Garo AB
STO:GARO
Garo AB
GARO AB engages in the development, manufacture, and marketing of electrical installation products. The company is headquartered in Gnosjoe, Vastra Gotalands and currently employs 498 full-time employees. The company went IPO on 2016-03-16. The firm offers a wide range of electrical products, such as plugs and sockets, switches, switchboards GCS, switchboard systems GPK, cable boxes, bottom boxes, terminals, junction boxes, aluminum enclosures, IT cabinets, meter cabinets, meter boards, consumer units, din rail components, switchgears, outletboxes, sunenergyproducts, workplace lighting, distribution boards, EV-charges, marina pedestals, residual current devices, safety isolators, circuit breakers, among others. The firm operates through a number of subsidiaries in such countries, as Finland, Norway, Ireland, Poland, among others. The firm operates WEB-EL Forsaljning AB as subsidiary.
GARO AB engages in the development, manufacture, and marketing of electrical installation products. The company is headquartered in Gnosjoe, Vastra Gotalands and currently employs 498 full-time employees. The company went IPO on 2016-03-16. The firm offers a wide range of electrical products, such as plugs and sockets, switches, switchboards GCS, switchboard systems GPK, cable boxes, bottom boxes, terminals, junction boxes, aluminum enclosures, IT cabinets, meter cabinets, meter boards, consumer units, din rail components, switchgears, outletboxes, sunenergyproducts, workplace lighting, distribution boards, EV-charges, marina pedestals, residual current devices, safety isolators, circuit breakers, among others. The firm operates through a number of subsidiaries in such countries, as Finland, Norway, Ireland, Poland, among others. The firm operates WEB-EL Forsaljning AB as subsidiary.
Revenue Decline: Net sales fell 7% year-over-year to SEK 251 million, due mainly to continued weakness in E-mobility and the Swedish residential market.
E-mobility Struggles: Sales in E-mobility dropped 22% and the business area posted another operating loss, but management is focused on reducing inventory and improving product mix.
Electrification Resilience: Electrification remained stable, with strength in the UK, Ireland, and Finland offsetting weakness in Sweden. Electrical distribution products grew 4%.
Profit Margins: Adjusted EBIT improved to SEK 2.5 million from SEK 0.4 million last year, helped by better electrification margins and cost controls.
Cost Actions: Termination costs of SEK 4 million impacted EBIT; further focus on efficiency and simplified operations is ongoing.
Cash & Liquidity: Operational cash flow improved with SEK 11 million generated after working capital changes. Net debt fell versus last year and liquidity remains solid.
Outlook: Management expects Q4 to be seasonally stronger and is committed to executing a multi-year recovery plan focused on efficiency, product simplification, and market alignment.
