Slide 1: Zaptec powers adventure – Q1 2025 Financial Results
Zaptec powers adventure Q1 2025 Financial Results 7th May 2025
Slide 2: Building momentum with improved KPIs
Building momentum with improved KPIs 1 Increased revenue and EBITDA 2 Strong order intake and solid backlog visibility 3 Recognized as largest home charging provider in Europe in 2024 4 Ongoing ramp-up of new products in large markets 5 Controlled Opex focused on innovation and sales 6 Further reduc
Slide 3: Agenda
Agenda Financials Q1 2025 Market, strategy and outlook Q1 2025 3
Slide 4: Financial highlights
Financial highlights Revenue Order intake Order backlog 347 366 507 +16% vs. Q1 2024 +20% vs. Q1 2024 +12% vs. Q1 2024 Gross margin OPEX EBITDA 39% 120 14 vs. 38% in Q1 2024 vs. 115 in Q1 2024 vs. -2 in Q1 2024 Figures in NOK million unless otherwise specified Q1 2025 4
Slide 5: Revenue up 16% – strong outlook for continued growth in 2025 vs 2024
Revenue up 16% – strong outlook for continued growth in 2025 vs 2024 Revenue, MNOK +16% 407 384 347 341 327 347 300 299 265 220 239 129 148 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 24 MNOK one-off financial revenue related to sale of non-core asset Q1 2025 5
Slide 6: Order intake up 20%, increasing firm order backlog to 507 MNOK
Order intake up 20%, increasing firm order backlog to 507 MNOK – Q2 orders expected to secure a significant portion of H2 revenue Order intake, MNOK +20% 587 445 456 362 342 366 317 306 276 218 233 244 193 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q1 2025 6
Slide 7: Gross margin impacted by stronger NOK – outlook for improvement
Gross margin impacted by stronger NOK – outlook for improvement from realizing lower COGS and Zaptec Go 2 ramp-up 40,1% 38,9% 38,9% 39,7% 37,7% 38,6% 38,6% 36,9% 34,6% Q1-23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q1 2025 7
Slide 8: EBITDA improved from Q1 2024 – strong outlook supported by scalability
EBITDA improved from Q1 2024 – strong outlook supported by the scalability of the business model EBITDA, MNOK +16 MNOK 38 34 19 14 14 4 6% 9% 10% 4% margin (%) -1% 4% -1% 1% 25% -2 -2 -8 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q1 2025 8
Slide 9: Agenda
Agenda Financials Q1 2025 Market, strategy and outlook Q1 2025 9
Slide 10: EV market recovering – 20% growth in Europe in Q1
EV market recovering – 20% growth in Europe in Q1 Plug-in vehicle sales Q1 2025 vs Q1 2024 (%) Denmark 51% Norway 46% Germany 40% United Kingdom 37% Europe 20% EU 15% Sweden 13% Switzerland -1% Benelux -3% France -21% Source: ACEA. Sum of battery electric and plug-in hybrid electric vehicles. Q1 202
Slide 11: European EV sales expected to grow ~23% per year next decade
European EV sales expected to grow ~23% per year next decade despite uncertainty EV sales (million) Annual growth (%) 16 25% 14 23% 12 21% 10 8 6 4 Regulatory consistency and innovation 2 Base case Stagnant growth and diluted regulations 0 ’23 ‘24 '25 ‘30 ‘35 Source: Strategy& (PwC) EV market outloo
Slide 12: Executing the strategic roadmap for value creation
Executing the strategic roadmap for value creation 4 Drive improvements to Driving improvements to maximize cash flow maximize cash flow 3 Expand in major markets 2 Ramp up production and deliveries of new products 1 Build on success in core markets Q1 2025 12
Slide 13: Zaptec named Europe's top home charging provider in 2024
1 Building on success in core markets 2 Ramping up new product deliveries 3 Expanding in major markets 4 Driving improvements to maximize cash flow Zaptec named Europe's top home charging provider in 2024 by independent EV market expert Home chargepoint market shares 2024 across nine European countr
Slide 14: Rising installation rates reflect continued strong demand
1 Building on success in core markets 2 Ramping up new product deliveries 3 Expanding in major markets 4 Driving improvements to maximize cash flow Rising installation rates reflect continued strong demand, laying the foundation for future growth Zaptec chargers installed (thousand) +18% 55 47 25 Q1
Slide 15: Ramping up Zaptec Go 2 and Zaptec Pro M&E
1 Building on success in core markets 2 Ramping up new product deliveries 3 Expanding in major markets 4 Driving improvements to maximize cash flow Ramping up Zaptec Go 2 and Zaptec Pro M&E – significant production capacity secured Production (no units) 10,000 8,000 6,000 4,000 2,000 0 Jun Feb May A
Slide 16: Momentum builds in Benelux after successful Zaptec Go 2 launch
1 Building on success in core markets 2 Ramping up new product deliveries 3 Expanding in major markets 4 Driving improvements to maximize cash flow Momentum builds in Benelux after successful Zaptec Go 2 launch and ongoing growth Revenue, MNOK +76% 46 26 Q1’24 Q1’25 Q1 2025 16
Slide 17: Secured breakthrough contracts with key players in the UK
1 Building on success in core markets 2 Ramping up new product deliveries 3 Expanding in major markets 4 Driving improvements to maximize cash flow Secured breakthrough contracts with key players in the UK – set for accelerating deliveries in Q2 Revenue, MNOK +54% 14 9 Q1’24 Q1’25 Q1 2025 17
Slide 18: Germany ramp-up ongoing with new products and partners
1 Building on success in core markets 2 Ramping up new product deliveries 3 Expanding in major markets 4 Driving improvements to maximize cash flow Germany ramp-up ongoing with new products, expanding through new and existing partners Revenue, MNOK 4x 5 1 Q1’24 Q1’25 Q1 2025 18
Slide 19: Controlled Opex – focused on product innovation and sales
1 Building on success in core markets 2 Ramping up new product deliveries 3 Expanding in major markets 4 Driving improvements to maximize cash flow Controlled Opex – focused on driving product innovation and sales across Europe Opex, MNOK +4% 120 158 120 115 112 111 115 98 106 95 Q1’23 Q2’23 Q3’23 Q
Slide 20: Additional progress towards inventory normalization
1 Building on success in core markets 2 Ramping up new product deliveries 3 Expanding in major markets 4 Driving improvements to maximize cash flow Additional progress towards inventory normalization Inventory, MNOK -7% 610 574 541 492 456 447 300 242 167 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4
Slide 21: Positive cash flow improving available liquidity to 327 MNOK
1 Building on success in core markets 2 Ramping up new product deliveries 3 Expanding in major markets 4 Driving improvements to maximize cash flow Positive cash flow improving available liquidity to 327 MNOK – robust financing in place to navigate future market conditions Available liquidity, MNOK
Slide 22: KPIs improving further
Q1 summary: KPIs improving further • Increased revenue and EBITDA • Strong order intake and backlog visibility • Named largest home charger provider in Europe • Controlled Opex focused on innovation and sales • Reduced inventory and improved liquidity Q1 2025 22
Slide 23: On track for 2025
Outlook: On track for 2025 • EV market recovery underway • Retained strong position in core markets with momentum building in Benelux, UK and Germany • Ramping up production and deliveries of new products targeting major European markets • Continued outlook for profitable growth Q1 2025 23
Slide 24: Disclaimer
-— | j Disclaimer as : - ; ‘ This presentation contains statements relating | tur 8 ! ‘oking statements do future performance and invoive risks and uncer yy differ materially from projected resu ks “Disclaimer — forward-looking stat in the fed togeth