Jøtul AS

Jotul Group - Interim financial report for the quarter ended 31 March 2025

The Jøtul Group (representing Jøtul AS together with its subsidiaries; the Group) 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 tradition. 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 widely 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 Q1 2025, the Group incurred a consolidated loss of MNOK -68.5 (Q1 2024: loss of MNOK -76.1). The operating result was a loss of MNOK -40.6 in Q1 2025 (Q1 2024: loss of MNOK -54.9). The total comprehensive loss in Q1 2025 was MNOK -76.6 (Q1 2024: loss of MNOK -59.7).

Considering the continued weak business performance in 2024, including a disappointing high season, the liquidity projections of the Group developed negatively, to the point that the Group needed to postpone bond interest payments in early 2025 and initiate a structured process with its key stakeholders with the aim of finding a long-term solution for strengthening its liquidity and overall balance sheet. By the end of Q1 2025, the Group obtained approval from its bondholders to proceed with a recapitalization plan which will ensure a stronger financial position, significantly improving the Group's balance sheet by converting existing bond debt to equity and raising further capital, while continuing the Group's revolving credit facility with an extended tenor. The effective implementation date of the recapitalization plan was April 14, 2025. As of that date, Jøtul was significantly delevered, through debt conversion, and additional liquidity was injected in the form of new liquidity bonds, securing business continuity as a going concern for the foreseeable future. Also, as of that date the bondholders have taken full ownership of the company.

For further information, please contact:

Adrian Postolache
Group CFO
Tel: +47 458 79 680
Email: adrian.postolache@jotul.no

Attachment

• Jotul_Interim_Financial_Report_March_2025