Revenue of NOK 401 million (NOK 398 million), up 0.6%. Like-for-like sales
declined by 3.3%. 
Revenue excluding EV chargers is NOK 374 million (NOK 348 million).
B2B sales increased by 3.2% compared to last year while B2C sales decreased with
1.7%.
Gross margin is 35.3% (37.6%). The gross margin in Norway is 36.8% (38.6%).
Gross margin in Elbutik is significantly lower than for the Norwegian operation
with 21.1%.
Reported EBITDA of NOK 28 million (NOK 45 million). EBITDA margin is 7.1%
(11.3%).

Comments from CEO Andreas Niss:
Total sales in the third quarter were NOK 401 million, which is 0.6% growth
compared to last year. Gross profit for the quarter was NOK 141 million, down
from NOK 150 million in 2022. EBITDA for the quarter was NOK 28 million, down
from NOK 45 million last year. The third quarter started off well with a good
sales growth in July, which was followed by a minor increase in sales in August.
In September we had a slight decline in sales compared to last year.

EV chargers continue to be the category that performs far behind last year
sales, and in the third quarter this is the sole reason for sales not having a
greater growth. In September Easee launched their new product which led to an
increase in sales at the end of the quarter and the decline versus last year is
decreasing. Sales of solar is making up for some of the lost sales in EV
chargers, but we are not able to compensate for the total decline.

Our Swedish operation had a positive development throughout the third quarter
with sales growth both in the like for like business and our new store. We
continue to strengthen our offer both in B2B and B2C and the customer reception
is good.

In September we signed another franchise agreement. Our new franchisee has the
intention of opening their first store mid-2024.

During the end of the quarter, we had our annual event for our partner customers
within B2B. This was a successful event where we got the opportunity to present
and discuss current and new business opportunities together with our most
important customers.

Cost control is good and we continue to closely manage and follow our cost
development. In September we also see the cost reductions that were implemented
in May coming through in terms of lower personnel cost.

We believe that market conditions will stay challenging for the coming months.
However, we see a good sales development in Sweden and as we now move into our
largest sales quarter of the year, we are well prepared to handle the increase
in demand.

I send my greatest thanks to our employees for their hard work and dedication
throughout the third quarter. Stores are now ready for peak season and I'm sure
you will continue to deliver the best customer service in the most professional
way, to all our customers also in the busiest time of the year.

The quarterly report and presentation are available at:
https://www.elektroimportoren.no/investor and
http://newsweb.no

You are invited to join us for a physical meeting at 11.00 at Hotel Continental
(Stortingsgaten 24-26) in Oslo. Please inform DNB of your attendance by e-mail
to mona-cathrin.brekmo@dnb.no

If you cannot join our physical meeting, you are invited to join a live webcast
today at 09.00. Link to webcast is available at:
https://teams.microsoft.com/l/meetup-join/19%3ameeting_NzU4YjAzMGUtZmUxNy00NDhhL
WE0MzctNDIyN2ExMGZhYTUw%40thread.v2/0?context=%7B%22Tid%22%3A%224cbfea0a-b872-47
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