Garo Ab · OMXSTO:GARO
Garo Ab — Garo Aktiebolag — Q2 2025 Earnings Presentation
24 slides from Garo Ab's earnings presentation, Aug 22, 2025
Slide 1: Interim report January–June 2025
Interim report Janua From structure to implementation - Group Managem accelerating the pace of operational activities f
Slide 2: From structure to implementation
From structure to implementation — Group Management strengthened, accelerating the pace of operational activities APR-JUN 2025 Net sales amounted to MSEK 266.5 (306.3) ° Net sales declined 13% (-21). . Operating EBIT amounted to MSEK 1.0 (4.3). . The operating EBIT margin amounted to 0.4% (1.4) . Ca
Slide 3: From structure to implementation – key figures
From structure to implementation — Group Management strengthened, accelerating the pace of operational activities GARO GROUP! Apr-Jun = Apr-Jun +/- Jan-Jun Jan-Jun R12 Jan-Dec 2025 2024 %o. 2025 2024 2024 Net sales, MSEK 266.5 306.3 -13 531.2 598.8 1,084.5 1,152.0 EBITDA, MSEK 14.3 10.3 25.3 17.8 8.
Slide 4: CEO Jonas Klarén's comments on the quarter
CEO JONAS KLAREN’S COMMENTS ON THE QUARTER STRUCTURE ESTABLISHED - WE ARE NOW TAKING THE NEXT STEP We delivered small yet positive operating earnings in the quarter. This is gratifying, but also necessary. We are not yet where we want to be, but we are heading in the right direction. Compared with l
Slide 5: GARO E-mobility and GARO Electrification
23% 77% GARO E-mobility GARO Electrification 34% 50% 16% Sweden Nordic region excl. Sweden Europe excl. Nordic region 100% GARO E-mobility GARO Electrification
Slide 6: Net sales and EBIT over time
450 1500 400 350 1300 300 1100 250 200 900 150 100 700 50 0 500 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Net sales, MSEK (LHS) Net sales R12, MSEK (RHS) 70,0 60,0 230,0 50,0 180,0 40,0 130,0 30,0 20,0 80,0 10,0 30,0 0,0 - 10,0 - 20,0 Q3-22 Q4-22* Q1-23 Q2-23 Q3-23 Q4-2
Slide 7: Net sales and EBIT, quarterly and R12
For definitions of key figures, see pages 21-23 300,0 1100,0 40,0 140,0 1000,0 35,0 250,0 120,0 30,0 900,0 100,0 25,0 200,0 800,0 20,0 80,0 700,0 15,0 60,0 150,0 40,0 600,0 10,0 5,0 20,0 100,0 500,0 0,0 0,0 Net sales, MSEK (LHS) EBIT (adjusted), MSEK (LHS) Net sales R12, MSEK (RHS) EBIT (adjusted) R
Slide 8: Net sales and EBIT trends
160 500 50 100 140 450 40 75 120 400 30 50 350 20 25 100 300 80 10 0 250 60 0 -25 200 40 -10 -50 150 20 100 -20 -75 0 50 -30 -100 Net sales R12, MSEK (RHS) EBIT (adjusted), MSEK (LHS) Net sales, MSEK (LHS) EBIT (adjusted) R12, MSEK (RHS)
Slide 9: Growth, targets and returns
30 20 30 30 10 20 20 0 10 10 -10 0 0 -20 -10 2020 2021 2022 2023 2024 R12 -10 2020 2021 2022 2023 2024 R12 -30 -20 -20 2020 2021 2022 2023 2024 R12 Growth, % EBIT Margin, % Target, % Return on equity, % Target, % Target, % 100 60 40 50 20 0 0 2020 2021 2022 2023 2024 R12 2019 2020 2021 2022 2023 202
Slide 10: Assurance by the Board and CEO
ASSURANCE BY THE BOARD AND CEO The CEO and Board assure that this interim report provides a fair review of the Group's and Parent Company's operations, financial position and earnings, and describes significant risks and uncertainties taced by the Parent Company and the companies included in the Gro
Slide 11: Overview
Overview NATURE OF OPERATIONS GARO develops, manufactures and markets innovative products and systems for the electrical installations market under its own brand. Operations are carried out in several countries, with the Group organized in two business areas: GARO Electrification and GARO E-mobility
Slide 12: Condensed consolidated statement of comprehensive income
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 R12 Jan-Dec 2024 Operating income Net sales 266.5 306.3 531.2 598.8 1,084.4 1,152.0 Other operating income 2.4 0.1 2.4 0.6 2.5 0.7 Total operating income 268.9 306.4 533.6 599.4 1,086.9 1,152
Slide 13: EBIT and EBITDA before and after adjustment
EBIT and EBITDA before and after adjustment of norrecurring costs (operating EBIT) During the first quarter of 2025, GARO recognized settlement costs of MSEK 2.9 for the outgoing President and CEO. Inventories of the earlier generation of wall boxes as well as development expenditure for an older, o
Slide 14: Condensed consolidated statement of financial position
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Dec 31, Dec 31, 2025-06-30 2024-06-30 2024 2025-06-30 2024-06-30 2024 ‘ASSETS EQUITY AND LIABILITIES Fixed assets Share capital 20.0 20.0 20.0 Intangible assets 116.3 135.8 126.9 Other reserves 15.3 18.1 19.9 Tangible assets 251.2 282.2 266.7 Ot
Slide 15: Condensed consolidated statement of changes in equity
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Equity attributable to shareholders in the Other j Parent Company niet Reserves contribute besa ony A MSEK d capital Equity at January 1, 2024 20.0 13.8 15 574.2 609.5 Net loss forthe period 60.1 60.1 Ciher comprehensive income for the geri 6 0 6
Slide 16: Condensed consolidated cash-flow statement
CONDENSED CONSOLIDATED CASH-FLOW STATEMENT AprJun = Apr-Jun Jan-Jun Jan-Jun Rig JamDec 2025 2024 2025 2024 2024 Cash flow from operating activities e8IT 10 43 15 109 46.2 55.6 Depreciation/amorization ond impairment 13.3 146 269 28.8 543 56.2 Interest paid/received, income tax and adjustment for non
Slide 17: Condensed parent company income statement
CONDENSED PARENT COMPANY INCOME STATEMENT The Parent Company's operations comprise sales in the product area Electrical distribution products, product development, Group Management, Group-wide functions and the Group’s finance function. Net sales for the Parent Company in the second quarter amounted
Slide 18: Condensed parent company balance sheet
CONDENSED PARENT COMPANY BALANCE SHEET mount in MSE 2025-06-30 2024-06-30 Dec 31, 2024 ‘ASSETS Fixed assets Intangible assets 3.1 63 3.0 Tangible assets 18.5 18.7 18.6 Patticipotions in Group companies 101.9 83.3 102.6 Other financial assets 85.1 153.5 93.9 Total fixed assets 208.6 261.8 218.1 ‘Curr
Slide 19: Electrical distribution products and E-mobility
3% Electrical distribution products 23% Project business 52% E-mobility 22% Temporary Power
Slide 20: GARO Group multi-year overview
GARO GROUP MULTI-YEAR OVERVIEW* Caen von ‘iw R12. 2026 2023 2022 2021 2020 2019 2025 2024 Net sles MSEK 266.5. 306.3 531.2 598.8 1,084.5 1,152.0 1,369.9 1,390.5 1,295.8 1,039.8 1,008.1 Growh % 30 2) Kk EBITDA MSEK 143-103 253-178-8106 99.6*18BB 243.0 163.2 1349 EBITDA margin % 54 34 48 30 07 00 73 1
Slide 21: Key figures and definitions
Key figures and definitions The performance measures in this report take into account the nature of the operations and are deemed to provide relevant information to shareholders and other stakeholders and also enable comparability with other companies. EBIT: Earnings before interest and tax EBIT mar
Slide 22: Alternative performance measures
Alternative performance measures GARO uses certain financial measures — alternative performance measures — that are not defined in the rules for finan reporting that GARO applies. The goal of these performance measures is to create a better understanding of how the operations are performing. Investo
Slide 23: Working capital
Working capital: GARO’s working capital comprises a major part of the balance sheet's value. In order to optimize the Group's cash generation, management focuses on the development of working capital, for which the performance measure is defined as the total of current assets less cash and cash equi
Slide 24: Economic information
Economic information INVITATION TO PRESENTATION FOR THE PRESS AND ANALYSTS On August 22, 2025, at 09.30 a.m. (CEST), President and CEO Jonas Klarén and CFO Helena Claesson will present the report and respond to questions in a teleconference. Telephone numbers: Sweden: +46 (0}20 089 0141 Internationa