Summary of key financials in Q2 2024
Total revenue in Q2 was NOK 349 million, up 7.2% from NOK 326 million last year:
o Like-for-like sales increased by 4.4%
o B2B sales increased by 9.6% year-over-year
o B2C sales increased by 4.5%
o Positive Easter effect of approximately NOK 10 million

Gross margin in Q2 was 32.4%, down from 34.6% last year:
o Decline driven by FX effects, solar products, aggressive June campaign and B2B
share of sales
o Adjusted for FX and solar effects, gross margin would be 33.8%

OPEX were NOK 80 million in Q2, down from NOK 82 million last year. The decline
is driven by strong cost focus and cost reduction implemented during 2023, which
is coming through. However, the decline is somewhat offset due to Easter effect
and general price adjustments.

Reported EBITDA in Q2 was NOK 30 million, down from NOK 31 million last year.
EBITDA margin of 8.7%, down from 9.4% last year. Adjusted EBITDA in Q2 was NOK
33 million, up from NOK 31 million last year. Adjustment of NOK 3 million is
cost related to termination of one of the lease contracts in Sweden.

Comments from the CEO
Sales have picked up in the second quarter of 2024. We expected growth in April
because of Easter being in March this year, and since the impact of the Easee
ban was evened out late March. Even so, Q2 2024 marks a turning point in sales
development for Elektroimportøren. We are back to growth in both Norway and
Sweden and we see growth in all our major categories.
April sales grew with double digits, recovering from slower Easter sales in
March and beyond that. May started out well but we did not manage to grow sales
when the summer weather reached Norwegian and Swedish consumers. In June we
recovered sales again and where back to growing our business. Total revenue for
the second quarter ended at NOK 349 million (NOK 326 million) which is up 7.2
per cent from last year. 
Gross margins continue to be challenged. In B2C, gross margins are mainly
impacted by growth in Smarthome products and EV chargers. In B2B, gross margins
are impacted by the increasing share of EV chargers and the low margins on solar
sales. 
On category level we see the largest growth in Smarthome products and EV
chargers. Growth in sales of EV chargers is due to the major decline we had in
sales last year, and even if sales now are picking up it is obvious that the
market for EV chargers is declining. Growth in Smarthome products is driven by a
general increase in demand and increased campaign activity. Solar is the
category with the poorest development. Sales of solar products are down over 60
per cent versus last year. This follows the development in the solar market
which have had a dramatic decline over the last 6 months. However, we are
switching sales focus from domestic to industrial projects where there still is
a demand in the market.
We continue with a rigid cost control and our plan for2024 savings remains the
same.
In Sweden it seems that the market has had a positive reaction to the decrease
in the policy rate from Sveriges Riksbank. We also continue to see a good growth
in our physical store as both B2B and B2C customers discovers our concept. In
May we assigned a new managing director for our Swedish operation and the plan
to bring Elbutik back to profit is taking shape.
Market conditions continue to be tough but there are some indications that
demand is picking up. Consumers are more responsive to marketing campaigns and
B2B customers order books are filled up more than they were a year ago. So it is
with a cautious optimism that we look forward to the remainder of 2024.

PRESENTATION:
The quarterly report and presentation are available at:
https://www.elektroimportoren.no/investor and http://newsweb.no 
The results will be presented today 22 August 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://teams.microsoft.com/l/meetup-join/19%3ameeting_NzJjNDhjYTctM2NkMS00YWFlL
WJjNGQtNzE0Nzk2MDg4NmQx%40thread.v2/0?context=%7B%22Tid%22%3A%224cbfea0a-b872-47
f0-b51c-1c64953c3f0b%22%2C%22Oid%22%3A%22e6df3138-b416-457f-b6c1-5f3ce7a36ee7%22
%2C%22IsBroadcastMeeting%22%3Atrue%2C%22role%22%3A%22a%22%7D&btype=a&role=a


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