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

This information is such information that GARO aktiebolag is obligated to publish in accordance with the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was published by the abovementioned contact persons on August 15, 2023, at 8:30 a.m. 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 six countries with around 550 employees. 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