Group Overview - The Jøtul Group is one of the three largest suppliers of fireplaces in Europe and a significant player in North America, with a history dating back to 1853 [1] - The Group's main brands include Jøtul, Scan, and Ravelli, offering a range of products such as stand-alone stoves, inserts, frames, and accessories for fireplaces [1] - Manufacturing occurs in Norway, Poland, France, and the USA, alongside a variety of bought-in products, with a global distribution network [1] Financial Performance - In Q1 2025, the Group reported a consolidated loss of MNOK -68.5, an improvement from a loss of MNOK -76.1 in Q1 2024 [2] - The operating result for Q1 2025 was a loss of MNOK -40.6, compared to a loss of MNOK -54.9 in Q1 2024 [2] - The total comprehensive loss in Q1 2025 was MNOK -76.6, compared to a loss of MNOK -59.7 in Q1 2024 [2] Liquidity and Recapitalization - Due to weak business performance in 2024 and a disappointing high season, the Group's liquidity projections worsened, leading to postponed bond interest payments in early 2025 [3] - A recapitalization plan was approved by bondholders by the end of Q1 2025, aimed at strengthening liquidity and improving the balance sheet by converting existing bond debt to equity and raising additional capital [3] - The effective implementation date of the recapitalization plan was April 14, 2025, resulting in significant deleveraging and new liquidity bonds to secure business continuity [3]