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Edge16 Aug 2024
The Småland Spirit: How Rural Sweden Birthed Giants Like IKEA
Discover how The Småland Spirit turned a historically poor region into a hub of industrial success, spawning success stories like IKEA and Husqvarna.
Garo
Garo (GARO) investor relations material
Garo Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Electrification remains the core business, showing resilience and growth in Sweden and the Nordics despite a weak construction market, supported by key contracts like Förbifart Stockholm and Mariestad prison.
E-Mobility sales underperformed expectations, with a 21% decline in Q4 and a 25% drop for the year, though robust charger deliveries to France and growing interest in AC charging for heavy vehicles were noted.
Organization-wide sales training, integration of business areas, and leadership transition with Tobias Biefeldt appointed as new President and CEO aimed to standardize processes and improve profitability.
Cash flow from operating activities improved, and no dividend was proposed for 2025.
ERP project nearing completion, with significant costs incurred during the year.
Financial highlights
Q4 net sales were SEK 261 million, down 8% year-over-year; full-year net sales were SEK 1,043.5 million, down 9%.
Adjusted operating profit (EBIT) for Q4 was SEK -4.9 million, with a margin of -1.9%; full-year EBIT was SEK -8.1 million, including SEK 7 million in non-recurring costs.
Electrification segment Q4 net sales: SEK 212 million (down SEK 10 million year-over-year); EBIT: SEK 17 million (down from SEK 26 million).
E-Mobility segment Q4 net sales: SEK 49 million (down 21%); EBIT: -SEK 21 million.
Cash flow from operating activities after working capital changes was SEK 37 million in Q4; full-year cash flow was SEK 57.9 million.
Outlook and guidance
Early signs of market strengthening expected in 2026, with public, commercial, and industrial demand remaining robust.
Gradual improvements anticipated in both electrification and e-mobility segments, with residential construction recovery expected in 2026.
In-depth analysis of E-Mobility business ongoing, with results expected in Q2 2026; all options, including divestment, are being considered.
E-mobility profitability measures timeline?
ERP project's expected efficiency gains?
Sustaining cash flow improvements in 2026?
E-mobility analysis: What measures are considered?
Electrification: Underlying margin ex-Q4 one-offs?
What specific market segments drive 2026 optimism?
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Next Garo earnings date
Q1 202613 May, 2026
Garo
Next Garo earnings date
Q1 202613 May, 2026
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Frequently asked questions
Garo develops, manufactures, and markets electrical installation products and systems in Sweden, Norway, Finland, Poland, Ireland, and the United Kingdom. The company offers socket outlets, plug connectors, switches and circuit breakers, lamps and lighting fixtures, cable trays and accessories, under floor ducts and sockets, trunking systems and accessories, junction boxes and cabinet systems.
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