective supplementary pension insurance, which includes an old-age pension at the retirement age, vested rights under certain conditions and indemnity payable at death. The amount of pension income is based on the insurance savings. The employer's contribution to the insurance plan is 20% of the preceding year's income, excluding bonuses, for CEO and 16%\u201320% of the preceding year's income, excluding bonuses, for Fiskars Group Leadership Team excl. CEO.
The President and CEO\u2019s compensation consists of base salary, annual short-term incentive plan and a share-based long-term incentive plan. The President and CEO will participate in performance periods of the long-term incentive plan from 2026. The President and CEO\u2019s employment contract will end by the time of the statutory retirement age. The President and CEO and the Company have a notice period of six months. Remuneration upon dismissal by the Company equals annual base salary, in addition to the salary for the six-month notice period.
On February 7, 2023, it was announced that the Board of Directors of Fiskars Group decided on a management share ownership program aimed at the company\u2019s CEO, the Group\u2019s management team, and certain key personnel determined by the Board. In a paid directed share issue, a total of 156,401 shares held by the company were subscribed. More information about the incentive scheme can be found in note 2.5 Share-based payments. As part of the program, the Board decided to offer market-based co-financing for the subscription of the company\u2019s shares by granting interest-bearing loans to the participants of the program. The maximum loan amount for the CEO and CFO was 50% and for other target groups 75% of the share investment amount. The total amount of financing granted by the company was EUR 1.4 million (2023: 1.2). The financing taken in March 2023 must be repaid by July 30, 2027, and the financing taken in March 2024 must be repaid by July 30, 2028.
Interest on the unpaid loan principal must be paid from the withdrawal date at a rate of 12-month Euribor plus a margin of 1.00%. Interest is due semi-annually on October 1 and April 1 until the entire loan is repaid. The borrowers have committed to pledging the purchased company shares as collateral for the loan repayment, if the Board later separately decides to approve the pledge based on the authorization received from the General Meeting.
Shareholdings of the Board and key management, December 31
Includes holding of corporations under controlling power together with a family member.
2025 | 2024 | |||||
Own holdings | Holdings of controlled corporations | Total | Own holdings | Holdings of controlled corporations | Total | |
Ehrnrooth Paul | 11,430,961 | 11,430,961 | 11,430,961 | 11,430,961 | ||
Ladau Rolf1 | ||||||
Fromond Louise | 601,135 | 10,567,417 | 11,168,552 | 601,135 | 10,567,417 | 11,168,552 |
Goldin Julia | ||||||
Lindahl Carl-Martin | ||||||
Lixfeld Volker2 | ||||||
Ehrnrooth Albert | 855,372 | 13,528,534 | 14,383,906 | 855,372 | 13,480,534 | 14,335,906 |
Repo Susan | ||||||
Skippari Susanne3 | ||||||
Ahlstr\u00f6m Nathalie4 | 108,835 | 108,835 | 137,311 | 137,311 | ||
Luomakoski Jyri5 | 15,000 | 15,000 | 4,000 | 4,000 | ||
Mindel\u00f6f Anna6 | 6,107 | 6,107 | 6,081 | 6,081 | ||
Shaukat Aamir | 15,224 | 15,224 | 11,712 | 11,712 | ||
Siitonen Jussi | 84,594 | 84,594 | 84,070 | 84,070 | ||
Hahn Steffen | 8,690 | 8,690 | 4,462 | 4,462 | ||
Lalonde Daniel7 |
1Member of the Board of Directors from March 12, 2025; Elected as Vice Chair on May 8, 2025
2Member of the Board of Directors until March 12, 2025
3Member of the Board of Directors from March 12, 2025
4Fiskars Group's President and CEO until May 8, 2025
5Vice Chair of the Board of Directors until May 8, 2025 and stepped down from the Board October 16, 2025. President and CEO of Fiskars Group from October 16, 2025
6Member of the Fiskars Group Leadership Team until March 31, 2025
7Member of the Fiskars Group Leadership Team from April 14, 2025
The shareholdings of the Board and key management represent in total 46.2% of the outstanding shares of the company.
Remuneration of the Board and key management
2025 | 2024 | |||||
EUR thousand | Salaries and fees | Statutory pension3 | Supplementary pension3 | Salaries and fees | Statutory pension3 | Supplementary pension3 |
Ehrnrooth Paul | 192.0 | 171.5 | ||||
Luomakoski Jyri1 | 535.0 | 46.3 | 106.5 | 137.3 | ||
Fromond Louise | 97.5 | 91.5 | ||||
Repo Susan | 98.5 | 67.0 | ||||
Sotamaa Ritva | 21.5 | |||||
Ehrnrooth Albert | 94.5 | 88.5 | ||||
Ehrnrooth Alexander | 3.8 | 3.0 | ||||
Lixfeld Volker | 20.5 | 87.8 | ||||
Lindahl Carl-Martin | 97.3 | 85.8 | ||||
Goldin Julia | 89.8 | 80.8 | ||||
Ladau Rolf | 97.7 | |||||
Skippari Susanne | 73.5 | |||||
Ahlstr\u00f6m Nathalie2 | 507.6 | 36.3 | 88.2 | 1,258.4 | 131.1 | 96.9 |
Fiskars Group Leadership Team, excluding CEO and President | 2,036.1 | 30.7 | 68.4 | 3,501.7 | 85.4 | 66.5 |
Total | 3,943.8 | 82.6 | 194.7 | 5,594.6 | 216.5 | 163.4 |
1Vice Chair until May 8, 2025. Luomakoski did not receive Board remuneration following his appointment as Interim President & CEO as of May 8, 2025. He was appointed as the President & CEO and stepped down from the Board on October 16, 2025.
2Stepped down as the President & CEO on May 8, 2025 and continued to receive base salary and benefits until the end of her notice period, November 8, 2025.
3Employees based in Finland
The key management consists of the Board of Directors, the President & CEO and the members of Corporate Management Team (Fiskars Group Leadership Team). The figures are presented on an accrual basis.
Fiskars Group Leadership Team belongs to share-based long-term incentive plans to which participants are selected by the Board of Directors annually. In 2025 there is one plan in place, Performance Share Plan 2021, which includes three on-going
performance periods for years 2023\u20132025, 2024\u20132026 and 2025\u20132027. The Board of Directors confirms the targets separately for each performance period and they are based on the company\u2019s total shareholder return, cumulative comparable EBIT and circular economy during the vesting period. No reward will be paid if targets are not met or if the participant\u2019s employment ends before reward payment. The expense recorded during the financial year for the corporate management team is included in the salaries and fees figures above.
Fiskars Group Leadership Team members who are part of Finnish social security system have a collective supplementary pension insurance, which includes an old-age pension at the retirement age, vested rights under certain conditions and indemnity payable at death. The amount of pension income is based on the insurance savings. The employer's contribution to the insurance plan is 20% of the preceding year's income, excluding bonuses, for CEO and 16%\u201320% of the preceding year's income, excluding bonuses, for Fiskars Group Leadership Team excl. CEO.
The President and CEO\u2019s compensation consists of base salary, annual short-term incentive plan and a share-based long-term incentive plan. The President and CEO will participate in performance periods of the long-term incentive plan from 2026. The President and CEO\u2019s employment contract will end by the time of the statutory retirement age. The President and CEO and the Company have a notice period of six months. Remuneration upon dismissal by the Company equals annual base salary, in addition to the salary for the six-month notice period.
On February 7, 2023, it was announced that the Board of Directors of Fiskars Group decided on a management share ownership program aimed at the company\u2019s CEO, the Group\u2019s management team, and certain key personnel determined by the Board. In a paid directed share issue, a total of 156,401 shares held by the company were subscribed. More information about the incentive scheme can be found in note 2.5 Share-based payments. As part of the program, the Board decided to offer market-based co-financing for the subscription of the company\u2019s shares by granting interest-bearing loans to the participants of the program. The maximum loan amount for the CEO and CFO was 50% and for other target groups 75% of the share investment amount. The total amount of financing granted by the company was EUR 1.4 million (2023: 1.2). The financing taken in March 2023 must be repaid by July 30, 2027, and the financing taken in March 2024 must be repaid by July 30, 2028.
Interest on the unpaid loan principal must be paid from the withdrawal date at a rate of 12-month Euribor plus a margin of 1.00%. Interest is due semi-annually on October 1 and April 1 until the entire loan is repaid. The borrowers have committed to pledging the purchased company shares as collateral for the loan repayment, if the Board later separately decides to approve the pledge based on the authorization received from the General Meeting.
6.3\tAcquisitions and divestments
Acquisitions and divestments in 2025
There were no acquisitions or divestments during 2025.
Acquisitions and divestments in 2024
There were no acquisitions or divestments during 2024.
6.4\tCommitments and contingencies
EUR million | 2025 | 2024 |
Guarantees | 8.2 | 10.4 |
Other contingencies | 0.4 | 0.4 |
Supplier finance arrangement limit | 17.0 | 18.3 |
Total, Dec 31 | 25.7 | 29.1 |
Of the supplier finance arrangement limit, EUR 5.3 million (2024: 7.6) was in use. The supplier finance arrangements are described in more detailed in Note 4.3 Trade and other payables.
Litigation
Fiskars Group is involved in a number of legal actions, claims and other proceedings. Due to the nature of these proceedings, the final outcomes of these cases cannot be predicted. Taking into account the available information to date, these proceedings are not expected to have a material impact on the operations and financial position of the Group, nor impact the guidance for 2026. It is possible that based on later information, the view may be reconsidered. In particular, Fiskars Group\u2019s well-known and strong brands are exposed to e.g. infringement of intellectual property rights and therefore enforcement actions are part of ordinary business. Fiskars Group considers that investments made in enforcement actions are essential in order to protect and maintain the competitive edge created by our unique designs, innovations and strong brands.
Fiskars Group entities are subject to tax audits in certain countries. It is possible that tax audits may lead to reassessment of taxes.
6.4\tCommitments and contingencies
EUR million | 2025 | 2024 |
Guarantees | 8.2 | 10.4 |
Other contingencies | 0.4 | 0.4 |
Supplier finance arrangement limit | 17.0 | 18.3 |
Total, Dec 31 | 25.7 | 29.1 |
Of the supplier finance arrangement limit, EUR 5.3 million (2024: 7.6) was in use. The supplier finance arrangements are described in more detailed in Note 4.3 Trade and other payables.
Litigation
Fiskars Group is involved in a number of legal actions, claims and other proceedings. Due to the nature of these proceedings, the final outcomes of these cases cannot be predicted. Taking into account the available information to date, these proceedings are not expected to have a material impact on the operations and financial position of the Group, nor impact the guidance for 2026. It is possible that based on later information, the view may be reconsidered. In particular, Fiskars Group\u2019s well-known and strong brands are exposed to e.g. infringement of intellectual property rights and therefore enforcement actions are part of ordinary business. Fiskars Group considers that investments made in enforcement actions are essential in order to protect and maintain the competitive edge created by our unique designs, innovations and strong brands.
Fiskars Group entities are subject to tax audits in certain countries. It is possible that tax audits may lead to reassessment of taxes.
6.5\tSubsequent events after the reporting period
There have been no subsequent events after the reporting period that required recognition or disclosure.
Items affecting comparability
Exceptional and material transactions outside the ordinary course of business are treated as items affecting comparability. These include items such as gains and losses on disposal of business operations, impairments, costs of discontinued significant business operations, restructuring costs and costs of integrating acquired businesses, major product recalls, and fines and penalties. Gains and losses are presented in the Consolidated Income Statement as an income or expense on the relevant line item and function. Impairments have been presented in the Income Statement in depreciation, amortization and impairment of the relevant function. Write-downs are presented in other operating expenses.
2025
Items affecting comparability in 2025 were mainly related to a write-off concerning internally generated intangible digital and IT assets. In addition, items affecting comparability were related to business area separation project that started in 2024, impairment of trademarks and organizational changes.
On March 14, Fiskars Group announced to strenghten its Direct-to-Consumer (DTC) business by transitioning from its digital platform to SaaS-based services. The shift to SaaS-based services enables Fiskars Group to drive efficiencies and scale
DTC more effectively in the long term as well as to enhance its digital capabilities with access to latest technical features. As part of this transition, the company recognized an impairment of EUR 27 million of internally generated intangible assets related to DTC software, encompassing both online and offline channels. The impairment was reported as an item affecting comparability.
On February 6, 2025 Fiskars Group announced its plans of changes to drive Business Area (BA) Vita's long-term growth through simplified organizational structure, increased efficiency and strategic investments. Supported by the planned savings from the organizational changes, Fiskars Group is re-investing in Business Area (BA) Vita\u2019s growth, particularly in marketing and demand creation, over the course of 2025. The planned investments amount to approximately EUR 12 million. One-off costs related to the planned changes are expected to amount to a total of approximately EUR 4 million and they are expected to be recorded as items affecting comparability (IAC).
2024
Items affecting comparability in 2024 consisted mainly Georg Jensen acquisition related costs, including inventory fair value step-up release, integration costs and update of the purchase price allocation in 2024, resulting a decrease in
the negative goodwill amount recorded in 2023. In addition the IAC's resulted from changes in the organization.
On October 24, 2024 Fiskars Group announced it plans to separate its two Business Areas into independent operations and legal entities, completing 'brands first' approach. The new organization is expected to be effective starting on 1 April 2025, with the legal entity structure completed by the end of the first quarter of 2026. Once completed, the new structure together with other simplification actions initiated by Fiskars Group are expected to generate annual, run-rate cost savings of approximately EUR 12 million, the majority of which will be realized in 2025. The expected one-off transition expenses, reported as items affecting comparability, of approximately EUR 8 million will be recorded gradually as actions are completed.
EUR million | 2025 | 2024 |
EBIT | 38.1 | 37.1 |
Depreciation and amortization | 84.1 | 82.5 |
EBITDA | 122.2 | 119.6 |
Items affecting comparability in EBIT | ||
Organizational changes | 8.0 | 18.5 |
Trademark impairment | 5.2 | |
Digital & IT asset write-off | 26.4 | |
Business Area separation | 4.0 | 0.3 |
Georg Jensen acquisition / Inventory fair value step-up release | 41.1 | |
Georg Jensen acquisition / Gain from negative goodwill | 6.0 | |
Georg Jensen acquisition / Transaction costs | 0.1 | |
Georg Jensen acquisition / Integration costs | 3.4 | |
Sale of Watering business | -5.3 | 4.9 |
Total items affecting comparability in EBIT | 38.4 | 74.3 |
Comparable EBIT | 76.4 | 111.4 |
Depreciation and amortization, excl. IAC | 78.9 | 82.0 |
Comparable EBITDA | 155.3 | 193.5 |
Financial indicators
Five years in figures
2025 | 2024 | 2023 | 2022 | 2021 | ||
Net sales | EUR million | 1,140.2 | 1,157.1 | 1,129.8 | 1,248.4 | 1,254.3 |
of which outside Finland | EUR million | 1,036.5 | 1,055.1 | 1,024.0 | 1,136.0 | 1,142.0 |
% of net sales | % | 90.9 | 91.2 | 90.6 | 91.0 | 91.0 |
export from Finland | EUR million | 20.2 | 20.2 | 21.2 | 20.4 | 24.2 |
Change in net sales | % | -1.5 | 2.4 | -9.5 | -0.5 | 12.4 |
Gross profit | EUR million | 535.1 | 517.0 | 511.4 | 555.9 | 539.8 |
% of net sales | % | 46.9 | 44.7 | 45.3 | 44.5 | 43.0 |
Comparable gross profit | EUR million | 537.4 | 564.1 | 528.7 | 560.2 | 543.7 |
% of net sales | % | 47.1 | 48.8 | 46.8 | 44.9 | 43.3 |
EBIT | EUR million | 38.1 | 37.1 | 98.9 | 134.7 | 142.8 |
% of net sales | % | 3.3 | 3.2 | 8.7 | 10.8 | 11.4 |
Comparable EBIT | EUR million | 76.4 | 111.4 | 110.3 | 151.0 | 154.2 |
Comparable EBIT margin | % | 6.7 | 9.6 | 9.8 | 12.1 | 12.3 |
EBITDA | EUR million | 122.2 | 119.6 | 164.9 | 194.1 | 204.4 |
Comparable EBITDA | EUR million | 155.3 | 193.5 | 175.8 | 210.3 | 215.7 |
Change in fair value of biological assets | EUR million | 4.5 | 6.5 | 4.8 | 1.1 | 1.3 |
Financial income and expenses | EUR million | -30.0 | -25.2 | -24.0 | -11.7 | 0.0 |
% of net sales | % | -2.6 | -2.2 | -2.1 | -0.9 | 0.0 |
Profit before taxes | EUR million | 12.5 | 18.5 | 79.7 | 124.1 | 144.1 |
% of net sales | % | 1.1 | 1.6 | 7.1 | 9.9 | 11.5 |
Income tax | EUR million | -2.9 | 8.9 | -9.7 | -25.0 | -56.5 |
Profit for the period attributable to the equity holders of the parent company | EUR million | 9.3 | 27.1 | 69.9 | 98.2 | 86.6 |
% of net sales | % | 0.8 | 2.3 | 6.2 | 7.9 | 6.9 |
Profit for the period attributable to the non-controlling interest | EUR million | 0.2 | 0.3 | 0.2 | 0.9 | 0.9 |
Employee benefits | EUR million | 288.4 | 301.8 | 289.2 | 289.0 | 293.7 |
Depreciation, amortization and impairment | EUR million | 84.1 | 82.5 | 66.0 | 59.4 | 61.6 |
% of net sales | % | 7.4 | 7.1 | 5.8 | 4.8 | 4.9 |
2025 | 2024 | 2023 | 2022 | 2021 | Amortization and impairment, intangible assets and goodwill | EUR million | 20.4 | 20.3 | 15.1 | 13.8 | 14.0 |
Depreciation and impairment, tangible assets and investment property | EUR million | 23.9 | 24.5 | 21.6 | 20.7 | 22.5 | |||||
Depreciation and impairment, right-of-use assets | EUR million | 39.8 | 37.7 | 29.3 | 24.9 | 25.1 | |||||
Cash flow from operating activities | EUR million | 100.8 | 112.3 | 220.8 | -61.4 | 122.9 | |||||
Cash flow from operating activities before financial items and taxes | EUR million | 128.2 | 145.4 | 247.5 | -24.9 | 164.2 | |||||
Free cash flow | EUR million | 76.3 | 81.7 | 184.9 | -100.7 | 93.3 | |||||
Free cash flow/comparable net profit (LTM) | % | 197.3 | 94.8 | 231.0 | -90.0 | 97.4 | |||||
Capital expenditure (excl. Business combinations) | EUR million | 43.5 | 52.5 | 50.8 | 48.1 | 34.4 | |||||
% of net sales | % | 3.8 | 4.5 | 4.5 | 3.9 | 2.7 | |||||
Research and development expenses | EUR million | 22.9 | 18.8 | 19.8 | 20.8 | 15.5 | |||||
% of net sales | % | 2.0 | 1.6 | 1.8 | 1.7 | 1.2 | |||||
Equity attributable to equity holders of the parent company | EUR million | 710.4 | 792.2 | 819.9 | 831.6 | 812.1 | |||||
Equity attributable to non-controlling interest | EUR million | 4.3 | 4.3 | 3.8 | 4.1 | 4.2 | |||||
Equity total | EUR million | 714.7 | 796.5 | 823.7 | 835.6 | 816.3 | |||||
Net debt | EUR million | 513.4 | 493.9 | 446.7 | 325.3 | 145.0 | |||||
Net debt/comparable EBITDA (LTM) | ratio | 3.31 | 2.55 | 2.54 | 1.55 | 0.67 | |||||
Net working capital | EUR million | 286.2 | 281.2 | 304.2 | 337.2 | 164.5 | |||||
Balance sheet total | EUR million | 1,642.1 | 1,711.1 | 1,754.9 | 1,585.4 | 1,435.5 | |||||
Return on investment | % | 3.8 | 3.7 | 8.7 | 12.1 | 15.3 | |||||
Return on equity | % | 1.3 | 3.4 | 8.4 | 12.0 | 11.1 | |||||
Equity ratio | % | 43.5 | 46.5 | 46.9 | 52.7 | 56.9 | |||||
Net gearing | % | 71.8 | 62.0 | 54.2 | 38.9 | 17.7 | |||||
Personnel (FTE), average | 6,145 | 6,446 | 6,133 | 6,273 | 6,081 | ||||||
Personnel, end of period | 6,594 | 6,851 | 7,162 | 6,595 | 6,690 | ||||||
of which outside Finland | 5,571 | 5,809 | 6,084 | 5,423 | 5,579 |
Share related figures
2025 | 2024 | 2023 | 2022 | 2021 | ||
Share capital | EUR million | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 |
Earnings per share attributable to the owners of the parent company (basic and diluted) | EUR | 0.12 | 0.33 | 0.86 | 1.21 | 1.06 |
Comparable earnings per share attributable to the owners of the parent company (basic and diluted) | EUR | 0.48 | 1.07 | 0.99 | 1.37 | 1.16 |
Cash earnings per share (CEPS) | EUR | 1.25 | 1.39 | 2.68 | -0.79 | 1.51 |
Dividend per share | EUR | 0.841 | 0.84 | 0.82 | 0.80 | 0.76 |
Dividend | EUR million | 67.71 | 67.9 | 66.3 | 64.5 | 61.9 |
Equity per share | EUR | 8.81 | 9.80 | 10.15 | 10.32 | 9.97 |
Average price | EUR | 13.82 | 16.30 | 16.33 | 18.51 | 18.55 |
Lowest price per share | EUR | 12.02 | 14.00 | 13.62 | 14.04 | 14.46 |
Highest price per share | EUR | 16.40 | 18.46 | 18.52 | 24.45 | 23.40 |
Price per share, Dec 31 | EUR | 12.68 | 14.94 | 17.86 | 15.38 | 23.00 |
Market value of shares | EUR million | 1,022.3 | 1,208.0 | 1,443.0 | 1,239.3 | 1,873.8 |
Number of shares, 1,000 pcs | 81,000.0 | 81,000.0 | 81,000.0 | 81,000.0 | 81,905.2 | |
Number of treasury shares, 1,000 pcs | 377.9 | 141.9 | 202.9 | 419.5 | 433.7 | |
Number of shares traded, 1,000 pcs | 6,613.5 | 3,102.1 | 5,962.2 | 9,724.6 | 8,016.4 | |
Price per earnings | Ratio | 110.0 | 44.6 | 20.6 | 12.7 | 21.7 |
Dividend per earnings | % | 728.81 | 250.8 | 94.8 | 62.7 | 71.5 |
Dividend yield | % | 6.61 | 5.6 | 4.6 | 4.9 | 3.3 |
Number of shareholders, Dec 31 | 32,622 | 32,625 | 33,776 | 32,602 | 30,080 |
1Board's proposal.
Basic and diluted earnings per share are equal, as the company has no potential ordinary shares.
Calculation of financial indicators
In addition to financial performance indicators defined by IFRS, Fiskars Group publishes certain Alternative Performance Measures to better reflect the operational business performance and to facilitate comparisons between financial periods. Reconciliation of comparable EBIT and comparable EBITDA can be found in section Other financial information.
Shares
Number of shares, votes and share capital
Fiskars Corporation\u2019s shares are traded in the Large Cap segment of Nasdaq Helsinki. The Company has one series of shares FSKRS. All shares carry one vote each and have equal rights.
The total number of shares at the end of 2025 was 81,000,000 (2024: 81,000,000). The share capital was EUR 77,510,200 in 2025.
Share details
Market | Nasdaq Helsinki |
ISIN | FI0009000400 |
Trading code | FSKRS |
Segment | Large Cap |
Industry | 3000 Consumer Goods |
Supersector | 3700 Personal & Household Goods |
Shares as of Dec 31, 2025 | 81,000,000 |
Treasury shares
As of the end of the year, Fiskars Corporation owned 377,855 treasury shares, corresponding to 0.5% of the Corporation\u2019s shares and votes. The Company has acquired the shares at the Nasdaq Helsinki in accordance with the authorizations of the general meetings of the shareholders.
Board authorizations
The Annual General Meeting for 2025 decided to authorize the Board to decide on the repurchase of the Company's own shares and/or the acceptance as pledge of the Company's own shares. The maximum number of shares to be repurchased and/or accepted as pledge is 4,000,000. In addition, the Annual General meeting decided to authorize the Board of Directors to decide on the transfer of a total maximum of 4,000,000 own shares held as treasury shares (share issue), in one or several instalments, either against or without consideration.
Changes in the number of shares, 2021\u20132025
Total | |
Total shares, Dec 31, 2021 | 81,905,242 |
Total shares, Dec 31, 2022 | 81,000,000 |
Total shares, Dec 31, 2023 | 81,000,000 |
Total shares, Dec 31, 2024 | 81,000,000 |
Total shares, Dec 31, 2025 | 81,000,000 |
Treasury shares Dec 31, 2025 | 377,855 |
Shareholders
Fiskars Corporation had 32,622 (2024: 32,625) shareholders as of the end of the year. Approximately 1.3% (2024: 1.7) of the share capital was owned by shareholders outside Finland and 3.1% (2024: 4.0) by nominee-registered shareholders.
Management shareholding
On December 31 2025, the Board members, the President & CEO and the CFO and their controlled entities and their managed entities together with a family member, owned a total of 37,221,869 (2024:\u00a037,183,055) shares corresponding to 46.2% (2024: 45.7) of the Company\u2019s shares and votes. The Company did not have any share option programs.
Share ownership, December 31, 2025
Number of shareholders | % | Number of shares and votes | % | |
Financial and insurance institutions | 38 | 0.12 | 13,443,941 | 16.60 |
Households | 31,553 | 96.72 | 26,351,286 | 32.53 |
Private companies | 656 | 2.01 | 29,503,645 | 36.42 |
Non-profit organizations | 205 | 0.63 | 5,733,368 | 7.08 |
General government | 8 | 0.03 | 4,945,379 | 6.11 |
Rest of the world | 162 | 0.50 | 1,022,381 | 1.26 |
Total | 32,622 | 100.00 | 81,000,000 | 100.00 |
Of which nominee registered | 11 | 0.03 | 2,491,581 | 3.08 |
Distribution of shares, December 31, 2025
Number of shares | Number of shareholders | % | Number of shares and votes | % |
1\u2013100 | 18,927 | 58.02 | 732,112 | 0.90 |
101\u2013500 | 9,411 | 28.85 | 2,352,667 | 2.91 |
501\u20131,000 | 2,118 | 6.49 | 1,607,501 | 1.99 |
1,001\u20135,000 | 1,724 | 5.29 | 3,676,925 | 4.54 |
5,001\u201310,000 | 192 | 0.59 | 1,345,199 | 1.66 |
10,001\u201350,000 | 160 | 0.49 | 3,257,607 | 4.02 |
50,001\u2013100,000 | 28 | 0.09 | 1,944,648 | 2.40 |
100,001\u2013500,000 | 39 | 0.12 | 9,023,253 | 11.14 |
500,001\u2013 | 23 | 0.07 | 57,060,088 | 70.45 |
Total | 32,622 | 100.00 | 81,000,000 | 100.00 |
Major shareholders, December 31, 2025
Total shares | % of shares and votes | ||
1 | Virala Oy Ab | 12,805,000 | 15.81 |
2 | Turret Oy Ab | 11,430,961 | 14.11 |
3 | Holdix Oy Ab | 10,165,537 | 12.55 |
4 | Bergsr\u00e5dinnan Sophie von Julins Stiftelse | 2,556,000 | 3.16 |
5 | Oy Julius Tallberg Ab | 2,554,350 | 3.15 |
6 | Varma Mutual Pension Insurance Company | 2,042,483 | 2.52 |
7 | Margareta Lindsay Gripenberg D\u00f6dsbo | 2,011,000 | 2.48 |
8 | Ilmarinen Mutual Pension Insurance Company | 1,691,000 | 2.09 |
9 | The Estate of Greta von Julin | 1,560,000 | 1.93 |
10 | Elo Mutual Pension Insurance Company | 1,192,288 | 1.47 |
11 | Lazard Fr\u00e8res Gestion | 994,111 | 1.23 |
12 | Nordea Funds | 974,392 | 1.20 |
13 | Ehrnrooth Albert Carl G\u00f6ran | 855,372 | 1.06 |
14 | Dimensional Fund Advisors | 811,599 | 1.00 |
15 | Samfundet Folkh\u00e4lsan | 770,265 | 0.95 |
16 | Lindsay von Julin & Co Ab | 750,000 | 0.93 |
17 | Hartwall Peter Johan | 748,450 | 0.92 |
18 | Therman Anna Maria Elisabeth | 722,436 | 0.89 |
19 | Fromond Lilli Sophie Louise | 601,135 | 0.74 |
20 | Fromond Anna Gabriell | 600,518 | 0.74 |
20 major shareholders | 55,836,897 | 68.93 |