Elektroimportøren AS — Earnings Release 2022

Aug 18, 2022

Q2 Reporting Elektroimportøren

Q2 Reporting Elektroimportøren

Highlights of the second quarter 2022.

Key financials;

• Revenue of 358.3 MNOK (320.8 MNOK) up 11.6%

• Like-for-like sales have been reduced with 2.4% to Q2 2021, but positive like-for-like sales in physical

stores

• Online share of total sales (excluding pick up in store) 18.9% including sales from Elbutik as online sales

• B2B sales have increased with 8.4% while B2C including Elbutik increased with 15.3%

• Sale of electrical vehicle chargers have continued to increase significantly compared to last year, total

sales Q2 of 47.6 MNOK (34.4 MNOK).

• Sale of full service product offer Spoton continues with positive development with 7.4 MNOK (4.3 MNOK)

• The overall gross margin percentage of 35.1% is a reduction compared to Q2 last year (37.4%). Key drivers

for reduced margin percentage are; Increased share of sales to B2B, change in sales mix (EV chargers

and Spoton)and increased share of sales from Elbutik

• Reported EBITDA 48.8 MNOK is down from last year (52.8 MNOK)

• We are as of end of June utilizing 45.7 MNOK of our overdraft facility. Main drivers for negative cash

development during this quarter is payment of dividends, higher portion of tax payments and wacation

allowances. Usually Q2 is the lowpoint in net cash during the financial year.

Q2 became more challenging than expected. We started off well, with sales growth in both B2B and B2C in April. As we moved into May and June B2C sales declined, but B2B continued to grow. In Sweden, Elbutik experienced an opposite development where April was the most challenging month, and June the best compared to last year.

Based on audited figures for 2021 the cash part of the purchase price for Elbutik Scandinavia AB was reduced with 19 MSEK.

We have signed a lease agreement for our first Swedish store with planned opening during Q1 2023. (Greater Stockholm, Barkarby/Veddesta.

Q2 has been a challenging quarter in terms of growth, but we believe that the most challenging comparable numbers are behind us. During July we have taken further actions to protect our gross margins, our business integration in Sweden is going according to plan, and we have our peak season in coming months.

Q2 report and presentation is also available at

www.elektroimportoren.no/investor.

You can also join live webcast at 09.00 18 August. Link to webcast is available at www.elektroimportoren.no/investor.