Ekornes reports stable Q3 revenue despite challenging market

Ekornes QM Holding Group reported operating revenues of NOK 858 million in Q3 2025, a 1% increase year-over-year, primarily driven by higher product prices offsetting lower sales volumes. Gross operating earnings (EBITDA) were NOK 110 million, slightly down from NOK 115 million in Q3 2024, attributed to increased marketing investments including studio upgrades and digital communication. Year-to-date EBITDA significantly improved to NOK 436 million, up from NOK 284 million in the first nine months of 2024, due to an enhanced gross margin of 73% and gains on currency forward contracts.

Order intake for Q3 2025 was NOK 878 million, a 1% decrease year-over-year but a 7% increase from Q2 2025, leaving the order reserve at NOK 456 million. The company reported a negative net cash flow from operating activities of NOK 24 million, mainly impacted by marketing investments. Despite these market conditions, Ekornes maintains a solid financial position with NOK 823 million in cash as of September 30, 2025, and is actively preparing to refinance and optimize its capital structure.

Regulatory changes, including new US trade tariffs, have increased market uncertainty. Chief executive Tine Hammernes Leopold noted that Ekornes is evaluating short-term mitigating actions and considering longer-term supply chain adjustments, while also implementing marketing activities for upcoming Black Friday and Christmas campaigns.