Good morning. Jon Lind, the CEO of CTEK, and we'll now take you through the Interim Report for Q3. With that said, I think we can go to the next slide. I'd like to also take the opportunity now to introduce our new CFO, Thom Mathisen. I hand over to you, Thom, to present yourself.
Yeah, some short words. I'm happy to have joined CTEK two months ago. Interesting company and full of inspiration going forward. My background, I have many years at ABB, in total 17 years there. Eight years in the steel business in SSAB, and the last three years before coming to CTEK, I was in a private equity-owned company, Dellner, here in Dalarna. Now happy to be part of the CTEK company.
Thank you, Thom. Then we can go to the next page. I think many of you have already listened to us and know us, but if I have new people on board here, I would like to tell you a little bit about the structure within CTEK. Important to take with you is that we have the two technologies that we call the EVSE and low voltage. This year we celebrate 25 years, and it was 25 years since we start with the low voltage technology. The low voltage side has a number of different use cases and segments and has been developed over the last 25 years.
As you see in this picture, we are serving the consumer side, and we have also the other part that is very important, the professional side. When you leave your car for service, for example, this is one of the most important things they do. They hook up a charger and make sure that the battery is having the right level of charge, so they can do uploading of new software and so on. We have also introduced last year a portable charger in the low voltage segment that has a number of different features, and it's also designed so you can hook up our solar panels, so you are totally free from grid and can charge your car.
You can also sort of jump-start your car with it, and you can also charge other techs like, phones, computers, and so on. It's a new segment for us that we're moving into. Then we have the integrated solution side, where CTEK low voltage chargers are on board in different type of vehicles and serving both the starting battery, but mainly in many applications, a service battery that is handling other type of consumers on board. On the EVSE side, we are selective where we are playing, and in this picture, we are showing three different areas, the home charging, destination charging, and portable EV chargers. We have not been focused on home chargers.
We all have thousands of chargers, our chargers in the homes, and but the main focus area for us has been the destination chargers, and that will also be main area for us going forward in the core markets. Here we're talking about chargers that you find in public parking spots, shopping malls, other commercial buildings, and so on, when you have a multiple number of charging points installed. Here we are serving, we are delivering the hardware, the software, the total back end with the load balancing and so on. Portable charger is a niche, you could say, and but we launched a new product to the market last year.
We had some problems during this year with the production side based on shortage of components and had to both redesign to get access to the right components and also recertificate. This is a super interesting area because this charger is 11 kW, which you can compare to a charger and also destination charger. If you compare it to a home charger in this case, and it's flexible in that way that you can hook it up to any type of three-phase power outlet. You have also the possibility to control it through Bluetooth and Wi-Fi. It's both portable, smart, and powerful. This describe on a high level the two technologies and some segments within the different technologies.
That said, we can go to next page and describe a little bit of the organization and how we go to market. If you take a look at the middle of this picture, you have the divisions, and this is also how we report this company. We start from the bottom there. We have the OE division, original equipment division. We started about 20 years ago to deliver tailor-made products in the low voltage range towards the premium car manufacturers. We have continued to build on that, those platforms, and been increasing that part, and we continue to develop the low voltage products for the automotive manufacturers as that is the majority of the customers in this division.
We have also now started a journey in the EV segment, what we call the EVSE, the electric vehicle supply equipment. We have been talking about General Motors as a project that we have been running now for two years, and we'll start to deliver on first units there. I'll come back to that later in the presentation. Through the OE division, we have the low voltage, but now we tap in with also the EVSE products going forward. The aftermarket side is a distribution setup to serve mainly the end customers, and we do that through distributors, online channels and so on, and we reach about 70 countries with that setup today.
The main part has been and it still is the low voltage technology and products related to that. We have now started also the NJORD GO and distribute the NJORD GO mainly in the Nordics but also now we will also roll that out into new markets going forward. The energy and facility division that is division that target customers that is in one way or another install, operate or complete the charging infrastructure, mainly then related to the destination charging. As you can see here on the list, you find everything, everyone, every type of customer. From charge point operators to electrical wholesalers, installers, property owners, parking owners, et cetera. That is the three different divisions that target different type of customer groups.
We have a structure, so we can distribute EVSE products through all these three divisions. We have now year to date, 25% of the revenue stream comes from EVSE and 76% then from voltage. I think that frame the way we go to the market and the split between the different technologies. Next. Some numbers then that relates to year, you know, year to date numbers. We have already talked about the technology, 24% on EVSE and 76% on the voltage. If you look at the divisions now, we have 63% comes from aftermarket, and then we have energy and facility and a growing OE here. That is how it turns out now of quarters here in 2022.
If you look at the different markets and how it turns out from revenue stream into those, we have, if we put, Central Europe and rest of Europe, in together that amount, close to 50%. Have the home market then that is the 21%. See the rest there. With that said, I think we move to the next. I hand over to you, Thom, here.
Yes. Some numbers for the Q3 quarter. As you can see, our net sales is slightly below last year if we take out the currency impact. We continue to increase the delivery of electric vehicle supply equipment. It's now up to 27% compared to 20% last year, same quarter. We have managed to stabilize the gross margin on a 50% slight plus level. Our adjusted EBITDA is going down compared to last year, same quarter. That is due to change product mix, less share of the market and also the cost level we have, the continuous investment in both markets and products.
We have a one-off item in the third quarter related to smaller restructuring of a supply chain of SEK 55 million that is part of the adjusted EBITDA we present here. With that, I give you also some comments by division and starting with the aftermarket division. We can see that we have adjusted for currency. We have a reduction of around 15% this quarter, and that is related to less purchasing power from our end users, as we have said also before. We have, however, managed to keep the margin on actually higher levels than before. That comes both from price increases that we conducted during quarter two and also from lower share of air freight than the same quarter last year.
Stable margins even if lower volumes or increased margins even if lower volumes. If I then continue with the OE division, we have a quite sharp increase in the organic growth, above 70%, and that comes both from generally higher demand primarily in the EVSE segment. We have also now during quarter three delivered the first units of the base variant for Ultium chargers to GM. The EBITDA level has shrunk to around 10%, slightly below 11% compared to last year's 19% and that is again due to product mix and also the continuous investments we have had in development of new products. Finally, we have the Energy and Facilities division. As you mentioned in the beginning, we continue to grow in this division.
We have an organic growth of 15% for this quarter. In our core markets that is Sweden and U.K., it continues to be a good and high demand. EBITDA is still negative, and that is from known factors. We still increase cost for growing markets, entering into new markets and new product launches. We basically need more volumes to cover this, the cost level we have. Come back to that a little bit later. Having said this around the divisions, I go also to the cash flow and CapEx, that all of you can see is a challenge for us for the moment, with a quite high net debt ratio of 4.5 x. That comes from two factors.
First, the lower profitability in the recent quarters, as we mentioned before. It's due to the higher investments in markets and products, and that actually drives up our OpEx level. We have to work with that. The second thing is, of course, the higher net working capital that is eating up some cash. The high net working capital relates to, as presented before, that we have had to build up inventories to secure deliveries during the shortage of components, but also now we're in the ramp-up phase for the GM chargers. As we state on this slide, robust actions are initiated both to reduce the cost base, but also to improve the balance sheet row by row.
With that said, I hand over to you, Jon, for the strategy on current trading.
Thank you, Thom. Yeah, I'd like to give some color on the partnership with General Motors here. As we said, we have started to deliver the first base units now, and we are preparing for increasing the volume. We are also in preparation to launch an additional product model beginning of 2023. Here it's clear that this is a big development project, and it has involved many consultants, and that has taken place over the last two years. Now we are in the final phase, and we'll scale down these work streams and the costs related to that forward. If you look at the cost side, we have always said that we try to focus as much as possible and be selective.
Within energy and facility, we have said that in the coming quarters, we will focus on markets that we already have established network and relationships instead of going for new markets at this point. It will be an extra focus on the core markets that was mentioned before, Sweden and U.K., short-term. Coming back to aftermarket and challenges there, we continue to see a macro environment that slow down the consumer side, you could say. The buying power is weaker overall in the world on that segment. We believe that we will see this at least until end of the year, that we have a little bit slower pace on it.
Like, Thom said, we have a stable gross margin in that segment. We are happy to be up in full production now with the NJORD GO, the portable EV charger that is also distributed in the aftermarket side, but also in our OEM and fleet, but it's an important part for the aftermarket with the distribution network we have in place there. We are now launching this product into other markets. Based on the net debt ratio and the need to reduce debt, we are seeing a quite interesting landscape out there and we see partnerships as a focus area for us. There can be collaborations on different hardware platforms, software, partnerships in markets and so on.
Now I'm talking about the EVSE segment. We will go this way and see, by that, also a neutral reduction in development costs connected to this strategy. We also see it necessary to adapt our personnel levels to the market situations. All in all, this means that we are further concentrating our operations and future product portfolio to reinforce our position in selected areas.
We have also looked into the future a little bit, the next quarter. We see that what we know right now, we believe that the net sales for the fourth quarter will be in line with the third quarter this year, but with slightly lower margins, driven by such factors as changed product. If we just summarize the position of CTEK and how we look at the industry, the long-term growth potential in our industry is clear. It's strong, and it's driven by the growing global car park and more advanced electronics and the electrification of the vehicle fleet. I think that summarize the Q3 reporting from our side. We are happy to take questions on this one.
So far, no questions coming in on the web. We hang on. Now we have a question from Kenneth on Carnegie. With the quarter four guidance provided, there is a risk that the net debt EBITDA may go even higher in quarter four. Are the banks okay with this? How is CTEK affected by interest rates cost-cutting program? I can take that question. As you can see in the report, we have done a renegotiation of our bank agreement. We believe we are in a good shape. We have the margins we should have. There is, for quarter four, of course, a risk that the net debt continue to rise a bit, but we also see when we're going forward for 2023 that we will gradually go down to more normal levels.
As Jon said, cost-cutting program, we are in that phase right now, both looking over the cost base but also looking over our balance sheet, where we can do a lot of things in the net working capital to improve the situations further. Our relations with the banks, really good. Good discussions on this, nothing more to comment on that.
Great.
We also have questions from Johan at Kepler. How is the pipeline looking for similar partnership like GM? Jon, I hand it over to you.
Yep. Thank you. Yeah. We have continuous discussions with existing customers we have in the low voltage, but also then on the EVSE side. But it's nothing we talk about right now, where we are and so on, but this is a part of the strategy, and we continue in that direction. On this question.
Right now, no more questions from the audience. Another one from Kenneth at Carnegie. What is the outlook for aftermarket? Do you see any trends there during the quarter? Is it only the online channel that is weak, or are other channels also weak? Jon.
Yeah. Talk about trends, I don't see a special trend in Q3 compared to the other quarters in any way. I see a general lower buying power, and I think it's a good question you put there. Do we see any pattern between online channels and more, say, traditional retail side? We don't. It's a mix in different markets and in different customer groups. So we don't have a clear trend that one or the other going down or up. And I think what we see out there is also that the retail side is very ambitious and aggressive, you could say, and are creative to create revenue streams now when the situation is like that.
It's a mix, so it's not a clear trend in any direction there, where they are buying. Right.
It seems like no further questions has come in, so I think we end this session, and thank you for listening.
Thank you so much.