Ladies and gentlemen, thank you for standing by. Welcome to the GARO Interim Report First Quarter 2024 call. All lines will be placed on mute during the presentation portion of the call, with an opportunity for question and answer at the end. If you would like to ask a question, please press star followed by one on your telephone keypad. I would now like to hand this conference over to our host, Patrik Andersson, CEO. Please go ahead. Thank you and welcome everyone to the presentation of GARO's Quarter 1 2024. My name is Patrik Andersson, and I am the CEO of GARO. With me today, I have Helena Claesson, our CFO, to present our financial performance. Next slide, please. Let's start with an introduction. GARO is a company founded in 1939 that develops, manufactures, and sells innovative products and systems for electrical installation under its own brand in the European market. Developing products that are at the forefront has always been a significant aspect of our success. Our focus is developing user-friendly and safe products with a modern design and a long service life. There is market demand for products and solutions to assist in establishing a fossil-free society in which a growing number of players are becoming cautious of their sustainable impact. This makes the sustainability aspect a crucial factor in the choice of products and services. Next slide, please. We have two business areas: GARO E-mobility, which consists of the GARO E-mobility product area, and GARO Electrification, which includes the electrical distribution products, project business, and temporary power. We have operations in Sweden, Norway, Ireland, Finland, Poland, the U.K., Germany, and we also now establish a company in Spain, which I will come back to later in the presentation. We also sell in other European countries where we don't have own subsidiaries. We have production facilities in Gnosjö and Hillestorp in Sweden and in Szczecin in Poland, where we moved into new production and logistics facilities in the summer of 2023 to meet the European demand for eMobility products for the coming years. We are approximately 440 employees in the group. Next slide, please. In the eMobility product area, we develop and market all types of chargers for rechargeable vehicles. We have product and turnkey solutions for destination charging for various locations, including at home, in public, at the workplace, and along the highway. To make the eMobility business even more complete, we are also offering service agreements to assist our customers with the annual service and updates. We believe it's important to make it easy for the user and to make it possible to charge in locations where people live and work. This area accounted for 29% of the sales in the quarter. Next slide, please. The largest product area in the GARO Electrification business area is electrical distribution products, which consist of approximately 3,500 products and turnkey solutions for the electrical installation markets. Examples of products are components, safety switches, meter cabinets, outlet boxes, plugs, and sockets, which are products used daily in different applications such as in new buildings, renovations, marine camping sites, industry, and eMobility solutions. This product area contributed 45% of the group sales in the quarter. Our project business product area provides complete and customized solutions for all types of power supplies for apartments, single-family homes, industry, and eMobility solutions accounted for 23% of the total sales. The temporary power product area, which has a product portfolio consisting of temporary electricity, lighting, heating, and charging products used on construction sites and events, accounted for 3% of the sales. These four product areas make GARO's offering unique and easy for the customer. An example of this is when the customer requires charging solutions with different chargers and load balancing from eMobility, and also requires power supplies from project business as well as safety and installation products from electrical distribution products. These make it easy, simple, and safe for the customer and end user. Now over to Helena for some financial updates. Next slide, please. Thank you, Patrik. I would like to start by looking at the financial summary for the first quarter. Net sales amounted to SEK 293 million, a decrease of 21% or SEK 80 million compared to the same quarter last year. Sales within GARO Electrification decreased by 16% as a result of the weaker economy in the markets in general. eMobility showed a decrease in sales of 31%. Out of the lowest sales in the quarter, SEK 65 million are related to the lower sales in Sweden, affecting both business areas. Operating profit for the quarter came in at SEK -7 million compared to SEK 28 million for the same quarter last year, which is mainly explained by the low sales volumes. During the quarter, we have performed a savings and efficiency program to adapt the organization for the lower volumes, but at the same time also be prepared for the recovery in the market. We will start to notice full effect of the program during the second quarter. Also, we have noticed that the sales have somewhat recovered in April as a result of more working days and a slightly better demand in those business areas. Now over to you again, Patrik, for some operational highlights. Next slide, please. Thank you. Let's start with GARO E-mbility. The prevailing market situation with macroeconomic uncertainty continues to affect purchasing patterns and investment decisions, primarily in the Swedish markets. This had a negative impact on GARO sales. Moreover, some of our major contract customers still have volumes of GARO's products in inventory due to the current market climate. Our activity market outside Sweden appeared more positive and showed growth in the quarter. The beginning of 2024 was hectic for the recently established sales company in Germany. The company made its first delivery of Eichrecht-compliant products, which were well received by the customer. GARO will continue to expand the product portfolio for the German market with more Eichrecht-compliant products during the year. GARO E-mobility, therefore, intensified its marketing activities in Germany, Poland, and Ireland. In addition, we are now established as a sales company in Spain. Spain is the fourth-largest country in Europe in terms of number of passenger cars, with about 27 million cars and a rapidly growing market for rechargeable cars in the coming years. The first delivery is expected to commence in the second half of 2024. GARO Entity Compact, the market's only Wallbox charging at home that is third-party certified according to the current charging standards in Europe, is facing a market that is under price pressure from other players. However, GARO's uncompromising focus on safety in product development remains firm. Demand for public charging points is the main driver of sales in the business area. We go further on with GARO Electrification. A continued weak economic climate with high interest rates leads to a significant decline in the market for construction of new single-family homes and apartments in Sweden and the Nordic region. Therefore, the demand for products related to house manufacturers was down sharply, and the forecast shows that it will continue to impact the production rate of housing for a period ahead. However, in Ireland, the market for new constructions remains stable, and we see a growing demand for construction-related products. In the market where GARO is active, there is a considerable underlying need for new housing and apartments, and the long-term assessment in the market will gain new momentum in the coming years when the financial situation has stabilized. Demand is relatively healthy for new construction, renovation, and energy efficiency in the public sector, commercial properties, and industry. However, these volumes will not fully compensate for lower volumes in new construction in the short term. During the quarter, Ireland delivered products to a major international computer company with data centers across Europe. The delivery includes components for distribution cabinets that will be placed in the company's server facilities. Growth and profitability. During the quarter, an action program was carried out to continue adapting the organization to the prevailing situation. The program reduced the number of 40 employees in the group. The action program primarily concerned the GARO E-mobility business area. The program is expected to achieve full effect in the second quarter. Cost control and efficient organization will remain a major focus area for the entire GARO group. The action program completed in GARO Electrification in autumn 2023 has now yielded a desired effect with an organization adapted to the prevailing market situation. Now over to Helena. Next slide, please. Thank you. I will continue then by looking at the two business areas separately. Can we start with GARO E-mobility? Net sales amounted to SEK 84 million in the quarter, giving us a negative growth of 31% compared to last year. When comparing the same quarter last year, it should be noted that the launch of GARO Entity took place during this quarter in 2023, and several large deliveries were done to left stock at the customer. Also, in the first quarter last year, deliveries were made against backorders of public chargers. All in all, this gives us challenging comparative figures for the business area. In the quarter, sales in Sweden and in the Nordics were down with 49%, respectively 43%, compared to the same quarter in 2023. GARO is preliminarily affected by the market development in the Nordic markets, where we have a significant market share. At the same time, we saw growth of 15% for the other markets in Europe. In general, the markets outside of Sweden feel more positive. As Patrik mentioned, GARO E-mobility is intensifying the sales activities in Germany and in Poland. Furthermore, we are now establishing a sales company in Spain. The operating profit for the quarter amounted to SEK -24 million compared to '07, giving an operating margin of -28%. Lower sales, weaker gross margin with excess staff in production, as well as an organization that is built for growth, explains the negative result. Also, the campaign activities for the charger box GLB, built on the previous platform which began in the autumn of 2023, continue. The campaign partly explains the slightly lower gross margin as sales take place at significantly lower margins for this product. Next slide, please. Then we will focus on GARO Electrification business area. Net sales declined by 16% and amounted to SEK 208 million compared to SEK 248 million in the same quarter last year. The lower sales are to some extent explained by less working days in the quarter as the Easter weekend occurred earlier this year. The number of working days affects sales in this business area as these products are used continuously by the electricians in their daily installation work. A continued weaker economy with high interest rates has meant that the market for new constructions of single-family houses and apartments has decreased significantly in Sweden and in the rest of the Nordic region. However, there is relatively good demand for new constructions, renovation, and energy efficiency in the public sector, commercial properties, and in industry. But sales in these categories are not compensating for the lower volumes in other areas. During the quarter, GARO Ireland has delivered products to a large international computer company with data centers around Europe. The delivery includes components for electrical distribution boards for server facilities. EBIT amounted to SEK 17 million compared to 2021 last year, giving us an EBIT margin of 8%. The efficiency program implemented during the fall of 2023 is having the desired effect. Since the end of 2023, GARO is running a project updating our business system, which will enable better processes and collaboration between the group's various units. The cost for this project is fully taken within this business area and has affected the result with SEK 1.5 million to the quarter. In line with price increases on input materials and components, GARO regulates prices towards the customer to the corresponding degree, but where delays in time may affect the margins in individual quarters. Next slide, please. Now following cash flow and balance sheet. Cash flow from operating activities before change in working capital amounted to SEK 8 million. Cash flow from operating activities after changes in working capital amounted to -SEK 44 million. The negative cash flow during the quarter is mainly attributable to reduced operating liabilities. Other items, such as inventories and account receivables, show minor changes. Tied-up capital in inventory decreased by approximately SEK 10 million in the quarter. However, our inventory value is still significantly higher than internal targets and a focus area for the management. Our net debt position amounted to SEK 278 million compared to SEK 207 million in the same quarter last year. We had an equity asset ratio of 52% and available liquidity, including overdraft facilities, of SEK 85 million. Now back to you, Patrik. Next slide, please. Thank you. We go further on with Outlook. The market, which slowed for both business areas at the end of 2023, is cautious and will remain so during 2024. It was gratifying, however, that the group sales outside the Nordic region showed growth, which supports our investment in Germany, which we entered at the end of 2023. International expansion is important for us, which we have started to establish operations in the Spanish markets. Spain is a country with expansion of eMobility infrastructure and therefore suitable for our products. The transition to fossil-free fuels, as well as energy efficiency systems and services, is crucial to achieve the sustainable development goal, which benefits GARO since its offering is adapting to these current needs. The market for home chargers is affected by the prevailing market situation with macroeconomic uncertainty, which is affecting purchasing patterns and investment decisions. The expansion of charging stations for major projects, for example, commercial property, tenant-owned associations, and public places, is expected to be good but slow, especially in the Swedish markets. The forecast for 2024 still indicates a cautious market in GARO E-mobility, followed by considerable growth in 2025. The current market situation for new construction of single-family homes and apartments is expected to persist at least through the entire year of 2024 in Sweden and the Nordic region. But as I mentioned before, there is a considerable underlying need for new houses and apartments and will gain in the coming years when the financial situation has stabilized. On the other hand, demand for other commercial and public construction, combined with renovation and energy efficiency, remains favorable. So all in all, we have a positive view of the long-term conditions, mainly driven by growth in charging infrastructure and the requirement for power supply. Next slide, please. Thank you all for listening, and we are now ready for questions. Thank you. If you would like to register a question, please press star, followed by one on your telephone keypad, ensuring you are unmuted locally. If you'd like to withdraw your question at any time, you can do so by pressing star, followed by two. We will pause here briefly to compile a Q&A roster. Our first question comes from the line of Anton Lund at Kepler Cheuvreux. Your line is now open. Please go ahead. Hello, Patrik. Helena, can you hear me? Yes, we can hear you. Perfect. A few questions from our side. First, what can you say about the price-volume mix in the quarter? Excuse me. The price? Price and volume mix in Q1 between the two segments. Can you add any color on that? You mean between the segments or within the segments? Yeah, within the segments. For each segment, what can you say about the volume decline and price increases and so on? Well, if we look into electrification, where we saw the decline then of 16%, if I'm going to make a guess, I would say that perhaps 10% is less volume, and then we have sorry, 20% perhaps is less volume, and then we have compensated with price increases by 5%. Is that kind of what you were? Yeah, exactly. And then for eMobility, what's the? Within eMobility, I would say that it's maybe a 2%-3% price increases, and the rest is sort of the same. Less volume, so 34% is lower volume. It's a little bit since we are doing the campaign of the GLB, it's a little bit more difficult to say. For the old platform, yeah. For the old platform, it's difficult to then say what is price, so to say, and what is volume effect. Sure. That's good. And then in terms of order intake for the first half here of Q2, do you see any signs of customer destocking coming to an end? Yeah, we can see, as we have mentioned before, we can see that our contract customers are coming to a point. They're lowering their warehouses and their stock. So yes, but that will also, the volume will come quite slightly, and it will not come so quick. But we can see that they have lower components and products in their warehouse, yes. Perfect. And then what can we expect from the Spanish expansion? When can we start seeing sales and so on? We announced that we will deliver our first product during the second half this year. So I think you don't should expect too much during 2024, to be honest, because we just set the organization and set the company, and we will see the sales more during 2025. But of course, we will see some sales during 2024, but don't expect too much during this year. All right. Thanks. And then one last question from our side. Net debt to EBITDA is increasing rather rapidly, I think, from 2.2 last quarter to around four, if I get it right. How do you view your financial position? Well, as I said, we have an overdraft or cash, including overdraft facilities, of about SEK 85 million. We have a focus on freeing up cash from our inventory. So yeah. Okay. And you're confident that you will be able to pay off the debt? Yes. Yes, we are. Yes. Perfect. That's all from me. Thanks. Thank you. As a reminder, if you'd like to ask a question, please press star, followed by 1 on your telephone keypad. The next question comes from Sofia Sörling of Carnegie. Your line is now open. Please go ahead. All right. Thank you, Sofia, here from Carnegie. My first question is about the expansion in Spain and Germany. Should we expect any necessary investment ahead due to this expansion? The investment, so to say, is more in organization. When it comes to Germany, as we write in the report, we have some more products that we should make Eichrecht approval, which is ongoing, but not big investment more than staff or employees, so to say. So no big investment. Okay. Could you also remind us between different products, or do you focus on the market for home chargers or more destination chargers in Germany and in Spain? We will focus on destination charging, which is both public, commercial, and of course, home also. But in Spain and in Germany, it will be more project business, tenant-owned associations, industry, and that type of application. But of course, we will also sell to the home market. So destination charging, including home. All right. Why would you say that Spain is a good market for GARO to enter? Also, if you could give us some more details on how the competition is in Spain versus what you see in the Nordics and also in Germany. We have looked into that market for a quite long time, and we looked into several markets. We can see Spain is an interesting country due to a lot of passenger cars. We can see the transaction now starting to happen in the country. We can also see that our product is adapting quite well to the Spanish market. We have a good portfolio for that market. The competition, of course, you have a lot of players also in Spain. We think our portfolio, our offer, suits that market quite well. Therefore, we are entering. All right. And then I also wanted to focus on product launches. Should we expect that you will launch any new products during 2024 within eMobility? In eMobility, we have made our big launch, so to say, with GARO Entity Compact and GARO Entity Pro, that is third-party certified. Of course, we can expect more, I would say, functionality in that type of product. But I don't think you should, during 2024, maybe see a new hardware product, so to say, but more functionality. And we are now focusing on this product portfolio we have at this stage to get volume on that and maybe fine-tuning and get more functionality. All right. Okay. And then question about demand within electrification. I got the impression that it's somewhat stabilized, although at low levels, during Q1. Is that your expectation as well, or do you see that it will be even tougher ahead within electrification? I think your view is quite correct. We think we are stabilized on a low level, so to say. We think it will increase slowly, quarter by quarter. But we think it will be quite tough during 2024, but it will be better, we think. We get some positive signs in the markets on maybe not new construction yet. That will come later on. But we can see it on energy efficiency. We can see in industry and in power supply, which we have a good portfolio of. But slowly, it gets better, yes. And we can also see that our program is giving the effect that we wanted. So we think it's exactly as you said, it will be better and better quarter by quarter, but slowly. Okay. Thank you. And my last question is also about the financial situation. As I calculated the net debt divided by EBITDA, it reached almost 3.9 per Q1. Would you say that is correct? And also, is that something that I know the other speaker were talking about this topic, but is that something that you have included in your covenant levels? And if you can give us some more details on your covenant levels and how you view that this will decrease ahead? Yeah. We don't have any covenants of that kind with the bank. And as I said, we are aware of that we have a little bit too much cash tied up in inventory values, and we are working on it intensively. And at the same time, we still have our overdraft facilities and so on. So yeah, that's also expecting to want to see Anton. Yeah. Okay. And it's mainly you expect improved working capital. But of course, in the long term, we want our net debt to decrease, absolutely. Yeah. But in the short term, you expect some positive effect within working capital change due to lower inventory levels ahead, if I understood it correctly. Yes. And then going down. Yes. Yep. Okay. Yeah. Thank you. No further questions. Thank you. As there are no additional questions, wrapping up at this time, I'd like to hand the conference back over to Patrik Andersson for closing remarks. Thank you, everyone, for listening, and I wish you a good day. Goodbye. Thank you. Ladies and gentlemen, this concludes today's call. You may now disconnect your lines.