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  • Helena Claesson

    CFO


    +46 (0)370 33 28 03

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    Eichrecht approval for GARO Entity Pro and the production in Poland

    The wallboxes in the GARO Entity series have previously undergone third-party certification, meaning that they have been tested and approved in accordance with the international electric vehicle conductive charging system standard (IEC61851). GARO Entity Pro has now also been approved under the German “Eichrecht” calibration law, which means that the wallbox is ready to be sold in the German market for semi-public and public charging. We have also certified our factory in Poland in accordance with the Eichrecht requirements for production, calibration and internal inspections. With its

    Interim report January–September 2024

    JULY– SEPTEMBER 2024 · Net sales amounted to MSEK 269.4 (304.2). · Net sales declined 11% (-4). · Adjusted EBIT amounted to MSEK 0.4 (5.3). · The adjusted EBIT margin amounted to 0.1% (1.7). · Non-recurring impairment of MSEK 48.4 was charged to EBIT. · Net income was MSEK -41.9 (-9.4). · Loss per share amounted to SEK -0.84 (-0.19).   JANUARY– SEPTEMBER 2024 · Net sales amounted to MSEK 868.3 (1,060.4). · Net sales declined 18% (+1). · Adjusted EBIT amounted to MSEK -10.5 (51.2). · The adjusted EBIT margin amounted to -1.2% (4.8). · Non-

    GARO recruits Jonas Klarén as new President and CEO

    GARO has recruited Jonas Klarén as its new President and CEO. Jonas Klarén’s most recent position was as CEO of Infratek Sverige AB, which is part of the French VINCI Group, listed on the Paris Stock Exchange. Jonas has extensive experience from the energy and power supply industry and has successfully developed Infratek within VINCI Energies. He also worked at ABB earlier in his career and he holds an M.Sc. in Electric Engineering from Chalmers University of Technology in Gothenburg. Jonas will assume his position as President and CEO as soon as possible, but in six months at the latest.

    Presentation of the interim report January - September 2024 on November 15

    GARO will publish its report for the third quarter 2024 at 08.30 CET on November 15.   Conference call at 9.30 CET The company will host a conference call at 9.30 CET the same day. The conference will be hosted by Patrik Andersson, President & CEO and Helena Claesson, Chief Financial Officer.   Dial in numbers: Sweden: +46 (0)20 089 0141International: +44 (0)207 107 06 13   The presentation material will be published at www.garo.se prior to the conference call. The conference will also be audio webcasted in “listen-only” mode at the GARO website www.garo.

    Nomination Committee appointed ahead of the 2025 Annual General Meeting

    In accordance with the guidelines adopted by the Annual General Meeting on May 4, 2017, GARO has established a Nomination Committee. The Nomination Committee is to prepare and make proposals to the 2025 Annual General Meeting concerning: · the Chairman of the Annual General Meeting; · candidates for the post of Chairman and other members of the Board; · election and remuneration of the company’s auditors; · Board fees and distribution between the Chairman and other members as well as remuneration for committee work; and · any changes to the instructions for the Nomination

    GARO launches new electric vehicle wallbox – specially adapted for homes

    Today, GARO can present the GARO Entity Home wallbox – a new wallbox based on the GARO Entity technology platform and developed especially for connected homes. Combining advanced technology with ease of use, this new product offers a new, safe, cost-effective and reliable charging solution for consumers wanting to charge their electric vehicles at home. GARO Entity Home has a compact and stylish design that blends seamlessly with home environments and is equipped with smart functions to optimise the charging process. The GARO Connect app enables you to manage, control and monitor the

    GARO expands action program in GARO E-mobility, adapts the organization to prevailing market conditions and impairs inventories in the third quarter

    GARO can see that the E-mobility market remains cautious and that its recovery is progressing more slowly than anticipated. In light of this, GARO E-mobility is expanding the action program from the spring to make additional annual savings of approximately MSEK 40, with the effects expected to be generated in the first quarter of 2025. Sales of plug-in vehicles have slowed in during 2024. This is impacting demand for charging infrastructure in the short term, even though there is still a widespread underlying need to expand destination charging. The market conditions should gradually

    Interim report January – June 2024

    GARO Electrification reports a stable quarter while GARO E-mobility continues to face challenging market conditions APRIL – JUNE 2024 · Net sales amounted to MSEK 306.3 (386.0). · Net sales declined 21% (+10). · EBIT amounted to MSEK -4.3 (18.2). · EBIT margin amounted to -1.4% (4.7). · Net income was MSEK -8.9 (20.1). · Loss per share amounted to SEK -0.18 (earnings: 0.40). JANUARY – JUNE 2024 · Net sales amounted to MSEK 598.8 (756.3). · Net sales declined 21% (+3). · EBIT amounted to MSEK -10.9 (45.9). · EBIT margin amounted to -1.8% (6.1). ·

    GARO starts recruitment of a new CEO. Patrik Andersson will remain CEO until his replacement takes up the position

    The recruitment of a new CEO has started and the aim is to announce the appointment of a successor during the autumn, with an expected start in the first quarter of 2025. Under Patrik Andersson’s leadership, GARO has completed several strategic initiatives, such as organizing operations into two business areas (GARO Electrification and GARO E-mobility), developing the new product platform GARO Entity, and investing in production and delivery capacity. Going forward, GARO will be entering an increasingly international and growth-oriented phase in order to capitalize on investments made.

    Presentation of the interim report January - June 2024 on August 16

    GARO will publish its report for the second quarter 2024 at 08.30 CET on August 16. Conference call at 9.30 CETThe company will host a conference call at 9.30 CET the same day. The conference will be hosted by Patrik Andersson, President & CEO and Helena Claesson, Chief Financial Officer. Dial in numbers:Sweden:                                         +46 (0)20 089 0141International:                                  +44 (0)207 107 0613ID number (access code):             43 72 94 46 The presentation material will be published at www.garo.se prior to the conference call. The

    Resolutions at GARO Aktiebolag’s Annual General Meeting 2024

    The Annual General Meeting approved the presented income statements and balance sheets and remuneration report and approved discharge from liability for board members and the managing director. In addition, the following decisions were made. Election of Board of DirectorsAs board members Rickard Blomqvist (Chairperson), Martin Althén, Susanna Hilleskog, Mari-Katharina Jonsson Kadowaki, Johan Paulsson and Lars Kongstad were re-elected. Fees to the Board of DirectorsIt was resolved that Board fees shall be unchanged and paid by SEK 725,000 to the Chairperson of the Board and SEK 300,

    GARO continues expanding internationally and establishes operations in Spain

    GARO is establishing a sales company in Spain in the GARO E-mobility business area. Today, GARO operates in seven countries in Europe. The latest establishment took place during the autumn of 2023 in Germany. The establishment is a natural step in GARO’s growth strategy that prioritizes the development of GARO’s European operations. Spain is the fourth largest country in Europe in terms of the number of passenger cars with about 27 million cars and a rapidly growing market for rechargeable cars. In 2023, electric cars comprised 5.8% of the total number of new car registrations1 in the

    Interim report January - March 2024

    Challenging market conditions in Sweden – action program completed JANUARY - MARCH 2024 · Net sales amounted to MSEK 292.5 (370.3). · Net sales declined 21% (-3). · EBIT amounted to MSEK -6.7 (27.8). · EBIT margin amounted to -2.3% (7.5). · Net income was MSEK -8.1 (20.7). · Loss per share amounted to SEK -0.16 (earnings: 0.41). SIGNIFICANT EVENTS DURING AND AFTER THE QUARTER · During the quarter, the announced action and efficiency program was completed, resulting in 40 redundancies in the Group. · GARO E-mobility reported sales growth of 15% outside the

    Presentation of the interim report January - March 2024 on May 14

    GARO will publish its report for the first quarter 2024 at 14.00 CET on May 14. Conference call at 15.00 CETThe company will host a conference call at 15.00 CET the same day. The conference will be hosted by Patrik Andersson, President & CEO and Helena Claesson, Chief Financial Officer. Dial in numbers:Sweden: +46 10 884 80 16International: Dail in numbers ID number (access code): 32 42 87 The presentation material will be published at www.garo.se prior to the conference call. The conference will also be audio

    Change in GARO’s Nomination Committee

    Johan Ståhl, appointed by Svolder AB, has announced that he is leaving GARO’s Nomination Committee. After the change, the Nomination Committee consists of the following members: · Niklas Bogefors, Chairperson of the Nomination Committee, appointed by Lars Svensson · Emma Englén, appointed by Spiltan Fonder AB · Rickard Blomqvist, in the capacity of Chairperson of the Board of GARO AB  For more information, please contact the Chairperson of the Nomination Committee:Niklas Bogefors, +46 (0)40-698 58 71 GARO AB (publ) Corp. Reg. No. 556071–7772 is a company that

    Notice to the Annual General Meeting in GARO Aktiebolag (publ)

    The shareholders of GARO Aktiebolag (publ) (“GARO” or the “Company”), Reg. No. 556051-7772, are hereby invited to attend the Annual General Meeting (the “AGM”) to be held at 5 p.m. CEST on 14 May 2024 at the Company’s premises on Järnvägsgatan 35 in Hillerstorp, Sweden. Registration will commence at 4.00 p.m. CEST. Welcome to attend a tour of GARO’s factory in Hillerstorp after the closing of the AGM.  A.                         RIGHT TO PARTICIPATE IN THE AGM A person who wishes to participate in the AGM must: firstly, be listed as a shareholder in the presentation of the

    GARO's Annual Report for 2023

    GARO´s Annual Report 2023 has today been published at the company’s website.GARO AB (publ) today announces that the company’s Annual Report 2023 is now published and available at the corporate website www.garogroup.se. The financial year covers the period from January 1 to December 31, 2023. For more information, please contact:Helena Claesson, CFO +46 (0)70 676 07 50  This information is such information that GARO aktiebolag is obligated to publish in accordance with the Swedish Securities Market Act. The information was published by the above mentioned contact persons on

    Year-end report 2023

    Strong cash flow during an otherwise challenging quarter – new action package initiated OCTOBER – DECEMBER 2023 · Net sales amounted to MSEK 311.2 (341.8). · Net sales declined 9% (-8). · EBIT amounted to MSEK -0.1 (8.9). · EBIT margin amounted to 0% (2.6). · Non-recurring costs of MSEK 9.8 (15.0) were charged to EBIT. · Non-recurring revenue from the sale of industry properties of MSEK 18 (0) is included in EBIT. · Net income was MSEK 0.1 (7.0). · Earnings per share amounted to SEK 0 (0.14). · Cash flow from operating activities amounted to MSEK 34.9 (13.0).

    Presentation of the full year-report 2023 on February 21

    GARO will publish its full year-report 2023 at 08.30 CET on February 21. Conference call at 09.30 CETThe company will host a conference call at 09.30 CET the same day. The conference will be hosted by Patrik Andersson, President & CEO and Helena Claesson, Chief Financial Officer. Dial in numbers:Sweden: +46 20 012 37 17International: Dail-In numbers ID number (access code): 82 50 73 The presentation material will be published at www.garo.se prior to the conference call. The conference will also be audio

    GARO to adapt its organization in light of prevailing market conditions and report sales and preliminary EBIT for the fourth quarter of 2023

    In its interim report for the third quarter, GARO announced that net sales for the fourth quarter were predicted to be in line with the year-earlier quarter. GARO E-mobility reported growth of 16%, while GARO Electrification declined 17% compared with the year-earlier quarter. All in all, this results in net sales for the fourth quarter amounting to approximately MSEK 311 (341). “Net sales were mainly negatively impacted during the end of the quarter. The prevailing market situation with macroeconomic uncertainty has impacted purchasing patterns and investment decisions. Sales of new

    GARO to divest a small industrial property in Gnosjö for MSEK 12, generating a minor capital gain

    At the start of the year, the GARO Electrification business area relocated its operations in Sweden to purpose-designed premises in Hillerstorp. The project included the divestment of a small property in Gnosjö. The property has now been divested at a value of MSEK 12 to ZAL-produkter AB, which is a part of SWEMIX Group. “With the relocation in Sweden and the new facility in Poland, all of the steps of our resolved investments in capacity expansion are now complete, and we are ready for the upcoming expansion to support electrification and energy efficiency in both of our business areas,”

    Change in GARO’s Nomination Committee ahead of the 2024 Annual General Meeting

    The composition of GARO’s Nomination Committee ahead of the 2024 Annual General Meeting was announced in a press release on 20 October 2023. As a result of a subsequent change in ownership, the composition of the Nomination Committee has changed with Jan Andersson (appointed by Swedbank Robur fonder) leaving the Nomination Committee and Emma Englén (appointed by Spiltan Fonder AB) joining as a new member of the Nomination Committee. Accordingly, the Nomination Committee ahead of the 2024 Annual General Meeting consists of the following members: · Niklas Bogefors, Chairperson of the

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