Garo Ab · OMXSTO:GARO
Garo Ab — GARO Aktiebolag — Q2 2026 Earnings Presentation
25 slides from Garo Ab's earnings presentation, Aug 14, 2026
Slide 1: Interim report January–June 2026
Interim report January –June 2026 Growth and efficiency measures at GARO Electrification inspire confidence, while GARO E -mobility remains under evaluation.
Slide 2: Growth and efficiency measures at GARO Electrification inspire confidence
Growth and efficiency measures at GARO Electrification inspire confidence, while GARO E -mobility remains under evaluation. APRIL – JUNE 2026 JANUARY – JUNE 2026 • Net sales amounted to MSEK 272.3 (266.5 ). • Net sales amounted to MSEK 518.5 (531.2). • Net sales increased 2% (-13). • Net sales decli
Slide 3: GARO Group key figures
Growth and efficiency measures at GARO Electrification inspire confidence, while GARO E -mobility remains under evaluation. GARO GROUP 1 Apr –Jun Apr – +/ - Jan –Jun Jan –Jun R12 Jan –Dec 2025 2026 Jun 2025 % 2026 2025 Net sales, MSEK 272.3 266.5 2 518.5 531.2 1,030.8 1,043.5 Operating EBITDA, MSEK
Slide 4: CEO Tobias Byfeldt comments on the quarter
CEO TOBIAS BYFELDT COMMENTS ON THE QUARTER The Group’s sales for the second quarter amounted to MSEK 272 (267), corresponding to growth of 2% for the quarter, primarily attributable to our companies in Ireland and the UK. The Group’s EBIT the second quarter amounted to MSEK -23.5 (1.0). Earnings wer
Slide 5: GARO E-mobility – underperforming and under assessment
GARO E -MOBILITY – UNDERPERFORMING AND UNDER ASSESSMENT We have committed employees, a strong brand and a product portfolio that gives us solid foundation GARO E -mobility reported a decrease of 7% in sales compared with the year -earlier quarter. At the to build on, but additional strategic decisio
Slide 6: Earnings
Earnings 20% ALLOCATION OF NET SALES by business area, Jan–Jun 2026 NET SALES Net sales for the second quarter amounted to MSEK 272.3 (266.5), which corresponds to growth of 2% compared with the year -earlier 80% quarter. Sales in GARO Electrification amounted to MSEK 215.8 (206.0), up 5%, while sal
Slide 7: The GARO share and performance measures
THE GARO SHARE AND PERFORMANCE MEASURES Earnings per share (before and after dilution) amounted to SEK -0.41 ( -0.17). At the end of the period, the number of shares NET SALES, GROUP amounted to 50,000,000 (50,000,000). The average number of shares during the quarter amounted to 50,000,000 (50,000,0
Slide 8: GARO Electrification business area
GARO Electrification business area NET SALES AND EARNINGS During the quarter, net sales in the business area amounted to MSEK 215.8, which was up 5% or MSEK 10 compared with the year-earlier quarter. Sales in the Swedish market were MSEK 4 lower compared with the year-earlier period, due in part to
Slide 9: GARO E-mobility business area
GARO E -mobility business area NET SALES AND EARNINGS GARO E -MOBILITY KEY Apr –Jun Apr – Jan –Jun Jan –Jun R12 Jan –Dec During the quarter, net sales in the GARO-mobility E business area amounted to MSEK 56.5 (60.5), a FIGURES 2026 Jun 2025 2026 2025 2025 decrease of 7% or MSEK 4. Sales outside Swe
Slide 10: GARO's financial targets
GARO’s financial targets SALES GROWTH PROFITABILITY RETURN Organic growth will amount to not less than The EBIT margin for the Group will amount to not less than 10% Return on equity will amount to not less than 20% over 10% over a business cycle. of net sales over a business cycle. a business cycle
Slide 11: 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 faced by the Parent Company and the companies included in the Gro
Slide 12: Overview
Overview NATURE OF OPERATIONS BUSINESS AREAS GARO develops, manufactures and markets innovative products and systems for the electrical installations GARO divides its operations into two business areas and segments: GARO Electrification and GARO market under its own brand. Operations are carried out
Slide 13: Condensed consolidated statement of comprehensive income
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Amount in MSEK Apr –Jun 2026 Apr –Jun 2025 Jan –Jun 2026 Jan –Jun 2025 R12 Jan –Dec 2025 Operating income Net sales 272.3 266.5 518.5 531.2 1,030.8 1,043.5 Other operating income 0,1 2.4 1.4 2.4 1.5 2.5 Total operating income 272.4 268.9 519.9
Slide 14: Condensed consolidated statement of financial position
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Jun 30, Jun 30, Dec 31, Amount in MSEK Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 Amount in MSEK 2026 2025 2025 EQUITY AND LIABILITIES ASSETS Share capital 20.0 20.0 20.0 Fixed assets Other reserves 13.6 15.3 9.8 Intangible assets 119.0 116.3 108.4
Slide 15: Condensed consolidated statement of changes in equity
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Equity attributable to shareholders in the Other Share Retained Total Parent Company Reserves contribute capital earnings equity Amount in MSEK d capital Equity at January 1, 2025 20.0 19.9 1.5 514.1 555.5 Net loss for the period -8.5 -8.5 Other
Slide 16: Condensed consolidated cash-flow statement
CONDENSED CONSOLIDATED CASH -FLOW STATEMENT Apr –Jun Apr –Jun Jan –Jun Jan –Jun Jan –Dec Amount in MSEK R12 2026 2025 2026 2025 2025 Cash flow from operating activities EBIT -23.5 1.0 -36.8 -1.5 -43.4 -8.1 Depreciation/amortization and impairment 12.8 13.3 25.8 26.9 52.7 53.8 Interest paid/received,
Slide 17: Condensed parent company income statement
CONDENSED PARENT COMPANY INCOME STATEMENT On May 1, 2026, GARO consolidated the operations of GARO Montage AB and GARO Elflex AB into the Parent Company, affecting comparability with the previous year. The Parent Company’s operations now comprise all sales in the GARO Electrification business area,
Slide 18: Condensed parent company balance sheet
CONDENSED PARENT COMPANY BALANCE SHEET Amount in MSEK Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 ASSETS Fixed assets Intangible assets 17.1 3.1 3.3 Tangible assets 15.2 18.5 20.4 Participations in Group companies 102.0 101.9 101.2 Other financial assets 92.2 85.1 88.0 Total fixed assets 227.0 208.6 212.
Slide 19: Business areas
BUSINESS AREAS SALES AND EBIT BY BUSINESS AREA GARO divides its operations into two business areas and segments: GARO Electrification and GARO-mobility. E GARO Electrification GARO E -mobility Elimination Group QUARTERLY FIGURES Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Business area information 2026 2025 2026 2025 2
Slide 20: GARO Group multi-year overview
GARO GROUP MULTI -YEAR OVERVIEW* Apr – Apr – Jan – Jan – Jun Jun Jun Jun R12 2025 2024 2023 2022 2021 2020 2026 2025 2026 2025 Net sales MSEK 272.3 266.5 518.5 531.2 1,030.8 1,043.5 1,152.0 1,369.9 1,390.5 1,295.8 1,039.8 Growth % 2 -13 -2 -11 -5 -9 -16 -1 7 25 3 EBITDA MSEK -10.7 14.3 -11.1 25.3 9.
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 financial reporting that GARO applies. The goal of these performance measures is to create a better understanding of how the operations are performing. Inve
Slide 23: Organic growth
Organic growth: Organic growth with adjustments for currency effects from operations in Net debt: Net debt is defined by how large financial borrowings are in the company in absolute currencies other than SEK. This performance measure is expressed as a percentage of the preceding terms less cash and
Slide 24: Working capital
Working capital: GARO’s working capital comprises a major part of the value in the balance Return on capital employed: This performance measure is defined as EBIT for the past 12 sheet for which the performance measure is defined as the total of current assets less cash and cash months divided by ca
Slide 25: Economic information
Economic information INVITATION TO PRESENTATION FOR THE PRESS AND ANALYSTS On August 14, 2026, at 9:30 a.m. (CEST), President and CEO Tobias Byfeldt and CFO Helena Claesson will present the report and respond to questions in a teleconference. Telephone numbers: Sweden: +46 10 884 80 16 International