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2022-11-02

CTEK AB: Interim report Q3: Strong growth for EVSE but weaker Aftermarket and challenging cost level

July-September 2022

  • Net sales amounted to SEK 221 million (209). Adjusted for currency effects, growth was negative 2 %.

  • The EVSE share of net sales rose to 27 % (20) and amounted to SEK 59 million (42).

  • Adjusted EBITA declined to SEK 21 million (25), corresponding to 9.5 % (12.0).

  • The first units of the base variant Ultium Chargers were delivered, and the launch of another product model for GM is planned for the first quarter of 2023.

  • CTEK believes that net sales for the fourth quarter will be in line with the third quarter of the year with slightly lower margins, given a changed product mix.

"Organic growth in the Original Equipment division exceeded 70 percent, with contributions from the first deliveries to General Motors. In Energy & Facilities, organic growth was 15 percent, with continuing healthy demand in the home market. Demand in Aftermarket, which targets end consumers, remained volatile in the quarter and was impacted by lower purchasing power. Net sales for the division declined 15 percent organically. The Group's adjusted EBITA margin amounted to 9.5 percent (12.0) and was affected by a generally higher cost level, which was partly offset by price increases made during the spring. The debt/equity ratio increased to a multiple of 4.5 due to a lower profit level and higher working capital requirements, which has prompted the company to take action. CTEK estimates that net sales for the fourth quarter will be in line with the third quarter of the year with slightly lower margins, given a changed product mix", says Jon Lind, President and CEO, CTEK.

Today, 2 November at 09:00 CET, CTEK will hold an audiocast in English. CTEK is represented by CEO Jon Lind and CFO Thom Mathisen, who present the interim report and answer questions.

To participate or for further information - https://financialhearings.com/event/44124

Before its publication, this information was inside information and is such that CTEK AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, on 2 November 2022 at 07:45 CET.

For further information please contact:

Jon Lind, President and CEO, +46 703 97 23 71, jon.lind@ctek.com

Niklas Alm, Investor Relations, +46 708 24 40 88, niklas.alm@ctek.com

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