Swedish industrial group Garo AB reported second-quarter 2026 results on Tuesday, with revenue growth in electrification offsetting losses in its e-mobility division.
The company’s electrification business, which supplies charging infrastructure and related components for electric vehicles and industrial applications, continued to expand during the quarter. Garo highlighted sustained demand for its solutions as governments and corporations accelerate electrification initiatives.
However, the group’s e-mobility segment, which includes electric vehicle charging equipment and related services, posted a decline in profitability. Garo attributed the losses to intensified competition, pricing pressures, and higher input costs in the fast-growing but increasingly crowded EV charging market.
Total revenue for the quarter rose by a mid-single-digit percentage year-over-year, supported primarily by the electrification segment. The company did not disclose specific financial figures in its preliminary results announcement.
Garo reiterated its long-term strategy to focus on electrification, citing regulatory tailwinds and corporate sustainability commitments as key drivers. The group also noted ongoing investments in R&D to enhance product competitiveness and margin recovery.
Analysts tracking the industrial and cleantech sectors will monitor Garo’s ability to balance growth in electrification with the challenges facing its e-mobility operations as the global transition to electric transport accelerates.
