Zaptec Aktie

Welcome to Zaptec and our Presentation of the Financial Results for the Fourth Quarter of 2025. I'm pleased to announce that the fourth quarter was a very strong quarter for Zaptec due to strong EV markets across Europe and our leading product offering. This led to record quarterly revenue, EBITDA and order intake for Zaptec. Also the insulation and order backlog point to continued growth into 2026. We are the market leader in core regions, and we are growing traction in major markets. We have a strong cash flow and liquidity. And for the first time, we are initiating dividend distribution from Zaptec.

Financially, Q4 was about profitable scaling. We increased revenue, grew our margins and drove earnings higher. We had a strong order intake, which lifted our backlog, giving momentum into 2026. In numbers, revenue increased 32%. Order intake was up 41%, leaving us with a backlog of over NOK 700 million at year-end. This is a strong foundation going into 2026. OpEx spend was higher in NOK terms, but importantly, lower as share of revenue. We more than doubled EBITDA to NOK 45 million, equivalent to a 10% margin.

We set a new level when it comes to quarterly revenue in the fourth quarter with NOK 433 million. It's the highest quarter ever for Zaptec, and it was 32% increase from the fourth quarter last year. And this is the fastest revenue growth since 2023 for Zaptec. We also saw a significant step change with 41% growth in order intake in the fourth quarter. We had NOK 645 million in order intake, and that leaves us with an order backlog of NOK 729 million going into 2026.

So over to gross margin. Sustaining a strong gross margin remains a key strategic priority for us. We have demonstrated higher gross margin over time. And in Q4, the gross margin returned above the trend line and came in at 41.4%. This is mainly due to product mix as we scaled the share of Zaptec Go 2 sales. We remain optimistic to increase the gross margin in 2026 on a full year basis compared to last year, noting that there might be variability from quarter-to-quarter as we've seen historically. Our ambition is supported by the belief that we will roll out even more Zaptec Go 2s looking ahead and also from efficiency, supply chain work, where we target to increase the efficiency and reduce the COGS.

EBITDA clearly demonstrates the scalability of our business model. We delivered the highest quarterly EBITDA number to date in Q4 with NOK 45 million, which was up NOK 26 million from the same quarter last year. Margin was lifted from 6% to 10%. And if we look at the next picture on the LTM EBITDA development, it demonstrates consistent profitability increase. As you can see here, we have driven the LTM EBITDA to NOK 123 million, which is around 8% margin. And also, if we look at full year '24 against full year '25, we see that the EBITDA is more than doubled. This is mainly due to the ability to drive revenue higher, the lifted gross margin and that we increased the OpEx at a lower pace than revenue.

The EV market continues to strengthen in Europe. The average increase in EV sales in the fourth quarter compared to the fourth quarter last year was 40% across Europe. Most of the market that Zaptec are in have a really strong increase in EV sales in the fourth quarter, and this is our main driver for our sales. And even in Sweden, with a weak EV sales in the fourth quarter, Zaptec set a new record when it comes to revenue in the fourth quarter. We have continued to execute on our strategy. We build on success in core markets. We accelerate the product rollout and integration of our products, and we expand into major markets. And all the time, we have full focus on liquidity and optimize our cash flow while we are growing.

As I said, a strong growth in mature markets in the fourth quarter. You may believe that we see -- we are seeing the sunset coming in mature markets like Norway when it comes to EV sales and EV charging sales, but you're wrong. We have only reached 1/3 of electrification of the total car fleet in Norway. And to fulfill the EV transition, we need to continue with the record high sales we had in 2025 with 180,000 cars sold in Norway, EV sold. And it will take at least 10 more years before we reach full transition into EV. And for Zaptec, who is such a dominant player in this market, it gives us a huge potential for future revenue in the coming years. And the same occur for the other core markets for Zaptec. There, the EV adoption is even shorter, and that means that the potential is even bigger for Zaptec in the coming years.

So the point is we are going into new markets as the EV adoption is increasing in these new markets, but the core markets remains important for Zaptec and will create a massive revenue stream in the next decade. Also, the installation growth was up with 22% in the fourth quarter compared to last year. More than 70,000 installation was done in the Q4. And the last 12 months, we have average installation about 22,000 units each month. There's also a seasonality when it comes to installation. Around Christmas time and winter, there is a lower activity, but this is normal. The most important with this slide is that it shows that all the charger we sell are being installed, and that make the foundation for future sales for Zaptec.

Zaptec is well positioned to further scale production if needed. We have production in Norway and in Germany. And this spring, we will start production in Hungary with the same production partner as we have in Germany. This will increase our capacity and also lower our COGS, so we get even more competitive. We have continuous product improvements and new EV ecosystem integration with our product. We are data-driven iteration across hardware, firmware and our cloud. We have over-the-air upgrades continuously improving our device performance. And most important, we have integration with EVs, energy system and grid services.

We are strengthening Zaptec's strategic role in the connected EV ecosystem. Both the energy sector, the infrastructure sector and the mobility sector, they need hardware like Zaptec charger to be able to provide services, which is needed in the market going forward. And they need to collaborate to do this. They cannot offer these services alone. And Zaptec is really in a good position, in the center of this ecosystem, and this creates a great opportunity for Zaptec going forward.

The next strategic pillar is expand in major markets. We increased the growth rate in the major markets in Q4, where growth was 79% compared to the same period in 2024. The main contribution in terms of revenue came from the Benelux region, while Germany had the highest growth in percentage terms. We continue to focus on the largest markets in Europe because we know that there will be sold a lot of EVs in the next decade in those markets. We focus our product development, our integrations work and also our strategic sales efforts into Germany, U.K. and France, which are the three largest markets. That said, we see continued high potential in the Benelux region and in particular, Belgium, which is an untapped market for us.

Okay, so let's look into our scalable cost structure. We have demonstrated over time the ability to grow revenue more than we grow the costs. This illustration is a proof of that, where we can see that the OpEx share of revenue declined from over 34% in 2024 to 32% in 2025. We continue to focus on driving revenue growth at a higher rate than OpEx growth. Strong sales in Q4 led to a NOK 92 million reduction in our inventory. We are now in the target range of NOK 200 million to NOK 300 million, which we have communicated earlier. Our liquidity significantly improved in Q4. We added over NOK 200 million. And at year-end, we had a position of available liquidity of NOK 736 million.

Okay. I'd like to illustrate the buildup of liquidity in the quarter. As you can see, EBITDA of NOK 45 million plus working capital adjustments led to NOK 141 million increase. In sum, we added NOK 203 million in liquidity, which puts us in a very strong position.

Zaptec is initiating dividend distribution for the first time. The Board has suggested a dividend policy where our ambition is to distribute up to 50% of annual net profit. The proposed dividend totaling NOK 2.0 per share for 2025. That includes the ordinary dividend of NOK 0.3 from the net profit and an extraordinary NOK 1.7 per share. So why should Zaptec as a growth company suggest a dividend? The rationale behind this is that we have a very solid liquidity and financial flexibility, and we see that this continue and increase into 2026.

Our balance sheet remains strong after we have paid dividends, and this enabled us to continue our investment in growth as planned. So why invest in Zaptec? We are the European leader in AC charging. We have a strong financial base in the Nordics, Switzerland and Benelux. We see a large growth runway in major European markets. And we have demonstrated smart and reliable technology, offering lower total cost of ownership to the users. We have a scalable production and mature commercial organization across Europe, and we are building strategic partnership with leading global players.

So what about the future? We expect the EV market growth to remain strong across Europe. We will continue our expansion in Germany, U.K., France and Benelux. We have product focus on continuous improvements, integration and R&D execution. The margin will continue to improve through COGS reduction and scale. We expect the profit growth to continue in 2026.

Thank you for your continued trust and support.

Hello, and welcome to Zaptec and our presentation of the financial results for the third quarter. My name is Kurt Ostrem, I'm the CEO. And together with CFO, Eirik Haerem, we will take you through the highlights from the third quarter.

The third quarter was a really strong quarter for Zaptec, driven by the strong EV sales across Europe. The heading of this slide is steady progress. And the reason for that is that we see year-over-year that we have an increase in revenue, gross margin and EBITDA for Zaptec. The third quarter is always affected by the season, both installers and the end user have the summer break during this quarter, first in the Nordic countries in July and then in August for the rest of Europe. And this is expected and planned from our side that we see lower activities in these months due to the summer break. But despite this, we have delivered a really strong third quarter. And I'm happy to share that we have -- September was a record month for Zaptec. Never before have we delivered so many chargers and installed so many chargers in one single month as we did in September. And even better, this record is already being beaten by even higher installed number of Zaptec chargers in October. So this record installation and strong order intake points to future growth for Zaptec.

We have also, in this quarter, have a robust performance where we reinforced our leadership in our core markets, especially in the home market in Norway, we have seen a really strong performance in this quarter. At the same time, we have strengthened our position in major markets in Europe. We have normalized our inventory during the third quarter, and we expect the inventory to be reduced further into the fourth quarter. And this is driving robust cash flow and improved the liquidity to Zaptec.

Okay. So I'll briefly take you through the financial highlights before we dive into the details later in the presentation. Q3 was strong in terms of revenue and orders for Zaptec. The revenue was up 23% compared to same period last year. The order intake increased by 35% and the backlog strengthened 44%. The gross margin came in at 39%, around the same level as same period last year. We spent NOK 124 million in OpEx, leaving us with an EBITDA of NOK 21 million, equivalent to a 6% margin. The EBITDA was significantly improved compared to the same period last year, where we delivered NOK 4 million in EBITDA.

As I said, we had a strong revenue in the third quarter. We see a 23% revenue increase compared to the third quarter last year. And even if we expect low activities during the summer months in the third quarter, we see that we have achieved almost the same high revenue as we had in the high second quarter. So we're really pleased with the revenue in the third quarter.

Also, the order intake shows a really strong increase compared to the third quarter last year with 35% increase. We have now an order backlog of NOK 524 million at the end of the third quarter. And even if I have said this before, I want to repeat it, there is seasonality when it comes to order intake in Zaptec because we want visibility so we can plan our production and be able to deliver our charger when it's needed in the market. That's why we try to take up preorders to have visibility for the next 6 months. And we do this in the second and the fourth quarter. In the second quarter, we secure the orders for the second half. And in the fourth quarter, we secure the orders for the first half. That's why we will always have higher order intake in the second and fourth quarter compared to the third quarter, but still really strong third quarter this year with 35% increase.

So let's look into the gross margin in a bit more detail. Sustaining a strong gross margin is a key priority for Zaptec. We have demonstrated that over time, we're able to increase the gross margin. This is demonstrated by the trend line in the graph. We have achieved this by targeted supply chain efforts and also from introducing products in the market with higher gross margin. That said, from quarter-to-quarter, there might be variability in the gross margin. We saw an example of that in the fourth quarter with 39.4% gross margin, which was somewhat below the trend. As we look ahead, we plan for increased gross margin, and we think higher deliveries of the Zaptec Go 2 will lift the gross margin in the future.

So over to EBITDA. We increased the EBITDA with NOK 17 million from NOK 4 million in the same period last year to NOK 21 million this quarter. If you look at this quarterly sequential EBITDA development, it's important to bear in mind the seasonality, which Kurt mentioned. When the top line is impacted, it has an effect on EBITDA. So I'd like to zoom out and on the next slide, demonstrate the LTM development. As you can see here, we have demonstrated the ability to grow EBITDA over time if you look at the last 12 months. We're targeting to increase this further in the quarters to come and expect based on current visibility to drive LTM EBITDA above NOK 100 million when we look at Q4.

The EV market continues to strengthen throughout Europe. And if you look at the plug-in vehicle sales in the third quarter compared to third quarter last year, we saw an increase by 36%. And if you look at the biggest car market in Europe, Germany, they have impressive 57% increase in the third quarter. This shows the potential and gives a great outlook for Zaptec. The way we are executing our strategy is that we build on our success in our core markets like the Nordics, and we accelerate the rollout of new products, the Go 2 and the Pro Eichrecht this year, and we expand into major markets in Europe. And all the time, we have focused on the cost and looking after our working capital and make sure that we optimize our cash flow.

When we look in the mature markets, our core markets, we see that Norway had 33% increase in revenue in the third quarter compared to third quarter last year. This is impressive. And in fact, Norway had already passed the target for the budget for the entire 2025. Also in Denmark, we see an increase in EV sales and then also a really nice increase in sales of Zaptec charger in Denmark, and the increase was 14% in the third quarter. In Sweden, our biggest market with a really high market share, we also see 11% increase on top of a very strong quarter last year. So great performance of all these 3 markets. And as we have said, a new record in September and a new record in October. We installed more than 25,000 Zaptec chargers in October month. This is a really great achievement. And if you look at this graph, you can see the seasonality with a dip in each summer break and then a strong growth in the autumn. And the growth has never been higher than we see these days, and we're really looking forward to see the results of November if we can manage to set another new record.

And we are producing and delivering according to our plan. We are now producing between 6,000 and 7,000 units of our new products, Zaptec Pro, M&E and Zaptec Go 2. And the most important with this slide is that we are ready and well positioned to scale up the production of these products when needed. We also have a strong growth in new major markets in the third quarter. We have 54% growth in major markets like Benelux, U.K., Germany and France in the third quarter.

When that said, we are not satisfied with the development, and we are impatient, and we want to grow even faster in some of these markets. But we are now putting in more resource into the sales and also delivering new features into these major markets, and we expect to see the results of these efforts going into 2026.

Let's look a bit more into the cost side. We continue to focus our OpEx on innovation and targeted commercial efforts. This includes a new brand campaign launched recently in the fourth quarter. We continue the trend to grow the revenue more than we grow the costs. It's important to note that in the third quarter, the Zaptec share price was up more than 50%. This had an impact on our OpEx. And the explanation for that is that we have a share-based bonus program for employees, and the effect of that was around NOK 5 million in the quarter.

As we look ahead, we plan for a continued sustainable OpEx level, aiming for increasing the top line more than we increase the cost to boost our profitability further. And then let's look into our inventory. Zaptec's excessive inventory historically dates back to 2023. We had significantly boosted order intake in the first half of the year, leading to a high production order for us. These production orders were to be delivered at the end of 2023. However, the market turned around and softened significantly when interest rates spiked and EV sales declined. We have since 2024, worked to normalize the inventory in a controlled manner. The third quarter marked another step in the right direction where we reduced the inventory with NOK 74 million. We are now approaching the target levels. However, we expect a continued decline in the inventory in the next quarter.

And then let's look at our liquidity position. We delivered a strong cash flow from positive result and from cash release from the normalization of the inventory also in Q3. We added NOK 66 million in liquidity. With NOK 532 million available, we are now in a robust position to manage future growth and to navigate future market uncertainties.

And with that, I'll leave it to you, Kurt, to sum up.

Yes. And the main driver for our sales are, of course, the EV sales in Europe. And the EV sales in Europe are strong and are expected to stay strong. And we have shown that we are positioned to maintain our leadership in our core markets. And with the record installation rates we have shown, we create new growth opportunities for Zaptec. We are now doing strategic sales initiatives and new product features launching into new markets, and we expect to see results of this going forward. So all in all, we have a continued outlook for profitable growth for Zaptec.

So thank you for following this presentation, and thank you for following Zaptec's journey.