Interim report January–June 2023

Strong growth in GARO E-mobility but more tentative in GARO Electrification

APRIL–JUNE 2023
• Net sales amounted to MSEK 386.0 (350.2).
• Net sales increased 10% (3).
• EBIT amounted to MSEK 18.2 (39.6).
• EBIT margin amounted to 4.7% (11.3).
• Net income was MSEK 20.1 (33.3).
• Earnings per share amounted to SEK 0.40 (0.67).

JANUARY–JUNE 2023
• Net sales amounted to MSEK 756.3 (731.8).
• Net sales increased 3% (16).
• EBIT amounted to MSEK 45.9 (106.4).
• EBIT margin amounted to 6.1% (14.5).
• Net income was MSEK 40.6 (87.1).
• Earnings per share amounted to SEK 0.81 (1.74).

SIGNIFICANT EVENTS AFTER THE END OF THE QUARTER
• Framework agreement signed with E.ON Drive Infrastructure covering products and solutions for public charging in Europe.
• GARO Entity Pro has completed approved third-party certification (Tüv Syd, Germany) pursuant to international charging standards. The certification demonstrates that GARO provides the market with a safe and secure wall box.
• The new production and logistics facility in Poland was completed as planned and commenced operations in July.
• The majority of Polish production was relocated from the existing facility. GARO has begun the process of divesting the existing facility.

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