Jøtul AS: Q3 Interim report

30 Nov 2022 08:30 CET

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
E-mail: Nils.Brunborg@jotul.no


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

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577018_Jotul_Interim_Financial_Report_September 2022.pdf