CTEK Ab

Thank you so much and good morning to all of you and welcome to the Q4 report from CTEK. With me today I have Tom Mathisen our CFO and as always we will start with a small presentation of CTEK and then before we dig into the Q4 result. CTEK was founded almost 30 years ago by Bengt Wahlqvist, the inventor of the smart charger. And that's the invention that we have built the company on. CTEK has mainly two technology areas. we have our heritage the low voltage and now for this quarter we have also introduced boosters premium boosters our heritage product is the premium chargers and now we have introduced an adjacent segment that is premium boosters which is as big addressable marcus as the chargers The other technology area is chargers for EV, electrical vehicle cars. And there we are, as we speak, introducing two new products as well. But I will come back to that later. we are going to the market in two different divisions one is the consumer divisions there we mainly sell our low voltage technology and it's focused on retail big retail change and e-tailers and we are targeting worldwide The other division is our professional division. There we are also selling our low voltage products to mainly OEMs and also our EVSE chargers, the chargers for electrical vehicles to mainly parking operators and charge point operators. More than 50 premium vehicle manufacturers have chosen CTEK to be their supplier of charger solutions. That speaks a lot about the trust we have earned and the quality in our products. We are providing premium products to a lot of different segments and many niches. In a lot of the segments, we are selling many of our different products as you can see here. There are synergies in the sales channels. There are many same sales channels and when we now are introducing a new adjacent product category like premium boosters, we are aiming to the same sales channels as we already are in with our premium chargers. It's also worth to note that also plug-in hybrid and EV cars are needing our low voltage products. So then, into the Q4 results. I'm happy to see increased margins and a very good cash flow for the quarter. That shows the quality in our business. The turnover are impacted by that we have ended the business with General Motors, that we had a big order, last buy order in the comparable quarter. We also have an effect of currency and we have a somewhat weaker North American market. But other from that, we see strong underlying base business. and we have a full year of organic growth in low voltage segments. If we dig a little bit deeper into the turnover, the ended contract with General Motors has an effect of minus 46 million if we compare with the comparable quarter. The currency headwind is about 10 million impact and a weaker softer sentiment in North America due to tariffs and consumer sentiment is another 10 million. So that is mainly describes the drop from the comparable quarter. We had a very good quarter when it comes to cash flow, and we are now down to a leverage of 1.2. That creates a lot of flexibility for us to go forward. And as I mentioned, we also have introduced adjacent product segments and also a lot of products in our premium charger segment. So for the full year, we can see a five, I think it's about 5% organical growth in low voltage business. So it's, I think in this market condition, it's a good growth. Then I hand over to you, Tom.

Yes, to give some more details on the financials and starting with the both divisions we have and the first is the consumer standing for three quarters of our turnover. Organically in this quarter it was a decline. from 184 to 159. And as Henrik said, that is mainly related to currency impact and the softer market in US related to the tariffs that are in place right now. However, you can see on the EBITDA that we have increased the EBITDA percentage from 38.1 to 40.4, despite these lower volumes. So it's still a stable and very profitable division. Coming to the professional division, that includes around 25% of our turnover. We have both low voltage products and EVSE products in this division. So the net sales declined as much as 45% in this quarter. And that is, as Henrik just mentioned, almost entirely related to the ceased business with GM on the EVSE part. We are still working with General Motors on low voltage. And also here, even from a little bit lower levels, we have turned the negative EBITDA to a positive of 1 million in this quarter compared to minus 10 last quarter. And for the full year, we are now on a plus 3% EBITDA level. that is compared to minus 6% for the full year. So even if we still have to do improvements here, it's going in the right direction from a profitability point of view as well. Cash flow is as important as always. If I start on the lower part of this slide on the CapEx, we have said before, we repeat it now that we are now coming back to more normal levels on the CapEx in relation to net sales. We don't foresee any increase from those levels going forward. We have sufficient of amount to do good product development going forward as well. So the capex from operating activities was as high as 131 million compared to 59 in last quarter four. And if you look at after investment activities, our net cash is on 118 million, which is a really good quarter for us. So we see now that we have created, as Henrik said, a good situation from a financial stability and we have lowered the net debt ratio to 1.2, which is quite far below our financial target of 3.

so with that said i hand it over back to you henrik thank you tom so as a summary we are continuing to follow our strategic plan we have built a very strong and profitable platform and we have during the quarter launched many new products and i think it's very important to stress the premium booster which is a new product category for us but double the addressable market it has the same size and possibilities as our premium chargers the profitability increase is strong as the cash flow and the low net debt ratio creates a lot of flexibility for us going forward At the Capital Market Day we had in May last year, we have taken this picture to present our journey towards our financial goals. During the fourth quarter, we took a big step in increasing our profitability. We have also now launched a lot of new products, having a foundation for growth in 2026. And we are according to plan. We have introduced products in new segments, in our premium charger segments and also in our EVSE segments. So we are looking very positive into 2026. And with that operator, I open up for questions.