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Interim report January - March 2022

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Growth and component shortages

JANUARY - MARCH 2022

  • Net sales amounted to MSEK 381.6 (290.6).
  • Net sales increased 31% (17).
  • EBIT amounted to MSEK 66.8 (45.9).
  • EBIT margin amounted to 17.5% (15.8).
  • Net income was MSEK 53.7 (38.3).
  • Earnings per share amounted to SEK 1.07 (0.76).

EVENTS DURING THE QUARTER

  • From January 1, 2022, operations are reported divided into the business areas of GARO Electrification and GARO E-mobility.
  • A decision was made to invest in a new production and logistics facility in Poland with construction starting in the second quarter of 2022.
  • Swedish operations prepared for further expansion through leased premises in Hillerstorp.
  • The situation regarding material supply worsened toward the end of the quarter, mainly effecting the business area GARO E-mobility.

EVENTS AFTER THE END OF THE QUARTER

  • Framework agreement signed with a global vehicle manufacturer regarding charging infrastructure for the European market.

For more information, please contact:
Patrik Andersson, CEO +46 (0)76 148 44 44
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 EU Market Abuse Regulation. The information was published by the abovementioned contact persons on May 11, 2022, at 2:00 p.m. CET.

GARO AB (publ) Corp. Reg. No. 556071–7772 is a company that develops, manufactures and markets innovative products and systems for the electrical installations market under its own brand. GARO’s customer offering is to provide complete solutions in the product areas of Electrical distribution products, E-mobility, Project business & Temporary Power with a focus on electrical safety, user-friendliness and sustainability. GARO was founded in 1939, has its head office in Gnosjö and is today an international company with operations in six countries with around 500 employees. The company’s production units in Sweden are located in Gnosjö and Värnamo, as well as in Szczecin, Poland. GARO is listed on Nasdaq Stockholm under the ticker name GARO. For more information, see www.garo.se

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