Norwegian Furniture Firm Vestre Reports First Loss in 25 Years Amid Tariffs and Currency Woes

Norwegian furniture maker Vestre AS experienced its first net loss in at least 25 years in 2025, reporting a deficit of 11.9 million kroner. The company, known for its outdoor furniture used in locations like Oslo's Aker Brygge and New York's Times Square, saw its revenue rise to 441 million kroner from 426 million the previous year. However, increased costs and external factors led to a significant downturn in profitability.

Company leadership attributed the challenging year to several factors, including U.S. tariffs imposed during Donald Trump's presidency and unfavorable currency swings. These issues alone cost Vestre AS approximately 29 million kroner. "2025 has been the most challenging year we have had for all of us working at Vestre," said CEO Bjørn Cato Fjellstad.

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2025 has been the most challenging year we have had for all of us working at Vestre.

The company's financial difficulties also led to ongoing discussions with its lenders regarding deviations from loan conditions. Vestre AS holds property loans totaling 131.1 million kroner and machinery loans of 26 million kroner. Following negotiations, the loan terms have been revised, and the company anticipates no further issues in the next 12 months, with Fjellstad expressing gratitude for the bank's partnership.

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It is in such situations that it matters to have good partners, and we absolutely have that with the bank.

Minister of Health and Care Services Jan Christian Vestre owns 70 percent of Vestre AS but stepped down from all active roles in the company's management and board in 2021 upon becoming a minister. He declined to comment on the deficit, with his office stating that questions should be directed to the company itself, as he has no active role in its daily operations.

Despite the financial setback, Vestre AS has seen substantial growth since 2020, particularly in the U.S. market, which accounts for over a third of its revenue. The company's international expansion, however, made it vulnerable to the U.S. tariffs on steel and aluminum imports, which were significantly increased in 2025.

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Jan Christian Vestre has no active role in the company's daily operations. Questions related to the company's operations and results must therefore be directed to the company.