Garo

SALES START OF GARO ENTITY WITH AN IMPROVED MATERIALS SITUATION AT THE END OF THE QUARTER

JANUARY - MARCH 2023

• Net sales amounted to MSEK 370.3 (381.6).
• Net sales declined 3% (+31).
• EBIT amounted to MSEK 27.8 (66.8).
• EBIT margin amounted to 7.5% (17.5).
• Net income was MSEK 20.7 (53.7).
• Earnings per share amounted to SEK 0.41 (1.07).

EVENTS DURING THE QUARTER

• Sales start of GARO Entity, the new product program for destination charging, with the first deliveries of GARO Entity Pro to customers in Sweden and the UK.
• GARO Electrification has relocated parts of its operations to new premises in Hillerstorp, creating healthy prerequisites for expansion and increased efficiency in both business areas.

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. The information was published by the abovementioned contact persons on May 11, 2023, at 14:00 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