Slide 1: Zaptec powers adventure
Zaptec powers adventure Q2 2025 Financial results August 20th 2025
Slide 2: Delivering according to plan
Delivering 1. 1 Increased revenue, gross margin and EBITDA according 2. 2 Strong order intake and solid backlog visibility to plan 3. 3 Scaling up new product deployment 4. 4 Ramping up in major markets 5. 5 Inventory approaching normalized level 6. 6 Significant cash flow and strengthened liquidity
Slide 3: Financial highlights
Financial Revenue Order intake 383 445 highlights +13% vs. Q2 2024 +30% vs. Q2 2024 Order backlog Gross margin 567 41% +24% vs. Q2 2024 vs. 39% vs. Q2 2024 OPEX EBITDA 112 44 vs. 98 in Q2 2024 vs. 34 in Q2 2024 Figures in NOK million unless otherwise specified 3
Slide 4: 13% revenue growth in the second quarter
13% revenue growth in the second quarter MNOK +13% 407 384 383 347 341 327 347 300 299 265 220 239 129 148 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 Q2’25 24 MNOK one-off financial revenue related to sale of non-core asset
Slide 5: 30% increase in order intake
30% increase in order intake backlog of 567 MNOK at the end of the quarter MNOK +30% 587 445 456 445 362 342 366 317 306 276 218 233 244 193 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 Q2’25
Slide 6: Improved gross margin
Improved gross margin 40,1% 39,7% 40,6% 38,9% 38,6% 38,9% 38,6% 36,9% 37,7% 34,6% Q1-23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25
Slide 7: All time high quarterly EBITDA
All time high quarterly EBITDA MNOK +29% 44 38 34 19 14 14 11% margin (%) 4 6% 9% 10% 4% -1% 4% -2% -1% 1% -2 -2 -8 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25
Slide 8: LTM EBITDA demonstrates steady progress
LTM EBITDA demonstrates steady progress MNOK 81 71 62 55 43 43 29 12 -18 -24 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 LTM = Last Twelve Months
Slide 9: EV market continues to strengthen
EV market Plug-in vehicle sales Q2 2025 vs Q2 2024 (%) continues Germany 43% to strengthen Denmark 33% United Kingdom 30% Europe 27% Norway 26% Sweden 23% Switzerland 18% Benelux 2% France -9% Source: ACEA. Sum of battery electric and plug-in hybrid electric vehicles. 9
Slide 10: Executing the strategy
Executing 4 the strategy Optimize cash flow 3 Expand in major markets 2 Accelerate rollout of new products 1 Build on success in core markets 10
Slide 11: Rising installation rates
Executing the strategy Rising installation rates 1. Build on success in core markets 25 000 Monthly Zaptec installations LTM 2. Accelerate rollout 20 000 +9% of new products 15 000 3. Expand in major markets 10 000 4. Optimize cash flow 5 000 0 Sept’23 Dec’23 Feb’24 Apr’24 Jan’23 Mar’23 Jan’25 Jun’2
Slide 12: Production ramp-up according to plan
Executing the strategy Production ramp-up according to plan 1. Build on success Production (no units) in core markets 6 500 2. Accelerate rollout 6 000 5 500 of new products 5 000 4 500 3. Expand in major 4 000 markets 3 500 3 000 4. Optimize cash flow 2 500 2 000 1 500 1 000 500 0 Jan Feb Mar Apr M
Slide 13: 84% growth and building for the future with new partnerships
Executing the strategy 84% growth and building for the future with new 1. Build on success in core markets partnerships 2. Accelerate rollout +84% of new products 94 3. Expand in major markets 51 4. Optimize cash flow Q2’24 Q2’25 Revenue, MNOK Major markets: Benelux, UK, Germany and France 13
Slide 14: Controlled Opex enabling focused investment in growth and innovation
Executing the strategy Controlled Opex enabling focused investment in growth and innovation 1. Build on success in core markets 2. Accelerate rollout MNOK of new products 3. Expand in major markets 120 4. Optimize cash flow 158 120 115 112 111 115 112 98 106 98 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3
Slide 15: Inventory down 68 MNOK, approaching target level
Executing the strategy Inventory down 68 MNOK, approaching target level 1. Build on success in core markets 2. Accelerate rollout MNOK of new products -15% 3. Expand in major markets 610 4. Optimize cash flow 574 541 492 456 447 388 300 242 167 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q
Slide 16: Significant cash flow added 139 MNOK in liquidity
Executing the strategy Significant cash flow added 139 MNOK in liquidity 1. Build on success in core markets 2. Accelerate rollout MNOK of new products 3. Expand in major +43% markets 4. Optimize cash flow 466 318 327 272 250 241 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Available liquidity includes cash,
Slide 17: Q2 summary
Q2 summary • Increased revenue, gross margin and EBITDA • Strong order intake and solid backlog visibility • Scaling up new product deployment • Ramping up in major markets • Inventory approaching normalized level • Significant cash flow and strengthened liquidity 17
Slide 18: Outlook
Outlook • European EV market growth expected to continue • Zaptec maintains a solid position in core markets • Robust order backlog provides operational stability • Momentum building in Benelux, UK, France and Germany • Continued outlook for profitable growth 18
Slide 19: Disclaimer
® Zaptec Disclaimer This presentation contains statements relating to our future busi future performance and involve risks and uncertainties "Disclaimer — forward-looking statements” in the q