Slides
Page 1
Zaptec powers adventure Q4 2025 Financial results 18 Feb 2026
Page 2
• Strong EV market across Europe • Record quarterly revenue, EBITDA and order intake • Installations and order backlog point to continued growth • Market leadership in core regions • Growing traction in major markets • Strong cash flow and liquidity; initiating dividend distribution Setting records 1 2 3 4 5 6
Page 3
Revenue Order intake Order backlog EBITDA 3 134 vs. 111 in Q4’24 729 +47% vs Q4’24 645 +41% vs. Q4’24 433 +32% vs. Q4’24 OPEX 45 vs. 19 in Q4’24 Gross margin 41% vs. 39% in Q4’24 Financial highlights
Page 4
129 148 220 239 265 347 407 300 341 299 327 347 383 369 433 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 Q4’25 +32% MNOK Increased growth rate with 32% higher revenue Fastest revenue growth since 2023
Page 5
193 218 276 587 317 461 Q1’22 Q2’22 233 Q3’22 Q4’22 Q1’23 445 Q2’23 Q3’23 362 Q4’23 306 Q1’24 342 Q2’24 244 Q3’24 456 Q4’24 366 Q1’25 Q2’25 330 Q3’25 Q4’25 645 +41% Significant step-change with 41% growth in order intake MNOK Order backlog of 729 MNOK
Page 6
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 41,4% Q4’25 Stronger gross margin, exceeding 41% Trend
Page 7
margin (%) EBITDA significantly improved MNOK -2 14 38 -8 -2 34 4 19 14 44 21 45 -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 10% Q4’25 2.4x
Page 8
-24 -18 12 43 43 62 29 55 71 81 98 123 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 LTM EBITDA continues to show steady improvement MNOK LTM = Last Twelve Months ~8% LTM EBITDA margin
Page 9
Source: ACEA. Sum of battery electric and plug-in hybrid electric vehicles. Norway Germany Europe Switzerland Denmark Benelux France United Kingdom Sweden 89% 57% 40% 32% 29% 29% 21% 14% -3% EV market continues to strengthen Plug-in vehicle sales Q4 2025 vs Q4 2024 (%) 9
Page 10
Expand in major markets 1 Accelerate product roll-outs and integrations Build on success in core markets 2 3 4 Optimize cash flow Executing the strategy 10
Page 11
Build on core markets Accelerate products and integrations Expand in major markets Optimize cash flow Executing the strategy 1. 2. 3. 4. Strong growth in mature markets Revenue growth Q4’25 vs Q4’24 11 +51% +35% +29%
Page 12
Build on core markets Accelerate products and integrations Expand in major markets Optimize cash flow Executing the strategy 1. 2. 3. 4. Installation growth: +22% 0 5 000 10 000 15 000 20 000 25 000 Feb’23 Mar’23 Apr’23 May’23 Jun’23 Jul’23 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 Sept’24 Oct’24 Nov’24 Dec’24 Jan’25 Feb’25 Mar’25 Jan’23 May’25 Jun’25 Jul’25 Aug’25 Apr’25 Oct’25 Nov’25 20 163 Dec’25 Sept’25 Monthly Zaptec installations 12 Monthly installations LTM monthly average LTM = Last Twelve Months 70,000+ installations in Q4; LTM average above 20,000 +22%
Page 13
Build on core markets Accelerate products and integrations Expand in major markets Optimize cash flow Executing the strategy 1. 2. 3. 4. Production on plan 13 Well-positioned to further scale production if needed Westcontrol Norway Established production lines Sanmina Germany Established production lines Sanmina Hungary Production starting during 2026
Page 14
Build on core markets Accelerate products and integrations Expand in major markets Optimize cash flow Executing the strategy 1. 2. 3. 4. Continuous product improvements and new EV ecosystem integrations 14 Data-driven iteration across hardware, firmware, and cloud OTA upgrades continuously improving device performance Integrations with EVs, energy systems, and grid services OTA = Over The Air
Page 15
Build on core markets Accelerate products and integrations Expand in major markets Optimize cash flow Executing the strategy 1. 2. 3. 4. Strengthening Zaptec’s strategic role in the connected EV ecosystem 15 Energy provider Energy platform CPO platform Examples of players in the EV charging ecosystem included for illustration purposes Mobility service platform Mobility providereMSP platform WholesaleInfrastructure providersInstallers Energy Mobility Infrastructure
Page 16
Build on core markets Accelerate products and integrations Expand in major markets Optimize cash flow Executing the strategy 1. 2. 3. 4. 79% growth in major markets Revenue, MNOK 16 50 89 Q4’24 Q4’25 +79% Major markets: Benelux, UK, Germany and France Focusing development and strengthening sales to drive growth in Germany, UK and France; Europe’s top three vehicle markets
Page 17
Build on core markets Accelerate products and integrations Expand in major markets Optimize cash flow Executing the strategy 1. 2. 3. 4. 17 Scalable cost structure 34,2% Q1’24 33,8% Q2’24 35,9% Q3’24 34,4% Q4’24 33,7% Q1’25 33,6% Q2’25 32,8% Q3’25 32,0% Q4’25 Opex % of revenue LTM Opex as % of revenue Trend Declining Opex share as revenue grows
Page 18
18 167 242 300 447 574 610 541 492 456 388 314 222 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 -29% Executing the strategy 1. 2. 3. 4. Inventory reduced by 92 MNOK MNOK Build on core markets Accelerate products and integrations Expand in major markets Optimize cash flow
Page 19
Available liquidity includes cash, cash equivalents and undrawn overdraft facility 19 272 250 241 318 327 466 532 736 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 +38% Executing the strategy 1. 2. 3. 4. MNOK Liquidity significantly improved Build on core markets Accelerate products and integrations Expand in major markets Optimize cash flow
Page 20
Available liquidity includes cash, cash equivalents and undrawn overdraft facility 20 Executing the strategy 1. 2. 3. 4. MNOK Positive earnings and working capital normalization drive liquidity Build on core markets Accelerate products and integrations Expand in major markets Optimize cash flow 45 141 17 Q4 opening balance EBITDA AR/Inventory/AP Other Q4 closing balance 532 736 +203
Page 21
Initiating dividend distribution New dividend policy Ambition to distribute up to 50% of annual net profit Proposed dividend totalling NOK 2.0 per share* - Ordinary: NOK 0.3 - Extraordinary: NOK 1.7 Rationale - Solid liquidity and financial flexibility - Balance sheet remains strong after dividend payment, enabling continued investment in growth *Subject to approval at AGM and from financial creditors.
Page 22
Why Zaptec 22 • European leader in AC charging • Strong financial base in Nordics, Switzerland & Benelux • Large growth runway in major European markets • Smart and reliable technology, offering lower total cost of ownership • Scalable production and mature commercial organization • Strategic partnerships with leading global players
Page 23
Outlook 23 EV market growth remains strong across Europe Continued expansion in Germany, UK, France and Benelux Product focus on continuous improvements, integrations and R&D execution Margin improvement through COGS reduction and scale Profitable growth expected to continue in 2026