Interim report January – September 2024

Another stable quarter for GARO Electrification combined with measures taken in GARO E-mobility

JULY–SEPTEMBER 2024

• Net sales amounted to MSEK 269.4 (304.2).
• Net sales declined 11% (-4).
• Adjusted EBIT amounted to MSEK 0.4 (5.3).
• The adjusted EBIT margin amounted to 0.1% (1.7).
• Non-recurring impairment of MSEK 48.4 was charged to EBIT.
• Net income was MSEK -41.9 (-9.4).
• Loss per share2 amounted to SEK -0.84 (-0.19).

JANUARY–SEPTEMBER 2024

• Net sales amounted to MSEK 868.3 (1,060.4).
• Net sales declined 18% (+1).
• Adjusted EBIT amounted to MSEK -10.5 (51.2).
• The adjusted EBIT margin amounted to -1.2% (4.8).
• Non-recurring impairment of MSEK 48.4 was charged to EBIT.
• Net income was MSEK -58.6 (31.3).
• Loss per share2 amounted to SEK -1.17 (earnings: 0.63).

SIGNIFICANT EVENTS DURING AND AFTER THE QUARTER

• In September, it was announced that the action program in the GARO E-mobility business area had been expanded with annual savings of approximately MSEK 40 and that an inventory write-down of approximately MSEK 48 would be charged to the third quarter.
• Trade union negotiations concluded in October and the savings program will achieve full effect in the beginning of first quarter of 2025.
• GARO launched a new wall box specially adapted for homes – GARO Entity Home.
• GARO recruited Jonas Klarén as its new President and CEO as outlined in a separately communicated press release.

Read the full Interim report here.

For more information, please contact:
Patrik Andersson, CEO +46 (0)76 148 44 44
Helena Claesson, CFO +46 (0)70 676 07 50

This information is such information that GARO AB is obligated to publish in accordance with the EU Market Abuse Regulation. The information was published by the abovementioned contact persons on November 15, 2024, at 8:30 CET.

GARO AB (publ) Corp. Reg. No. 556071–7772 is a company that develops, manufactures and markets innovative products and systems for the electrical installations market under its own brand. GARO’s customer offering is to provide complete solutions in the product areas of Electrical distribution products, E-mobility, Project business & Temporary Power with a focus on electrical safety, user-friendliness and sustainability. GARO was founded in 1939, has its head office in Gnosjö and is today an international company with operations in several countries. The company’s production units in Sweden are located in Gnosjö and Hillerstorp, as well as in Szczecin, Poland. GARO is listed on Nasdaq Stockholm under the ticker name GARO. For more information, see www.garo.se