Slide 1: Zaptec powers adventure
Zaptec powers adventure Q4 2023 Financial Results 21st of February 2024
Slide 2: Zaptec Q4 2023 Summary
Zaptec Q4 2023 Summary Outperforming 1 competitors and gaining market shares by significantly increasing sales in a temporarily challenging EV market 2 Visibility for future revenue with increasing order intake and strong order backlog 3 Financial flexibility from increased overdraft facility 4 5 6
Slide 3: Zaptec Q4 2023 Summary
Zaptec Q4 2023 Summary Focus 4 on core business, divesting non-core asset, key product market adaptions and future business models 5 Investing for the future by building competency, next gen product portfolio and marketing Export 6 increasing on the back of market penetration outside Norway 3
Slide 4: Financial highlights Q4 2023
Financial highlights Q4 2023 Revenue Order intake Order backlog 408 362 451 +70% vs. Q4 2022 +31% vs. Q4 2022 +161% vs Q4 2022 Gross margin EBITDA Export share 37% -8 72% vs. 36% in Q4 2022 vs. -39 in Q4 2022 vs. 68% in Q4 2022 Note historical numbers prior to Q4-23 are restated, please refer to the
Slide 5: Strong quarterly revenue growth
Strong quarterly revenue growth Quarterly revenue, MNOK +70% • 70% revenue growth in Q4 407 408 347 • Full year revenue of over 1.4 billion NOK, 265 up 94% compared to 2022 220 239 129 148 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Note historical numbers prior to Q4-23 are restated, please ref
Slide 6: Order intake increase
Order intake increase Quarterly order intake, MNOK +31% • Increased order intake compared to previous quarter and Q4 2022 587 445 • FY order intake above 1.7 billion NOK 362 326 276 193 218 233 • 451 MNOK backlog for 2024 deliveries Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Quarterly order int
Slide 7: Strong growth in export revenue
Strong growth in export revenue +75% • Export revenue increased 75% vs. Q4’22 • Increase in export share to 72% from 65% in the previous quarter 293 • Outlook for increased export share from 271 265 market penetration across Europe 153 164 148 ✓ France deliveries initiated 88 103 ✓ Benelux sales ram
Slide 8: Gross margin
Gross margin Gross margin 60% • 37% gross margin vs 39% in the previous quarter 50% 45% 41% 40% 39% • Outlook for continued strong gross margin 40% 37% 36% 35% 37% 30% 20% 10% 0% Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Gross margin (%) Average 8
Slide 9: EBITDA
EBITDA EBITDA MNOK margin (%) Positive EBITDA trend: 38 40 15% 9% 30 • -8 MNOK Q4’23 vs -39 MNOK Q4’22 10% 6% 20 4% 4% 14 5% 10 8 9 -1% -2% • 43 MNOK FY’23 vs -25 MNOK FY’22 0 -2% 0% -3 -2 -5% -10 -8 -10% -20 Please note EBITDA impacted by IFRS-15; -30 -16% -15% however, no cash effect -40 -20% -39
Slide 10: Increased credit facility
Increased credit facility In Q4, the overdraft facility with DNB was increased from 70 to 300 MNOK The new facility is backed by Export Finance Norway which guarantees for 50% of the credit limit Provides added financial flexibility 441 MNOK available liquidity at end Q4 incl cash, deposits, funds a
Slide 11: Zaptec revenue growing strong in weak Norwegian EV market
Market development Zaptec revenue growing strong in weak Norwegian EV market Plug-in vehicles sales in Q4 2023 vs Q4 2022 Zaptec domestic revenue (MNOK) Plug in Hybrid Electric Vehicles (PHEV) sales - Norway Battery Electric Vehicles (BEV) sales - Norway +51% -56% 64.154 141 116 115 29.138 31.381 29
Slide 12: Zaptec export revenue increasing in slow European EV market
Market development Zaptec export revenue increasing in slow European EV market Plug-in vehicles sales in Q4 2023 vs Q4 2022 Zaptec export revenue (MNOK) Plug in Hybrid Electric Vehicles (PHEV) sales - EU Battery Electric Vehicles (BEV) sales - EU +75% -7% 694.523 642.533 594.953 604.278 510.337 420.
Slide 13: Well-prepared to capitalize on European mass-market EV adoption
Outlook Well-prepared to capitalize on European mass-market EV adoption Million EV + EV sales acceleration • Q4 performance provides both visibility for future revenue PHEV sales forecasted in Europe and the financial flexibility needed for sustained growth 12 Nordics 11 • Export revenue projected t
Slide 14: 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