Thank you so much, and good morning to all of you, and welcome to the Q4 report from CTEK. With me today I have Thom 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 market 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 division. There we mainly sell our low-voltage technology, and it's focused on retail, big retail chains 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 hybrid, plug-in hybrid, and EV cars are needing our low-voltage products. 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.

Other from that, we see strong underlying base business, and we have a full-year 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 46, -$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. 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 when to go forward.

As I mentioned, we also have introduced adjacent product segments, and also a lot of products in our premium charger segment. For the full year, we can see a 5, I think it's about 5% organic growth in low-voltage business.

I think in this market condition, it's a good growth. Then I hand over to you, Thom.

Yes, to give some more details on the financials, and starting with both divisions we have. The first is the Consumer, standing for 3/4 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 EBITA that we have increased the EBITA percentage from 38.1 to 40.4% despite these lower volumes.

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. 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. Also here, even from a little bit lower levels, we have turned the negative EBITA to a positive of $1 million in this quarter compared to -$10 million last quarter.

For the full year, we are now on a +3% EBITA level, that is compared to -6% for the full year. Even if we still would 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 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.

The capex from operating activities was as high as $131 million compared to $59 million in last quarter four. If look at after investment activities, our net cash is on $180 million, which is really good quarter for us.

We see now that we have created, as Henrik said, a good situation from a financial stability. We have lowered the net debt ratio to 1.2, which is quite far below our financial target of 3.

With that said, I hand it over back to you, Henrik.

Thank you, Thom. 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. 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 Markets 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.

We are looking very positive into 2026. With that, operator, I open up for questions.

Yes, good morning, gentlemen. Mattias here.

I want to start off by asking a question regarding the proposal from the EU to remove the 2035 target for ending the sales of internal combustion engine vehicles. Obviously, this can be considered as a headwind for EV adoption.

Given that you have two business areas, both EVSE and low-voltage sales, how do you view this impact of this policy on your business with regards to both the business segments, but also the different time perspectives, short and long term?

Good morning, Mattias, and thank you for the question. It is a hard question to answer, of course.

We are very well vested in our different product areas. If we take this possible change, I think it will be more plug-in hybrids in that case, and that is positive for us because plug-in hybrids need both our low-voltage chargers and the EV chargers.

I would say that the new registration of EV cars, we're not that dependent on that. We're more dependent on how the infrastructure is developing, and I think that will continue, and we hope that that will pick up during the years.

I would say that we are very well prepared for every scenario that comes. We have seen many of our premium clients, they need our low-voltage chargers for their plug-in hybrids because if they don't charge the plug-in big battery, that will be a problem, they need then a low-voltage chargers to come back.

We have many project with our premium brands in that area. I would say that we are not that dependent on the decision, and our low-voltage business is developing strong, and that business will be there for a very long time, independent on if everything is going to EV or not.

Okay. Thank you.

Thank you very much. In the short term, do you see an impact on your customer investment appetite for charging infrastructure?

For instance, you have fleet operators, property owners, and public charging networks as well. Do you think that they become a bit more hesitant to make their infrastructure investments in the short term?

I think there has been a hesitation already now. We didn't see a very good year 2025.

I don't think this change will have any impact because I think what will drive is mainly that plug-in hybrids will increase. Plug-in hybrids are actually very good for AC charging and destination charging.

I think that is good. I don't see any short-term problems with that.

Okay. You mentioned in the report that your lower debt levels expands your scope for making add-on acquisitions to accelerate your progress.

Could you shed some additional lights to this? I know you mentioned it in the Capital Markets Day earlier in May, but how has this work progressed in the last quarter?

We are continuously monitoring the markets. As we mentioned at our Capital Markets Day in May, we are primarily looking for acquisition objects into the power solution area, and that could be both regarding technology or geographies.

Okay. I know it's a difficult question to to answer, but in terms of size, on the on the top line, could you share share any any insights to that, or what geographies, or so on?

Nope. I unfortunately can't share that.

You have to wait and see.

Yeah. Sounds exciting.

Final question from my side, maybe a difficult one to answer, and it's not related to this report specifically, but do you have any insights into which end customer segments performed well during 2025 in your low-voltage business? You have different chargers, obviously, in terms of ampere.

Can you see, based on the models that you're selling, that specific models have been strong throughout the year, for instance, to cars that could indicate, for instance, that hybrid cars are going strong compared to older vehicles with smaller batteries? Or do you see any trends in your end customer groups, to speak?

During 2025, we saw a very strong trend, continuously very strong trend, from our e-tailers, our big e-tailers. We are selling of our big sellers, and since our products can be used in many different use cases, it's hard for us to know exactly where they are ending up.

In many cases, our customers are using them for both their car, their boat, motorcycle, lawn mower, etc. Unfortunately, we do not have that kind of information that we can share.

We do see an increased interest from our premium OEM manufacturers like Ferrari, Lamborghini, Mercedes-AMG, etc., into hybrid vehicles. We are working on projects with our premium OEMs when it comes to hybrid vehicles.

Okay. Interesting.

Also, just going back to my previous question a bit, regarding aftermarket sales, or when it comes to, let's say, cables or accessories to your products, how much do they account for in total sales in relation to your low-voltage chargers?

It's not material at the moment, but we see an increasing trend, and we are also putting more effort into that. You might not have seen it yet, but I recommend you to go into ctek.se, where we have launched our new web shop for Sweden.

There, we are promoting accessories in a better way, and we see a small take-up rate of course because of that.

Okay. Excellent.

Interesting. Thank you very much.

That was all for me.

Thank you. Operator, we have received some questions from Sofia Sörling, DNB Carnegie, via mail because she had some problems to log in to the call.

I read the questions, and then we will try to answer them: Have you started selling your EVSE products in Germany now, and how is the feedback? Obviously, the gross margin has been weak within your EVSE segment before.

At what level will the gross margin be now, also when entering Germany? We have, just as we speak, introduced our CC3 Eichrecht, which is compatible with the German market.

We haven't yet installed, but I know that in February, we will have our first projects together with the big international charge point operators in Germany. Regarding the gross margins, we have seen good improvement with the CC3 platform.

Have we revealed about the margins, or?

Not really on gross margin level, but we are at least in the same neighborhood as other EVSE players in the market, and it's significantly improvement during '25 versus '24. That will continue with new products, of course.

Yep. Next question from Sofia Sörling is: Could you say anything about the EVSE business in the UK?

How is it progressing, and what is your expectations into 2026? Yep, as you can see in our figures, 2025 was not really a good year for EVSE.

I'm happy to see that some of our older customers have come back to us after testing other products. We have seen some repeat orders from old customers, and we are focusing on the UK market, and we have of course higher expectations for 2026.

Next question from Sofia Sörling is: The Professional division is EBITA breakeven, indicating the low-voltage business within this division is not that profitable either. Can you talk a little bit about the segment within this division?

What needs to happen here in order for you to improve the EBITA margin?

I would say that the low-voltage business in that segment is highly profitable. It's the EVSE business that we are struggling with.

We have done a lot to cut costs. We have also improved the gross margins, now it's about volume.

We need more volume to get the EVSE business profitable. The low-voltage OE business is highly profitable.

Next question is: The EBITA margin in the Consumer division is strong at 40.4%. What are the drivers behind this margin, and given the launch of premium boosters 2026, is this sustainable margins level, or do you expect margin dilution here?

Yes, the margins are very strong in Consumer. It can depend a little bit quarter by quarter, depending on country mix and product mix, but we saw a good mix in the Q4.

We also see that the launch of the new products, not only the booster, but the booster is very important, but also with the NXT series, we are increasing the price point because we have a better product, and we are also increasing our margins. If something will happen to the gross margins with new products, they will not dilute the margins in any way.

We can also add to that that during the second half, we have also raised the price levels in general a bit all over the place, so that in conjunction with good cost control on the product level, but also on the opex levels, that has helped up the margins on the Consumer division as well, and we expect that to stay on rather high levels, with some fluctuations during the year, but on rather high levels.

Yep. Next question from Sofia is: How will you enter the power solution segment?

Have you any products in your pipeline that will be launched soon? We have launched our first AC/DC charger into that segment.

It's a small enter, and in our pipeline, we are looking for a broader assortment, but that is a bit early to say exact timing, but it will be by the end of 2026. Then question in conjunction to that: How does the power solution segment differ between low voltage, premium boosters in terms of customers, sales channels, and perhaps R&D and production?

It is based on the same technology. It's also some sales channels are the same in the aftermarket.

It's very close to our premium charger business in that sense that it's both pointed at the OEMs and to the aftermarket. We will have connections with OEM, caravan and mobile home producers, and also to the aftermarket.

I must say that CTEK is a very known name in the business of caravans and housemobiles because when you put away your housemobile during winter, you normally put a CTEK charger on the battery so that you, when the sun is out and during Easter and you want to go out camping, that you have no problem to start your mobile home. Some channels are the same, and it's the same logic, both OEM sales and aftermarket sales.

When it comes to R&D and production, we will not increase our total R&D costs. We are now finishing up our EVSE product portfolio, we have a future-safe EVSE portfolio.

Of course, there will be some development and some going forward as well, but not as massive as we have had in the past. We will redirect some of our R&D capacity into power solution, and has already done.

When it comes to production, it will be the same as for all of our other products. We will not do the production in-house.

We will do the design and testing, etc., but we will have partners that are producing the products for us. Sofia, that was your questions.

I hope I've understood them right and that you're happy with the answers. Back to you, operator.

Thank you, operator. Thank you for listening in, and have a great day.

Thank you so much.

Thank you.