Slide 1: Zaptec powers adventure: Q4 2024 Financial Results
Zaptec powers adventure Q4 2024 Financial Results 19th February 2025
Slide 2: Breakthrough quarter with the KPIs on the right track
Breakthrough quarter with the KPIs on the right track 1 Improved revenue and EBITDA 2 Continuous initiatives to lower COGS 3 Strong order intake and visibility through solid backlog 4 Inventory further reduced 5 Significant cashflow, improved liquidity and added financial flexibility 6 New products
Slide 3: Agenda
Agenda Financials Q4 2024 Market, strategy and outlook Q4 2024 3
Slide 4: Financial highlights
Financial highlights Revenue Order intake Order backlog 327 456 495 -15% vs. Q4 2023 +26% vs. Q4 2023 +10% vs. Q4 2023 Gross margin OPEX EBITDA 40% 111 19 vs. 37% in Q4 2023 vs. 158 in Q4 2023 vs. -8 in Q4 2023 Figures in NOK million unless otherwise specified Q4 2024 4
Slide 5: Revenue 15% down from Q4'23, but 37% growth since Q4'22
Revenue 15% down from Q4’23, but 37% growth since Q4’22 Positioned for strong growth in 2025 Revenue MNOK +37% -15% Other UK 7% 4% Sweden Benelux 9% 27% 407 384 Denmark 11% Q4-24 347 341 327 300 299 239 265 220 129 148 17% 25% Switzerland Norway Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24
Slide 6: 26% order intake increase, boosting revenue growth outlook
26% order intake increase, boosting revenue growth outlook MNOK Order intake +26% • 456 MNOK order intake in Q4 • Secured revenue from significant 587 deliveries in first half of 2025 445 456 • Positive momentum in order intake 362 342 276 317 306 continued in Q1 so far 218 233 244 193 Q1-22 Q2-22 Q
Slide 7: Visibility through solid order book
Visibility through solid order book • Firm order backlog of 495 MNOK with deliveries primarily in 1H • Backlog including forecasted orders exceeding 1 bn NOK • Pre-orders mainly in selected mature markets* Order forecast mature markets Firm backlog Indicative 0.6orders bn • Ongoing sales in all mark
Slide 8: Sequential gross margin increase the four last quarters
Sequential gross margin increase the four last quarters Gross margin 60% • Gross margin increased to 39,7% in Q4 50% • Outlook for improved gross margin in 2025 40,1% 38,9% 38,6% 38,9% 39,7% 36,9% 37,7% 40% 38,2% o COGS already reduced, yet to fully materialize in 34,6% margin due to inventory first
Slide 9: Improved EBITDA, with more growth ahead
Improved EBITDA, with more growth ahead EBITDA MNOK margin (%) 38 • EBITDA increased to 19 MNOK, up from 4 MNOK 40 34 15% last quarter and -8 MNOK in Q4’23 30 19 10% 20 14 5% 9 10 • Increase in EBITDA of 31% in 2024 compared to 4 0% 0 2023 despite lower revenue -10 -2 -2 -5% -8 -10% -20 • Driving EB
Slide 10: Agenda
Agenda Financials Q4 2024 Market, strategy and outlook Q4 2024 10
Slide 11: EV market set for recovery in 2025
EV market set for recovery in 2025 Renault 5 Opel Fontera European market expected to grow 23% in 2025 (1) • A range of new, affordable EV models Hyundai Inster EV Cupra Raval • Stricter EU CO2 rules implemented • EU plans new incentives for EVs (2) Citroën ë-C3 BYD Dolphin (1) Median of estimates f
Slide 12: Strong start of 2025 in Scandinavia
Strong start of 2025 in Scandinavia Plug-in vehicle sales Jan 2025 v Jan 2024 +99% +90% +12% https://mobility.dk/nyregistreringer/ https://ofv.no/bilsalget/bilsalget-i-januar-2025 Q4 2024 12 https://mobilitysweden.se/statistik/databas-nyregistreringar
Slide 13: 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 Finalise product-market fit 1 Build on success in core markets Q4 2024 13
Slide 14: 20% installation increase in 2024
1 Building on strong momentum in core markets 2 Finalising product-market fit 3 Expanding in major markets 4 Driving improvements to maximize cash flow 20% installation increase in 2024 Number of Zaptec chargers installed (thousand) +20% • 59k Zaptec chargers installed in Q4 205 171 • 20% increase i
Slide 15: New awards demonstrating product leadership
1 Building on strong momentum in core markets 2 Finalising product-market fit 3 Expanding in major markets 4 Driving improvements to maximize cash flow New awards demonstrating product leadership LB Tech Reviews acknowledged Zaptec Go as product of the year 2024-2025 Elbilsvaruhuset awarded Zaptec G
Slide 16: Zaptec Pro Eichrecht
1 Building on strong momentum in core markets 2 Finalising product-market fit 3 Expanding in major markets 4 Driving improvements to maximize cash flow Zaptec Pro Eichrecht • Zaptec Pro with compliance to the German calibration law (Mess- und Eichrecht) launched 22nd January 2025 • Secures competiti
Slide 17: Zaptec Go 2
1 Building on strong momentum in core markets 2 Finalising product-market fit 3 Expanding in major markets 4 Driving improvements to maximize cash flow Zaptec Go 2 • Next generation Zaptec Go launched 18th February 2025 • Generated strong interest in the market – first months of production already s
Slide 18: Ramping up in Benelux
1 Building on strong momentum in core markets 2 Finalising product-market fit 3 Expanding in major markets 4 Driving improvements to maximize cash flow Ramping up in Benelux Revenue potential 2x MNOK • Benelux revenue more than doubled from last year, contributing to 10% of total revenue in 2024 125
Slide 19: Unlocking UK potential
1 Building on strong momentum in core markets 2 Finalising product-market fit 3 Expanding in major markets 4 Driving improvements to maximize cash flow Unlocking UK potential Revenue potential 2-4x MNOK • 2024 the first year under a new UK organization with a refined strategy • Building a growth fou
Slide 20: Ready for Germany
1 Building on strong momentum in core markets 2 Finalising product-market fit 3 Expanding in major markets 4 Driving improvements to maximize cash flow Ready for Germany • Full product portfolio ready in Q1 with Zaptec Pro Eichrecht and Zaptec Go 2 launched • Zaptec Go award winner in AutoBild with
Slide 21: Stabilizing Opex and enhancing efficiency
1 Building on strong momentum in core markets 2 Finalising product-market fit 3 Expanding in major markets 4 Driving improvements to maximize cash flow Stabilizing Opex and enhancing efficiency MNOK • Driving efficiency o Reducing Opex 10% from 2023 to 2024 o Organizational changes 158 o Moving mark
Slide 22: Driving COGS improvements
1 Building on strong momentum in core markets 2 Finalising product-market fit 3 Expanding in major markets 4 Driving improvements to maximize cash flow Driving COGS improvements • COGS decreased despite high inflation and reduced production • Leveraging two production partners for price comparison a
Slide 23: Normalising the inventory
1 Building on strong momentum in core markets 2 Finalising product-market fit 3 Expanding in major markets 4 Driving improvements to maximize cash flow Normalising the inventory MNOK -9% • Inventory further reduced with 49 MNOK 574 610 from last quarter 541 492 447 300 • Clear path to normalization
Slide 24: Improved cash flow and liquidity
1 Building on strong momentum in core markets 2 Finalising product-market fit 3 Expanding in major markets 4 Driving improvements to maximize cash flow Improved cash flow and liquidity Operating cash flow MNOK • Net operating cash flow of 78 MNOK in Q4 78 36 • Net cash position of 18 MNOK and availa
Slide 25: Enhanced financial flexibility
1 Building on strong momentum in core markets 2 Finalising product-market fit 3 Expanding in major markets 4 Driving improvements to maximize cash flow Enhanced financial flexibility • 300 MNOK overdraft facility extended under improved terms • NIBD/EBITDA covenant removed • Other key terms mainly u
Slide 26: KPIs on the right track
Q4 summary: KPIs on the right track • Increased revenue, gross margin and EBITDA • Strong order intake • Reduced Opex • Lower inventory • Improved cash flow, liquidity and financial flexibility Q4 2024 26
Slide 27: Solid plan for 2025
Outlook: Solid plan for 2025 • Starting the year with strong momentum, with over 1 billion NOK in backlog visibility • EV market recovery underway • New products targeting major European markets • Positive outlook for growth, higher earnings, and stronger cash flow Q4 2024 27
Slide 28: Disclaimer
Disclaimer This presentation contains statements relating to otirfulure business andlor results, which includes certain projections and business trends that are “forward-looking. performance and involve risks and uncertainties. Actual results may differ materially from projected results/pro forma re