Investor Relations
Ekornes was founded by Jens Ekornes in 1934. Today, it is Norway’s largest furniture manufacturer. Innovation, quality and the ability to adapt have always been the characteristics on which Ekornes has built its business. As early as 1946, the company started automating its manufacturing processes with the help of machines brought over from the USA. Since then, Ekornes has remained at the forefront of automation and the use of robot technology in the furniture industry. Its main factory is still located in Sykkylven, on the west coast of Norway, where more than 1,300 seat units are manufactured every day.
The company has sales offices in Norway, Denmark, Finland, Germany, France, the UK, the USA, China, Japan, Thailand, New Zealand and Australia. At the close of 2022, Ekornes had 3,000 employees, of whom 40 per cent were located in Norway. It is Ekornes’s stated aim to behave in a socially and environmentally responsible way in all the local communities in which we operate. The same also goes for the way we treat our own employees and customers. Ekornes has launched a wide-ranging effort to achieve a carbon-neutral supply chain by 2030.
Ekornes QM Holding AS: Approval and publication of bond prospectus
On 10 March 2023, Ekornes QM Holding AS (the "Company") issued a NOK 1,200,000,000 senior secured bond issue with maturity in September 2026 with a floating interest rate of 3 month NIBOR +8% (the "Bond") with ISIN NO 0012855537.
The Company has prepared a prospectus in connection with the listing of the Bond on Oslo Børs (the "Prospectus"). The Prospectus was approved by the Financial Authority of Norway 29 June 2023.
Q4 2023 results are now published
Ekornes delivered satisfactory performance and increased revenues in the fourth quarter, although the furniture market remains subdued from constrained consumer finances. Adapting to the market conditions, Ekornes has taken actions across operations to ensure resilience and long-term competitiveness. Ending the year with an order reserve at pre-pandemic levels, combined with a weak order intake in the beginning of 2024, outlook for the market development the coming 6-12 months is uncertain.
Brands that customers recognise
Ekornes’s products are sold under the brand names Stressless®, Svane® and IMG. More than 85 million people worldwide recognise the Stressless® brand name, making it one of Europe’s most well-known furniture brand. Stressless® belongs firmly in the premium segment, and sales are driven by seating comfort technologies that only we possess. Svane® products are sold in the Nordic market and selected European countries. Market research show that more than 50 per cent of Norwegian customers recognise the Svane® brand unaided. IMG is the company’s mid-segment brand, and is marketed mainly in North America and Australia. Furniture from Ekornes is currently sold through more than 2,000 distributors worldwide.
Annual and interim reports
See all reportsEkornes QM Holding
Ekornes QM Holding AS was incorporated on 4 January 2018 for the purpose of acquiring the Ekornes Group. In May 2018, a public offer was made to purchase the shares of all Ekornes shareholders. The share purchase was completed in August 2018, and Ekornes AS was delisted from the Oslo Stock Exchange in October 2018.
Any questions?
Fredrik Ø. Nilsen
- EVP & CFO