Interim Financial Report Third quarter ended 30 September 2022

Jøtul AS
Jøtul AS

YTD Q3 2022, the Jotul Group reached a consolidated profit of MNOK 4.5 (YTD Q3 2021: loss of MNOK 57.5). The operating profit totaled MNOK 95.5 in YTD Q3 2022 (YTD Q3 2021: MNOK 12.9). The 2022 total comprehensive profit for the Q3 2022 was MNOK 29.1 (YTD Q3 2021: loss of MNOK 48.1).

Sales for the period increased by 29.5% (MNOK 1,127.9 in YTD Q3 2022 vs. MNOK 871.0 in YTD Q3 2021), mainly driven by strong demand across all product segments . All key markets continue to show consistent growth, particularly the Nordics, Germany and France. Home improvement spending continues to be a key driver, enhanced and accelerated by the sharp increase in electricity and gas prices across all markets, which confirms wood and pellets burning as an important heating alternative and contributes to sustained strong revenues. On top of that, the war in Ukraine and the uncertainties with regards to the future supply of Russian natural gas to Europe, has further strengthened the customer demand for wood and pellet burning stoves. Additionally, certain markets, in particular Germany, have seen strong demand following requirements to phase out older stoves to comply with new standards concerning efficiency and emissions.

For further information, please contact:

Jøtul AS
Nils Agnar Brunborg
Tel: +47 906 05 578

The information was submitted for publication, through the agency of the contact person set out above, at 08:30 CET on 30 November 2022