Slides
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Zaptec powers adventure Q3 2025 Financial results November 5th 2025
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• Strong EV market across Europe • Revenue, gross margin, and EBITDA increasing year-over-year • Record installations and strong order intake point to future growth • Robust performance reinforces leadership in core markets • Strengthening position in major markets • Inventory normalized, driving robust cash flow and improved liquidity Steady progress 1 2 3 4 5 6
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Revenue Order intake Order backlog EBITDA 3 21 vs. 4 in Q3’24 524 +44% vs Q3’24 330 +35% vs. Q3’24 369 +23% vs. Q3’24 OPEX 124 vs. 112 in Q3’24 Gross margin 39% vs. 39% vs. Q3’24 Financial highlights
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129 148 220 239 265 347 407 300 341 299 327 347 383 369 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 408 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 +23% MNOK 23% revenue increase in the third quarter
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193 218 276 587 317 461 Q4’22 Q1’23 445 Q2’23 Q3’23 362 Q4’23 306 Q1’24 342 Q1’22 244 Q3’24 456 Q4’24 366 Q1’25 Q2’25 330 Q3’25Q2’24Q3’22 233 Q2’22 +35% 35% increase in order intake MNOK Order backlog of 524 MNOK at the end of Q3
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40,1% Q1-23 34,6% Q2’23 38,9% Q3’23 36,9% Q4’23 37,7% Q1’24 38,6% Q2’24 38,9% Q3’24 39,7% Q4’24 38,6% Q1’25 40,6% Q2’25 39,4% Q3’25 Strong gross margin Gross margin trending up with ~38% FY’23, ~39% FY’24 and ~40% YTD’25
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margin (%) -2 14 38 -8 -2 34 4 19 14 44 21 -1% Q1’23 4% Q2’23 9% Q3’23 -2% Q4’23 -1% Q1’24 10% Q2’24 1% Q3’24 6% Q4’24 4% Q1’25 11% Q2’25 6% Q3’25 +17 MNOK EBITDA significantly improved MNOK
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-24 -18 12 43 43 62 29 55 71 81 98 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 LTM EBITDA continues to show steady improvement MNOK LTM = Last Twelve Months ~7% LTM EBITDA margin
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Source: ACEA. Sum of battery electric and plug-in hybrid electric vehicles. Denmark Europe United Kingdom Norway Switzerland France Sweden Benelux Germany 38% 36% 30% 27% 22% 9% 8% 6% 57% EV market continues to strengthen Plug-in vehicle sales Q3 2025 vs Q3 2024 (%) 9
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Expand in major markets 1 Accelerate rollout of new products Build on success in core markets 2 3 4 Optimize cash flow Executing the strategy 10
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Build on success in core markets Accelerate rollout of new products Expand in major markets Optimize cash flow Executing the strategy 1. 2. 3. 4. Strong growth in mature markets Revenue growth Q3’25 vs Q3’24 11 +33% +14% +11%
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Build on success in core markets Accelerate rollout of new products Expand in major markets Optimize cash flow Executing the strategy 1. 2. 3. 4. Installation rates at all time high 0 5 000 10 000 15 000 20 000 25 000 Aug’23 Sept’23 Oct’23 Nov’23 Dec’23 Jan’24 Feb’24 Mar’24 Apr’24 May’24 Jun’24 Jul’24 Aug’24 Jan’23 Oct’24 Nov’24 Dec’24 Jan’25 Feb’25 Mar’25 Apr’25 May’25 Jun’25 Jul’25 Aug’25 Sept’25 Feb’23 Mar’23 Apr’23 May’23 Jun’23 Jul’23 Oct’2025 Sept’24 Monthly Zaptec installations 12 Q3 installations up 20% vs last year, with a record 25,000 in October Monthly installations LTM monthly average LTM = Last Twelve Months
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Build on success in core markets Accelerate rollout of new products Expand in major markets Optimize cash flow Executing the strategy 1. 2. 3. 4. Production delivered according to plan Production (no units) 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 Jan Feb Mar Apr May Jun Jul Aug Sept Zaptec Pro M&E Zaptec Go 2 13 Well-positioned to further scale production if needed
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Build on success in core markets Accelerate rollout of new products Expand in major markets Optimize cash flow Executing the strategy 1. 2. 3. 4. 54% growth in major markets in Q3 Revenue, MNOK 14 48 74 Q3’24 Q3’25 +54% Major markets: Benelux, UK, Germany and France
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Build on success in core markets Accelerate rollout of new products Expand in major markets Optimize cash flow Executing the strategy 1. 2. 3. 4. 15 MNOK 98 106 120 158 115 98 112 111 120 110 119 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 5 Q3’25 124 Sustainable Opex level focused on growth and innovation Provision for share-based bonus reflecting Zaptec’s ~50% Q3 share price increase; program ends in 2025
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16 167 242 300 447 574 610 541 492 456 388 314 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 -19% Build on success in core markets Accelerate rollout of new products Expand in major markets Optimize cash flow Executing the strategy 1. 2. 3. 4. Inventory reduced by 74 MNOK, now approaching target level MNOK
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Available liquidity includes cash, cash equivalents and undrawn overdraft facility 17 272 250 241 318 327 466 532 Q2’25Q1’24 Q3’25Q1’25Q4’24Q3’24Q2’24 +14% Build on success in core markets Accelerate rollout of new products Expand in major markets Optimize cash flow Executing the strategy 1. 2. 3. 4. MNOK Liquidity strengthened further, supported by robust cash flow
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Outlook 18 • European EV market expected to stay strong • Positioned to maintain leadership in core markets • Record installation rates creating new growth opportunities • Strategic sales initiatives and new product features in large markets • Continued outlook for profitable growth