Welcome to Elektroimportøren Q3 Official Webcast. With us today is Andreas Niss, CEO, and Petter Bjørnstad, CFO. The floor is yours when you're ready.
Thank you very much, Andrea, and welcome. Yeah, we'll take you through a short presentation of our results of the Q3. Starting with an operational update, we managed to grow our business in all months of the quarter. August was the toughest one in terms of growth, but we had growth in August as well. B2B still drives our growth, but we see that B2C is improving in terms of performance versus last year in this quarter than we have seen in the previous quarters, and the same goes for online, where in Norway, the decline going from double- digits in the first two quarters is now down to 0.9% behind last year's, almost on track of last year online sales. It's been very challenging to generate growth in Sweden.
We had growth in July, but in August and September, it was tougher. We have moved our central warehouse in Sweden, and we'll come back to that a bit, but there's also a tougher market in Sweden than it seems to be in Norway right now. We're increasing our gross margin percentage in all customer segments, which we're quite happy about, and we continue to have good cost control. Our stores use less money this year than they did in the same quarter last year. We had our opening of store number 27 in Drammen in August, in 10th of August.
We have also during the quarter conducted an internal training event which we call Elektroakademiet, which means every employee that works in our stores go through a two-day training together with our with our sales team and with our suppliers. We also did an event for our partner customers, our installer customers, which was very successful. As I said, we have relocated the Swedish warehouse. We did that in September, and I will come back to a bit about that. Our new replenishment system, RELEX, is now rolled out across all stores, and we're continuing with the implementation for the central warehouse in Q4. Key financials, our revenues ended at NOK 398, up from NOK 359, 360 last year, which is just about 10% increase in sales.
Like-for-like is reduced with 1.4%. Online share of total sales is 17.2%, excluding pickup in store. If we add that, it's about 24%. B2B increased with 9.8%, and B2C increased with 11.4%. Of course, the increase in B2C is mainly driven by the acquisition of Elbutik, which is more or less only B2C. B2B share was 47.8%, which is down from 48.2% last year. Overall gross margin percentage is 37.6%, which is 0.9 down from 2021, and it's mainly because of the Swedish business having a lower margin percentage than the Norwegian. OpEx to sales growth ratio is at 26.6%, which is up from 25.3% last year.
Our EBITDA then ended at almost NOK 45 million compared to almost NOK 48 million last year, and the EBITDA margin of 11.3%. In Sweden, the sales ended at NOK 27.7 million. We've had some disruptions due to the move of the warehouse, which has left us with almost NOK 3 million in sold goods that are sold but not delivered yet, which we cannot then put into our accounts. The EBITDA ended at NOK 0.5 million. We have relocated the warehouse, implementing a new WMS system, and that has been our main focus over the last two months in Elbutik. We have let our Swedish colleagues join us in this product training I was talking about, and the first store opening is going according to plan.
I should mention that we are focusing on setting Elbutik up with the structure that we need to be able to roll out stores. We're investing in people in the stores and in logistics facilities, and I must say that we have not been fully focused on the commercial side of the business in Q3, but we are preparing and putting ourselves in a great place so that we can focus on the commercial part and growth going forward. Electric vehicle chargers, we have increased our range with one new brand, which is Zaptec, probably well-known to a lot of you. Sales grew with 27%, up to NOK 50.7 million in the quarter. The supply is good, and as I said, we're expanding the range, and the range is actually what you're looking at.
It's Centek, Garo, Easee, and Zaptec that we're now offering to our customers. Namron continues to deliver good levels. The share of business in the Q3 is at 32%, in Norway that is. In Sweden it's about 2%. Our target is 5%, the running rate when we go into December this year for Sweden. Increase in B2B sales is driving a gross margin improvement in B2B. We have launched a new Zigbee panel heater, we are first in the market. We launched it in September, and we have now a very good lineup for B2B products in Q3 and Q4, Q3 and Q1 2023. Moving on to SpotOn. More and more customers, happily enough, are finding their way to this service offering.
Nine out of 10 customers that use it say they will recommend it to a friend or a colleague. We made more than 1,000 installations in Q3, and total sales ended at NOK 9.4 million, which is up from NOK 3.9 million last year. We're continuously adding new installation partners and inspectors. I would just like to show you a 30-second video of how super easy this service is. You go into spoton.no. You find the job that you would like to have made. In this case, I'd like six new downlights in my house. You choose which kind of room you have. You actually choose the downlight, the number of products, and then you choose the actual product that you like. You can choose from a variety of products.
You put it in your basket, and you can get the price. It's NOK 6,710. You choose the appointment, the time, and date you want it installed, 11:00 on Wednesday. You fill in your name, your email, and your mobile number, and there you are. You've just made an order of six new downlights that will be mounted in your home on the ninth of November for NOK 6,710, and that's it. Super easy, fully digital, multiple choice of products, a fixed price, confirmation of time and appointment. We have, of course, only certified electricians, and if we do not deliver as promised, we will not charge you. Very nice to see that some of our customers now know we're starting to get a bit more volume and more customers.
We see that customers are actually coming back, so we have customers ordering SpotOn installation bought two, three, and four times in 2022. Here you can see the revenue development that we've had since we launched it in Q1 2021. Petter, over to you. Thank you.
Thank you, Andreas. As usual, we have prepared some bridges to comparing the quarter from last year to this year. First, on the revenue side, we have stronger sales online in the Q3 compared to last year than we had in the previous quarters, with almost flat year-on-year in this quarter. We had some decline in like-for-like total with 1.4%. In the Q2, the reduction was 2.4%. Of course, we have four new stores in Norway. We have Kristiansand opened in January. We have Jessheim, opened last year, Stavanger, and also Drammen number two. They are performing well and around NOK 50 million in sales higher than last year.
We also have some cannibalization effect on the like-for-like stores, especially on the Jessheim side that will have some negative effect on the Alnabru store. Drammen too will also have some negative effect on the Åssiden store in Drammen. Elbutik contributed with 28 million NOK in the period, no sales for Elbutik last year of course. As Andreas said, some negative effect due to the relocation process and the new WMS system in this quarter, with sold not delivered increasing. We also see some effect in the accounts. It's very positive to sell more SpotOn, but that will also trigger that we have increase in sold not delivered or the order reserves.
That will increase because, as Andreas showed, he chose to have it installed in the eleventh of November. Of course, we will not be able to recognize this income before it's installed. As the SpotOn increases, we will have some increase in sold not delivered over the period. Gross margin is higher than the last quarter. We have 37.6%. This is the Nordic. Actually, in Norway, we had a little improvement. We have 38.6% in Norway, 38.5% last year. We believe it's a potential to increase the margin in Elbutik going forward, especially by implementing Namron, but also to get more supplier contracts in place, so we believe that there's good potential there.
We were able to increase the margin due to, of course, we have higher B2C sales in the Q3 compared to the Q2. Going into the Q4, we will also have very high B2C due to the Black Week campaigns and so on. We had price increases at the start of July that we see some positive effect in the numbers. OpEx, we increased the total OpEx from NOK 91 million last year to NOK 105 million this year. The big impact, of course, is the new stores, mainly personnel cost. Actually, in the like-for-like physical stores, we are using NOK 1 million less than last year. I think that's on the right lines that we have good cost control in the existing store base.
Elbutik, of course, was not present last year with NOK 5 million cost. We have NOK 1.52 million higher energy costs in the existing store base due to the price increase on electricity. We have some other elements, like a little bit of marketing, distribution, HQ a little bit, and some training events and so on. That gives us NOK 105 million in total cost. EBITDA, we are reporting NOK 45 million. We had NOK 48 million last year, and new stores are contributing positive. Like-for-like stores are a little bit down, but of course, they have also the energy costs in there that are hurting this EBITDA for the stores. Online, more or less in line, and a little bit higher costs on training events and on marketing and so on. Net of tax, a small positive contribution.
Although we are good, we're happy. We believe that is a pretty good numbers to present, and we are looking forward to what we can do in the peak season. Andreas, over to you.
Yeah. Yes. Well, I think you all feel the same. There's quite a big uncertainty in the market going forward. We expect a modest growth in Q4, and that's what we plan for. We see very strong sales of products, so of products that can help you lower your energy bill, both as standalone products but also installed through SpotOn. We are expanding our range of sustainability solutions and will soon launch our solar energy offering, both to consumers and professionals in Norway and Sweden. The leasing contract for the new central warehouse that we've been talking about for quite some time and the new head office in Sweden is now signed, and we expect to move in September 2023. That's what we had, so I guess we open up for questions.
Kjersti?
There's no questions now, but we'll give it maybe a few more seconds and see if something shows up.
Yep.
No questions still, but it's possible to get in touch with ABG after the call if you have any questions then, or contact you directly, I guess.
Absolutely.
Absolutely.
Yep.
Okay. We just say.
All right.
Thank you for listening.
Thank you.
Yep.
Thank you so much.
Wait. Sorry. Why was Namron sales down in absolute terms year-over-year? To be honest, I think the share of business of Namron is quite stable. Well, we are selling a bit Namron in Sweden, but that's not the case. I have no good and direct answer to that question. If it's down, it must be very slightly down, to be honest, because it's not something we have reacted upon. I'm very sorry, but I don't have a very good answer to that. We've had quite good supply of Namron products throughout the quarter, so it has nothing to do with that. A slight shift in sales it must be. No further questions?
Doesn't look like it.
No? Okay then. Thank you very much.
Thank you so much.
Thank you.