Slide 1: Zaptec Powers adventure – Q2 2023 Financial Results
Zaptec Powers adventure Q2 2023 Financial Results 23 August 2023
Slide 2: Financial highlights | Q2 2023
Financial highlights | Q2 2023 Revenue Order intake Order backlog 355 445 578 +134% vs. Q2 2022 +104% vs. Q2 2022 +356% vs Q2 2022 Gross margin EBITDA Export share 36% 23 78% vs. 42% in Q2 2022 vs. 12 in Q2 2022 vs. 68% in Q2 2022 Figures in NOK million unless otherwise specified 2
Slide 3: 134% revenue growth – all time high quarterly revenue
134% revenue growth – all time high quarterly revenue Quarterly revenue, MNOK +134% • Revenue increased 134% in Q2 2023 compared to Q2 2022 to 355 355 MNOK 248 271 226 193 • Zaptec has now generated LTM* 131 132 152 revenue of 1.1 billion NOK 73 92 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-
Slide 4: Order intake continued at a high level
Order intake continued at a high level Quarterly order intake, MNOK • Following a record-breaking order intake +104% in Q1 2023, the order intake continued at a high level in Q2 2023 • In Q2, Zaptec recorded 445 MNOK in order intake, equivalent to a 104% 587 increase compared to Q2 2022 445 • During
Slide 5: Production ramping up according to plan
Production ramping up according to plan • Zaptec Pro and Zaptec Go production continued to ramp up in Q2’23 in line with our plans • Production of MID-type approved version of Zaptec Pro commenced in the end of Q2’23 at Westcontrol • Preparations for start of Zaptec Go production at Sanmina continue
Slide 6: Export revenue and export share at record-high levels
Export revenue and export share at record-high levels • Both the export revenue and export share +163% increased significantly in Q2’23 • 163% sales growth outside Norway compared Sales outside Norway, to Q2’22 driven by increased sales in export NOK million markets – 277 MNOK export revenue in Q2’2
Slide 7: Continued EV adoption, however slow growth in Norwegian plug-in vehicle sales
Market development Continued EV adoption, however slow growth in Norwegian plug-in vehicle sales in the second quarter • Plug-in vehicle sales in Zaptec’s largest market, +35% Norway increased 9% compared to Q2 2022. 594,953 Q2’22 Q2’23 439,505 • Continued high plug-in share of new vehicle sales in
Slide 8: Gross margin negatively impacted by product mix in the second quarter
Gross margin negatively impacted by product mix in the second quarter – expected to increase going forward Gross margin • The gross margin was 36% in Q2’23, 60% compared to 41% in the previous quarter 51% 50% 46% 45% • The margin was negatively impacted by product mix, 42% 41% 39% 39% 39% 38% as Zap
Slide 9: Improved EBITDA due to strong revenue growth and cost control
Improved EBITDA due to strong revenue growth and cost control • EBITDA grew to 23 MNOK in Q2 2023, up from 12 MNOK in the same quarter last year EBITDA MNOK margin (%) • EBITDA margin increased to 6% compared to 2% 25 22,6 15% 20 in the previous quarter due to strong revenue growth 15 14,9 10% 11,6
Slide 10: Strategy and outlook
Strategy and outlook • The global trend towards electrifying transportation is evident, yet electric vehicle (EV) adoption rates vary across countries. • Zaptec's successful strategy revolves around providing safe, high-quality EV charging solutions in markets with strong EV adoption outlook • As mo
Slide 11: Summary
Summary • Growth story continued in full force despite challenging macro environment and low growth in EV sales • All time high quarterly revenue of 355 MNOK • Strong order intake of 445 MNOK • Zaptec Pro MID production initiated at Westcontrol • Preparations for Zaptec Go production start at Sanmin
Slide 12: Q&A / Disclaimer – forward looking statements
Q&A Disclaimer – forward looking statements Cautionary Statement Regarding Forward-Looking Statements In addition to historical information, this presentation contains statements relating to our future business and/or results. These statements include certain projections and business trends that are