Interim report Q1: Strong demand in EVSE - challenging macro environment

January–March 2022

• Net sales amounted to SEK 237 million (234). Adjusted for currency effects, growth was -3 percent.

• The EVSE share of net sales rose to 17 percent (11).

• Adjusted EBITA declined to SEK 22 million (67), corresponding to a margin of 9.3 percent (28.7).

• CTEK initiated a partnership with Polarium to develop EV and sustainable energy storage technology.

CTEK’s net sales for the quarter increased 1 percent to SEK 237 million, of which EVSE sales accounted for SEK 37 million, or 17 percent. The Group’s adjusted EBITA margin declined to 9.3 percent, and was impacted by disruptions to the supply chain, higher freight and component prices, investments made in the organisation and a changed sales mix. CTEK decided to continue to raise prices from May to counteract a number of cost increases at various stages.

“CTEK continued to see a strong market climate in the first quarter in the Energy & Facilities and Original Equipment divisions, with higher demand than delivery capacity mainly due to the shortage of components and production challenges. Despite this, Energy & Facilities increased its net sales by almost 80 percent during the quarter and the growth in Original Equipment was 14 percent. In the Aftermarket division, which targets end consumers, market activity was generally more restrained after Russia’s invasion of Ukraine. However, the direct impact of the invasion on CTEK is very minor, with the company previously having marginal sales to, and no own operations, employees or other assets in, the region”, says Jon Lind, President and CEO, CTEK.

Today, May 11 at 09:00, CTEK will hold an audiocast in English. CTEK is represented by CEO Jon Lind and CFO Mathias Sandh, who present the interim report and answer questions.

To participate or for further information - https://financialhearings.com/event/44122

Before its publication, this information was inside information and is such that CTEK AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, on 11 May 2022 at 7:45 a.m. CEST.

For further information please contact:
Jon Lind, President and CEO, +46 703 97 23 71, jon.lind@ctek.com

Niklas Alm, Investor Relations, +46 708 24 40 88, niklas.alm@ctek.com

About CTEK

Established in Dalarna Sweden, CTEK is the leading global brand in battery charging solutions, most specifically vehicle charging.

CTEK offers products ranging from 12V & 24V battery chargers to charging solutions for electrical vehicles.

Products are sold via a carefully selected network of global distributors and retailers, as original equipment, supplied to more than 50 of the world’s leading vehicle manufacturers and through charge point operators, property owners as well as other organisations and individuals providing EV charging infrastructure.

CTEK takes pride in its unique culture based on a passion for innovation and a deep commitment to supporting the transition to a greener mobility, by adhering to industry-leading ESG standards.

CTEK's share is listed on Nasdaq Stockholm Mid Cap and is traded with the ticker CTEK.

For more information, also visit www.ctekgroup.com