Entering 2024, we were prepared for continued challenging market conditions and
softer demand. The results from 1st quarter shows that our expectations were
correct.

January sales showed a double digit decline in sales. In February sales improved
and ended just below last year. The development from February continued in
March, though total sales are influenced by Easter being in March this year vs.
April last year. Sales in March were down in comparison with 2023. Total sales
for the first quarter ended at NOK 350 million (NOK 383 million).

Gross margin is impacted by higher share from Sweden and increased B2B share of
sales. This together with a negative FX effect gave us a decline in gross margin
for the quarter compared to last year resulting in a total gross margin of 34.7
per cent (35.7 per cent).

All major categories have been influenced by the softer demand, except heating
and energy. With a cold January, sales of heating panels and cables were good.
EV chargers continue to be the category with the greatest decline but with one
year since the Easee ban in Sweden we believe this will change from now on. In
Sweden our physical store drives growth but online sales are down for the
quarter.

We have continued with rigid cost control, with good results. First quarter OPEX
of NOK 96 million is NOK 9 million lower than last year (NOK 105 million). In
the first quarter we increased cost reductions further by reductions in
personnel in our Swedish operation.

EBITDA for the quarter was NOK 24 million, down from NOK 32 million last year.
EBITDA reported decreased by NOK 8 million due to lower sales and gross margin.

Throughout the first quarter our Norwegian operation have been doing a great job
in a challenging market. This have resulted in an improvement in market share in
the B2B sector, whilst keeping costs down and gross margins at a healthy level.

In Sweden market conditions have continued to be tougher than in Norway and we
continue to work with our customer offer to attract more customers. We are
pleased to see that sales in our physical store are developing in the right
direction. In the first quarter we see March sales at the same level as November
sales last year, a good indication that our business model has good growth
potential. We still acknowledge that we have a way to go before our position is
at the right level in Sweden.

We believe market conditions will continue to be challenging for some time.
However, we do see that our good cost control together with our competitive
offer in B2B and unique concept in B2C continue to attract customers. We will
continue to deliver the best customer service in the most professional way, and
when the market headwind turns into tailwind, we are ready to capitalize on
that.

PRESENTATION:
The quarterly report and presentation are available at:
https://www.elektroimportoren.no/investor and http://newsweb.no 
The results will be presented today15 May at 09:00 CET by CEO Andreas Niss and
CFO Jørgen Wist. The presentation will be broadcasted as a live webcast in
English. 
Please use the following link: https://bit.ly/ELIMPQ124

For more information, please contact: 
Andreas Niss, CEO: +47 934 67 067 
Jørgen Wist, CFO: +47 959 34 619.