Slide 1: Zaptec powers adventure: Q3 2025 Financial results
Zaptec powers adventure Q3 2025 Financial results November 5th 2025
Slide 2: Steady progress
Steady 1• Strong EV market across Europe progress 2• Revenue, gross margin, and EBITDA increasing year-over-year 3• Record installations and strong order intake point to future growth 4• Robust performance reinforces leadership in core markets 5• Strengthening position in major markets 6• Inventory
Slide 3: Financial highlights
Financial Revenue Order intake 369 330 highlights +23% vs. Q3’24 +35% vs. Q3’24 Order backlog Gross margin 524 39% +44% vs Q3’24 vs. 39% vs. Q3’24 OPEX EBITDA 124 21 vs. 112 in Q3’24 vs. 4 in Q3’24 3
Slide 4: 23% revenue increase in the third quarter
23% revenue increase in the third quarter MNOK +23% 407 408 383 369 347 341 347 327 300 299 265 239 220 148 129 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 Q3’25
Slide 5: 35% increase in order intake
35% increase in order intake Order backlog of 524 MNOK at the end of Q3 MNOK +35% 587 445 456 461 362 342 366 317 306 330 276 233 244 193 218 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 Q3’25
Slide 6: Strong gross margin
Strong gross margin 40,1% 39,7% 40,6% 38,9% 38,6% 38,9% 37,7% 38,6% 39,4% 36,9% 34,6% Q1-23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Gross margin trending up with ~38% FY’23, ~39% FY’24 and ~40% YTD’25
Slide 7: EBITDA significantly improved
EBITDA significantly improved MNOK +17 MNOK 44 38 34 21 19 14 14 11% 4 6% 6% margin (%) 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 Q3’25
Slide 8: LTM EBITDA continues to show steady improvement
LTM EBITDA continues to show steady improvement ~7% LTM EBITDA margin MNOK 98 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 Q3’25 LTM = Last Twelve Months
Slide 9: EV market continues to strengthen
EV market Plug-in vehicle sales Q3 2025 vs Q3 2024 (%) continues Germany 57% to strengthen Denmark 38% Europe 36% United Kingdom 30% Norway 27% Switzerland 22% France 9% Sweden 8% Benelux 6% Source: ACEA. Sum of battery electric and plug-in hybrid electric vehicles. 9
Slide 10: Executing the strategy
Executing the strategy 4 Optimize cash flow 3 Expand in major markets 2 Accelerate rollout of new products 1 Build on success in core markets 10
Slide 11: Strong growth in mature markets
Executing the strategy Strong growth in mature markets 1. Build on success Revenue growth Q3’25 vs Q3’24 in core markets 2. Accelerate rollout +33% of new products 3. Expand in major +14% markets 4. Optimize cash flow +11% 11
Slide 12: Installation rates at all time high
Executing the strategy Installation rates at all time high Q3 installations up 20% vs last year, with a record 25,000 in October 1. Build on success in core markets 25 000 Monthly Zaptec installations 2. Accelerate rollout of new products 20 000 3. Expand in major 15 000 markets 10 000 4. Optimize c
Slide 13: Production delivered according to plan
Executing the strategy Production delivered 1. Build on success according to plan in core markets Well-positioned to further scale production if needed 2. Accelerate rollout of new products 7 000 Production (no units) 3. Expand in major 6 000 markets 5 000 4 000 4. Optimize cash flow 3 000 2 000 1 0
Slide 14: 54% growth in major markets in Q3
Executing the strategy 54% growth in major markets in Q3 1. Build on success in core markets +54% 2. Accelerate rollout 74 of new products 48 3. Expand in major markets 4. Optimize cash flow Q3’24 Q3’25 Revenue, MNOK Major markets: Benelux, UK, Germany and France 14
Slide 15: Sustainable Opex level focused on growth and innovation
Executing the strategy Sustainable Opex level focused 1. Build on success on growth and innovation in core markets 2. Accelerate rollout of new products MNOK 124 3. Expand in major 5 markets 158 4. Optimize cash flow 120 115 112 120 119 106 111 110 98 98 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’
Slide 16: Inventory reduced by 74 MNOK, now approaching target level
Executing the strategy Inventory reduced by 74 MNOK, 1. Build on success now approaching target level in core markets 2. Accelerate rollout of new products MNOK 3. Expand in major -19% markets 610 574 541 4. Optimize cash flow 447 492 456 388 300 314 242 167 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24
Slide 17: Liquidity strengthened further, supported by robust cash flow
Executing the strategy Liquidity strengthened further, 1. Build on success supported by robust cash flow in core markets 2. Accelerate rollout +14% of new products MNOK 3. Expand in major markets 532 4. Optimize cash flow 466 318 327 272 250 241 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Available li
Slide 18: Outlook
Outlook • European EV market expected to stay strong • Positioned to maintain leadership in core markets • Record installation rates creating new growth opportunities • Strategic sales initiatives and new product features in large markets • Continued outlook for profitable growth 18
Slide 19: Disclaimer