Slide 1: Zaptec powers adventure
Zaptec powers adventure Q3 2023 Financial Results 15 November 2023
Slide 2: Financial highlights | Q3 2023
Financial highlights | Q3 2023 Revenue Order intake Order backlog 421 326 483 +86% vs. Q3 2022 +37% vs. Q3 2022 +250% vs Q3 2022 Gross margin EBITDA Export share 41% 53 65% vs. 39% in Q3 2022 vs. 15 in Q3 2022 vs. 70% in Q3 2022 Figures in NOK million unless otherwise specified 2
Slide 3: All time high quarterly revenue
All time high quarterly revenue Quarterly revenue, MNOK +86% • 86% revenue growth in the third quarter 421 355 • YTD revenue of over 1 billion NOK 248 271 226 193 131 132 152 73 92 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 3
Slide 4: Continued high order intake
Continued high order intake Quarterly order intake, MNOK +37% • YTD order intake above 1.3 billion NOK 587 445 • 483 MNOK backlog for delivery 2023-24 326 276 233 193 218 118 147 149 73 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 4
Slide 5: Strong growth in export revenue
Strong growth in export revenue +75% • Export revenue up 75% vs. Q3’22 • Lower export share due to significant sales in Norway 272 275 • Outlook for increased export share from 157 171 151 market penetration across Europe 109 105 90 73 Q3’21 Q4’21 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 56% 57% 68
Slide 6: Improved gross margin
Improved gross margin Gross margin • 41% gross margin vs 36% in the previous quarter 60% 51% o Reduced cost price on both Zaptec Go and 50% 45% 46% 42% 41% 41% Zaptec Pro 40% 39% 38% 39% 36% 39% 38% 36% 35% 33% 30% • Outlook for continued strong gross margin 20% 10% 0% Q1-20 Q2-20 Q3-20 Q4-20 Q1-21
Slide 7: Continued improved EBITDA development
Continued improved EBITDA development EBITDA MNOK margin (%) 52,7 Strong revenue growth, improved gross margin 50 15% 40 13% and cost control, leading to: 8% 10% 30 23,0 7% 6% 20 14,9 5% • 53 MNOK EBITDA vs 15 MNOK in Q3’22 10 11,6 2% 4,6 0,1 0% 0% 0 • 13% margin vs 6% in the previous quarter -10 -5
Slide 8: Zaptec Go production start milestone at Sanmina
Zaptec Go production start milestone at Sanmina Zaptec Go production at Sanmina started in the third quarter as planned Both Zaptec Pro and Zaptec Go production now ongoing at Westcontrol and Sanmina Lower risk and increased flexibility for future demand fluctuations 8
Slide 9: Near term mixed market development
Near term mixed market development Plug-in vehicles sales in Q3 2023 vs Q3 2022 Battery electric vehicles (BEV) & Plug-in hybrid electric vehicles (PHEV) Q3’22 +36% Q3’23 604,278 • Norwegian plug-in vehicle sales declined 443,536 in the third quarter, while EU recorded sales increase -11% • EU plug-
Slide 10: Navigating the current market, preparing for mass-market EV adoption
Outlook Navigating the current market, preparing for mass-market EV adoption Million EV + EV sales acceleration • Adapting to current market – order intake temporarily impacted PHEV sales forecasted in Europe 12 • Reducing production while maintaining flexibility to scale up 11 Nordics 10 Italy • Co
Slide 11: Summary
Summary • All time high quarterly revenue and EBITDA • Significant order backlog • Adapting production levels to current market • Costs under control and access to additional financing if required • Well positioned to capitalize on mass-market EV adoption in the years to come
Slide 12: Empowering sustainable adventures
Empowering sustainable adventures 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 u