Interim report Q4: Improved profitability and strong cash flow

October–December 2023

• Net sales amounted to SEK 240 million (257). Net sales declined 10% organically.

• The EVSE share of net sales decreased to 16% (30) and amounted to SEK 38 million (77).

• The gross margin increased to 53.6 percent (50.5).

• Adjusted EBITA amounted to SEK 31 million (13), corresponding to a margin of 12.8% (5.0).

• EBIT amounted to SEK 24 million (-4), including items affecting comparability of SEK -2 million (-10)

• Loss after tax amounted to SEK -0 million (-27) and earnings per share after dilution amounted to SEK –0.01 (-0.54).

• Cash flow from operating activities amounted to SEK 75 million (-37).

• Hans Stråberg, Chairman of CTEK's Board, has informed the Nomination committee that he is not available for re-election at the next Annual General Meeting. The Nomination Committee proposes that the current Board member Johan Menckel be elected Chairman of the Board.

"The improved profitability is partly explained by the cost-reducing measures implemented during the year and partly by a changed product mix. A contributing factor to the latter was the good sales within the Consumer (formerly Aftermarket) division where an increased focus on online sales in Europe resulted in a strong Black Week. Historically, we have also seen a connection between cold weather and increased sales of Low Voltage. In combination with focused sales activities, this contributed to particularly good sales in the Nordics during the fourth quarter", says Henrik Fagrenius, President and CEO of CTEK.

During the quarter, CTEK launched the next generation EV charger for the destination charging segment.

"I am delighted that during the fourth quarter we were able to present the new version of our award-winning destination charger, Chargestorm Connected 3 (CC3). The CC3 comes with market-leading features like the ability to deliver energy back to the grid from the electric car, as well as an upgrade on already robust safety systems. Deliveries of the CC3 to Sweden and the UK will begin in the second quarter of the year, followed by deliveries to Germany in the second half of the year", says Henrik Fagrenius, President and CEO of CTEK.

Today, 7 February at 09:00 CET, CTEK will hold an audiocast in English. CTEK is represented by CEO Henrik Fagrenius and CFO Thom Mathisen, who present the year-end report and answer questions. For further information:  https://financialhearings.com/event/48293  

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 7 February 2024 at 07:45 CET.

For further information please contact:

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