Financial Information

2024

Contents

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Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

Reaching supplier engagement target ahead of schedule

Already over 60% of Fiskars Group’s suppliers by spend covering purchased goods and services have set science-based emission reduction targets.

MyFiskars

Fiskars Group continued its employee share savings plan, where the Group grants participating employees one free matching share for every two savings shares acquired.

Setting a long-term net-zero climate target

Fiskars Group plans to reduce climate emissions in our operations and the whole value chain to net zero by the year 2049, which will also be the year Fiskars turns 400 years.

Read more

Georg Jensen integration

The third quarter marked the first full year of Georg Jensen as part of Fiskars Group. The Group now operates on a business-as-usual basis and are well on track with cost synergy realization.

26% of circular sales

In circular product design, Fiskars Group aims to expand the use of recycled, renewable and recirculated materials, and prioritize longevity, repairability, and recyclability aspects of products.

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Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

Our key brands

FISKARS

VITA

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Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

Report by the Board of Directors 2024

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year 2024

Report by the Board of Directors

Report by the Board of Directors

Business model and strategy

Fiskars Group is the global home of design-driven brands for indoor and outdoor living. The Group is driven by its common purpose: Pioneering design to make the everyday extraordinary.

Fiskars Group has a well-balanced portfolio of unique brands including Fiskars, Georg Jensen, Royal Copenhagen, Wedgwood, Moomin Arabia, Gerber, Iittala and Waterford, as well as several smaller tactical brands. The Group’s brands are present in more than 100 countries in Asia-Pacific, Europe and the Americas.

In 2024, Fiskars Group had two Business Areas (BA): Vita and Fiskars. Business Area Vita accounted for approximately 52%, and Fiskars 47%, of net sales. The Business Areas have full accountability for their global offering, enabling them to leverage the full potential of their strong brands. Both Business Areas have strong, yet BA specific, business drivers.

Recognized for creative design, BA Vita consists of brands such as Georg Jensen, Royal Copenhagen, Wedgwood, Moomin Arabia, Iittala and Waterford. It offers premium and luxury products for the tableware, drinkware, jewelry and interior categories. Europe is the largest geographical segment for BA Vita, with 55% net sales coming from the region, followed by Asia-Pacific with 35% and the Americas with 10%.

China is a key market with high potential for the Business Area, particularly in the luxury segment.

The innovation-driven BA Fiskars’ brands include Fiskars and Gerber. It consists of the gardening and outdoor categories in addition to the scissors and creating, as well as cooking categories. The Americas is the largest geographical segment for BA Fiskars with 50% of net sales coming from the region, followed by Europe with 46% and Asia-Pacific with 4%. The U.S. is clearly the largest single market for the BA, making it of high strategic importance.

Fiskars Group serves wholesale customers and B2B customers as well as consumers directly through its own stores and ecommerce.

Serving end consumers in direct-to-consumer (DTC) channels is a strategic focus area for Business Area Vita, as storytelling and customer journeys through own channels are important for fostering brand desire and essential for luxury brands. In 2024, DTC accounted for 50% of BA Vita’s net sales and 28% of the Group’s net sales. Fiskars Group has approximately 500 own stores around the world, majority of them in the Asia-Pacific region. All own stores are BA Vita’s brands’ stores.

Wholesale is Fiskars Group’s largest channel generating close to 70% of the Group’s sales. This

channel is of particular importance to Business Area Fiskars, and it accounted for over 90% of the BA’s sales in 2024. Commercial excellence, including close collaboration with key retailer customers, is therefore of strategic importance to BA Fiskars.

Fiskars Group has a diverse team of close to 7,000 employees based in 29 countries. The Group recognizes the importance of its people in contributing to its success, and continually invests in opportunities for employees to learn and grow. The Group promotes employee engagement by creating an open and inclusive working environment where everyone can make a meaningful contribution and feel that they belong.

Fiskars Group combines own manufacturing operations with those of its carefully selected suppliers. Fiskars Group has 13 own manufacturing units in Europe, Asia and the U.S. Fiskars Group has approximately 170 finished goods suppliers and a wide network of suppliers for raw materials, components and services. The Group has built a strong supplier network that meets its business needs, as well as its values and social and environmental expectations.

Fiskars Group’s Growth Strategy outlines the strategic choices that will put the Group on a healthy path of organic growth and profitability improvement. The

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Other financial information

sustainability statement

year 2024

Report by the Board of Directors

Risk category

Risk name

Risk description

Risk mitigation actions

Risk trend 1

Operational risks

Environment and climate change

The impact of climate change and loss of biodiversity on well- functioning ecosystems, temperatures and sea levels may cause unforeseen challenges to Fiskars Group. Regulations aiming to decrease dependence on fossil fuels and to reduce emissions, including the introduction of new tax policies, may raise energy prices and other associated costs. As regulations are tightening, and public awareness and expectations are growing, past measures to reduce the environmental impact may prove insufficient. The increasing frequency of natural catastrophes such as floods and typhoons and loss of biodiversity may interrupt and impact the operations of Fiskars Group.

Water and resource scarcity related to exhaustible fossil materials are increasing long-term global challenges, leading to increased materials costs and the risk of production interruptions. Currently, the challenge is the limited availability and higher prices of raw materials such as certified wood materials, bio-based plastics and recycled raw materials.

Fiskars Group is constantly increasing its sustainability efforts and aims to minimize environmental risks through systematic risk management. Fiskars Group is committed to promoting the circular economy, combating climate change by taking actions to reduce emissions, reducing the use of energy and promoting renewable energy sources. One example of Fiskars Group’s commitment to ESG is the issuance of the sustainability-linked bond framework in 2023, with the aim of aligning the company’s long-term financing strategy with its sustainability targets.

Multiple source contracts and ongoing research on alternative materials are utilized for managing price and availability risks.

The financial implications of business interruptions caused by natural hazards are mitigated by insurance.

Seasonality and weather

The demand for Fiskars Group’s products across categories may be influenced by both seasonal variations and weather conditions.

For Business Area Fiskars, the first half of the year is important for the gardening category. The demand for garden tools may be significantly influenced by weather conditions. Unfavorable weather, i.e., a cold and rainy spring, may negatively impact the sales of these products, while favorable conditions may boost their sales. In the winter months, a snowless winter may negatively impact sales of snow tools and vice versa. The back-to-school season during the second and third quarters of the year is also important for the scissors category in Business Area Fiskars.

For Business Area Vita, the fourth quarter is the most important time of year due to the holiday season.

Any negative developments related to product availability, demand, or increased costs in manufacturing or logistics during the important seasons may significantly affect the Group’s full-year net sales and profit. The seasonality of demand may differ from a typical year due to volatile market conditions. Extreme weather conditions, for example, storms and wildfires, are expected to increase in the future due to climate change and may also have a local impact on business operations.

Fiskars Group mitigates the impact of seasonality and changing weather conditions through a combination of an extensive and diverse product portfolio and a broad geographical footprint. This diversification ensures that fluctuations in demand or supply in specific regions or product categories are balanced by stability in others.

To address potential supply chain disruptions, the Group may maintain safety stocks against possible supply chain disruptions to provide a critical buffer to sustain operations and meet customer demand. Additionally, reliance on multi-source contracts reduces dependence on any single supplier, thereby minimizing exposure to risks related to price volatility, material shortages or regional disruptions.

The financial implications of property damage and business interruptions resulting from natural hazards are further mitigated through comprehensive insurance cover. This ensures that the Group can recover swiftly from unforeseen events, protecting its operational continuity and financial stability.

1 Risk trend compared to previous year

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Risk category

Risk name

Risk description

Risk mitigation actions

Risk trend 1

Operational risks

People

People are central to Fiskars Group’s strategy, being its most valuable asset and key enabler. Achieving strategic objectives relies on having the right individuals in the right roles. Risks such as an uncompetitive employer brand, insufficient efforts to foster an inspiring work environment, or the inability to ensure the workforce has necessary skills and capabilities may undermine the Group’s ability to attract and retain skilled professionals. Beyond talent retention, a lack of critical skills may impede the execution of strategic initiatives, delay key objectives, and limit the Group’s ability to innovate and adapt to evolving market conditions. This may lead to operational inefficiencies, increased costs and result in the loss of competencies, the departure of key employees and reduced workforce engagement.

The evolving demands of modern work life, if not adequately addressed, risk reducing employee engagement, increasing absenteeism and turnover, and threatening the company’s strategic execution. Additionally, occupational health and safety risks threaten employee wellbeing and business continuity, with potential reputational and financial repercussions.

Fiskars Group actively promotes employee engagement by providing opportunities for professional growth, including leadership training and skills development, while fostering a diverse and inclusive culture.

To monitor engagement and wellbeing, regular “Our Voice” employee surveys are conducted. Employee commitment is further strengthened through “MyFiskars,” a voluntary employee share savings plan, which rewards participants with one free matching share for every two shares acquired, provided they remain employed at Fiskars Group and retain their acquired shares until the end of the plan period.

The Group is also committed to achieving its Group-level target of zero lost-time accidents (LTAs). To support this goal, multiple measures are implemented, including risk assessment workshops and LTA review boards, to identify and mitigate workplace safety risks effectively.

Brand reputation and ESG

As consumer expectations for ESG (environmental, social, and governance) performance continue to rise, failing to meet these standards, or insufficient transparency in the supply chain or suppliers’ actions, may harm the Group’s brand reputation.

Issues such as biodiversity loss or unethical labor practices are under increasing scrutiny from consumers, investors and other stakeholders. Any perceived shortcomings in these areas risk eroding consumer trust and loyalty, potentially resulting in decreased net sales.

Furthermore, negative publicity related to ESG matters may attract regulatory scrutiny, diminish the Group’s appeal to investors, and undermine efforts to attract and retain top talent.

Sustainability is a key element and one of the strategic growth enablers for Fiskars Group, and the Group has set concrete ESG targets and linked them to decision making. Sustainability, beyond posing a risk, represents an opportunity for Fiskars Group to further strengthen the reputation and consumer desire of its brands. More comprehensive information about the Group’s sustainability work and results can be found in the 2024 Sustainability Statements, ESRS 2 General Disclosures (Risk management and internal controls over sustainability reporting) and Corporate Governance Statement, published as part of this Annual Report.

Fiskars Group strives to build strong and long-term relationships with trusted suppliers that live up to the Group’s corporate values. All suppliers and business partners must comply with the Supplier Code of Conduct, which outlines non-negotiable minimum standards on topics such as health and safety, environmental protection, and human and labor rights. Suppliers are instructed to adopt similar requirements for their suppliers and to monitor their supply chains. The Group conducts assessments on its finished goods suppliers. For raw material and component suppliers, as well as out-licensing partners, the Group uses third-party audit services to complement internal assessments.

1 Risk trend compared to previous year

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Risk category

Risk name

Risk description

Risk mitigation actions

Risk trend 1

Operational risks

Acquisitions

While organic growth remains the cornerstone of Fiskars Group’s strategy, the company may also grow through targeted acquisitions. All acquisitions and integrations of acquired businesses include risks. Acquired businesses may not perform as expected, key individuals may decide to leave the company, the costs of integration may exceed expectations, and synergy effects may be lower than expected.

Employee uncertainty during the integration process may arise, as the need to harmonize disparities in company cultures, ways of working, processes, tools and practices requires careful consideration. This transitional phase may lead to frustration and disengagement, impacting overall performance.

Fiskars Group follows an acquisition strategy characterized by a systematic and disciplined approach to identifying potential targets. The strategy ensures that only those targets that are closely aligned with the Group’s objectives and business goals are considered for acquisition.

In the acquisition due diligence process, Fiskars Group conducts a thorough investigation of the target company’s business, market, financial, operational, legal and regulatory aspects. This is a crucial step in evaluating the value and potential of the target company, enhancing the likelihood of a successful acquisition. In this phase of the acquisition, Fiskars Group formulates an integration pre-plan, outlining the key steps needed for successful integration and synergy realization for post- acquisition.

The post-acquisition integration program features multiple streams, each with detailed action plans and assigned responsible people to ensure a structured and coordinated approach to successful integration.

Product safety and liability

Fiskars Group is committed to offering high quality and functional products that are safe to use and fit for purpose.

As a manufacturer and seller of an extensive portfolio, including sharp cutting tools, food contact items and children’s products with a broad distribution, there is a risk that the Group’s products and packaging fail to meet or do not comply with safety, quality and legal requirements, causing a possible halt to deliveries or a product recall, reputational loss, indemnities, and lost sales.

Fiskars Group seeks to ensure all its products meet the pre-set high standards for quality, compliance and product safety. The product development process at Fiskars Group is based on continuous testing and learning, and the Group has invested in product development and quality assurance resources to mitigate against any potential product safety concerns at an early stage of product development.

Comprehensive insurance cover and a product recall policy are in place to mitigate the financial impact of a recall and to precipitate the process of recalling potentially harmful products from the markets.

1 Risk trend compared to previous year

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Risk category

Risk name

Risk description

Risk mitigation actions

Risk trend 1

Compliance risks

Legal and regulatory compliance

As a global company with operations in multiple countries, the changing legal and regulatory environment, both regional and supraregional, may expose Fiskars Group to compliance and litigation risks regarding corruption, tax, customs or export controls, among others. Furthermore, environmental, social and governance (ESG) related legislation and regulations are increasing and may affect the Group’s supply chain management and choices regarding product materials and manufacturing techniques, for example. Non-compliance with anti-trust/ fair competition laws may result from someone in the Group or any of its agents failing to comply with anti-trust/competition laws and engaging in conduct that would distort a free and competitive market, e.g., through pricing, anti-competitive agreements or abuse of a dominant position. If the Group is not predictive in identifying changes in laws and regulations and fails to implement necessary compliance programs consistently in its business operations, this may cause financial or reputational damage and exposure to criminal liability.

Fiskars Group registers, processes, stores and uses personal data in the course of its business operations, specifically regarding personal data related to consumers. There are increasing regulatory requirements for data protection, as well as accelerating changes in technology, and heightened consumer and public expectations. If the Group fails to fulfill its control obligations or processes or prevent or detect unauthorized access to personal information causing a violation of the GDPR or other applicable law or leakage of personal data, this may result in reputational damage and/or fines.

Fiskars Group is committed to ethical and responsible business practices, including respecting human rights and maintaining a strong emphasis on compliance. To enhance legal and regulatory compliance, Fiskars Group has implemented various compliance programs, policies and processes. There is a mandatory Code of Conduct training program for all employees and other mandatory training such as anti-trust training for targeted employee groups. All finished goods suppliers need to comply with Fiskars Group’s Supplier Code of Conduct requirements. Fiskars Group has established a cross-functional body to lead and govern its privacy and cybersecurity-related policies, processes and practices.

To ensure accountability, a whistleblowing channel allows anonymous reporting of any misconduct, with the Group committed to taking swift corrective action when necessary.

Intellectual property rights

Fiskars Group’s well-known and strong brands are exposed to infringement of intellectual property rights (IPR). There is a risk that the Group, its agents or suppliers may be harmed by employees, agents or third parties using company trade secrets or intellectual property to the Group’s detriment. Counterfeit products may present quality and safety risks to consumers and may damage consumer confidence in the Group’s products. Fiskars Group is also exposed to the risk of unintentionally violating other parties’ intellectual property rights. Infringement of IPRs may lead to a loss of net sales and profit.

Potential IPR infringements are monitored through cross-functional processes, and through online monitoring and systems. Fiskars Group has an enforcement policy in place that governs the enforcement actions that are taken to protect the exclusivity of Fiskars Group’s IPRs. Fiskars Group has a good understanding of the competitive landscape and provides its employees with training in IPRs.

1 Risk trend compared to previous year

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Risk category

Risk name

Risk description

Risk mitigation actions

Risk trend 1

Financial risks

Currency rates

With a significant part of the business in the United States and in other countries outside the eurozone, Fiskars Group is exposed to fluctuations in foreign currency rates. A change in the exchange rate may have a material impact on the reported financial figures. A change in the exchange rate may also negatively impact the local competitiveness of a Fiskars Group company. The most significant transaction risks are related to the appreciation of DKK, THB and USD, and the depreciation of SEK, AUD and JPY. The most significant translation risks are related to the depreciation of USD.

Currency risks related to commercial cash flows are first managed by offsetting cash flows denominated in the same foreign currency. Purchases of production inputs and the sales of products are primarily denominated in the local currencies of the Fiskars Group companies. The remaining net exports or imports in foreign currencies are hedged up to 15 months in advance using currency forwards and swaps.

Tax and customs compliance

Fiskars Group entities are subject to tax and customs audits in several countries. The risk that the Group fails to comply with international or local tax or customs regulations may lead to additional tax obligations and changes in tax or import duty liabilities and may cause loss of profit, penalties and interest, and a negative reputational impact.

Fiskars Group closely monitors changes in tax and customs regulations and international agreements to proactively manage risks related to taxes and duties. Processes and controls are actively developed and maintained to ensure compliance with any local and international requirements. Fiskars Group promotes an open dialog with the tax and customs authorities, and may seek advance rulings and other advance processes where necessary to secure its tax positions and customs compliance.

Financial investments

The financial investment portfolio of Fiskars Group consists mainly of investments in unlisted private equity funds. The value of the investments is exposed to fluctuations in the financial markets, including changes in interest rates and foreign exchange rates, and increases in credit risk. Financial investments are treated at fair value through profit or loss.

The foreign exchange risk is hedged up to 15 months in advance using currency forwards and swaps.

1 Risk trend compared to previous year

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Guidance for 2025

Fiskars Corporation expects comparable EBIT to improve from the 2024 level (2024: EUR 111.4 million).

Assumptions behind the guidance

The operating environment is expected to remain challenging and impact demand in 2025. Visibility in the market remains limited, as uncertainties in the global economy persist.

Further gross margin improvement is expected to support EBIT in 2025. The savings from completed organizational changes are also expected to continue supporting EBIT improvement together with other further efficiency improvement actions.

The Group’s EBIT generation is seasonally tilted towards the end of the year, highlighting the importance of the second half and especially the fourth quarter. During this period, the development of Business Area Vita’s volumes will play a significant role.

Proposal for the distribution of dividend

Fiskars Corporation’s aim is to distribute a stable, over time increasing dividend, to be paid biannually. According to the balance sheet of the parent company at the end of the financial period 2024, the distributable equity of the parent company was EUR 790.0 million (2023: EUR 855.8 million).

The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.84 per share shall be paid for the financial period that ended on December 31, 2024. The dividend shall be paid in two instalments. The ex-dividend date for the first instalment of EUR 0.42 per share shall be on March 13, 2025. The first instalment shall be paid to a shareholder who is registered in the shareholders’ register of the company maintained by Euroclear Finland Oy on the dividend record date March 14, 2025. The payment date proposed by the Board of Directors for this instalment is March 21, 2025.

The second instalment of EUR 0.42 per share shall be paid in September 2025. The second instalment shall be paid to a shareholder who is registered in the shareholders’ register of the company maintained by Euroclear Finland Oy on the dividend record date, which, together with the payment date, shall be decided by the Board of Directors in its meeting scheduled for September 9, 2025. The ex-dividend date for the second instalment would be September 10, 2025, the dividend record date for the second instalment would be September 11, 2025, and the dividend payment date September 18, 2025, at the latest.

On the publication date of the Financial Statement Release, the number of shares entitling their holders to a dividend was 80,813,490. The proposed distribution of dividends would thus be EUR 67.9 million (EUR 66.3 million). This would leave EUR 722.6 million (EUR 789.5) of distributable earnings in the parent company.

No material changes have taken place in the financial position of the company since the end of the financial period. The financial standing of the company is good and, according to the Board of Directors’ assessment, distributing the proposed dividend will not compromise the company’s solvency.

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sustainability statement

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ESRS E5 Resource use and circular economy

Disclosure requirement

Section

ESRS 2, IRO-1

Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities

E5-1

Policies related to resource use and circular economy

E5-2

Actions and resources related to resource use and circular economy

E5-3

Targets related to resource use and circular economy

E5-4

Resource inflows

E5-5

Resource outflows

ESRS S1 Own workforce

Disclosure requirement

Section

ESRS 2, SBM-2

Interests and views of stakeholders

ESRS 2 SBM-3

Material impacts, risks and opportunities and their interaction with strategy and business model

S1-1

Policies related to own workforce

S1-2

Processes for engaging with own workers and workers’ representatives about impacts

S1-3

Processes to remediate negative impacts and channels for own workers to raise concerns

S1-4

Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions

S1-5

Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities

S1-6

Characteristics of the undertaking’s employees

S1-9

Diversity metrics

S1-10

Adequate wages

S1-14

Health and safety metrics

S1-16

Compensation metrics (pay gap and total compensation)

S1-17

Incidents, complaints and severe human rights impacts

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Other financial information

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sustainability statement

ESRS S2 Workers in the value chain

Disclosure requirement

Section

ESRS 2, SBM-2

Interests and views of stakeholders

ESRS 2, SBM-3

Material impacts, risks and opportunities and their interaction with strategy and business model

ESRS S2: Introduction to the topic (Mainly omitted due to no impacts identified in the DMA)

S2-1

Policies related to value chain workers

S2-2

Processes for engaging with value chain workers about impacts

S2-3

Processes to remediate negative impacts and channels for value chain workers to raise concerns

S2-4

Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions

S2-5

Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities

ESRS S4 Consumers and end-users

Disclosure requirement

Section

ESRS 2, SBM-2

Interests and views of stakeholders

ESRS 2, SBM-3

Material impacts, risks and opportunities and their interaction with strategy and business model

S4-1

Policies related to consumers and end-users

S4-2

Processes for engaging with consumers and end-users about impacts

S4-3

Processes to remediate negative impacts and channels for consumers and end-users to raise concerns

S4-4

Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions

S4-5

Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities

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sustainability statement

ESRS G1 Business conduct

Disclosure requirement

Section

ESRS 2, GOV-1

The role of the administrative, supervisory and management bodies

ESRS 2, IRO-1

Description of the processes to identify and assess material impacts, risks and opportunities

G1-1

Corporate culture and business conduct policies and corporate culture

G1-2

Management of relationships with suppliers

G1-3

Prevention and detection of corruption and bribery

G1-4

Confirmed incidents of corruption or bribery

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Sustainability Statement

1. General information

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ESRS 2 General Disclosures

Basis for preparation

Reporting period

The reporting period applicable to the Sustainability Statement is equal to the reporting period for the Financial Statements covering the period from January 1 to December 31, 2024.

Framework and data disclosure

The Sustainability Statement of Fiskars Group is prepared in accordance with the European Sustainability Reporting Standards (ESRS) issued by the European Financial Reporting Advisory Group (EFRAG). All data points included in this report have been assessed as material according to the company’s double materiality assessment (DMA). The material topics are explained in detail under Double materiality assessment in this section, ESRS 2 General Disclosures. All disclosure requirements included in the Sustainability Statement, can be found in the Content index at the beginning.

Consolidation

The Fiskars Group Sustainability Statement is consolidated in the same way as its Financial Statements, and include the parent company, Fiskars Corporation, 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 Sustainability Statement from the date of control until the date that control ceases.

Consolidation of all quantitative environmental, social, and governance (ESG) data follows the principles above, unless otherwise specified in the accounting policy placed next to the respective topic or data point, while any possible estimations used for quantitative disclosures are specified beneath the respective data points.

The material impacts, risks and opportunities connected to Fiskars Group’s value chain have been assessed as part of the company’s DMA, and both upstream and downstream information are included in the reporting scope, respectively. Fiskars Group’s value chain is presented in the Business model and strategy section.

Omissions

Fiskars Group has utilized the general list of phased- in disclosure requirements from ESRS 1 Appendix C (excluding phased-in disclosure requirements for undertakings not exceeding on their balance sheet dates the average number of 750 employees during the financial year).

Fiskars Group considers the monetary amount of its investment plans for climate transition as sensitive information, and therefore does not publicly disclose this information.

Fiskars Group considers the list of material suppliers sites on assessed for E4 Biodiversity and ecosystems as sensitive information, and therefore does not publicly disclose this information.

Fiskars Group does not disclose the number of cases of recordable work-related ill health due to legal restrictions over collecting the data. The company is currently unable to collect this information on the company level, and thus does not report on the matter.

No exemptions provided in articles 19a(3) and 29a(3) of Directive 2013/34/EU (in Finland Kirjanpitolaki 1336/1997 - Ajantasainen lainsäädäntö - FINLEX ® KPL 7 chapter 13 §) are otherwise used.

Disclosures incorporated by reference

No disclosures incorporated by reference, but certain information related to

Market position, strategy and business model

Risk management and internal controls

Remuneration

are elaborated further in other parts of the Report by the Board of Directors, in the Corporate Governance Statement and in Remuneration report.

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Integration of sustainability-related performance in incentive schemes

Fiskars Group’s compensation philosophy and compensation structures are designed to be market- relevant and performance-based ensuring that outstanding performance is rewarded more than average performance. For most of Fiskars Group’s employees, compensation consists of three elements: base salary, bonus and benefits. For all employees, salary is based upon relevant local salary market, role’s level of responsibility and contribution to the business, employee’s experience and performance. The total compensation, including incentives, should be competitive when compared to the relevant market.

Reaching sustainability targets requires Group- wide work and collaboration. Individual targets and incentives are specified according to job description, and to the areas to which different parts of the organization can best contribute.

The variable performance-based short-term and long-term incentives align the remuneration and the company’s performance and reflect the objective that remuneration should be closely tied to the company’s strategy and its long-term financial success.

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 decide separately the commencement of each individual plan, the performance criteria and related targets of the

plan, the participants and the minimum, target and maximum rewards for each participant. The amount of the reward paid to a key person depends on achieving the pre-established targets. In 2023 and 2024, a measure related to the circular economy (CE) was added to the Fiskars Group Performance Share Plan for 2023-2025 and 2024-2026. The addition was made in order to reinforce commitment to achieving Fiskars Group’s sustainability ambitions. Total shareholder return, cumulative comparable EBIT and a measure related to advancing circular products and services. Circularity advancement KPI is the ability to reach the target set in the company’s ESG metrics. The percentage of the circularity target is 10% of the potential total reward. The share plans are annually reviewed by the HR and Compensation Committee and approved by the Board of Directors.

Employees working specifically with sustainability and environmental topics have various sustainability- linked incentives. In addition, Business Areas and other parts of the organization have targets and incentives linked to sustainability. These targets and incentives have been constructed to fit their line of work. The targets and incentives are tailored to the job descriptions and the specific areas where different parts of the organisation can best contribute.

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Business model and value creation

Input

Financial capital

Cash and equity to invest

People and culture

Talent retention and people development. 6,851 employees in 29 countries.

Raw materials

Renewable, non-renewable, recycled and recirculated materials for products

Energy

Fuels 153,942 MwH

Purchased energy 79,681 MwH

Suppliers and partners

Approximately 173 finished goods suppliers

Design, Innovation, IPR

R&D EUR 18.8 million

Upstream activities

Fiskars Group

Established in Fiskars Village, Finland in 1649

Strategy and values

Fiskars Group is the global home of design-driven brands for indoor and outdoor living.

Brands are present in more than 100 countries in Asia-Pacific, Europe and the Americas.

Shared values: creating change, celebrating the everyday, growing with compassion

Sales

With approximately 500 own stores, Direct-to-consumer generates 28% of the Group’s net sales.

Indirect sales generate 72% of the Group’s net sales

13 own manufacturing units

Destinations & forests

Fiskars Group has 14,000 hectares of sustainably managed forests, and operates destinations such as Fiskars Village and House of Waterford.

Own operations

Output

Economic value

Net sales EUR 1,157.1 million

Products and services

Key categories provided: tableware, drinkware, interior, jewelry, gardening, outdoor, cooking and scissors & creating.

Largest countries by sales: United States, Denmark, Finland, Sweden and Australia

26% of net sales from circular products and services.

Emissions to air

Scope 1 and 2: 39,650 tCO 2 eq

Scope 3: 140,131 tCO 2 eq

Waste

811t to landfill

26,334t recycled

-79% compared to 2017

Supplier audits

81 sustainability audits conducted on own suppliers

Downstream activities

Value created

Shareholders

Comparable EBIT EUR 111.4 million

Cash dividends per share EUR 0.84

Employee wages, benefits, and career paths

EUR 302 million

Income taxes

EUR 8.9 million

Pioneering design to make the everyday extraordinary

Carbon neutral future

Targeting net-zero emissions by 2049.

Scope 1 and 2 emissions reduced by 54% compared to 2017.

Corporate community engagement

EUR 0.1 million invested (Group)

Supplier engagement

64% of suppliers by spend have set science-based targets

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with trusted suppliers that live up to the Group's corporate values and standards. Material impacts, risks and opportunities are utilized in decision making processes as well as risk and opportunity assessments. As a part of Fiskars Group's financial planning, for example process investments for energy efficiency and low-carbon solutions in manufacturing units and distribution centers are evaluated and capital expenditures are applied to seize opportunities for investing.

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ESG targets and progress

Environmental : Pioneering design against throwaway culture

Circular

economy

A majority of our net sales comes from circular products and services by 2030

1

Our own emissions

GHG (greenhouse gas) emissions

from own operations (Scope 1 and 2) reduced by 60% by 2030

from transportation and distribution (Scope 3) reduced by 30% by 2030

2

Our suppliers' emissions

60% of our suppliers by spend covering purchased goods and services will have science-based targets by 2024

3

* Current benchmark: 80 (June 2024). The benchmark score is updated every six months with the latest data and might change depending on how the global benchmark develops.

Social : Making the everyday extraordinary

Safe workplace

Zero harm with zero LTAF (Lost time accident frequency) by 2030

2024

2.5

Target

0

1

Inclusive workplace

Inclusion Experience within the top 10% of global high-performing companies

2024

77

Target

80*

2

2024

64%

2024

-44%

2024

-54%

2024

26%

Base year

2021

50%

in 2030

-60%

in 2030

-30%

in 2030

60%

in 2030

Base year

2017

Base year

2018

Target set 2020

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Interests and views of stakeholders

Fiskars Group’s stakeholders are entities or individuals that have a moderate impact on the business, or are affected by the company’s activities, products, and services, presenting both risks and opportunities. For Fiskars Group, it is essential to stay informed of continuously developing stakeholder expectations, in order to better align these with the company’s strategy and sustainability approach. The continuous strategy process takes into account stakeholder views and the rapidly changing business environment. By adjusting the company’s organizational structure and operating model to enhance agility, the company enables swift adaptation of business plans to respond promptly to evolving external circumstances. Fiskars Group’s long-term strategy aims to effectively position the company to capitalize on the opportunities arising from the evolving landscape while concurrently addressing threats emerging from the external environment.

Engaging with stakeholders provides the company with insights to support continuous development, helping it to grasp new business opportunities, review alignment of its long-term targets, and mitigate the risks also around sustainability.

In the tables below the most important stakeholders and their expectations, the approach of the engagement and response of the company is disclosed.

The views, interests and expectations of affected stakeholders are communicated to internal stakeholders (including administrative bodies) in accordance with the ESG management model and as a part of the strategy process as well as ERM and DMA processes.

Dialogue on multiple fronts is crucial, and both internal and external ESG communications and reporting are continuously developed to reflect this importance. ESG and sustainability measures are reported frequently in interim reports, the annual Board of Directors’ report containing the Sustainability Statement, UN Global Compact, Ecovadis and CDP platforms, as well as through a platform provided by the Upright Project. Fiskars Group also engages with its corporate customers and investors through its detailed questionnaires related to ESG topics.

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Double materiality assessment

Fiskars Group has conducted impact materiality assessments for several years, according to the approach defined by the Global Reporting Initiative (GRI). The most recent impact materiality assessment was conducted in 2022.

In 2023, Fiskars Group conducted a more thorough financial materiality assessment, to complement the results of the 2022 impact materiality assessment and fulfill the requirements of a DMA, as per the CSRD and ESRS. At the time of conducting the assessment, EFRAG’s IG 1 Materiality Assessment Guidance was not yet published. Fiskars Group applied the ESRS 1 principles in the DMA. The assessment covered Fiskars Group’s value chain, including its own activities as well as those in the upstream and downstream value chain.

The following sections provide more information on the results of Fiskars Group’s DMA and the process applied.

Double materiality assessment outcome

Fiskars Group has identified its impacts on the environment and society (impact materiality assessment), as well as sustainability-related risks and opportunities impacting the company (financial materiality assessment). The outcome of the assessment is shown below, displaying that the critical topics for Fiskars Group are E1, E5, S1 and S4, while significant topics include E4, S2 and G1. Topics that received an overall assessment of minimal, informative or important are not considered material by this methodology, and thus excluded from

Double materiality matrix

Impact materiality

Critical

Significant

Minimal/ Informative / Important

Minimal/ Informative / Important

Financial materiality

Environment

Social

Governance

Pollution

E2

Water and marine resources

E3

Affected communities

S3

Biodiversity and ecosystems

E4

All the impacts and risks assessed have been mapped to their relevant topical ESRS. The highest scored impact or risk within a topic determines the placement in the DMA matrix.

Significant

Climate Change

E1

Business conduct

G1

Workers in the value chain

S2

Resource use and circular economy

E5

Consumers and end-users

S4

Critical

Own workforce

S1

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Material impacts, risks and opportunities

E1. Climate Change

Sub-topic

Material impact/risk/opportunity

Description of material impact, risk or opportunity

Value chain phase driving impact

Score

Energy

Actual negative impact

Energy-intensive processes (raw materials)

Energy-intensive processes in raw material production (e.g. steel, aluminium, plastics, glass).

Upstream

Own operations

Critical (5)

Actual negative impact

Energy-intensive processes (own manufacturing)

Energy-intensive own manufacturing processes, e.g. glass manufacturing. Consumption of fossil fuels and other non-renewable energy sources both in own operations and in the value chain.

Upstream

Own operations

Significant (4)

Climate change adaptation

Potential financial risk

Disruptions due to extreme weather conditions

Increasing amount of extreme weather conditions such as storms, floods, draughts, and heatwaves bring increasing risks to disruptions in supply chain and own manufacturing. Exposure to risk is considerable due to global value chain.

Upstream

Own operations

Downstream

Significant (4)

Climate change mitigation

Actual negative impact

Scope 3 emissions

Significant Scope 3 emissions. Major part of Scope 3 emissions driven by purchased goods and services. Other significant source is upstream and downstream transportation (due to global value chain and distribution network).

Upstream

Downstream

Critical (5)

Actual negative impact

Scope 1 and 2 emissions

Manufacturing of physical goods plays a major role in Scope 1 and 2 emissions, even though reductions have been made.

Own operations

Significant (4)

E4. Biodiversity and ecosystems

Sub-topic

Material impact/risk/opportunity

Description of material impact, risk or opportunity

Value chain phase driving impact

Score

Direct impact drivers of biodiversity loss

Actual negative impact

Biodiversity impacts across the value chain

Biodiversity impacts across the value chain. All specific biodiversity impacts throughout the global value chain have not yet been identified, but as Fiskars Group’s business is reliant on ecosystem services, the impacts can be assumed to be there.

Upstream

Own operations

Downstream

Significant (4)

Impacts and dependencies on ecosystem services

Actual negative impact

Reliance on ecosystem services

Fiskars Group’s business is reliant on ecosystem services. While there is limited understanding of specific biodiversity impacts, the impacts can be assumed to be there.

Upstream

Own operations

Downstream

Significant (4)

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E5. Resource use and circular economy

Sub-topic

Material impact/risk/opportunity

Description of material impact, risk or opportunity

Value chain phase driving impact

Score

Resource inflows including 

resource use

Actual negative impact

Resource-intensive business model

Resource-intensive business model and high consumption of non-renewable virgin materials.

Upstream

Own operations

Critical (5)

Potential financial risk

Ability to replace certain raw materials

Ability to replace raw materials profitably: availability and price of alternative materials (e.g. recycled materials) can become an issue due to high demand, and may generate supplier lock-ins. In addition, alternative materials may influence product quality.

Upstream

Own operations

Significant (4)

Resource outflows related to products and services

Actual positive impact

Longevity of the products

Product design and lifecycle management focusing on providing long-lasting design products.

Own operations

Downstream

Critical (5)

Actual positive impact

Circular product portfolio

Investments to increase circular product portfolio.

Own operations

Significant (4)

Actual financial risk

Reaching commercially viable circularity

Reaching ambitious circularity targets in a commercially viable manner. Circular product and service development comes with a cost both in offline and online channels. Scaling new circular services is challenging in global markets.

Own operations

Significant (4)

Actual financial opportunity

High quality and long-lasting products

Product longevity: High quality and long-lasting products increasing the value for users and decreasing product lifecycle footprint. Further opportunities exist in extending product life through for example services. Design for functionality and sustainability is critical.

Own operations

Downstream

Critical (5)

Actual financial opportunity

Improving productivity and resource efficiency

Further improving productivity and resource efficiency in own manufacturing. Further development opportunities to increase resource efficiency (reducing materials and decreasing weight of for example packaging materials).

Own operations

Significant (4)

Potential financial opportunity

Increasing interest for circular products and services

Circularity is an opportunity when leading change. Increasingly many customers value circular products and many consumer segments favour high quality, long-lasting and circular products. Opportunities associated with maintenance and repair, recycling (e.g. collaborations) and aftermarket (e.g. takeback programs).

Own operations

Downstream

Significant (4)

Waste

Actual negative impact

Waste generation in the value chain

Waste generation in the value chain by raw material and product suppliers, including hazardous waste, from e.g. steel production.

Upstream

Significant (4)

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S1. Own workforce

Sub-topic

Material impact/risk/opportunity

Description of material impact, risk or opportunity

Value chain phase driving impact

Score

Working

conditions

Potential negative impact

Health and safety hazards

Health and safety hazards of employees. The risk of injuries is present mainly for employees working at manufacturing and distribution facilities.

Own operations

Significant (4)

Actual positive impact

Health, safety and wellbeing

Health, safety and wellbeing of own employees.

Own operations

Significant (4)

Potential financial opportunity

Talent attraction and retention

Good reputation exists regarding Fiskars Group’s sustainability actions, positively contributing to talent attraction. Opportunities to strengthen image as a sustainable company through improved communications regarding positive actions to support employee attraction and retention.

Own operations

Critical (5)

Actual financial opportunity

Health, safety and wellbeing

Focus on the health, safety and wellbeing of employees.

Own operations

Significant (4)

Equal treatment

& opportunities

for all

Actual positive impact

Fair, equitable and inclusive workplace

Efforts made towards a fair, equitable and inclusive workplace, including building awareness, new networks, and concrete policies to contribute positively in different markets.

Own operations

Significant (4)

S2. Workers in the value chain

Sub-topic

Material impact/risk/opportunity

Description of material impact, risk or opportunity

Value chain phase driving impact

Score

Working

conditions

Potential financial risk

Human rights risks in the value chain

Risks to human rights are present as sourcing also reaches areas with elevated risk levels. If issues are identified, they could significantly affect the Group’s reputation. These risks are likely to grow as new requirements and expectations arise.

Upstream

Significant (4)

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S4. Consumers and end-users

Sub-topic

Material impact/risk/opportunity

Description of material impact, risk or opportunity

Value chain phase driving impact

Score

Personal safety of consumers and end-users

Actual positive impact

Product safety

Integration of robust safety measures promotes consumer wellbeing by minimizing the risk of accidents, injuries or health issues associated with the products usage.

Own operations

Downstream

Critical (5)

Social inclusion of consumers and end-users

Potential positive impact

Durable, high quality products

The durable and high quality designs promote sustainable consumption patterns by reducing the frequency of product replacements.

Own operations

Downstream

Significant (4)

Actual financial risk

Communications and labeling

Potential risks arise if responsible marketing and sales practices are not adhered to, especially in communications and labeling. It is essential to carefully support marketing claims with verified information, certifications, and effective product information management.

Own operations

Downstream

Critical (5)

Actual financial opportunity

Company reputation

Fiskars Group holds a strong reputation as one of the largest companies in Finland and in the Nordic region. Fiskars Group is recognized as a forerunner, and it’s important to emphasize the Group’s values, and commitment to circularity

Own operations

Downstream

Critical (5)

Potential financial opportunity

Demand for sustainable products

Increasing customer expectations and demand for sustainable products.

Own operations

Downstream

Significant (4)

G1. Business Conduct

Sub-topic

Material impact/risk/opportunity

Description of material impact, risk or opportunity

Value chain phase driving impact

Score

Corporate culture

Actual positive impact

Comprehensive policies

Sustainable policies and business practices, employee and supplier code of conduct.

Upstream

Own operations

Significant (4)

Potential financial risk and opportunity

Sustainability- driven publicity

Publicity through sustainability can be an opportunity and a risk factor, e.g. communications of sustainability performance and controversies.

Own operations

Downstream

Significant (4)

Actual financial opportunity

Integration of sustainability

Sustainability integrated in business strategy and management incentives.

Own operations

Significant (4)

Potential financial opportunity

Robust corporate culture

Responsible corporate culture, which is adopted by employees, brings reputational benefits and minimizes risks.

Own operations

Significant (4)

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Double materiality assessment methodology

Fiskars Group conducted an impact materiality assessment in 2022. A stakeholder survey was conducted as a part of the impact materiality assessment, and the results were utilised in the review of Fiskars Group’s sustainability commitments. In addition to the impact lens, financially material topics were also identified in a leadership team discussion, thus expanding the scope to cover elements of double materiality. In 2023, Fiskars Group conducted a more thorough financial materiality assessment, to complement the results from the impact materiality assessment and fulfill the requirements of the DMA.

Impact materiality

The impact materiality assessment in 2022 was conducted to update Fiskars Group’s understanding on material topics and the main impacts throughout the value chain on the economy, environment and society. Material topics were identified and prioritized in a process that involved external and internal stakeholders. GRI’s approach to determining material topics was taken into account throughout the process.

The first step was to conduct a current state analysis as a desktop study including benchmark studies. Existing materials on the company’s sustainability initiatives and actions, impacts and risks, business offering, and strategy and business environment were examined. Upcoming regulatory requirements and global drivers were also reviewed. This first step helped to identify relevant topics for Fiskars Group.

The second step included conducting a global online stakeholder survey and several in-depth interviews. The stakeholder groups comprised both affected stakeholders and intended users of the Sustainability Statement. The survey was conducted to identify stakeholder views on Fiskars Group’s sustainability performance and the most material sustainability topics and external drivers. The survey was conducted in English, Finnish, Swedish, Japanese and Chinese. Questions included the selection and scoring of topics, and two open questions. The survey was distributed via online channels and email invitations to the following stakeholder groups: consumers, corporate customers, employees or potential employees, suppliers, investors, NGOs, and the media. The survey was open for two weeks, and the results were analyzed according to three geographic areas (Americas, Asia-Pacific, and Europe), while also considering differences between internal and external stakeholder groups. Initial lists and matrices of material sustainability topics were formulated based on the survey results. Fiskars Group received 1,136 responses from almost 40 countries. The majority of the respondents represented external stakeholder groups, consumers representing the largest group.

In addition to the online survey, five in-depth key stakeholder interviews were held. The interviews were conducted to deepen the understanding of stakeholder needs and expectations for Fiskars Group’s sustainability performance and future focus points. The stakeholder groups represented in the interviews were investors, board members, NGOs, and corporate customers.

The third step included a benchmark study and a working meeting with Fiskars Group Leadership Team (FGLT) representatives. The sustainability benchmark study was conducted to complement the stakeholder study results and gather new angles, especially considering the company’s Growth Strategy and focus markets, the U.S. and China. Two competitors from both markets were selected for the benchmark study. The working meeting with leadership team members was organized to discuss the sustainability landscape, focusing on financially material sustainability topics.

The results from the survey and stakeholder interviews were discussed and prioritized in an internal workshop with key experts from the company’s Business Areas and functions. The final results and prioritized list of material topics were then reviewed and approved by the FGLT, as defined in the company’s governance model. The Upright Project’s net impact assessment on Fiskars Group was also reviewed here.

Double materiality

The DMA in 2023 began with a desktop study. The impact materiality assessment, including stakeholder inputs, was reviewed, gaps against CSRD requirements were identified and the impact materiality assessment was updated, to align it with these requirements. This was done to ensure the impact materiality assessment and related scoring of impacts were aligned with the financial materiality assessment approach, to ensure robust double materiality reporting. The desktop study was complemented by identification of typical

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Downstream

Own operations

Double materiality assessment scoring has been aligned with CSRD requirements

Impact assessment

Is the topic causing negative or positive impacts on people or the environment?

What is the severity (scale, scope, irremediability) of actual and potential impacts? Scoring 1 (Very low) - 5 (Very high).

Are the impacts actual or potential? If potential, what is the likelihood of the potential impacts? Scoring 1 (Very unlikely) - 5 (Actual)

Financial materiality

Is the topic posing a business risk or an opportunity?

What is the size of potential financial effects? Scoring 1 (Very low) - 5 (Very high).

What is the likelihood of the topic posing a business risk or an opportunity? Scoring 1 (Very unlikely) - 5 (Actual)

Materiality scoring

The materiality scoring has been done using a 1-5 scoring range for both impact and financial materiality. The scoring is based on the more detailed estimates of severity or financial effect and likelihood (actual or potential).

Minimal

(1)

Informative

(2)

Important

(3)

Significant

(4)

Critical

(5)

Consideration of the entire value chain

Upstream

Double materiality assessment must to acknowledge both impacts, risks and opportunities directly linked to own operations and in the upstream and downstream value chain, not limited to contractual relationships.

Time perspectives to be acknowledged

Short-term

Under 1 year

Would the significance of some impacts, risks or opportunities increase or decrease, when considering them in short- or long-term horizon?

Medium-term

1-5 years: baseline considered in the assessment

Long-term

Over 5 years

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Utilizing these assessments, scores (1-5) were calculated for each sustainability sub-topic. The thresholds for material sub-topics were set at “significant” (4) and “critical” (5), i.e. all sub-topics reaching a score of 4 or 5 were deemed to be material for Fiskars Group. According to the assessed sub-topics, the material topics were determined.

For determining material information to be disclosed in this report, Fiskars Group had a list of all disclosure requirements, and mapped them to the results of the DMA. The mapping was initiated with topics, and then sub-topics, finally looking into each disclosure requirement and assessing whether it is material or not, based on the identified impacts, risks and opportunities. As a result of this assessment, Fiskars Group was left with a list of material ESRS disclosure requirements. These disclosure requirements are reported on in this Sustainability Statement.

Topics E2, E3 and S3 scored under the threshold of significant and critical, and are thus not included in this report. The topics E2 Pollution, and E3 Water and marine resources, have been assessed according to the methodology described in this section. In addition, Fiskars Group has a process in place to evaluate and identify site specific material impacts, risks and opportunities related to these environmental topics. Each manufacturing site and distribution center periodically evaluates environmental risks related to their operations. This review considers the nature of the operations, raw materials utilized at the sites, environmental impacts, waste, emissions and changes in the operating environment. In addition, each site, Business Area and global function

conducts a mapping of actual and potential risks and opportunities related to their line of business and operations. The assessments consider upstream and downstream partners and operations in addition to the company’s own operations. These are part of Fiskars Group’s annual ERM process, to which the DMA is conducted as an extension. The ERM process is further described under the Governance section of General Disclosures , as well as in the section on Risks and business uncertainties in the Report by the Board of Directors.

Stakeholder involvement/engagement

During the DMA, nine Fiskars Group’s key decision- makers participated in materiality interviews, in which business risks and opportunities were discussed. Interviewees represented the relevant business functions in relation to the materiality assessment: Finance, Business Areas, Supply Chain, Risk, and the Audit Committee. Additionally, internal key decision- makers and experts participated in a workshop regarding financial-materiality evaluations and assessment.

Fiskars Group’s stakeholder approach regarding each stakeholder group and its response to stakeholder expectations are described under the Governance section of this ESRS 2 standard.

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2. Environmental disclosures

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EU Taxonomy

Fiskars Group discloses information according to the Commission Delegated Regulation (EU) 2023/2486, supplementing Regulation (EU) 2020/852 (“EU Taxonomy for sustainable activities”) and amending the Disclosures Delegated Act (Delegated Regulation (EU) 2021/2178) of the European Parliament and of the Council.

The EU has taken an active role in driving sustainable growth. Directing investments toward sustainable projects and activities is necessary to meet the climate targets set by the EU. To support this, the EU has established a classification system for sustainable economic activities, the EU Taxonomy.

The EU Taxonomy consists of a list of environmentally sustainable economic activities. The Taxonomy Regulation establishes six environmental objectives. The Climate Delegated Act (Delegated Regulation (EU) 2021/2139 and Delegated Regulation (EU) 2023/2485 amending the Climate Delegated Act) include technical screening criteria for economic activities that substantially contribute to the objectives of climate change mitigation (CCM) and climate change adaptation (CCA).

The reporting requirements for EU Taxonomy have gradually expanded. As of January 2023, large companies in Europe have been required to provide information about their Taxonomy-aligned economic activities in addition to Taxonomy-eligible activities for climate change mitigation and climate change adaptation. The Environmental Delegated Act (Delegated Regulation (EU) 2023/2486) includes the

set of EU Taxonomy criteria for economic activities making a substantial contribution to one or more of the non-climate environmental objectives. As of January 2025, large companies in Europe report on Taxonomy-eligible and Taxonomy-alignment activities for all climate and environmental objectives.

The European Parliament and the Council have prioritized those economic activities that can make the most relevant contribution to the environmental objectives defined in the Taxonomy. The Environmental Delegated Act has extended the Taxonomy beyond climate, but many economic activities remain excluded from the Taxonomy regulation. Retail mainly remained outside the EU Taxonomy coverage until the Environmental Delegated Act was published. Relevant activities for retail, such as sales of spare parts or second- hand goods, and repair, refurbishment and remanufacturing, have been added under the environmental objective “transition to a circular economy”. However, some relevant sectors and economic activities remain excluded from the Taxonomy, as the EU Commission has stated that it has not been possible to develop criteria for all the sectors in which activities could conceivably make a substantial contribution.

The Taxonomy will continue to be developed gradually over time. Fiskars Group’s main business is in manufacturing consumer products for indoor and outdoor living. The majority of economic activities carried out by Fiskars Group remain outside the current scope of the EU Taxonomy.

Taxonomy assessment

Fiskars Group has assessed turnover, capital and operational expenditure (CapEx and OpEx) for Taxonomy eligibility and alignment for its forestry, cultural, manufacturing, services and real estate activities. Within the current Taxonomy scope, the most significant environmental objectives for Fiskars Group are the transition to a circular economy and climate change mitigation.

Sustainability is an important part of Fiskars Group’s Growth Strategy, and the company is constantly working to further improve its performance in this area. Fiskars Group views sustainability as an opportunity to take action in solving global challenges and to create solutions that support consumers and customers in their journey toward a more sustainable future. Fiskars Group designs products of timeless, purposeful and functional beauty, and is actively utilizing circular principles to do so. The company continues to research and innovate with new sustainable materials.

Fiskars Group has also introduced new service-based business models (for example, the Vintage service and Fiskars pan-care service) to keep products in circulation for as long as possible. The company has set ambitious science-based targets to reduce emissions and invests in its operations to constantly improve efficiency and become more circular. More information about Fiskars Group’s environmental sustainability can be found under each of the topic standard disclosures E1, E4 and E5.

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EU Taxonomy disclosures

The assessment of economic activities for Taxonomy alignment include meeting the criteria of substantial contribution, do-no-significant harm (DNSH) and complying with minimum safeguards. Fiskars Group assesses the criteria on substantial contribution for the specific activity under assessment, whereas the DNSH criteria and minimum safeguards are assessed at Group level. If relevant, DSNH criteria are also assessed at the activity level (e.g., 1.3 Forest Management) involving internal subject experts to ensure compliance with the established criteria. The activities that meet all the Taxonomy criteria (substantial contribution, DNSH and minimum safeguards) are considered Taxonomy-aligned.

Fiskars Group has global management processes and policies in place to cover environmental topics. These include areas such as emissions, waste and pollution. As of 2024, 89% of Fiskars Group’s manufacturing units and distribution centers are ISO 9001 certified, and 84% are ISO 14001 and ISO 45001 certified. It is the ambition to further expand certifications in the future. Regarding the value chain, the company has specific requirements in place to which suppliers must commit. These management processes help ensure negative impacts on the environment are minimized.

Fiskars Group has reviewed the Minimum Social Safeguards set out in Regulation (EU) 2020/852 and the Final Report on Minimum Safeguards by the EU Platform on Sustainable Finance. The minimum safeguards cover minimum criteria on human rights, bribery and corruption, taxation and fair competition. Fiskars Group has assessed its activities, policies and

processes to be aligned with the established criteria. Fiskars Group has extensive policies in place for the aforementioned topics, extending requirements to the company’s business partners. The company is committed to and supports the values, freedoms and fundamental rights promoted in internationally recognized labor and human rights standards, as well as guidelines on taxation and preventing bribery and corruption. More information about advancing human rights, anti-corruption and the prevention of bribery can be found under the topic disclosures S1 and G1.

There are several reasons why certain activities are not considered to be Taxonomy-aligned based on Fiskars Group’s evaluation. For certain activities, the technical screening criteria may not be completely relevant or coherent with the activity in question, leaving the objective as eligible for Fiskars Group. Other activities which Fiskars Group consider environmentally sustainable may not yet be established in the Taxonomy at all.

Fiskars Group expects the share of eligibility and alignment to increase as the Taxonomy continues to be developed, and the economic activities within the Taxonomy expanded. The share of turnover, CapEx, and OpEx figures are accounted for within the relevant separate International Financial Reporting Standards (IFRS) -reported account groups. Each project activity is assessed individually and assigned to only one economic activity under the EU Taxonomy. Thus, no items have been double-counted for the numerator, as further defined under the next sections.

Taxonomy-eligible and Taxonomy-aligned turnover

The proportion of Taxonomy-eligible turnover has been calculated as the part of the net turnover derived from products or services, including intangibles, associated with Taxonomy-eligible economic activities (numerator), divided by the net turnover (denominator) of Fiskars Group. The proportion of Taxonomy-aligned turnover has been calculated as the part of net turnover derived from products or services, including intangibles, associated with Taxonomy-aligned economic activities (numerator), divided by the net turnover (denominator) of Fiskars Group. Group net revenue (net sales) information is disclosed in the Financial Statements – Consolidated Income Statement. Specifications on net sales are available under Financial Statements – Notes to the consolidated financial statements – 2 Financial Performance – 2.1 Segment information.

In addition to providing consumer products and services, Fiskars Group’s activities include museums and cultural activities, real estate activities, and forest management. However, these represent a minority of the overall business.

Fiskars Group has identified certain activities as Taxonomy-eligible, according to the economic activities CCM 1.3 Forest management, CCM 7.7 Acquisition and ownership of buildings, CCA 13.1 Creative, arts and entertainment activities, and CCA 13.2 Libraries, archives, museums and cultural activities in Annex I of Regulation (EU) 2021/2139. In

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addition, the economic activities CE 1.2. Manufacture of electrical and electronic equipment, CE 5.1. Repair, refurbishment and remanufacturing, CE 5.2 Sale of spare parts, and CE 5.4. Sale of second-hand goods have been identified as Taxonomy-eligible in Annex II of Regulation (EU) 2023/2486.

Of the eligible activities mentioned, CCM 1.3 Forest management, CE 5.1. Repair, refurbishment and remanufacturing, CE 5.2 Sale of spare parts, and CE 5.4. Sale of second-hand goods have also been assessed as Taxonomy-aligned.

CCM 1.3 Forest management

Fiskars Group owns around 14,000 hectares of FSC™- certified (FSC C109750) and PEFC-certified (PEFC / 02-21-18) forests around the area of the company- owned Fiskars Village and elsewhere in Finland. Fiskars Group actively manages these forests and generates income from selling wood (logging).

The carbon stock of the forests is significant. According to an assessment conducted with Natural Resources Institute Finland, the current carbon stock of trees is 2.2 million tons of CO 2 equivalent, and the total combined carbon stock of trees, other biomass and soils is 5.7 million tons of CO 2 equivalent. The current annual carbon sink of the forests is 18,000 tons of CO 2 equivalent. Fiskars Group’s forest management meets, and in many parts exceeds, the criteria set by Finnish law.

The company has assessed the substantial contribution criteria and fulfills the required criteria. Its forest management is also continuously audited

through the FSC certification requirements. Forest management has been assessed as Taxonomy- eligible and Taxonomy-aligned.

CCM 7.7 Acquisition and ownership of buildings

Fiskars Group owns real estate and collects income from tenants renting the buildings in question. However, the majority of rental properties are in protected buildings, for which energy performance certificates (EPCs) have not been acquired. Protected buildings do not require EPCs. Energy performance measures have not been thoroughly assessed, and therefore Fiskars Group has assessed this activity as Taxonomy-eligible, and not aligned.

CCA 13.1 Creative, arts and entertainment activities

Fiskars Group’s brands have a strong heritage, and historical and cultural connections are maintained, for example, by offering creative experiences, from which the company generates some income. The Iittala Design Museum in Finland offers glass vase mouth-blowing for visitors. The World of Wedgwood in the UK offers creative experiences in the form of clay studios, pottery painting, and other activities and workshops. Iittala & Arabia Design Centre in Helsinki invites visitors to explore their own creativity through workshops, lectures and events.

These activities are solely Taxonomy-eligible and not aligned, as they are not linked to climate change adaptation.

CCA 13.2 Libraries, archives, museums and cultural activities

Fiskars Group collaborates with museums and institutions, including Design Museum Helsinki, generating some income from ticket sales and tours.

Visits and guided tours are also arranged, e.g. at Fiskars Group’s factories in Ireland (the House of Waterford), the U.K. (the World of Wedgwood) and Slovenia (Rogaska).

These activities are solely Taxonomy-eligible and not aligned, as they are not linked to climate change adaptation.

CE 1.2. Manufacture of electrical and electronic equipment

Lamps are part of Fiskars Group’s product offering, specifically under the Iittala and Georg Jensen brands. Furthermore, a new Georg Jensen product line was introduced in 2024, categorized under domestic appliances – including products such as toasters and electric kettles. This economic activity has been assessed as Taxonomy-eligible and not aligned.

CE 5.1. Repair, refurbishment and remanufacturing

Fiskars Group offers repair services for e.g. old frying pans (Fiskars brand), and jewelry and watches (Georg Jensen brand), matching activity CE 5.1, which entails repair and refurbishment of goods that have been used for their intended purpose before by a customer. For example, the life cycle of Fiskars- brand pans is long, but the Fiskars pan-care service

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extends the life cycle of these products even further by recoating them.

Fiskars pan care was first piloted in 2021. In time, the coating used on frying pans may start to wear off. Instead of buying a new pan, consumers in Finland have been able to bring their old pans to Fiskars Group's stores for proper cleaning and recoating. The Fiskars pan-care service restores the pans' best features and saves natural resources compared to buying a new pan.

Reporting for 2023 only covered eligibility. In 2024, the repair services have been assessed and fulfill the required substantial contribution criteria as the services significantly extend the lifetime of the products. As a result, this economic activity has been assessed as Taxonomy-eligible and Taxonomy-aligned.

CE 5.2 Sale of spare parts

Fiskars Group offers spare parts that enable longer life cycles for its products, specifically for certain Fiskars-brand products, especially Fiskars gardening tools, and for Georg Jensen watches. Focusing on product design is at the core of the company’s sustainability actions and circular economy framework. Designing for quality, longevity and circularity decreases the burden that manufacturing places on natural resources. Fiskars Group wants to encourage consumers to take proper care of products to keep them in use for as long as possible, providing appropriate instructions and spare parts to do so.

Reporting for 2023 only covered eligibility for this activity. For 2024, the economic activity has been assessed and fulfills the required substantial contribution criteria, as each sold spare part for a product replaces an existing part to restore or upgrade the product’s functionality, in cases where the existing part is broken. Therefore, this economic activity has been assessed as Taxonomy-eligible and Taxonomy-aligned.

CE 5.4. Sale of second-hand goods

Fiskars Group has established a service named Vintage for consumers to buy and sell second-hand Iittala, Arabia and Rörstrand tableware. The company enables passing pre-loved classics on to new hands to keep them in use longer. First launched in 2019, the Vintage service is currently available in the company’s own stores across Finland and Sweden.

There is clear consumer demand for and great interest in buying used products and extending the lifetime of timeless designs. The Vintage service enables sustainable consumption. Consumers can find items that are no longer in production and replenish their tableware collections. Tens of thousands of vintage items have already found new homes through the service.

Reporting for 2023 covered only eligibility for this activity. In 2024, this economic activity has been assessed as both Taxonomy-eligible and Taxonomy- aligned due to it consisting of selling a second-hand product that has been used for its intended purpose by a customer.

Fiskars Group has identified 1.3% of Taxonomy- eligible turnover from the economic activities listed above in 2024, of which 0.8% is Taxonomy-aligned turnover.

Taxonomy-eligible and aligned CapEx

The proportion of taxonomy-eligible CapEx has been calculated as part of the total CapEx related to assets or processes associated with Taxonomy-eligible economic activities. The proportion of Taxonomy- aligned CapEx has been calculated as part of the total CapEx related to assets or processes associated with Taxonomy-aligned economic activities. In addition, the numerator includes individual measures that enable target activities to become low carbon or lead to GHG reductions – notably, activity 7.3 Installation, maintenance and repair of energy-efficiency equipment.

The denominator has been compiled in accordance with the application of IFRS as adopted by Regulation (EC) No. 1126/2008. In addition to Group CapEx, the denominator includes leasing assets additions. Group capital expenditure is disclosed in the Financial Statements – Notes to the consolidated financial statements , under 2.1 Segment information. Leasing assets additions are dislosed under 3.3 Right-of-use assets (additions).

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Fiskars Group has set ambitious science-based targets to reduce emissions. In line with these targets, the company is investing in ways to improve energy efficiency and cut GHG emissions. To distinguish the investments with the most significant impacts on Fiskars Group’s operations and to ensure they represent a meaningful share of the company’s overall CapEx, Fiskars Group has decided to gather CapEx information mainly for activities exceeding EUR 100,000.

Fiskars Group has identified five economic CapEx activities under which certain projects were found either eligible or eligible and aligned in Annex I of Regulation (EU) 2021/2139. These are as follows:

CCM 4.16 Installation and operation of electric heat pumps

CCM 7.2 Renovation of existing buildings

CCM 7.3 Installation, maintenance and repair of energy-efficiency equipment

CCM 7.5 Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings

CCM 7.6 Installation, maintenance and repair of renewable energy technologies

CCM 4.16 Installation and operation of electric heat pumps

At its factory in Slupsk, Poland, Fiskars Group has invested in the installation of a heat pump and air compressor to recover heat to reduce emissions by approximately 280 tCO 2 per year. The investment meets the energy-efficiency requirements laid down in the implementing regulations (Commission

Regulation (EU) No 206/2012, Commission Regulation (EU) No 813/2013 and Commission Regulation (EU) 2016/2281) under Directive 2009/125/EC, yet has a higher global-warming potential than the threshold for substantial contribution to mitigating climate change. Therefore, the activity is considered Taxonomy-eligible.

CCM 7.2 Renovation of existing buildings

In 2024, Fiskars Group invested in the newly acquired distribution center in Hjørring, Denmark to reduce heating costs and energy consumption and extend the buildings’ lifetime. The renovation ensures integrity and weather resistance and fortifies the buildings against future wear. Furthermore, the building renovation complies with the applicable requirements for major renovations under the EU Directive 2010/31 on energy performance of buildings. Thus, this economic activity has been found Taxonomy-eligible and Taxonomy-aligned.

CCM 7.3 Installation, maintenance and repair of energy-efficiency equipment

Under Installation, maintenance and repair of energy-efficiency equipment, Fiskars Group has identified equipment-related expenditures which improve energy efficiency and/or reduce emissions in manufacturing operations.

These expenditures cover projects replacing existing machinery at various Fiskars Group-owned factories including a new cup line at the PT Doulton factory in Indonesia and stainless-steel surface-finishing machinery at its Sorsakoski factory in Finland.

Furthermore, Fiskars Group has been implementing an energy investment at the Iittala glass factory in Hämeenlinna, to transition away from fossil fuels.

As this economic activity is listed under Construction and real estate in the EU Taxonomy, the technical criteria listed are related to the energy efficiency of buildings. The criteria are not relevant regarding the investments mentioned above. The investments mentioned have therefore been assessed as Taxonomy-eligible but not aligned.

However, the company has also continued to replace lighting systems with more energy-efficient LED lighting. These investments have been assessed as Taxonomy-eligible and Taxonomy-aligned since 2023. CapEx related to LED light fixtures in the company’s distribution center in Southaven, Mississippi, USA is therefore also assessed as Taxonomy-aligned.

CCM 7.5 Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings As part of the energy investment in the Iittala glass factory, an electric infrastructure renewal was deemed a pre-requisite for the electric melting, and further electrification of Iittala’s production.

The activity was assessed as Taxonomy-eligible and Taxonomy-aligned as it complies with the substantial contribution criteria on either an installation, maintenance or repair of building automation and control systems, building energy management systems (BEMS), lighting control systems or energy management systems (EMS).

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CCM 7.6 Installation, maintenance and repair of renewable energy technologies

During 2024, Fiskars Group continued to invest in solar photovoltaic systems at its manufacturing units. Solar -panel installations have now been been completed at various sites in recent years, with the latest conducted in manufacturing units at the manufacturing unit in in Finland, Poland and Slovenia, and it is the company’s ambition to continue in the years to come with several projects outlined. This activity has been assessed as Taxonomy-eligible and Taxonomy-aligned.

Of the economic activities listed above, Fiskars Group has identified 4% as Taxonomy-eligible in 2024, of which 3% has been identified as Taxonomy- aligned CapEx.

Taxonomy-eligible and aligned OpEx

The OpEx denominator covers direct non-capitalized costs related to research and development, building renovation measures, short-term leases, maintenance and repair, and other direct expenditure related to the day-to-day servicing of assets of property, plant and equipment. This may be conducted by Fiskars Group or a third party to whom activities are outsourced that are necessary to ensure the continued and effective functioning of such assets.

The OpEx numerator equates to the part of the operating expenditure included in the denominator that is related to assets or processes associated with Taxonomy-eligible economic activities, including training and other human-resources adaptation needs, and direct non-capitalized costs that represent research and development.

Fiskars Group has identified relevant operational expenditures related to Taxonomy-eligible turnover from CCM 1.3 Forest management, and CCM 7.7 Acquisition and ownership of buildings and CE 5.1 Repair, refurbishment and remanufacturing. These operational expenditures include personnel, IT, rents and leases, and other running expenses. For forest management, these also include expenses from planting new trees. Fiskars Group’s forest management as well as Repair, refurbishment and remanufacturing have been assessed as Taxonomy- aligned, and the related OpEx is therefore also assessed as Taxonomy-aligned. Turnover from the acquisition and ownership of buildings has been assessed as Taxonomy-eligible, but not aligned. OpEx for this is therefore also assessed as Taxonomy-eligible.

Of the economic activities listed above, Fiskars Group has identified 6.6% of Taxonomy-eligible OpEx in 2024, of which 1.6% has been identified as Taxonomy-aligned.

Taxonomy tables on the upcoming pages

For the economic activities reported in both 2024 and the previous year 2023: if the economic activity has been reported as Taxonomy-eligible in 2023, but in 2024 reported as Taxonomy-aligned, the tables attached may present the economic activities under both A.1. and A.2. This enables presenting the previous years’ proportion of Taxonomy-eligible or aligned activities in the correct way.

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Taxonomy eligibility and alignment per environmental objective

Proportion of turnover/Total turnover

Taxonomy-aligned per objective

Taxonomy-eligible per objective

CCM

0.2%

0.1%

CCA

0.0%

0.1%

WTR

0.0%

0.0%

CE

0.6 %

0.2%

PPC

0.0%

0.0%

BIO

0.0%

0.0%

Proportion of CapEx/Total CapEx

Taxonomy-aligned per objective

Taxonomy-eligible per objective

CCM

3.0%

0.9%

CCA

0.0%

0.0%

WTR

0.0%

0.0%

CE

0.0%

0.0%

PPC

0.0%

0.0%

BIO

0.0%

0.0%

Proportion of OpEx/Total OpEx

Taxonomy-aligned per objective

Taxonomy-eligible per objective

CCM

1.6%

5.0%

CCA

0.0%

0.0%

WTR

0.0%

0.0%

CE

0.0%

0.0%

PPC

0.0%

0.0%

BIO

0.0%

0.0%

CCM = Climate change mitigation CCA = Climate change adaptation WTR = Water and marine resources CE = Circular economy PPC = Pollution prevention and control BIO = Biodiversity and ecosystems

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2. Environment

ESRS E1 Climate change

Introduction to the topic

The planet’s climate is changing, requiring immediate action from businesses and society to stay in line with a 1.5°C future. The impact of global climate change is already being felt economically, environmentally, and socially, and is expected to intensify in the coming decades.

In this section, Fiskars Group’s climate transition plan is presented, with the main decarbonization levers, as well as investments and funding presented under Actions. The targets and metrics related to climate change mitigation are presented under their respective sections, Targets, Energy Consumption, and Greenhouse gas emissions.

The identified material impacts, risks and opportunities from the DMA related to climate change are summarized in the table. The general process to identifying these is described in General Disclosures , under Double materiality assessment .

The identification of material impacts, risks, and opportunities related to climate change integrates multiple approaches. The company’s manufacturing sites and distribution centers periodically assess

Material impacts, risks and opportunities

E1. Climate change

Material impact/Risk/Opportunity

Value chain phase driving impact

Score

Negative impacts

Actual negative impact

Energy-intensive processes (raw materials)

Upstream

Own operations

Critical (5)

Actual negative impact

Energy-intensive processes (own manufacturing)

Upstream

Own operations

Significant (4)

Actual negative impact

Scope 3 emissions

Upstream

Downstream

Critical (5)

Actual negative impact

Scope 1 and 2 emissions

Own operations

Significant (4)

Risk

Potential financial risk

Disruptions due to extreme weather conditions

Upstream

Own operations

Downstream

Significant (4)

Raw materials and components suppliers

Finished goods suppliers

Fuel and energy

Transportation & distribution

Company facilities

Own manufacturing

Transportation & distribution

Corporate customers

End-users and consumers

Downstream activities

Own operations

Upstream activities

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environmental risks, considering operational activities and environmental data, including data on emissions. Each site, Business Area and global function maps actual and potential risks and opportunities across their operations, including upstream and downstream activities. These assessments form part of Fiskars Group’s annual ERM process, with the DMA serving as an extension. Details on the ERM process can be found under the Governance section of the General Disclosures and in the Report by the Board of Directors.

Climate resilience in strategy

The link between sustainability and strategy is disclosed in the General disclosures , under Strategy . Environmental interconnectivities and implications are considered as part of the decision-making process and ensure that decisions are aligned with the environmental targets set for the company. The Fiskars Group ESG strategy, Environmental Policy and other related policies support decision making in material topics, outlining key priorities that are to be weighed. Climate-related considerations are not currently part of the remuneration of members of the administrative, management and supervisory bodies.

Fiskars Group has integrated climate resilience into its business strategy by aligning with global climate goals, committing to take climate action, and becoming a net- zero entity by the end of 2049. The company is part of the UN Business Ambition for the 1.5°C initiative, and the near-term science-based emission reduction targets set by Fiskars Group have been approved by the Science Based Targets initiative (SBTi).

Being a manufacturing business, Fiskars Group’s production strategy plays a critical role in achieving these goals. It is based on a combination of its own factories and distribution centers and carefully selected suppliers. Manufacturing takes place in the United States, Europe, and Asia, and Business Areas continuously assess their climate-related risks. One example is Fiskars Group's own manufacturing unit in Thailand, which is prone to extreme weather risk drivers, such as tropical cyclones, floods, landslides, and extreme heat. Continuous assessments and risk evaluations are conducted, and necessary actions taken to mitigate risks, regarding floods and other natural disasters, which could potentially occur in locations where Fiskars Group has its own manufacturing sites (own operations).

Fiskars Group’s annual revenue depends on an adjustable business model. The demand for Fiskars Group's products across categories can be influenced by both seasonal variations and weather conditions. For Business Area Fiskars, the first half of the year is important for the gardening category. The demand for garden tools can be significantly influenced by weather conditions. Unfavorable weather, i.e., a cold and rainy spring, can negatively impact the sales of these products, while favorable conditions can boost their sales. In the winter months, a snowless winter can negatively impact sales of snow tools and vice versa.

For Business Area Vita, the second half, in particular the fourth quarter, is the most important time of year due to the holiday season. Any negative developments related to product availability, demand or increased costs in manufacturing or logistics during the important

seasons can significantly affect the full-year net sales and profit. The seasonality of demand can differ from a typical year due to volatile market conditions.

Fiskars Group balances the impact of seasonality and changing weather conditions by having an extensive and diverse product portfolio and broad geographical coverage. The company can maintain safety stocks as a buffer against possible supply chain disruptions. Additionally, the company relies on multiple source contracts to manage both price and availability risks. The financial implications of property damage and business interruptions caused by natural hazards are mitigated by comprehensive insurance coverage.

As a part of Fiskars Group's financial planning, process investments for energy efficiency and low-carbon solutions in manufacturing units and distribution centers are evaluated and capital expenditures are applied to seize opportunities for investing. If acquisitions and divestments are conducted, climate and other ESG related risks and opportunities are evaluated separately in the financial planning process.

Scenario analysis

Fiskars Group has applied the global warming scenarios Representative Concentration Pathway (RCP) 2.6 and RCP 8.5 by the Intergovernmental Panel on Climate Change (IPCC) to its scenario analysis. The analysis considered a variety of risk types, including policy-, market-, reputation-, technology-, acute physical- and chronic physical-related risks. The timeframes covered included 2025 (short-), 2030 (medium-) and 2050 (long-term time horizons). The background work was concluded in 2021, and included

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benchmarking and gap analysis, as well as baselining and risk prioritization. The work was conducted in accordance with the Task Force on Climate-Related Financial Disclosures (TCFD), and the scope was defined by three key dimensions: geographical coverage, business lines and value chain.

Based on the key dimensions, a long-list of all Fiskars- Group-relevant climate risks and opportunities were defined, and potential impacts arising from these risks and opportunities were outlined. From the climate risk long-list, ten risks or opportunities were prioritized as being the most important and have since been further analyzed (see table). However, the scenario analysis still requires further work, as the scenarios for each risk type have not been fully assessed, and a more detailed assessment is needed. As of yet, there are no critical climate-related assumptions which would have impact on Financial Statements.

The key drivers of the two scenarios relate to the effects of climate risks, technological improvement requirements on energy usage and emissions, and development assumptions. Fiskars Group has assumed more stringent policy on climate change action on a global level. After the scenario analysis has been conducted, the ambition level however has changed in some regions, but overall the company continues its actions towards emissions reductions.

Fiskars Group also carries out local risk and impact audits according to the relevant standards and management systems. The results of these assessments support additional local development plans and implementation of actions.

Prioritized top climate risks

Risk type

Risk Category

Risk / Opportunity

Description

Transition risk

Policy

Increased price on GHG emissions

Carbon pricing, Emission Trading Systems (ETS).

Transition risk

Policy

Legislation supporting use of clean energy

EU’s climate and energy framework and Paris Agreement targets.

Transition risk

Market

Use of lower-emission sources of energy

Decoupling from carbon-based energy sources will reduce exposure to price fluctuations.

Transition risk

Reputation

Increased investor awareness on climate activities

Investors increasingly aim to eliminate portfolio companies with poor climate risk performance. Opportunity to increase investor backing if could company can demonstrate progress in transitioning to a low-carbon business.

Transition risk

Reputation

Increasing consumer awareness about climate change

Increasing consumer awareness about climate change could have an impact on customer preferences, with focus on products with low climate impact.

Physical risk

Temperature extremes

Delays in transportation and distribution times/ Decrease in workers’ productivity

Increase in surface temperature may cause equipment to overheat and shutdown, increased rutting in roads may cause delays in the transportation times and impact workers’ productivity.

Physical risk

Season cycles

Products dependent on weather

Demand for some of the company's products is dependent on the weather, particularly garden tools and watering products during the spring and snow tools during the winter (United States).

Physical risk

Season cycles

Products dependent on weather

Demand for some of the company's products is dependent on the weather, particularly garden tools and watering products during the spring and snow tools during the winter (Other key markets).

Physical risk

Flooding – extreme rainfall

Delays in distribution times and damage to assets

Increase in the likelihood of floods and landslides caused by heavy rainfall may result in roads partially or fully closing, impacting the transport and distribution times.

Physical risk

Wildfires

Increased frequency and severity of wildfires

Increase in temperatures and decrease in rainfall may impact the severity and frequency of wildfires.

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Since this work, increased focus has been placed on climate risk mapping in Fiskars Group’s ERM process to ensure a solid understanding of climate- related risks relevant to the company. The identified risks are consolidated and reviewed annually by the Fiskars Group Leadership Team and the Board’s Audit Committee. In addition, company-wide action plans are executed for the top ten risks in co-operation with the applicable Business Areas and global functions, to lessen the impact of the risks and to define ownership and timeframes for the actions. The action plans are presented to the Audit Committee and reviewed regularly.

This multi-disciplinary company-wide approach addresses climate-related risks from different perspectives. Certain climate change related risks, such as unforeseen natural hazards, are transferred to the company’s global insurance program. The most significant climate-related risks are reported to the Board of Directors, and externally as a part of the integrated annual report.

Approach and policies

The Fiskars Group Environmental Policy emphasizes common targets and ways of working across the value chain. The Environmental Policy supports the company’s sustainability commitments and provides the framework to manage potential or actual environmental impacts and mitigate the risks. The policy outlines the company’s commitment to reduce emissions. This includes its climate change mitigation efforts, which are centered around energy efficiency initiatives, the use of renewable energy, supplier

engagement, and reducing the environmental impact of logistics.

The Policy also outlines that the company's supply chain function and new product development process, and most of Fiskars Group’s factories and distribution centers are multisite certified in accordance with the ISO 14001 standard. The Environmental Policy shall be complied with by all employees working under the Fiskars Group’s direction and is approved by the Fiskars Group Leadership Team.

While Fiskars Group has established clear policies on energy efficiency and renewable energy, it currently does not have a formal policy on climate change adaptation. However, the impacts of climate change on Fiskars Group have been assessed as part of the company’s risk assessment, and requirements for climate change adaptation measures have been identified and implemented.

The Fiskars Group Supplier Code of Conduct also outlines expectations regarding the company’s suppliers’ energy and emissions management, and every supplier must sign and commit to it to be able to do business with Fiskars Group. These policies can be found on Fiskars Group’s website and are available for stakeholders.

Actions

Fiskars Group’s climate transition plan is compatible with the Paris Agreement’s target of limiting global warming to 1.5°C above pre-industrial levels as it

is aligned with SBTi criteria for the 1.5°C pathway. The transition plan includes a concrete investment plan on how to reach the company’s science-based emission reduction targets for 2030, and initial plans for the net-zero target towards 2049. The company has identified emissions-reduction potential in its own operations and created a roadmap for investment requirements to achieve the 2030 targets and initial plans for 2049.

To form an overarching roadmap, all manufacturing units and distribution centers have been involved in compiling the 2030 transition plan, by identifying current emissions and reduction opportunities. The cross-functional project team also noted risks that may interfere with the planned roadmap, as well as working on risk-mitigation measures. The key risks include availability of renewable energy, and technological development for emissions reduction.

Fiskars Group’s emission-reduction roadmap to 2030 is based on technical solutions that are readily available, but the company has assessed and identified unavoidable, or locked-in, emissions for moving towards net-zero in 2049. Achieving net-zero by 2049, will require further technological developments and deployment. These technological development requirements to achieve net-zero, are the identified unavoidable or locked-in GHG emissions. Fiskars Group has not identified locked-in emissions for the 2030 emission-reduction target, all required emission reduction activities are feasible. Regarding renewable energy, Fiskars Group closely monitors country-specific development of renewable- energy availability and the legislative environment,

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alternatives for forklifts in one of its locations. Altogether, these actions have cut annual emissions by 642 tons of CO 2 e.

Greenhouse gas emissions in the value chain

The purchasing of raw materials, components, and finished goods make up a noticeable portion of Fiskars Group’s value-chain emissions. To reduce these emissions, Fiskars Group must partner with the right suppliers who share the ambition to reduce emissions in line with the most ambitious goals of the Paris Agreement.

Fiskars Group is committed to having 60% of its raw material, component, and finished goods suppliers by spend, set science-based targets by 2024. The company has initiated a call to action and supports its suppliers by engaging with them, and by providing direct local support, guidance materials and emissions-calculation tools.

To lower emissions from raw materials, Fiskars Group aims to increase the share of recycled content in its products, through its circularity target. This not only reduces emissions but also helps address material-scarcity challenges. One such example is Fiskars Group’s use of emission-minimized stainless steel when producing Fiskars All Steel frying pans.

* Figures do not include any carbon offsetting. These calculations aim to be compliant with the ISO 14067:2018 (Greenhouse gases — Carbon footprint of products) standard with certain identified simplifications. The calculations have been reviewed by WSP, the strategic advisory, engineering and design services consultancy company.

Emission-minimized stainless steel has a 92% smaller carbon footprint compared to the global average, according to the GHG Protocol Scopes 1 to 3*.

Fiskars Group is committed to reducing GHG emissions from upstream transportation and distribution (Scope 3) by 30% by 2030 from the base year 2018. The company measures and reports its inbound and outbound upstream transportation and distribution emissions annually. The company collects GHG emission reports directly from its key logistics service providers, enabling it to identify emission hotspots and target reduction opportunities

Transition plan for climate change mitigation (own operations)

Base year emissions

tCO 2 -eq

Progress in 2017-2024

Industrial energy efficiciency

Building energy efficiency

Industrial electrification

Use of renewables

Target year 2030

-60%

more effectively. Fiskars Group has been improving the efficiency of its logistics by increasing packaging efficiency and reducing delivery frequency.

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Targets

Fiskars Group has set near-term targets in 2020, and the targets have been validated by the SBTi. These targets have voluntarily been set by Fiskars Group. Targets cover both own and suppliers’ emissions by three targets:

Fiskars Group commits to reduce greenhouse gas emissions from own operations (scope 1 and 2) by 60% by 2030 from a 2017 base year. Scope 2 emissions are calculated with the market-based method and includes the GHG emissions required by the GHG Protocol Corporate Standard. The target covers 100% of the company’s scope 1 and 2 emissions.

Fiskars Group commits to reduce greenhouse gas emissions from upstream transportation and distribution (scope 3) by 30% by 2030 from a 2018 base year. The target includes the GHG emissions required by the GHG Protocol Corporate Standard. The target covers 100% of the scope 3 category 4 emissions.

Fiskars Group commits that 60% of its suppliers by spend covering purchased goods and services, will have science-based targets by 2024.

In addition to its current near-term targets, Fiskars Group has set a long-term net-zero emission target. The company plans to reduce climate emissions in its operations and the entire value chain to net zero by the end of the year 2049. The net-zero emission target has been submitted for SBTi’s validation. These targets have voluntarily been set by Fiskars Group. Fiskars Group’s climate transition plan and set targets are compatible with the Paris Agreement’s target of limiting global warming to 1.5°C above pre-industrial

Targets

levels, as they are aligned with SBTi criteria for the 1.5°C pathway.

Fiskars Group has not published milestones or interim targets for its main emission reduction targets. Fiskars Group’s climate transition plan includes a concrete investment plan on how to reach the emission targets, and the reduction levels are continuously monitored and assessed, in order to ensure the company reaches the set targets.

GHG emissions from own operations (Scope 1 and 2) reduced by 60% by 2030.

2024

-54%

-60%

in 2030

Base year

2017

GHG emissions from transportation and distribution (Scope 3) reduced by 30% by 2030.

2024

-44%

-30%

in 2030

Base year

2018

60% of suppliers by spend covering purchased goods and services will have science-based targets by 2024.

2024

64%

60%

in 2030

Target set 2020

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Energy consumption

Energy is one of Fiskars Groups main commodities in its factories, with natural gas being particularly significant in the glass and ceramic factories. Fiskars Group’s Royal Copenhagen manufacturing unit in Denmark has transitioned to using certified biogas in its kilns.

Currently, Fiskars Group uses renewable electricity in Finland, Slovenia, Poland, Norway, Ireland and the UK, as well as selected locations in the U.S. and Denmark. In 2024, 81% of the purchased electricity was from renewable sources. In addition, Fiskars Group has invested in solar panels at its factories Royal Copenhagen Thailand; Rogaška, Slovenia; and Slupsk in Poland; and in its distribution centers in Wall, New Jersey, U.S.; Sydney, Australia; and Hämeenlinna, Finland.

Energy consumption and mix

2024

2023

2022

2017

Fuel consumption from coal and coal products (MWh)

0

0

0

0

Fuel consumption from crude oil and petroleum products (MWh)

37

137

150

964

Fuel consumption from natural gas (MWh)

152,845

156,758

201,007

213,005

Fuel consumption from other fossil sources (MWh)

953

570

979

1,626

Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil fuels (MWh)

18,911

15,318

20,857

94,206

Total fossil energy consumption (MWh)

172,746

172,783

222,993

309,801

Share of fossil sources in total energy consumption (%)

73%

75%

78%

99%

Consumption from nuclear sources (MWh)

197

n.a.

n.a.

n.a.

Share of nuclear sources in total energy consumption (%)

0.1%

n.a.

n.a.

n.a.

Fuel consumption for renewable sources, including biomass (MWh)

107

105

302

0

Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh)

60,770

53,589

60,454

0

Consumption of self-generated non-fuel renewable energy (MWh)

3,854

2,850

2,742

1,560

Total renewable energy consumption (MWh)

64,731

56,544

63,498

1,560

Share of renewable sources in total energy consumption (%)

27%

25%

22%

1%

Total energy consumption (MWh)

237,674

229,326

286,491

311,361

Energy intensity per net revenue

2024

2023

2022

2017

Total energy consumption from activities per net revenue (MWh/EUR Million)

205

203

230

262

Net revenue (net sales) information is disclosed in the Financial Statements – Consolidated Income Statement. Specifications on net sales are available under Financial Statements – Notes to the consolidated financial statements – 2 Financial Performance – 2.1 Segment information.

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Greenhouse gas emissions

In 2020, Fiskars Group assessed its emissions throughout its value chain and defined the GHG emission categories with the largest impact. Based on the assessment, most of the GHG emissions in Fiskars Group’s value chain are generated in the manufacturing of purchased goods and services (Scope 3, category 1) as well as in the manufacturing of products in Fiskars Group’s own factories (Scope 1 and 2), as well as the upstream transportation and distribution of Fiskars Group’s goods (Scope 3, category 4).

In 2024, Fiskars Group’s GHG emissions increased by 4% compared to the previous year due to the increased production volumes. Compared to the 2017 base year, Fiskars Group has utilised has reached a reduction of 54%, as a result of energy-saving actions and investments in renewable energy.

Fiskars Group did not engage in any carbon removal or neutralization activities during the reporting year.

Total GHG emissions

Retrospective

Milestones and target years

Base year 1

2024

2023

2022

2030

Annual % target / Base year

Scope 1 GHG emissions

Gross Scope 1 GHG emissions (tCO 2 eq)

42,807

30,496

31,207

40,068

34,790 2

-5% 2

Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%) of total Gross Scope 1 emissions

19%

15%

19%

17%

Scope 2 GHG emissions

Gross location-based Scope 2 GHG emissions (tCO 2 eq) 3

34,319

25,321

21,511

27,121

Gross market-based Scope 2 GHG emissions (tCO 2 eq)

44,169

9,154

7,026

10,181

34,790 2

-5% 2

Significant Scope 3 emissions 4, 5, 6

Total Gross indirect (Scope 3) GHG emissions (tCO 2 eq)

209,106

140,131

89,900

162,394

-

-

1 Purchased goods and services 7

162,988

101,576

64,755

127,656

-

-

3 Fuel and energy-related activities

5,100

5,763

4,914

6,302

-

-

4 Upstream transportation and distribution

26,000

14,489

12,752 8

22,142

7,800

-6%

5 Waste generated in operations

318

210

1,266

394

-

-

6 Business travel

5,000

2,691

2,229

1,414

-

-

7 Employee commuting

9,700

7,649

3,984

4,486

-

-

8 Leased assets

-

3,835

-

-

-

-

11 Use of sold products

-

3,918

-

-

-

-

Total GHG emissions

Total GHG emissions (location-based) (tCO 2 eq)

286,232

195,948

142,618

229,583

-

-

Total GHG emissions (market-based) (tCO 2 eq)

296,082

179,781

128,133

212,643

-

-

1 For Scope 1 and 2 GHG emissions, the base year is 2017, and for Scope 3 GHG emissions, 2018. Base year emissions have been calculated according to GHG Protocol and validated by SBTi.

2 Fiskars Group has established a combined near-term target for Scope 1 and Scope 2 (market-based) emissions. The milestone and annual progress relative to the base year are reported together, as separate targets for Scope 1 and Scope 2 have not been established.

3 Scope 2 emissions from district heating are reported solely for CO₂ emissions. Other greenhouse gas (GHG) types are not available and are therefore excluded from the calculation.

4 Scope 3 emissions from categories 10 and 14 are not relevant to Fiskars Group and hence not calculated. Categories 2, 9, 12, 13 and 15 have minor impacts and not included in the emission figures.

5 For Scope 3 categories 1, 4 and 8, the reporting period is October 2023 to September 2024, due to reporting time constraints. For other Scope 3 categories, the reporting period is a calendar year.

6 33% of the disclosed Scope 3 emissions has been calculated using primary data sources.

7 Fiskars Group updated its calculation approach in 2024 to also include services purchased for the reporting period and hence the Scope 3 emissions from this category are significantly larger than in previous years.

8 Upstream transportation and distribution emission reported for the reporting period 2023 has been updated due to a mistake found in the calculation.

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Accounting policies

Scope 1 GHG emissions

Scope 1 GHG emissions are reported based on the Greenhouse Gas Protocol, and cover all direct emissions from Fiskars Group’s own factories and DCs. One of Fiskars Group’s factories is reporting under the EU Emission Trading System (ETS) and its Scope 1 emissions are calculated accordingly. For other Fiskars Group locations, Scope 1 emissions are calculated by multiplying the fuel consumption with the corresponding emission factor. Fuel-specific emission factors are provided by Statistics Finland.

Scope 2 GHG emissions

Scope 2 emissions are reported based on the GHG Protocol and include indirect emissions generated from Fiskars Group's energy purchases in its own factories and distribution centers, i.e. electricity or heat. The emissions are calculated by multiplying the electricity consumption (measured in MWh) with the appropriate emission factor. Market-based emissions are primarily calculated using supplier-specific, local-grid emission factors, which are collected from each manufacturing unit and distribution center. The company applies contractual instruments, such as Renewable Energy Certificates, in calculating market-based scope 2 emissions. For the reporting year, 26% of the energy was bundled with these contractual instruments. The company uses CO 2 eq emission factors when possible. Location-based emissions are calculated using average country-specific emission factors published by the International Energy Agency (IEA).

Scope 3 GHG emissions

Scope 3 emissions are reported based on the GHG Protocol, where they are split into 15 categories (C1-C15):

C1 (Purchased goods and services): The supplier- specific method is applied to estimate the scope 1 and 2 emissions of finished goods suppliers. In 2024, Fiskars Group collected data from 75% of its finished goods suppliers by spend. The average method is applied to estimate emissions associated with input materials as well as services purchased by Fiskars Group. Fiskars Group uses average emission factors provided by the Department of Environment, Food and Rural Affairs in the United Kingdom.

C3 (Fuel and energy related activities): To calculate the emissions from fuel and energy related activities, the average method is used. The annual energy consumption in Fiskars Group’s own factories and distribution centers is multiplied with fuel- and energy-type-specific emission factors provided by the Department of Environment, Food and Rural Affairs in the United Kingdom. In this category, the indirect emissions from fuel extraction, refining and transportation of upstream energy but not included in 1 and 2, as well as transmission and distribution losses are accounted.

C4 (Upstream transportation and distribution): The GHG emissions from upstream transportation and distribution are calculated primarily using either the GHG emission reports provided by Fiskars Group’s logistic partners or by the distance-based method. In 2024, 95% of Fiskars Group’s transportation emissions were calculated with either of these methods. The remaining 5% was

extrapolated by spend to cover all annual transportation emissions.

C5 (Waste generated in operations): To calculate the emissions from waste generated in Fiskars Group’s own factories and distribution centers, the average method is used. The amount of generated waste by category is multiplied with waste-type-specific emission factors provided by the Department of Environment, Food and Rural Affairs in the United Kingdom.

C6 (Business travel): The reported business-travel emissions include all air and rail business trips from the company’s main locations. The emissions are derived from GHG emission reports provided by travel agencies.

C7 (Employee commuting): The average-data method is applied using averages of daily commuting distances, transport modes, number of commuting days per week, average number of weeks worked per year, and Fiskars Group’s head count.

C8 (Leased assets): The average-data method is applied using the number of leased shops, estimated average floor area per shop and average emissions per square meter.

C11 (Use of sold products): The average-data method is applied using the number of sold electrical equipment and their estimated lifetime as well as electricity consumption.

C10 and C14 are not relevant to Fiskars Group and hence not calculated. Categories 2, 9, 12, 13 and 15 have minor impacts and not included in the emission figures.

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2. Environment

ESRS E4 Biodiversity and ecosystems

Introduction to the topic

With operations across numerous regions, Fiskars Group plays an important role in addressing the nature crisis in the local ecosystems in which the company operates. Recognizing and mitigating nature-related impacts is not only essential to preserve natural habitats, but also to secure long-term business resilience, safeguard supply chain stability, and meet the growing expectations of stakeholders and regulatory bodies. By proactively accounting for and mitigating its impacts on biodiversity, Fiskars Group contributes to a more sustainable future.

The DMA indicated significant biodiversity impacts and reliance on ecosystem services. The company has mitigating actions in place for both, but also recognizes the need for a deeper understanding of the impacts and actions, in the areas of operation. The DMA process further increased the understanding of the next steps needed to increase internal understanding and actions to prevent further negative impact and secure the reliance on ecosystems within the value chain, building upon site-specific assessments done in previous years.

Material impacts, risks and opportunities

E4. Biodiversity and ecosystems

Material impact/Risk/Opportunity

Value chain phase driving impact

Score

Negative impacts

Actual negative impact

Biodiversity impacts  across the value chain

Upstream

Own operations

Downstream

Significant (4)

Actual negative impact

Reliance on ecosystem services

Upstream

Own operations

Downstream

Significant (4)

Raw materials and components suppliers

Finished goods suppliers

Fuel and energy

Transportation & distribution

Company facilities

Own manufacturing

Transportation & distribution

Corporate customers

End-users and consumers

Downstream activities

Own operations

Upstream activities

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The identified nature-related risks do not necessarily imply a direct risk to Fiskars Group’s or any supplier’s operations. They inform of a current or potentially troubling landscape in which any company must tread with caution to not expose the business to unnecessary harm nor contribute even further to negative impacts on drivers of biodiversity loss.

Pressures on biodiversity

According to global assessments, land, freshwater and sea use change, tree cover loss, invasives and pollution are the drivers that influence biodiversity and ecosystem processes most. 1 For Fiskars Group, tree cover loss and pollution were identified as critical, meaning sites in the company's value chain are in areas with high to very high risks.

Tree cover loss

For tree cover loss, the risk was deemed very high in the area of the Regional State Administrative Agency of Southern Finland, where Fiskars Group owns sustainably managed forests. The main driver of tree cover loss in Finland is the forest industry. Fiskars Group as a forest owner, however, manages its forests sustainably and only supplies FSC™-certified (FSC C109750) and PEFC-certified (PEFC / 02-21-18) wood. Furthermore, sustainable forest management enables the company to contribute to the protection of local forest biodiversity, preserving natural habitats for numerous species, and mitigating the risks of tree cover loss.

These positive impacts were found ‘important’ under the DMA, i.e. not material. The topic is therefore not dealt with further in this reporting beyond its eligibility and alignment with the EU Taxonomy, where the 14,000 hectares of forests have a combined annual carbon sink of 18,000 tons of CO 2 equivalent.

Pollution

Across the value chain, 90.9% of the sites assessed, including Fiskars Group’s own material sites, are in areas at risk of pollution. The highest risks are with potential air, water and soil pollutants arising from steel, aluminum, ceramics, glass and plastics manufacturing and related raw-material-extraction processes.

Fiskars Group's environmental management system includes risk assessments, reviewing both internal and external risks and requires mitigation actions where needed. Therefore, potential external risks, e.g. fire hazards, or impacts directly from the sites, e.g. chemical leaks, are mitigated by the environmental process required at all sites. Furthermore, Fiskars Group requires suppliers to commit to the environmental requirements outlined in the Supplier Code of Conduct and are subject to external audits, as per the supplier audit process.

Pollution is not deemed significant or critical in the DMA.

Ecosystem services

Fiskars Group and its suppliers rely directly on the provisioning of natural raw materials for its operations, and ecosystem services, that enable

production processes. These include the quantity or quality of direct inputs of raw materials, genetic materials, soil health, water quality and quantity and air quality. Declines in such inputs and/or services can result in increased costs or disruption of production, or even the inability to operate.

According to the assessment, the highest risks of disrupted inputs to production from ecosystem services lie with water scarcity, especially in East- and Southeast Asia, and forest productivity in Northern and Central Europe. Highest is the risk of water scarcity in Thailand. Particularly in the areas of Fiskars Group’s Royal Copenhagen and Georg Jensen factories. This can be explained by both climate change, increasing population needs and inappropriate water resource development. 2

Following direct inquiry with site managers, no significant harm to local biodiversity has been identified from sourcing water or wooden materials. However, the potential lack of e.g., high-quality water intake could disrupt production and affect local communities, and the topic should be included in the location-specific assessments in the future.

Mitigating landscape risks

The occurrence of natural hazards such as landslides, fires and storms can disturb or disrupt projects, operations, or entire value chains. In some cases, such occurrences can result in severe damage to, or loss of, assets.

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The risk-filter assessment identified tropical cyclones, landslides, extreme heat, and wildfire hazard as high to very high risks across the areas where the company operates, and where more than 50% of the suppliers assessed are based. Especially high is the risk of tropical cyclones for operations in East Asia. Though severe, these risks cannot be mitigated by individual entities alone but speak to the urgency of safeguarding operations from potential nature- related hazards.

As part of local risk assessments and priorities, Fiskars Group’s own manufacturing units have where needed taken part in local initiatives. For example, the Gerber factory in Oregon, United States, supported a project to install native plants surrounding two protected streams (the Fanno and Ball creeks), to minimize erosion.

Further, the Georg Jensen manufacturing unit in Chiang Mai, Thailand, has previously supported the local community by co-building a check dam in a forest close to a district where many of Fiskars Group’s employees live. The purpose of the dam was to reduce soil erosion and the severity of the tides, and store water from heavy rain. The dam also helps to reduce the severity of potential wildfires, and dried leaves have been collected to make fertilizer and add to the humidity of the forest.

Reputational risks

Reputational risks are influenced both by operational factors, i.e. what a company does, and scape- based factors, i.e. the conditions of the places in which those operations occur. Risks may be either

related to environmental and socio-economic factors (e.g. protected or conserved areas and ecosystem conditions), or the level of public scrutiny of companies operating in a geographical area (e.g., political situations or sites of international interest).

Of Fiskars Group-owned and key suppliers’ sites, only one received a high-risk score combining all factors in the assessment: Fiskars Group’s Royal Copenhagen factory in the Saraburi province of Thailand.

This result, which narrowly met the definition of “high”, can be explained partly by its location in the Lower Central Basin, an area of approximately 1,420,000 ha classified as a biodiversity hotspot, highly threatened by human interference through residential, commercial, and industrial development. The risk, however, is not deemed critical, as the area includes the entire city of Bangkok and its suburban and industrial areas, and the factory has conducted ongoing environmental assessments showing no significant reputational risk or significant harm to the area.

Transition and systemic risks

In addition to the physical and reputational risks identified in the assessment, Fiskars Group acknowledges the potential transition and systemic risks arising from nature-related risks though none were identified in the assessment. These include but are not limited to:

Regulatory and policy risks as governments and international bodies are increasingly imposing stricter environmental regulations, such as

resource use restrictions, and biodiversity protection requirements. Compliance with these rules can raise operational costs, force changes to product designs, and require significant investments in greener technologies.

Market and consumer risks as consumer preferences and market demands are shifting toward more environmentally sustainable products. Failing to meet these expectations can result in reduced competitiveness, and essentially lost market shares.

Ecosystem collapse risks should natural systems no longer function. These are highly related to the physical risks identified.

The risks are integrated into the Fiskars Group ERM system for assessment and mitigating actions.

Dependencies on ecosystem services

Ecosystem services are the benefits that humans derive from nature. Fiskars Group manufactures and sells products made from stainless steel, gold and silver, ceramics, glassware, plastic, wood and other materials. As such, the business relies on a series of ecosystem services for a variety of product categories, to ensure a safe and undisrupted value chain.

Based on the Common International Classification of Ecosystem Services (CICES V5.1), the following have been found particularly relevant either directly to Fiskars Group’s own operations or in the supply chain (e.g., supply of refined materials or finished goods):

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Water regulation and purification

Raw material supply (natural resources)

Climate regulation (carbon sequestration)

Waste decomposition and detoxification

Soil fertility and nutrient cycling

These services ensure sustainable resource use, manage environmental risks, and help maintain the availability of critical inputs for manufacturing and operation of the factories. They are therefore crucial for Fiskars Group’s long-term business resilience and sustainability.

Though the specific ecosystem services mentioned were included as examples in phase two of the assessment, no dependence on ecosystem services causing significant harm to local biodiversity and ecosystems for either Fiskars Group’s own sites or those of its suppliers has been reported.

Potential negative impacts

The assessment showed no significant negative impacts in relation to biodiversity-sensitive areas in the proximity of sites, including activities that affect threatened species, or negative impacts on land degradation, desertification, or soil sealing. The management system in place at Fiskars Group locations ensures compliance with both company and national regulations, and adherence to the system is regularly audited by either internal auditors or externally, for those locations that are ISO 14001 certified.

As an example, Fiskars Group’s ISO 14001 certified manufacturing site in Rogaška Slatina in Slovenia, does not operate in a protected or preserved area,

but is located near several Natura 2000-protected locations, including the local river Sotla. Without a proper management system, the water quality of the river could be affected, as a creek flowing through the site area also flows into a Sotla-tributary creek. This risk has been mitigated effectively and shows the importance of having robust management systems in place.

The assessment conducted in 2024 has increased the company’s understanding of topics that are to be included in future location-specific risk assessments, and work in this area will be continued.

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2. Environment

ESRS E5 Resource use and circular economy

Introduction to the topic

For Fiskars Group, creating lasting design and developing circular solutions are key in fighting against throwaway culture and delivering sustainable growth. Business models based on the circular economy both create and sustain value by ensuring products and materials stay in use for as long as possible. Fiskars Group set an ambitious key target to steer its activities to further utilize the potential seen in the circular economy.

The process to identify material impacts, risks and opportunities has been described in General Disclosures , under Double materiality assessment . The outcome of the DMA, specifically related to Resource use and circular economy, are summarised on the right-hand side and further discussed under Actions .

Material impacts, risks and opportunities

E5. Resource use and circular economy

Material impact/Risk/Opportunity

Value chain phase driving impact

Score

Positive impacts

Actual positive impact

Longevity of the products

Own operations

Downstream

Critical (5)

Actual positive impact

Circular product portfolio

Own operations

Significant (4)

Negative impacts

Actual negative impact

Resource-intensive business model

Upstream

Own operations

Critical (5)

Actual negative impact

Waste generation in the value chain

Upstream

Significant (4)

Opportunities

Actual financial opportunity

High quality and long- lasting products

Own operations

Downstream

Critical (5)

Actual financial opportunity

Improving productivity and resource efficiency

Own operations

Significant (4)

Potential financial opportunity

Increasing interest for circular products and services

Own operations

Downstream

Significant (4)

Risks

Actual financial risk

Reaching commercially viable circularity

Own operations

Significant (4)

Potential financial risk

Ability to replace certain raw materials

Upstream

Own operations

Significant (4)

Raw materials and components suppliers

Finished goods suppliers

Fuel and energy

Transportation & distribution

Company facilities

Own manufacturing

Transportation & distribution

Corporate customers

End-users and consumers

Downstream activities

Own operations

Upstream activities

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The specific process for identifying material impacts, risks and opportunities related to resource use and the circular economy combines several approaches. Each manufacturing site and distribution center periodically evaluates environmental risks related to their operations. This review considers the nature of the operations, raw materials utilized at the sites, environmental impacts, waste, emissions and changes in the operating environment. In addition, each site, Business Area and global function conducts a mapping of actual and potential risks and opportunities related to their line of business and operations. The assessments consider upstream and downstream partners and operations in addition to the company’s own operations. These are part of Fiskars Group’s annual ERM process, to which the DMA is conducted as an extension. The ERM process is further described under the Governance section of General Disclosures , as well as in the section on Risks and business uncertainties in the Report by the Board of Directors.

Information on material usage, energy consumption, emissions and waste are collected on a monthly basis from the company’s sites, thus assets and activities are continuously monitored and assessed. Fiskars Group aims to manage and minimize waste throughout its value chain, and this topic is therefore also reviewed as part of Fiskars Group’s Supplier Code of Conduct audits. Consultations and engagement with consumers and end-users are conducted, and Fiskars Group’s approach towards and process for engagement with consumers and end-users is described in S4 Consumers and end-users .

Approach and policies

Efficient resource use and the circular economy are highly important topics for Fiskars Group. The company is constantly experimenting with alternative and recycled materials, and looking for new ways to extend the life cycle of its products, as well as identifying ways to reduce waste streams.

Focusing on product design is at the core of Fiskars Group’s sustainability actions and circular economy framework. Product design and testing includes material selections, ensuring user friendliness, examining durability, and also considering end-of- life options. Designing for quality, longevity, and circularity decreases the burden that manufacturing places on natural resources and biodiversity. This also makes sense from an economic point of view, as resources are used more efficiently and less waste is generated. Fiskars Group also encourages consumers to take proper care of the products and facilitates extending their lifecycle, by providing appropriate instructions and services.

Fiskars Group’s approach to circularity can be summarized in two ways:

Design for circularity and longevity Fiskars Group focuses on materials and lasting quality when designing products. The company is constantly expanding its use of recycled, renewable, recirculated, and recyclable materials, while high quality and durability remain important aspects of its products. Fiskars Group designs products to be repairable, also offering spare parts whenever feasible. Services that help prolong the

life cycle of products also play an important part in guaranteeing lasting quality.

Resource efficiency and waste management Fiskars Group continuously strives to improve productivity and resource efficiency in its operations. This includes adapting new technologies to reduce scrap in production processes, to increase internal circulation of materials, and diverting waste from landfill.

Fiskars Group’s main policies to manage material impacts, risks and opportunities related to resource use and the circular economy are comprised of the Fiskars Group Environmental Policy, the Fiskars Group Supplier Code of Conduct, and Fiskars Group Quality Policy. In addition, Fiskars Group has a framework for enhancing circularity, which is introduced under the Actions part of this section.

Fiskars Group manufactures products at its own manufacturing units, and also utilizes trusted suppliers to produce some of its designs. The company carefully considers how to reduce and eliminate environmental impacts caused by its production. The environmental policy describes the environmental principles that all employees, and other personnel working under Fiskars Group’s direction are expected to comply with. The policy highlights the company’s aim to have no waste from its operations (manufacturing units, distribution centers, retail, and offices) going to landfill. Fiskars Group prioritizes waste reduction activities and management in accordance with the European waste hierarchy. The most important aspect of this is to minimize the amount of waste generated. When

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Partnerships

The circular economy requires partnerships. In order to learn from peers and find new possibilities for collaboration, Fiskars Group has joined a circular economy network in Finland during 2024. The network brings together different industries and researchers.

In addition, negotiating and securing partnerships with suppliers and customers that share Fiskars Group’s values and ambitions is imperative. Finding suppliers that are able to accommodate Fiskars Group’s growing need for alternative materials and specific product designs is an area where the company has placed efforts during 2024. Through strong partnerships and joint business planning with customers, Fiskars Group can also help customers to meet their own sustainability targets and customer demand, by providing circular solutions. This may also provide opportunities to spread awareness and circularity information to end-users.

Targets

The majority of net sales comes from circular products and services by 2030

The products and services included in the performance measurement against Fiskars Group’s circular net sales target, are those that have been identified as circular according to the definitions introduced in the section on Actions , and Framework for enhancing circularity . The target helps track the effectiveness of related policies and actions, relating

to the increase in circular product design, circular material use, minimizing primary raw materials, and sustainable sourcing of renewable resources. In addition, the target takes into account services that prolong the life cycle of products. This target has voluntarily been set by Fiskars Group, and includes products made by Fiskars Group and sourced finished goods. Fiskars Group’s performance on circular products and services net sales has improved from 14% in 2023, to 26% in 2024.

Zero waste to landfill by 2030

As part of its commitment to fighting against throwaway culture and becoming more circular, Fiskars Group has established a goal for 2030 to ensure all waste from its operations – including factories, distribution centers, retail locations, and offices – is recovered or recycled, with no waste sent to landfill. This target is steered through the implementation of policies described, and affected by the actions described in this E5 standard. This target has been voluntarily set by Fiskars Group. Waste to landfill has decreased by 62% compared to 2023 and by 79% compared to 2017.

Targets

A majority of our net sales comes from circular products and services by 2030

Zero waste to landfill by 2030

2024

-79%

Zero

in 2030

Base year

2017

2024

26%

Base year

2021

50%

in 2030

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Total solid waste

Tons

2024

2023

2022

2017

Total hazardous waste 1

964

1,446

682

625

Total non-hazardous waste

9,666

9,341

10,802

17,872

Total amount of waste generated

10,629

10,787

11,484

18,497

Total amount of non- recycled waste

1,748

2,999

730

4,526

Percentage of non-recycled waste

16%

28%

6%

24%

1 No radioactive waste is generated in Fiskars Group’s operations.

Waste

Waste is generated throughout Fiskars Group’s value chain, from manufacturing of products to packaging. The majority of the waste consists of production scrap, including metal, clay and glass, which are key waste streams relevant to the sector in which Fiskars Group operates. Additionally, waste includes general operational waste and waste from maintenance activities.

Hazardous waste

Tons

2024

2023

2022

2017

Preparation for reuse

0

7

4

1

Recycling

19

298

14

365

Other recovery operations

85

147

495

23

Total waste diverted from disposal

104

452

513

389

Incineration

121

47

35

142

Landfill

471

329

1

2

Other disposal operations

267

618

133

92

Total waste diverted to disposal

860

994

169

236

Total hazardous waste

964

1,446

682

625

Non-hazardous waste

Tons

2024

2023

2022

2017

Preparation for reuse

122

188

345

4,307

Recycling

7,334

6,610

9,230

8,547

Other recovery operations

1,322

538

666

728

Total waste diverted from disposal

8,777

7,336

10,241

13,582

Incineration

23

16

16

150

Landfill

340

1,784

351

3,953

Other disposal operations

525

205

194

187

Total waste diverted to disposal

888

2,005

561

4,290

Total non-hazardous waste

9,666

9,341

10,802

18,497

Accounting policies

Waste data is collected monthly based on invoices from external waste-treatment partners, all of whom hold the necessary permits for waste treatment or disposal. The reported data is derived from direct measurements.

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Sustainability Statement

3. Social disclosures

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3. Social disclosures

ESRS S1 Own workforce

Introduction to the topic

Fiskars Group is focused on being an extraordinary place to work. For the company to grow, succeed, and thrive, it is essential to embrace everyday practices that energize and prioritize well-being to unlock the fullest potential of all. It is recognized that everyone is unique and has different needs, and it is therefore encouraged to take personal responsibility, and nurture an active approach to maintaining and improving well-being generally. Fiskars Group’s values are creating change, celebrating the everyday, and growing with compassion, which are central to the company’s policies and approach towards its own employees.

The identified material impacts, risks and opportunities from the DMA related to Own workforce are summarized in the table on material impacts, risks and opportunities. The general process to identifying these is described in General Disclosures , under Double materiality assessment . The positive impacts are widespread to all Fiskars Group operations and apply to all employee types, while the negative impact applies primarily to factories and distribution centers. The material opportunities relate to all Fiskars Group operations.

Own operations

Downstream activities

Raw materials and components suppliers

Finished goods suppliers

Fuel and energy

Transportation & distribution

Company facilities

Own manufacturing

Transportation & distribution

Corporate customers

End-users and consumers

Upstream activities

Material impacts, risks and opportunities

S1. Own workforce

Material impact/risk/opportunity

Value chain phase driving impact

Score

Positive impacts

Actual positive impact

Health, safety and wellbeing

Own operations

Significant (4)

Actual positive impact

Fair, equitable and inclusive workplace

Own operations

Significant (4)

Negative impacts

Potential negative impact

Health and safety hazards

Own operations

Significant (4)

Opportunities

Potential financial opportunity

Talent attraction and retention

Own operations

Critical (5)

Actual financial opportunity

Health, safety and wellbeing

Own operations

Significant (4)

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Fiskars Group does not allow working conditions or treatment that contravene basic human rights or puts workers at safety risk. The company has zero tolerance for child labor, and safeguards vulnerable workers from abuse or exploitation, regardless of their employment contract or immigration status. Fiskars Group ensures that its supply chain is also free of forced labor and child labor by enforcing the policies, commitments and due-diligence processes mentioned throughout this statement. The approach to ensuring Human Rights in Fiskars Group operations is further described in G1 Business Conduct , Remediation and whistleblowing channel.

Engaging with the company’s own employees

Understanding and responding to the voices of the company’s own workforce is fundamental to creating a workplace where everyone feels valued and supported. Through consistent communication, feedback mechanisms, and specific initiatives, Fiskars Group actively involves employees in shaping their work environment. Engagement is embedded in daily operations, providing employees with clear pathways to share concerns, ideas, and feedback. The engagement with worker councils and employee representatives occur on a regular basis based on regulatory requirements and location. For example meetings are held on every second month or a quarterly basis. Human Resources department enables that the engagement and cooperation with the own workforce occurs, while the CEO with their leadership team (senior leaders) are responsible for engagement within their

own organization. Employee representatives participate in regular Health & Safety committee meetings at the factories and distribution centers, to ensure dialogue on physical and mental health and safety topics.

The annual employee survey, Our Voice, is an essential part of the company’s engagement with employees and improves dialogue throughout the company. The results guide decisions on where improvements are needed and helps to measure progress over time. In 2024, the engagement survey was simplified to make it easier for employees to answer and easier for line managers to interpret and work with the results. The overall engagement score during this year’s survey in May 2024 was 73. Among office employees, the engagement score was 65 out of 100.

In addition, the company collaborates with labor unions and work councils to ensure that broader workforce concerns are considered in company decisions. These partnerships reinforce the commitment to fairness and mutual respect in decision making.

Regular town hall gatherings and location-specific meetings are held to ensure information sharing and open dialogue on topics that are relevant to ongoing business.

Process to remediate negative impacts

Fiskars Group has identified a potential negative impact towards its own workforce relating to the health and safety of employees. In particular, employees who work at the manufacturing and distribution facilities doing

manual work and operating machinery are at risk of injuries or accidents.

Fiskars Group is committed to achieving a zero-harm workplace and aims to achieve a zero lost time accident frequency (LTAF) by 2030, and has in place a health and safety management system, ensuring compliance with the Health and Safety Policy, ISO 45001 management system and other internal procedures. The health and safety process includes regular internal and external audits, safety walks, risk assessments, site-specific training sessions and safety committee monitoring of actions and performance. In 2024, 100% of the company’s sites were covered by the management system and 84% of the Company’s manufacturing sites and distribution centers were ISO 45001 certified, as a way to identify potential risks and remediate them by preventative actions.

For the past seven years, Fiskars Group has organized a company-wide annual Safety Week to engage in continued improvement of the safety culture. In 2024, the theme of the week was “We Care: Building Safety Together”, enabling team-led activities for safety- focused initiatives. These activities were aimed to enhance safety and organization across all types of workplaces.

Actions

Fiskars Group is committed to taking proactive measures to address both negative and positive impacts on its workforce. The company prioritizes initiatives that enhance employee well-being, safety, and inclusion, while also fostering opportunities to

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3. Social disclosures

ESRS S4 Consumers and end-users

Introduction to the topic

The key findings of the company’s DMA in 2023 regarding consumers and end-users, indicating positive impacts, financial risks and opportunities, are integral to and originate from the main purpose of Fiskars Group – to design safe-to-use, high-quality products. The impact, risks and opportunities arise primarily in own operations and downstream value chain. The company’s business model is built upon and dependent on consumers and end-users. Any potential negative impacts on the reputation of the company’s products or services could deteriorate business performance, while trust in products and/ or services can bring business benefits, such as increased sales or widening of the future consumer base. Negative impacts and risks may also arise from issues with products (such as food contact products), however, the likelihood for serious impacts is considered small due to focus and standards on product quality and safety, and thus not material in this context. The risks, impacts and opportunities identified in the DMA are therefore directly linked to the company’s dependency on Consumers and

Material impacts, risks and opportunities

S4. Consumers and end-users

Material impact/Risk/Opportunity

Value chain phase driving impact

Score

Positive impacts

Actual positive impact

Product safety

Own operations

Downstream

Critical (5)

Potential positive impact

Durable, high quality products

Own operations

Downstream

Significant (4)

Opportunities

Actual financial opportunity

Company  reputation

Own operations

Downstream

Critical (5)

Potential financial opportunity

Demand for sustainable products

Own operations

Downstream

Significant (4)

Risks

Actual financial risk

Communications and labeling

Own operations

Downstream

Critical (5)

Own operations

Downstream activities

Raw materials and components suppliers

Finished goods suppliers

Fuel and energy

Transportation & distribution

Company facilities

Own manufacturing

Transportation & distribution

Corporate customers

End-users and consumers

Upstream activities

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Approach and policies

At Fiskars Group, it is a priority to offer products and services that meet or exceed the expectations of consumers and customers. Fiskars Group aims to excite consumers and continue to be a trusted partner to customers and consumers, while ensuring that its products meet their requirements in terms of durability, functionality, safety, sustainability and visual quality. The company holds a deep commitment to quality as being vital to its vision of creating a positive lasting impact on people’s quality of life, and its purpose of making the everyday extraordinary. This commitment is implemented via numerous company-wide policies. The Fiskars Group commitment to human rights, detailed in S1 Approach and Policies , extends also to the downstream value chain, including the consumers and end-users of Fiskars Group’s products and services. The commitment to this stakeholder group is core to the Fiskars Group Code of Conduct, outlining the ethical principles which everyone in the company is expected to uphold. The Fiskars Group Quality Policy articulates the commitment to Fiskars Group’s customers and consumers, while defining the company’s approach and providing a common framework for quality management and the communication of quality practices. This policy enables the company to offer a positive impact, mitigate potential risks and seize opportunities provided by the company’s portfolio. It is executed in everyday work, supported by the company’s values, strategic priorities and purpose.

The company’s commitment to quality is conducted through its internal management system. Engagement with customers and consumers is the primary method

of determining and understanding the requirements, expectations and potential or actual impacts. These are determined, understood and converted into requirements, and processes are designed to meet or exceed these requirements.

The Fiskars Group Environmental Policy describes the environmental principles that are essential to the development and production of the company’s products. This policy supports the company’s sustainability commitment, provides the framework to manage potential or actual environmental impacts and mitigate the risks. By increasing environmental awareness within the company, the policy supports decision making to deliver on the company’s ambition to offer safe and durable products and seize the opportunity to develop global sustainable practices for product and packaging design.

The Fiskars Group Guideline for Recycled Plastics has the objective of promoting the use of recycled plastic without compromising the chemical compliance of the final product, given that special attention needs to be paid on the use of environmental claims such as claims on recycled content. The guideline defines the specific requirements for recycled plastics to guide decision makers towards increased use of recycled plastics.

The Fiskars Group Product Recall Policy is designed to guide Fiskars Group in the event of a potential compliance issue in the marketplace. The objective is to protect the customer and ensure compliance with the relevant product-safety regulations, and provide a swift and controlled process to ensure the safety of consumers and end-users.

Fiskars Group is fully committed to responsible marketing and communication. The Fiskars Group Marketing Policy defines the basic principles for all marketing communications throughout Fiskars Group, as marketing and communications help to inform consumers and end-users about the benefits of Fiskars Group products and services, and engage with consumers on issues that matter to them. The policy applies to all marketing activities and communication formats, such as television, radio, online and direct marketing, shopper marketing, packaging, events, trade sales and other professional promotions and communications.

The policy outlines the company’s commitment to only making claims and statements which are legal, decent, honest, and truthful and which do not include misleading facts or statements, as well as respecting human dignity, and not inciting or condoning any form of discrimination, including that based upon race, national origin, religion, gender, age, disability, or sexual orientation. The policy follows the International Chamber of Commerce (ICC) Framework for Responsible Environmental Marketing Communications in assuring that all environmental claims in marketing are clear and appropriately substantiated by sound scientific evidence.

Fiskars Group Privacy Policy discloses how the company processes personal data. Fiskars Group is committed to conducting responsible and professional engagement with consumers and end- users, by ensuring that the human-rights aspects of data privacy are respected, and that legal and contractual data-privacy requirements are complied

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4. Governance disclosures

ESRS G1 Business conduct

Introduction to the topic

This section includes disclosures on business conduct and corporate culture topics, remediation and whistleblowing, as well as supplier relationship management.

Business conduct policies and corporate culture

Fiskars Group’s purpose is to pioneer design to make the everyday extraordinary: for its own people, its customers, consumers, business partners and other stakeholders. The purpose will be achieved by living the values, maintaining the company’s reputation and iconic brands, and growing the business sustainably and with integrity. In order to enhance legal and regulatory compliance, Fiskars Group has implemented various compliance programs, policies, processes, and for example a mandatory Code of Conduct training program for all employees. The Code of Conduct and related training program are to be complied with by everyone within Fiskars Group,

Material impacts, risks and opportunities

G1. Business Conduct

Material impact/Risk/Opportunity

Value chain phase driving impact

Score

Positive impacts

Actual positive impact

Comprehensive policies

Upstream

Own operations

Significant (4)

Opportunities

Actual financial opportunity

Integration of sustainability

Own operations

Significant (4)

Potential financial opportunity

Robust corporate culture

Own operations

Significant (4)

Risks and opportunities

Potential financial risk and opportunity

Sustainability- driven publicity

Own operations

Downstream

Significant (4)

Raw materials and components suppliers

Finished goods suppliers

Fuel and energy

Transportation & distribution

Company facilities

Own manufacturing

Transportation & distribution

Corporate customers

End-users and consumers

Downstream activities

Own operations

Upstream activities

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Remediation and whistleblowing channel

Fiskars Group is committed to ethical business practices and compliance with all applicable laws and regulations, demonstrating no tolerance for violations of the Fiskars Group Code of Conduct or internal policies. Fiskars Group code of conduct includes sections about anti-bribery and corruption and the Code of conduct violation Response Policy and process is applied all suspect violation cases.

Fiskars Group has implemented a global Code of Conduct Violation Response Policy, which complies with the EU Whistleblowing Directive (EU) 2019/1937. The Code of Conduct Violation Response Policy provides clear procedures for investigating suspected violations and applies to all employees and entities within Fiskars Group. The policy defines how to report suspected code violations, what is considered a code violation, the confidentiality of reporting, prohibition of retaliation acts and freedom of liability, the rights of the subject of investigation, consequences of malicious reports, assessment of the report, investigation principles and post-investigation actions, including result reporting.

Employees can report suspected violations through multiple channels, including their manager, HR, and the Legal & Compliance function, as well as an anonymous Ethics & Compliance helpline. In addition to the anonymous written reporting channel, the company has country-specific anonymous hotline numbers available in regions where it has manufacturing units, distribution centers, or

significant suppliers. Both the ethics and compliance helpline and the various hotlines are provided by an external partner, NAVEX WhistleB, to ensure anonymity. These anonymous third-party channels are also open to suppliers and business partners. Reports are responded to within seven days of filing, and all reported cases are handled confidentially and investigated by the Legal and Compliance function. Depending on the case, other relevant functions such as HR are engaged in the investigation.

Fiskars Group communicates reporting channels and investigation principles for suspected code violations to all employees, including supervisory bodies, through comprehensive online and classroom Code of Conduct training. This mandatory training is updated and conducted biennially for all Fiskars Group employees, including office, operative, and retail personnel. The completion rate for the 2024 training is 91.6%.

To ensure easy access to reporting channels, a direct link to the anonymous ethics and compliance helpline is clearly displayed on the company intranet landing page, along with dedicated intranet pages that provide detailed information on reporting channels and related procedures. Posters for the Ethics & Compliance Hotline are displayed in manufacturing units and distribution centers to reach employees without regular computer access. These posters include a QR code for the anonymous ethics and compliance helpline and local toll-free hotline numbers. Reporting channels are also outlined in local employee handbooks.

For external stakeholders, including third parties, suppliers, and business partners, reporting channels are published on the Fiskars Group website and in the Supplier Code of Conduct.

All reported cases, including investigation actions, conclusions, potential consequences, and agreed corrective measures, are submitted quarterly to Fiskars Corporation’s Ethics Advisory Group and the Audit Committee. The Ethics Advisory Group conducts follow-up reviews on a quarterly basis to ensure proper oversight and resolution.

Fiskars Group maintains a zero-tolerance policy against any form of retaliation towards individuals who report suspected violations in good faith. Throughout the entire process, the company safeguards the confidentiality of both the reporting person and the subject of the investigation. This approach adheres to legal protections and upholds the principle of presumption of innocence.

Total number of reported cases

During 2024, Fiskars Group had a total of 46 reported misconduct cases. 21 reports were made anonymously through the ethics and compliance helpline and hotlines, 8 cases were received via management, 11 cases were received via HR, and 6 were reported via the compliance email address. The reported cases related to leadership issues, unethical behavior, misuse of employee benefits, breaches of policies and guidelines, discrimination, bullying, harassment, conflicts of interest, health and safety, fraud, information security, corruption and bribery,

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Datapoints that derive from other EU legislation

ESRS 2 Appendix B: List of datapoints in cross-cutting and topical standards that derive from other EU legislation

Disclosure Requirement and related datapoint

SFDR (9) reference

Pillar 3 (24) reference

Benchmark Regulation (10) reference

EU Climate Law (11) reference

Section

ESRS 2 GOV-1 Board's gender diversity paragraph 21 (d)

Indicator number 13 of Table #1 of Annex 1

Commission Delegated Regulation (EU) 2020/181612 , Annex II

ESRS 2 General Disclosures, Governance

ESRS 2 GOV-1 Percentage of board members who are independent paragraph 21 (e)

Delegated Regulation (EU) 2020/1816, Annex II

ESRS 2 General Disclosures, Governance

ESRS 2 GOV-4 Statement on due diligence paragraph 30

Indicator number 10 Table #3 of Annex 1

ESRS 2 General Disclosures, Governance

ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities paragraph 40 (d) i

Indicators number 4 Table #1 of Annex 1

Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/245313Ta ble 1: Qualitative information on Environmental risk and Table 2: Qualitative information on Social risk

Delegated Regulation (EU) 2020/1816, Annex II

Not material (stated in E1 Climate Change, Actions)

ESRS 2 SBM-1 Involvement in activities related to chemical production paragraph 40 (d) ii

Indicator number 9 Table #2 of Annex 1

Delegated Regulation (EU) 2020/1816, Annex II

Not material

ESRS 2 SBM-1 Involvement in activities related to controversial weapons paragraph 40 (d) iii

Indicator number 14 Table #1 of Annex 1

Delegated Regulation (EU) 2020/181814 , Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II

Not material

ESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) iv

Delegated Regulation (EU) 2020/1818, Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II

Not material

ESRS E1-1 Transition plan to reach climate neutrality by 2050 paragraph 14

Regulation (EU) 2021/1119, Article 2(1)

E1 Climate change

ESRS E1-1 Undertakings excluded from Paris-aligned Benchmarks paragraph 16 (g)

Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book Climate Change transition risk: Credit quality of exposures by sector, emissions and residual maturity

Delegated Regulation (EU) 2020/1818, Article12.1 (d) to (g), and Article 12.2

Not material (stated in E1 Climate Change, Actions)

121

121

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Disclosure Requirement and related datapoint

SFDR (9) reference

Pillar 3 (24) reference

Benchmark Regulation (10) reference

EU Climate Law (11) reference

Section

ESRS E1-4 GHG emission reduction targets paragraph 34

Indicator number 4 Table #2 of Annex 1

Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics

Delegated Regulation (EU) 2020/1818, Article 6

E1 Climate change, Targets

ESRS E1-5 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) paragraph 38

Indicator number 5 Table #1 and Indicator n. 5 Table #2 of Annex 1

E1 Climate change, Targets

ESRS E1-5 Energy consumption and mix paragraph 37

Indicator number 5 Table #1 of Annex 1

E1 Climate change, Energy consumption

ESRS E1-5 Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43

Indicator number 6 Table #1 of Annex 1

E1 Climate change, Energy consumption

ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44

Indicators number 1 and 2 Table #1 of Annex 1

Article 449a; Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book – Climate change transition risk: Credit quality of exposures by sector, emissions and residual maturity

Delegated Regulation (EU) 2020/1818, Article 5(1), 6 and 8(1)

E1 Climate change, Greenhouse gas emissions

ESRS E1-6 Gross GHG emissions intensity paragraphs 53 to 55

Indicators number 3 Table #1 of Annex 1

Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics

Delegated Regulation (EU) 2020/1818, Article 8(1)

E1 Climate change, Greenhouse gas emissions

ESRS E1-7 GHG removals and carbon credits paragraph 56

Regulation (EU) 2021/1119, Article 2(1)

E1 Climate change, Greenhouse gas emissions

ESRS E1-9 Exposure of the benchmark portfolio to climate- related physical risks paragraph 66

Delegated Regulation (EU) 2020/1818, Annex II Delegated Regulation (EU) 2020/1816, Annex II

Voluntary, omitted 2024

ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66 (a) ESRS E1-9 Location of significant assets at material physical risk paragraph 66 (c).

Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraphs 46 and 47; Template 5: Banking book - Climate change physical risk: Exposures subject to physical risk.

Voluntary, omitted 2024

ESRS E1-9 Breakdown of the carrying value of its real estate assets

Article 449a Regulation (EU) No 575/2013;

Voluntary, omitted 2024

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Disclosure Requirement and related datapoint

SFDR (9) reference

Pillar 3 (24) reference

Benchmark Regulation (10) reference

EU Climate Law (11) reference

Section

by energy efficiency classes paragraph 67 (c).

Commission Implementing Regulation (EU) 2022/2453 paragraph 34;Template 2:Banking book -Climate change transition risk: Loans collateralised by immovable property - Energy efficiency of the collateral

Voluntary, omitted 2024

ESRS E1-9 Degree of exposure of the portfolio to climate related opportunities paragraph 69

Delegated Regulation (EU) 2020/1818, Annex II

Voluntary, omitted 2024

ESRS E2-4 Amount of each pollutant listed in Annex II of the EPRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil, paragraph 28

Indicator number 8 Table #1 of Annex 1 Indicator number 2 Table #2 of Annex 1 Indicator number 1 Table #2 of Annex 1 Indicator number 3 Table #2 of Annex 1

Not material

ESRS E3-1 Water and marine resources paragraph 9

Indicator number 7 Table #2 of Annex 1

Not material

ESRS E3-1 Dedicated policy paragraph 13

Indicator number 8 Table 2 of Annex 1

Not material

ESRS E3-1 Sustainable oceans and seas paragraph 14

Indicator number 12 Table #2 of Annex 1

Not material

ESRS E3-4 Total water recycled and reused paragraph 28 (c)

Indicator number 6.2 Table #2 of Annex 1

Not material

ESRS E3-4 Total water consumption in m3 per net revenue on own operations paragraph 29

Indicator number 6.1 Table #2 of Annex 1

Not material

ESRS 2- IRO 1 - E4 paragraph 16 (a) i

Indicator number 7 Table #1 of Annex 1

E4 Biodiversity and ecosystems, Actions

ESRS 2- IRO 1 - E4 paragraph 16 (b)

Indicator number 10 Table #2 of Annex 1

E4 Biodiversity and ecosystems, Actions

ESRS 2- IRO 1 - E4 paragraph 16 (c)

Indicator number 14 Table #2 of Annex 1

E4 Biodiversity and ecosystems, Actions

ESRS E4-2 Sustainable land / agriculture practices or policies paragraph 24 (b)

Indicator number 11 Table #2 of Annex 1

E4 Biodiversity and ecosystems, Approach and Policies

ESRS E4-2 Sustainable oceans / seas practices or policies paragraph 24 (c)

Indicator number 12 Table #2 of Annex 1

E4 Biodiversity and ecosystems, Approach and Policies

ESRS E4-2 Policies to address deforestation paragraph 24 (d)

Indicator number 15 Table #2 of Annex 1

E4 Biodiversity and ecosystems, Approach and Policies

ESRS E5-5 Non-recycled waste paragraph 37 (d)

Indicator number 13 Table #2 of Annex 1

E5 Resource use and circular economy, Resource outflows

ESRS E5-5 Hazardous waste and radioactive waste paragraph 39

Indicator number 9 Table #1 of Annex 1

E5 Resource use and circular economy, Resource outflows

ESRS 2- SBM3 - S1 Risk of incidents of forced labour paragraph 14 (f)

Indicator number 13 Table #3 of Annex I

Not material

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Disclosure Requirement and related datapoint

SFDR (9) reference

Pillar 3 (24) reference

Benchmark Regulation (10) reference

EU Climate Law (11) reference

Section

ESRS 2- SBM3 - S1 Risk of incidents of child labour paragraph 14 (g)

Indicator number 12 Table #3 of Annex I

Not material

ESRS S1-1 Human rights policy commitments paragraph 20

Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex I

S1 Own workforce, Approach and policies

G1 Business conduct, Management of relationships with suppliers

ESRS S1-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 21

Delegated Regulation (EU) 2020/1816, Annex II

S1 Own workforce, Approach and policies

G1 Business conduct, Business conduct policies and corporate culture

ESRS S1-1 processes and measures for preventing trafficking in human beings paragraph 22

Indicator number 11 Table #3 of Annex I

ESRS G1 Business conduct, Business conduct policies and corporate culture

ESRS S1-1 workplace accident prevention policy or management system paragraph 23

Indicator number 1 Table #3 of Annex I

S1 Own workforce, Approach and policies

S2 Workers in the value chain, Approach and policies

ESRS S1-3 grievance/complaints handling mechanisms paragraph 32 (c)

Indicator number 5 Table #3 of Annex I

G1 Business Conduct, Remediation and Whistleblowing channel

ESRS S1-14 Number of fatalities and number and rate of work-related accidents paragraph 88 (b) and (c)

Indicator number 2 Table #3 of Annex I

Delegated Regulation (EU) 2020/1816, Annex II

S1 Own workforce, Health and safety metrics

ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e)

Indicator number 3 Table #3 of Annex I

S1 Own workforce, Health and safety metrics

ESRS S1-16 Unadjusted gender pay gap paragraph 97 (a)

Indicator number 12 Table #1 of Annex I

Delegated Regulation (EU) 2020/1816, Annex II

S1 Own workforce, Compensation metrics

ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b)

Indicator number 8 Table #3 of Annex I

S1 Own workforce, Compensation metrics

ESRS S1-17 Incidents of discrimination paragraph 103 (a)

Indicator number 7 Table #3 of Annex I

G1 Business Conduct, Remediation and Whistleblowing channel

ESRS S1-17 Non respect of UNGPs on Business and Human Rights and OECD paragraph 104 (a)

Indicator number 10 Table #1 and Indicator n. 14 Table #3 of Annex I

Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818 Art 12 (1)

G1 Business Conduct, Remediation and Whistleblowing channel

ESRS 2- SBM3 – S2 Significant risk of child labour or forced labour in the value chain paragraph 11 (b)

Indicators number 12 and n. 13 Table #3 of Annex I

Not material

ESRS S2-1 Human rights policy commitments paragraph 17

Indicator number 9 Table #3 and Indicator n. 11 Table #1 of Annex 1

S1 Own workforce, Approach and policies

G1 Business conduct, Management of relationships with suppliers

124

124

Financial statements

Auditor’s report

Other financial information

Report by the Board of Directors

year 2024

sustainability statement

Disclosure Requirement and related datapoint

SFDR (9) reference

Pillar 3 (24) reference

Benchmark Regulation (10) reference

EU Climate Law (11) reference

Section

ESRS S2-1 Policies related to value chain workers paragraph 18

Indicator number 11 and n. 4 Table #3 of Annex 1

S2 Workers in the value chain, Approach and policies

ESRS S2- 1 Nonrespect of UNGPs on Business and Human Rights principles and OECD guidelines paragraph 19

Indicator number 10 Table #1 of Annex 1

Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)

S2 Workers in the value chain, Approach and policies

G1 Business Conduct, Remediation and Whistleblowing channel

ESRS S2-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 19

Delegated Regulation (EU) 2020/1816, Annex II

S2 Workers in the value chain, Approach and policies

ESRS S2-4 Human rights issues and incidents connected to its upstream and downstream value chain paragraph 36

Indicator number 14 Table #3 of Annex 1

S2 Workers in the value chain, Actions

ESRS S3-1 Human rights policy commitments paragraph 16

Indicator number 9 Table #3 of Annex 1 and Indicator number 11 Table #1 of Annex 1

Not material

ESRS S3-1 non respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines paragraph 17

Indicator number 10 Table #1 Annex 1

Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)

Not material

ESRS S3-4 Human rights issues and incidents paragraph 36

Indicator number 14 Table #3 of Annex 1

Not material

ESRS S4-1 Policies related to consumers and end users paragraph 16

Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex 1

S4 Consumers and end-users, Approach and policies

ESRS S4-1 Non-respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 17

Indicator number 10 Table #1 of Annex 1

Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)

S4 Consumers and end-users, Approach and policies

G1 Business Conduct, Remediation and Whistleblowing channel

ESRS S4-4 Human rights issues and incidents paragraph 35

Indicator number 14 Table #3 of Annex 1

G1 Business Conduct, Remediation and Whistleblowing channel

ESRS G1-1 United Nations Convention against Corruption paragraph 10 (b)

Indicator number 15 Table #3 of Annex 1

G1 Business conduct, Prevention and detection of corruption and bribery

ESRS G1-1 Protection of whistle- blowers paragraph 10 (d)

Indicator number 6 Table #3 of Annex 1

G1 Business Conduct, Remediation and Whistleblowing channel

ESRS G1-4 Fines for violation of anti-corruption and anti-bribery laws paragraph 24 (a)

Indicator number 17 Table #3 of Annex 1

Delegated Regulation (EU) 2020/1816, Annex II)

G1 Business Conduct, Incidents of corruption and bribery

ESRS G1-4 Standards of anticorruption and anti- bribery paragraph 24 (b)

Indicator number 16 Table #3 of Annex 1

G1 Business conduct, Incidents of corruption and bribery

125

125

Financial statements

Auditor’s report

Other financial information

Report by the Board of Directors

year 2024

sustainability statement

Sustainability Statement

6. Glossary

126

126

Financial statements

Auditor’s report

Other financial information

Report by the Board of Directors

year 2024

sustainability statement

BEMS Building Energy Management Systems

BIO Biodiversity and Ecosystems(EU Taxonomy term and abbreviation)

CCA Climate Change Adaptation (EU Taxonomy term and abbreviation)

CCM Climate Change Mitigation (EU Taxonomy term and abbreviation)

CDP A non-profit organization that runs a global environmental disclosure system

CE Circular Economy (EU Taxonomy term and abbreviation)

CICES Common International Classification of Ecosystem Services

CoC Code of Conduct

CSRD Corporate Sustainability Reporting Directive

DEI Diversity, Equity, and Inclusion

DMA Double Materiality Assessment

DNSH Do No Significant Harm (EU Taxonomy term and abbreviation)

DTC Direct-to-Consumer

EFRAG European Financial Reporting Advisory Group

EMS Energy Management Systems

EPCs Energy Performance Certificates

EPRTR European Pollutant Release and Transfer Register

ERM Enterprise Risk Management

ESG Environmental, Social and Governance

ESRS European Sustainability Reporting Standards

ETS Emission Trading System

FGLT Fiskars Group Leadership Team

FSC Forest Stewardship Council

FTE Full-Time Equivalent, a metric used for working hours

GDPR General Data Protection Regulation

GHG Greenhouse Gas

GOTS Global Organic Textile Standard

GRI Global Reporting Initiative

HCIS High Climate Impact Sectors

ICC International Chamber of Commerce

IEA International Energy Agency

IFRS International Financial Reporting Standards

IPCC The Intergovernmental Panel on Climate Change

ISO International Organization for Standardization

IUCN The International Union for Conservation of Nature

LTAF Lost Time Accident Frequency

NOx Nitrogen Oxides

OECD Organisation for Economic Co-operation and Development

PEFC Programme for the Endorsement of Forest Certification

PFAS Per- and polyfluoroalkyl substances

PPC Pollution Prevention and Control (EU Taxonomy term and abbreviation)

RCP Representative Concentration Pathway

SBTi Science-Based Targets Initiative

SCoC Supplier Code of Conduct

SDGs Sustainable Development Goals

SFDR The Sustainable Finance Disclosure Regulation

TCFD Task Force on Climate-Related Financial Disclosures

tCO 2 eq Tons carbon dioxide equivalent

UNGP United Nations Guiding Principles

WTR Water and Marine Resources (EU Taxonomy term and abbreviation)

Espoo, Finland, February 5, 2025

FISKARS CORPORATION

Board of Directors

127

127

Financial statements

Auditor’s report

Other financial information

Report by the Board of Directors

year 2024

sustainability statement

Financial Statements 2024

128

128

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

Financial statements

Consolidated Financial Statements, IFRS

Consolidated income statement

EUR million

Note

2024

2023

Net sales

2.1

1,157.1

1,129.8

Cost of goods sold

2.3

-640.0

-618.5

Gross profit

517.0

45%

511.4

45%

Other operating income

2.2

5.7

28.9

Sales and marketing expenses

2.3

-324.4

-292.6

Administration expenses

2.3

-132.1

-124.5

Research and development expenses

2.3

-18.8

-19.8

Other operating expenses

2.3

-10.3

-4.5

Operating profit (EBIT)

37.1

3%

98.9

9%

Change in fair value of biological assets

3.4

6.5

4.8

Financial income and expenses

2.6

-25.2

-24.0

Profit before taxes

18.5

2%

79.7

7%

Income taxes

2.7

8.9

-9.7

Profit for the period

27.3

2%

70.0

6%

Attributable to:

Equity holders of the parent company

27.1

69.9

Non-controlling interest

0.3

0.2

Profit for the period

27.3

70.0

Earnings for equity holders of the parent company per share, euro (basic and diluted)

2.8

0.33

0.86

Consolidated statement of comprehensive income

EUR million

Note

2024

2023

Profit for the period

27.3

70.0

Other comprehensive income for the period:

Items that may be reclassified subsequently to profit or loss:

Translation differences

9.4

-8.3

Cash flow hedges

-0.7

-0.7

Items that will not be reclassified to profit or loss:

Defined benefit plans, actuarial gains (losses), net of tax

4.4

0.0

-0.1

Other comprehensive income for the period, net of tax

8.7

-9.1

Total comprehensive income for the period

36.0

61.0

Attributable to:

Equity holders of the parent company

35.5

60.9

Non-controlling interest

0.5

0.0

Total comprehensive income for the period

36.0

61.0

130

130

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

Operating segments

2023

EUR million

Vita

Fiskars

Other

Unallocated

and

Eliminations

Group

total

Net sales

555.3

570.5

4.0

1,129.8

EBIT excl. Items affecting comparability in operating profit

62.3

73.8

-25.8

110.3

Items affecting comparability in EBIT1

-0.5

-10.5

-0.4

-11.4

EBIT

61.8

63.3

-26.2

98.9

Change in fair value of biological assets

4.8

4.8

Financial income and expenses

-24.0

-24.0

Profit before taxes

79.7

Income taxes

-9.7

-9.7

Profit for the period

70.0

Capital expenditure

26.8

20

4.0

50.8

Depreciations, amortizations and impairment

37.6

24

4.5

66.0

1Detailed in section Other financial information

141

141

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

Net sales by geography

Accounting principles

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.

EUR million

2024

2023

Europe

586.5

552.2

Americas

338.9

362.4

Asia-Pacific

230.5

211.3

Unallocated1

1.1

3.9

Total

1,157.1

1,129.8

1Geographically unallocated exchange rate differences

Net sales by destination

EUR million

2024

2023

Net sales in Finland

102.0

105.9

Net sales in the U.S.

319.4

349.1

Net sales in other countries

735.7

674.9

Total

1,157.1

1,129.8

Non-current assets by location (excl. deferred tax assets)

EUR million

2024

2023

Assets in Finland

356.4

333.3

Assets in the U.S.

67.1

72.1

Assets in other countries

597.5

594.9

Total

1,021.0

1,000.4

2.2 Other operating income

Accounting principles

Other operating income includes income other than that associated with the sale of goods or services, such as gain on disposal or sale of fixed assets, rental income and other similar income not classified to revenue.

EUR million

2024

2023

Gain on disposal of fixed assets

1.8

0.9

Compensations from insurance company

0.0

0.2

Rental income

2.9

0.5

Gain from negative goodwill of Georg Jensen acquisition

-6.0

25.4

Gain on hedges

5.9

Other income

1.1

1.9

Total

5.7

28.9

142

142

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

Employee Share Savings Plan, "MyFiskars"

2024–2027

plan period

2023–2026

plan period

Maximum number of shares granted, at the end the year

7,091

35,318

Grant date share price, EUR

16.42

16.27

Estimated realization of share price after vesting and restriction period

14.94

Vesting period starts

Jul 1, 2024

Jul 1, 2023

Vesting period ends

Jun 30, 2027

Jun 30, 2026

Number of participants

538

683

Ownership Plan 2023 for the company's management, settled in shares and/or cash

In February 2023 the Board of Directors resolved to launch an Ownership Plan 2023 directed to the company’s President and CEO, the Fiskars Group Leadership Team and certain key employees determined by the Board. 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 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’s 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.

Onwership plan

2023–2026

plan period

Maximum number of shares granted, at the end the year

290,588

Grant date share price, EUR

16.27

Estimated realization of share price after vesting and restriction period

14.94

Vesting period starts

Apr 1, 2023

Vesting period ends

Mar 31, 2026

Number of participants

13

147

147

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

2.6 Financial income and expenses

EUR million

2024

2023

Dividends received from investments through other comprehensive income and at fair value through profit and loss

0.1

0.6

Interest income

5.8

6.4

Net change in fair value of other investments at fair value through profit or loss

3.5

Foreign exchange and commodity gains

34.7

43.9

Other financial income

3.0

2.0

Financial income total

43.6

56.5

Interest expenses1

-26.5

-23.3

Interest cost on lease liabilities at amortized cost

-5.0

-4.2

Net change in fair value of other investments at fair value through profit or loss

-1.9

Foreign exchange and commodity losses

-32.7

-48.8

Other financial expenses2

-2.7

-4.1

Financial expenses total

-68.8

-80.5

Financial income and expenses total

-25.2

-24.0

1Comparison figure in 2023 including EUR 2.2 million interest expense on redeemed bond of acquired business in 2023

2Comparison figure in 2023 including EUR 1.1 million expense on redeemed bond of acquired business in 2023

2.7 Income taxes

Accounting principles

The Group’s 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

2024

2023

Current taxes

-15.0

-16.2

Deferred taxes

23.9

6.5

Total income taxes

8.9

-9.7

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

2024

2023

Profit before taxes1

18.5

79.7

Income taxes at Finnish statutory tax rate

-3.7

-15.9

Difference between Finnish and foreign tax rates

0.3

-2.2

Effect of deferred taxes not recognized

-0.3

-0.4

Benefit arising from previously unrecognized deferred tax asset2

13.5

2.6

Prior year income taxes

-2.1

1.3

Effect of changes of tax rates

0.6

0.2

Income taxes on undistributed earnings

-0.5

0.7

Effect of tax exempt negative goodwill

-1.3

5.6

Other items

2.4

-1.4

Total income taxes

8.9

-9.7

12023 profit before taxes includes a gain of EUR 25.4 million relating to negative goodwill recognized on the acquisition of Georg Jensen. 2024 profit before taxes includes a loss of EUR 6.0 million relating to reversal of negative goodwill recognized on the acquisition of Georg Jensen.

2Benefit 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.

148

148

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

The Group has performed an assessment of its potential exposure to Pillar Two income taxes based on 2024 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.

2.8 Earnings 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.

2024

2023

Profit for the period attributable to equity holders of the parent company, EUR million

27.1

69.9

Number of shares

81,000,000

81,000,000

Weighted average number of shares outstanding

80,858,070

80,774,454

Earnings per share, EUR (basic and diluted)

0.33

0.86

Comparable earnings per share, EUR (basic and diluted)

1.07

0.99

150

150

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

2023

EUR million

Goodwill

Trademarks,

patents and

domain names

Software

Other

intangible

assets

Construction

in

progress

Total

Historical cost, Jan 1

233.5

250.4

99.9

40.8

23.3

647.7

Translation differences

-1.0

-0.8

-1.0

-0.6

-0.0

-3.4

Additions

0.2

1.8

0.3

22.2

24.5

Acquired in business combinations

61.6

1.8

20.0

2.2

85.7

Decreases

-12.9

-1.0

0.2

-13.7

Transfers between asset groups

15.0

0.3

-16.4

-1.0

Historical cost, Dec 31

232.5

311.4

104.7

60.0

31.4

739.8

Accumulated amortization and impairment, Jan 1

12.2

22.4

79.0

34.3

147.9

Translation differences

0.2

0.4

-1.1

-0.4

-1.0

Amortization

0.7

12.1

2.2

15.1

Decreases

-12.9

-1.1

-14.0

Accumulated amortization and impairment, Dec 31

12.3

23.5

77.1

35.1

148.0

Net book value, Dec 31

220.1

287.9

27.6

24.8

31.4

591.8

Accounting principles

Fiskars Group's operations have been divided into cash-generating units (CGU) that are similar to the primary 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’s 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’s recoverable amount since the last impairment loss was recognised. An impairment loss is reversed only to the extent that the asset’s 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 impairment test in cash-generating units

154

154

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

Goodwill is not amortized but is tested at least annually for impairment. Goodwill has been allocated to cash-generating units as at December 31, 2024 and 2023 as follows:

EUR million

2024

2023

Vita

223.9

217.6

Fiskars

1.9

2.5

Total

225.9

220.1

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 2025–2027, 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 (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 2024, or in 2023.

Fiskars Group has ten trademarks whose aggregate carrying amount is EUR 285.0 million (2023: 287.2). 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 trademark Hackman 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. Georg Jensen trademark which was acquired during 2023 was included in impairment testing for the first time in 2024. As a result of the annual impairment tests, no impairment was recognized on trademarks in 2024, or in 2023.

Key parameters applied in impairment testing

2024

2023

%

Goodwill

Trademarks1

Goodwill

Trademarks1

Increase in net sales on average

2.6

5.7

6.1

4.1

Steady growth rate in projecting terminal value

1.0

1.0

1.0

1.0

Discount rate, pre-tax, average

7.1

8.7

7.7

9.5

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 parametres.

Sensitivity analyses of trademarks have been carried out for the valuation of each trademark by making downside scenarios for key parameters. Certain trademarks show sensitivity to changes in specific assumptions. Iittala is sensitive to changes in the WACC used, terminal growth rate and royalty rate used. Waterford is sensitive to changes in WACC and royalty rate used and Gingher is sensitive to a change in royalty rate.

155

155

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

3.2 Property, plant and equipment

Accounting principles

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 20–40 years

Machinery and equipment 3–10 years

Land and water No depreciation

Gains and losses on sales and disposals of property, plant, and equipment are presented in other operating income and other operating expenses.

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

Net book value, Dec 31

21.1

68.7

53.7

23.8

167.4

156

156

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

3.3 Right-of-use assets

Accounting principles

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 3–15 years

Other assets 3–5 years

Short-term leases and leases of low-value assets

The 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.

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

Depreciations

-35.5

-2.2

-37.7

Decreases

-0.4

-0.3

-0.7

Book value, Dec 31

133.9

4.3

138.2

2023

EUR million

Real estate

Other

Total

Book value, Jan 1

107.0

3.6

110.6

Translation differences

-1.7

0.0

-1.7

Additions

46.5

2.6

49.1

Acquired in business combinations

21.1

0.3

21.4

Depreciations

-27.2

-2.1

-29.3

Decreases

-6.6

-0.1

-6.7

Book value, Dec 31

139.2

4.2

143.4

158

158

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

Changes in net defined benefit liability

EUR million

Present value of obligation

Fair value of plan assets

Total

Additional liablity 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

165

165

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

Changes in net defined benefit liability

EUR million

Present value of obligation

Fair value of plan assets

Total

Additional liablity and effect of asset ceiling

Total

Jan 1, 2023

22.8

-13.8

8.9

1.9

10.8

Current service cost

0.6

0.6

0.6

Interest expense (+) or income (-)

1.0

-0.6

0.4

0.1

0.5

Administration expenses

0.2

0.2

0.5

0.5

Past service cost and gains and losses from settlements

Total included in personnel expenses (Note 2.4)

1.8

-0.3

1.5

0.1

1.6

Return on plan assets, excluding amounts included in interest, (gain -) and (loss +)

-0.1

-0.1

-0.2

-0.2

Actuarial gains (-) and losses (+) arising from changes in demographic assumptions

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

-0.2

-0.2

-0.2

Remeasurement gains (-) and losses (+) included in OCI

0.2

-0.1

0.1

0.1

Acquired in business combinations

1.3

-0.1

1.2

1.2

Translation differences

-0.4

0.0

-0.4

0.0

-0.3

Employer contributions

-1.2

-1.2

-1.2

Benefits paid

-2.0

2.0

Other changes

-0.2

-0.2

Dec 31, 2023

23.7

-13.5

10.2

1.9

12.1

166

166

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

Plan assets by asset category

2024

2023

EUR million

Quoted

Unquoted

Quoted

Unquoted

Equity instruments

0.1

0.0

Bonds

0.6

0.5

Insurance contracts

11.4

11.5

Cash and cash equivalents

1.4

1.5

Other

0.0

Total

2.0

11.4

2.0

11.5

Principal actuarial assumptions at the balance sheet date

%

2024

2023

Discount rate

UK

5.35

5.80

U.S.

4.90

5.80

Indonesia

6.91

7.19

Slovenia

3.50

4.10

Other countries

1.20–3.50

1.30–4.15

Future salary increases

UK

n/a

n/a

U.S.

n/a

n/a

Indonesia

5.00

5.00

Slovenia

3.25

2024: 5.60 2025+: 3.75

Other countries

n/a / 2.00–3.00

n/a / 2.00–4.00

Future pension increases

UK

3.15

3.10

U.S.

Indonesia

5.00

5.00

Slovenia

Other countries

n/a / 2.00–2.25

n/a / 2.50–2.75

167

167

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

Sensitivity analysis

The sensitivity analyses below 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.

2024

2023

Defined benefit obligation

Defined benefit obligation

EUR million

Increase

Decrease

Increase

Decrease

UK

Discount rate (0.5% change)

-0.5

0.5

-0.6

0.6

Future salary (0.5% change)

n/a

n/a

n/a

n/a

Future pension (0.5% change)

0.3

-0.3

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: 9.0 (2023: 9.4)

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.

168

168

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

4.5 Provisions

Accounting principles

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’s 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.

2024

EUR million

Warranty provision

Restructuring provision

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

2023

EUR million

Warranty provision

Restructuring provision

Other provisions

Total

Provisions, Jan 1

2.9

0.2

2.3

5.5

Translation differences

-0.1

0.0

-0.0

-0.1

Additions

0.3

4.3

0.7

5.3

Acquired in business combinations

0.4

0.4

Used provisions

-0.0

-0.8

-0.5

-1.3

Reversals

-0.4

-0.2

-0.1

-0.7

Provisions, Dec 31

2.7

3.6

2.8

9.0

169

169

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

5.3 Financial assets

Accounting principles

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.

174

174

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

5.4 Financial liabilities

Accounting principles

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 term. Georg Jensen A/S had an outstanding bond with a nominal amount of EUR 40 million. The bond was redeemed early on the 26 October 2023 in its entirety. In 2023, a redemption premium of EUR 1.1 million, interest expense of EUR 0.9 million and make-whole interest in the amount of EUR 1.3 million were paid in connection with the early redemption.

Non-current interest-bearing debt

2024

2023

EUR million

Fair

value

Carrying

amount

Fair

value

Carrying

amount

Loans from credit institutions

130.7

130.0

131.0

130.2

Issued bonds

208.2

201.0

205.5

200.5

Total, Dec 31

338.9

331.0

336.5

330.7

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 2024, Scope 1 and 2 greenhouse gas emissions (KPI 1) increased by 4% compared to 2023 and decreased by 54% 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 2024. At the end of 2024, 64% of Fiskars Group’s suppliers by spend covering purchased goods and services had set science-based targets (KPI 2). Fiskars has now 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’s Sustainability-linked bond framework, which is available on the Company’s website.

Current interest-bearing debt

2024

2023

EUR million

Fair

value

Carrying

amount

Fair

value

Carrying

amount

Bank overdrafts

1.0

1.0

Loans from credit institutions

75.2

75.2

92.4

92.4

Total, Dec 31

76.1

76.1

92.4

92.4

Reconciliation of net debt

EUR million

2024

2023

Loans from credit institutions

206.1

222.6

Issued bonds

201.0

200.5

Lease liabilities

147.6

150.8

Cash and cash equivalents

-60.8

-127.3

Net debt

493.9

446.7

176

176

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

Maturity of liabilities

As of December 31, 2024 the Group had unused committed credit facilities EUR 250.0 million (2023: 250.0) at its disposal to guarantee its liquidity. The average maturity of the credit limit agreements as of December 31, 2024 was 3 years (2023: 2). 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.

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

2023

EUR million

2024

2025

2026

2027

2028

Later years

Total

Issued bonds

200.5

200.5

interests

10.3

10.3

10.3

10.3

9.0

50.0

Other debt

0.2

0.2

Loans from credit institutions

92.4

80.0

50.0

222.4

interests

8.1

6.7

6.2

2.6

2.6

2.6

28.9

Lease liabilities (Note 5.5)

29.0

22.6

19.2

14.9

11.2

38.0

134.9

interests

4.3

3.3

2.5

1.8

1.3

2.6

15.9

Trade payables

102.1

102.1

Derivative liabilities

2.3

2.3

Total, Dec 31

248.7

42.9

118.1

29.6

224.6

93.3

757.2

178

178

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

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 selected currencies represent approximately 90% of the commercial net foreign currency flows. The sensitivity analysis on the consolidated Group equity illustrates translation risk related to the foreign currency denominated equity.

2024

2023

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

-2.2

1.4

0.8

-1.2

-2.5

1.0

1.5

-2.2

CAD

0.1

1.2

-1.2

-0.2

-1.4

1.5

-0.1

-0.8

DKK

3.3

-3.4

-0.7

-17.3

3.1

0.1

-21.1

-18.8

GBP

-1.0

5.6

-4.7

-4.8

-1.0

4.1

-3.1

-4.0

JPY

-2.2

3.4

-1.2

-2.6

-2.1

3.1

-1.0

-2.4

NOK

-1.9

1.8

0.0

-0.3

-2.0

1.8

0.3

-0.5

SEK

-3.2

2.4

0.8

-0.8

-3.1

2.3

0.8

-1.3

THB

2.3

-2.0

-0.3

-0.1

3.5

-3.0

-0.5

-1.7

USD

2.0

6.4

-8.4

-14.3

2.5

8.5

-11.0

-13.1

179

179

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

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, 2024 was EUR 346.3 million (2023: 295.8) and the average interest reset period of interest-bearing debt was 22 months (2023: 28). A permanent one percentage point rise in all interest rates would increase the corporation's annual interest costs by EUR 1.3 million (2023: 0.8) 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.

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

2023

EUR million

EUR

USD

GBP

CAD

AUD

JPY

Other

Total

Loans and deposits

356.1

-10.2

-0.5

-4.3

-11.9

-4.2

-29.3

295.8

Currency derivatives

-177.7

84.6

47.9

33.9

-31.0

30.6

10.9

-0.8

Net debt and currency derivatives

178.3

74.4

47.5

29.7

-42.9

26.4

-18.4

295.0

Average interest rate on loans (p.a.)

5.0%

Interest rate sensitivity

-0.4

0.7

0.5

0.3

-0.4

0.3

-0.2

0.8

Fair value of financial instruments

Accounting principles

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.

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

Derivative assets

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

2023

EUR million

Level 1

Level 2

Level 3

Total

Investments at fair value through profit or loss

30.9

30.9

Other investments

3.5

3.5

4.9

4.9

Total assets

4.9

34.3

39.2

Derivative liabilities

2.3

2.3

Interest-bearing liabilities

205.5

205.5

Total liabilities

205.5

2.3

207.8

180

180

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

5.5 Lease liabilities

Accounting principles

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

2024

2023

Book value, Jan 1

150.8

115.5

Translation differences

3.2

-1.8

Additions

30.3

49.0

Acquired in business combinations

21.4

Accretion of interest

5.1

4.2

Payments

-41.1

-30.7

Decreases

-0.7

-6.8

Book value, Dec 31

147.6

150.8

Current lease liabilities

33.6

33.3

Non-current lease liabilities

113.9

117.4

Maturity of minimum lease payments

EUR million

2024

2023

Less than one year

37.7

37.7

Between one and five years

86.4

85.8

More than five years

38.1

43.3

Minimum lease payments, total

162.3

166.7

181

181

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

6.

Other notes

184

184

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

6 Other notes

6.2 Related 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 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 Lasimäki and has granted a capital loan to the company at inception.

Fiskars Group had no significant transactions, liabilities or receivables with related parties during 2024.

EUR million

2024

2023

Rent

0.2

0.2

Capital loan

0.2

0.2

187

187

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

Remuneration of the Board and key management

2024

2023

EUR thousand

Salaries and fees

Statutory pension

Supplementary pension

Salaries and fees

Statutory pension

Supplementary pension

Ehrnrooth Paul

171.5

182.5

Luomakoski Jyri

137.3

139.3

Fromond Louise

91.5

93.8

Susan Repo

67.0

Sotamaa Ritva

21.5

89.0

Ehrnrooth Albert

88.5

90.0

Ehrnrooth Alexander

3.0

3.8

Lixfeld Volker

87.8

94.8

Lindahl Carl-Martin

85.8

94.8

Goldin Julia1

80.8

89.0

Ahlström Nathalie

1,258.4

131.1

96.9

1,256.4

125.9

98.5

Fiskars Group Leadership Team, excluding CEO and President

3,501.7

85.4

66.5

2,983.5

111.5

87.1

Total

5,594.6

216.5

163.4

5,116.9

237.4

185.6

1In 2023, board member Julia Goldin acted as an advisor to the company in a separately defined assignment, for which she was paid market-based compensation which was EUR 15,714.

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 2024 there is one plan in place, Performance Share Plan 2021, which includes three on-going performance periods for years 2022-2024, 2023-2025 and 2024-2026. The Board of Directors confirms the targets separately for each performance period and they are based on the company’s total shareholder return and cumulative comparable EBITA (performance period 2021-2023), total shareholder return and cumulative comparable EBIT (performance period 2022-2024) and total shareholder return, cumulative comparable EBIT and circular economy

(performance period 2023-2025) during the vesting period. No reward will be paid if targets are not met or if the participant’s 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%-20% of the preceding year's income, excluding bonuses, for Fiskars Group Leadership Team excl. CEO.

The President and CEO’s compensation consists of base salary, annual short-term incentive plan and a share-based long-term incentive plan. The President and CEO participates in the ongoing performance periods 2022-2024, 2023-2025 and 2024-2026 of the long-term incentive plan. The President and CEO’s 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.

189

189

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

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’s CEO, the Group’s 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’s shares by granting interest-bearing loans to the participants of the program. The maximum loan amount for the CEO and CFO was 50 percent and for other target groups 75 percent of the share investment amount. The total amount of financing granted by the company was EUR 1,357,328.70 (2023: EUR 1,206,274.00). 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 percent. 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 of shareholders.

6.3 Acquisitions and divestments

Acquisitions and divestments in 2024

There were no acquisitions or divestments during 2024.

Acquisitions and divestments in 2023

Acquisition of Georg Jensen

On October 1, 2023, Fiskars Group announced that it has completed the acquisition of renowned Danish luxury lifestyle brand Georg Jensen by acquiring 100% of the shares of Georg Jensen Investment ApS. Georg Jensen is headquartered in Copenhagen, Denmark and is present in over 10 countries. In 2022, Georg Jensen employed 1,205 employees (FTEs), net sales were EUR 158.1 million and EBIT was EUR 14.9 million.

The enterprise value of the acquisition was approximately EUR 155 million on a cash and debt free basis, and final consideration transferred after ordinary post-closing adjustments was EUR 124.7 million. The amount of consideration is final and does not carry any contingent consideration arrangements. Fiskars financed the acquisition with debt.

The acquisition supports Fiskars Group's Growth Strategy by expanding the company's luxury home brand portfolio, which already includes the iconic brands of Royal Copenhagen, Waterford and Wedgwood. Furthermore, reuniting the beloved Danish design brands Georg Jensen and Royal Copenhagen offers attractive commercial excellence opportunities. Georg Jensen’s position in direct-to-consumer (DTC) channels is strong with over

50% of sales from own retail and e-commerce. In terms of markets, Fiskars Group sees potential to expand the brand’s presence in China in particular. Commercial excellence, DTC and China are three of the four transformation levers in Fiskars Group’s Growth strategy.

The transaction is expected to create significant cost synergies related to, for example, support functions and sourcing. The annual synergies are expected to amount approximately EUR 18 million, majority of which is expected to be realized by the end of 2025.

As a result of updated purchase price allocation Fiskars Group has on September 30, 2024 recognized a negative goodwill of EUR 19.4 million, when initial negative goodwill recognized was EUR 25.4 million. Main items driving fair value of net assets being higher than purchase consideration were valuation of trademark and customer lists, and inventory fair value step-up for finished goods.

The purchase price allocation in Annual report 2023 was provisional1and has been updated on September 30, 2024. The following table summarizes the consideration paid, provisional amounts for the fair value of assets acquired and liabilities assumed as well as cash flow impact at the date of acquisition. The net assets acquired are denominated in DKK. EUR values have been translated using foreign exchange rate prevailing at the date of acquisition.

1According to IFRS 3, adjustments to purchase price allocation are possible for a year after the closing of the acquisition, that being until September 30, 2024.

190

190

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

6.4 Commitments and contingencies

EUR million

2024

2023

Guarantees

10.4

4.7

Other contingencies1

0.4

1.8

Supplier finance arrangement limit

18.3

16.3

Total, Dec 31

29.1

22.8

1Other contingencies decreased by USD 1.7 million due to the dissolving of commitment to invest in private equity funds.

Of the supplier finance arrangement limit, USD 7.8 million was in use. The supplier finance arrangements are described in more detailed in Annual Report Note 4.3.

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 2025. It is possible that based on later information, the view may be reconsidered. In particular, Fiskars Group’s 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 Subsequent events after the reporting period

There have been no subsequent events after the reporting period that required recognition or disclosure.

192

192

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

Revaluations are based on market values at time of the revaluation. Revaluation reserves are adjusted for decreases in the market value of land holdings. When revalued real estate is sold, the respective share in the revaluation reserve is transferred to retained earnings.

Tangible and Intangible assets are depreciated and amortized over their expected useful lives. The following expected useful lives are applied:

Intangible assets 3–10 years

Buildings 20–40 years

Vehicles 4 years

Machinery and equipment 3–10 years

Land and water Not depreciated

Investments in subsidiaries are stated in the Balance Sheet at cost or at net realizable value if the net realizable value is significantly and permanently impaired. An impairment loss may be reversed until the original acquisition cost, when the value of the investment has been restored.

Receivables

Receivables are valued at the lower of book value and recoverable value.

Provisions

Provisions are recognised when the group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and

a reliable estimate of the amount of the obligation can be made. These are booked as Provisions in Balance Sheet and as corresponding items in Income Statement.

Appropriations

Appropriations in the parent company balance sheet consist of depreciation in excess of plan and possible given or received group contributions.

2. Net sales

EUR

2024

2023

Inter-company service fee

60,680,668.13

67,113,014.87

Royalties

22,670,070.35

23,656,396.93

Rental income

3,890,217.56

3,747,989.08

Other

3,077,165.80

2,431,365.63

Total

90,318,121.84

96,948,766.51

3. Other operating income

EUR

2024

2023

Gain on sale of property, plant and equipment

1,133,156.80

542,903.88

Compensations from insurance companies

194,734.24

Other income

876,808.97

1,151,125.26

Total

2,009,965.77

1,888,763.38

4. Total expenses

Total expenses by nature

EUR

2024

2023

Materials and supplies

-22,954.55

-444.68

External services, operative

-481,904.13

-266,269.81

Employee benefits

-18,883,622.85

-21,531,380.14

Depreciation, amortization and impairment

-18,038,161.00

-13,670,090.87

IT expenses

-26,602,987.17

-28,413,524.36

Consulting fees

-9,545,816.96

-19,511,417.08

External services

-3,372,925.58

-2,363,446.31

Loss on disposal of fixed assets

-365,413.79

Liquidation of other receivables

-476,335.81

Other

-7,390,083.57

-7,314,904.45

Total

-85,180,205.41

-93,071,477.70

5. Fees paid to company's auditors

EUR

2024

2023

Audit fees

-573,926.09

-521,188.92

Tax consultation

-17,330.00

-27,635.00

Other

-27,946.38

-27,320.00

Total

-619,202.47

-576,143.92

198

198

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

6. Employee benefits and number of personnel

Employee benefits

EUR

2024

2023

Wages and salaries

-15,730,482.71

-18,176,958.85

Pension costs

-2,856,565.40

-2,789,949.63

Other personnel costs

-296,574.74

-564,471.66

Total

-18,883,622.85

-21,531,380.14

Remuneration to management

EUR thousand

2024

2023

Chief Executive Officer

1,488.0

1,480.8

Members of the Board

834.5

877.0

Total

2,322.5

2,357.8

Number of personnel

2024

2023

Average (FTE)

192

185

End of period

178

186

7. Financial income and expenses

EUR

2024

2023

Financial income

Exchange gain

43,486,892.17

31,145,599.60

Commodity gain

184,253.58

Financial income from group companies

Dividend income

690,000,000.00

Interest income short term

27,174,707.88

11,962,850.61

Interest income long term

1,057,048.52

Financial income from third parties

Dividend income

148,054.92

143,159.85

Interest income short term

4,535,040.36

5,002,710.70

Interest income long term

66,612.11

49,291.06

Other financial income

2,899,936.25

479,092.89

Financial income, total

79,552,545.79

738,782,704.71

Financial expenses

Loss on disposal of financial assets

-1,613,399.59

Exchange loss

-43,478,218.91

-33,354,872.92

Commodity loss

-287,616.57

Financial expenses to group companies

Interest expenses

-5,347,624.46

-6,790,625.56

Financial expenses to third parties

Interest expenses short term

-9,120,450.85

-11,768,815.96

Interest expenses long term

-17,255,678.43

-9,186,232.01

Other financial expenses

-750,879.90

-610,997.79

Financial expenses, total

-77,853,868.71

-61,711,544.24

Total financial income and expenses

1,698,677.08

677,071,160.47

8. Appropriations

EUR

2024

2023

Difference between depreciation according to plan and tax depreciation

735,782.25

Group contribution received

2,913,269.31

Group contribution paid

-6,957,168.00

Total

-6,957,168.00

3,649,051.56

9. Income taxes

EUR

2024

2023

Income tax, current year

-534,284.33

-157,118.56

Income tax, previous periods

16,282.17

Total

-534,284.33

-140,836.39

10. Intangible assets

EUR

2024

2023

Historical cost, Jan 1

107,878,727.98

98,336,442.44

Additions

20,919,062.89

22,141,805.09

Decrease

-29,177,407.78

-12,612,119.55

Transfers between asset groups

788,897.22

12,600.00

Historical cost, Dec 31

100,409,280.31

107,878,727.98

Accumulated amortization and impairment, Jan 1

-50,047,376.50

50,646,339.47

Amortization for the period

-16,396,642.59

12,013,156.58

Decrease

28,807,994.00

-12,612,119.55

Accumulated amortization and impairment, Dec 31

-37,636,025.09

50,047,376.50

Net book value, Dec 31

62,773,255.22

57,831,351.48

199

199

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

11. Tangible assets

2024

EUR

Land and water

Buildings

Machinery and

equipment

Construction

in progress

Total

Historical cost, Jan 1

26,011,277.08

40,617,822.51

7,158,375.22

3,865,746.26

77,653,221.07

Additions

315,730.04

254,801.77

2,801,776.98

3,372,308.79

Decreases

-18,483.20

-332,524.39

-505,961.59

-856,969.18

Transfers between asset groups

1,816,967.58

-2,605,864.80

-788,897.22

Historical cost, Dec 31

25,992,793.88

42,417,995.74

6,907,215.40

4,061,658.44

79,379,663.46

Accumulated depreciation and impairment, Jan 1

-26,432,372.07

-4,217,925.63

-30,650,297.70

Depreciation for the period

-1,325,413.05

-316,105.36

-1,641,518.41

Decreases

332,524.38

505,961.59

838,485.97

Accumulated depreciation and impairment, Dec 31

-27,425,260.74

-4,028,069.40

-31,453,330.14

Revaluation, Jan 1

9,569,177.63

9,569,177.63

Decreases

-30,055.01

-30,055.01

Revaluation, Dec 31

9,539,122.62

9,539,122.62

Book value, Dec 31

35,531,916.50

14,992,735.00

2,879,146.00

4,061,658.44

57,465,455.94

200

200

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

2023

EUR

Land and water

Buildings

Machinery and

equipment

Construction

in progress

Total

Historical cost, Jan 1

26,016,805.58

42,510,387.25

7,290,755.02

984,207.35

76,802,155.20

Additions

48,807.86

569,530.05

3,141,620.98

3,759,958.89

Decreases

-5,528.50

-2,041,455.35

-849,309.17

-2,896,293.02

Transfers between asset groups

100,082.75

147,399.32

-260,082.07

-12,600.00

Historical cost, Dec 31

26,011,277.08

40,617,822.51

7,158,375.22

3,865,746.26

77,653,221.07

Accumulated depreciation and impairment, Jan 1

27,140,588.72

4,742,367.60

31,882,956.32

Depreciation for the period

1,333,170.71

323,763.58

1,656,934.29

Decreases

-2,041,387.36

-848,205.55

-2,889,592.91

Accumulated depreciation and impairment, Dec 31

26,432,372.07

4,217,925.63

30,650,297.70

Revaluation, Jan 1

9,570,932.94

9,570,932.94

Decreases

-1,755.31

-1,755.31

Revaluation, Dec 31

9,569,177.63

9,569,177.63

Book value, Dec 31

35,580,454.71

14,185,450.44

2,940,449.59

3,865,746.26

56,572,101.00

201

201

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

12. Investments

2024

EUR

Holdings in subsidiaries

Other shares

Total

Historical cost, Jan 1

821,174,887.25

18,285,832.00

839,460,719.25

Additions

155,000,000.00

155,000,000.00

Decreases

-954,898.30

-954,898.30

Currency valuations

854,784.36

854,784.36

Historical cost, Dec 31

976,174,887.25

18,185,718.06

994,360,605.31

Write-downs, Jan 1

-181,000,000.00

-764,394.28

-181,764,394.28

Write-downs, Dec 31

-181,000,000.00

-764,394.28

-181,764,394.28

Book value, Dec 31

795,174,887.25

17,421,323.78

812,596,211.03

2023

EUR

Holdings in subsidiaries

Other shares

Total

Historical cost, Jan 1

821,174,887.25

19,783,135.77

840,958,023.02

Decreases

-966,998.12

-966,998.12

Currency valuations

-530,305.65

-530,305.65

Historical cost, Dec 31

821,174,887.25

18,285,832.00

839,460,719.25

Write-downs, Jan 1

-181,000,000.00

-764,394.28

-181,764,394.28

Write-downs, Dec 31

-181,000,000.00

-764,394.28

-181,764,394.28

Book value, Dec 31

640,174,887.25

17,521,437.72

657,696,324.97

202

202

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

Shares in subsidiaries

Number of shares

Domicile

% of share capital

% of voting power

Book value

Fiskars Americas Holding Oy Ab

1,000

Raseborg

FI

100.0

100.0

110,071,862.76

Fiskars Europe Holding Oy Ab

2,250

Raseborg

FI

100.0

100.0

685,098,092.55

Fiskars (Thailand) Co., Ltd.

100

Bangkok

TH

1.0

1.0

2,409.12

Ab Åbo Båtvarf - Turun Veneveistämö Oy

150

Turku

FI

100.0

100.0

2,522.82

Total Dec 31, 2024

795,174,887.3

13. Receivables from subsidiaries

EUR

2024

2023

Loan receivables, long term

19,251,131.00

Trade receivables

52,530,760.76

66,613,844.77

Loan receivables, short term

474,679,953.31

628,032,378.71

Cash pool receivables

4,303,300.63

10,701,667.34

Group contribution receivables

2,913,269.31

Prepayments and accrued income

6,494,480.34

3,879,596.84

Other receivables

26,457,052.38

27,658,503.06

Total, Dec 31

583,716,678.42

739,799,260.03

14. Prepayments and accrued income

EUR

2024

2023

Prepaid and accrued interest

1,679,338.40

1,578,466.20

Other prepayments and accruals

7,678,011.02

7,358,154.38

Total, Dec 31

9,357,349.42

8,936,620.58

15. Cash and cash equivalents

EUR

2024

2023

Cash and cash equivalents

35,952,830.43

85,271,443.64

Total, Dec 31

35,952,830.43

85,271,443.64

203

203

Financial statements

Auditor’s report

Other financial information

sustainability statement

Report by the Board of Directors

year 2024

16. Shareholders' equity

EUR

2024

2023

Share capital

Jan 1

77,510,200.00

77,510,200.00

Share capital, Dec 31

77,510,200.00

77,510,200.00

Revaluation reserve

Jan 1

9,569,177.63

9,570,932.94

Decrease

-30,055.01

-1,755.31

Revaluation reserve, Dec 31

9,539,122.62

9,569,177.63

Reserve for invested non- restricted equity

Jan 1

2,590,000.56

Increase

225,000.00

2,590,000.56

Fair value reserve, Dec 31

2,815,000.56

2,590,000.56

Fair value reserve

Jan 1

-575,307.46

107,401.67

Increase

123,785.00

242,180.61

Decrease

-820,049.09

-924,889.74

Fair value reserve, Dec 31

-1,271,571.55

-575,307.46

Treasury shares

Jan 1

-3,018,165.97

-6,740,357.32

Increase

-595,992.58

-399,891.02

Share based incentives

1,336,730.25

1,556,178.28

Management ownership program

194,972.99

2,565,904.09

Treasury shares, Dec 31

-2,082,455.31

-3,018,165.97

EUR

2024

2023

Other reserves

Jan 1

3,204,313.18

3,204,313.18

Other reserves, Dec 31

3,204,313.18

3,204,313.18

Retained earnings

Jan 1

856,260,571.31

238,685,651.59

Dividends

-66,331,234.55

-64,648,425.74

Share based incentives

-1,336,730.25

-1,556,178.28

Management ownership program

-194,972.99

-2,565,904.09

Net profit

1,355,106.95

686,345,427.83

Retained earnings, Dec 31

789,752,740.47

856,260,571.31

Distributable earnings, Dec 31

790,485,285.72

855,832,405.90

Shareholders' equity total, Dec 31

879,467,349.97

945,540,789.25

17. Non-current liabilities

EUR

2024

2023

Loans from credit institutions payable

between one and five years

130,024,427.03

80,118,569.64

in more than five years

50,000,000.00

Issued bonds 1

200,966,369.00

200,514,031.00

Loans from credit institutions, total

330,990,796.03

330,632,600.64

Liabilities to subsidiaries

between one and five years

2,398.36

2,398.36

Liabilities to subsidiaries, total

2,398.36

2,398.36

Non-current liabilities, total

330,993,194.39

330,634,999.00

1 The nominal amount of the bond equals EUR 200 million. The main terms of the bond are presented in Note 5.4 to the Group financial statements.

18. Liabilities to subsidiaries

EUR

2024

2023

Trade payables

51,183.59

34,550.66

Cash pool payables

124,063,430.62

141,025,284.61

Group contribution payables

6,957,168.00

Accruals and deferred income

98,826.66

125,314.72

Other liabilities

107,092,126.29

60,058,417.77

Total, Dec 31

238,262,735.16

201,243,567.76

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Other financial information

sustainability statement

Report by the Board of Directors

year 2024

19. Accruals and deferred income

EUR

2024

2023

Interests

4,337,336.25

4,633,740.48

Wages, salaries and social costs

3,513,525.96

3,334,798.03

Other

3,696,945.13

5,272,077.42

Total, Dec 31

11,547,807.34

13,240,615.93

20. Lease obligations

EUR

2024

2023

Payments next year

3,230,538.93

3,281,194.71

Payments later

27,399,969.88

27,121,835.69

Total, Dec 31

30,630,508.81

30,403,030.40

21. Contingencies and pledged assets

EUR

2024

2023

As security for own commitments

390,000.00

1,508,000.00

Other contingencies

18,289,000.00

Guarantees as security for subsidiaries' commitments

10,378,000.00

4,711,000.00

Total, Dec 31

29,057,000.00

6,219,000.00

VAT liability for real estate investments

The company is obligated to review the VAT deductions made on real estate investments completed during 2015–2024 if the taxable use of the property has changed during the review period.

EUR

2024

2023

Obligation, Dec 31

3,082,768.00

2,723,608.00

22. Derivative contracts

Nominal value, EUR

2024

2023

Foreign exchange forwards and swaps

338,302,482.30

338,777,316.16

Interest rate swaps

165,000,000.00

165,000,000.00

Cross currency swaps

18,554,596.90

Commodity derivatives

6,415,107.33

4,288,488.69

Total, Dec 31

528,272,186.53

508,065,804.85

Fair value, EUR

2024

2023

Foreign exchange forwards and swaps

-1,369,525.63

1,304,244.81

Interest rate swaps

684,289.98

1,152,722.94

Cross currency swaps

-944,932.82

Commodity derivatives

-97,745.61

118,881.00

Total, Dec 31

-1,727,914.08

2,575,848.75

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Other financial information

sustainability statement

Report by the Board of Directors

year 2024

Board’s proposal for distribution of profits and signatures

Proposal on the use of the profit shown on the balance sheet and the payment of dividend in the form of cash

Fiskars’ aim is to distribute a stable, over time increasing dividend, to be paid biannually. According to the balance sheet of the parent company at the end of the financial period 2024, the distributable equity of the parent company was EUR 790.5 million (2023: EUR 855.8 million)

The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.84 per share shall be paid for the financial period that ended on December 31, 2024. The dividend shall be paid in two instalments. The ex-dividend date for the first instalment of EUR 0.42 per share shall be on March 13, 2025. The first instalment shall be paid to a shareholder who is registered in the shareholder register of the company maintained by Euroclear Finland Oy on the dividend record date March 14, 2025. The payment date proposed by the Board of Directors for this instalment is March 21, 2025.

The second instalment of EUR 0.42 per share shall be paid in September 2025. The second instalment shall be paid to a shareholder who is registered in the shareholders’ register of the company maintained by Euroclear Finland Oy on the dividend record date, which, together with the payment date, shall be decided by the Board of Directors in its meeting scheduled for September 9, 2025. The ex-dividend date for the second instalment would then be September 10, 2025, the dividend record date September 11, 2025 and the dividend payment date September 18, 2025, at the latest.

On the date of this financial statement release, the number of shares entitling their holders to a dividend was 80,813,490. The proposed distribution of dividends would thus be EUR 67.9 million (2023: EUR 66.3 million). This would leave EUR 722.6 million (2023: EUR 789.5 million) of distributable earnings in the parent company.

No material changes have taken place in the financial position of the company since the end of the financial period. The financial standing of the company is

good and, according to the Board of Directors’ assessment, distributing the proposed dividend will not compromise the company’s solvency.

Financial statements, prepared in accordance with applicable accounting regulations, give a true and fair view of the assets, liabilities, financial position and profit for the company and the group.

The management report contains a truthful description of the development and the result of the business operations of the company and the group, as well as description of the most significant risks and uncertainties and other aspects of the company’s condition.

The sustainability Statement included in the annual report has been prepared in accordance with the reporting standards referred to in Chapter 7 and Article 8 of the Taxonomy Regulation.

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Other financial information

sustainability statement

Report by the Board of Directors

year 2024

Auditor’s report

(Translation of the Finnish original) To the Annual General Meeting of Fiskars Oyj Abp

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Fiskars Corporation (business identity code 0214036-5) for the year ended 31 December, 2024. The financial statements comprise the consolidated balance sheet, income statement, statement of comprehensive income, statement of changes in equity, statement of cash flows and notes, including material accounting policy information, as well as the parent company’s balance sheet, income statement, statement of cash flows and notes.

In our opinion

the consolidated financial statements give a true and fair view of the group’s financial position, financial performance and cash flows in accordance with IFRS Accounting Standards as adopted by the EU.

the financial statements give a true and fair view of the parent company’s financial performance and financial position in accordance with the laws and

regulations governing the preparation of financial statements in Finland and comply with statutory requirements.

Our opinion is consistent with the additional report submitted to the Audit Committee.

Basis for Opinion

We conducted our audit in accordance with good auditing practice in Finland. Our responsibilities under good auditing practice are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report.

We are independent of the parent company and of the group companies in accordance with the ethical requirements that are applicable in Finland and are relevant to our audit, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

In our best knowledge and understanding, the non- audit services that we have provided to the parent company and group companies are in compliance with laws and regulations applicable in Finland regarding these services, and we have not provided any prohibited non-audit services referred to in Article 5(1) of regulation (EU) 537/2014. The non-audit services that we have provided have been disclosed in note 2.3 to the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

We have fulfilled the responsibilities described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial statements.

We have also addressed the risk of management override of internal controls. This includes consideration of whether there was evidence of management bias that represented a risk of material misstatement due to fraud.

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Other financial information

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Report by the Board of Directors

year 2024

Auditor’s report

Key Audit Matter

How our audit addressed the Key Audit Matter

Valuation of trademarks

Refer to note 3.2 of the consolidated financial statements.

The Group has 10 trademarks, for which the value at the date of the financial statements 31.12.2024 amounted to 285,0 million euro representing 17% of total assets and 36% of equity.

Trademarks with indefinite useful life are tested for impairment at least annually.

Valuation of trademarks is based on management’s estimate about the value in use calculations of the trademarks. Management prepares the impairment tests of trademarks based on the “relief from royalty” -method. There are a number of underlying assumptions used to determine the value in use, including development of revenue for individual trademarks and the discount rate applied on cash flows.

Valuation of trademarks was a key audit matter because the assessment process is complex and is based on numerous judgmental estimates and because the number of trademarks is significant to the financial statements.

Estimated value in use of the trademarks may vary significantly when the underlying assumptions are changed. Changes in above- mentioned individual assumptions may result in an impairment of trademarks.

Valuation of trademarks is also a significant risk of material misstatement as defined by EU Regulation No 537/2014, point (c) of Article 10(2).

Our audit procedures to address the risk of material misstatement in respect of valuation of trademarks included among others:

Involvement of EY valuation specialists to assist us in evaluating methodologies, impairment calculations and underlying assumptions applied by the management in impairment testing.

Testing of the mathematical accuracy of the impairment calculations.

Comparing the key assumptions applied by management in impairment tests to approved strategic plans and forecasts, information available in external sources and our independently calculated industry averages such as weighted average cost of capital used in discounting the cashflows. In addition, we compared the outcome of the impairment test with Fiskars’ market capitalization.

Assessment of the Group’s disclosures in respect of impairment testing.

Key Audit Matter

How our audit addressed the Key Audit Matter

Valuation of inventories

Refer to note 4.1 of the consolidated financial statements.

Inventories are valued at the lower of cost or net realizable value. Inventories are presented net of an impairment loss recognized for obsolete and slow-moving inventories. At the balance sheet date, the total value of inventory and related provision for obsolete goods amounted to 342,9 million euro and 12,2 million euro, respectively (net 330,7 million euro).

Valuation of inventories was a key audit matter because the carrying value of inventories and related provisions are material to the financial statements, and because valuation of inventories requires management judgment relating to future sales and the level of provision for obsolete goods.

Our audit procedures included among others:

Assessment of the Group’s accounting policies over inventory valuation from the perspective of applicable accounting standards

Evaluation of the analyses and calculations made by management with respect to slow moving and obsolete stock and the expected demand and net realizable value related to the inventoried items

Assessment of the Group’s disclosures in respect of valuation policies and balance sheet date value of inventories.

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year 2024

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Responsibilities of the Board of Directors and the Managing Director for the Financial Statements

The Board of Directors and the Managing Director are responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU, and of financial statements that give a true and fair view in accordance with the laws and regulations governing the preparation of financial statements in Finland and comply with statutory requirements. The Board of Directors and the Managing Director are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors and the Managing Director are responsible for assessing the parent company’s and the group’s ability to continue as going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting. The financial statements are prepared using the going concern basis of accounting unless there is an intention to liquidate the parent company or the group or cease operations, or there is no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance on whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with good auditing practice will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

As part of an audit in accordance with good auditing practice, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the parent company’s or the group’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of the Board of Directors’ and the Managing Director’s use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the parent company’s or the group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the parent company or the group to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events so that the financial statements give a true and fair view.

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Other financial information

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Report by the Board of Directors

year 2024

Auditor’s report

Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the group financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so

would reasonably be expected to outweigh the public interest benefits of such communication.

Other Reporting Requirements

Information on our audit engagement

We were first appointed as auditors by the Annual General Meeting on March 13, 2019, and our appointment represents a total period of uninterrupted engagement of six years.

Other information

The Board of Directors and the Managing Director are responsible for the other information. The other information comprises the report of the Board of Directors and the information included in the Annual Report, but does not include the financial statements and our auditor’s report thereon. We have obtained the report of the Board of Directors prior to the date of this auditor’s report, and the Annual Report is expected to be made available to us after that date.

Our opinion on the financial statements does not cover the other information.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. With respect to report of the Board of Directors, our responsibility

also includes considering whether the report of the Board of Directors has been prepared in compliance with the applicable provisions, excluding the sustainability report information on which there are provisions in Chapter 7 of the Accounting Act and in the sustainability reporting standards.

In our opinion, the information in the report of the Board of Directors is consistent with the information in the financial statements and the report of the Board of Directors has been prepared in compliance with the applicable provisions. Our opinion does not cover the sustainability report information on which there are provisions in Chapter 7 of the Accounting Act and in the sustainability reporting standards.

If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Espoo 5.2.2025

Ernst & Young Oy Authorized Public Accountant Firm

Kristina Sandin Authorized Public Accountant

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Other financial information

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Report by the Board of Directors

year 2024

Auditor’s report

Assurance report on the Sustainability Statement

(Translation of the Finnish original)

To the Annual General Meeting of Fiskars Corporation

We have performed a limited assurance engagement on the group sustainability statement of Fiskars Corporation (business identity code 0214036-5) that is referred to in Chapter 7 of the Accounting Act and that is included in the report of the Board of Directors for the financial year 1.1.–31.12.2024.

Opinion

Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the group sustainability statement does not comply, in all material respects, with

1) the requirements laid down in Chapter 7 of the Accounting Act and the sustainability reporting standards (ESRS);

2) the requirements laid down in Article 8 of the Regulation (EU) 2020/852 of the European Parliament and of the Council on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (EU Taxonomy).

Point 1 above also contains the process in which Fiskars Corporation has identified the information for reporting in accordance with the sustainability reporting standards (double materiality assessment) and the tagging of information as referred to in Chapter 7, Section 22 of the Accounting Act.

Our opinion does not cover the tagging of the group sustainability statement with digital XBRL sustainability tags in accordance with Chapter 7, Section 22, Subsection 1(2), of the Accounting Act, because sustainability reporting companies have not had the possibility to comply with that provision in the absence of the ESEF regulation or other European Union legislation.

Basis for Opinion

We performed the assurance of the group sustainability statement as a limited assurance engagement in compliance with good assurance practice in Finland and with the International Standard on Assurance Engagements (ISAE) 3000 (Revised) Assurance Engagements Other than Audits or Reviews of Historical Financial Information.

Our responsibilities under this standard are further described in the Responsibilities of the Group Sustainability Auditor section of our report.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Matter

We draw attention to the fact that the group sustainability statement of Fiskars Corporation that is referred to in Chapter 7 of the Accounting Act has been prepared and assurance has been provided for it for the first time for the financial year 1.1.–31.12.2024. Our opinion does not cover the comparative information that has been presented in the group sustainability statement. Our opinion is not modified in respect of this matter.

Group sustainability auditor's Independence and Quality Management

We are independent of the parent company and of the group companies in accordance with the ethical requirements that are applicable in Finland and are relevant to our engagement, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

The group sustainability auditor applies International Standard on Quality Management ISQM 1, which requires the sustainability audit firm to design, implement and operate a system of quality management including policies or procedures

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Other financial information

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Report by the Board of Directors

year 2024

Auditor’s report

obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.

Our procedures included for ex. the following:

We have interviewed the key persons responsible for collecting and reporting the information included in the group sustainability statement.

Through interviews, we gained an understanding of the group’s control environment related to the sustainability reporting process.

We evaluated the implementation of the company's double materiality assessment process against the requirements of ESRS standards and the compliance of the information provided for the double materiality assessment with ESRS standards.

We assessed whether the group sustainability statement in material respect meets the requirements of ESRS standards for material sustainability topics:

We have tested the accuracy of the information presented in the group sustainability statement by comparing the information on a sample basis with supporting company documentation.

We have on a sample basis performed analytical assurance procedures and related inquiries, recalculation and inspected documentation, as well as tested data aggregation to assess the accuracy of the group sustainability statement.

We gained an understanding of the process by which a company has defined taxonomy-eligible and taxonomy-aligned economic activities and evaluate the regulatory compliance of the information provided.

Espoo 5.2.2025

Ernst & Young Oy Authorized Sustainability Audit Firm

Kristina Sandin Authorized Sustainability Auditor

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Other financial information

sustainability statement

Report by the Board of Directors

year 2024

Auditor’s report

Independent Auditor’s Report on the ESEF Consolidated Financial Statements of Fiskars Oyj

(Translation of the Finnish original)

To the Board of Directors of Fiskars Oyj

We have performed a reasonable assurance engagement on the financial statements Fiskars- 2024-12-31-0-fi.zip of Fiskars Oyj (y-identifier: 0214036-5) that have been prepared in accordance with the Commission’s regulatory technical standard for the financial year ended 31.12.2024.

Responsibilities of the Board of Directors and the Managing Director

The Board of Directors and the Managing Director are responsible for the preparation of the company’s report of Board of Directors and financial statements (the ESEF financial statements) in such a way that they comply with the requirements of the Commission’s regulatory technical standard. This responsibility includes:

preparing the ESEF financial statements in XHTML format in accordance with Article 3 of the Commission’s regulatory technical standard

tagging the primary financial statements, notes and company’s identification data in the consolidated

financial statements that are included in the ESEF financial statements with iXBRL tags in accordance with Article 4 of the Commission’s regulatory technical standard and

ensuring the consistency between the ESEF financial statements and the audited financial statements

The Board of Directors and the Managing Director are also responsible for such internal control as they determine is necessary to enable the preparation of ESEF financial statements in accordance the requirements of the Commission’s regulatory technical standard.

Auditor’s Independence and Quality Management

We are independent of the company in accordance with the ethical requirements that are applicable in Finland and are relevant to the engagement we have performed, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

The firm applies International Standard on Quality Management (ISQM) 1, which requires the firm to

design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements

Auditor’s Responsibilities

Our responsibility is to, in accordance with Chapter 7, Section 8 of the Securities Markets Act, provide assurance on the financial statements that have been prepared in accordance with the Commission’s technical regulatory standard. We express an opinion on whether the consolidated financial statements that are included in the ESEF financial statements have been tagged, in all material respects, in accordance with the requirements of Article 4 of the Commission's regulatory technical standard.

Our responsibility is to indicate in our opinion to what extent the assurance has been provided. We conducted a reasonable assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000.

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year 2024

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The engagement includes procedures to obtain evidence on:

whether the primary financial statements in the consolidated financial statements that are included in the ESEF financial statements have been tagged, in all material respects, with iXBRL tags in accordance with the requirements of Article 4 of the Commission's regulatory technical standard and

whether the notes and company's identification data in the consolidated financial statements that are included in the ESEF financial statements have been tagged, in all material respects, with iXBRL tags in accordance with the requirements of Article 4 of the Commission's regulatory technical standard and

whether there is consistency between the ESEF financial statements and the audited financial statements.

The nature, timing and extent of the selected procedures depend on the auditor’s judgement. This includes an assessment of the risk of material deviations due to fraud or error from the requirements of the Commission’s technical regulatory standard.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Opinion

Our opinion pursuant to Chapter 7, Section 8 of the Securities Markets Act is that the primary financial statements, notes and company's identification data in the consolidated financial statements that are included in the ESEF financial statements of Fiskars Oyj Fiskars-2024-12-31-0-fi.zip for the financial year ended 31.12.2024 have been tagged, in all material respects, in accordance with the requirements of the Commission's regulatory technical standard.

Our opinion on the audit of the consolidated financial statements of Fiskars Oyj for the financial year ended 31.12.2024 has been expressed in our auditor's report 5.2.2025. With this report we do not express an opinion on the audit of the consolidated financial statements nor express another assurance conclusion.

Helsinki 17.2.2025

Ernst & Young Oy Authorized Public Accountant Firm

Kristina Sandin Authorized Public Accountant

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Report by the Board of Directors

year 2024

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Other financial information

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 or in Goodwill and trademark impairment when the impairment concerns goodwill or trademarks. Write-downs are presented in other operating expenses.

2024

Items affecting comparability in 2024 consist 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.

2023

On March 30, 2023, Fiskars Group announced it has initiated employee consultations in its Iittala factory and retail network in Finland that were completed during spring. The number of employees covered by the consultations in factory and retail network was 175 and 26, respectively. One-off costs related to these changes amount to a total of approximately EUR 5 million and they were recorded as items affecting comparability during 2023.

On September 13, 2023, Fiskars Group announced its plans to simplify its organizational structure to speed up the continued transformation of the company and to increase efficiency. The planned organizational changes were estimated to result in total annual cost savings of approximately 400 roles globally, the

majority of which are in the global supply chain. The planned changes were estimated to result in annual cost savings of approximately EUR 25 million, out of which the majority would realize during 2024. One-off costs related to the planned changes were expected to amount to a total of approximately EUR 6 million and those were recorded as items affecting comparability in Q4 2023.

On October 1, 2023, Fiskars Group announced that it has completed the acquisition of Georg Jensen. Acquisition related costs include transaction costs and other costs such as inventory fair value step-up release. More information about the acquisitions can be found from Note 6.3.

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year 2024

Other financial information

Financial indicators

Five years in figures

2024

2023

2022

2021

2020

Net sales

EUR million

1,157.1

1,129.8

1,248.4

1,254.3

1,116.2

of which outside Finland

EUR million

1,055.1

1,024.0

1,136.0

1,142.0

1,021.9

% of net sales

%

91.2

90.6

91.0

91.0

91.5

export from Finland

EUR million

20.2

21.2

20.4

24.2

20.1

Change in net sales, %

%

2.4

-9.5

-0.5

12.4

2.4

Gross profit

EUR million

517.0

511.4

555.9

539.8

452.0

% of net sales

%

44.7

45.3

44.5

43.0

40.5

EBIT

EUR million

37.1

98.9

134.7

142.8

98.0

% of net sales

%

3.2

8.7

10.8

11.4

8.8

Comparable EBIT

EUR million

111.4

110.3

151.0

154.2

109.0

Comparable EBIT margin

%

9.6

9.8

12.1

12.3

9.8

EBITDA

EUR million

119.6

164.9

194.1

204.4

174.1

Comparable EBITDA

EUR million

193.5

175.8

210.3

215.7

185.1

Change in fair value of biological assets

EUR million

6.5

4.8

1.1

1.3

0.7

Financial items, net

EUR million

-25.2

-24.0

-11.7

0.0

-8.9

% of net sales

%

-2.2

-2.1

-0.9

0.0

-0.8

Profit before taxes

EUR million

18.5

79.7

124.1

144.1

89.8

% of net sales

%

1.6

7.1

9.9

11.5

8.0

Income tax

EUR million

8.9

-9.7

-25.0

-56.5

-21.3

Profit for the period attributable to the equity holders of the parent company

EUR million

27.1

69.9

98.2

86.6

67.6

% of net sales

%

2.3

6.2

7.9

6.9

6.1

Non-controlling interest

EUR million

0.3

0.2

0.9

0.9

0.8

Employee benefits

EUR million

301.8

289.2

289.0

293.7

262.9

Depreciation, amortization and impairment

EUR million

82.5

66.0

59.4

61.6

76.1

% of net sales

%

7.1

5.8

4.8

4.9

6.8

Amortization and impairment, Intangible assets and goodwill

EUR million

20.3

15.1

13.8

14.0

28.7

2024

2023

2022

2021

2020

Depreciation and impairment, Tangible assets and investment property

EUR million

24.5

21.6

20.7

22.5

22.8

Depreciations, Right-of-use assets

EUR million

37.7

29.3

24.9

25.1

24.7

Cash flow from operating activities

EUR million

112.3

220.8

-61.4

122.9

199.2

Cash flow from operating activities before financial items and taxes

EUR million

145.4

247.5

-24.9

164.2

223.8

Free cash flow

EUR million

81.7

184.9

-100.7

93.3

173.1

Free cash flow/comparable net profit

%

94.8

231.0

-90.0

97.4

176.9

Capital expenditure (excl. Business combinations)

EUR million

52.5

50.8

48.1

34.4

30.0

% of net sales

%

4.5

4.5

3.9

2.7

2.7

Research and development expenses in income statement

EUR million

18.8

19.8

20.8

15.5

16.5

% of net sales

%

1.6

1.8

1.7

1.2

1.5

Equity attributable to equity holders of the parent company

EUR million

792.2

819.9

831.6

812.1

757.8

Non-controlling interest

EUR million

4.3

3.8

4.1

4.2

3.8

Equity total

EUR million

796.5

823.7

835.6

816.3

761.6

Net debt

EUR million

493.9

446.7

0.0

145.0

143.7

Net debt/LTM EBITDA excl. IAC

ratio

2.55

2.54

1.55

0.67

0.78

Net working capital

EUR million

281.2

304.2

0.0

164.5

134.2

Balance sheet total

EUR million

1,711.1

1754.9

1,585.4

1,435.5

1,342.0

Return on investment

%

3.7

8.7

12.1

15.3

9.9

Return on equity

%

3.4

8.4

12.0

11.1

9.0

Equity ratio

%

46.5

46.9

52.7

56.9

56.8

Net gearing

%

62.0

54.2

38.9

17.7

18.9

Personnel (FTE), average

6,446

6,133

6,273

6,081

6,104

Personnel, end of period

6,850

7,162

6,595

6,690

6,411

of which outside Finland

5,808

6,084

5,423

5,579

5,348

220

220

Financial statements

Auditor’s report

sustainability statement

Report by the Board of Directors

year 2024

Other financial information

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