Ekornes delivers strong results in Q1 2025

Ekornes QM Holding Group delivered strong results in the first quarter of 2025, driven by solid demand, efficient use of capacity, and tight cost control.

Ekornes started 2025 with strong sales and a solid order backlog from last year, giving the company a good foundation for the first quarter. Higher production and lower material costs helped boost profitability.

– We are pleased to see the results. This demonstrates Ekornes resilience and how our brands are well positioned in the market with satisfied customers. The newly imposed U.S. tariffs have put pressure on industry margins, and we need to work on how to mitigate these risks, says Tine Hammernes Leopold, CEO of Ekornes.

Stressless makes up over 80% of Ekornes' U.S. sales. The Group expects to pass on most of the cost increases through the brand’s strong premium positioning and are preparing price increase.

Financial Strength and Strategic Progress

Ekornes is financially solid, with strong liquidity and lower debt. The company is pushing ahead with its transformation strategy to become more competitive and agile, aiming for sustainable growth, better efficiency, and a stronger position as the leading name in Nordic comfort, quality, and design.

Key Highlights Q1 2025 (Q1 2024 in brackets):

• Operating revenues: NOK 1 114 million (977), up 14% year-over-year and 9% quarter-on-quarter
• EBITDA: NOK 216 million (37), boosted by higher capacity utilization, reduced costs, and unrealized gains on currency forwards
• Net cash flow from operations: NOK 15 million (59), impacted by increased trade receivables
• Cash position: NOK 873 million as of 31 March 2025 (865)
• Order intake: NOK 1 115 million, up 3% year-over-year
• Order backlog: NOK 574 million (563), slightly down from NOK 585 million at year-end 2024

About Ekornes QM Holding Group
Founded in 1934, Ekornes is Norway’s largest furniture manufacturer and the operational core of Ekornes QM Holding Group, which was established in 2018 following the delisting of Ekornes from the Oslo Stock Exchange. The company owns renowned brands such as Ekornes, Stressless, Svane, and IMG. Ekornes operates eight production facilities – five in Norway, and one each in the U.S., Thailand, and Lithuania – and sells products in more than 4,000 outlets across 40 countries.