Proposals of the Nomination Committee of the Board of Directors to Fiskars Corporation’s Annual General Meeting 2026

Fiskars' Nomination Committee proposes maintaining board remuneration at prior-term levels (annual fees: EUR 70,000 per member, EUR 105,000 vice chair, EUR 140,000 chair) and specific per-meeting travel fees, and recommends an eight-member board for the 2026 AGM. The committee proposes re-electing five incumbents and appointing three new members (Susan Duinhoven, Alexander Ehrnrooth, Kaarina Ståhlberg), with Paul Ehrnrooth indicated as chair and Alexander Ehrnrooth as vice chair if elected. FY2024 context: Fiskars Group reported EUR 1.2bn net sales and ~7,000 employees, with BA Vita and BA Fiskars reporting EUR 605m and EUR 547m respectively.

Analysis

Market structure: The board shake-up at Fiskars (Nasdaq Helsinki: FSKRS) preserves family influence while adding three new directors, which likely preserves strategic continuity (DTC expansion, brand consolidation). BA Vita already at ~50% DTC implies incremental margin capture if DTC grows a further 5–10 percentage points (estimated +150–300 bps EBIT margin tailwind). Direct winners: Fiskars’ premium brands and DTC partners; losers: low-margin mass-market competitors with weaker direct channels.

Risk assessment: Near-term market reaction should be muted; the AGM on March 11, 2026 is the first explicit catalyst and could move the stock ±3–7% on governance clarity. Tail risks include activist intervention or a family succession dispute (low probability, high impact — >15% downside) and a macro-driven 10–20% drop in luxury tableware demand that would compress BA Vita EBITDA materially. Hidden dependency: execution risk on DTC international roll-out (inventory, logistics) could erode assumed margin gains over 12–24 months.

Trade implications: Tactical long exposure to FSKRS ahead of AGM is reasonable; volatility is likely low, so use option structures to improve carry. Pair trade idea: long FSKRS vs short Villeroy & Boch (VIB3.DE) to express premium DTC resilience versus a traditional ceramics peer exposed to wholesalers. Cross-asset: minimal bond/commodity impact; FX risk concentrated in EUR/SEK moves — hedge if EUR moves >2% vs reporting currency expectations.

Contrarian angles: Market may underprice the value of a consolidated premium-brand portfolio with stable family stewardship — a <10% pullback could be an asymmetric buy. Conversely, consensus ignores supply-chain capex for DTC scale; if Fiskars must invest €50–100m capex over 24 months, EPS dilution risk exists. Historical parallel: branded housewares that doubled DTC share typically outperformed peers by 15–30% over 24 months when execution was clean.

Key Decisions for Investors

• Establish a 2–3% portfolio long position in Fiskars (FSKRS) ahead of the AGM (by March 6, 2026); target a 12–18 month hold, take profits on +20–30% upside, stop-loss at -12%.
• Implement a cost-efficient bullish option: buy 9–12 month FSKRS call spread ~10–25% OTM (long 12-month 10% OTM call, sell 12-month 25% OTM call) sized to represent 1% portfolio risk for asymmetric upside if governance is reaffirmed at AGM.
• Pair trade: go long FSKRS (1%) and short Villeroy & Boch (VIB3.DE) (0.7%) to exploit DTC margin differential; rebalance if relative P/L diverges by >5% within 6 months.
• If holding stock into AGM, buy 6-month puts ~15% OTM sized to cap downside to 8–10% total loss if governance or macro shocks occur; cancel protection if shares rise >10% post-AGM.
• Monitor three near-term catalysts and triggers over next 60 days: (1) formal Chair/Vice Chair election at AGM (Mar 11, 2026); (2) any 2Q26 trading update on DTC growth rates (watch for +/−5 pp vs current 50%); (3) any disclosed capex plan >€50m which would alter EPS trajectory—adjust position within 2 weeks of these events.