Jøtul AS

Jotul Group - Interim financial report for the quarter ended 31 December 2024

The Jøtul Group (representing Jøtul AS together with its subsidiaries) is one of the three largest suppliers of fireplaces in Europe and a significant player in North America. The company, with a history dating back to 1853 through its legacy as one of Norway’s oldest companies, distributes stand-alone stoves, inserts, frames and accessories for fireplaces. The Group’s main brands are Jøtul, Scan and Ravelli. The Jøtul fireplaces are manufactured from cast iron and appear timeless and robust, with Norwegian origins. The Scan fireplaces are manufactured from plated steel and are characterized by modern Danish design, while the Ravelli pellets stoves are characterized by Italian design and technology. Manufacturing takes place through own production in Norway, Poland, France and the USA, in addition to a range of bought-in products. The products are sold through one of the most wide-reaching global networks in the industry, consisting of own sales companies and distributors. The products reach the end consumers through specialty shops, and in Norway also through building materials retail chains.

In Q4 2024, Jøtul Group incurred a consolidated loss of MNOK -149.5 (Q4 2023: loss of MNOK -39.6), while on an accumulated basis the Group reached a consolidated loss of MNOK -377.0 (FY 2023: profit of MNOK 37.7). The operating result was a loss of MNOK -43.4 in Q4 2024 (Q4 2023: loss of MNOK -4.4) and a loss of MNOK -184.7 on an accumulated basis (FY 2023: profit of MNOK 122.2). The total comprehensive loss in Q4 2024 was MNOK -139.8 (Q4 2023: loss of MNOK -29.4) and in FY 2024 it was MNOK -351.1 (FY 2023: profit of MNOK 57.3).

Following the Group’s continued poor financial performance in the second half of 2024, liquidity remains weak, and, due to the seasonal nature of the business, it is not expected to improve before September 2025. In response, management has implemented cost reduction initiatives and initiatives to improve the working capital. In parallel, the Group initiated dialogues with certain key stakeholders to work on a solution for strengthening its liquidity both in the immediate and on a long-term basis. 

Contact person:

Adrian Postolache

Group CFO

Tel: +47 458 79 680

Email: adrian.postolache@jotul.no

Attachment

• Jotul_Interim_Financial_Report_December_2024