Garo Aktiebolag (publ) (GARO) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, everyone, and welcome to Garo's Q1 presentation. My name is Jonas Claren, and I am the CEO of Garo since January this year. It has been an intense start, and I continue to be inspired by the strength, commitment, and spirit of our teams. I spent time in most of our countries, met the majority of our plus 400 employees, and seen firsthand both the challenges and the opportunities ahead. With me today is Helena Claesson, our CFO, who will guide you through our financial results later in the presentation. So let's get started. Next slide, please. I will begin and summarize our first quarter. First out, Garo Electrification. We see a continued growth in Ireland and Finland. At the same time, we are seeing stable demands in the public, commercial, and renovation sectors. the Nordic residential construction market remains weak. We continue to focus on stabilizing our sales and margins, and we are seeing early signs of recovery in certain housing-related segments. In Garo e-mobility, the market remains challenging with the weak momentum and the delayed investments. But our action program is starting to show results, and with costs coming down and improved cash flow. Sales today are driven by our proven products, Entity Pro and the LS4 series in public charging. While new products as Home Wallboxes Compact and Home are yet to gain market traction. As I said in Q4, we are pleased to have Entity Pro now iShresh certified for Germany, which has finally enabled us to start sales of the Entity platform. However, volumes are still modest, and this is our general feeling of the German market in all. Our focus remains on securing market stability and improving the customer experience. Our strategic focus now on the leadership side, we now have our new C functions on ...