Slide 1: Zaptec Q2 2024 Financial Results
Zaptec Zaptec powers powers adventure adventure Q2 2024 Financial Results 21st August 2024
Slide 2: Business highlights
Business highlights 1 Several milestones supporting European growth ambitions during the quarter • Key strategic collaboration with Polestar across Europe • New product announced for major EU markets - Zaptec Go 2 • €23M pan-European contract with Spirii Strong financial performance in challenging m
Slide 3: Business highlights
Business highlights 3 Continued momentum in new markets 4 On track to start delivering on the path towards inventory normalization 5 Further opex reduction,with ongoing commitment to cost efficiency 6 Sufficient liquidity projected to improve going forward Q2 2024 3
Slide 4: Agenda: Financials Q2 2024
Agenda Financials Q2 2024 Q2 2024 4
Slide 5: Financial highlights
Financial highlights Revenue Order intake Order backlog 341 342 456 -2% vs. Q2 2023 -23% vs. Q2 2023 -21% vs. Q2 2023 Gross margin OPEX EBITDA 38% 98 34 vs. 35% in Q2 2023 vs. 115 in Q1 2024 vs. 14 in Q2 2023 Figures in NOK million unless otherwise specified Q2 2024 5
Slide 6: Revenue increased from previous quarter
Revenue increased from previous quarter MNOK -2% Other UK 8% Netherlands 3% Sweden 8% 32% 407 408 Denmark 8% Q2-24 347 341 300 revenue 239 265 220 18% 129 148 Switzerland 23% Norway Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q2 2024 6
Slide 7: Order intake up from previous quarter, but lower than Q2 2023
Order intake up from previous quarter, but lower than Q2 2023 which was extraordinarily high MNOK -23% 587 445 456 362 342 order backlog 276 317 306 193 218 233 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Note: Order intake in Q1 and Q2 2023 significantly impacted by market review an
Slide 8: Sustained gross margin
Sustained gross margin Gross margin 60% 50% 40% 39% • Gross margin retained at 38%, which is the 40% 37% 36% 35% 37% 38% 38% same as in the previous quarter 30% 20% • Outlook for continued strong gross margin 10% 0% Q1-24 Q2-24 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Gross margin (%) Average last 2 year
Slide 9: Significantly improved EBITDA
Significantly improved EBITDA EBITDA margin (%) • EBITDA increased vs to previous MNOK quarters on the back of revenue 40 38 34 15% growth and lower Opex 30 10% 20 14 5% 9 10 • EBITDA of 34 MNOK (10% margin), 0 0% up 143% compared to same quarter -10 -2 -8 -2 -5% last year -20 -10% -30 -15% -40 -20%
Slide 10: Inventory set for normalization
Inventory set for normalization Illustrative development of production level vs order intake Order intake Production Adapting production levels to normalize inventory, maintaining flexiblity to scale up volume Production ramp-up while market Strong order intake softened increase leads to new product
Slide 11: Agenda: Market, strategy and outlook
Agenda Market, strategy and outlook Q2 2024 11
Slide 12: Mixed market development in Q2
Mixed market development in Q2 Plug-in vehicle sales in Q2 2024 vs Q2 2023 Weak plug-in vehicle sales with some exceptions Denmark 32% o 5% decline in EU United Kingdom 14% Italy 0% o 9% decline in Zaptec’s core markets France -1% o Denmark and UK exceptions with strong growth Norway -2% Benelux -2%
Slide 13: EV sales growth ahead in Europe
EV sales growth ahead in Europe • EV transition is a megatrend, though recent developments show Projected European electric vehicles short-term delays in some markets annual sales growth 2023-2030 • ~20% annual EV sales growth in Europe in the 2023-2030 period PwC Strategy& 26% projected by key agen
Slide 14: Strategic collaboration with Polestar
Strategic collaboration with Polestar Zaptec Go becomes the recommended home charger on polestar.com and in all European Polestar Spaces Premium charging solution offered to customers within Polestar’s extensive ecosystem 14 14 Q2 2024
Slide 15: The next generation: Zaptec Go 2
The next generation: Zaptec Go 2 • Announced at Power2Drive in June • Next generation hardware • Unlocking major EU markets • On track for launch Q4 2024 Q2 2024 15
Slide 16: Securing €23 million deal with Spirii
Securing €23 million deal with Spirii 45,000 Zaptec chargers to be delivered across Europe to Spirii, a leading eMobility provider, over a 2-year period. Q2 2024 16 16
Slide 17: Continued momentum in Central Europe
Continued momentum in Central Europe Revenue MNOK 70 +204% 60 50 40 30 +140% 20 10 0 1H 2023 1H 2024 1H 2023 1H 2024 1H 2023 1H 2024 Netherlands UK France Q2 2024 17
Slide 18: Summary
Summary • Several key milestones demonstrating European progress • Strong financial performance • Gaining market shares by growing in challenging market • Continued momentum in new markets • On track to start deliver inventory normalization • Ongoing cost focus • Sufficient liquidity set to improve
Slide 19: Disclaimer
Disclaimer This presentation contains statements relating to our future business and/or results, which includes certain projections and business trends that are “forward-looking.” Forward-looking statements do not guarantee future performance and involve risks and uncertainties. Actual results may d