Garo

GARO Electrification reports a stable quarter while GARO E-mobility continues to face challenging market conditions

APRIL – JUNE 2024

• Net sales amounted to MSEK 306.3 (386.0).
• Net sales declined 21% (+10).
• EBIT amounted to MSEK -4.3 (18.2).
• EBIT margin amounted to -1.4% (4.7).
• Net income was MSEK -8.9 (20.1).
• Loss per share amounted to SEK -0.18 (earnings: 0.40).

JANUARY – JUNE 2024

• Net sales amounted to MSEK 598.8 (756.3).
• Net sales declined 21% (+3).
• EBIT amounted to MSEK -10.9 (45.9).
• EBIT margin amounted to -1.8% (6.1).
• Net income was MSEK -16.7 (40.6).
• Loss per share amounted to SEK -0.33 (earnings: 0.81).

SIGNIFICANT EVENTS AFTER THE QUARTER

• GARO has started the recruitment of a new CEO. Patrik Andersson will remain in his role as CEO until a new CEO takes office, according to separate press release.

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 16, 2024, 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 seven 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