Fourth Quarter (Oct-Dec 2022)

Net sales amounted to TSEK 127,545 (96,148), which is an increase of 32.7 % compared to the same period last year.

The gross margin amounted to 58.3 % (57.8).

Operating profit before depreciation and amortization (EBITDA) amounted to TSEK 35,510 (27,979), which corresponds to an operating margin before depreciation and amortization of 27.8 % (29.1).

Operating profit (EBIT) amounted to TSEK 24,369 (19,687), which corresponds to an operating margin of 19.1 % (20.5).

Earnings per share before dilution amounted to SEK 1.76 (1.43).

(Comparative figures in parentheses refer to the corresponding period in the previous year.)

Jan-Dec 2022

Net sales amounted to TSEK 430,823 (326,175), which is an increase of 32.1 % compared to the same period last year.

The gross margin amounted to 58.7 % (57.0).

Operating profit before depreciation and amortization (EBITDA) amounted to TSEK 118,558 (82,438), which corresponds to an operating margin before depreciation and amortization of 27.5 % (25.3).

Operating profit (EBIT) amounted to TSEK 79,407 (53,680), which corresponds to an operating margin of 18.4 % (16.5).

Earnings per share before dilution amounted to SEK 5.79 (3.90).

(Comparative figures in parentheses refer to the corresponding period in the previous year.)

Comments from the CEO

A strong ending of the year

We end the year strongly with an organic increase revenues of 33 % in the fourth quarter, compared to the same period last year. Additionally, we experience continued increased good profitability with an operating margin of 19 % and a gross margin of 58 %. Despite the troubled global situation, we currently see no significant effect on our installations during the fourth quarter.

This summarises a strong year with an organic growth revenues of 32 % and an operating margin of 18 %, which is an increase from the previous year. This outcome is in line with our ambition of achieving strong growth in combination with increased profitability.

Norway is the year's main shining star with an organic growth in revenues of 116 % for the full year. The growth rate continues to be very similar to the trend we had in Sweden, which points to a stable growing demand. Our other markets are growing steadily with small resources and stable profitability.

Due to a period of global component shortages, we have increased our inventory in order not to risk our ability to deliver. This has affected the cash flow negatively during the year. The situation on the market has now improved, which has led to us being able to adapt the future strategy and maintain a more stable or lower inventory level.

The growth in Sweden needs new product categories to increase further, which is our ambition to present in 2023. In 2023 we will establish in Germany and Switzerland, two markets where we see there is great interest, which creates strong expectations for the future. Norway is our first confirmation that our model is scaling successfully abroad, and we hope to see more countries follow the same course in the coming years.

In summary, the company delivers a strong quarter and year on our journey of multidimensional growth and increased profitability. I want to thank all the employees for a fantastic job.

Babak Esfahani

CEO