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

Company: Garo Date: 2024-09-16 Language: English Register to download

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**Press release** September 16, 2024

## **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 improve during 2025. Accordingly, GARO has a positive, long-term view of the E-mobility market and will soon launch a version of Entity wall box, targeted to the home market – GARO Entity Home.

The action program entails that the number of employees in the Group will be reduced by approximately 30 and this primarily involves salaried employees in the GARO E-mobility business area and associated central functions. Purchases of consulting services will also be significantly reduced.

At the same time, GARO is making a inventory write-down of approximately MSEK 48 of inventories that will be charged to the third quarter. This impairment primarily refers to the GARO E-mobility business area and mainly relates to the earlier generation of wall boxes as well as inventories and continuing development expenditure for an older, outgoing DC range.

## **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 September 16, 2024, at 8:30 a.m. CEST.*

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 seven countries. The company's production units in Sweden are located in Gnosjö and Hillerstorp in Sweden and in Szczecin in Poland. GARO is listed on Nasdaq Stockholm under the ticker name GARO. For more information, see www.garo.se

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